Trustees Address Financial Concerns
20 May 2010
General Seminary Adopts Plan of Action to Address Financial Concerns
New York City – Meeting on May 18, 2010 in faith and with firm commitment, the Board of Trustees of the General Theological Seminary unanimously approved a plan for the Seminary to continue to carry out its mission to educate and form leaders for the church in a changing world [please scroll down for the Resolution which details the plan]. Following the meeting the Rev. Canon Denis O’Pray, chair of the Board of Trustees, said, “The church should know that with the realization of this plan, the continuance of Seminary operations is assured for the next several years, during which time longer range financial planning can be put in place.”
With the presence, support and blessing of Presiding Bishop Katharine Jefferts Schori, the Trustees approved a resolution which:
- Created a $10 million operating reserve fund to provide a period of needed financial stability. This fund is established through special philanthropic efforts, which have already resulted in $1.5 million in firm commitments and, if necessary through the sale of up to four residential apartments in the Seminary building known as Chelsea 2, 3, and 4. The Trustees approved the steps needed to turn this property into condominiums for possible sale. They have an estimated value of $8-10 million. The apartments under discussion have been rented to outside tenants for the last six years and have never been used for Seminary purposes. The Seminary will have right of “first refusal” when the apartments are offered for sale by the future purchasers.
- Called for the renegotiation of part of the Seminary’s loan package to reduce interest payments and permit more manageable cash flow.
- Announced that the Seminary will proceed to call a new interim Dean and President to take office later this summer (the Seminary’s current Dean having announced in December 2009 his intention to retire). A Special Meeting of the Board is scheduled for June 9th for further deliberation on this important appointment.
- Committed the Board to pursue all productive avenues for conversations with other seminaries and institutions of The Episcopal Church to consider creative collaborations and common programs. Such conversations have already begun.
“I am most gratified by the Board’s decisive action as well as the participation of our Presiding Bishop in the discussion,” said the Very Rev. Ward B. Ewing, Dean and President of GTS. “The plan represents a very positive way forward. I am delighted that it was received with unanimous approval.”
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Executive Director of Communications
The General Theological Seminary
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