As Luther Seminary, St. Paul, Minn., reported a $4 million funding shortfall for 2012, its chief financial officer, Don Lewis, and president, Richard Bliese, resigned last November and December, respectively. Both had served since 2005.
The board of directors named an interim president, Rick Foss, and an interim chief financial officer, William Frame.
Foss, who took over Jan. 1, was previously the seminary's director of contextual learning. Before that, he served as bishop of the Eastern North Dakota Synod.
Frame's previous positions include chief financial officer of Pacific Lutheran University, Tacoma, Wash., and president of Augsburg College, Minneapolis.
As of June 30, 2012, end of its fiscal year, Luther had $23 million in income, which was "$4 million less in revenue than we had in expenses," said seminary board chair James Lindus. "That included depreciation, asbestos [remediation costs], maintenance [costs for] aging buildings, an investment performance that was lower than we'd hoped and a less-than-ideal expense management."
The rest of this article is only available to subscribers.
© 2015 Augsburg Fortress, Publishers