Minutes — May 10, 2016

Diocese of Rhode Island

Commission on Finance

Meeting, May 10, 2016

St. Luke’s Church, East Greenwich

Present:  Robert Batchelor; Sarosh Fenn; 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. Canon Linda Grenz; The Rev. Edwin Hallenbeck.

Guests:  Sts. Peter & Andrew, Providence: Arthur Thomas, Senior Warden; Dorothy Lariviere.

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 April 12, 2016 were approved as distributed.

Finance Report was reviewed by Mr. Batchelor, noting that in the Balance Sheet the value of the Investments-DIT will be updated to the 12/31/15 actual of $24.7 million. Income and expense items are running well with no unusual variances other than timing.

Apportionment Aging Report. Two churches are two months behind.

CFO Report. Mr. Burton stated that several questions are under discussion with Bank of America regarding the Line of Credit application with no specific answers at this time.

Sts. Peter and Andrew, Providence, Revolving Loan request. Guests (above) joined the meeting. Mr, Thomas provided an overview of the work needed and the importance of keeping the status of the residence building in excellent condition. Several questions helped clarify the relationship of the facility to the church and The Blessing Way program which uses the building for residences and offices. It was noted the Church is considering changing to Mission church status. Guests left the meeting with thanks.

            Additional discussion suggested that we encourage the church to develop cooperative working relationships especially with tenant organizations using its facilities. With additional consideration it was Moved, Seconded and VOTED to approve a Revolving Loan of $32,450 for five years at 2.5%, subject to further approval of the Standing Committee. It was suggested that the church consider a special joint fund raising effort with Blessing Way to reduce or pay down the loan.

Safety Code Grant Requests. Responding to last month’s request for fire code violation needs, the following Applications have been received:

1      Cathedral of St. John. Full Application. Request $10,000.

2      Holy Spirit, Charlestown. Full Application. Request $5,000. Subject to final cost figure.

3      St. Mark’s Church, Warwick. Full Application. Request $10,000.

4      St. David’s on the Hill, Cranston. Full Application. $10,000.

5      St. Michael’s Church, Bristol. Verbal request. $10,000. Subject to full Application.

6      Church of the Redeemer, Providence. Verbal Request. $10,000. Subject to full Application.

7      All Saints Church, Warwick. Verbal Request. $10,000. Subject to full Application.

Following review and discussion of these requests it was Moved, Seconded and VOTED to approve grants for the Cathedral of St John, $10,000.; Holy Spirit, $5,000 final cost TBD; St. Mark’s Church $10,000.; St. David’s on the Hill, $10,000.; and to reserve funds for the following Churches, subject to filing of complete Applications: St. Michael’s Church, $10,000.; Church of the Redeemer, $10,000.; All Saints, Warwick, $10.000.

            It was noted this group of grants uses all funds originally allocated for this purpose by Council. In addition to the above Requests for Safety projects other than Fire Code have been received and held for possible consideration should additional funds become available:

1.     St. John’s, Newport. Exit lights and upgrade.

2.     St. Andrew’s by the Sea, Little Compton, Upgrade Fire system phone linkage.

3.     Emmanuel Church, Cumberland, Access Ramp.

4.     Epiphany Church, Rumford, Access Ramp and doors’

In view of the use of available funds there was a discussion of possible additional funding for these needs. The Treasurer and COF were asked to research the matter and make a request to Diocesan Council for allocation of additional funds for Code Violation and Special Needs of Churches.

Mudrak Fund for Hearing Assistance. Three requests for sound system upgrades.

Church of the Epiphany, Rumford, $3686.22. Approved by email vote.

St. Barnabas Church, Warwick, $1,000. Approved by email vote.

Emmanuel Church, Newport, $1,855.75. Approved by COF vote at meeting.

Contributions by Diocese for Use of Church Buildings. Canon Grenz distributed a draft statement of a guideline for reimbursing churches for use of space for large events, recognizing that having a significant number of persons in a building for a prolonged time entails added costs. It was thought to be a good idea for sound practice. Some wording changes were suggested.

The meeting was adjourned at 6:35 p.m.

Respectfully Submitted

Edwin F. Hallenbeck

Secretary

Next Meeting: June 14, 2016 at 5:00 p.m., St. Luke’s, East Greenwich.