Meeting — February 8, 2018

Diocese of Rhode Island

Commission on Finance

Meeting, February 8, 2018

St. Luke’s Church, East Greenwich

Present: Robert Bachelor; The Rev. Erik Larsen; James Segovis; Stephan Sloan; The Rev. Peter Tierney.

Also present: Joan DeCelles; Dennis Burton; The Rev. Edwin Hallenbeck.

The meeting was called to order at 5:00 p.m. by Chair Tierney, who offered an opening prayer.

The Minutes of the meeting of January 11 were approved as distributed.

Finance Report of January 31 was reviewed by Mr. Batchelor. He noted that the year end numbers for the DIT had not yet been entered on the balance sheet awaiting review by the auditors. He reminded the COF that the reduction of ECUSA pledges from 18% to 15% is significantly less than the DORI income reduction resulting from the Apportionment reduction from 18% to 15% resulting in income reduction and budget reductions. Not all numbers in the report are fully up to date.

Apportionment Aging Report appears large as billing began late for January and many churches did not pay for January until early February, so the report looks worse than it is.

CFO Report:  • Solar Farm project (ECC). The Application to National Grid for line access has been submitted. Six valid bids have been received for project management and are under review.

* Hydroponic Farm project (ECC). Continues to need work and refinement, with many details to be considered. So far both projects are proceeding without major hurdles.

• Grace Church, see previous Minutes re concerns. Bishop met with the Rector to consider recent developments. It was agreed and announced at the Annual meeting that Grace Church will pay apportionment at the stated Diocesan rate effective 1/1/18. There is still concern about the GC deficit going forward, and the recent Cemetery issues in the news. Further discussion may be needed.

• Mobil Station 389 Elmwood Ave. Providence, sale to Global Moble is at a draft Purchase & Sale agreement stage.  The Agreement is under review to assure complete indemnification from leakage. Expected completion in late spring.

• Edwards Homes, previously managed by Hallworth House will be shifted to the Finance Office for all financial matters to free HH for addressing internal concerns.

• Hallworth House issues continue to be problematic and a matter of concern.

• ECC strategic planning continues in process of implementation. A grant submission to fund construction of new bathrooms along with Camp Nurse space is underway. Discussion has begun with the Champlin Foundations to support camperships (scholarships). A marketing Plan is in effect.

• St’s Peter and Andrew, see previous discussions, is forecasting an $86,000 deficit budget for 2018, with planning unclear at this time. Strategic Providence location, needs careful study.

New Business

Cash Management. Mr. Batchelor reminded the COF of our commitment to place cash balance funds in income producing position when possible. Following a brief discussion it was Moved, Seconded and VOTED to transfer $180,000 from the checking account to the DIT Cash Fund effective immediately.

To accommodate the Bishop and Canon to the Ordinary it was agreed to hold the next meeting on March 1^st at St. Luke’s Church

The meeting was adjourned at 7:10 p.m.

Respectfully submitted

Edwin F Hallenbeck

Secretary

Next Meeting: March 1, 2018. 5:00 p.m. St. Luke’s Church.