Date: February 6, 2025
It is important to remember that there are always two board meetings. The VTS Board meeting was first, followed by the GTS Board meeting. Board members take seriously their obligations to think through the interests of the institution that they are represent.
The key decision is the budget parameters. The idea is that Board determines such things as draw rate from the endowment, the COLA for employees, and then the administration seeks to create a budget within those parameters that is then voted at the May Board meeting. Yesterday, in respect to VTS, the Board instructed the Seminary to stay with the 4% draw from the endowment and also asked the administration to reduce non-salary expenditure. The reason why this is necessary is because certain costs, for example, the 16% increase in health insurance, are so high.
I am grateful for the thoughtful engagement of the Board on these complex questions. It helps keep VTS strong.
The Very Rev. Ian S. Markham, Ph.D.
Dean and President of Virginia Theological Seminary and the President of The General Theological Seminary