Minutes - January 13, 2015

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