Diocese of Rhode Island
Commission on Finance
Meeting, January 10,
2017
St. Luke’s Church,
East Greenwich
Present: Sarosh Fenn; The Rev. Erik Larsen; Michael Lofaro;
David Terry; The Rev. Peter Tierney.
Also present: Dennis Burton; Joan DeCelles; The Rev. Canon
Linda Grenz; The Rev. Edwin Hallenbeck.
Guests: Bradford Chase, Senior Warden; Ken Brockway,
Treasurer, St. Paul’s Church, Portsmouth.
The meeting was called to order at 5:00 p.m. by Chair
Lofaro, An opening prayer was offered by Canon Grenz.
The Minutes of
the meeting of December 13 were approved with one correction, Fr. Tierney’s
name was misspelled in the third paragraph.
Finance Report
was given by Mr. Burton. The December 31, 2016 report is preliminary for year
end awaiting final numbers for several account categories. There is a small
surplus of $110,000. In other matters;
• Forecasting Income team is using a five-year base looking
at a limited number of churches to survey pledge income data to determine aging
implications for strategic planning. An August goal for available information
is planned.
• A parallel review is underway looking at Diocesan
endowment funds to determine what possible latitude there may be in assigning
operating income.
• Property committee is reviewing what is needed for long
term use at each facility/property owned by the Diocese to assess future
implications for planning.
• Reviewing the potential for solar power at ECC and other
properties.
• Parochial Report instructions and definitions have been
clarified to avoid confusion in reporting.
Apportionment Aging
Report. Three churches are not fully paid up for 2016 as of the meeting
date. The finance office is in touch with each and payments are expected soon.
Revolving Loan Fund
Report. There are 14 active loans out with a balance of $485,327.
Old Business:
Grace Church, conversations continue at this point.
St. James, Woonsocket. Fr. Tierney reported that there are
significant accounting issues making it difficult to prepare the reports
requested. He hopes working data will be available in February.
New Business: Revolving
Loan Application, St. Paul’s Church, Portsmouth. The guests joined the meeting.
Following an inspection by the Fire Marshall a new fire alarm system has been
installed with assistance from the Diocese for half the cost $6,500. The Church
ended 2016 with a small surplus, which it would prefer to use for other needed
upgrades and improvements. The loan request is for the Church matching half of
the alarm system. It was noted that the number of pledges for 2017 is up and
the church is stabilized and looking forward. It was also noted by COF that the
status of the loan application is such that the loan will need the Bishop and
Standing Committee approval. The guests left the meeting. Following additional discussion
it was Moved, Seconded and VOTED to
recommend approval of a Revolving Loan to St. Paul’s, Church, Portsmouth of
$6,500 at 2% for five years with a DIT collateral pledge, subject to further
approval by the Bishop and Standing Committee.
The meeting was adjourned at 6:00 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
Next meeting: February 14, 2017 at 5:00 p.m.
