Diocese of Rhode Island
Commission on Finance
Meeting, January 11,
2018
Present: Robert Batchelor; The Rev. Erik Larsen; The Rev.
Peter Tierney.
Also present: 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 December 7, 2017 were approved as distributed.
Finance Report
was reviewed by Mr. Batchelor noting that not all December 31, 2017 items were
entered at the time of this preliminary yearend report. All bad debt actions
have been recognized, and apportionment writeoffs recorded. No significant
audit adjustments are anticipated. The statement is fairly accurate, subject to
additional adjustments.
Apportionment Aging,
December 2017. Four churches were stated as outstanding as of 12/31/17. Two
have since paid, the remaining two are due one month and are expected to pay
shortly.
CFO Report, Mr.
Burton: • ECC projects, both the Solar Farm and Hydroponic Farm projects are
preceeding, with difficulty securing three bids for the Hydroponic project, it
was agreed that two bids may have to be sufficient for this project. The
application for power access to National Grid will be submitted on January 12th.
Work continues on full operational proposals.
• Sale of Mobile station land to Global Mobile, the term
sheet has been accepted, and a purchase and sale agreement is in preparation.
It is anticipated the sale may be completed in late spring.
• Hallworth House. Following the December 2017 (see Minutes)
discussion the concerns were fully discussed by Diocesan Council. Council voted
to approve the new elevator, they want to give Hallworth House a chance to
proceed. A $500k deficit is anticipated for 2018. The Rehab unit located in the
Annex building closed as of 1/1/18. The HH Board is managing on its own, with
the COF monitoring what is happening.
• St. Peter and Andrew, anticipates operating in 2018 with
an $83,000 loss. Work is proceeding on creating a plan for developing and/or
restarting the church and its buildings in this strategic location. The
question the COF needs to consider with care is: Are there other churches with
potential issues.
• Re Apportionment Reduction in 2018. Question, is there a
role for COF to encourage churches to reduce and stabilize operations with
their reduced apportionment cost? The matter needs careful study.
• Suggested ideas. Would it be helpful to prepare a summary
worksheet for a church, for the Bishop before his Visitation. Would it be
helpful to prepare a list of churches that are facing issues. Following
discussion it was agreed that the CFO will prepare an analytical listing of
such churches for the March meeting.
New Business. The
lease of Church of the Advent with ENRICHri was reviewed by Mr Burton. It ends
on May 1st and will not be renewed because the ENRICHri clients have
shifted to northern RI. There was discussion about adjusting the rent for the
remaining lease, and Mr Burton was encouraged to work out a reasonable arrangement
in view if reduced use of the facility.
February and March meetings both are scheduled for the first
day of the month, making statements difficult to be available in a timely
manner. The Chair agreed to consider this matter with a view to moving the
meeting to the second Thursday.
The meeting was adjourned at 6:00 p.m.
Respectfully submitted
Edwin F Hallenbeck
Secretary
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