Asbury Theological Seminary, based in Wilmore, Ky., laid off 16 employees last month in a move that its outgoing president said was "the most difficult" step to take in keeping the budget of one of the nation's largest seminaries in "a position of strength."
The seminary said in a statement it expends to end its fiscal year on June 30 in a strong position. It has a $22.2 million budget, according to the most recent report of the Association of Theological Schools.
Ellsworth said:
"Like virtually every other institution and business, we have been compelled to make some painful decisions. The most difficult was the release of 16 employees in April. In an institution like ours, these persons are not only employees, but cherished friends, the people with whom we worship, as well as work."
Other Kentucky seminaries -- including Lexington Theological, Louisville Presbyterian and Southern Baptist -- have also made cuts during the recession. Lexington announced a state of financial emergency to remake the school, while Louisville laid off 7 and Southern laid off 35.
The seminary is also suspending a scholarship program for the next fiscal year. The Beeson Residential Fellowship typically provided eight to 10 full scholarships but cannot be funded because stock-market declines have reduced the value of the endowment behind that program.
Asbury, with campuses in Wilmore and Orlando, Fla., and an extensive online program, has more than 1,600 students enrolled full- or part-time, the seventh largest theological school in the nation.
Ellsworth has filled the president's position between the 2006 resignation of his predecessor and the inauguration later this year of newly appointed Timothy Tennent.
SOURCE: Courier-Journal
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