Reformed Presbyterian Minutes of Synod 1993

122 1993 MINUTES OF THE SYNOD OF THEsalary increases will be given in 1994 to full-time professors, norbe an increase in spending for the library. We have entered into anagreement to sell the apartment house for $ 180,000, which is $ 12,000 lessthan we paid for it; but it has been on the market for three years and facesseveral potentially heavy expenses in the near future.BOARD OF TRUSTEESThe Board has had two regular meetings. Officers are: Chairman,Stewart M. Lee; Vice-Chairman, Donald Piper; Secretary, Robert M.Copeland; and Treasurer, Louis Hutmire ex-officio. Effective with thismeeting of Synod, the new Secretary is Walter (Kit) Swartz. The terms ofRobert Copeland and Richard Weir expire at this meeting of Synod andtheir successors should be chosen. Richard Weir is eligible for a secondterm; Robert Copeland has completed his second term and is ineligible forreelection at this time. In order to maintain the mandated ratio of ruling andteaching elders on the Board, both members of the Class of 1999 shouldbe ruling elders.FUTURE PLANNINGThe future of the Seminary has occupied a great deal of the attention ofthe Board and Administration this year. It is clear that the pattern of deficitfinancing followed in 1991 and 1992 cannot continue indefinitely, and asour invested funds are sold off to meet the deficits, our income frominvestments declines at the same time that our allocations from the RPM&M Fund decline. The Board has considered carefully the three basicalternatives:(1) Maintain the Seminary at its present status: increase gift incoincrease students, reduce expenditures, and gain accreditation.(2) Reduce the Seminary to some type of Theological Hall model:eliminate most faculty positions, pare back the library, and rely on parttimeteaching by active pastors.(3) Develop some type of affiliation with Geneva College: greater economiesof scale and efficiency of administration, and the development ofadditional degree programs.A Progress Report, based on the Board's deliberations, is attachedthis Report. The Board requests that Synod set aside two hours at thismeeting to discuss this Progress Report as a Committee of the Whole, withthe understanding that the Board will come back with a definite proposalno sooner than the Synod of 1994.