Meeting — October 13, 2015

Diocese of Rhode Island

Commission on Finance

Meeting, October 13, 2015

Higgins Room

Present:  Robert Batchelor; Robert Bergstrand; Dennis Burton; Michael Lofaro (tel); The Rev. Joyce Thorne.

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

The meeting was called to order by Mr. Batchelor at 10:05 a.m. An opening prayer was offered by Canon Grenz.

The Minutes of the meeting of September 8, 2015 were approved as distributed.

Finance Report for September 2015 was reviewed by Mr. Batchelor. There are no unusual items at this time. Two matters were discussed as future concerns. First, there are pending changes in the standard formatting of audit reports for non-profit organizations. Some adjustments to account structure may be needed. Second, is the matter of reflecting unrealized gains or losses only once a year. This will be discussed with the DIT Committee with a view to more frequent updates.

Apportionment Report. One Church is six months behind, Canon Grenz has met with the Vestry. There are significant issues to be overcome. Three Churches are two months behind. Telephone follow up will be made.

Old Business. Two matters continue on hold.

     Major Gifts Policy. Draft should be ready by November.

     Forecasting Update. Mr Burton suggested a review of available software indicates that “planguru” a cloud based application is best suited to non-profit organization needs, at a very reasonable cost. He will follow up. A worksheet for “planguru” was distributed.

New Business.

     Review of Checking Account Balance. Mr. Burton distributed analysis of monthly cash balances in combined checking accounts, clearly indicating that balances are high, beyond a reasonable general use need. It was suggested that $400,000 be transferred to the DIT cash reserve account, thereby becoming income producing. It was further suggested that we investigate opening a line of credit account as an emergency reserve. Following discussion it was Moved, Seconded and Voted to transfer $400,000 from checking account(s) to the DIT cash reserve fund, and to adopt a policy to review cash flow needs every six months.

     Review of 2016 Budget. The draft 2016 Budget was reviewed in detail. Discussion was focused on a number of changes in structure (what items are where in the budget) and in allocations for some programs. Mr. Burton provided a print version of a presentation to pre-convention meetings and for Convention, stressing better understanding of how things are arranged with the ongoing focus on supporting congregations. It was also noted there is a significant change in the way Hispanic Ministry is supported, with a view toward enabling these activities to become self sustaining. Following discussion it was Moved, Seconded and Voted to approve the 2016 Budget as Amended. The budget for 2015 will be forwarded to Diocesan Council.

Additional Item. Mr. Bergstrand stated this is his last meeting with the Commission as his second term is over at Convention. He expressed his thanks for the opportunity of working with this group of committed and talented members and support persons. The COF in turn thanked him for his service.

The meeting was adjourned at 12 noon.

Respectfully submitted

Edwin F. Hallenbeck

Secretary

Next meeting: November 10, 2015 at 10:00 a.m.