Report of the Board of Directors of Pinebrook Junior College
The 108th Annual Conference approved the recommendation of the Board of Pinebrook Junior College to close its educational program. At Annual Conference, the date of closure was June 30, 1992; to make possible the completion of a second year of the Bible Certificate Program, the Board of Directors of Bible Fellowship Church upon recommendation of the Board of College, extended the time to provide courses in that curriculum to September 30, 1992.
The Board of Directors of Pinebrook Junior College expresses thanks to God for the privilege of educating the men and women who studied at Berean Bible School and Pinebrook Junior College through 42 years of operation. The training, skills and commitment of faculty, staff and administration through all these years are another cause for praise to our Lord. We also praise God for our churches and individual members of our churches who have faithfully supported this work in prayer and with financial gifts. We anticipate that our Lord will use the graduates and former students of the College to the honor of His name and the extension of His church until Christ returns.
Despite the difficulties of a last year, it was a good year. On May 2, 1992, thirty-seven associate degrees and seven Bible certificates were granted. Many colleges offered to transfer credits for students who have not completed their degree. Nyack College’s program of transfer was attractive, and twenty-seven former Pinebrook students are enrolled there now, and other former students are continuing their education at other colleges.
Nyack College is now the custodian of the permanent academic records of all Berean Bible School and Pinebrook Junior College graduates and non-graduates. Any former student desiring an academic or financial aid transcript should request it in writing from: Office of the Registrar, Nyack College, Nyack, NY 10960.
Philadelphia College of the Bible purchased the books and equipment which were our library. These books are supporting the new PCB campus at Liberty Corner, NJ, and the new graduate program at Langhorne.
Lee Boyles, William A. Emerick, Inc. is seeking a buyer for the 20 plus acres which were the main campus. The asking price now is $1,950,000.00. No offer has been made for the property. The property at 428 South Main Street was sold. After closing costs were paid, $135,000.00 remained and is being used to meet current expenses: debt service, property maintenance, and minimal operations.
At this time all creditors have been paid in full except Meridian Bank, Quakertown National Bank, and four individuals. The Board of Directors of Bible Fellowship Church has made available to the College $50,000.00 for use by the college for cash flow purposes, if needed prior to the sale of the property and to be repaid after the sale of the property.
We request that churches continue to give to the College until the property is sold, and that upon sale of the property, they continue to support the Pinebrook Educational Foundation.
The Board of Directors of Pinebrook Junior College desires to establish the Pinebrook Educational Foundation to extend the usefulness of endowment funds accumulated during the years of the College’s existence. To achieve this, we present the following material and recommend the approval of the resolutions below.
Pinebrook Educational Foundation
MISSION
The purpose of the Pinebrook Educational Foundation is to continue the ministry of Pinebrook Junior College/Berean Bible School through an organized approach to aid persons and institutions involved in Christian post-secondary education.
OVERVIEW
The Pinebrook Educational Foundation would receive, invest, administer, and disburse funds to aid persons and institutions involved in Christian higher education. Emphasis and priority would be given to educational endeavors closely related to the Bible Fellowship Church. Its structure would be broad enough to include a wide spectrum of aid projects.
CONTROL
The Pinebrook Educational Foundation (PEF) would be created by direction of the Annual Conference of the Bible Fellowship Church (BFC). A board of no less than six (6) members would be elected by the Annual Conference and that board would be answerable to the Annual Conference. The PEF would rely upon the ongoing sponsorship of the BFC.
The PEF would have the appropriate entity status (incorporation, etc.) for this type of activity, as determined by legal counsel. Internal Revenue Service recognition for tax deductible donations would be necessary.
ADMINISTRATION
Administration of the Foundation would be the responsibility of an Executive Director. Hopefully, this position would begin as a volunteer post. Part-time secretarial help should be the only paid personnel costs in the early years. The Executive Director, along with help from board members, would: design application forms, set up an accounting system, process applications, disburse funds, communicate with the investment agency, report to donors and to the Annual Conference.
An investment agent (bank trust department, financial management firm, money manager, etc.) would do the actual investing of Foundation monies. Risk levels and investment criteria would be set by the board.
Sources of funds would be: present Pinebrook Junior College (PJC) endowment funds, excess proceeds from the sale of the PJC property, gifts from donors, bequests, annuity arrangements, grants from other foundations, proceeds from general and endowment investments.
Uses of funds would be: administrative costs, grants, and loans. Administrative costs should be limited to not exceed some reasonable percentage of proceeds. Grants could be made to individuals or institutions. Loans would probably be made only to individuals.
Current PJC support groups such as the Fellows, Ladies Auxiliary and Alumni Association would continue to function. They could raise funds, generate enthusiasm and provide counsel to the Foundation.
AID PROJECTS
As stated in the Overview, the Foundation would be structured to include many types of aid to Christian higher education. Various programs of aid would be delineated by “funds” or accounts within the Foundation. Donors would be encouraged to contribute to funds set up as endowments in order to insure a continuous stream of proceeds for the future. However, donations to funds which are funded by current gifts would also be encouraged. Undesignated gifts would go to a General Fund from which administrative costs and board-directed grants/loans would be made. Sizable initial gifts could create an endowment of the donor’s choosing, subject to board approval.
A list of suggested funds and/or types of educational aid follows. They are numbered for ease of reference, not by priority rank:
1. General Fund
2. Aid to students anticipating full-time service in a BFC church or agency. (This could be a loan program with forgiveness provisions similar to some teacher loan programs).
3. Aid to BFC ministers in graduate or doctoral programs.
4. Aid to selected educational institutions compatible with the BFC.
5. Aid to descendants of graduates of Berean Bible School (Grandchildren, etc.)
6. Aid to children and descendants of graduates of Pinebrook Junior College.
7. Aid to members of BFC churches.
8. Aid to children/dependents of full-time BFC employees (ministers, missionaries, agency employees).
9. Aid commemorating a living or departed person (donations made in honor or memory of that person).
Recommendation:
In a meeting on August 6, 1992, the Committee on Pinebrook Educational Foundation and the Bible Fellowship Study Committee on Higher Education jointly and unanimously approved submitting to the 109th Annual Conference the resolutions below.
RESOLVED, that a Committee be appointed, including representation from the Higher Education Study Committee and the Pinebrook Educational Foundation Committee, to prepare legislation for an ongoing Board of Higher Education, which will provide for the support of higher education on both the undergraduate and graduate level through the establishment of the Pinebrook Educational Foundation; and be it further
RESOLVED, that the same committee be authorized by Annual Conference to enter into an affiliation with Biblical Theological Seminary which may initially include no more than board of trustees representation, Bible Fellowship Church course offerings, and a chaplaincy program. This affiliation shall be further developed by the Board of Higher Education, subject to the approval of Annual Conference; and be it further
RESOLVED, that any remaining assets of Pinebrook Junior College, as determined by the Board of Directors of the Bible Fellowship Church, be reserved until the establishment of the Pinebrook Educational Foundation; and be it further
RESOLVED, that particular churches be encouraged to consider redirecting their giving to higher education toward the Pinebrook Educational Foundation.
Board of Directors of Pinebrook Junior College: Raymond R. Dotts, Chairman; Carl C. Cassel, President; Thomas P. Shorb, Secretary; Jay H. Fasnacht, Treasurer; Kenneth F. Barber, Dennis M. Cahill, G. Wayne Clapier, Carol A. Gearhart, John H. Herb, Rodney A. Muthard, Robert C. Newman, Ronald W. Reed, L. James Roberts, Jr., C. Robert Roth, Russell M. Ruch, Karen R. Stull, Robert H. Zentz.