Minutes — April 14, 2015

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.