Calvin Theological Seminary
- Assets
- $82.4m
- Revenue
- $24.2m
- Investments
- $0.0
- Employees
- 154
- Location
- Grand Rapids, MI
- Founding
- 06/1993
- Data as of
- 06/2021
- EIN
- 38-3001876
Organization Overview
Calvin Theological Seminary is located in Grand Rapids, MI. The organization was established in 1993. As of 06/2022, Calvin Theological Seminary employed 154 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Calvin Theological Seminary is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Calvin Theological Seminary generated $24.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.7% each year . All expenses for the organization totaled $10.5m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CALVIN THEOLOGICAL SEMINARY EXISTS TO SERVE THE CHRISTIAN REFORMED CHURCH IN NORTH AMERICA AND WIDER CONSTITUENCIES BY PREPARING PERSONS FOR BIBLICALLY FAITHFUL AND CONTEXTUALLY EFFECTIVE MINISTRY OF THE WORD AND BY OFFERING REFORMED THEOLOGICAL SCHOLARSHIP AND COUNSEL.
Describe the Organization's Program Activity:
THE SEMINARY'S PRIMARY PURPOSE IS THE EDUCATION AND TRAINING OF OVER 300 STUDENTS TO PREPARE THEM FOR MINISTRY AND LEADERSHIP IN THE CHURCH.
THE FACULTY HERITAGE FUND PROVIDES FUNDS FOR RESEARCH AND PROFESSIONAL DEVELOPMENT FOR SEMINARY FACULTY.
THE CALVIN THEOLOGICAL JOURNAL AND CTS FORUM PROVIDE OPPORTUNITIES FOR STUDENTS AND FACULTY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Julius T Medenblik JD President | Officer | 40 | $175,880 |
Rev Sergio Castillo Board Member | Trustee | 2 | $0 |
Mr Henry Lane Board Member | Trustee | 2 | $0 |
Mr Keith Oosthoek Board Vice Chairman | Trustee | 4 | $0 |
Ms Susan Strikwerda Board Member | Trustee | 2 | $0 |
Paul Boersma Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,208,367 |
| Government grants | $1,720,440 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,579,202 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,508,009 |
| Total Program Service Revenue | $2,875,839 |
| Investment income | $476,600 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,267,023 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,238,301 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $660,639 |
| Grants and other assistance to domestic individuals. | $1,242,308 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $216,358 |
| Compensation of current officers, directors, key employees. | $71,398 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,665,106 |
| Pension plan accruals and contributions | $136,870 |
| Other employee benefits | $755,344 |
| Payroll taxes | $145,575 |
| Fees for services: Management | $289,474 |
| Fees for services: Legal | $20,809 |
| Fees for services: Accounting | $46,104 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $11,712 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $189,698 |
| Office expenses | $481,259 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,205,145 |
| Travel | $195,154 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $85,656 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $428,043 |
| Insurance | $0 |
| All other expenses | $750,170 |
| Total functional expenses | $10,525,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,643,006 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $172,965 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,175,552 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $333,832 |
| Net Land, buildings, and equipment | $10,574,140 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $63,546,242 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $82,445,737 |
| Accounts payable and accrued expenses | $2,110,788 |
| Grants payable | $0 |
| Deferred revenue | $161,107 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,271,895 |
| Net assets without donor restrictions | $23,584,436 |
| Net assets with donor restrictions | $56,589,406 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $82,445,737 |
Grants Awarded
Over the last fiscal year, Calvin Theological Seminary has awarded $414,949 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Grand Rapids, MI PURPOSE: Calvin Prison initiative | $374,949 |
Grand Rapids, MI PURPOSE: Calvin Institute for Christian Worship, annual Worship Symposium | $40,000 |
Grants Recieved
Over the last fiscal year, we have identified 19 grants that Calvin Theological Seminary has recieved totaling $1,957,814.
| Awarding Organization | Amount |
|---|---|
Lilly Endowment Inc Indianapolis, IN PURPOSE: PATHWAYS FOR TOMORROW INITIATIVE | $1,000,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $386,800 |
Grand Haven Area Community Foundation Inc Grand Haven, MI PURPOSE: EDUCATION | $140,500 |
The Zondervan Foundation Rockford, MI PURPOSE: COLLEGE SEMINARY PHD CHAIR | $130,913 |
The Meijer Foundation Grand Rapids, MI PURPOSE: PROGRAM SUPPORT | $50,000 |
Lilly Endowment Inc Indianapolis, IN PURPOSE: PATHWAYS FOR TOMORROW INITIATIVE | $49,500 |
Endowment Analysis
| Beg. Balance | $46,132,834 |
| Earnings | $10,174,752 |
| Net Contributions | $1,001,516 |
| Other Expense | $1,163,500 |
| Grants | $706,600 |
| Ending Balance | $55,439,002 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Calvin Theological Seminary Grand Rapids, MI | $82,445,737 | $24,238,301 |
Cincinnati Christian University Cincinnati, OH | $12,055,112 | $8,194,784 |
Ecumenical Theological Seminary Detroit, MI | $5,082,590 | $328,949 |
Northland Mission Inc Dunbar, WI | $2,881,016 | $633,904 |
Pilgrim Institute Mishawaka, IN | $52,782 | $0 |