Sarah Pulliam Bailey of Religion News Service reports that The Alban Institute will be closing. From her story:
Many mainline churches looked to Alban to provide literature and consultants for maintaining their institutional life, on everything from finding a new pastor to strategies for growth and financial health.
But as more publishers and consultants got into the business that Alban paved the way for, the institution found it difficult to continue its niche. Like other nonprofits during the recent recession, it also lost revenue.
“The Alban Institute went through the great recession just like everyone else,” said Jim Wind, who retired as president of Alban earlier this year. “The market got tougher to thrive in.”
Total assets from the institute fell from $5.1 million in 2010 to $3.2 million in 2012, according to its most recent financial disclosure forms. Alban is in talks with Duke Divinity School to assume the remaining assets of an estimated $300,000 to $500,000, with the possible creation of an “Alban Endowment Fund.” Duke will also acquire Alban’s intellectual property and mailing lists.