Minutes — June 10, 2014

Diocese of Rhode Island

Commission on Finance

Meeting, June 10, 2014

Higgins Room

Present:  Robert Batchelor; Dennis Burton; The Rt. Rev. Nicholas Knisely; Michael Lofaro (by phone); Stephan Sloan; Rev. Joyce Thorne.

Also present: Joan DeCelles; Canon Elizabeth Fornal; The Rev. Canon Linda Grenz; The Rev. Edwin Hallenbeck.

Guests:

St. Luke’s, Pawtucket: The Rev. Dennis Bucco, Rector; Barbara Stevenson, Treasurer.

St. Peters, Narragansett: The Rev. Casey Shobe, Rector; Roxanne Melehiori, Treasurer

St. James, Woonsocket: The Rev. Eletha Buote-Greig, Rector; Renata Veeter, Senior Warden; Duncan Speel, Property Committee.

St. James, North Providence: Peter Bak, Senior Warden; Carol Stoner, Treasurer; accompanied by Canon Grenz, representing clergy presence.

Note: The guests were present for discussion of their Revolving Loan Request and then left the meeting

The meeting was called to order at 10:00 a.m. by Bishop Knisely who began the meeting with prayer.

The Minutes of the meeting of May 13, 2014 were approved as distributed.

Financial Report for May was reviewed by the Treasurer, noting most adjustments to simplify the Report have been made, except the Balance Sheet some needs filling in. There are no unusual variations from budget patterns at this time,

Apportionment Payments Report. Churches behind in payments is well under a year ago at this time. Only two churches are significantly behind: St. George’s, Central Falls, 3 months; and St. David’s, Cranston, 5 months.

May House Projects. Mr. Burton reported that all projects are at or near completion, awaiting final inspection. The combined cost went over budget due to the very large excavation necessary to clear the contamination under the oil tank leak. It was necessary to remove contamination down to 30 feet. Following discussion it was Moved, Seconded and VOTED to amend the previous motion authorizing the work and expenditure (November 12, 2013) from $60,000. to $95,000. This is almost all due to the oil clean up.

New Business. Grant and Loan Requests.

St. John’s, Newport. Requested a matching grant (1/2) $6,900 Accessibility and Code Violations, for rebuilding a stairway, new fire extinguishers and a secure Knox-Box. It was determined that under terms of the matching grant program the stairway is ineligible as it is not an access ramp. Following discussion it was Moved, Seconded and VOTED to allocate a matching grant of $550 for half the cost of Fire Extinguishers and a Knox-Box to St. John the Evangelist Church in Newport.

St. Paul’s, Wickford. Requested a Mudrak grant of $5,597. For installation of a hearing loop in the sanctuary, with option for adding earphone units. It was Moved, Seconded and VOTED to approve a grant of $5,590 from the Mudrak Fund to St. Paul’s Church for installation of a hearing loop in the sanctuary.

St. Luke’s, Pawtucket. Request for a Revolving Loan Fund loan of $110,000. For deferred maintenance projects in the church, including gutters, windows, shingles. No firm bids or quotes were available. A payback of 10 years is requested. The Church has an outstanding loan balance of $13,867.76. It was suggested the work is needed but not critical. No action was taken.

St. Peter’s, Narragansett. Request for a Revolving Loan Fund loan of $100,000. For rehabilitation and upgrading of the Pre-School building. Critical need for the project was precipitated by a sagging beam in the basement. Replacement will require removal of the heating plant which can then upgraded to gas fed. A number of additional improvements follow from this initial work. The Church has outstanding loan balance of $146,479.17. This is a bridge loan during the payback period of a recent capital campaign. No action was taken.

St. James, Woonsocket. Request for a Revolving Loand Fund loan of $100,000. For lead abatement, new windows and painting exterior of steeple and related areas. This project is the largest project of an overall $250,000 upgrade to all facilities. Quotes and detail information are available for this work. No plans for capital campaign or repayment of loan. The endowment draw is in excess of 10%.  The church is running a deficit. No action taken.

St. James, North Providence. Request for a Revolving Loan Fund loan of $30,000. For water remediation, and mold remediation, to include added corrections as needed. By regrading the exterior land to move water away from the building the extent of added work needed will become evident. Careful planning and firm work quotes are available. The guests left the meeting.

      The question was raised could a grant be made for mold remediation as a code safety issue. It was agreed, this is appropriate. Following discussion it was moved, seconded and VOTED to make a $10,000 grant from the mission church accessibility and safety fund; and further VOTED to offer a loan of $11,400 for the balance of mold and drainage remediation for five years at 2.25%.

Following discussion it was agreed to hold a special meeting Friday, June 13, 2014 at 11 a.m. to further review and consider the three revolving loan requests presented at this meeting

The meeting was adjourned at 12:25 p.m.

Edwin F Hallenbeck, Secretary

Next Meeting: September 9, 2014 at 10:00 a.m. or on call of the Chair.