Meeting March 8, 2011

Diocese of Rhode Island

Commission on Finance

Minutes, March 8, 2011

Higgins Room

Present: Robert Batchelor; Robert Bergstrand; Brian Ehlers; The Rev. Dcn. Edwin Hallenbeck; Scott Nicholson; The Rev. John Pallard; The Rt. Rev Geralyn Wolf.

Also present: Canon Ty Creason, Canon Elizabeth Fornal, Ronald Turnbull.

The meeting was called to order at 10:00 am by Chair Nicholson.

Opening prayer was offered by Bishop Wolf.

The Minutes of the meeting of February 8, 2011 were approved as distributed.

Treasurer’s Report for February 2011 was reviewed by Mr. Batchelor, noting it is very early in the year. Some expenses appear to be running ahead of income, which is normal for this time in the year. Variances in most instances that are put of balance will even out as the year progresses.

Apportionment Report for February. There are eight (8) parishes two (2) month behind, having made no payments as of month end. Five of these are parishes experiencing problems reviewed by the COF on a frequent basis.

Old Business:

St. Michael’s, Bristol. Mr. Nicholson reported that he has a meeting scheduled this Thursday with the Treasurer and others, to review the situation and consider a plan for resolving the outstanding issue and past amount outstanding.

Missing Reports. a) St. John’s, Newport. Mr. Creason stated that the leadership team, mostly new, will come to the April meeting to review the current situation. It was noted that the time table presented in the original plan is not working for the parish. It is becoming clear that they are at a crossroad, approaching a make or break situation.

b) St. Mark’s, Riverside. No additional information. They are exploring options for alternative future course.

Update on Insurance Retention Fund. There was a lengthy discussion reviewing how the fund was established and several alternatives for its disposition. It was agreed to continue the discussion and leave the matter on the agenda.

New Business:

Trinity, North Scituate, request for Revolving Loan Fund, loan of $35,000 for 5 years at 2.25%. Following discussion it was Moved, Seconded and VOTED to approve, in concurrence with the Standing Committee, a Revolving Loan Fund loan of $35,000 over 5 years at 2.25%.

St. Martin’s, Providence. The Treasurer received a request from the Treasurer of St. Martin’s Church, Providence, requesting permission to place Funds with National Financial Services, a well recognized financial service organization that is not a National Bank, as required in Canon 15.4(a). Following discussion it was Moved, Seconded and VOTED to approve St. Martin’s Church, Providence, placing funds in the custody of National Financial Services.

Property updates by Mr. Creason:

• The East Greenwich Unitarian Church has exercised its option to extend its rental of St. Matthias Church, Coventry on a month to month basis beginning following the lease expiration May 31, 2011.

• The counter offer approved by COF and Council in February has been extended to the prospective buyer of the Church property.

• St. Mark’s, Warren, third assessment is being sought, not yet under contract.

The meeting was adjourned at 11:20 am.

Respectfully submitted

Edwin F Hallenbeck, Secretary

Next meeting: Tuesday, April 12, 2011 at 10:00 am.

Minutes of the February Meeting:

Diocese of Rhode Island

Commission on Finance

Minutes, February 8, 2011

Higgins Room

Present: Robert Bergstrand; Brian Ehlers; The Rev. Dcn. Edwin Hallenbeck; Scott Nicholson; The Rev. John Pallard; Jamie Warrell.

Also present: Canon Elizabeth Fornal; Ronald Turnbull.

The meeting was called to order at 10:00 am by Chair Nicholson.

Deacon Hallenbeck offered an opening prayer.

The Minutes of the meeting of January 13, 2011 were approved as distributed. The Secretary noted that Minutes are now posted on the Diocesan website following approval, beginning with the December 2010 Minutes.

Treasurer’s Report for January 2011 was presented by Mr. Turnbull. He reviewed the variances due to timing that occur every year and are actually normal although at some points appear out of line, such as major ECC camp income and expenses in summer. January was a routine month with nothing out of line.

Apportionment Report is based on the established apportionment amounts due. There are 16 not paid in January, eleven less than a year ago, many of which pay at month end. Mr. Turnbull distributed a spreadsheet for all parish apportionment payments due, showing the amount estimated for each month.

Old Business.

St. Michael’s, Bristol. Mr. Nicholson noted difficulty in scheduling a visit, stating he will pursue the matter as soon as possible for meeting with the Rector and parish leadership. It was suggested that a meeting with the Vestry may be useful. It was noted the amount of arrearage is increasing.

St. John, Newport. While neither are at today’s meeting it was reported that the Bishop and Ty Creason did have an initial meeting at St. John’s. While nothing was resolved, some reports are available with conflicting data. More work is needed.

St. Mark’s, Riverside. Ms. Fornal has met several times. The parish is underfunded and at present no resolution is clear. Funding is available for about nine months and they are considering potential merger partners.

Holy Trinity, Tiverton. Rector departed in December. Leadership developing plan for future which necessitates getting a clear picture of their financial situation and submission of parochial reports for 2009 and 2010.

From the above discussion it was suggested that COF review and consider the status of “Aided Parish” (Canon 10.9) as an option for parishes experiencing substantial problems. This will be considered further at the March meeting.

New Business.

2010 Apportionment Receivable. Mr. Turnbull reviewed the status of Apportionment Receipts due at year end:

Parish App’nm Due 12/31/10

Bristol, St. Michael’s $ 17,641.44

Jamestown, St. Matthew’s 3,290.33

Providence, Cathedral 4,579.50

Providence, Redeemer 800.00

Riverside, St. Mark’s 6,579.47

Warren, St. Mark’s 3,575.36

Total $ 36,466.10

Following discussion it was Moved, Seconded and VOTED to Recommend to Diocesan Council that $36,466.10 be set as the Apportionment Receivable for 2010, and that the Uncollectible Apportionment reserve remain at $8,235.

Chirst Church, Lincoln. Ms. Fornal reviewed recent developments, including a parish vote turning down a merger proposal. It was agreed this a matter of concern to the Diocese.

St. John’s, Ashton. The Bishop has informed the parish that it should establish a merger plan by April 1, 2011, or it will be referred to the Standing Committee for Mission Status.

St. James, North Providence. The Bishop has informed the parish that it should establish a merger plan by April 1, 2011, or it will be referred to the Standing Committee for Mission Status.

Real Estate Matters:

Calvary Church, Pascoag. A proposal for sale has been received for $85,000 for the Church property with conditions. Upon recommendation of the Realtor it was agreed to counter offer at $90,000.

St. Mark’s, Warren. Following agreement on the need for a third appraisal, it was agreed that Mr. Nicholson and Mr. Creason will retain a third firm for an appraisal, with Hogan and Stone suggested as a possibility.

The meeting was adjourned at 11:30 am.

Respectfully Submitted

Edwin F Hallenbeck, Secretary

Next Meeting: Tuesday March 8, 2011 – Higgins Room. 10:00 am.