Minutes - June 11, 2013

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.