Practicing Good Stewardship
Phillips Theological Seminary is committed to responsible stewardship of the funds entrusted to us. To that end, an independent audit is conducted after the close of each fiscal year (July 1 through June 30).
We have ended each of the last ten years with a balanced budget.
At the close of the 2005/6 fiscal year (unaudited figures):
· The book value of seminary assets was about $31 million;
· The total endowment (permanent and temporarily restricted) was market valued at over $13 million. Based on the value of the permanently restricted portion of the endowment, we drew a fiscally responsible 5% for scholarships and operations.
Each year, the seminary solicits gifts for an Annual Fund. Along with income from tuition and from the endowment, the Annual Fund enables the seminary to perform its work of preparing leaders for the varied ministries of the church. For the 2006/7 fiscal year, our Annual Fund goal is raise $1.960 million.
The seminary is very grateful for the generous support from congregations, regions, foundations, and individuals given to the Pursuing the Vision capital campaign. The PTV campaign enabled us to renovate the QuikTrip headquarters building (which was a multi-million dollar gift itself) in Tulsa and to expand our endowment dedicated to scholarships. The campaign formally ended on June 30, 2003 but we are still receiving pledge gifts. Thus far, the seminary has received campaign gifts totaling almost $11 million from the PTV campaign.
901
N. Mingo Road