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.
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