Amount of Bonds Backed by Government Entities Funding Adventist Colleges and Universities Revealed for the First Time
by AT News Team, April 30, 2013: A feature article written and researched by T. Joe Willey and published by Adventist Today reveals for the first time the extent to which colleges and universities affiliated with the Seventh-day Adventist Church in North America are using bonds guaranteed by government entities. The total amount borrowed under these arrangements is nearly $687 million dollars.
The laws governing these bonds require that the institutions enter into a covenant that the facilities and equipment purchased with the funds not be used for religious purposes. At least seven colleges and universities have entered into these arrangements, include all three of the General Conference universities and the institution generally regarded as the most conservative, Southern Adventist University.
The article presents a detailed analysis of the issues involved, including significant mistakes in the reports circulated by independent ministries that have launched repeated criticisms of La Sierra University. Each of the institutions involved is listed along with the specific amounts of money borrowed in each case using government-backed bonds.
The lengthy article is loaded with information and available to paid subscribers to Adventist Today. If you are not a paid subscriber, you can obtain a free, introductory 30-day subscription in order to access this article, by clicking on https://atoday.org/subscription/membership/apply
If you are already a paid subscriber, make sure you are logged in, and use this link to access the article: Tax-exempt Bonds and Secularization in Adventist Education