Date: May 24, 2024
The last commentary reporting out decisions of the Board of Trustees is the approval of the Budget for 2024-2025. This is the “must do” work of the May Board meeting. The total budget approved is $20,920,483. This works within responsible (and Board approved parameters): an endowment draw rate of 4% and an increase in the allocation from the Lettie Pate Income of 5%.
It does assume an incoming class of 45 students. This remains an area of concern for Virginia Theological Seminary. Perhaps it is all part of a post-Covid reaction: in the same way that many parishioners have not returned to the church going habit, so some prospective students are all too accustomed to zoom and not ready to move a family across the country. I am grateful to Associate Dean Sam and Dan Coleman, our Admissions Coordinator, who are hopeful that we hit the 45 budgeted goal.
We are conscious that the budget for 2025-2026 will be harder. So, Senior Vice President Ballou and I will start the process of thinking through options in the Fall. I welcome ideas and suggestions from the community.
The Very Rev. Ian S. Markham, Ph.D.
Dean and President of Virginia Theological Seminary and the President of The General Theological Seminary