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'Good news' at VST.

The Vancouver School of Theology (VST), an ecumenical theological institution in British Columbia with more than too years of history, is no longer in a state of financial exigency, its board of governors has announced.

"Excellent fiscal and administrative management, reduction in expenditures, revised investment policy and an increase in donor contributions" made it possible to lift the measure, the board said in a press statement.

Financial exigency is declared during a time of financial stress and involves taking "extraordinary action to reduce expenditures and preserve resources," according to the Association of Theological Schools, which accredits graduate schools in Canada and the U.S.

The VST board declared a state of financial exigency in January 2012.

It noted that while steps were taken over the years to improve its financial situation, a number of factors contributed to the decline in resources. These included the financial crisis in 2008-2009, the loss of funding from the United Church of Canada in 2011 and the decrease in funding from the Anglican Church of Canada.

Stephen Farris, acting principal, described the new development as "good news," but said VST needs to "continue to practice restraint and solid budgetary oversight."-STAFF
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Title Annotation:YOUTH VIEW
Publication:Anglican Journal
Date:Apr 1, 2013
Words:196
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