Diocese of Rhode Island
Commission on Finance
Meeting, May 12, 2015
Higgins Room
Present: Robert
Batchelor; Robert Bergstrand; The Rt. Rev. Nicholas Knisely; Michael Lofaro; Stefan
Sloan; The Rev. Joyce Thorne.
Also present: Joan
DeCelles; Canon Elizabeth Fornal; The Rev. Canon Linda Grenz; The Rev. Edwin
Hallenbeck.
The meeting was called to order at 10:10 am by Chair Lofaro.
An opening prayer was offered by Bishop Knisely.
The Minutes of
the meeting of April 14, 2015 were approved as distributed.
The Finance Report
was given by the Treasurer in the new format. Some timing issues become
reflected in accounts that appear out of sync although moving normally. Joan
continues to modify monthly allocations to better reflect actual cash flow. The
2014 Audit on site work is completed with a draft report in preparation for
discussion. No major issues were identified. Adjustment items are under
discussion.
Apportionment Aging Report
states there are only two churches two or more months behind in apportionment
payments: St. Matthew’s, Jamestown and St. David’s. Cranston. Joan will follow
up with both churches.
Major Gifts Policy.
Mr. Sloan distributed a draft policy statement for discussion. The policy is
lengthy to cover a wide variety of gift situations. During discussion a number
of questions were raised, such as, who pays for an appraisal in the event of a
real estate gift? Can this be flexible? There was no agreement on the
definition of ‘Governing’ body, with the Diocese using different groups for various
types of decisions. It was agreed that the Bishop will review these matters
with the Chancellor. Discussion will continue.
Transfer of DIT Funds
Policy. No report at this time.
Congregational
Investment Percentage Usage. It was agreed this topic is current and
important. It was noted that a Subcommittee of Canon Grenz, Mr. Sloan and Mr.
Batchelor was appointed (Ref, January 13, 2015 Minutes) to consider the matter
with no report to date. It was agreed to activate the subcommittee.
Forecasting Process.
In the absence of Mr. Burton the matter was deferred to the June meeting.
Christ Church,
Westerly; Mudrak Fund request. A letter requesting funds for an assisted
listening system, including a transmitter, and 13 receivers with charging
station was received from Christ Church. Following discussion it was Moved,
Seconded and VOTED to allocate $2,602.09 from the Mudrak Fund to Christ Church,
Westerly.
St. Paul’s,
Portsmouth Revolving loan question. The Treasurer reported on recent
conversation with church leadership about the loan approved in May 2014 for
work to be done on accessibility items. The question of concern is that the
work has not been completed at this time and they wish to proceed, however the
one-year limit on taking out the lone funds is about to expire. ($7,000 to
date) It is suggested by the COF that St. Paul’s take out the balance of the
loan to complete the work and return any unused funds when the work is
completed. This should present minimal difficulty.
The meeting was adjourned at 11:25 a.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary.
Next meeting: June 9, 2015.
