While Synod, Inc. highlights how much money it has raised through it’s Ablaze! fundraising arm (somehow neglecting to mention that they’ve only netted a few million after all the consultants and other expenses were paid), here’s some sad news out of the St. Louis seminary:
Faced with an expected $4 million operating deficit for the fiscal year ending June 30, 2009, and a significant decrease in expected income for the following fiscal year, the Board has authorized trimming payroll expenditures by some 20%.
Early retirements are being offered. Salaries have been frozen. The President and VPs took pay cuts. Maintenance work is on hold. Other options considered — but rejected — were increased tuition charges, deficit spending, and cutting further into the value of the Seminary’s endowment.
It’s a tough economic environment and all institutions are deciding how to proceed. Please keep the seminary and its faculty and students in your prayers.