Diocese of Rhode Island
Commission on Finance
Special Meeting, June
13, 2014
Higgins Room
Present: Robert
Batchelor; Robert Bergstrand; Dennis Burton; The Rt. Rev. Nicholas Knisely;
Stephan Sloan; The Rev. Joyce Thorne.
Also Present: Joan DeCelles; The Rev. Canon Linda Grenz; The
Rev. Edwin Hallenbeck.
The meeting was called to order at 11:00 a.m. by Bishop
Knisely.
The purpose of this special meeting was to address
unfinished business from the meeting of June 10, 2014.
Role of the Revolving
Loan Fund (RLF). It was agreed that the RLF is the bank of last resort for
churches in the Diocese of Rhode Island in emergency situations. Further
discussion reminded the Commission that it needs to keep on hand as a reserve
some funds to be available in emergency situations.
Current Status of the
RLF. The total funds available: $1,600,000. Loans outstanding: $591,700.
Charlestown land loan $402,000. Available funds estimated at: $606,000. Note:
All numbers are rounded, therefore the estimated available funds is approximate.
Reserve.
Following additional discussion it was Moved,
Seconded and VOTED to establish a policy that Commission on Finance will hold
10% of the Revolving Loan Fund total value as a Reserve Fund to be available
for emergency situations in churches that must be dealt with immediately. At
this time this is estimated at $160,000. It is recognized that the actual
Reserve will vary from time to time depending on use.
Rules for
Participation. Following the above discussion and action it was agreed that
the Rules currently published on the Diocese Web Site need revision to reflect
these limitations. Messrs Burton (lead), Bergstrand and Sloan will work over
the weekend to craft new language for the introductory Statement of Purpose.
When agreed upon this will be presented to Diocesan Council for ratification.
Further Consideration
of Revolving Loan Fund Requests of 6/10/2014 (see Minutes).
Following lengthy discussion the following actions were
adopted:
St. Luke’s, Pawtucket
($110,000). It was Moved, Seconded
and VOTED that the Revolving Loan Fund request is denied. It is recommended
that the church seek alternative funding sources with the assistance of the
Treasurer and Canon to the Ordinary and that ways be explored for the Diocese
to assist in this process.
St. Peters-by-the-Sea,
Narragansett ($100,000). It was
Moved, Seconded and VOTED that the Revolving Loan Fund request is denied.
It is recommended that the church seek alternative funding sources with the
assistance of the Treasurer and Canon to the Ordinary and that ways be explored
for the Diocese to assist in this process.
St. James Church,
Woonsocket. ($100,000). Action on
this request is deferred pending firm costs for priority work and development
of a repayment plan that is acceptable and realistic for the parish to support.
The church is urged to schedule a meeting soon with the Canon to the Ordinary
and others to explore ways of addressing these needs.
Amendment of Minutes
of Meeting May, 13, 2014.
Page 2. St. Paul’s, Portsmouth, Revolving Loan. A loan was
approved, and at the same time an Accessibility Grant to mission parishes was
discussed, to be made by the Congregational Development Commission. It was
thought at the time that COF approval was not needed. It was subsequently found
necessary to secure COF approval. Following discussion it was Moved, Seconded and Approved to grant
$10,000 out of the Accessibility Grant Fund for construction of a new access
ramp for St Paul’s Church, Portsmouth.
The meeting was adjourned at 12:22 p.m.
Edwin F. Hallenbeck
Secretary
Next Meeting: September 9, 2014. 10:00 a.m.
