Memo to HUC: What Are Non-Core Real Estate Holdings?

At a meeting earlier this week, the Board of Governors of Hebrew Union College-Jewish Institute of Religion approved a plan for its future. Titled “A New Way Forward,” the plan charts a five-year process based on attaining financial sustainability, sustaining academic excellence and maintaining geographic presences in Cincinnati, Jerusalem, Los Angeles and New York. It provides a vision for the College-Institute as the intellectual, spiritual and professional leadership development center for Reform Judaism and the Jewish people.

The plan projects cumulative structural changes of $7 million by FY 2014 in relation to a budget of $40 million in FY 2008 with no deficit by FY 2012.

Additional plan highlights include:

• Enhanced cooperation with partner academic institutions for opportunities for increased efficiency and economy;
• A synergized relationship between the College-Institute and the Union for Reform Judaism, with the aspiration of joining forces in a shared Center for Reform Judaism in New York; and
• Restructuring of non-core real estate holdings.

Seems to us, there are many more questions than answers from this meeting.