Date: March 10, 2025
This has been the season of budget meetings. The parameters of the Budget are set by the Board of Trustees. This sets the draw rate from the endowment, any adjustments to fees, and the hoped for COLA. Then the administration gets to work. Typically, each department head meets with Senior Vice President Ballou and me. Thanks to the hard work of Jacqui in advance of the meeting, each department has already received a sample budget proposal. Department heads are then invited to reflect on that budget and make any requests that that they have. In addition, it is an opportunity for a sustained discussion about the operation of each department. Final modified versions of each department’s budget is then sent out just before the meeting of the Finance Committee of the Board.
This is a good and healthy process. Board, administration, and each department are all involved in the process. For me, the incidental conversations are the best moments. This is when I learn about the strength of the Butterfly House after a challenging year, the long list of items that Facilities keep current around the maintenance of the campus, and the vision for the library under the new Library leadership after the very successful tenure of Dr. Mitzi Budde.
Thank you everyone for your hard work. And a special thank you to Jacqui Ballou – she navigates the process with skill and exceptional competence for which I am deeply grateful.
The Very Rev. Ian S. Markham Ph.D.
Dean and President of Virginia Theological Seminary and the President of The General Theological Seminary