November COF Minutes

Diocese of Rhode Island

Commission on Finance

Meeting, November 13, 2012

Higgins Room

Present: Robert Batchelor; Robert Bergstrand; The Rev. Dcn. Edwin Hallenbeck; The Very Rev. Nicholas Knisely; Michael Lofaro; Stephan Sloan (by phone); The Rt. Rev Geralyn Wolf.

Also present: Canon Elizabeth Fornal; The Rev. Linda Grenz; Ronald Turnbull; Joan DeCelles.

Guests: The Rev. Kevin Lloyd; John Flinton, St. Matthew’s Church, Jamestown.

The meeting was called to order at 10:05 by Bishop Wolf, who thanked the group for our work together, turned the Chair to Bishop-Elect Knisely and left the meeting. Fr. Knisely offered an opening prayer.

The Minutes of the meeting of October 9, 2012 were approved as distributed.

New Business. An application for a loan from the Revolving Loan Fund from St. Matthew’s Church, Jamestown was considered with the Rector and Treasurer, noted above, present. The purpose and structure of the loan were discussed in some detail as it may be utilized in connection with available internal funds and proceeds of the capital campaign depending on the needs for contractor payouts as work proceeds. Several questions were satisfactorily answered. Following additional discussion it was MOVED, Seconded and Voted to recommend approval of a loan up to $75,000 at 2.25% interest for St. Matthews Church, Jamestown, to Diocesan Council and to further refer the matter to the Bishop and Standing Committee. At this point the guests left the meeting.

The Treasurer’s Report for October 31, 2012 was briefly reviewed, noting that some figures are out of budget due to timing, with an anticipated end of year at close to budgeted figures.

Apportionment Report. Apportionment payments in 2012 continue to run well ahead of recent years with only three churches significantly lagging:

#	Months in Arr		Parish / Location	Comments
	2011	2012
19	2	4	St. David’s, Cranston	Considering merger
43	2	3	St. Columba’s, Middletown	Rector recently called
93	4	3	Christ Church, Westerly	Interim

Old Business. Christ Church, Lincoln, was unable to submit a monthly report at this time due to a change in Treasurer. The new Treasurer has limited knowledge of church finances and Mr. Batchelor hopes to schedule a meeting in the near future. There do not appear to be significant concerns.

New Business, cont. St. Luke’s, Pawtucket real estate update. Mr. Batchelor noted that a purchase and sale agreement has been made for the former St. John’s, Ashton church and parish house. He has reminded St. Luke’s that the Diocese is owed the outstanding balance of a revolving fund loan of $51,888.76 plus interest accruing, as well as 25% of the sale proceeds under the existing merger policy.

Additional items:

ECC Director. Bishop Elect Knisely reviewed the need to change the status of the Episcopal Conference Center Director to full time with benefits. Rev. Grenz distributed a worksheet describing the manner in which this can be accomplished without affecting the Diocesan budget bottom line, by utilizing an allocation of Fostarian/Shippee funds to provide the balance needed. In addition Grant House on the ECC campus will be allocated for housing for the ECC Director, noting the facility is under utilized with very few bookings in the past year. It is anticipated that in future years ECC fund raising may increase to replace Fostarian funds.

Hispanic Ministry Committee. The Committee has requested that approximately $3,300 of unexpended budget line for 2012 be carried over to 2013 in order that its management improvement project may be completed. It was MOVED, Seconded and Voted to approve a carry over of unexpended funds, estimated at $3,300, be carried over from 2012 to 2013.

Commission on Finance-Unfilled Position. Mr. Bergstrand noted that the Commission continues to have an unfilled appointed lay position. It is hoped this may be filled by early 2013.

The meeting was adjourned at 11:00 am

Respectfully submitted

Edwin F Hallenbeck, Secretary

Next meeting: December 11, 2012, Higgins Room at 10:00 am.