One might think that our six seminaries are the safest and most secure of all SBC entities. The combined revenue streams of tuition, Cooperative Program, private gifts and other income sources would insulate the schools from disaster. After all, no hurricane would reach Louisville.
Now, the pandemic has shut off tuition revenue. Southern seminary announced a staggering $16 million budget reduction – from $53.2 million to $37.2 million. Tuition accounted for close to one-half of Southern’s income. The Cooperative Program, around 19 percent. Southeastern has announced that they plan to apply for the Paycheck Protection Program. About three-fourths of their income is from tuition (48%) and CP (27.2%). The PPP is only a short term infusion, possibly $3.51 million. The other seminaries face similar difficulties.
State conventions depend on the Cooperative Program for almost all of their revenues. When the economy tanks as it did in 2008, severe losses caused the states to pare back employment and other expenses. The Executive Committee reports CP receipts from the states monthly. We may see how things are looking on or about May 1st.
The Annie Armstrong Easter Offering may have been affected. We will not see a total on that until later. Same for Lottie Moon. Both of the mission boards have healthy reserves and personnel are being cared for. Seminaries and state conventions? I don’t know what kind of reserves they routinely maintain.
I attended a rather dark (but semi-biblical) opera the last Sunday in February without a pandemic care in the world. They sang. We enjoyed. A few weeks later church is cancelled indefinitely.
If Dave Miller has more political theses to nail, and they have been wildly popular, he owns this place and can bump pedestrian things like this anytime he wishes.