Minutes — May 12, 2015

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.