SWBTS president says seminary has moved from 'crisis' to 'hopefulness' after financial woes
The president of Southwestern Baptist Theological Seminary has expressed optimism for the Fort Worth, Texas-based institution following recent financial woes and litigation.
At a board of trustees meeting Wednesday, SWBTS President David S. Dockery told those gathered that the seminary had gone “from instability to stability, from a time of crisis and challenge to a time of hopefulness.”
“We started 2024 in a good place,” Dockery said, as quoted by the Baptist Press. “Ultimately our report today, Mr. Chairman, concludes with four words that summarize the heart of the Southwestern campus: thanks be to God.”
Get Our Latest News for FREE
Dockery detailed signs of improvement for the financial health of the seminary, noting that, since 2022, there have been increases in total tuition, operating revenue and gifts, while operation expenses were lowered and short-term debt was eliminated.
According to Dockery, while SWBTS had $1.7 million in cash reserves and a short-term debt of $4.2 million in 2022, this year the seminary has over $12 million cash on hand and no short-term debt.
Chairman Jonathan Richard commended Dockery for “two years of commendable service,” reported BP, adding that the president had “led us to a place of financial stability that we had not dreamed was possible 24 months ago.”
“I give glory to God for that and thanks to Dr. Dockery for his willingness to be used by God in such a way that we have made such tremendous strides toward financial stability,” said Richard, as quoted by BP.
In recent years, SWBTS suffered from financial challenges, with the seminary confirming in a 2022 report that they had cut staff and were planning to sell facilities tied to the school.
The board meeting was held a month after SWBTS reached a resolution with former seminary president Adam Greenway regarding litigation between the two parties over his resignation.
Greenway, who became SWBTS president in 2019, resigned in September 2022, with him facing allegations that he engaged in improper spending of seminary funds.
In a June 2023 report, SWBTS accused Greenway of engaging "in a pattern of spending that … did not reflect proper stewardship of seminary resources." This included more than $1.5 million spent on renovations, furnishings and luxury items for the president’s home.
"These expenditures were made at a time when the seminary was making significant budget cuts, including the reduction of faculty personnel and positions," the summary stated.
"Examples of expenses for the President's home include $59,865.79 for Christmas decorations, more than $25,000 for artwork, and $11,123.49 for an espresso machine and accessories. Despite extensive renovations completed early in his tenure, further optional work was done on the President's home in late 2021 when more than $180,000 was spent on HVAC work."
Greenway filed a lawsuit against SWBTS in March, claiming that seminary leadership had engaged in defamation, which resulted in "severe damage to his reputation and rendering him unemployable in the professional capacity for which he is qualified."
Last month, Greenway and SWBTS issued a joint statement announcing that they had reached a resolution and agreed to drop the litigation with no financial consideration being paid.
"We are grateful to have this resolution between Southwestern Seminary and its ninth president, Dr. Adam W. Greenway," it said. "The trustees and Dr. Greenway are looking forward to putting this matter behind us and moving on to focus our energies and efforts on following God's plans for the next chapters of our respective lives and ministries.”
“We pray that God will richly bless the Greenway family as well as Southwestern Seminary in the years ahead."
