Wednesday, April 12, 2017
Minutes — February 14, 2017
Diocese of Rhode Island
Commission on Finance)
Meeting, February 14,
2017
St. Luke’s Church,
East Greenwich
Present: The Rev. Erik Larsen; Michael Lofaro; Stephan Sloan
(phone); David Terry; The Rev. Peter Tierney.
Also Present: Dennis Burton; Joan DeCelles; The Rev. Canon
Linda Grenz; The Rev. Edwin Hallenbeck.
Guests: Doug Aldrich, TR; Dr. Walter Scott (phone), Christ
Church, Lincoln.
The meeting was called to order at 5:02 p.m. by Chair
Lofaro. An opening prayer was offered by Canon Grenz.
The Minutes of
the meeting of January 10, were approved as distributed.
Apportionment Aging
Report. All churches are fully paid for 2016. Four churches are not paid
for January 2017.
Old Business.
Grace Church, Providence. Canon Grenz reported on a meeting with the Business
Planning Committee working on plans for use of the new building. Substantial
research has been done on uses and rental opportunities. The committee
anticipates good usage and rentals. Other discussions continue.
New Business. St.
Peter’s by the Sea, Narragansett. A memo was received from the parish
Treasurer stating that an error was made in preparing the 2015 Parochial
Report, including half of the Director of Ministry salary on line 4 which
should have been allocated to the Community Market as outreach. It is requested
that the PR be adjusted and the 2017 apportionment be restated. The
misstatement was made during the interim period under a previous treasurer. The
matter was reviewed at length, noting that a policy is needed regarding the
circumstances under which such a request may be considered. Errors in
calculating current apportionment must be made within the two year cycle of its
calculation. It was MOVED, seconded and
VOTED that adjustments in apportionment calculation for the current year must
be based on a recalculation of an Apportionment Report within the two year
cycle as stated in Diocesan Policy.
Following additional discussion, it was MOVED, seconded and VOTED to recalculate the St. Peter’s by the Sea
apportionment for 2017, reducing it by $3,952. resulting from correction of an
error in the 2015 Parochial Report, overstating income on line 4, that should
have been stated on line 10.
Christ Church, Lincoln,
Revolving Loan Application. Mr. Aldrich and Dr. Scott joined the meeting. An
application is received for a Revolving Loan of $34,000 for installation of a
second boiler in the Parish House replacing a failed unit. The first boiler was
replaced three years ago by the same installer. The first boiler will be
relocated to the same room as the one to be installed. Discussion noted that
the parish is recovering well, apportionment is paid, all previous loans are
paid and with the current Priest in Charge, The Rev. Veronica Tierney
significant progress is being made in moving the church forward. The guests
left the meeting. Following discussion, it was MOVED, seconded and VOTED to recommend approval of a Revolving Loan to
Christ Church, Lincoln of $34,000 at 2% interest for five years with a DIT
collateral pledge, subject to further approval of the Standing Committee.
Note: One abstention, Bishop Knisely voted ‘Yes” by phone.
Finance Report.
Mr. Burton noted the January Finance Report shows normal year start up
activity.
• Cash Management.
A cash flow analysis of the Apportionment checking account states a running
balance from $550,000 to $869,000 with a lowest balance of $541,868 in
September. With this level of available funds it is recommended to remove
$300,000 from checking and place the same in the DIT cash account to provide earning
capacity. A same day transfer back can be made should the need arise. It was MOVED, seconded and VOTED to transfer
$300,000 from the Apportionment Checking Account to the DIT Cash Account.
• Property Improvement
Plan. A written plan in some detail was distributed identifying Diocesan owned
properties focusing on immediate needs. Specific needs were stated for ECC,
Diocesan House, May House/Cottage, Churches of Advent and Beloved and Grant
House. Both immediate and long range needs are outlined. The 2017 plan is
stated in specific detail for ECC, Diocesan House, Advent and Beloved. First
priority is to fund ECC and Diocesan House needs costing $110,000. A foundation
request will be made for the ECC needs. Following lengthy discussion it was MOVED, Seconded and VOTED to recommend to
Diocesan Council that up to $110,000 be allocated to property improvements as
listed for ECC and Diocesan House from the operating account. Following
additional discussion it was MOVED
seconded and VOTED to recommend to Diocesan Council that up to $38,000 be
expended from the Diocesan Resource Fund for Church of the Advent.
The meeting was adjourned at 6:50 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
Next meeting: March 14, 2017
5:00 p.m.
Subscribe to:
Posts (Atom)