Diocese of Rhode Island
Commission on Finance
Meeting, February 11,
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.
The meeting was called to order at 10:00 am by Chair Lofaro.
Bishop Knisely offered an opening prayer.
The Minutes of
the meeting of January 14, 2014 were approved as distributed.
Financial Report
of January 31, 2014 was discussed at length. This is the first Report prepared
with the newly installed ACS software system. It was noted the framework and
report style are quite different from previous reports and includes a Balance Sheet.
The Report as distributed represents raw data including all accounts and
sub-accounts. Time was devoted to how best to condense the information in order
that it can be most useful for a variety of audiences such as Diocesan Council
and other groups. There will be some experimentation during the spring
requesting comments and feedback It was suggested that use of the term checking account is confusing and needs
to be changed. The Report was received, noting it represents only one month of
information.
Perhaps a condensed version regularly on a monthly basis
with the full version quarterly. It was noted that the cash management matter
is still under study with meetings with additional banks scheduled.
Apportionment
Payments Reports.
For 2013: As of
December 31, 2013, five churches were in arrears with an outstanding balance due of $29,501.96. Following review
it was Moved, Seconded and Voted to
recommend to Diocesan Council that a Reserve Fund be set in the amount of
$29,501.96 due from 2013 Apportionment Payments, against which payments may be
received in the current year. Note: Since January 1st three
churches have paid $22,153. with a balance still outstanding from two churches
of $7,349.
For 2014: During
January 14 churches did not make apportionment payments, three more than in
January 2013. Monthly activity will be tracked as the year progresses.
Old Business.
Review of Revolving
Loan Policy. Mr. Sloan reported the matter is still being worked on and
requested it be deferred to next month.
May House Project.
Mr. Burton reported progress to date and distributed a spreadsheet detailing
the various items. The Generator and HVAC work is in process. Insulation
requires further asbestos testing. Oil tanks need DEM approval to fill the
underground tank. Smaller jobs being bid. Work is under budget.
St. Matthews,
Jamestown Revolving Loan. Mr. Turnbull reported that all outstanding
payments have been made.
New Business.
St. Paul’s,
Portsmouth is preparing a Revolving Loan request to rebuild its ramp.
Advent, Coventry.
Inside work is under way.
The meeting was adjourned at 11:00 a.m.
Respectfully submitted
Edwin F Hallenbeck, Secretary
Next meeting: March 11, 2014 at 10:00 a.m.
