A 200-year-old Episcopal seminary in Virginia has thrown a financial lifeline to a struggling Episcopalian school in New York City — in part to head off a looming, critical shortage of clergy in the denomination.
Over the next five years, Alexandria’s Virginia Theological Seminary will support the master of divinity program at New York’s General Theological Seminary while the latter school undergoes renovation and a refocus to serve its community better, the Most Rev. Ian Markham, president of both schools, said in an interview.
Although six years older than VTS, General Theological Seminary had not fared as well financially in recent years. Its physical plant had declined while deficits rose, reaching more than $2 million annually. “Virginia Theological Seminary was very well managed and attracted significant support, especially in the form of legacy gifts, throughout the 20th century,” Mr. Markham said. “We do have the resources to deliver a residential program, which is very expensive. … General never had that sort of support and got to a point, acutely over the last two years, where its options were very, very limited, including closure,” he said.
An affiliation agreement between the two schools, which also share chief financial and chief academic officers, “enables us to bring together shared services, where one institution can help the other. That enables the operation to be more efficient, which in turn enables the operation to survive and thrive,” Mr. Markham said.
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