Diocese of Rhode Island
Commission on Finance
Meeting, February 17,
2015
Higgins Room
Present: Robert Batchelor; Dennis Burton; Michael Lofaro
(phone); Stephan Sloan; The Rev. Joyce Thorne.
Also present: Joan DeCelles; Canon Elizabeth Fornal; The
Rev. Canon Linda Grenz; The Rev. Edwin Hallenbeck.
Guest: Catherine Esselen, Treasurer, St. Michael’s Church,
Bristol.
The meeting was called to order at 10:10 a.m. by Canon
Grenz, who offered an opening prayer.
The Minutes of
the meeting of January13, 2015 were approved as distributed.
Financial Report
for January was reviewed by the Treasurer. It was noted that study continues
regarding the possibility of shifting cash to income producing sources. Budget
flow early in the year is pretty much as expected. Some internal working
documents have been prepared to assist in budget preparation. It was suggested
that the Susan Hudson Fund be shifted from totally separate (p. 8) to Outreach
and Advocacy as a distinct fund. The Report was accepted as presented.
Apportionment Report.
The Report was given in two forms. The old format lists all churches in an
Excel spreadsheet created each month showing number of months of arrearage, if
any. The new format is generated from ACS accounts and shows only churches that
are in arrears by month and amounts due. It was agreed to use the new format
going forward. There was a lengthy discussion of what to list as a reserve for
uncollectables as of 12/31/14. It was Moved,
Seconded and VOTED to record receivables as of 12/31/14 as $41,000 with a reserve
for uncollectables of $3,500.
Old Business.
• Major Gifts Policy.
Committee had no report at this time
• Policy and Procedure
to Transfer DIT funds. No report at this time.
• St. John the
Evangelist, Newport, Mudrak fund request. A revised request for $6,846 was
received. Analysis indicates only a portion of the request is eligible for
Mudrak funds. It was Moved, Seconded and VOTED to allocate $448. From the
Mudrak fund to St John the Evangelist Church to upgrade their sound system for
hearing impaired.
New Business.
St. Michael’s Church,
Bristol. Ms. Esselen joined the meeting. Ms. Esselen has been Treasurer of
St Michael’s since January 2014. She provided data and reviewed efforts over
the past year toward balancing the church budget and eliminate excessive draw
in the church endowment in the process. An open discussion of what has been
accomplished and how the 2015 budget might be improved were reviewed at length.
It was agreed that COF members Dennis Burton and Stephen Sloan are designated
as a team to work with Ms. Esselen and others at St. Michael’s to help better
understanding of issues and recommend any specific actions the Diocese might
take to assist in working on financial structure.
Budget Planning.
Canon Grenz introduced early budget plans contained in the ECUSA draft budget
in preparation for General Convention in June for the 2016-2019 years. The plan
proposes a reduction in Diocesan assessments, currently 19%. Rates would be:
2016-18%; 2017-16.5%; 2018-15%. A major offset would be requiring all Dioceses
to pay or be subject to penalty. Meanwhile the Province One Bishops are seeking
to move all seven New England Dioceses to 15% by 2016. Two NE Dioceses are
already paying 15%. None of these matters are set, all are under discussion. There
was a lengthy discussion of potential implications for Diocesan budget
planning. It was agreed that we need to be aware of possible changes and any
actions that may be needed here in Rhode Island.
Endowment Draw by
Churches. This was discussed briefly with additional information
distributed. It was agreed to continue the discussion at future meetings.
The meeting was adjourned at 12:10 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
Next meeting: March 10, 2015 at 10:00 a.m.
