Minutes - December 9, 2014

Diocese of Rhode Island

Commission on Finance

Meeting, December 9, 2014

Higgins Room

Present:  Robert Batchelor; Robert Bergstrand; The Rev. Eric Larsen; Michael Lofaro; Stephan Sloan; The Rev. Joyce Thorne.

Also present: Joan DeCelles; The Rev. Edwin Hallenbeck.

The meeting was called to order by Chair Lofaro at 10:02 a.m. An opening prayer was given by Deacon Thorne. The Chair welcomed Fr. Larsen to the COF, filling the appointed term to 2016.

The Minutes of the meeting of November 18, 2014 were approved as distributed, noting several names and words misspelled.

Financial Report for November was reviewed by the Treasurer, noting that most numbers are very close to budget. Most differences are due to timing differences. At this point a near budget year end is expected.

Apportionment payments. Most differences are only one month off, a common practice for many churches. The only church of concern is St. David’s, Cranston at four months behind.

Old Business:

• Major Gifts Policy. Still in development, remains on agenda.

• Transfer of DIT Funds Policy. Still in development, remains on agenda.

• Mudrak Fund request from St. John the Evangelist, Newport. A revised request was received which is still beyond the guidelines for funding. Further discussion and revision is needed. Hold for January agenda.

New Business:

• Cash Balance discussion. An analysis sheet of current cash balances by account and assignment was distributed. The Treasurer noted the Morgan Stanley balance of $1,003,896.84 is in CDs the last of which is due next week. He stated that following our discussions and no significant proposals from local financial institutions this balance would be placed in the DIT, unrestricted where it will continue to be available on 30 days request should it be needed.

• Investment Draw. An analysis sheet of parishes showing draws of 5% or greater was distributed. 13 Churches currently show draw of 6% or greater. There was a lengthy discussion of the implications of this both for the Diocese and the churches. It was agreed this is a matter the COF needs to be concerned with and further discussion will continue with a view to developing a plan to formally address the matter and initiate discussions with the high draw churches.

• Old Narragansett Church. Having been called to our attention by the local overseer that exterior cleanup and brush and tree removal is needed, three bids were received for this work. Following review of three bids received, it was Moved, Seconded and Voted to accept the bid of Ocean State Tree Service @$4,000 to $4,500. Work to be completed in the near future, paid from the Old Narragansett Church account.

• Audit Management letter. The letter received as part of the 2013 audit contained a number of minor matters for adjustments in record keeping, all related to the old accounting system, and not relating to the current system. It was agreed these matters are not a matter of concern at this time.

• Resolution of thanks for Ron Turnbull. It was agreed to request the Secretary to draft an appropriate resolution of thanks for the many years of service of Ron to the Diocese and circulate the same to COF members for comment.

The meeting was adjourned at 11:30 a.m.

Respectfully submitted.

Edwin F. Hallenbeck

Secretary

Next meeting: January 13, 2015, 10:00 a.m.