Meeting — August 11, 2015

Diocese of Rhode Island

Commission on Finance

Meeting, August 11, 2015

Higgins Room

Present:  Robert Batchelor; Robert Bergstrand; Dennis Burton; Michael Lofaro; Stephan Sloan; The Rev. Joyce Thorne.

Also present:  Joan DeCelles; The Rev. Canon Linda Grenz; The Rev. Edwin Hallenbeck.

Guests: Church of the Redeemer, Providence: The Rev. Patrick Campbell, Rector; Ed Bailey, JW; William Trimble, Treasurer.

The meeting was called to order at 12:05 p.m. by Chair Lofaro. An opening prayer was given by Canon Grenz.

1. Revolving Loan Request. A Request for a Revolving Loan from Church of the Redeemer, Providence for $50,000 for the purpose of installing phase one of a heating system conversion from oil to gas was presented for discussion, note guests present. A detailed plan was reviewed, noting that the gas conversion will be undertaken, with one boiler replaced at this time. The church facilities will be changed to zones, enabling heat to be available only where needed. The second boiler will be replaced in phase two. It is planned that the conversion will be completed before the heating season begins. There was a lengthy discussion with a number of questions answered. The guests left the meeting.

      Following review of the proposed loan, it was Moved, Seconded and VOTED , to approve a Revolving Loan of $50,000 to Church of the Redeemer, Providence at 2.25%, less 0.75% (with DIT Fund pledge), net rate of 1.5%, for five years, subject to approval of the Standing Committee.

2. Application for Grant. Canon Grenz distributed an Application for a State Preservation Grant to be submitted to the RI Historical Preservation and Heritage Commission on behalf of the Cathedral of St. John. Project cost for currently planned renovations is $358,767. The application is for $150,000. It was Moved, Seconded and VOTED to concur with the Application and authorize Canon Grenz to sign and forward it for consideration.

3. Draft Conflict of Interest Policy. Mr. Batchelor distributed a draft policy statement and asked that it be reviewed with care and considered at the September meeting.

4. Draft Reporting of Financial, Auditing & Governance Improprieties Policy. Mr. Batchelor distributed a draft policy statement and asked that it be reviewed with care and considered at the September meeting.

The meeting was adjourned at 1:20 p.m.

Respectfully submitted

Edwin F. Hallenbeck, Secretary