Southern Baptist seminaries adopt 2020–21 budgets, plan for fall semester

Southern Baptist seminaries adopt 2020–21 budgets, plan for fall semester

By Margaret Colson

The Alabama Baptist

Southern Baptists’ six seminaries have adopted 2020–21 budgets that reflect not only a continued commitment to theological education but also the reality of financial concerns resulting from COVID-19. All six seminaries tentatively plan to resume on-campus classes for the 2020 fall semester, pending any new developments or restrictions related to the pandemic.

Gateway Seminary

In its March meeting, Gateway Seminary’s board of trustees approved a 2020–21 budget of $11.5 million, representing a reduction of 2.1% ($250,000) from the previous year’s budget and a reduction of 3.8% ($450,000) from the original 2020–21 budget proposal of $11.95 million.

Midwestern Seminary

On March 30 trustees of Midwestern Baptist Theological Seminary adopted a budget of approximately $26.8 million, a reduction of $1.9 million from the original 2020–21 proposed budget. The 2020–21 budget is an approximate $1.4 million increase over the previous year’s budget of approximately $25.4 million.

New Orleans Seminary

On June 2 trustees of New Orleans Baptist Theological Seminary approved a 2020–21 budget of $21.55 million, approximately 9% less than the 2019–20 budget of $23.5 million and 10% less than the original 2020–21 budget proposal.

Southeastern Seminary

On June 15 trustees of Southeastern Baptist Theological Seminary adopted a budget of $30.3 million, an overall reduction of $932,000 from the previous year’s $31.2 million budget. Included in the budget was a 5% cut to student tuition.

Southern Seminary

In an April 21 meeting, trustees of the Southern Baptist Theological Seminary approved a 2020–21 budget of $37.2 million, down from a 2019–20 budget of $53.2 million, reflecting a 30% reduction. The seminary’s board of trustees authorized its financial board to approve increasing or decreasing the budget, based on ongoing financial realities. Included in the budget was a 15% cut to student tuition.

Southwestern Seminary

On July 14, trustees of Southwestern Baptist Theological Seminary approved a 2020–21 budget of $29.7 million, approximately 6% less than the 2019–20 budget.