BTSR will cease daily operations January 31
Class of 2019 will receive BTSR degrees
Richmond, VA (December 13, 2018)–Trustees of Baptist Theological Seminary at Richmond have outlined plans to end the seminary’s day-to-day operations January 31, 2019. The new plan comes after an independent review of the seminary’s finances by legal counsel.
The original announcement of BTSR’s closing called for a full spring term and closure at the end of the academic year. Instead, the seminary will offer no additional courses after its three-week term in January. Nine students scheduled to graduate in May will be able to complete their degrees from BTSR by cross-registering for courses at Union Presbyterian Seminary, the School of Theology at Virginia Union University, or through online studies at Eden Seminary in St. Louis. Graduation will be held as planned on May 25, 2018.
Faculty and most staff members will conclude their employment January 31, though minimal staff will be retained in order to provide essential student services and conduct graduation, as well as wrap up business operations.
“We deeply regret having to take this action. No one wants to further disrupt the lives of our faculty, staff and students,” said board chair Bill Wilson. “But as our attorney has helped us delve more deeply into our financial situation, we have come to realize that the board has inherited a financial crisis that has been building over many years. Our cash flow is not adequate to continue to cover expenses, we have only one asset left to liquidate, and we are not in a position to borrow additional funds. The issues have grown so profound that we have not found a way to navigate through them.”
BTSR also is launching a campaign to raise funds for severance for full-time faculty and staff members. Three donors have already committed $160,000 in matching gifts for the campaign. More information is available after December 15 here.