Southwestern trustees receive reports of financial stability and enrollment gains, affirm revised MDiv.

Southwestern Baptist Theological Seminary Board of Trustees heard about the institution’s progress “from a time of serious challenge” two years ago to a “time of stability and hopefulness,” President David S. Dockery said during his report during the spring meeting, April 9. “It has happened because God’s been so kind to us.”

“His providential care has enabled us to work together as a team,” Dockery said, noting that team includes faculty, staff, trustees, and others. “… It will be a team effort that carries us forward.”

During the meeting in which all recommendations received unanimous support, the board also adopted the 2025-2026 fiscal year budget, affirmed a revised Master of Divinity degree and other curricular changes, approved the appointments and promotion of faculty, the election of new officers, and other actions.

Dockery noted “objective markers” of financial stability, including a January report that showed the seminary’s revenue was $5.2 million above its expenses at that time. The institution’s Composite Financial Index improved from below zero to +3.0 while its Bank Covenant Ratio rose from 0.04 to 1.21 during the past two years.

The fiscal year 2025-2026 budget of $37.55 million was described by Mike Bussey, chairman of the business administration committee, as both “conservative and faith-filled,” and allowing for the complete funding of depreciation.

“This proposed budget represents the goodness of God on this place,” Chairman Jonathan Richard said. “… And we can together say praise the Lord for His kindness.”

Dockery also gave an update on the revised Master of Divinity program, approved unanimously by faculty earlier this year with changes made with an awareness of accreditation expectations.

“I’m excited about the new MDiv program, excited about the work of the faculty in putting it together,” Dockery said, adding the program will “serve our students better, that will relate to churches well, that will align and cohere with our ministry assignment of the Southern Baptist Convention, and will help us help our students have a more efficient and hopefully affordable program.”

Enrollment has seen increases, from 2,782 in the fall of 2023 to 2,850 in the fall of 2024, and 2,711 in the spring of 2024 to 2,726 in the spring of 2025, Dockery said.

Matthew Kirkland, chairman of the enrollment, retention, and student services committee, reported that new student enrollment increased 8.3 percent for the seminary, 20 percent in the Texas Baptist College (TBC), while international students had increased by 150 year-to-year.

“It amazes me how far we have come in the past two years together,” Richard said. “The tone of our meeting this week has been incredibly different than the tone of our meeting just two years ago. Two years ago, this time, we were begging God to save our seminary and today we are thanking God for all He has done.”

Richard said he believes much of that change has been because of the prioritization of prayer on the campus, including a day of prayer held during the chapel service the trustees were able to be a part of on April 8.

“I’m thankful for the many seminary leaders who place an appropriately high value on prayer,” Richard said.

Richard also praised Dockery for his calm leadership over the past two years as president and interim president prior to that.

“Dr. Dockery’s quiet but firm leadership has been invaluable to this institution,” Richard said. “And its allowed us to look towards the future with optimism, knowing that our faithful God is still blessing this place.”

Dockery said the seminary is prioritizing institutional stewardship, not just in areas of finances, but in the classrooms, meetings, the campus, and through the handling of the mission of pursuing the Great Commandment and the Great Commission, so those in the seminary can be found faithful in fulfilling God’s purposes.

“Join me, please, giving thanks to God for what He’s done,” Dockery said. “With a sense of hopefulness for the days ahead, let us together say thanks be to God for these blessings to Southwestern Seminary.”

During the meeting, Dockery and the board expressed gratitude to Richard for his two years as chairman of the board during a difficult time. Richard said it was an honor, and one that he could only fulfill because of the support of his family and First Baptist Church Estancia, New Mexico, where he has pastored for 17 years.

“Without their unwavering support and encouragement, it would not have been possible for me to attend to my responsibilities as chairman of the Board of Trustees at Southwestern Seminary,” Richard said. “I am a blessed man to be their pastor and I thank God for them.”

The board elected vice chairman Bob Brown as the new chairman and Tim Williams as the vice chairman, and re-elected Angela Duncan as secretary. They also expressed gratitude to five outgoing members who each served 10 years or more, including Paul Kim, Andre Palmer, Phillip Levant, Mark Hindman, and JoAnne Ruble. Also recognized was former chairman Danny Roberts.

Trustees also learned that Dean Sieberhagen, having served as the interim dean of the Roy J. Fish School of Evangelism and Missions since July 2023, has been appointed dean. Sieberhagen first came to Southwestern in 2013 as professor of missions, having served as a missionary for the International Mission Board with his wife, Sandra, and four sons in Central Asia for more than 10 years.

TBC Dean Carl Bradford’s promotion from assistant to associate professor of evangelism was approved, as was the renewal of presidential appointments for 11 faculty members.

Trustees also affirmed the re-establishment of the Southwestern Seminary Development Foundation and named its members, including Dockery as president.

In other actions, trustees approved the spring 2025 graduation of 408 students, continued use of Guinn, Smith & Co., Inc., as financial auditors for the 2025 fiscal year, and updates to the investment policy statement.