Diocese of Rhode Island
Commission on Finance
Meeting, April 11,
2017
St. Luke’s Church,
East Greenwich
Present: Robert Batchelor; Sarosh Fenn; Michael Lofaro;
Stephan Sloan; David Terry; The Rev. Peter Tierney.
Also present: Dennis Burton; Joan DeCelles; The Rev. Canon
Linda Grenz; The Rev. Edwin Hallenbeck.
The meeting was called to order at 5:05 p.m. by Chair
Lofaro. An opening prayer was offered by the Rev. Peter Tierney.
The Minutes of
the meeting of February 14, 2017 were approved as distributed. Note: There was
no meeting in March due to cancellation because of weather.
Finance Report for
March. In addition to the full monthly Report Mr. Burton distributed a
Financial Variance Analysis – YTD thru March. This statement indicates for each
major grouping significant variances from budget plan with a brief explanation.
The statement was viewed as helpful. There was a discussion of how cash
balances are displayed with a suggestion that rather than a lump sum number a
clearer detailing might be stated.
Apportionment Aging
Report. Three churches are behind and viewed as problematic with follow up
needed: St. George’s, Central Falls; St. David’s, Cranston; St. Peter’s &
St. Andrew’s, Providence. It was noted that Grace Church is paying at an understated
rate.
CFO Report. Mr.
Burton stated that the Forecasting Project team continues working with five
churches testing anticipated changes over five years in income structure. The
study is aimed at developing a model of potential attrition that may be useful
for other churches. A draft report is expected in May. There was a discussion
of planned giving and the need for more
aggressive program across the Diocese. Brochures are needed and are in
development. The Audit of 2016 is underway, noting that the previous year 2015
management letter matters are being addressed.
Diocesan Property
Concerns. Emerging concerns regarding property holdings have arrived at a
point where a thorough review and discussion is needed. Chair Lofaro suggested
a special single agenda meeting be scheduled for a review. Several dates were
suggested with a survey of absent members needed for a meeting at either the
Diocese or St. Luke’s. Joan and Ted will follow up on specifics.
Discussion of St.
Peter’s-by-the-Sea Outreach. Mr. Terry distributed a memo previously
emailed reviewing concerns about the decision made at the 2/14/17 COF meeting
(see Minutes), suggesting that how such matters are considered needs to be
looked at with care, considering the Parochial Report definitions and
instructions. Following discussion it was agreed that an error was made in
considering the St. Peter’s request. It was specifically agreed that the
2/14/17 decision will remain in place, this pattern for the treatment of funds
will not be considered in future, and the 2/14/17 action should not be
considered as a precedent. One or more members of the COF will meet with St.
Peter’s to review the matter in detail.
Clara Potter Estate gift
to St. Mark’s, Warwick. Mr.
Batchelor reviewed the history and complications of the Clara Potter Estate
gift now in the hands of the Diocese, at a value of $9,168,24. Copies of
appropriate documents were distributed. There being no restrictions upon the
gift it was MOVED, Seconded and Voted to
recommend to Diocesan Council that the proceeds of the Estate of Clara Potter
as received be transmitted in full ($9,168.24) to St. Mark’s Church in Warwick
for its general use.
Emmanuel Church,
Cumberland Mudrak Fund request. A request from The Rev Joan Testin, Rector,
described a recent need and purchase of microphones to improve sound in the
church. Following discussion and consideration of the use of the equipment
purchased it was agreed that the use is general and not specifically for the
hearing impaired, as required for Mudrak Fund use.
It was agreed to defer Agenda item 8 Update on Development
& Episcopal Charities Staff to June for a further discussion of Episcopal
Charities.
St. Luke’s, East
Greenwich Mudrak Fund request. On 3/30/17 Ms. DeCelles emailed the COF with
a request for an email vote on St. Luke’s request for Mudrak Fund grant for a
hearing loop system to be installed in the church. A grant of $2,500 was
previously approved to remove static from the current. A balance of $933 is
available plus the cost of the installation of the loop $7,016.62 for a total
of $7,949.62. This was approved by email vote.
The meeting was adjourned at 6:46 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
Next Meetings: May 9, 2017. Property Agenda meeting to be
scheduled.
