Diocese of Rhode Island
Commission on Finance
Meeting, January, 13,
2015
Higgins, Room
Present: Robert
Batchelor; Robert Bergstrand; Dennis Burton; The Rt. Rev. W. Nicholas Knisely;
The Rev. Eric Larsen; Michael Lofaro; Stephan Sloan; The Rev. Joyce Thorne.
Also present: Joan DeCelles; Canon Elizabeth Fornal; The
Rev. Canon Linda Grenz; The Rev. Edwin Hallenbeck.
Guests: The Rev. Bettine Bessier, Vicar; Mary Hafey, Senior
Warden, St Thomas Church, Alton.
The meeting was called to order at 10:00 a.m. by Chair
Lofaro. An opening prayer was offered by Bishop Knisely.
The Minutes of
the meeting of December 9, 2014 were approved as distributed.
Financial Report
for December (year end) was reviewed by the Treasurer. Several items of
interest were noted. While tentatively stating the year end data, there are a
number of adjustments and final figures yet to be made. The balance sheet
states movement of over $1 million cash position funds from CDs to the DIT. It
appears that final figures for the year 2014 will be within 97% of budget.
Apportionment Report.
Five churches did not complete apportionment payments by year end. Three were
one month behind, one was two months behind and one is five months behind. All
have been contacted. Only St. David’s, Cranston (5 months) is problematic at
this time.
Old Business
• Major Gifts Policy.
No report. It was agreed that Mr. Batchelor and Mr. Sloan will complete a final
report for the next meeting.
• Policy &
Procedure to Transfer DIT funds. Shifts occur during the year with past
informal practice of making all shifts documented formally at year end.
Following discussion it was agreed this is a sound practice. The Finance office
was asked to prepare a policy statement
to this effect for adoption at the next meeting.
• Mudrak Fund request
from St. John the Evangelist, Newport. A revised request was reviewed. It
was agreed that under the terms of the endowment we cannot properly consider
the request to modify a sound system for hearing assistance until the basic
system has been installed. It was Moved, Seconded and Voted to wait for
consideration of this request until the basic sound system is in place. The COF
will then consider add- ons needed for the hearing impaired.
Endowment Draw. As
discussed in December, further consideration agreed that this is a complex
matter with a different situation in each church. Significant listening is
needed to have a better sense of what the church problems actually are. It was
agreed that a Sub-Committee is appointed of Mr. Batchelor, Mr. Sloan and Canon
Grenz. The Committee is asked to share thoughts about how best to proceed in as
non threatening manner as possible.
New Business:
• St. Thomas, Alton, Revolving Loan Request.
The guests joined the meeting and were introduced. Ms. Hafey (SW) summarized
the project and request to replace an almost 100 year old kitchen to better
serve the church and community. As a small church almost $17,000 has already
been raised in a capital campaign. The loan will add funds to complete the job.
There was a lengthy discussion of the length of the repayment period. Following
lengthy discussion it was agreed the church would agree with a five year
payback period, with the understanding it could be renegotiated as might be
necessary. The guests left the meeting. Following discussion t was Moved, Seconded and VOTED to approve a
Revolving Fund Loan of up to $10,000 to St. Thomas Church, Alton, with a DIT
pledge of security at a rate of 1.5% for 5 years.
• The Revolving Loan
summary sheet was reviewed.
• The Revolving Loan Rules #3 was reviewed with agreement to leave it as is.
* May House. Dennis Burton reviewed in
detail the current problems relating to the driveway and the three buildings.
His recommendation is to request a detail land survey and design study to
determine how to control elevation of the land and correct water run off. It
was Moved, Seconded and VOTED to proceed
with a land survey and design study based on bids available at a cost not to
exceed $11,000.
• Resolution to express thanks to Ron Turnbull. The
secretary presented a resolution as requested in December. It was Moved,
Seconded and VOTED to adopt the Resolution for Ronald Turnbull as presented and
a copy is attached to these minutes. It was further agreed that all members of
the Commission would sign a presentation copy.
• Date of next meeting.
Due to the overlap with the Presbyters Conference, the next COF meeting will be
on February 17, 2015 at 10:00 a.m. in the Higgins Room.
The meeting was adjourned at 12:05 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
