The General Theological Seminary in Chelsea is facing “major financial and programmatic challenges,” including $30 million in debt against assets of $200 million, its dean and president, Ward Ewing, said.

In a letter sent to alumni and parishioners, Mr. Ewing outlined the problems facing the almost 300-year-old institution, which include declining denominational support, increased fixed costs, maintenance needs, and decreasing numbers of students.

The seminary occupies a full city block between 20th and 21st streets and Ninth and Tenth avenues and resembles a college quad. Church officials for the past three years have been attempting to find additional revenue streams to finance the restoration of its crumbling buildings.

The seminary spends about $8 million a year, and brings in about $5 million. The difference is drawn from the institution’s dwindling $20 million endowment, Dr. Ewing said in the letter.

To compensate, the seminary has set aside 10% of its residences for market-rate rentals this year, and hired a consulting company to research ways to improve revenue flow. The company, Insight Research Group, suggested that the seminary move toward providing faith programs aimed at part-time students.

Full-time students account for most of the seminary’s revenue, but Mr. Ewing said he plans to expand religious and spiritual programs for part-time students and will cut overhead costs and lay off seven staff members.

“The time to help the General Seminary is now,” he wrote in the letter.

In 2007, local opposition blocked a plan to build a 15-story, 151-foot-tall glass apartment tower on its campus, which resulted in a loss of $10 million in anticipated revenue, according to the letter.

The seminary’s spokesman, Bruce Parker, said that while enrollment at the seminary has been flat over the last decade, the number of students in residence at the three-year program has dropped. Between 40 and 50 students a year usually graduate in that program, the seminary’s largest.

“We also realize that there are many people who aren’t going to seminary. They’re doing this alternative by going nearby in their homes or studying online and there are also ways you can study with another priest and work on your own,” Mr. Parker said.

Another seminary — the New York Theological Seminary — moved in the 1970s to a more affordable campus when it hit financial troubles, but Mr. Parker said the General Theological Seminary had no intention of moving.