Diocese of Rhode Island
Commission on Finance
Meeting, June 14,
2016
St. Luke’s Church,
East Greenwich
Present: Robert
Batchelor; Sarosh Fenn; The Rev. Erik Larsen; Michael Lofaro; Stephan Sloan;
David Terry.
Also present: Dennis
Burton; Joan DeCelles; The Rev. Canon Linda Grenz; The Rev. Edwin Hallenbeck.
Guests: All Saints’ Church, Pontiac: The Rev. Philip Devens,
Rector; Fred Liddle, Senior Warden; Bruce MacNeil, Junior Warden; Meredith MarcAurele,
Treasurer.
The meeting was called to order at 5:02 p.m.by Chair Lofaro.
An opening prayer was offered by The Rev. Erik Larsen.
The Minutes of
the meeting of May 10, 2016 were approved as distributed.
Finance Report
was reviewed by Mr. Batchelor. He noted that the Balance sheet still has not
been updated to the 2015 year end number which should be done soon. Income
receipts are as anticipated with some timing variations. Expenditures show no
significant differences from budget.
Apportionment Aging
Report. The only Church significantly behind is St. George’s, Central
Falls.
Church of the
Redeemer. An application for a Fire Safety grant was considered. Only one
bid was available at the time the application was submitted, for $27,625.
Additional bids are being requested. The Vestry is considering a line of credit
with Thrivent. No firm plan is yet in place. It was noted this is a church that
is financially stretched thin. It is suggested that a COF member meet and
review possible alternatives, Mr. Terry will do so. Following discussion it was Moved, Seconded and VOTED to allocate
up to $10,000 for a Fire Safety grant awaiting additional bids and Vestry
action.
CFO Report. Mr.
Burton reported on progress with two projects. A) Financial Forecasting. He
referred to two documents: First, an analysis of all budget lines, useful for
reference. Second, analysis of Income Statement Variances, showing by category
where variances occurred in the first four months of 2016, and what the
cumulative effect of these is. This provides the opportunity to either explain
the variations or plan for appropriate changes.
B) ECC Strategic Planning, especially looking at the
financial implications. He asked that this be placed on the agenda for
September for a broad consideration.
All Saints’ Church,
Pontiac. The guests joined the meeting. An application for a Fire Safety
grant and an application for a Revolving Loan were considered. The current low
bid is $20,742. Two additional bids are needed. This project is essential for
continued use of the church. There was an extended discussion of how All
Saints’ endowment funds might be used to secure a loan or for payment of the
balance of the cost. There was no firm conclusion with additional research
needed. It was Moved, Seconded and VOTED
to allocate a Fire Safety grant of up to $10,000 awaiting additional bid;. and
further to give preliminary approval for a Revolving Loan for the balance of
the project cost awaiting final confirmation of costs and the unavailability of
alternate sources of funding. The guests left the meeting.
Endowment Funds at
Churches. Following the above discussion the COF agreed that it is important to review and consider the
status of endowment funds belonging to churches. Some are held in the DIT and some
managed independently. Of special importance is their status as Restricted or
Unrestricted for use and by whom the restriction was made. Mr Lofaro agreed
during the summer to take time to begin a review of the status of all churches
endowments, especially restricted v unrestricted. It was noted that the COF is
responsible for the integrity of such information on behalf of the Diocese.
This is important, among other reasons, for pledging endowment funds for loan
security, which must be unrestricted.
The meeting was adjourned at 6:35 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
Next meeting: September 13, 2016 at 5:00 p.m. St. Luke’s,
East Greenwich
Or at the call of the Chair, if necessary.
