General Theological Seminary says it may have to sell property to pay bills

From Episcopal Life Online-

The executive committee of General Theological Seminary's board of trustees said April 19 that the school may have to sell some of its property to raise enough money in order to pay its bills after mid-November.

The Rev. Canon Denis O'Pray, chair of the trustees, said in a news release that the committee considered merger or collaboration with other entities, as well as the likelihood of "immediate philanthropy," before coming to the conclusion that selling property was the "most reasonable source" of money. He did not say what property might be sold.

The executive committee concluded that the school's "first priority" must be to "develop a source of immediate cash relief so that seminary operations can continue and debt be serviced until a long-term strategic financial plan can be designed and implemented," O'Pray said.

"Should the sale of assets or significant philanthropy ease the seminary's immediate cash shortage, the longer term need to reduce the cost of debt service remains a significant challenge and must still be addressed," O'Pray said.

The committee said it had also assigned trustees to meet with other Episcopal institutions to "understand more clearly the level of willingness" of those institutions to discuss "consideration of financial cooperation, program collaboration, merger, or other mutually beneficial relationships."

More here-

http://www.episcopal-life.org/79425_121777_ENG_HTM.htm