"In 1955, the Executive Board of the institution moved to allow the Seminary to admit only students with baccalaureate degrees, thus becoming a true graduate school of theological studies. At the same time, steps being taken with the state Board of Education to change both the level and the function of the Bible Institute into a degree-granting, undergraduate institution. Finances and faculty did not adequately support such a transition to a four-year college at that time, but the seeds were planted during the presidency of Dr. J. Edward Hakes (1953-58)."〔Cornerstone University Faculty Handbook, p. 4.〕