Faced with significant losses to its investments, the board of trustees of the Virginia Theological Seminary has ordered the largest Episcopal seminary to cut $1 million from its budget.
For the past four months, the seminary, which draws 67 percent of its operating income from its endowment, has had the value of its portfolio decline 36 percent, from $144 million to $97 million. The Very Rev. Ian S. Markham, dean and president, has been asked by the board to produce a restructuring plan in time for the next meeting of the board’s executive committee on March 11.
While some immediate steps to cut personnel costs already have been taken, such as the suspension of faculty and staff searches and the launch of an early retirement plan for seminary employees, additional steps are likely to include plans to revive focus on the school’s annual fund and other legacy gifts, the seminary said in a news release.