Minutes — January 10, 2017

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.