At the recently completed meeting of the House of Bishops questions were raised about the finances of The General Theological Seminary (GTS). AZBishop reported on Twitter "HOB passes resolution calling for restructuring of seminary system. Most are in serious financial trouble" The Secretary of the House of Bishops Ken Price reports that although a resolution did not come forward, the House did discuss the finances of GTS and the Presiding Bishop and the HoB committee on seminaries would be involved in future discussions with GTS.
By email from: General Theological Seminary
For Immediate Release
29 March 2010
General Seminary Board of Trustees Addresses Financial Concerns
New York City--The Board of Trustees of the General Theological Seminary of the Episcopal Church resolved to move forward in finding the financial resources necessary to meet fiscal challenges that have recently surfaced in connection with its search for a new Dean and President. The current Dean, the Very Rev. Ward B. Ewing announced in December his intention to retire once his replacement has been hired.
At the conclusion of the Board's meeting on March 29, Board Chair, the Rev. Canon Denis O'Pray, said trustees determined to ask the Presiding Bishop of the Episcopal Church, the Most Rev. Katharine Jefferts Schori, in response to her willingness to help, to convene a special think tank. Composed of board members and other Episcopal Church leaders, the group will address the Seminary's pressing financial concerns in the context of the Church's overall needs for theological education. In addition, the Board asked the Search Committee for a New Dean to consider instead the creation of an interim position so that the Seminary might fully appraise its financial situation and finalize specific ways of moving forward.
Earlier in March members of the trustees' Executive Committee had received projections of a shortfall in operating funds from a consultant retained in the connection with the search process. The projections were presented to the full board at this meeting and resulted in the decision to take immediate action. Following the Board meeting, Chairman O'Pray and the Dean, along with many other trustees, met with the Seminary's faculty, students, and administrative staff to share the outcome and to answer questions.
Executive Director of Communications
The General Theological Seminary
175 Ninth Ave
New York, NY 10011
voice: 212-243-5150 ext 285
web: http://www. gts.edu
Can anyone report about the status of the projects intended to improve finances, the Tutu Center and the luxury condominiums?