Diocese of Rhode Island
Commission on Finance
Meeting, June 11,
2013
Higgins Room
Present: Robert
Batchelor; Robert Bergstrand; Dennis Burton; The Rev. Dcn. Edwin Hallenbeck;
The Rt. Rev. Nicholas Knisely; Michael Lofaro; The Rev. John Pallard; Stefan Sloan.
Also present: Joan
DeCelles; Canon Elizabeth Fornal; The Rev. Canon Linda L. Grenz; Ronald
Turnbull.
The meeting was called to order at 10:05 am by Chair Lofaro.
Bishop Knisely offered an opening prayer.
The Minutes of
the meeting of May 14, 2013 were
approved as distributed.
The Treasurer’s
Report of May 31 was reviewed. Mr. Batchelor noted that while there is
currently a small deficit, review of accounts indicates this is due to timing
of receipt of anticipated income. There are no concerns at this time.
Apportionment
Payments Report. There is one church lagging, at present 5 months in
arrears. Payments are running slightly ahead of last year. See table below for
churches two or more months in arrears.
#
|
Months
in Arr
|
Parish / Location
|
Comments
|
|
2012
|
2013
|
|||
11
|
1
|
2
|
St. George’s, Central Falls
|
|
19
|
2
|
3
|
St. David’s, Cranston
|
Considering
future
|
36
|
2
|
2
|
St. Matthew’s, Jamestown
|
|
43
|
4
|
5
|
St. Columba’s, Middletown
|
Rector
recently called
|
66
|
2
|
3
|
All Saints, Providence
|
|
76
|
1
|
2
|
STs Peter & Andrew
|
|
Further discussion. The Treasurer distributed two financial
tables, the first stating all RI churches 2011 Parochial Report data listing
ASA, Investment Income, Operating Revenues, and Endowment Market Value, % of
Draw and Investment Draw as a % of Operating Income. Also a table stating more
detail for churches with a high rate of Draw. It was agreed to request that all
churches send to the Diocese an electronic copy of Vestry Minutes and Financial
Report when distributed to the Vestry.
Old Business.
May House Sea Wall.
Mr. Burton reported on recent updates. In May Council approved a reduced scale
project with CRMC approval. J.A.M. Construction rebid to the new specifications
at a price of $35,000 and refined its approach to the work. A contract has been
signed and work is expected to begin soon and last about a week. Special thanks
was offered to Liz Crawley for her work facilitating this project.
Revolving Loan Fund.
All loans are paid current per agreement. At least two churches are considering
projects that could make use of loan funds. There is approximately $1.3 million
available for use in this program. The program needs better marketing. Future
Reports will be made as changes take place.
New Business.
St. Mark’s, Warren.
The Treasurer submitted a Report summarizing the recent sale of the Parish
House and proposal to purchase the Church. Following discussion it was Moved, Seconded and Voted to concur in the
proposed sale of the St. Mark’s Church, Warren, Church building and to forward the
matter for final approval to the Standing Committee, Diocesan Council and the
Bishop.
The Greene Trust.
The Greene Trust was left to the St. Mark’s Church Society with the income to
be used for insurance, repairs and maintenance of the church building. Several
questions were raised regarding application of these funds. It was agreed to
refer questions to the Chancellors.
Jonathan Daniels
House. Council deferred action on this matter at the May meeting. Bishop
Knisely reported that following additional consideration the JDH group has
changed its request to become an institution of the Diocese with a revised
proposal to Council. This is viewed as a much more workable arrangement.
Unemployment Tax.
Mr. Sloan raised the question, following recent discussion, that some churches,
including his, are uncertain how to proceed with this matter. It was agreed the
Treasurer is researching the question and will make information available.
Health Insurance.
As the new Health Insurance Exchanges come on line later this year, it was
noted this will not affect Clergy, however, there may be significant savings
available for lay employees.
Real Estate Policies
and Procedures. On behalf of a Council Sub-Committee the Secretary
distributed a draft Policy establishing a Property Committee. COF members were
urged to read the proposal and offer any comments to Ted. It is hoped to
present the proposal to Council on June 19.
The meeting was adjourned at 11:30 am
Respectfully submitted
Edwin F Hallenbeck, Secretary
Next meeting: Tuesday, September 10, 2013, or at the call of
the Chair, as needed.
