The College of Emmanuel and St. Chad will embark on a fundraising campaign next month to raise $3 million to help save the school, which is mired in financial crisis.

College principal Walter Deller said the Saskatoon school has been operating on a pool of unrestricted capital and annual deficits have ranged from $100,000 and $150,000 a year.

?The pool has dwindled,? he said. ?And at this point we cannot go on much longer without major readjustments.?

The school's council executive has voted to put all employees on 12 months' notice, as part of measures to keep the school afloat.

The college has been training men and women for Anglican priesthood for 125 years.