CLTS Debt Eliminated! Thanks Be to God!

We rejoice to announce to the members of Lutheran Church–Canada that the historic accumulated debt of this seminary has been entirely eliminated. Thanks be to God! The background to this dramatic story takes a little longer to explain.

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

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

One major factor that led LCC to establish a Task Force on Seminary Education in 2008 was a financial crisis at her two seminaries in Edmonton and St. Catharines. The story at this seminary was chiefly an accumulated debt that was becoming an unbearable burden. While the debt grew slowly over much of the seminary’s 38-year history, it grew more rapidly in the years immediately prior to the 2008 convention, reaching a high of $800 000. Interest payments alone had become a significant factor in the seminary’s budget.

The seminary leadership took immediate action. Through extensive cost-cutting measures, generous responses to appeals, and unexpectedly generous bequests in the following triennium, the seminary was able to announce to the 2011 LCC convention that the debt had been reduced to less than $600 000. The Memorandum of Understanding signed at that convention committed the seminary to running a tight ship financial in order to produce significant annual surpluses. It was hoped that, God willing, the remaining debt would be paid off within a decade, and progress was certainly made in the next few years.

Business Manager Mike Bauer signs the transfer slip to pay off the seminary debt

Business Manager Mike Bauer signs the transfer slip to pay off the seminary debt

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. President Thomas Winger and Board Chairman Robert Krestick met with the donors on Saturday, 22 February 2014, to sign the documents detailing the transfer of the gift and its terms of use. In addition to eliminating our existing debt, the gift will enable us to carry out needed maintenance such as replacing the seminary’s leaky roof.

These generous church members wish to give all glory and thanks to God, thus remaining anonymous. They are also quite insistent that their gift should be seen as an encouragement to the members of LCC to continue supporting this beloved 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. 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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About ConcordiaStCatharines

a seminary of Lutheran Church-Canada
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2 Responses to CLTS Debt Eliminated! Thanks Be to God!

  1. kurtschultz2 says:

    Praise God from Whom all blessings flow…

  2. artaxerxes99 says:

    I was overjoyed when I heard this good news!

    In recent years, the seminary has managed its limited resources very wisely, making constant and disciplined progress on its debt repayment. The faculty had to make some difficult decisions through these years, and it may have seemed to them more than once or twice that the seminary wouldn’t make it. But praise the Lord, He has reminded us again that His hand has not shortened.

    Now I hope that the faculty can breathe a little easier, reinvigorated and confident of the Lord’s future blessing, while continuing their faithful work of preparing men to spread His greater “good news.”

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