Birmingham-Southern College’s doors will remain open, thanks to a unanimous vote by its board of trustees Wednesday night.
The decision was announced today after months of BSC seeking $37.5 million in bridge funding from the State of Alabama, City of Birmingham and Jefferson County.
“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.”
BSC 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% of BSC’s annual operating budget, providing the stability needed for the long term, the college says.