NEW YORK (JTA) -- The Jewish Theological Seminary announced that it still has a $5.5 million budget gap even after a round of cuts.

In a letter to the seminary community Monday, Chancellor Arnold Eisen detailed the cuts, describing them as "challenging and painful," and noted that more steps must be taken.

"This gap has to be closed," Eisen wrote. "The board of trustees has made it clear that we must come as close to the goal of a balanced budget as humanly possible. Our well-being as an institution depends on it."

Cuts already made include the elimination of 10 faculty positions, the suspension of some employee benefits and an unspecified reduction in salary for employees earning more than $60,000 per year.

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