Campus Value & Facilities Update
As part of the ongoing work to re-envision PSR and create financial stability and growth for the PSR endowment and the community it serves, in May of 2013, the PSR Board of Trustees created the Campus Value Capture Committee.
The charge of the committee was to: “Unlock the value in PSR’s real estate assets, so that we can re-deploy their value for the mission of the school. Explore ways, and make a decision within twelve months, to effectively capture and leverage the campus’ value, including possibilities of sale, lease, and/or equity share. The decision should take into account the importance of a campus in creating and fostering community.”
PSR has been working strategically to create new and sustainable programs; to support theologically rooted, spiritually grounded changemakers for the 21st Century. An important facet of that work is financial health and sustainability, and the work of our Committee will add to that aspect of strategic growth.
Hours of research, exploration, analysis and discussion by all involved have resulted in very robust and high quality process with a good range of options to consider.
Along with the buildings on the PSR Quad, the school owns over a dozen residential properties nearby, as well as an apartment building and the Arch Dormitory. Because the strategic vision of the school is changing, the housing needs and financial structure of the school will need to change in response.
The Fall Semester saw the Committee working closely with HartWest to develop scenarios for further action. They collected data about square footage of classroom and office space, class sizes and classroom usage, about housing type and vacancy rates, about the size and number of ad- ministrative offices. Based on that data, they met with GTU member schools to compare their needs for space and discuss options. Talks are ongoing with GTU schools about lease/purchase options to sharing classroom and administrative space on the Quad based on that work.
The work with HartWest resulted in several pos- sible scenarios for PSR’s residential properties. Because they are ongoing, the details of those conversations remain private for the moment. Our goal is to be as transparent as possible with the details of our process, but honor the confidentiality of the individual organizations as necessary. The trustees are very aware of the importance of residential options for PSR students.
Finally, and importantly, whatever arrangement is finally decided upon, both the Committee and the PSR Board of Trustees is dedicated to making the most financially sound decisions possible for the school.