Minutes - January 2012

Diocese of Rhode Island

Commission on Finance

Meeting, January 10, 2012

Higgins Room

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

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

The meeting was called to order at 10:05 am by Chair Nicholson, with an opening prayer by Bishop Wolf.

The Minutes of the meeting of December 13, 2011 were approved as distributed.

The Treasurer’s report was distributed as a first draft report for 12/31/11. Mr. Batchelor noted there will be lagging income and expenses to be included prior to closing the fiscal year. At present there is an anticipated income of $107,000 (see below re apportionment), and expenses outstanding of about $49,000. The final result should be a positive net for the year.

Apportionment. With a number of churches paying balances owed, a total of 24 months of payments in arrears is still outstanding. Churches two or more months outstanding:

#	Months in Arr		Parish / Location	Comments
	2010	2011
19	0	4	St. David’s, Cranston	Interim-Self study
38	0	8	Christ Church, Lincoln	Interim, see below
43	0	2	St. Columba’s, Middletown	Interim
47	0	2	St. John’s, Newport	Interim
67	1	2	St. John’s, Providence	Interim
78	3	4	St. Mark’s, Riverside	Merger completed-at sale

There followed a review of each church situation. In addition Trinity Church, Cranston is fully paid for 2011, but has not submitted audits for 2007, 2008, 2009 and 2010, and an outstanding apportionment balance for 2009. See discussion below re crediting payments.

Old Business:

Offer to purchase property at 16 School Street, Warren. A formal proposal and deposit has been received with a $10,000 Ernest Payment deposit. Some conditions apply including correcting a building encroachment and need for town approval for conversion to a 3-family structure. Purchase price offer is $255,000. Following discussion it was Moved, Seconded and VOTED to approve the offer and refer it to the Executive Committee of Council for final action, and to the Chancellor for review

Christ Church, Lincoln. Mr. Batchelor provided an update based on meeting with Dr. Scott, who has been informed of all forms and data missing, that the Diocese needs. He stated that he, with others from the church, will come to the February 14^th meeting of COF, and will also provide, in advance of the meeting, 2011 financials and 2012 budget together with plans and strategy for moving forward. The two (2) revolving loans are now paid current.

Discussion of how to Credit Apportionment Payments. Recent history, including some exceptions by agreement were reviewed. There was general agreement that the Diocese needs a clear policy that can be consistently applied, such as: All apportionment payments received shall be applied to the oldest balance due. Exceptions to this policy may be considered by the COF. This was discussed at length, including how best to adopt and implement the required accounting. No formal action was taken and it was agreed to continue the matter for further consideration in February.

Episcopal Conference Center. Mr. Creason referred to the Minutes of the 12/13/11 COF meeting page 3, same heading, regarding the “ECC Operating Reserve Fund #1702” requesting that the Minutes be amended to include the fund’s correct identification number, Funds are currently being received for application to years beyond 2012.

New Business.

Cathedral of St. John. Bishop Wolf reported that Bishop Joslin has been designated Acting Dean and will be seated at the Vestry meeting on Thursday 1/12. It appears that Cathedral leadership is addressing current issues more rapidly than expected.

Required Reports. There followed a discussion of how we might encourage and assist churches in prompt filing of required reports. It was noted the required date in the Diocese of RI Canons and the ECUSA Canon’s are different and suggested the matter be referred to the Chancellor. The COF and staff are ready to assist churches but seldom receive requests. A better strategy is needed to encourage prompt filing.

The meeting was adjourned at 11:15 am.

Respectfully submitted

Edwin F Hallenbeck

Secretary

Next Meeting: Tuesday, February 14, 2012 at 10:00 am