Meeting — May 3, 2018

Diocese of Rhode Island

Commission on Finance

Meeting, May 3, 2018

St. Luke’s Church, East Greenwich

Present: Robert Batchelor; The Rev. Erik Larsen; James Segovis; The Rev. Peter Tierney. Also present: Dennis Burton; The Rev. Canon Linda Grenz; The Rev. Edwin Hallenbeck. Guest: John Candon;
The meeting was called to order at 5:10 p.m. by Chair Tierney, who offered an opening prayer.
Minutes of March 1, 2018 were approved as amended, the Minutes of April 5, 2018 were approved as distributed.
Finance Report for April was reviewed by Mr. Batchelor. At this point early in the year finances are close to budget planning, Some accounts that run unevenly throughout the year, such as ECC low activity in the winter are at variance.
Apportionment Aging. There are two churches significantly behind, others routinely paying, some a month or two behind. The two that are behind were discussed at length.
* Sts. Peter and Andrew. This is a very complex situation needing careful review in 2018. We are already paying utility costs for three buildings that have been condemned and are in the process of being sold, this matter must be completed. The Rectory needs major updates and repairs, the Rector has retired and a new clergy team is beginning activity. It was agreed to track all closing costs to be paid from proceeds of the sale of buildings. Following a lengthy discussion it was agreed that a special working committee is needed to work with remaining parishioners, clergy, the community to consider issues, budget needs, possible courses of action. Messrs, Batchelor, Burton and Segovis agreed to work on this group which must be broader than COF. It was MOVED , SECONDED and VOTED to recommend to Diocesan Council that a special St’s Peter and Andrew Working Task Force be established to create and assist in developing the church so that it may become a viable presence in an otherwise unserved area. Persons to serve on this TF are noted above as well as The Rev. Susan Carpenter from Diocesan Council. It was further MOVED, SECONDED and VOTED that the proceeds of the sale of buildings at St’s Peter and Andrew, less closing costs to be determined, be placed in the DIT for application to be determinded at a later date.
* St. Georges, Central Falls. It is uncertain if the congregation will be able to regroup this year. The Diocese is subsidizing it and has for at least a decade. A key is lay enthusiasm and support, especially from other parishes. Our question is where do we put our energy and resources? This depends in part upon what works, noting that resources are limited, even while needs are great. This matter needs extended ongoing discussion. Attention needs to focus on defining what may work and how it may be fostered.
CFO Report, Mr. Burton.
• A Financials Variance Analysis Report was distributed, stating items not on budget. This early in the year this information will become useful for tracking emerging issues.

• Budget development for 2019. Mr. Burton is serving as temporary Chair of the Program and Budget Committee. He outlined the planned schedule for the year leading to Convention.
• ECC Solar Farm. National Grid has accepted the proposed line feed. Next are legal matters, court approval for land use, zoning and town approval and the negotiations with RER for contract arrangements. The Project Team with PR assistace are at work.
• Diocesan Investment Trust Board met recently and is working on revisions to the working trust agreement.
• Capital Budget Planning. Primarily focused on the Diocesan Campus a draft plan was submitted for discussion outlining in broad form needs for all buildings and detail for the Cathedral and Diocesan House – see handout. It was agreed this is a major project . The matter is referred to Diocesan Council with a suggestion to establish a special Task Force, with representatives from Council, COF, an architect and a contractor. The lingering issue is how to finance whatever is agreed upon as essential work.
• Grace Church. A meeting with the Wardens stated they will pay the remaining apportionment due with a Revolving Loan, formal terms to be arranged, with no DIT pledge. While an affirmative vote was taken, there were no documents application or final numbers available at the meeting.
• Grace Church Cemetery. Noting the concerns discussed in previous meetings it was suggested that consideration be given to pooling the cemetery funds available for all cemeteries to see if there are any options available.
• Mobile Station Land Sale, 389 Elmwood Ave, Providence is in legal negotiations with two outstanding issues, handicap access and parking.
• ECC Champlin Foudations Grant. A campership grant for $5,000 has been received initiating access to other funding. A request has been submitted for a Nursing Station and a new Boys Bathroom.

The meeting was adjourned at 7:15 p.m.
Respectfully submitted Edwin F Hallenbeck Secretary.
Next Meeting: June 7, 2018. 5:00p.m.