inar y e m e S s l l a Sioux F. Summit Avenu 2100 S alls, SD 57105 Sioux F
Sioux Fal
ls Semina
ry
annual report 2008-2009
Sioux Falls Seminary spent 2008-09 celebrating God’s faithfulness over the last 150 years. As we spotlighted our heritage, we constructed a new technology-enhanced, environmentally-responsible campus nine blocks from the old one. The year alternated between hard hat tours and special chapels with insights drawn from past leadership, such as August Rauschenbusch, the first German professor in 1858, or David Draewell or Chuck Hiatt or George A. Lang or Frank Veninga (and several others).
president’s report by G. Michael Hagan President Sioux Falls Seminary
board of trustees Sioux Falls Seminary Class of 2010
Class of 2012
In the fall, as we were celebrating what God has done, the economy suffered a serious recession that persists today. We were in the middle of construction during a time we could not have predicted. A priority to find donations for the new campus rose in importance. We took some preliminary steps to limit budget losses, a problem that continues as we live within our means.
Rev. Bill Gould Apple Valley, MN
Ms. Barbara Fiegas Lynbrook, NY
Mr. Morris Schmeltekopf Kyle, TX
Ms. Lois Glewwe South St. Paul, MN
As a consequence, staff, administration, and faculty pulled together in the spring to make up for the personnel losses and cuts. Student numbers stayed steady at around 251 total persons. God proved faithful again and again with our ministry.
Class of 2011
Mr. Al Nies Sioux Falls, SD
When the summer rolled around, we faced the move from the old campus to the new one. The library holdings moved in three shifts over a month’s time to new shelves in the Mikkelsen Library of Augustana College, immediately across the street from our new building. After an airing out period required for LEED certification, we began the move to the new facility. We officially moved in on July 7, although we were in process for weeks before that occupation date. We celebrated with an open house for the Sioux Falls community and an all-day alumni and friends reunion on July 13-14, followed with the Triennial of the NAB Conference in Winnipeg. What a wonderfully packed week that proved to be the capstone for our year. Although July 1, 2009, began a new fiscal year for us, that one week really was the culmination of years of planning and preparation—most of it in the 2008-09 fiscal year. I’m glad that we don’t move every year, but what a year of testimony for what God has done in our history and for what he is doing in our ministry now. We believe the Lord will continue to bless our future. It is an exciting time to see God work.
Mr. Darrel Bartell Sioux Falls, SD Rev. Kerry Bender Minneapolis, MN Dr. Randy Jaspers Jamestown, ND
Dr. David Rossing Madison, SD Mr. David Wesseler Lorraine, KS
board of directors Leadership Foundation Class of 2011 Mr. Jeremy Bill Sioux Falls, SD Ms. Barbara Fiegas Lynbrook, NY
Class of 2013
Rev. Steve May George, IA
Mrs. Marian DeWerff Ellinwood, KS
Dr. Randy Jaspers Jamestown, ND
Mr. Larry Moser Bismarck, ND
Mrs. Jackie Howden Parkville, MO
Mr. John Siewert La Verne, CA
Rev. Brian Russell Winnipeg, MB
Dr. Chuck Weber Wheaton, IL
Mrs. Kathy Thorson Sioux Falls, SD
Mr. John Siewert La Verne, CA
By Virtue of Position
Class of 2012
Dr. Dave Thomas Sioux Falls, SD
Dr. Rob McCleland Oakbrook Terrace, IL
Mr. Leon Bill Sioux Falls, SD
Mr. Matthew Smith Sioux Falls, SD Mr. Wayne Thies Hays, KS Class of 2013 Mr. Darrel Bartell Sioux Falls, SD Mr. Dale Jans Sioux Falls, SD By Virtue of Position
Mr. Al Nies Sioux Falls, SD
Dr. G. Michael Hagan Sioux Falls, SD Rev. Bill Gould Apple Valley, MN
financial summary
e g n e l l a h c . c . k w the ne
2008-2009 Assets, Liabilities, and Net Assets Assets
oinonia Center ge for the New K
allen
Matching Gift Ch
ity—a family of rized by commun te ac ar ch en be inary has long Sioux Falls Sem care for eep together and w d an e ic jo re who faculty, and staff s, a focal point of r. For many year he ot an e on t or and supp or the K.C. Koinonia Center e th en be s ha e this family lif
students,
atching ived a $50,000 m ce re ly nt ce re y inar Sioux Falls Sem ilding and help cover the bu to ni um al o tw gift from Join us Koinonia Center. w ne e th r fo s st furnishing co tch)
a atch (or double m m to ve ri st e w s a hing gift. this $50,000 matc
ly 500 individuals 0 gift requires on 00 0, $5 e th ch at To m xt two years). year over the ne r pe 0 $5 r (o 00 to give $1
