We must build a culture of stewardship of our financial, human, and physical resources.
The Seminary has been blessed with a significant endowment, which it holds in trust. Being a steward of this gift requires us to exercise attentive and consistent financial discipline. The steps taken by the Seminary administration in 2005-‐7 to reform radically the Seminary’s budget and refocus on our core mission proved to be an extraordinary blessing. When the recent economic downturn hit, these steps saved the Seminary untold harm and preserved our ability to offer outstanding education at low or even zero tuition cost to students and to continuing education participants.
Building on this renewed sense of fiscal responsibility and discipline, we need to envision new and different means of funding our many obligations. We require greater efficiency and must ask for a more effective return on investment. Reinforcement of a culture of stewardship is essential to securing our future. Our endowment alone cannot be our only means of revenue. As we continue to monitor closely and manage our expenses, we must enable a culture of giving and develop new revenue streams. Without increasing our personnel expenditures, we must ensure we have the human resources and administrative structures and processes in place to enact the changes called for in the strategy.