new church life: november/december 2017
The Board also expressed its deep gratitude to the Glencairn Foundation
for a $2 million grant for the purchase of the Michael and Geneva Pitcairn
property.
(October meeting)
The Finance Committee reported both the College and Secondary Schools
were over budget for 2016-17, with deficits becoming larger for the first
time since steps were taken in 2012 to bring the budget under control. In
the College this was due to enrollments not meeting projections, although
the largest class in history has just been admitted and recruiting is ahead of
schedule for next year. There were multiple reasons in the Secondary Schools:
a large freshman class required triple sectioning and more staff, financial
aid demands were significantly higher, and a major donation shifted from
operations to endowment.
The Fieldcrest property on Byberry Road is moving slowly toward a final
sale.
Marty Nash will be retiring as Executive Administrative Assistant before
Christmas and Jackie Cranch has been hired as an Administrative Assistant,
starting in mid-November.
James Uber, a former member of the Board, was elected Secretary,
replacing Joseph Seckelman, who remains on the Board. Joe was thanked for
his service.
For Bryn Athyn College President Brian Blair reported that it is shifting
to a tuition-based model rather than endowment driven. Rentals provide
a new source of income. The number of donors has increased, with the
greatest percentage of alumni giving of all but two Pennsylvania colleges and
universities. The College is developing a New Church welcoming area in the
Brickman Center, clearly stating its religious mission. It is on target for close to
500 enrollment in 2020-2021 and a balanced budget.
For the Secondary Schools Managing Director Jim Adams reported that
endowment income is about half of what it was 10 years ago. Administrative
costs have been cut by $1 million and overall operating costs are slightly below
what they were 10 years ago. The financial aid structure is being addressed and
additional endowment sought to offset deficits. The schools c