19 Jun Update from the Board of Trustees – June 16, 2017
Dear SEBC Alumni and Friends,
Since our somber decision to suspend operations of our beloved college, The Board of Trustees has been continually at work to resolve current and future concerns. We want to be clear that we have only suspended operations and have not closed the college. We want to assure you all, that it is our desire and goal to reopen the college as soon as it is possible.
The work that is going on is in three phases.: 1. Address student and staff needs 2. Solve and resolve the immediate financial situation 3. Restructure, Reorganize and Craft a sustainable strategic plan for the future of Southeastern Bible College. We sincerely covet the prayers and support of all our Southeastern Bible College family as we work through this very difficult situation.
STUDENT AND STAFF NEEDS
Initially, our priority was to provide for the immediate needs of our students. A teach out plan has been developed and is now in full operation. A teach out plan normally takes about six months to develop; however, this one was put together in a very short period of time with the aid and assistance of the professional staff at Point University. All our undergraduate students who were affected by the suspension of operations were contacted by Point University and advised of their options and opportunity to continue their Biblical education. Those who choose or have chosen to pursue this option will still be awarded a degree from Southeastern Bible College.
In addition, The Board has made available letters for faculty and staff who may need documentation to pursue unemployment benefits and other employment opportunities as they may become available.
In addition, we have opted to put in place the opportunity for former faculty and staff to remain eligible for COBRA INSURANCE BENEFITS.
Our work continues as we are doing due diligence to completely analyze all financial possibilities to reestablish the college on a solid financial footing. There are several options that are being explored that could assist in providing immediate relief to meet current operational needs. As of today’s, date, that is the number one pursuit. All contributions are certainly welcomed.
In addition, long range financial needs are being evaluated and appropriate sources to address those anticipated needs are also being evaluated.
The third area of concern and work for the Board of Trustees is focused on restructuring and crafting a plan for a glorious future for Southeastern Bible College. We have met with several college presidents and Trustee Board members from schools who have gone through situations like ours to draw from their experience. As we move forward with the development of a plan, a part of it will be a return to our Biblical roots. We will also review best practices. We will brain storm many options and perhaps will choose from among them. Further updates will be made available as progress is made in each of the above listed areas.
Dr. Michael W. Wesley
Board of Trustees