March 26, 2008
Q. Is Seabury Closing?
A. No. The Board of Trustees agreed in February that the seminary must bring expenses in line with income. Endowments and gifts can no longer support a traditional three-year residential Master of Divinity program that results in a $35,000 annual loss per student. This year (ending June 30, 2008) expenses are $2.9 million and income from all sources will be approximately $2.4 million. This $500,000 shortfall, coupled with a debt load of $3 million, means the Board must make very difficult choices.
Q. What did the Trustees decide at their February meeting?
A. The decision was made that Seabury will no longer offer the traditional three year residential Master of Divinity degree as a free standing institution. They established a Planning Committee to examine different models for the future of Seabury. The Board will receive recommendations at a special meeting in April. Finally, they suspended recruitment and admission of students to all degree programs during this time of discernment.
Q. What factors led up to the Trustee’s decisions?
A. Declining enrollment in all Episcopal seminaries and higher costs for all seminary programs have made it impossible for Seabury to meet its financial obligations without continuing to incur a large and crippling debt. Many seminaries are facing the same constraints.
Q. Why did the Trustee’s take this action now instead of earlier or later?
A. For the past few years, the trustees and administration have cut costs while increasing gifts and revenues. Unfortunately, the substantial success in those efforts didn’t outpace the drain of an unsustainable model for a school of our size.
Our strategic planning process identified new initiatives in the Act of Imagination to increase visibility and relevance. During the past year, the leadership engaged in a feasibility study regarding Seabury’s new vision. They spoke with a number of key supporters and consultants. The results of the study were clear: there is tremendous enthusiasm and support across constituencies for the new initiatives. At the same time, that support is not enough to address the financial pressure resulting from the effort to continue the old model. We must address the financial realities, only then we can move forward into the new vision.
By taking this difficult step now, the trustees ensured that the seminary has the necessary funds to assist students, faculty and staff in making appropriate transitions and provide the groundwork for the new structure.
Q. What happens next?
A. A Planning Committee comprising trustees and faculty is engaged in a vigorous process to determine Seabury’s future as a theological education institution. Components of the Act of Imagination as well as partnerships with other institutions are being considered to point Seabury in a new direction that will offer exceptional theological education to a broader and more diverse group the emerging needs of the Church today and tomorrow.
Q. What will happen to the current students?
A. This year’s seniors will complete their education at Seabury and graduate as scheduled. All other students are able to finish their degree programs at Seabury in conjunction with courses from other area seminaries. At this point all students are intending to remain except one who is transferring for family reasons.
Q. How will the faculty and staff be affected?
A. The restructuring will require the termination or reassignment of some personnel. The Trustees will make those announcements in April or May. Support and pastoral care of faculty and staff is a high priority in this process.
Q. Where can I get additional information about these changes?
A. To request informational emails via our Seabury Update, send your email address to Susan Quigley {susan.quigley@seabury.edu} with “Add me to the Seabury Update List” in the subject line. More complete information is posted on our website and will be updated weekly with new information: Our Transition
No comments:
Post a Comment