Diocese of Rhode Island
Commission on Finance
Meeting, April 14,
2015
Higgins Room
Present: Robert
Batchelor; Dennis Burton; The Rt. Rev. Nicholas Knisely; The Rev. Erik Larson;
The Rev. Joyce Thorne.
Also Present: Joan DeCelles; Canon Elizabeth Fornal; The
Rev. Edwin Hallenbeck.
Guests: The Rev. Nathan Humphrey, St. John the Evangelist,
Newport; The Rev. Patrick Greene and Lee Amore, Treasurer. St’s. Matthew and
Mark, Barrington.
The meeting was called to order at 10:05 by Bishop Knisely,
who offered an opening prayer.
The Minutes of
the meeting of March 10, 2015 were approved as distributed.
Financial Report
for March was reviewed by the Treasurer. He noted that staff continues to
monitor the new ACS system which is running well. The Year to date budget is
being incrementally adjusted to more accurately reflect irregular cash flow
such as camper income at ECC only in summer. It is anticipated to continue the
year with a balanced budget. The report was accepted with thanks.
Apportionment Report.
At this time St. David’s, Cranston is the only church three months behind.
There followed a lengthy discussion of current methods of payment to churches
available, which many do not use. Many younger folks in particular do not use
traditional payment forms. All churches are encouraged to review how funds are
received and explore newer methods, not only for Sundays but also for events
and special giving. Ms. Fornal will help in exploring ways the Diocese can
encourage new forms.
There was no report on policy development for Major Gifts or
DIT Transfer of funds.
Development of a Quarterly Report of DIT funds for COF and
Council is under way.
St. John the
Evangelist, Newport. Mudrak Fund, reconsideration. Fr, Humphrey joined the
meeting. He outlined the process the church has undertaken for building a sound
system and noted the $5,000 allocation of funds by the vestry. This placed a
somewhat different light upon the request with added helpful information.
Detailed data was not available separating the basic sound system and the
supplemental cost for hearing assistance. Bishop Knisely will follow up with
the parish administrator, sending an analysis report to the COF so that a grant
can be approved by email.
St’s Matthew &
Mark, Barrington, Revolving Loan. Fr. Greene and Ms. Amore joined the
meeting. The request is for $90,000 to provide a new roof on the former St.
Mark church property in East Providence, currently leased to another church
community. A complete application was provided, including the low bid as
accepted. Changes in the 2015 church budget will make some funds available for
the project. The church will place funds in the DIT prior to closing the loan
to secure reduced interest rate, and consider additional transfers. Additional
discussion reviewed detail questions. Guests left the meeting. Following
discussion it was Moved, Seconded and
VOTED to approve a Revolving Loan of up to $90,000 to St’s Matthew and Mark,
Barrington, subject to approval of the Standing Committee and deposit of funds
in the DIT, at a rate of 2.25% less .75%, net rate of 1.5% for five years.
Forecasting. Mr.
Burton described a process to begin working toward a forecasting data framework
of trend lines. Key is looking for potential changes and their impact. There
was a discussion of ways this can be helpful. Most uses of this model are in
the corporate world, it was suggested that examples in the non-profit world
might be especially helpful. The discussion will be continued.
Follow up, St.
Michael’s, Bristol. Mr. Burton noted meeting with the Rector and the
Executive Committee with a focus on what is God calling this church to do,
resulting in a useful conversation looking forward.
The meeting was adjourned at 12:05 p.m.
Respectfully submitted
Edwin F. Hallenbeck, Secretary
Next meeting: May 12, 2015.
10:00 a.m.