ver. now more than e d e d e e n ce re a rs e is a significant pie Servant lead ry a in m e S lls a F f Sioux The community o in that process. hallenge, . Matching Gift C C K. ew N : tn At minary, to: Sioux Falls Se at Gifts may be sent ocessed online* , SD 57105 or pr lls Fa x ou Si , ue Aven ated to the 2100 S. Summit your gift is design at th ify ec sp e leas du/contribute. *P www.sfseminary.e e. ing Gift Challeng New K.C. Match
Cash & Equivalents Accounts Receivable, net Contributions Receivable, net Escrow Receivable Prepaid Expenses & Deposits Investments Investments Held in Irrevocable Trusts Investments Held in Revocable Trusts Real Estate Held for Investment Cash Surrender Value of Life Insurance Notes Receivable - Third Parties Institutional Plant and Equipment, net
2009 $
Total Assets Liabilities
Accounts Payable & Accrued Liabilities Deposits Held in Custody for Others Short-term Notes Payable Notes and Mortgage Notes Payable Obligations under Irrevocable Trust & Annuities Obligations under Revocable Trusts Housing Deposits
Unrestricted Temporarily restricted Permanently restricted
Total Net Assets
Total Liabilities & Net Assets
$
$11,782,847 $11,782,847
$
Total Liabilities
Net Assets
36,898 36,898 153,640 153,640 855,961 855,961 108,764 108,764 3,0403,040 1,884,990 469,706 469,706 10,780 10,780 39,281 39,281 5,8845,884 8,213,903 8,213,903
2008
93,370 93,370 896,453 896,453 5,501,135 5,501,135 759,503 759,503 15,573 15,573
$7,735,845 $7,735,845
$
313,504 313,504 4,203,311 4,203,311
157,177 157,177 58,435 58,435 721,453 721,453 7,392 7,392 885,239 885,239 29,038 29,038 $1,858,734 $1,858,734
$7,266,033 $7,266,033
$
129,669 129,669 220,557 220,557 1,016,359 107,831 107,831 3,622 3,622 3,344,313 565,821 565,821 10,780 10,780 39,281 39,281 6,8346,834 2,290,779 2,290,779
$
1,330,074 432,420 432,420 4,114,617
$4,516,814 $4,516,814
$5,877,111 $5,877,111
$11,782,847 $11,782,847
$7,735,845 $7,735,845
from here to
there
campaign report
Sioux Falls Seminary is making progress toward its largest campaign goal in school history. At the North American Baptist Triennial Conference this past summer, President Mike Hagan announced that the seminary is past the half-way mark toward the $10 million target. With more than
$5 million raised, the seminary is celebrating the generosity of many faithful alumni and friends. Seminary employees were the first contributors to the effort, pledging more than $350,000. Board members were second, committing $750,000.
from here to there campaign $5.2 million in gifts and pledges listed by category.
23%
39%
38%
Capital and Restricted Funds Ministry Impact Fund Endowment
The $10 million goal is aimed at helping fund the construction of the seminary’s new campus, providing significant scholarship support for students preparing for ministry, and enhancing annual operations. Called the From Here to There Campaign, the focus is on moving people from where they are to where God wants them to be. “We want to help people who are called by God,” says Foundation Executive Director Benjamin Lee. “It can be a real challenge for someone to take the steps of faith required to enter into full-time ministry. If successful, this campaign will help provide not only the tools that students need as they prepare, but it can also make the cost of the preparation more affordable.” Ultimately it is the churches and ministries that will benefit from this campaign, says Lee, because more well-trained Christian leaders will be out in the world making a difference for Christ.
churches help with funding a congregation’s efforts are inspiring others to give When Sioux Falls Seminary relocated from Rochester, New York, to Sioux Falls, South Dakota, in 1949, nearly every church in the North American Baptist Conference provided financial assistance to fund construction of the new building. As the seminary prepared for its move to a new campus in 2008-2009, one area church led the way for congregations to participate once again. An anonymous donor from First Baptist Church of George, Iowa, set forth a challenge to the rest of the congregation—agreeing to match every gift to the seminary construction project up to $20,000. Pastor Steve May (SFS alumnus and trustee), along with representatives from the seminary, presented the challenge to the congregation. When all the pledges were in, more than $33,000 was committed, exceeding the goal by $13,000. A total of $53,000 was given—enough to fund one professor’s office in the new building. As a result of the contributions of First Baptist Church of George, Iowa, the office and furnishings for Dr. W. Jay Moon, Professor of Intercultural Studies, were completely funded.
