McCormick’s proactive financial planning continues

11-04-2009

Board names work group to explore phase four financial planning

Gathering for its annual fall meeting, the Board of Trustees was in a visionary frame of mind, tending to the final phase of its four-phase plan to achieve financial equilibrium. The Board appointed a working group to explore a variety of options relative to its real estate holdings, which include its administrative building at 5460 S. University Ave. and two residence buildings at 1400 E. 57th St. and 5535-39 S. Kimbark Ave. A report and recommendation is expected at the February meeting of the Board.

The first three phases – consisting of temporary salary and benefit reductions and other cost-saving measures – combined with signs of recovery in the market, has positioned McCormick well for this next move, says Board President John Anderson.

“That McCormick made some difficult decisions and sacrifices in the early going has made all of the difference”

“That McCormick made some difficult decisions and sacrifices in the early going has made all of the difference,” he said. “We still have tough choices ahead, but we are no longer operating out of an immediate crisis and that allows for a climate of creativity in which we can do our best work.”

“We’re having some very energizing, forward-looking conversations with faculty, staff and students about how to build on McCormick’s strengths as a Reformed, urban, ecumenical and cross-cultural institution of the Church,” said Seminary President Cynthia Campbell. “The McCormick community is hopeful, and that’s reflected nowhere more powerfully than through the seminary’s alumni/ae, donors and friends who continue to support us with their monetary gifts and prayers. Our future of service to God’s people looks bright.”

Find more information on McCormick’s programs, including two new Masters degrees in Discipleship Development and Urban Ministry and a new Certificate in Executive Leadership.