Birmingham-Southern College’s Board of Trustees voted unanimously to keep the college open, the school announced Thursday.
“The Board of Trustees has made the informed and thoughtful decision to keep Birmingham-Southern open,” said the Rev. Keith D. Thompson, chair of the board. “We have been working closely with our allies in state and local government to secure bridge funding.
“Thanks to their leadership, the board felt comfortable with moving forward, and has charged President Daniel Coleman with preparing for a public fundraising campaign to restore the college’s endowment.”
The school said it has secured nearly $46 million in pledges from private donors toward a goal of $200 million in endowment and has sought bridge funding from public sources to allow time to finish that campaign. A $200 million endowment will support 20 percent of BSC’s annual operating budget, providing the stability needed for the long term, according to the news release.
Much work lies ahead for the college, Coleman said.
“We are already reaching out to our prospective students and will be hiring faculty and staff to ensure that we are delivering the full BSC experience this fall,” he said. “We will also be gearing up for the public phase of the endowment campaign, which will ensure our long-term financial resilience.”
Thompson said it is impossible to answer with certainty every question relating to the college’s finances until the Alabama legislative session concludes.
“President Coleman and so many others have been working tirelessly to secure the resources needed to take BSC forward,” he said. “We are especially grateful to the elected officials who have championed this cause because of its impact on Birmingham and Alabama. And we are also deeply grateful for the outpouring of support from our alumni, students, faculty, staff, parents, the business community, and friends who have written, called, emailed, and met with elected officials to help make the case for public support. That has sent a powerful signal about what BSC means to Alabama.
“We will continue to work with legislators through the end of the legislative session to ensure all are aware of the significant direct economic impact BSC provides each and every year, as well as the immense contributions made by our alumni to the civic, business, and political leadership of our state.”
BSC has an annual direct economic impact of $97.2 million on the state, according to an independent study by Dr. Keivan Duravi released in February.
