Lincoln Christian University Closes Debt-Free, Will Open New Institute
The university has plans to continue its ministry through a new entity.
When Lincoln Christian University (LCU) planned its closure last October, it expected it would have $2.6 million in outstanding debt.
Former campus of Lincoln Christian University
But when it closed on May 31, the university was not only debt free, it also had cash on hand to begin the operation of the Lincoln Christian Institute.
Tanner Green, former chairman of LCU and now chair of the institute, told the Christian Standard the university staff showed a lot of perseverance as they worked to close down LCU in a positive way.
“I walk away inspired,” Green, an LCU alumni, said. “I saw a group of people who were ready to make the best decision, the next right decision, with the circumstances in front of them—and to do so with an eye on reality and also an eye on hopefulness and vision.”
LCU had existed in Lincoln, Illinois, for 80 years, but was plagued by declining enrollment and burdened with debt.
It began selling off various university assets, including its campus which was purchased by a local church.
It also donated some assets and a scholarship endowment to Ozark Christian College (OCC), which is launching Lincoln Seminary at its campus.
LCU President Silas McCormick will stay on to run the new Lincoln Christian Institute as its executive director. The institute will offer training courses for pastors taught by former LCU professors, LCU graduates, and OCC professors.
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The program is not accredited, but the hope is that the shorter certificate program will encourage its attendees to pursue a more robust Bible college or seminary education.
“These courses are our attempt to feed more people into the pipeline,” McCormick said.
Lincoln Christian Institute will also offer pulpit supply to local churches, conflict resolution, governance guidance, and will host the Midwest Ministers Retreat and Church Leaders Conference that LCU started.
Lincoln Christian Institute, which has the same board as LCU and will continue under the same nonprofit organization with a new DBA, has several income-producing assets that will help fund its work. These include a farm and broadcasting license that generate income through lease agreements, two income-producing oil derricks in Texas, and two charitable remainder trusts that provide revenue.
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