Minutes - March 8, 2016

Diocese of Rhode Island

Commission on Finance

Meeting, March 8, 2016

St. Luke’s Church, East Greenwich

Present:  Robert Batchelor; The Rt. Rev. Nicholas Knisely; The Rev. Erik Larsen; Michael Lofaro; Stephan Sloan; David Terry; The Rev. Joyce Thorne.

Also present:  Dennis Burton; Joan DeCelles; The Rev. Edwin Hallenbeck.

The meeting was called to order at 5:00 p.m. by Chair Lofaro. An opening prayer was offered by Bishop Knisely.

The Minutes of the meeting of February 9, 2016 were approved with one misspelled word correction.

Finance Report for February 2016 was reviewed by the Treasurer. He noted that the balance sheet is not yet updated with year end data, awaiting adjustments from the DIT and others recommended by the auditors, Most accounts are running as expected, the two primary exceptions are ECC and Episcopal Charities which have their own unique calendar cycles.

Apportionment Aging Report. All churches are paid for 2015. Four churches have not yet paid for January 2016.

Chief Financial Officer’s Report, and related Agenda matters:

• CFO approved purchases from the Reserve Fund: Auto for ECC ($3,400.). Boiler for Canon’s Cottage, Administrative building ($6,800est.). Church of the Advent, Coventry, two new boilers ($18,737; Refinishing floors ($1,700est.); Snow blower ($1,100).

• ECC is initiating work on a long range plan, which will involve others as it progresses.

• Program and Budget Committee, planning is under way for the 2017 budget, open and special meetings are being planned for spring.

• Leadership Day, over 50 people came to the Treasurer’s group, which included a focus on the DIT as a resource for church use.

• Gift Acceptance Policy. Several changes resulting from legal counsel review were noted. There is a Donor Agreement Form for gifts which must be signed. The draft policy statement relates to the Diocese. The new Episcopal Church policy, still in draft form, can be adapted for use by churches. There was discussion of some detail language relating to ongoing accounts such as Episcopal Charities and ECC. There is need for clarity about how to handle small gifts. It was agreed to review the Policy further in discussion with the Chancellor.

Revolving Loan Structure. Following discussion with U.S. Trust it was recommended that take the next step to get the basic line of credit proposed terms in place for the RLF and to consider. Detail matters of how the Diocese will manage the RLF may be considered once that is accomplished. It was Moved, Seconded and VOTED to proceed with a formal application to U. S. Trust for a Line of Credit for $10 million dollars for full review of the proposed term sheet by the COF and legal counsel.

Revised Accessibility Grants. A revised statement of terms for Accessibility Grants was distributed, including language to clearly define the issues for which grants will be made. In addition, grants will be made to any eligible church. It was Moved, Seconded and VOTED to approve the revised Application with changes in definition and eligibility for Accessibility and Safety Code grants.

Cathedral Fire Monitoring System is under review to bring the building up to code for occupancy use. One bid is in, others to be received. The estimated cost is $150,000±. Concern was noted about the source of funds for this project. The COF asked staff to consider any options for funding that might be available.

DIT Meeting. Mr. Sloane reported on attending the meeting of the DIT committee on February 17^th. There was limited attendance. He found the U.S. Trust report confusing and some problems were identified and not acted upon. There was discussion about the relationship with U.S.Trust and the need for working toward a better working relationship..

The meeting was adjourned at 6:62 p.m.

Respectfully submitted

Edwin F Hallenbeck

Secretary

Next Meeting: April 12, 2016. 5:00 p.m. St. Luke’s Church, East Greenwich.