Please check out the details of the move by SWBTS leadership to take funds from the oversight of the Baptist Foundation of Texas and put it under the control of a management team and keep the money more “in house.” You can find a full detail of the potential move on Marty Duren’s blog, SBC Outpost. Be sure to read through the comment string as much more information is revealed there.
This post will not recite the news found there, but will offer a few observations.
First, let me say that it is well within the purview of the SWBTS Board of Trustees to make this move. It is neither illegal nor unethical. They have every right, and the responsibility, to do what they think is best for the institution. The SBC has affirmed them to their positions and that is that.
Many questions are swirling around the move that are, as yet, unanswered. It is a vastly complex issue, as you will hear from me again in just a moment. I give you my unfettered opinion … for what it’s worth.
Is it wise to do this? Possibly. It may be that TIFF can create a greater yield on the investment. If that is the reason, then the move may be best thing. The problem is that the whole issue is of far greater complexity than a simple return on the investment.
Is it a vindictive move? Some speculate that this is an attempt to dislodge $90 Million in assets from the Baptist Foundation of Texas, which is affiliated with the BGCT and not the SBT. Why would that matter? Because the SBT is the “Conservative” state convention in Texas. Is that all? No. The BGCT has shut out all of the SBC Seminaries from exhibiting a booth at their state convention for the last several years. In other words, the BGCT is actively seeking to funnel its young ministry students toward education options that are, if nothing else, not the Big 6 and certainly not SWBTS.
The chain of events goes back through the Resurgence and finds its most pivotal point in the firing of Dr. Russell Dilday. I was there. After Dr. Dilday was fired, several alternatives for Texas Baptists opened up in the way of higher education. Texas now has its own Seminary at Baylor’s Campus in Waco, Truett Seminary. All of this is to say, it has been a long road, but the BGCT and the former Flagship of Baptist Education, SWBTS, have come to a place of now long held grudges. Is this worth $90 Million? I hope not.
Is this a control issue? Can the Seminary, and its leadership, now have more flexibility in the access of these funds? Much of this in yet unanswered, but I suspect not. It doesn’t really matter, though. If there were inappropriate or possibly unethical maneuvering of these funds, we would surely post it on the Internet and the world would know by sunset.
Are there conflicts of interest? There may be a few. Find these listed in Marty’s article and the subsequent comment string. Also, feel free to inform or opine on this in the comment section.
What is the big picture?
For me, the movement of monies away from a non-profit organization that is built to facilitate ministry, ON BOTH ENDS, to put it in the hands of a for-profit organization that will be receiving a huge commission on the management of the fund is mind boggling. Let me clarify the statement that the Baptist Foundation of Texas facilitates ministry on both ends. The Foundation facilitates ministry at the Seminary by providing a return on the investment. The Seminary uses the interest from the $90 Mill, which is a LOT of money, and thereby furthers its goals. The Foundation facilitates ministry elsewhere by using that money to make loans to churches that help them build, renovate or whatever else they are seeking to do. Ministry on both ends of the equation.
Compile the loss of one half of that ministry facilitation with the TIFF funds that invest in alcohol, tobacco and gaming. The consideration is that we will do less ministry and will now support these three lifestyle issues (typically condemned by the SBC, Resolution 5 being one obvious example this year) by investing in what has been called “sin stocks” by the Resurgence leadership since the late 70′s.
This is the point that I just can’t swallow. Sacrifice ministry for financial gain on the backs of heartbreaking lifestyle choices within our culture. Anything else that is involved has become minutiae to me. Call me “old fashioned,” but I would rather not make money by selling people tobacco, or investing in the “house” that takes money from folks on games that are set up for them to lose. I don’t want to make money selling alcohol, either. I jsut don’t want any part of it. I know that people have a choice to be doing these things and our presence will not likely change it. It just seems like usury to me, and I don’t want to be in it.
Forgive me if I don’t want my alma mater to get into it, either.
Okay. Those are my thoughts for the moment. What are yours?
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Kevin Bussey
on Oct 17th, 2006
@ 9:05 am:
The whole thing is ridiculous! I love SWBTS and I was there with you. I’m not a fan of a lot going on there but I sure don’t want it to fail. I pray Dr. P can bring SWBTS back to the great Seminary it was and even make it better! I really mean that.
Everyone is is wrong here. It is like taking your ball and going home when you don’t get your way. This is the kind of mess that ticked me off in 94 and decided to stay out of SBC stuff. It is about to do it again. Uggh!
IMBLITS
on Oct 17th, 2006
@ 9:23 am:
BGCT, which sends millions to the CP every year, much of which finances the 6 SB seminaries, won’t allow those schools to recruit at the state convention?
Robin Curry
on Oct 17th, 2006
@ 11:38 am:
Sorry imblits, but I think you are asking the wrong question. The question should be…The BGCT sends millions to the CP every year, much of which finances the 6 SB seminaries, and yet the SBC and their institutions (particularly SWBTS) continually shut them out of committee and trustee positions and tell everyone within shouting distance that the BGCT is full of liberals that don’t believe the Bible (and you’ll end up one too if you stay a part of it or go to one of their schools). Why would the BGCT allow them to recruit at their state convention?
art rogers
on Oct 17th, 2006
@ 11:42 am:
IMBLITS and Robin,
You are both correct. It is a grudgefest from way back and both sides are guilty.
Lets not make either out to be the innocent victim, for neither are.
Robin Curry
on Oct 17th, 2006
@ 3:02 pm:
Thanks, Art. I can stipulate to that.
And I would add, I think it’s time for leaders on both sides to stop pursuing policies of entrenchment and start seeking ways to reconcile their differences and reunite under one banner, because we all need each other. The kingdom of Christ will be better for it.
If today’s leaders can’t do it, I pray that the LORD will raise new ones up. And soon.
art rogers
on Oct 17th, 2006
@ 3:18 pm:
Amen to that, Robin.
IMBLITS
on Oct 17th, 2006
@ 7:06 pm:
Robin, I picture you as female, pushed too far by my question and passionate about your denomination and your Lord. I fear that if I had been anywhere near you I would have gotten a severe glare along with my tongue-lashing. Way to go! Keep up the good work.! You and I both know that it isn’t that the leaders “can’t” but that they WON’T. Anytime the Lord is ready to raise up new leaders is fine with me and I have been telling Him that for a long time. I sense that that time is drawing near and I, for one, believe that bloggers are a part of His plan “for such a time as this.” I like you.
Robin Curry
on Oct 17th, 2006
@ 11:08 pm:
Thanks IMBLITS, but I’m a guy. Blame my parents for the confusion.
I didn’t really think of my response as a tongue-lashing, and apologize if it came across that way. Really just wanted to point out that things weren’t quite as cut-and-dried as your question seemed to imply.
I agree with Art, however, that both sides in Texas have made many mistakes, and I believe the fractured quagmire there is just a small foreshadowing of what the entire convention will look like if we continue down our current path of continually finding new hills on which to die.
I too agree that the voice of bloggers may be instrumental in bringing about a new day in the SBC – a great day in which we are united for one purpose – to further the Kingdom and make disciples.
IMBLITS
on Oct 18th, 2006
@ 9:08 am:
Robin, Peace and smiles.