Bible College Foundation was established in the early 1980s and grew out of a very real need, as Bible College of New Zealand faced difficult times. Student numbers fluctuated, programme costs increased and there was debt to finance. At the same time the retail Bookshop and commercial Press (which were subsidising College operations) faced difficult trading conditions. In confronting the situation it was decided that College needed to concentrate on its core business - training students, and be released from the responsibility of servicing debt and running business centres.

Disciplines and skills, distinct from the needs of College, were needed for debt funding, business management and investment strategies. To meet this need the Boards of the bookshop and Press (“the support agencies”) were strengthened. They were given the responsibility for servicing and repaying the debt of nearly $500,000 raised by the College on the security of the Lincoln Road Campus, to build the family street.

This move resulted in College being able to focus on its teaching role with the rents from the family housing becoming available as part of the College budget, instead of being needed to service the debt. Even with this help, because College sought to keep student fees to minimum, nearly 40% of the College budget was dependent on “at will” giving.

The huge dependence on donations to fund College was recognised as unhealthy. The need to have a balanced budget was recognised. The goal that was set was for the budget to be fully funded from fees, accommodation income, pledged giving and income from “the support agencies”, and to help accomplish this, two initiatives were taken:

• The Onesimus Fellowship was established to encourage “pledged giving”.
  
• The support agencies would repay the College debt and also contribute funds towards the College budget.

And as the College was set free to concentrate on its task so the “Support Agencies” were to concentrate on their functions. The “support agencies” were looked on as an endowment for Bible College of New Zealand. Their charter was to make regular contributions available for the College budget. College would decide how any monies contributed would be spent.

Later our legal advisers pointed out that the existing incorporated companies and societies which formed the support agencies, were not entirely suitable vehicles for this purpose and recommended the establishment of Bible College Foundation. The Foundation was established in 1986 as a separate legal entity and became active in 1988.

Following a debenture and loan reduction programme, it was pleasing for the IPPS directors to announce that all debts registered against the College land at Henderson had been discharged as at 26 July 1993 and that the security registered over the property had been released. In addition, a substantial capital sum had been built up. In light of changing market conditions, and over time, the retail bookshop and commercial press were sold. By 1998 all capital monies of the “support agencies” had been consolidated in the Foundation - now called the College’s Endowment Agency. But not before the “support agencies” as a group had made substantial contributions to the College towards the provision of additional student housing, the purchase of a property for the College’s Christchurch Branch, and the purchase of the additional land which has recently been added to the Henderson campus.

In the ten-year period from the establishment of Bible College Foundation in 1988 through to 1997 the Support Agencies:
1. Received and administered legacies of $753,860.
2. Serviced and repaid the College debt of $421,290.
3. Made supportive payments to the College :
    a. From their general operating funds of $2,085,218.
    b. From their capital resources of $986,486.
    Both sum up to a total of $3,071,701.
4. And still has a net investment of $2,000,000.
In 1998, the consolidated Endowment trustees will provide the College with loans and grants of $1,280,000.

The objects of the Foundation are to contribute to:
• Costs of the College and branches.
• Maintain College property and buildings.
• Provide student scholarships.
• Make grants to faculty.
• Own College property.
• Fund training and instruction in Christian faith.

In looking ahead the Foundation has two goals:
1. To increase its capital fund from its present net value of $2,000,000 to  ....$20,000,000 over the next ten years.
2. To increase the annual grant made to the Budget of College.

The Appeal of the Foundation

The Foundation provides the opportunity for donors to make a capital gift, transfer an asset or investment, or provide for a legacy that will be invested to provide funds that will support students year after year. This is an alternative to making a one off donation for present operating needs.

Policies

The Foundation will accept gifts, legacies, the transfer of assets, property, shares, investments and also retain some of the income it earns so that its capital base will grow. Normally, funds will not be borrowed against assets except where the trustees deem that such borrowing will be in the best interests of fulfilling the objects of the Foundation. Funds will be accepted on deposit. The Foundation will benefit from interest that is earned. The Foundation will earn income from rents, interest, dividends and profits earned.

By the 1st September each year the Foundation will advise the College of the grant it intends making from the projected income of that financial year. This income will be paid in quarterly instalments during the following year.

Deposits

Term deposits will be accepted on an agreed basis. Certificates will be issued to confirm the deposit and the terms on which is accepted. Term deposits will not normally be broken. However when a depositor faces an unexpected need and requests early repayment, particularly on non interest bearing deposits, the Foundation will seek to respond to that request if at all possible.

Investment Policies

Normally the Foundation will not invest in projects being sponsored by Bible College of New Zealand. If they were to invest in College projects this could only be considered where commercial security is being offered, and the Foundation is able to support any endeavour financially without depleting its own resources.

Trustees

At least half the Trustees are required to be members of the National Council of Bible College of New Zealand and the College Council approves the appointment of all Trustees. Trustees are appointed for a period of five years. To find out who our Trustees are, please click here.