Birmingham-Southern College Statement Regarding UMC North Alabama Conference Investment

For Immediate Release
Nov. 10, 2023

CONTACT: Virginia Gilbert Loftin
(205) 226-4938

B I R M I N G H A M – The North Alabama Conference of the United Methodist Church’s Board of Pension and Health Benefits has approved an investment in a note receivable from Birmingham-Southern College for $2.5 million in support of the College’s efforts to fully-maintain operations as it continues to secure funds for its permanent endowment. The investment is contingent on the City of Birmingham making a separate investment in the College of at least an equal amount.

The Board approved the investment on Thursday, Nov. 9, following a presentation by BSC President Daniel B. Coleman and BSC Board of Trustees Chair Rev. Keith D. Thompson ’83.

“We are deeply grateful to the North Alabama Conference for this demonstration of faith in the College and what it means to Birmingham, to Alabama, and to the world,” Coleman said. “The College we know today was formed in 1918 through the merger of two Methodist institutions – Southern University, founded in Greensboro in 1856 as a liberal arts institution, and Birmingham College, founded here in 1898 to educate managers and leaders in the still-new industrial city.

“Throughout the 100-plus years since that merger, BSC has remained grounded in the Methodist tradition of service. This partnership honors our history and will help ensure our future.”

A statement from the North Alabama Conference describes a one-year, zero-coupon instrument secured by a second mortgage on the campus of Birmingham-Southern, with interest set at a competitive rate. “This investment will not only help the College at a critical time, but also will provide an excellent return on investment,” the statement reads. “The Board believes investing in Birmingham-Southern College upholds its disciplinary charge to invest in ‘funds that make a positive contribution toward the realization of the goals outlined in the Social Principles of our Church.’”

On August 15, the Birmingham City Council passed a resolution that charged Mayor Randall Woodfin with creating an economic development plan of up to $5 million to support Birmingham-Southern College. “Since then, we have continued to work with Mayor Woodfin, who will formally present his plan to the Council on Nov. 21,” Coleman said. “We are grateful to him and to the Council for their consideration of this critically important support.”