Page 26 - Priorities #36 2007-January Annual Report

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The Priory Is at a Turning Point
The Priory is at a turning point—one that was recognized almost a decade ago. The excellent education and school inherited from the founders was aging and needed revitalizing.
In 1997, administrators and board of trustees members initiated a wide-ranging study that, at its conclusion, called for a re-tooling of educational offerings, a competitive compensation package, and modern facilities to support this Priory of the new millennium.
The education and compensation changes accomplished a few years ago are working well, and the Priory is a highly regarded academic institution with sound financing.
The need for facilities remains, and funding for the Trinity Project is incomplete. The education and compensation goals were achieved by adjusting income and expense categories of the annual budget. New facilities can’t be funded in this way—only gifts can generate the millions of dollars needed in a short time frame. Generous donors with a passion for the Priory’s values have propelled the project forward, but at the same time cost increases have raised the bar.
A second turning point will occur as
the monks retire and lay leaders take more responsibility. While the last three aren’t planning on retiring any time soon, lay leaders are already taking more leadership. Funding the monks’ retirement and preserving their school are high priorities.