Virginia Beach Theological Seminary
- Assets
- $1.2m
- Revenue
- $814.5k
- Investments
- $0.0
- Employees
- 16
- Location
- Virginia Beach, VA
- Founding
- 08/1996
- Data as of
- 06/2023
- EIN
- 54-1776238
Organization Overview
Virginia Beach Theological Seminary is located in Virginia Beach, VA. The organization was established in 1996. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2023, Virginia Beach Theological Seminary employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Beach 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 06/2023, Virginia Beach Theological Seminary generated $814.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $695.7k during the year ending 06/2023. While expenses have increased by 3.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CHRISTIAN EDUCATION FOR MEN AND WOMEN INTERESTED IN CHRISTIAN WORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIMARY FOCUS IS TO PROVIDE A CHRISTIAN EDUCATION AND TRAINING FOR MINISTRIES, MISSIONARIES, AND OTHER CHRISTIAN WORKERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Davey President | OfficerTrustee | 40 | $14,079 |
Steve Brown Trustee | Trustee | 1 | $0 |
Jay Germon Trustee | Trustee | 1 | $0 |
Sean Godden Trustee | Trustee | 1 | $0 |
Doug Kint Trustee | Trustee | 1 | $0 |
Terry Lackey Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $544,055 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $544,055 |
| Total Program Service Revenue | $188,651 |
| Investment income | $57,299 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $23,798 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $814,501 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $26,273 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $65,596 |
| Compensation of current officers, directors, key employees. | $16,399 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $334,740 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $131,546 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $261 |
| Advertising and promotion | $14,544 |
| Office expenses | $13,813 |
| Information technology | $39,367 |
| Royalties | $0 |
| Occupancy | $16,603 |
| Travel | $4,442 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,957 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,922 |
| Insurance | $1,468 |
| All other expenses | $17,597 |
| Total functional expenses | $695,729 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,721 |
| Savings and temporary cash investments | $15,182 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,157 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $475 |
| Net Land, buildings, and equipment | $38,518 |
| Investments—publicly traded securities | $1,066,194 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,155,247 |
| Accounts payable and accrued expenses | $8,872 |
| Grants payable | $0 |
| Deferred revenue | $14,502 |
| 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 | $6,549 |
| Total liabilities | $29,923 |
| Net assets without donor restrictions | $890,780 |
| Net assets with donor restrictions | $234,544 |
| 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 | $1,155,247 |