Diocese of Rhode Island
Commission on Finance
Meeting, April 9,
2013
Higgins Room
Present: Robert
Batchelor; Dennis Burton; The Rev. Dcn. Edwin Hallenbeck; The Rt. Rev. Nicholas
Knisely; Michael Lofaro; The Rev. John Pallard.
Also present: Joan DeCelles; Canon Elizabeth Fornal; The
Rev. Canon Linda Grenz; Ronald Turnbull.
The meeting was
called to order at 10:05 by Chair Lofaro. Dcn Hallenbeck offered an opening
prayer.
The Minutes of
the meeting of March 12, 2013 were approved as distributed.
Treasurer’s Report
of 3/31/13 was reviewed by Mr. Batchelor noting that apparent shortfalls are
due to timing in income sources. There are no concerns at this time.
Apportionment
Payments Report. There are 23 monthly payments lagging compared to 27 in 2012.
Some concern was expressed that three parishes are behind that were current a
year ago. These will be contacted and followed closely.
St.
John’s, Newport. A proposal was received for payment schedule to complete
payment of 2011 apportionment. It was Agreed to accept the schedule as
proposed.
St.
Paul’s, Pawtucket. Following the meeting in March with church leadership and
payment of first quarter apportionment, it was Moved, Seconded and VOTED to accept the restart apportionment of $4,000
a month for the remainder of 2013, reflecting the revised budget status of the
church. The Chair suggested that COF and Budget Committee review the change
in Diocesan income resulting from apportionment adjustments.
May
House Sea Wall Project. The project is in the hands of Mike Russell,
engineer, completing an application to CRMC for review and approval. Once
approval is received, Mr. Russell will review the previous proposals and rebid
according to the approved design and specifications. Mr. Burton will review the
process for COF in an effort to get actual construction under way as soon as
possible, preferably by June.
Revolving
Loan Fund. The Rules for
Participation and other required documents had been distributed and were
reviewed. It was Agreed to include the Rules
in the Treasurer’s packet for all churches. Conversations regarding a loan
should emphasize submitting a proposal early in preparation for a meeting with
the COF. It was Agreed to have a list of all outstanding loans included in the
monthly COF information packet.
Information
Technology. The recent Treasurer’s workshop and other observations have
resulted in noting a somewhat chaotic pattern of leasing and purchasing of copy
and telephone equipment leading in some cases to costly leasing commitments. There
is a clear need to refine a process for this to save money and work smoothly
for churches. It was also suggested that the purpose statement of the Revolving
Loan Fund be broadened to include information technology equipment in addition
to facilities maintenance projects. It was Agreed that staff will refine this
framework as a specific proposal for implementation. No action was taken at
this time.
Review
of Accounts Receivable from closed churches. Discussion of this matter with
Diocesan Auditors concluded an alternate method of handling the matter will
result in lowering of accounts receivable with the same amounts remaining due
upon sale of facilities. Following discussion it was Moved, Seconded and VOTED that Accounts Receivable from Calvary Church,
Pascoag and St. Matthias, Coventry be reclassified for 2012 and moved to
building cost basis.
Insurance
Retention Fund. The Chair reviewed the current status of the fund, with $41,123
remaining. Because the fund is no longer in use it is clear to all that it is
appropriate to close it out at this time. Following a lengthy discussion and
further review with the Executive Committee of Diocesan Council it was Moved, Seconded and VOTED to recommend to
Council that the Insurance Retention Fund be changed to a Reserve Fund for
Prior Years Apportionment, with the Fund being utilized as needed to close past
due apportionment accounts based on a FIFO principle.
Treasurer’s
Workshop. There was a general discussion and review of the recently held
Treasurer’s Workshop which was viewed as successful, responding to a variety of
issues and questions.
The meeting was adjourned at 11:20
am.
Respectfully submitted
Edwin F Hallenbeck, Secretary
Next meeting: May 14, 2013 at 10:00 am – Higgins Room.
