Carey’s staff and Board struggled with the implications of COVID-related financial challenges into 2023. During the first five months of this year, we explored how Carey Theological College’s financial position was negatively impacted by the pandemic. This was despite efforts during the pandemic to maintain the sustainability of our operations, including the reduction of multiple administrative staff positions and internal debt to maintain operations. Much of Carey's income comes from short term accommodation in the summer months. Over the three years of the pandemic, we estimate that we lost between $2 and 2.5 million dollars of this revenue. This loss of revenue, plus the recent impact of increased interest rates and inflation meant that Carey needed to take additional measures to ensure financial sustainability.
With a heavy heart, I regret to inform that Drs. Ken Radant and Amy Chase will no longer be teaching courses after the Spring 2023 term and have been laid off. They have been valuable members of our community, and we are grateful for their contributions. We are saddened to see them go. We will be providing them with support during this transition.
The layoffs were made according to the curriculum needs that we anticipate in the next few years. It is important to emphasise that this difficult decision was not made lightly. We will do what we can to ensure that it will not affect the quality of students’ education nor their ability to complete their studies. Our commitment to providing a Christ-centred, Bible-based and ministry-focused education remains unchanged, and we will continue to offer the same high-quality instruction and support for students.
I would be remiss not to mention the broader challenges impacting seminaries like Carey, and the churches that we serve, including those of the Canadian Baptists of Western Canada. We are keenly aware that the pandemic has accelerated cultural shifts and changes in church life. The old models are not up to the task. Carey is not satisfied to limp forward according to the patterns of the past. We believe that God is doing something new. Carey will be engaging in a revisioning process in 2023 to hear from God and His people as we address these challenges within a financially sustainable model.
Please pray for those impacted directly by these changes and for God to lead Carey so that we are able to serve him faithfully in the next season.
Dr. Colin Godwin, President