After the schools became insolvent in July, Brian Stiller was appointed interim volunteer president and CEO. He also continued to serve in his role as president of Evangelical Fellowship of Canada.
After laying off all of its staff for the summer, the school instituted a funding drive called, "Operation Restore Hope". The goal was to raise $1.5 million by May 31, 1996 in order to satisfy creditors and continue operations. Some lenders agreed to forgive all or portions of debts owed to them.
The Board of Governors resigned effective Nov. 27, the date of the annual meeting. In an open letter to all associated with OBC/OTS, the Board acknowledged they are "ultimately accountable for the operation of the institution . . . we recognize our failures in not more carefully administering our calling and we can see that there were times in which we did not make the best of decisions. For this failure, we humbly ask your forgiveness."
The operating budget was reduced by almost $1 million, from $5.7 million to $4.9 million for this year's operating budget. The summer layoffs saved $500,000. The cabinet decreased annual operating expenditures by $300,000 through measures such as consolidating common functions of the two schools.
OBC/OTS only brought back staff as money was available.
Stiller said improvements are still desperately needed in the library and in computer equipment.
However, despite increased tuition rates and the schools' struggles this summer, enrollment is reasonably close to last year's figures. Enrollment at OBC was 492 students compared with 552 in 1994. There were fewer first-year students enrolled than usual. The seminary enrolled 524 students compared to 532 in 1994.
Part-time enrollment is down at both schools.
from Connections