EDS partners with Lesley University
Episcopal Divinity School has announced a new partnership with Lesley University and made an official announcement about the resignation of Dean Steven Charleston (which we covered here).
The partnership includes the sale of buildings to Lesley University, academic program enhancements, and shared facilities for such uses a library, student dining and services, and campus maintenance. EDS will retain ownership of 13 buildings on its eight acre campus. This partnership is part of a larger strategic plan developed by EDS designed to ensure the long-term viability of the seminary.Episcopal Divinity School President and Dean Steven Charleston and Lesley University President Joseph B. Moore hailed the agreement as one that supports the missions of both schools – providing needed facilities for planned growth at Lesley University and a strong financial foundation for EDS.
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The partnership announcement follows last week’s announcement by Charleston of his planned resignation on June 30, 2008. Last summer, he spoke with trustees about his interest in making plans to leave EDS, wanting to time his departure so that it would dovetail with EDS’ plans for the future. With the Lesley partnership and the strategic plan in place, Charleston determined that the end of the current academic year presented a good opportunity for a change in leadership. In a February 28, 2008 letter to the EDS community and alumni/ae, Charleston wrote, “The time has come for me to say farewell to EDS and let others carry on with both the hard work and exciting times to come. After almost a decade at EDS, I see that our school has become one of the brightest lights in the Episcopal Church. Now I need to bring my tenure at EDS to a close so new leadership can carry out the next phase of growth for our school.”
Complete releases and additional information here.
See the ELO report
http://www.episcopalchurch.org/79901_95492_ENG_HTM.htm
Lesley University, a 12,000-student, multi-site university, will buy seven buildings from EDS for $33.5 million, while EDS will retain ownership of 13buildings on its eight acre campus.
and - as The Lead has noted -
EDS' news, rumored for some time, comes within days of announcements of major changes at Bexley Hall and Seabury-Western Theological Seminary, two other Episcopal Church-affiliated seminaries.
It would be interesting to know more about the $33.5 million. Did EDS have an indebtedness? How much of the $33.5 million will form an endowment to carry EDS into the future? Does it put EDS into a sustainable position?
More: This commenter puts a finer point on my question,
http://www.standfirminfaith.com/index.php/site/article/10653/#193761
The ENS article reports that the partnership is a condominium arrangement, in which Lesley will own the buildings and presumably EDS will make some payment (condo fee) for its partial use. I do not know what the EDS endowment is, but $33.5 million @ 5%/yr = $1.675 million/yr, which is not very much for an academic institution in an expensive location.
My take away from this is unless EDS is using this arrangement to improve net revenue (i.e., its buildings were underutilized) then it's not really ahead. Is there further rationalization of the Episcopal seminary "system" that needs to take place in terms of closing of schools, consolidations, relocation.
Posted by John B. Chilton![[TypeKey Profile Page]](http://www.episcopalcafe.com/lead/nav-commenters.gif)
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March 6, 2008 9:36 PM
This seems like a really good partnership as EDS has been working with distance learning and Lesley is a leader in this way of delivering education.
Posted by Ann Fontaine![[TypeKey Profile Page]](http://www.episcopalcafe.com/lead/nav-commenters.gif)
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March 7, 2008 9:48 AM