Minutes - January 14, 2014

Diocese of Rhode Island

Commission on Finance

Meeting, January 14, 2014

Higgins Room

Present: Robert Batchelor; Robert Bergstrand; Dennis Burton; The Rt. Rev. Nicholas Knisely; Michael Lofaro; Stephan Sloan; The Rev. Joyce Thorne.

Also present; Joan DeCelles; Canon Elizabeth Fornal; The Rev. Edwin Hallenbeck; Ronald Turnbull.

Others: The Rev. Nathan Humphrey, Vicar; Edward Carnes, Treasurer, St. John the Evangelist, Newport.

The meeting was called to order at 10:00 a.m. by Chair Lofaro. Bishop Knisely offered an opening prayer.

The Minutes of the meeting of December 10, 2013 were approved as distributed.

The Treasurer’s Report, first draft of December 31, 2013 noting that information is tentative at this time pending entry of late data. A small net gain for the year is shown, Reports for 2014 will be displayed in the new chart of accounts based format, subject to adjustment as the year progresses to make information available to various groups on the simplest most understandable format.

Apportionment Payments Report. As of today two churches are more than one month behind in apportionment payments:

#	Months in Arr		Parish / Location	Comments
	2012	2013
11	1	3	St. George’s, Central Falls	Continuing to fall behind
19	4	5	St. David’s, Cranston	Considering future, recent meeting

Follow up meetings are planned with both churches to consider how best to move forward. Four other churches are expected to make a single update payment by the end of the month.

New Business. St. John the Evangelist, Newport. Rev. Humphrey and Mr. Carnes joined the meeting. Fr. Humphrey reviewed the recent experience since he joined the church in August 2013, financial results for 2013 and budget for 2014. Two significant factors are, the church is now a Mission and is in Re-Start mode working out previous financial issues. There followed a discussion of the church’s proposal as stated in its budget plan, basing apportionment on 2013 rather than 2012. This will enable sexton service to be continued. Rev. Humphrey and Mr. Carnes left the meeting. Based on this discussion it was Moved, Seconded and VOTED to recommend to Diocesan Council that Apportionment for St. John the Evangelist, Newport for 2014 be changed from $27,064 (based on 2012) to $19,957 (based on 2013) a reduction of $7,107.

Old Business.

Review of Revolving Loan Policy. Mr. Sloan reported on conversation with the Chancellor stating that loan programs by non-profit organizations, being non commercial, are not subject to state regulation and may be carried out under the organizations policies and process. It was agreed that Mr. Sloan and Mr. Batchelor will review the current rules for any needed updates.

May House Projects. Mr. Burton provided information on the series of updates agreed upon at the November 12, 2013 meeting. Firm bids have been received for the Generator and HVAC projects, which are ready to proceed. The Insulation project awaits final results of asbestos testing. Removal of the in ground oil tank and other small projects should be ready to complete within a month.

St. Matthews, Jamestown Loan Deficiency. Following a request and update by the church it was Moved, Seconded and VOTED to consolidate the two loans into a single loan, pending receipt of a check for $20,000 anticipated this week. The new loan will run to December 2015 with monthly payments of $1,212.57 at the same interest rate. St. Matthew’s will be asked to formally accept the new loan and schedule.

Millenium Development Goals. The 2013 budget for MDGs was $15,500. At 12/31/13 $2,500 was not allocated. It was Moved, Seconded and VOTED to continue the unspent balance of $2,500 over into the 2014 budget.

East Providence Tax. The assessed tax on St. Mark’s Church property has been reviewed by the City and a lower tax agreed upon. This will result in a partial return of payments made. The matter continues under study.

The meeting was adjourned at 12:00 noon.

Respectfully submitted

Edwin F. Hallenbeck

Secretary

Next meeting: February 11, 2014 at 10:00 a.m. Higgins Room