Hood Theological Seminary
- Assets
- $17.6m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 58
- Location
- Salisbury, NC
- Founding
- 09/2001
- Data as of
- 06/2022
- EIN
- 56-2231069
Organization Overview
Hood Theological Seminary is located in Salisbury, NC. The organization was established in 2001. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Hood Theological Seminary employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hood 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 06/2022, Hood Theological Seminary generated $4.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $3.6m during the year ending 06/2022. While expenses have increased by 2.6% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS AN INSTITUTION OF HIGHER EDUCATION AND PROVIDES INSTRUCTION, SCHOLARSHIPS AND VARIOUS SUPPORT SERVICES IN ACHIEVING ITS PRIMARY PURPOSE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Vergel L Lattimore Seminary President | Trustee | 60 | $165,630 |
Bishop Darryl B Starnes Chairman | OfficerTrustee | 5 | $0 |
Bishop Michael A Frencher Sr Vice Chairman | OfficerTrustee | 2 | $0 |
Rev Dr Sheldon Shipman Secretary | OfficerTrustee | 5 | $0 |
Rev Dr Douglas L Maven Trustee | OfficerTrustee | 2 | $0 |
Rev Dr Michael E Ellis Trustee Emeritus/asst. Sec | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $618,652 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,443,054 |
| Noncash contributions included in lines 1a–1f | $28,056 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,061,706 |
| Total Program Service Revenue | $1,510,833 |
| Investment income | $448,389 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,596 |
| Net Gain/Loss on Asset Sales | $138,221 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,185,310 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $127,666 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,334,597 |
| Pension plan accruals and contributions | $48,885 |
| Other employee benefits | $337,106 |
| Payroll taxes | $85,936 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,500 |
| Fees for services: Accounting | $40,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $79,264 |
| Fees for services: Other | $104,961 |
| Advertising and promotion | $0 |
| Office expenses | $3,888 |
| Information technology | $102,842 |
| Royalties | $0 |
| Occupancy | $78,012 |
| Travel | $49,264 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,175 |
| Interest | $2,617 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $154,051 |
| Insurance | $36,200 |
| All other expenses | $146,861 |
| Total functional expenses | $3,579,066 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,093,886 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $55,000 |
| Accounts receivable, net | $117,954 |
| 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 | $39,567 |
| Net Land, buildings, and equipment | $3,503,216 |
| Investments—publicly traded securities | $10,779,360 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,426 |
| Total assets | $17,605,409 |
| Accounts payable and accrued expenses | $28,617 |
| Grants payable | $0 |
| Deferred revenue | $1,147,448 |
| 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 | $23,786 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,087 |
| Total liabilities | $1,209,938 |
| Net assets without donor restrictions | $5,251,311 |
| Net assets with donor restrictions | $11,144,160 |
| 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 | $17,605,409 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Hood Theological Seminary has recieved totaling $640,912.
| Awarding Organization | Amount |
|---|---|
Lilly Endowment Inc Indianapolis, IN PURPOSE: THRIVING CONGREGATIONS INITIATIVE | $460,000 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $92,329 |
Lilly Endowment Inc Indianapolis, IN PURPOSE: PATHWAYS FOR TOMORROW INITIATIVE | $50,000 |
American Association For The Advancement Of Science Washington, DC PURPOSE: INTEGRATE SCIENCE IN CORE CURRICULA | $22,500 |
Margaret C Woodson Foundation Incorporated Charlotte, NC PURPOSE: CENTER FOR CHAPLAINCY AT HOOD THEOLOGICAL SEMINARY | $16,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $83 |
Endowment Analysis
| Beg. Balance | $9,230,258 |
| Earnings | -$858,620 |
| Net Contributions | $413,541 |
| Ending Balance | $8,785,179 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baptist Memorial College Of Health Sciences Inc Memphis, TN | $55,747,053 | $20,446,298 |
Sherman College Of Straight Chiropractic Inc Spartanburg, SC | $45,133,899 | $16,948,617 |
Interdenominational Theological Center Inc Atlanta, GA | $16,432,791 | $10,752,474 |
Middle Tennessee School Of Anesthesia Inc Madison, TN | $22,533,334 | $7,937,391 |
Johnson University Knoxville, TN | $1,750,926 | $5,010,332 |
Mid-America Baptist Theological Seminary Cordova, TN | $25,540,580 | $5,422,482 |
Luther Rice University Inc Lithonia, GA | $7,749,300 | $4,580,851 |
Hood Theological Seminary Salisbury, NC | $17,605,409 | $4,185,310 |
Nashville School Of Law Nashville, TN | $7,415,202 | $3,898,792 |
Shepherds Theological Seminary Inc Cary, NC | $1,634,882 | $3,082,209 |
Hartland Institute Of Health And Education Rapidan, VA | $6,024,120 | $2,045,096 |
Watts College Of Nursing Inc Durham, NC | $19,579 | $1,750,259 |