Minutes — June 13, 2014

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.