Booklet used School a in the 1949 Sun da nd Churc h Campa y ign
Other churches are now following the lead of George, Iowa, by helping fund the building. If your church wants to join in the funding of the new campus, please contact the Leadership Foundation at 800.440.6227 or info@sfseminary.edu.
from here to
there
campaign report
Sioux Falls Seminary is making progress toward its largest campaign goal in school history. At the North American Baptist Triennial Conference this past summer, President Mike Hagan announced that the seminary is past the half-way mark toward the $10 million target. With more than
$5 million raised, the seminary is celebrating the generosity of many faithful alumni and friends. Seminary employees were the first contributors to the effort, pledging more than $350,000. Board members were second, committing $750,000.
from here to there campaign $5.2 million in gifts and pledges listed by category.
23%
39%
38%
Capital and Restricted Funds Ministry Impact Fund Endowment
The $10 million goal is aimed at helping fund the construction of the seminary’s new campus, providing significant scholarship support for students preparing for ministry, and enhancing annual operations. Called the From Here to There Campaign, the focus is on moving people from where they are to where God wants them to be. “We want to help people who are called by God,” says Foundation Executive Director Benjamin Lee. “It can be a real challenge for someone to take the steps of faith required to enter into full-time ministry. If successful, this campaign will help provide not only the tools that students need as they prepare, but it can also make the cost of the preparation more affordable.” Ultimately it is the churches and ministries that will benefit from this campaign, says Lee, because more well-trained Christian leaders will be out in the world making a difference for Christ.
churches help with funding a congregation’s efforts are inspiring others to give When Sioux Falls Seminary relocated from Rochester, New York, to Sioux Falls, South Dakota, in 1949, nearly every church in the North American Baptist Conference provided financial assistance to fund construction of the new building. As the seminary prepared for its move to a new campus in 2008-2009, one area church led the way for congregations to participate once again. An anonymous donor from First Baptist Church of George, Iowa, set forth a challenge to the rest of the congregation—agreeing to match every gift to the seminary construction project up to $20,000. Pastor Steve May (SFS alumnus and trustee), along with representatives from the seminary, presented the challenge to the congregation. When all the pledges were in, more than $33,000 was committed, exceeding the goal by $13,000. A total of $53,000 was given—enough to fund one professor’s office in the new building. As a result of the contributions of First Baptist Church of George, Iowa, the office and furnishings for Dr. W. Jay Moon, Professor of Intercultural Studies, were completely funded.
Booklet used School a in the 1949 Sun da nd Churc h Campa y ign
Other churches are now following the lead of George, Iowa, by helping fund the building. If your church wants to join in the funding of the new campus, please contact the Leadership Foundation at 800.440.6227 or info@sfseminary.edu.
financial summary
e g n e l l a h c . c . k w the ne
2008-2009 Assets, Liabilities, and Net Assets Assets
oinonia Center ge for the New K
allen
Matching Gift Ch
ity—a family of rized by commun te ac ar ch en be inary has long Sioux Falls Sem care for eep together and w d an e ic jo re who faculty, and staff s, a focal point of r. For many year he ot an e on t or and supp or the K.C. Koinonia Center e th en be s ha e this family lif
students,
atching ived a $50,000 m ce re ly nt ce re y inar Sioux Falls Sem ilding and help cover the bu to ni um al o tw gift from Join us Koinonia Center. w ne e th r fo s st furnishing co tch)
a atch (or double m m to ve ri st e w s a hing gift. this $50,000 matc
ly 500 individuals 0 gift requires on 00 0, $5 e th ch at To m xt two years). year over the ne r pe 0 $5 r (o 00 to give $1
ver. now more than e d e d e e n ce re a rs e is a significant pie Servant lead ry a in m e S lls a F f Sioux The community o in that process. hallenge, . Matching Gift C C K. ew N : tn At minary, to: Sioux Falls Se at Gifts may be sent ocessed online* , SD 57105 or pr lls Fa x ou Si , ue Aven ated to the 2100 S. Summit your gift is design at th ify ec sp e leas du/contribute. *P www.sfseminary.e e. ing Gift Challeng New K.C. Match
Cash & Equivalents Accounts Receivable, net Contributions Receivable, net Escrow Receivable Prepaid Expenses & Deposits Investments Investments Held in Irrevocable Trusts Investments Held in Revocable Trusts Real Estate Held for Investment Cash Surrender Value of Life Insurance Notes Receivable - Third Parties Institutional Plant and Equipment, net
2009 $
Total Assets Liabilities
Accounts Payable & Accrued Liabilities Deposits Held in Custody for Others Short-term Notes Payable Notes and Mortgage Notes Payable Obligations under Irrevocable Trust & Annuities Obligations under Revocable Trusts Housing Deposits
Unrestricted Temporarily restricted Permanently restricted
Total Net Assets
Total Liabilities & Net Assets
$
$11,782,847 $11,782,847
$
Total Liabilities
Net Assets
36,898 36,898 153,640 153,640 855,961 855,961 108,764 108,764 3,0403,040 1,884,990 469,706 469,706 10,780 10,780 39,281 39,281 5,8845,884 8,213,903 8,213,903
2008
93,370 93,370 896,453 896,453 5,501,135 5,501,135 759,503 759,503 15,573 15,573
$7,735,845 $7,735,845
$
313,504 313,504 4,203,311 4,203,311
157,177 157,177 58,435 58,435 721,453 721,453 7,392 7,392 885,239 885,239 29,038 29,038 $1,858,734 $1,858,734
$7,266,033 $7,266,033
$
129,669 129,669 220,557 220,557 1,016,359 107,831 107,831 3,622 3,622 3,344,313 565,821 565,821 10,780 10,780 39,281 39,281 6,8346,834 2,290,779 2,290,779
$
1,330,074 432,420 432,420 4,114,617
$4,516,814 $4,516,814
$5,877,111 $5,877,111
$11,782,847 $11,782,847
$7,735,845 $7,735,845
Sioux Falls Seminary spent 2008-09 celebrating God’s faithfulness over the last 150 years. As we spotlighted our heritage, we constructed a new technology-enhanced, environmentally-responsible campus nine blocks from the old one. The year alternated between hard hat tours and special chapels with insights drawn from past leadership, such as August Rauschenbusch, the first German professor in 1858, or David Draewell or Chuck Hiatt or George A. Lang or Frank Veninga (and several others).
