Presbyterian Foundation
announces staff reduction
Presbyterian Foundation news release, Posted Thursday, March 26, 2009
JEFFERSONVILLE, Ind. – The Presbyterian Foundation has announced a reduction in staff affecting employees in its national office, as well as four development offices, in an effort to reduce payroll expenses and manage budgets during this challenging economic period.
The Foundation and its subsidiary, New Covenant Trust Company, announced an early retirement incentive program in February in an attempt to achieve reductions in overhead with minimal disruption to the remaining employees. To qualify to participate in the voluntary plan, employees must have been age 55 and older with at least three years of service. Seven of the 15 eligible employees elected to retire effective March 23, 2009.
“The Foundation has not been immune from the effects of the nation’s recession. While we made what we think was the most compassionate decision first,” said Robert E. Leech, president and CEO of the Foundation, “we were called upon to make further involuntary reductions in staff this week in order to respond to the severe economic downturn – while continuing to serve current donors and manage the endowments that have been left in our care over the previous 200 years.”
“Given the Foundation’s revenues, which have been seriously impacted by the stock markets, the leadership of the organization made the extremely difficult decision to reduce staff,” said Leech.
“We are deeply saddened that these faithful servants of the church are no longer with us. This in no way diminishes our commitment to the historical mission of the Presbyterian Foundation: raising, managing and distributing money for the missions of the PCUSA. However, it does change how we go about fulfilling that commitment,” commented Mark Klemm, senior vice president of development.
“Despite these very difficult economic times, Presbyterians are still making gifts to the Church. We are committed to assisting them in every possible way,” said Klemm.
The combination of early retirements and staff reductions has impacted five full-time development offices and one part-time development office, with 10 offices remaining across the country
The Presbyterian Church (USA) Foundation cultivates, attracts and manages financial resources of individuals and institutions to serve Christ’s mission through the PCUSA’s mission and ministries.