Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

88 MINUTES OF THE SYNOD OF THEFINANCESDue to the significant financial pressures on the Seminary, as on allinstitutions of higher learning, various means are being employed to maintaingood work. We exhausted our unrestricted endowment and ended the yearwith only a $4,500 deficit. Unexpected expenses and unfulfilled receiptscreated a much more difficult financial situation than anticipated in ourbudget. Still, we thank God for his blessing in the increase in gift incomeagain this year.Salaries and major budgetary items are maintained only at current levels.We are moving to an HMO for health coverage with the hope of a morecost-effective provision. Tuition is significantly increased again this fall from$105 per quarter to $140 per quarter (a 33 1/3 % increase). This stillleaves our tuition lower than other seminaries and financial aid is available tomeet pressing needs. Our new President, Jerry O'Neill, will devoteconsiderable time and energy to fund raising and it is hoped that ouraccredited status and the proposed M.A. degree in Biblical Ministry will drawmore students and tuition revenue. Our efforts to collect about $32,000 inunpaid loans from former students continues to enjoy only very modestsuccess. CUBM pays $200 per month for use of the Seminary building as ofJanuary 1995. We are exploring the idea of a major endowment drive as ameans of provision for the work of the Seminary. The development of"distance education" may also bring increased revenues. We are asking forsignificant financial help from the Synod now that we have depleted ourunrestricted endowment as previously directed by the Synod. We hope thatthe Synod will again recognize the critical role played by the Seminary intraining men to equip the saints for the health, growth and multiplication ofcongregations. The mission begins with men, the men must be fully equipped(Lk.9:1f; 10:If; see Eph.4:If; 2Tim.2:2) and the Seminary has anindispensable role in that equipping. We hope that Synod will consider that,though very expensive, the work of the Seminary is cost-effective in that itslabors are multiplied many times over asit trains those who teach others. Wealso hope that synod will make sure that those professors commissioned bySynod are honorably provided for.PUBLIC RELATIONSSpecial news releases regarding our accreditation were sent to ChristianityToday and World magazines. Nearly 500 prospective students received amailing from us and Dr. Stewart contacted 340 of these by phone as well.Many of these also received further personal contact from the Seminary. Thiseffort contributed largely to the enrollment of about 40 new students and aroster of more than 80 other strong prospects. Newsletters, requests forprayer and invitations to contribute were mailed out again this year.SEMPER REFORMANDAWe are still considering a greater involvement with the publication ofSemper Reformanda, however the magazine's independence may be moreserviceable to its mission.