FORT WORTH, Texas (BP) — Southwestern Baptist Theological Seminary (SWBTS) has moved “from instability to stability, from a time of crisis and challenge to a time of hopefulness … only because of God’s goodness and grace to this institution,” President David S. Dockery told the board of trustees Oct. 23 in its fall meeting during which trustees approved two task team reports, elected and promoted a faculty member, and participated in a campus prayer walk with faculty, students and staff.

“We started 2024 in a good place,” Dockery told trustees in his report to the board, noting key financial areas of improvement from 2022 to 2024, such as increases in total tuition, unrestricted gifts and operating revenue while lowering operating expenses and eliminating short-term debt. Cash reserves increased from $1.7 million in 2022 with a short-term debt of $4.2 million, to more than $12 million cash on hand with no short-term debt in 2024, he said.

“Ultimately our report today, Mr. Chairman, concludes with four words that summarize the heart of the Southwestern campus: Thanks be to God,” Dockery said.

Echoing Dockery’s affirmation of those who have given to the seminary in recent years, trustees unanimously approved a resolution to express “gratitude to the donors of Southwestern Baptist Theological Seminary for their responsiveness to the Lord’s leading and their abundant generosity during the past two years.”

In his written report to trustees, Dockery also pointed to enrollment gains in the last two years: non-duplicating headcount, 3,403 to 3,586; annual credit hours taught, 33,253 to 35,984; and traditional full-time equivalent, 1,375 to 1,471.

In his report to the trustees, board Chairman Jonathan Richard commended Dockery for “two years of commendable service,” noting the institution has “flourished” under his leadership.

Dockery “has led us to a place of financial stability that we had not dreamed was possible 24 months ago,” Richard said. “… I give glory to God for that and thanks to Dr. Dockery for his willingness to be used by God in such a way that we have made such tremendous strides toward financial stability.”

Richard also expressed appreciation to the trustees for “being so engaged and willing to ask valuable questions and contribute to healthy discussion.”

After 10 months, the Space and Property Utilization Task Team issued a report that was recommended for adoption by the board’s executive committee and unanimously approved by the board. The task team was chaired by trustee Mike Bussey and Travis Trawick, vice president for administration, effectiveness and strategy, and composed of trustees, administrators and outside consultants.

The approved recommendations were to:

• Maintain the seminary’s commitment “to serving both online and residential students from the existing campus.”
• “Explore innovative ways to gain efficiencies of its existing space” and “recognize the need to consider repurposing some campus facilities, which are currently underutilized and in need of updates and renovations.”
• Explore “opportunities for increasing event availability awareness.”
• Authorize the seminary’s realtor “to seek potential buyers for underutilized and/or unsustainable property who will directly or indirectly enhance quality of life for students and contribute to the revitalization of the neighborhood surrounding the seminary.”
• Remain steadfast in prayer, “seeking the Lord for wisdom and direction necessary to ensure that the seminary will continue to serve in a faithful manner both the current generation of students as well as those yet to come.”

Dockery said he believes the report and recommendations have the “opportunity to strengthen the seminary for years to come.”

The report also recommended that periodic audits of the space on campus be conducted to assist in the ongoing plans of the seminary.

Trustees also approved unanimously a new board policy manual and revised bylaws as recommended by the executive committee, which received a report from a trustee task team appointed in October 2023 by Richard “to guide the work of the board and the seminary administration in their shared efforts to set and implement policy and to advance the mission of the seminary.” The new manual was “initiated to strengthen the work of the board as well as to provide responses to concerns” raised by the Southern Association of Colleges and Schools Commission on Colleges resulting in warnings being placed on the seminary’s accreditation.

Trustees also approved unanimously the election of Kevin W. Rodgers to the faculty and promotion to the rank of professor of missions. Rodgers and his wife, Suzanne, served the International Mission Board as missionaries in Sub-Saharan Africa for more than 20 years before returning to the United States to join the Southwestern faculty. He holds degrees from the University of North Carolina, Mid-America Baptist Theological Seminary and Southeastern Baptist Theological Seminary.

On Oct. 22, trustees participated with faculty, students and staff in a campus prayer walk that featured tables of the various schools, departments and offices, and prayer points for each, available on the seminary’s prayer page.

“I know that I am deeply grateful for the prayers of so many throughout, not just today and not just this week, but my life and ministry,” Richard said. “And I am humbled to know that this seminary is praying for us in the same way that we are praying for them.”

In other unanimous actions, trustees:

• approved students nominated by the faculty and certified by the registrar as having met all requirements for fall 2024 graduation, and prayed for the graduates and their families;
• approved individuals nominated to receive the B.H. Carroll and L.R. Scarborough awards, which will be announced later;
• approved responses to four referrals from the Southern Baptist Convention (SBC) to be published in the 2025 SBC Book of Reports;
• received the announcement that Ted Cabal will be made senior professor, effective Jan. 1, 2025, who has served since 2020, and previously served Southwestern, 1994-98;
• expressed appreciation for the service of trustees Darius Nable, Pennsylvania-South Jersey, and Todd Houston, Tennessee;
• approved the sale of a property not contiguous with the campus located on James Avenue for $375,000; and
• approved amendments to the seminary’s investment policy statement.