Board of Trustees Reports Positive Financial Direction at Spring Meeting
Trustees of Golden Gate Baptist Theological Seminary adopted a 2011-2012 budget, were informed of the recent ATS/WASC reaccreditation review, approved the expansion of a current degree program, and heard about the conclusion of the Partners for the Future Campaign in their Spring 2011 meeting, held on the Northern California campus May 9 and 10.
Seminary trustees approved a budget of $10,725,000, an increase of 345,000, or 3.3% from last year. “Almost every revenue category is expected to increase as the current economic recovery continues and enrollment from new programs is added to the seminary,” reported President Jeff Iorg. In addition to tuition and fees, additional revenue increases were attributed to stronger gift income and improved performance by investments.
“God continues to favor Golden Gate Seminary with his provision and protection,” President Iorg reported to the Board. “As we move through economic turmoil and denominational reorganization, we recognize God’s hand. He enables us to do more than we think possible, to work together with remarkable spiritual synergy, and to experience results beyond those achievable by our efforts.” Iorg pointed out that during this academic year, particularly the last six months, the Seminary has made substantial progress toward accomplishing its mission of shaping leaders who expand God’s kingdom around the world.
As part of his report, Iorg indicated ATS/WASC had completed their review and given the Seminary a resounding confirmation of the quality of its total program. “The process leading to the reaffirmation of Golden Gate Seminary’s accreditation has been long and arduous. The necessary activities, however, have been helpful to the institution, and the strong affirmation of the Seminary is encouraging,” the president noted. The report, which will be finalized by the accrediting commissions and released publicly later this summer, recommends full re-accreditation of all academic programs – including newer programs like the Ph.D. in Biblical Studies.
Continuing the development of new programs, the Board approved the creation of a Master of Divinity degree with a Concentration in Counseling. Iorg also reported the Seminary is developing a Doctor of Philosophy (Ph.D.) program in Theology and a Korean language Master of Divinity. The Seminary has received $175,000 as a matching gift toward the $350,000 needed to significantly expand its ministry in the Korean community. “We appreciate this challenge gift and the other donors who are responding to make this expansion happen rapidly,” added Iorg.
The Board celebrated the successful conclusion of the Partners for the Future Campaign. More than $13 million was given from 2005-2010, providing resources for a two-tier funding strategy - Seminary Enhancement and Endowment. The Enhancement phase provided funds for scholarships, faculty members, eCampus development, facility renovations at all five campuses, increased library holdings, and a variety of other expenses related to institutional growth. The Endowment phase increased permanent holdings to sustain annual scholarships, key academic positions, and schools. During the five-year campaign, alumni and friends of the Seminary gave a total of $13,663,000.
The Board also heard an update on the Northern California campus’ Master Site Plan Amendment development process. County officials have called the proposal the most significant development plan submitted for southern Marin County in a generation. After formal acceptance of the proposal by Marin County, a two-year public phase of the approval process will begin soon.
Iorg announced the appointment of Lisa Hoff, as Assistant Professor of Intercultural Studies through the end of the 2012-2013 academic year. Hoff has an MA in Intercultural Studies and is pursuing a Ph.D. at Biola University in Intercultural Studies with an emphasis in Urbanization in China. She has served the Seminary as Professional in Residence, and has extensive experience in Asia, both in the marketplace and in education. He also announced that David W. McCormick has been appointed as Senior Professor of Pastoral Care and Counseling for the 2011-12 academic year.
The Seminary also announced a gift of $150,000 for the Harold Graves Endowment Fund from Bennett Valley Baptist Church, in Santa Rosa, California. Former members of the church (which has disbanded and sold its property) and the Graves family presented the gift at the Seminary’s spring banquet, which honored trustees, donors, and seminary employees. “This gift will provide additional annual scholarships to assist students attending Golden Gate. The legacy of Harold Graves (Golden Gate president from 1958-1977) continues to bless the Seminary,” said President Iorg.
Mr. Milton L. Brock (Texas), President of Brock Insurance Group, was elected Chairman of the Board. Rev. Steven R. Sheldon (Pennsylvania), Director of Missions, South Central Baptist Association, was elected Vice-Chairman, and Dr. Richard C. Edds (Kansas), Pastor of First Southern Baptist Church, was elected Secretary.