Bishop’s Revolving Loan Fund


The Bishop’s Revolving Loan Fund is a fund available to clergy and laity in the Diocese. Formerly the Bishop Men’s Fund, the Bishop has sole discretion in determining under what terms and conditions the loan will be given. The Bishop may delegate his/her authority to another officer of the Diocese. The Bishop may set the interest rate for the loan. In order to allow maximum use of the loan, normally the Bishop will try to have the loan repaid within five years. But, this is the discretion given to the Bishop.
Procedure

  1. The prospective loan recipient will contact the Bishop’s Office and request loan assistance. The reason for the loan will be confidential between the recipient and the Bishop.
  2. The Bishop will decide whether or not to authorize a loan.
  3. The Bishop will have the CFO meet with the loan recipient and discuss terms and conditions for the loan. (Loan amount, interest rate, length of loan, collateral (if any).
  4. The CFO will draw an agreement and note for signature by the Diocese and the loan recipient. The note will be notarized.
  5. No collateral is required, but may be requested by the Bishop.
  6. A check will be drawn by the finance office. If over $5,000 two signatures will be required. Documentation for the loan approval will be the request from the Bishop to the finance office approving the loan and the note from the recipient.
  7. The loan will be serviced by the Finance Office.
  8. Every effort will be made to keep the loan terms, condition, and recipient confidential.

Loan Repayment
  1. 1. The loan shall be repaid, monthly.
  2. 2. Loans may be restructured if needed and requested by the Bishop.
  3. 3. If a loan is 30 days in arrears, it shall be considered in default.
  4. 4. The Bishop will determine if a loan in default is to be collected.
  5. 5. At the direction of the Bishop, the Diocese may seek all remedies to collect a loan.
  6. 6. In certain circumstances, the Bishop may decide to have the Diocese write-off the loan if, in his/her judgment repayment is unlikely.


Reporting Loans and Loan Status to the SRI Committee

  1. 1. The CFO will report the status of the loan fund to the SRI Committee, periodically, including the loan funds available, loans obligated since the last report, status of all loans and total assets of the fund. Every effort will be made to keep confidential those loans that the Bishop has indicated are confidential
  2. 2. If the loan is in default the CFO will take those collection procedures considered necessary by the Bishop and CFO.

Contact: Canon Karen Noble Hanson:
knhanson@rochesterepiscopaldiocese.com

Revised February 3, 2002