On Friday, February 15th, the Board of Governors of Vancouver School of Theology officially declared that the January 2012 declared state of financial exigency, has been rescinded. VST’s accrediting institution, the Association of Theological Schools, states in its guidelines, "Financial exigency is declared when an institution needs to take extraordinary action to reduce expenditures and preserve resources." Several strategic integrated actions over the past year have made this possible, including excellent fiscal and administrative management, reduction in expenditures, revised investment policy and an increase in donor contributions.
Acting Principal, Stephen Farris, notes that while this is indeed good news, VST must continue to practice restraint and solid budgetary oversight in order to nurture the financial health of the school. “This does not mean that the purse strings will dramatically loosen in the foreseeable future.” Farris stresses that VST must remain committed to ensuring the continuation of excellence in theological education through good fiduciary management.
The VST Board of Governors chair, Heather Clarke, gratefully acknowledges the outstanding continuing support of VST’s family – its faculty, staff and students; denominational partners; donors; and volunteer Board and committee members, during the recent phase of financial exigency. “I am excited about and convinced that with revitalized fiduciary stewardship VST’s ability to carry out its educational mission will continue to flourish and that VST will continue to fulfill its role as a key West Coast ecumenical theological institution educating church and community leaders for the 21st century.”
Contact: Shannon M. LythgoeCommunications, Marketing and Recruitment Associate
Vancouver School of Theology
6000 Iona Drive, Vancouver, BC
Canada, V6T 1L4