Seminary of the Southwest restructures in order to secure, strengthen future
Nov 17, 2009
Budget-efficiency measures include staffing changes, administrative cost cuts
AUSTIN, Texas - Seminary of the Southwest has announced a series of restructuring moves the institution will make immediately - including staffing changes and other cost-saving measures - in order to secure its strong and successful future as a residential seminary with a full faculty.
In addition to funding from tuition, fees, and major and annual fund giving, Seminary of the Southwest depends upon income from endowments, trusts and special-purpose funds to support its work. The seminary's Board of Trustees, faced with the reality of diminishing endowment income due to the severe economic downturn, has been carefully considering for some time the institution's options for reducing its operating budget.
"This seminary is as strong as ever in many ways," said the Rt. Reverend Dena Harrison, chair of the Board of Trustees and bishop in the Diocese of Texas. "Our entering class for this fall grew more than 100 percent over last year, and our annual fund for 2008-09 broke our record for the total raised within a year, thanks to our devoted and generous alumni and friends. We have extraordinary faculty - outstanding in their fields, and committed to shaping faithful, imaginative and skilled Christian leaders. But we're part of the U.S. economy, too, and like so many American families it's essential that we take steps today in order to ensure a successful future for the seminary."
Unfortunately, the seminary's budgetary constraints forced its leadership into the thorniest of dilemmas and decisions. In a special meeting on November 13th, the board determined that in addition to administrative cost cuts, 12 seminary staff positions must be eliminated and one expected faculty retirement will not be replaced.
"We are committed to aligning our personnel resources with the seminary's core educational mission," stressed Bishop Harrison. "And we will continue to build on the strength of our program, admissions and advancement for the future. But right now, our choices are limited - and hard."
"Nothing about this situation is simple or easy," agreed The Very Reverend Douglas Travis, seminary dean and president. "But none of it is as difficult as saying good-bye to dear colleagues and friends. I deeply regret the personal impact this necessary restructuring will have on the lives of 12 members of our community. Each has contributed to the health and well-being of this seminary, and we are ever-grateful for their service and loyalty."
The final date of employment for most of the eliminated positions will be no later than December 8th.
Looking forward, looking up
Seminary of the Southwest has undertaken a major gifts campaign intended to raise almost $14 million to go toward faculty chairs and scholarship funding. The seminary expects to realize full payment of pledges secured in the campaign within five years; the campaign will add $645,000 a year to the institution's operating revenue.
"Today, we may be feeling the discomfort of a pressured economy," said Dean Travis. "But the steps we're taking will ultimately lead the seminary to a stronger, more secure tomorrow."
