According to Board of Trustees Chair Gary Hall and Vice-Chair Canon Bonnie Anderson, the October 27-29 trustees meeting on the seminary\u2019s Cambridge, Massachusetts campus \u201caccepted the 2016 audit report which contained the sobering news that EDS\u2019s net assets decreased by $7.9 million (11%) in the last fiscal year.\u201d\u009d The deficit is nearly a third larger than EDS Board Treasurer Dennis Stark revealed in July, an amount that was already 30 percent \u201cabove a reasonable amount\u201d\u009d according to the official.<\/p>\n
This follows a decrease of nearly $6.5 million (8.5%) in 2015.<\/p>\n
\u201cAs the fiduciary stewards of EDS\u2019s assets and mission, we are obviously dismayed at the size of EDS\u2019s losses, but the news has redoubled our commitment to finding a more sustainable and prudent future for the seminary by the end of fiscal year 2017,\u201d\u009d Hall and Anderson wrote.<\/p>\n