Did you know....?

 

What is the Diocesan Corporation Board of Directors?

 

The Diocesan Corporation is a California religious non-profit corporation.  The Corporation Board is responsible for, and administers, all diocesan property, trust funds, and real estate, with the goal of strengthening the mission and ministry of the diocese now and in the future. 

 

Who are the Corporation Board Directors?

 

The Corporation Board Directors are elected by Diocesan Convention to manage the assets and liabilities of the diocese.

·         Directors bring a wealth of financial, business, and legal training and experience to the work of the Board. 

·         In 2005 the Rev. David Breuer, the Rev. Dwight Edwards, Ms. Lisa Gonzalez, Mr. Beck Grabau, Mr. Malcolm Greenidge, Mr. Russ McBrien, the Rev. Wendy Smith, and the Rev. Ken Wratten were Directors; the Rev. Brian Nordwick, Diocesan Administrator, served as the Board-elected Assistant Secretary. 

·         The Rev. Chris Creed served as president, Ms. Denise Chouinard served as secretary, and Mr. Ed Markham served as treasurer.

 

What does the Corporation Board do?

 

The Corporation Board is responsible for financial oversight of the Diocese, and for managing its assets and liabilities. 

 

What has the Corporation Board accomplished in the past two years?

 

To ensure overall financial health and stability,

·         In the spring of 2004 the Board reviewed the previous year's Management Letter from the diocese's outside auditors, who had listed a number of concerns about the diocese's financial practices. 

·         The Board then worked with the outside auditors, the Diocesan Treasurer, Administrator, and Finance Committee, to put new financial procedures in place.

·         The June 2004 Management Letter from the Diocese's outside auditors reflected a tremendous improvement in "areas of concern that have been issues for numerous years."  

·         The May 2005 Management Letter from the outside auditors reflected more progress.  The transition in administration and the new financial procedures put in place continued to work well and be well received by the auditors. 

·         The Board also worked with the Risk Management Committee to oversee and coordinate diocesan insurance affairs

 

To manage diocesan investments wisely, the Board,

·         working with the Finance Committee and the Joint Investment Policy Committee, reviewed diocesan investment policy and portfolio performance to develop a new policy and select a new investment manager.

·         working with the Treasurer, made a complete inventory of all diocesan funds, their purposes and restrictions

·         working with the auditors and Treasurer, realigned the accounting for funds to ensure they are wisely invested and used effectively to support diocesan ministries

 

To ensure that diocesan property serves its overall ministry as effectively as possible, the Board

·         developed an overall strategy for managing diocesan properties

·         personally reviewed each diocesan property

·         assessed major maintenance and repair needs

·         established a property review procedure to be used prior to leasing property from third parties

 

To ensure the efficient working of the Board itself, the Directors revised the Board structure, creating the following new committees:

·         Financial Matters/Oversight, to make certain that progress continues and high standards are maintained

·         Investment Policy, to propose a diocesan investment policy and appropriate investment management

·         Property, to review individual properties and develop overall strategy for management

 

If you have questions about the work of the Corporation Board, please contact the Rev. Chris Creed, President, at FrCreed@aol.com.

 

Our next "Did you know....?" will answer questions about the work of the Assisting Bishop and Standing Committee.