During its semi-annual meeting the Board of Trustees on May 15, 2009 passed a balanced budget for FY 2010 (July 1, 2009-June 30, 2010) reflecting significant adjustments to seminary life in response to the global financial downturn over the last year and its effect on revenue sources.

Historically attentive to controlling costs and operating with a lean academic and administrative staff, the seminary redoubled cost-cutting measures early in 2009. One third of the Seminary's operating budget is from tuition and two thirds is derived from direct donations, income from endowments and ancillary activities. All these income sources other than tuition, which has not been increased for 2010, are anticipated to be significantly less in 2010.

With regard to reducing operating expenses the Seminary has taken the following measures

• FY 2009 expenses were reduced by 6.6% from the prior year
• Budget expenses in FY2010 are further reduced by 15.3% from 2009
• The combined expense reduction from 2008 is 20.9%
• Approximately 85% of the decreases are achieved though personnel reductions in both instruction and administration and 10% salary reduction across the board
• The remaining 15% decrease comes from deferral of major maintenance projects, energy conservation, and careful monitoring of all non-essential spending

These painful but prudent steps have been taken by the Board of Trustees to assure that St Vladimir's Seminary continues its long and God-protected history as the premier school of Orthodox theology in North America and the world.  The Board is confident that, while challenged by the current situation, the Seminary's ability to fulfill its mission, to "prepare students for ministry as bishops, priests, deacons, lay leaders, and scholars to build up Orthodox Christian communities, to foster Church growth through mission and evangelism, teach the Orthodox faith, and care for those in need" will be undiminished by these decisions.

The Seminary's Board of Trustees is independent, experienced, and diverse.  Its membership, drawn from the various Orthodox jurisdictions that the Seminary serves, includes clergy and laity distinguished by their achievements in such fields as finance, business, media, law, medicine, and education.  At St Vladimir's Orthodox Theological Seminary, governance and accountability is a commitment shared by the Board of Trustees, employees, and faculty. The Trustees undertake their fiduciary responsibility to assure the integrity of the Seminary's financial condition by their own personal generosity and by their professional oversight of seminary endowments and budgets.

Since 1963 all annual financial statements have been prepared and certified by an independent external auditing firm and filed as required with the University of the State of New York, Education Department. The audited financial statements have always been made public and a number of years can be accessed on the Seminary Web site.

For over seventy years, the Seminary has been able to depend upon the generosity of the wide community of faithful Orthodox donors, alumni and benefactors and continues to rely upon your prayers and financial donations.