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.