Belmont University is pleased to announce that it has reached a mutually agreeable settlement of all disputed claims with the Tennessee Baptist Convention. We believe that this resolution honors the many significant contributions that Tennessee Baptists have made to the University and upholds the teachings of Jesus Christ, whom we all seek to serve by ending litigation.
The settlement concludes a 56-year relationship between Belmont and the TBC and provides gifts by Belmont to Tennessee Baptists of $1,000,000 next year followed by annual payments of $250,000 for the next 40 years. These gifts are an expression of gratitude to Tennessee Baptists for the financial and spiritual support that they have provided to the University over the past five decades. The funds will be added to an endowment at the Tennessee Baptist Foundation to support Tennessee Baptist missions and ministries.
Approximately $4,900,000 in funds being held for Belmont by the Tennessee Baptist Foundation for the benefit of the University will be transferred to another trustee selected by Belmont. Of that amount, $1,500,000 represents funds which are subject to the terms of the settlement agreement between Belmont and the Tennessee Baptist Convention.
Belmont is grateful to the many Tennessee Baptists who have encouraged the University as it seeks to broaden its Christian mission by including on its Board of Trustees Christians who are members of churches affiliated with other denominations. The University will continue to be a student-focused, Christian community of learning and service with a rich Baptist heritage that we intend to foster and nurture through our ongoing relationships with local Baptist churches. That is our promise and our covenant.
Though Belmont is parting ways with the TBC, we trust that our shared history has provided important groundwork to achieve common goals of the Convention and the University, and that our futures will evidence this good work. Belmont is committed to its Christian mission and to cherishing its Baptist roots.
Chairman of the Board of Trustees