bruce-church (https://bruce-church.myopenid.com/) has left a new comment on your post "ELCA's Luther Seminary Swimming in Red Ink.ALPB Fo...":
News excerpts and comments on ELCA Luther Sem's financial problems:
Luther Sem stumbling sent shockwaves through the ELCA:
http://www.exposingtheelca.com/1/post/2012/12/elca-flagship-seminary-in-financial-trouble.html
Luther Seminary in Minnesota, sent shockwaves through the denomination with the recent admittance that they are facing extreme financial difficulties
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Why Luther Sem's financial problems were so shocking to the
ELCA is just a year ago word on the street was that Luther
Sem was financially strong:
http://thesheepdogsspot.blogspot.com/2012/01/elca-seminaries-in-crisis.html
There has long been talk as to whether this church, with only 4.2 million members and 10,000 congregations, needs seven seminaries. For instance, the LCMS, at about half the size of the ELCA, does quite well with just two seminaries.
Luther, perhaps the most orthodox of the seminaries, along with Southern. are well endowed. Philadelphia, which has found a niche as a graduate school of theology for non-Lutherans in the City of Brotherly Love, is strong financially as well. Gettysburg (above) and Wartburg, not so much.
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ELCA synodical budget only gives $3.5 million to its seven seminaries:
http://www.restenergy.net/oddments/2012/06/eight-is-more-than-enough/
Of that amount, a mere $3.5 million was designated to seminary support. That comes to approximately 5.66% of the budgeted expenses.
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ELCA conservative recalls the Luther Sem president saying
his seminary was better off than the others, and the common
area buildings were remodeled but the dorms are in shambles:
http://elcaconservative.blogspot.com/2012/12/thoughts-from-alum.html
We're certainly in better shape than the others." I'm not sure whether Luther is "struggling, and not going to be okay", or whether the other 7 are already 6-feet-under, as it were.
NW and OCC have both recently undergone major asthetic remodels, while the dorms and apartments battle bedbugs and mold year-round.
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continued:
bruce-church (https://bruce-church.myopenid.com/) has left a new comment on your post "ELCA's Luther Seminary Swimming in Red Ink.ALPB Fo...":
Cont'd:
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Tuition for 2013-14 is only a $100 more than in 2011-12 ($1400 vs $1500 per course):
http://www.luthersem.edu/catalog/11_12/2011-2012_Academic_Catalog.pdf
2013-14
http://www.luthersem.edu/finaid/tuition_costs.aspx?m=1842
http://ichabodthegloryhasdeparted.blogspot.com/2011/09/lcms-seminary-cost-scandal-fabulous.html
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Luther Seminary and the Luth Theo. Sem in Philadelphia paid their professors
much more than the other ELCA seminaries or LCMS Ft. Wayne do. Thus, it is not
surprising that to "fix" their financial mess, Luther Sem let go a number of
professors and staff:
http://ichabodthegloryhasdeparted.blogspot.com/2011/12/lcms-seminaries-where-money-is-ultra.html
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With graduate student loans no longer subsidized while students are in school,
it doesn't surprise me that Luther Sem put its whole graduate program on hold for 3 years for reassessment. Also, Obama and the US Congress are trying to punish schools that raise tuition and fees faster than inflation each year, but that program hasn't gotten off the ground yet:
http://www.whitehouse.gov/the-press-office/2012/01/27/fact-sheet-president-obama-s-blueprint-keeping-college-affordable-and-wi
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Luther Sem's default rate in the first two years is low (1.7%), but now
the dept of education is going to a three year default rating system. That
may change since in 2012 only half of the graduates at Luther Sem had job offers:
http://student-loan-default.findthedata.org/l/2880/Luther-Seminary
http://www.ed.gov/news/press-releases/first-official-three-year-student-loan-default-rates-published
http://ichabodthegloryhasdeparted.blogspot.com/2013/02/head-of-luther-seminary-in-st-paul.html
Only about half of the students last year who earned master of divinity degrees had job offers once they graduated, she said.
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The 2012 report that did the Chief Financial Officer and the president of Luther Sem in
(note how short and long term liabilities jumped $4million from 2011 to 2012, and the endowment fund lost $10 million in value:
http://www.luthersem.edu/gifts/annual_reports/balance.aspx?m=2189
http://www.parkbugle.org/index.php?option=com_content&view=article&id=1785:luther-sem&catid=13:articles
The trouble he’s referring to is the school’s $4 million shortfall, revealed in Luther’s 2012 annual report which showed a total income of $23 million and expenses of $27.1 million.
Bliese’s resignation was announced on Dec. 10, shortly after chief financial officer (CFO) Don Lewis resigned in November. Dr. William Frame was named interim CFO.
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bruce-church (https://bruce-church.myopenid.com/) has left a new comment on your post "ELCA's Luther Seminary Swimming in Red Ink.ALPB Fo...":
Student loan default rates for the LCMS seminaries (in the first two years after graduation):
Ft Wayne: 2009 rate: 2.7%
http://student-loan-default.findthedata.org/l/2061/Concordia-Theological-Seminary
St. Louis: 2009 rate: 0.9%
http://student-loan-default.findthedata.org/l/3077/Concordia-Seminary
