Commission on Finance - Sept 11, 2012

Diocese of Rhode Island

Commission on Finance

Meeting, September 11, 2012

Higgins Room

Present: Robert Batchelor; Robert Bergstand; The Rev. Dcn. Edwin Hallenbeck; The Very Rev. Nicholas Knisely; Michael Lofaro; Scott Nicholson; The Rev. John Pallard; The Rt. Rev. Geralyn Wolf.

Also present: Canon Elizabeth Fornal; Ronald Turnbull; Joan DeCelles.

The meeting was called to order at 10:00 am by Chair Nicholson, with an opening prayer by Bishop Wolf.

The Minutes of the meeting of June 12, 2012 were approved as distributed.

The Treasurer’s Report for August 31, 2012 shows Apportionment side running in arrears, this may level out at year end as in past years, or may show a small deficit. There are no unusual or unexpected occurrences at this time. It was noted that parish apportionment payments are at 62% slightly ahead of the 5 year average of 59.9%.

Apportionment Report. The number of months of arrearage is 27 significantlyt below the 38 of a year ago at this time, Only 3 parishes are 3 or more months behind. See below:

#	Months in Arr		Parish / Location	Comments
	2011	2012
19	3	2	St. David’s, Cranston	Considering merger
36	2	2	St. Matthew’s, Jamestown
43	2	5	St. Columba’s, Middletown	Interim
47	0	3	St. John’s, Newport	Interim – supply - problems
66	2	2	All Saints, Providence	Interim
82	2	2	Holy Trinity, Tiverton
89	3	2	St. Mark’s, Warwick
93	4	3	Christ Church, Westerly	Interim

Old Business:

Christ Church, Lincoln. As agreed, monthly statements are being received. Most accounting issues of inaccurate entries have been corrected, it is anticipated that budget data will be added shortly. The church Treasurer’s illness has slowed some progress with new help expected soon. Mr. Batchelor was thanked for his extended and special effort in enabling progress to date.

 Calvary Church, Pascoag. The Church was closed in 2009. The property has been offered for sale. Some offers have been received and will be referred to the Executive Committee of Council.

St. Mark’s, Warren. Property has been on the market as separate parcels. Sale of the Parish Hall has been closed at $255,000. There were problems with the Title language, now resolved. With carrying costs and fees netted out the Diocese should receive about $200,000. exact amount to be determined.

Church of the Holy Spirit, Charlestown (Church Woods). A firm offer has been received for the three parcels of undeveloped land, two unimproved, one with a former laundry, for $390,000. There is a signed purchase and sale agreement in place, with some issues remaining to be resolved. It is estimated it will close in January 2013, with the sale on an as is basis.

Starr Street property. There is no new information on the proposal to purchase the small parcel on the north side of Starr Street. It was agreed to keep the matter on hold and not entertain a proposal for sale at this time. The Chair will write a letter to the inquiring party.

Trinity Church, Cranston. There was a lengthy conversation with church leadership at the June COF June meeting regarding the outstanding apportionment due for 2009 of $11,721.25. Mr. Batchelor reported a recently received proposal from the Vestry to pay $3,000 now and $250 monthly until resolved. Mr. Turnbull noted that would be to August 2014. Following discussion it was Moved, Seconded and VOTED to accept the proposal of Trinity Church, Cranston to pay the 2009 apportionment balance with $3,000 in cash and $250 monthly starting in September until completed.

Parish Reports. Mr. Batchelor reported that as of August 29 all Parish Parochial and other Reports (with the exception of Audits due in September) have been received. This is a marked improvement over recent years, resulting in all data being transferred to the Episcopal Church data center for inclusion in national statistics. Special thanks to all for helping this to happen.

New Business.

St. Andrew’s by-the-Sea, Little Compton. A request has been received to place an investment with a finance house that is not FDIC insured. Following discussion it was Moved, Seconded and VOTED to authorize St. Andrew’s by-the-Sea to place investment funds in the Episcopal Church Foundation Endowment Management Service Program, a non FDIC insured service.

Additional Items.

Chairman Nicholson addressed the Commission indicating that his job situation has become more demanding and involves extended travel time in China and he will not be available for meetings on a regular basis. With great regret he offered his resignation noting the great personal value he has had from his time on the COF. The Bishop and Commission members offered very special thanks for Mr. Nicholson’s time with us.

Bishop Wolf closed the meeting with prayer.

The meeting was adjourned at 11:25 am.

Respectfully Submitted

Edwin F Hallenbeck, Secretary

Next meeting: October 9, 2012, 10:00 am – Higgins Room.