|SFTS adopts proactive five-year financial plan|
San Francisco Theological Seminary’s Board of Trustees has adopted a five-year Financial Equilibrium Plan to strengthen its financial foundation for short and long-term academic and financial goals. Its comprehensive plan involves several strategies for increasing revenue and reducing expenses.
Current strategies have already increased its endowment from a low of $40 million to a current balance of $48 million. Within five years, the endowment is forecast to be fully restored to $60 million, its highest historical value attained in 2008.
In addition to restoring its endowment, the Seminary is scheduled to achieve additional goals by 2016, the end of the five-year plan:
These major accomplishments will be achieved through a series of action steps that have and will continue to require shared sacrifice and commitment to fiscal discipline. Major expense reductions that have been implemented or approved include:
The Seminary has also adopted significant steps for increasing its revenue and endowment. These include:
These decisions, many of which were difficult and painful, were done in the long-term interest of SFTS. They were also made in response to conversations with accrediting agencies, the Western Association of Schools and Colleges and the Association of Theological Schools. Consensus, rather than unanimity, was achieved as each major decision was considered by the Administration, Faculty and Board of Trustees.
The Financial Equilibrium Plan will continue to be monitored and implemented by the Administrative Cabinet in partnership with the Board of Trustees’ Budget and Investment Committee and the Facilities Committee. Additional committees, such as the Advancement Committee, the Faculty and Curriculum Committee, and the Student Recruitment and Development Committee, oversee aspects of the plan in respective areas of responsibility.
The Seminary looks forward to announcing its new president in the next few months. The Seminary anticipates welcoming a new president in September as its hosts its annual Convocation Service and begins the 2011-12 academic year. Knowing alumni and friends of SFTS will be eager to welcome the new president to SFTS, the Seminary is planning presidential receptions throughout the West.
SFTS also plans to welcome key staff members prior to the 2011-12 school year:
These key staff members, along with continuing staff, faculty and administrators, will assist the new president in forging the Seminary’s vision for the future.
The Seminary is committed to its residential program in San Anselmo and recognizes its need to extend education through online technologies and other distance learning options. SFTS seeks to restore its presence in Southern California while also reaching out to other potential students in the West and along the Pacific Rim.
As it looks to the future, SFTS trusts in the Lord, and heeds the words of Jeremiah 29:11: “For I know the plans I have for you, plans to prosper you and not to harm you, plans to give you hope and a future.”