Wickedlocal.com reprints a news release from Episcopal Divinity School that describes the work they’ve done to turn back debt and increase fundraising.
Just three years ago the 150-year-old Episcopal Divinity School faced potential bankruptcy, but swift action by its Board of Trustees and new dean has seen it bank $33 million and almost double fund-raising in the last year, according to a press release….
…Dean and President, the Rev. Katherine Hancock Ragsdale, whose entrepreneurial style has been influential since she was installed in October, 2009, said: “We are fortunate in having Trustees who took the situation seriously and exercised initiative. They began taking some of the steps necessary to ensure the school not only survives but thrives for centuries to come.
“A range of cost-cutting measures were implemented including the sale of property we no longer used and were maintaining at some expense. Lesley University and other institutions bought those buildings at a price of $33m. We entered into certain co-operative arrangements with Lesley to preserve our heritage and ensure optimal use of space. For example, we share Sherrill Library with them and we contract with them for maintenance and security.
“Episcopal Divinity School assets in 2010 topped $75million….”
Dean Ragsdale said also that: “Outdated technology was impeding efficiencies and cost cuts. We brought in consultants who are engaged in a significant technological upgrade. Even though this is in its early stages we are already seeing improvements in efficiencies and savings to the bottom line.
“Our operating expenses in fiscal year (FY) 2010 were more than $1 million below FY2009. And we did renovations to our main administrative building and increased aid to those students who need it.”