Diocese of Rhode Island
Commission on Finance
Meeting, March 12,
2013
Higgins Room
Present: Robert Batchelor; Robert Bergstrand; Dennis Burton;
The Rev. Dcn. Edwin F. Hallenbeck; Michael Lofaro; The Rev. John Pallard;
Stephan Sloan.
Also present: Joan DeCelles; Ronald Turnbull; Elizabeth
Crawley*.
Others: The Rev. William Locke*; Brad Bellows*, SW; Bob Benson*,
Tr, St. Paul’s, Pawtucket.
Note those indicated by * were present as indicated.
The meeting was called to order at 10:00 am by Chair Lofaro.
Fr. Pallard offered an opening prayer.
The Minutes of
the meeting of February 12, 2013 were approved as distributed.
Treasurer’s Report
for 2/28/13. Mr Batchelor noted no concerns at this time, numbers that appear
out of line are due to timing.
Apportionment
Payments Report, shows the same months of behind payments as at this time
last year.
Old Business.
• Life
Insurance Policy. Mr. Batchelor distributed the cost structure of a Term
Insurance policy on Bishop Knisely face value of $150,000 at a cost of $532.20
annually, with the Diocese as beneficiary to be assigned to the Bishop Search
account for funding a search. Following discussion it was Moved, Seconded and VOTED to purchase a Life Insurance policy on Bishop
Knisely for face value of $150,000 at a cost of $532.20 annually; further that
the cost of the policy be charged to the Bishops Search account; and, further
that at ten years out there be a review to consider converting the policy to
whole life. Subject to routine application and physical examination
procedures.
•
Insurance Retention Fund. The current balance in this fund is $41,000±. It was
agreed to hold the item on the agenda for consideration at a future meeting.
New
Business
•
St. Paul’s Church, Pawtucket. The representatives noted above joined the
meeting. Prior to the meeting church financial balance sheet and 2013 budget
sheets had been distributed. Mr. Bellows reviewed the long standing practice of
St. Paul’s drawing funds from its Endowment capital, in recent years at the
rate of $30,000 per month to balance its budget. Pledge income has covered only
25% of operating costs. The Vestry realized in drawing the 2013 budget that it
is essential to reduce costs, including personnel, and apply for Mission status.
This has been accomplished. Canon Grenz has been working with the Vestry and
others. In effect this represents a financial restart for the church. The
budget proposes an Apportionment based on the 2013 budget plan, rather than
2011. Following discussion it was agreed to bill St. Paul’s $4,000 per month
for January, February and March, to review budget operations in April and
further agree on a payment schedule for the balance of the year, with a final
apportionment due set at year end based on actual 2013 operations. St. Paul’s guests left the meeting.
Following
discussion concerned the consistency and nature of parish record keeping, such
questions as, where are the records? Are we using similar accounting systems?.
These and similar questions will be considered at the Treasurer’s workshop
Saturday.
•
May House Sea Wall. Liz Crawley joined the meeting. Mike Russell,
Middletown, a civil engineer, who designed the new septic system at May House
has been asked to prepare a design plan and secure CRMC approval. No Town
approval is needed. Once completed the bidders will be asked to respond to the
plan with a firm bid. It was agreed to hold the matter on the agenda until
resolved.
•
Revolving Loan Procedure. The process by which Revolving Loans are granted
was discussed. It takes place in three steps. 1) The Process is outlined and
stated on the website. 2) A Church wishing to request a loan calls the
Treasurer or Finance office and requests a packet of forms and instructions to
follow. 3) Once completed the request is presented to the COF with a visit to
respond to questions, for approval (under $50,000) or recommendation to Council
($50,000 and up). The matter will be further discussed at a future meeting.
•
St. John’s, Newport. Mr. Turnbull reported receiving a check in partial
payment of the 2011 outstanding apportionment. Absent an agreement for partial
payments the matter will be held in abeyance for negotiating a payment
schedule.
•
Minutes on Website. The Secretary distributed a report on hits on the
minutes displayed on the Diocesan BlogSpot. 857 page hits over the last year.
Copies available.
The meeting was adjourned at 12:15
pm
Respectfully submitted
Edwin F Hallenbeck, Secretary
Treasurer’s Workshop, Saturday March
16, 2013 9am to 2pm St. Mark’s, Warwick.
Next Meeting Tuesday, April 9, 2013
10:00 am.
