Diocese of Rhode Island
Commission on Finance
Meeting, March 10, 2015
Higgins Room
Present: Robert
Bergstrand; Dennis Burton; The Rt. Rev. Nicholas Knisely; The Rev. Erik Larsen;
Michael Lofaro; Stephan Sloane; The Rev. Joyce Thorne.
Also present: Joan DeCelles; Canon Elizabeth Fornal; The
Rev. Edwin Hallenbeck.
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 February 17, 2015 were approved as distributed.
Financial Report
for February was reviewed by the Finance Director. There are no unusual matters
at this time. Work continues on allocating income and expense items to better
reflect the flow of funds during the year. There was a lengthy discussion of
the role and reporting pattern of the Commission on Investments. The COI meets
quarterly, the Bishop and Treasurer are members. Status reports are given to
Churches with quarterly investments distribution regarding each church’s
investments. No reports are given to the COF. It was agreed the Chair of COF
will talk with, Marianne Alford, VP/USTrust, BAC and Senior Relationship
Manager for DIT to consider a useful report structure and timing. There was a
discussion of how Church Without Walls is reflected in the monthly report. It
was agreed that this, and others such as ACI Amazing Grace need to be reflected
as a group because funds flow through the Diocese. Further discussion of fine
tuning the report structure.
Apportionment Report.
Three churches are two months behind. It was agreed to omit churches one month
behind as this is a regular pattern for a number of churches. Discussion
followed about the prospect of churches falling behind due to weather related
issues this winter, suggesting the COF should plan for was to address this
situation.
Old Business: •
Major gifts policy, no report this month.
• Policy for
transferring DIT funds, no report this month.
•
Investment excessive draw. Subcommittee is working on this.
New Business:
Mortgage Service Agency. St. Luke’s Church, Pawtucket is selling a house, and
is considering an internal mortgage rather than a conventional mortgage
resource. Following discussion it was agreed this is outside the scope of
Diocesan financial activity.
Additional matters.
Mr. Bergstrand reported on his recent assistance with St. George’s, Central
Falls in upgrading their heating system.
Mr. Burton suggested a need to establish a forecasting
process to aid in anticipating future needs. There was a lengthy discussion of
the idea, how it might be accomplished and whether the Diocese is ready to move
in this direction. It was agreed the crisis situation of three years ago has
stabilized and the Diocese is ready to look forward, noting there will always
be problems. This discussion will be continued.
The meeting was adjourned at 11:30 a.m.
Respectfully submitted
Edwin F. Hallenbeck
Secretary
Next meeting: April 14, 2015 at 10:00 a.m.