president’s report by G. Michael Hagan President Sioux Falls Seminary
board of trustees Sioux Falls Seminary Class of 2010
Class of 2012
In the fall, as we were celebrating what God has done, the economy suffered a serious recession that persists today. We were in the middle of construction during a time we could not have predicted. A priority to find donations for the new campus rose in importance. We took some preliminary steps to limit budget losses, a problem that continues as we live within our means.
Rev. Bill Gould Apple Valley, MN
Ms. Barbara Fiegas Lynbrook, NY
Mr. Morris Schmeltekopf Kyle, TX
Ms. Lois Glewwe South St. Paul, MN
As a consequence, staff, administration, and faculty pulled together in the spring to make up for the personnel losses and cuts. Student numbers stayed steady at around 251 total persons. God proved faithful again and again with our ministry.
Class of 2011
Mr. Al Nies Sioux Falls, SD
When the summer rolled around, we faced the move from the old campus to the new one. The library holdings moved in three shifts over a month’s time to new shelves in the Mikkelsen Library of Augustana College, immediately across the street from our new building. After an airing out period required for LEED certification, we began the move to the new facility. We officially moved in on July 7, although we were in process for weeks before that occupation date. We celebrated with an open house for the Sioux Falls community and an all-day alumni and friends reunion on July 13-14, followed with the Triennial of the NAB Conference in Winnipeg. What a wonderfully packed week that proved to be the capstone for our year. Although July 1, 2009, began a new fiscal year for us, that one week really was the culmination of years of planning and preparation—most of it in the 2008-09 fiscal year. I’m glad that we don’t move every year, but what a year of testimony for what God has done in our history and for what he is doing in our ministry now. We believe the Lord will continue to bless our future. It is an exciting time to see God work.
Mr. Darrel Bartell Sioux Falls, SD Rev. Kerry Bender Minneapolis, MN Dr. Randy Jaspers Jamestown, ND
Dr. David Rossing Madison, SD Mr. David Wesseler Lorraine, KS
board of directors Leadership Foundation Class of 2011 Mr. Jeremy Bill Sioux Falls, SD Ms. Barbara Fiegas Lynbrook, NY
Class of 2013
Rev. Steve May George, IA
Mrs. Marian DeWerff Ellinwood, KS
Dr. Randy Jaspers Jamestown, ND
Mr. Larry Moser Bismarck, ND
Mrs. Jackie Howden Parkville, MO
Mr. John Siewert La Verne, CA
Rev. Brian Russell Winnipeg, MB
Dr. Chuck Weber Wheaton, IL
Mrs. Kathy Thorson Sioux Falls, SD
Mr. John Siewert La Verne, CA
By Virtue of Position
Class of 2012
Dr. Dave Thomas Sioux Falls, SD
Dr. Rob McCleland Oakbrook Terrace, IL
Mr. Leon Bill Sioux Falls, SD
Mr. Matthew Smith Sioux Falls, SD Mr. Wayne Thies Hays, KS Class of 2013 Mr. Darrel Bartell Sioux Falls, SD Mr. Dale Jans Sioux Falls, SD By Virtue of Position
Mr. Al Nies Sioux Falls, SD
Dr. G. Michael Hagan Sioux Falls, SD Rev. Bill Gould Apple Valley, MN
inar y e m e S s l l a Sioux F. Summit Avenu 2100 S alls, SD 57105 Sioux F
Sioux Fal
ls Semina
ry
annual report 2008-2009