Diocese of Rhode Island
Commission on Finance
Meeting, October 11, 2011
Higgins Room
Present: Robert Batchelor; Robert Bergstrand; Brian Ehlers; The Rev. Dcn. Edwin Hallenbeck; The Rev. John Pallard; The Rt. Rev. Geralyn Wolf; Jamie Worrell.
Also present: Canon Ty Creason; Canon Elizabeth Fornal; Ronald Turnbull.
The meeting was called to order at 10:05 am by Bishop Wolf who offered an opening prayer.
The Minutes of the meeting of September 13, 2011 were approved as distributed, noting Mr. Bergstrand’s name was misspelled.
Treasurer’s Report for September 30 was briefly reviewed, noting that apportionment payments continue to run slightly ahead of the running five year average. It appears that cash flow is within budget and should lead to a balanced year end.
Apportionment Report through September now shows 41 months of arrears, three more than a year ago at this time. Churches two or more months behind are listed below:
| # | Months in Arr | Parish / Location | Comments | |
| 2010 | 2011 | |||
| 6 | Spec | Spec | St. Michael’s, Bristol | OK per agreed plan of 6/28/11 |
| 19 | 0 | 2 | St. David’s, Cranston | Interim-Self study |
| 38 | 0 | 6 | Christ Church, Lincoln | Interim, see below |
| 53 | 0 | 3 | Trinity Church, N Scituate | |
| 66 | 1 | 3 | All Saints Memorial, Providence | Interim |
| 78 | 0 | 2 | St. Mark’s, Riverside | Considering merger |
| 82 | 0 | 2 | Holy Trinity, Tiverton | Interim |
| 83 | 3 | 5 | Ascension, Wakefield | |
| 89 | 4 | 4 | St. Mark’s, Warwick | |
| 93 | 4 | 4 | Christ Church, Westerly | Interim |
Old Business [Mr. Ehlers assumed the Chair]
• Update on St. John’s, Newport. Bishop Wolf and Canon Creason reported on a recent meeting with the Senior Warden. He and others in the parish appear to be fully aware of the situation they are facing. Income is not what was expected and serious building issues need to be addressed. They expect to finish 2011, however moving forward to 2012 will be very difficult. They have decided not to sell the Rectory and must address personnel issues. It is not possible to build a 2012 budget until personnel matters are resolved, therefore it is not possible to project apportionment. It was agreed to use $24,000 projected apportionment until a budget figure is available.
New Business
• Retired Lay Pension Fund. Mr. Turnbull distributed a summary of the current status of the Fund, now discontinued, but still serving six former employees, all except one over 80. The fund is viewed as actuarially sound with sufficient funds to cover anticipated payments. It was suggested we explore transferring to an external annuity to avoid reporting expenses.
• St. Mathias Vicarage Roof. Two bids were received, noting the house is up for sale. Following lengthy discussion it was agreed to accept the bid of Roof Doctor, Inc. of Warwick following review by the Realtor and electronic confirmation vote.
• Christ Church, Lincoln. Recent conversation with the Senior Warden indicates that financial records are not up to date. A new treasurer and assistant treasurer have been appointed and will address the matter as soon as possible. It is hoped current information will be available by next month.
• 2010 Reports Due from Parishes. Update on September report of three churches with no Reports. St, Mary’s, Portsmouth has been received. To date no Reports have been received from Trinity Church, Newport and St. Paul’s Church, Pawtucket.
• Charlestown Land Proposal. Canon Creason stated that the Diocese is not in a position to develop recent land acquisitions. Church Woods Affordable Housing Charlestown is interested in developing the vacant lots, north and east of the Church for affordable housing units. Following discussion it was Moved, Seconded and Voted to accept the indemnification agreement to Washington County Development Corp, subject to due diligence review of property in Charlestown adjacent to Church of the Holy Spirit, subject to final approval by the Chancellor.
• Cathedral Close Update. Bishop Wolf reported that the Feasibility Study of the Cathedral Close project has concluded that we cannot proceed with constructing condominiums. Too many are already for sale in the area. What may work is Assisted Living and upgrading the Edwards Homes may be workable. Addressing the needs of the Cathedral building, however, is a problem.
• Audit. The Audit of 2010 has been received and is available on the web site and in hard copy.
The meeting was adjourned at 11:20 am.
Respectfully submitted
Edwin F Hallenbeck
Secretary
Next Meeting: Tuesday, November 8, 2011. Higgins Room
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