Managed church farm (5)
I believe the answer is:
ranch
'farm' is the definition.
(I know that ranch is a type of farm)
'managed church' is the wordplay.
'managed' becomes 'ran' (I've seen this in another clue).
'church' becomes 'ch' (common abbreviation).
'ran'+'ch'='RANCH'
(Other definitions for ranch that I've seen before include "Large US cattle farm" , "A large cattle-breeding farm" , "Spread" , "North American stock farm" , "pastoral scheme" .)