Holy Trinity Vestry Meeting

Monday, January 14, 2008

Arlen Corp., 121 South Main Street, Providence, RI

Vestry Members Present: Cheryl Twiss (CT), Alan Locke (AL), Ed Adamowski (EA), Larry Gadsby (LG), Bill Lopes (BL), and Mike Zmich (MZ)

Vestry Members Absent: Deb Pallasch (DP) and Mark Gustafson (MG)

Others Present: Rev. Alan Gates (AG), Adam Jaglowski, and David Brower

Opening Prayer: Rev. Alan Gates

Meeting started at 4:00 pm

The Official Vestry Meeting was preceded by a presentation by Peter Sullivan of the Arlen Corporation which is the financial advisor for the endowment. In summary, he stated that the current goal of the endowment is to earn 7% or higher 13 out of 20 years while the market does not achieve this 50% of the time. Arlen Corp. philosophy is the power of ownership (stocks) not the power of debt (bonds). The endowment is comprised of 85% ownership (stocks or “offense”) and 15% dept (bonds or “defense”). The endowment returned 5.74% last year which is lower that our minimum acceptable rate of return (7%) but higher than the S&P 500 index. The total endowment is valued at $790,973 as of 12/31/2007.

Meeting was called to order at about 5:00 pm

Opening Prayer: Rev. Alan Gates

*******Core Business*********

Previous Vestry Meeting Minutes: The December 19, 2007 vestry meeting minutes were approved (DP, MG, MZ, BL and AL) via email responses. CT, LG, and EA did not respond. 

Treasurer’s Report: The treasurer’s report distributed via email prior to the meeting was reviewed.

• LG reiterated the need to code deposits and expenditures correctly in the developing new account list.
• The “statement” for the pension came in the amount of $10,000. Larry reported that this was in excess of what was budgeted ($6,000) but was unsure of the time period covered. This would be reviewed and reported at the next vestry meeting.
• Apparently approximately $70,000 will coming to Holy Trinity due to the closing of the Peck Estate. It was decided to place $30,000 in the Capital budget and $40,000 in the Operations budget which will allow the endowment to remain untouched for another calendar year.
• LG reiterated the need to increase the number of pledges in the next few years in order to limit the need of Holy Trinity on the endowment.

Building and Grounds: The Buildings and Ground report attached and distributed via email prior to the meeting was reviewed.

Rector’s comments: AG reported the following updates:

• Telephone System: The new telephone system has been installed and is in use.
• Hospitality: AG reported that Priscilla Lawton and Nina Borges to have agreed to chair a hospitality committee to organize coffee hours, etc. to help make sure that we don’t have any lapses.
• Software: AG reiterated his concern over the ability of the current personnel to effectively use the new software system. He felt HTEC needed an experienced financial mind to at least help assure that the accounts are set up correctly and initial balances are correct. It was decided to discuss this issue at the February vestry meeting.

******* Old Business and Update Items********

Stewardship/2008 Budget: AG reported without counting Saturday of last week we have about 60 pledges totaling approximately $70,000.00.

2008 Annual Meeting: The annual meeting will be held on Sunday, January 27, 2008. MZ reviewed the presentation as it exists and requested updated numbers for the treasurer’s report. The vestry decided to present the space utilization committee’s report as information only. CT reported, related to the space utilizations committee’s recommendations, the only time you can reverse a vote of an annual meeting is with another meeting of the congregation. Therefore it was decided to have the congregation vote only on the budget and the new vestry and not a specific budget and timeline for the space utilization committee’s recommendations. This would allow the space utilization committee’s recommendations to be for information only that could be acted upon by the vestry given the proper time, environment, and funding.

2008 Vestry: David Brower has graciously accepted to run for treasurer and Alec Grande has agreed to run for the last regular member spot. Therefor the nominating committee will put forward the following slate at the annual meeting with the Delegates to the Convention being taken from the floor at the meeting.

To be elected:

Senior Warden (1 year): Cheryl Twiss

Junior Warden (1 year): Deb Pallasch

Clerk (1 year): Michael Zmich

Treasurer (1 year): David Brower

Vestry Member (3 year): Mark Gustafson

Vestry Member (3 year): Alec Grande

Vestry Member (1 year): Gordon “Chip” Craig

Delegates to the Conv.: Needed

Alternates to the Conv.: Needed

Incumbents:

Vestry Member (1 year remaining): Alan Locke

Vestry Member (2 year remaining): Bill Lopes

Vestry Member (2 year remaining): Ed Adamowski

Building Safety and Security: Tabled until February.

******* New Business and Discussion Items********

Snow Removal: After the last meeting AG reported that “It would appear that there has been a decree from on high that we (or I as clergy) do not close our churches do to weather.” Therefor the action plan has been modified and is listed in the Buildings and Ground report attached.

Annual Meeting “Dry Run”: January 24, 2008 at 7:00 pm. will be held in the Church Hall.

Next Vestry Meeting: February 7, 2008 at 7:00 pm. will be held at the Parish Hall

******* Attachments********

Building and Grounds January 14, 2008 Report

December activity was dominated by preparation for the Annual Meeting and Space Utilization planning. Specific items were:

1) Arrangements for snow shoveling the Church walkways and front sidewalk were reviewed with JC Landscaping, and they agreed that they would handle all shoveling whenever the snow fall equaled or exceeded 2 inches. Joe Correia is the owner and will bill us for work performed (approximately $100/storm depending on the amount and wetness of the snow). Joe can be reached on his cell phone at 624-8886.

2) Planning continued on future Space Utilization needs for Holy Trinity-The needs identification phase is complete, several committee meetings have been held with excellent progress, and computer generated concept layouts have been created and reviewed with stakeholders. Charts have been prepared for the Annual Meeting and reviewed with the committee and have been submitted. Concept layouts have been prepared and will be on display in the Parish Hall in the next couple of weeks prior to the Annual Meeting for parishioner’s review.