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CLTS announces an end to debt

February 24, 2014 No Comment
Board Chairman Robert Krestick and President Thomas Winger sign the agreement.

Board Chairman Robert Krestick and President Thomas Winger sign the agreement.

ST. CATHARINES, Ontario – Concordia Lutheran Theological Seminary (CLTS) has announced an end to all debt, thanks to the generosity of an anonymous donor.

“We rejoice to announce to the members of Lutheran Church–Canada (LCC) that the historic accumulated debt of this seminary has been entirely eliminated,” CLTS announced in a release today.

Debt at the seminary had grown slowly over its 38 year history, the release notes, but in the years preceding LCC’s 2008 convention, the debt increased more rapidly, reaching a high of $800,000. Consequently, interest payments themselves had become a significant factor in the seminary’s annual budget.

By the 2011 synodical convention, CLTS was able to announce the debt had been reduced to less than $600,000, thanks to cost-cutting measures, generous responses to appeals, and unexpectedly generous bequests over the previous triennium.

“It was hoped that, God willing, the remaining debt would be paid off within a decade,” CLTS’ release explains. “But God ever surprises us with His goodness. Working through the generosity of a private donor, God removed our remaining debt in one fell swoop.” The donor in question wishes to remain anonymous, asking that all glory and thanks be given to God.

President Thomas Winger and Board Chairman Robert Krestick met with the donors February 22, 2014, to sign the documents detailing the transfer of the gift and its terms of use. In addition to eliminating the existing debt, the release notes, the gift will allow the seminary to carry out much needed maintenance, including replacing CLTS’ leaky roof. The donor hopes LCC members will be encouraged by the gift to continue supporting the work of the seminary.

“This gift enables CLTS to stand on a firm financial footing as it presses forward with its mission of preparing pastors and educated laypeople for Christ’s church,” the release concludes. “It allows us to concentrate on this mission—with your help. Pray for God’s continued blessing on us and our students, support us with your gifts, and encourage men to study for the holy ministry in Christ’s church. The world needs the Gospel.”

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