From Episcopal Life Online-
General Theological Seminary's Board of Trustees has agreed on a series of steps that they say will assure that the Manhattan-based school will continue "for the next several years."
The trustees said in a news release that they agreed May 18 to create a $10 million operating reserve fund that could be built in part by selling as many as four residential apartments in the seminary building known as "Chelsea." The fund will also be built by what the release called "special philanthropic efforts, which have already resulted in $1.5 million in firm commitments."
The apartments, which according to the release have an estimated value of $8 - 10 million, have been rented to outside tenants for the last six years and have never been used for seminary purposes. The trustees approved the steps needed to turn the property into condominiums for possible sale.
The trustees also called for an effort to renegotiate part of the seminary's debt "to reduce interest payments and permit more manageable cash flow," according to the release.
The trustees committed themselves "to pursue all productive avenues for conversations with other seminaries and institutions of the Episcopal Church to consider creative collaborations and common programs," the release said, adding that "such conversations have already begun." No details of those conversations have been released.
More here-
http://www.episcopalchurch.org/79425_122348_ENG_HTM.htm
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