Academic Year 2014 – 2015
As we celebrate our new and returning seminarians, and the beginning of a new chapter in the history of General Seminary, we are reminded of all God’s blessings on our community. In the midst of our challenges—Financial, Missional, and Cultural—we witness just how many people care deeply about the Seminary. A multitude of sisters and brothers have shown their continued faith and support through prayer, honest and challenging conversation, or tithing—often all of these!
We are humbled to announce that our annual giving campaign for the Fiscal Year ending June 30, 2015 met our goal, with our annual fund providing 20% of our budgetary needs. Your generous gifts are being used well:
- Since 2011 we have reduced our operating budget by 60%. The Plan to Choose Life, while difficult at times, blessed us with an operating reserve that enabled us to continue our mission as we continue to change the way we operate. The reserve now has 3 to 4 years of funds remaining, and our goal is to create growth in other areas and eliminate the need for this reserve spending.
- Revenue from tuition and other student fees provides only 23% of the cash requirements we need to spend to form and educate our seminarians and all of our other students.
- The Plan to Choose Life also blessed us with a new partner for the operation of Hoffman Hall and the Tutu Center, one which provides 14% of our revenue.
- For the past three years, we have taken a conservative approach regarding the use of our endowment. We realize that this money was given by benefactors over the past 198 years to help sustain the Seminary and our students. A draw of 5% annually provides the seminary with 17% of our needs, of which over $300,000 is given to students in the form of scholarships.
Looking at the data in the chart at left, you will get an idea of just how crucial the Annual Fund and Legacy Gifts are, and you can see that for every dollar we spend, 37 cents comes from you, our benefactors, dedicated to the education and formation of the future leaders of the Church.
So many have given so generously to General Seminary in so many ways, particularly this recent year, and we know a simple “thank you” is never enough. Please know that our entire community, particularly our seminarians—your future leaders—offer the deepest and most sincere collective gratitude for the concern expressed about your Seminary’s future and well-being. We are dedicated to maintaining all the best of the past while evolving to meet the needs and address the challenges of our changing Church in a changing world with purpose and vision. We can’t do it without you!