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Dear Friends,
Nearly one year ago - February 22, 2022 - we made an announcement
launching a new initiative we called LCU to You. Along with academic
changes and the creation of the Lincoln Christian Institute, we also
stated our intention to pursue ways to right-size our campus to this
new model. In June 2022 we announced that we were leasing a portion
of our campus to Open Arms Christian Fellowship, and that an option
to purchase was included as part of the lease contract language.
Today, I want to share with you that we have completed the sale to
Open Arms. They purchased the Chapel, Laughlin Center, athletic
fields, Ruth Hall, Titus Hall, and Alumni Hall for $3,975,000. LCU
retains ownership of Restoration Hall, the Administration Building,
the Warehouse, Timothy Hall, Harmony Hall, Henderson Hall, and 16
acres of green-space along Route 10 between Chapel View Drive and
the former student apartments.
I am relieved to be done with something we've worked so diligently
toward for months. I'm also happy to see facilities that we cannot
use be put to good Kingdom use with people who have been, and
continue to be, good neighbors to us over the last few months as
they have leased that portion of the property.
[to top of second column in this letter] |
And, of course, I'm feeling sad and nostalgic. Like
moving to a new house, or a new town, or watching a child leave the
nest, I'll miss what once was. But with the realization that change
is a part of life and of ministry, overall, I am deeply grateful
that less than one year after our announcement of our LCU to You
restructure, we have a campus that better fits our new model and
have reduced our debt by more than half, to approximately $3.3
million.
These steps, while often painful, are making real progress. We ended
this past semester without using our line of credit - something we
have not been able to do in more than twenty years. That fact along
with the sale to Open Arms that has now been completed also helped
produce our first audit without a single finding, material
deficiency, or weakness, since 2008.
We have all endured much, but there is also much to be thankful and
hopeful for. Praise God from whom all blessings flow, and may we
ever be wise and faithful with them.
Sincerely,
Silas L. McCormick, JD, PhD
President [Posted
February 18,
2023]
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