Stocks Squeeze Seminaries

Financial crisis may claim more evangelical schools in 2009.
Collin Hansen
1/12/2009

One evangelical seminary fell victim to the American economy's recession in 2008, while others teetered on the brink of collapse or faced serious cutbacks.

Salt Lake Theological Seminary, the only Christian graduate school of theology in Mormon territory, closed in late October after a benefactor reneged on a large donation and attempts to secure grants from charitable foundations failed. Faculty and staff agreed to work without pay through December so that the seminary's 54 students could finish the semester.

The financial crisis may take down other seminaries in 2009 if the stock market does not rebound. The Association of Theological Schools (ATS) assessed the financial vitality of member schools in 2007 and discovered significant weaknesses. the rest