Phillips Theological Seminary Corporation
- Assets
- $140.0m
- Revenue
- $9.6m
- Investments
- $64.5m
- Employees
- 48
- Location
- Tulsa, OK
- Founding
- 04/1988
- Data as of
- 06/2021
- EIN
- 73-1303821
Organization Overview
Phillips Theological Seminary Corporation is located in Tulsa, OK. The organization was established in 1988. As of 06/2021, Phillips Theological Seminary Corporation employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Phillips Theological Seminary Corporation 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, Phillips Theological Seminary Corporation generated $9.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $7.3m during the year ending 06/2021. While expenses have increased by 6.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE SEMINARY'S MISSION IS TO LEARN AND TEACH HOW TO BE: ATTENTIVE TO GOD, RESPONSIBLE BIBLICAL AND THEOLOGICAL INTERPRETERS, FAITHFUL INDIVIDUALS AND COMMUNITIES ACTING WITH GOD TO TRANSFORM THE WORLD. IDENTITY STATEMENT: PHILLIPS THEOLOGICAL SEMINARY OFFERS THEOLOGICAL EDUCATION DEDICATED TO LEARNING THE WAY OF JESUS IN ORDER TO CULTIVATE VITAL COMMUNITIES, VITAL CONVERSATIONS,AND THE PUBLIC GOOD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PHILLIPS THEOLOGICAL SEMINARY OFFERS THEOLOGICAL EDUCATION DEDICATED TO LEARNING THE WAY OF JESUS IN ORDER TO CULTIVATE VITAL COMMUNITIES, VITAL CONVERSATIONS, AND THE PUBLIC GOOD. PROGRAMS OF STUDY OFFERED AT PHILIPS THEOLOGICAL SEMINARY INCLUDE MASTER OF DIVINITY, MASTER OF ARTS (SOCIAL JUSTICE), MASTER IN THEOLOGICAL STUDIES, MASTER OF ARTS IN MINISTRY AND CULTURE, DOCTOR OF MINISTRY, AND DIPLOMA IN GRADUATE THEOLOGICAL STUDIES. PHILLIPS ALSO OFFERS A DISCIPLES OF CHRIST COMMISSIONED/LAY MINISTRY TRAINING PROGRAM, WHICH OFFERS ONLINE COURSES IN THE 16 CORE COMPETENCIES FOR THE DISCIPLES OF CHRIST DENOMINATION. IN ADDITION, PHILLIPS THEOLOGICAL SEMINARY PROVIDED THE PUBLIC WITH VARIED EDUCATIONAL PROGRAMS, INCLUDING CONTINUING EDUCATION FOR MINISTERS AND LAITY STUDY PROGRAMS. THE SEMINARY'S REMIND & RENEW PROGRAM FOR FISCAL YEAR 2021 FOCUS ON "RESPONDING TO CONQUERED BODIES AND DESTROYED LIVES." DURING FISCAL YEAR 2021, PHILLIPS THEOLOGICAL SEMINARY PROVIDED EDUCATIONAL SERVICES TO ABOUT 170 STUDENTS PLUS ANOTHER 125+ STUDENTS IN THE MINISTRY TRAINING PROGRAM. SEVERAL STUDENTS COMPLETED THEIR CHOSEN PROGRAM OF STUDY BY RECEIVING A CERTIFICATE, DIPLOMA, MASTER'S DEGREE, OR DOCTORAL DEGREE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Claire Pittman President | Officer | 40 | $158,639 |
Karen L Mcmillan VP Of Finance & Administra | Officer | 40 | $101,848 |
Lee Butler VP Of Academic Affairs | Officer | 40 | $68,673 |
Larry Brown P&m Committee Chair | Trustee | 1 | $0 |
Minna Zelch Chair Of P&o Committee | Trustee | 1 | $0 |
Ruth Ann Fate Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $523,138 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,224,128 |
| Noncash contributions included in lines 1a–1f | $757,766 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,747,266 |
| Total Program Service Revenue | $976,948 |
| Investment income | $1,104,283 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $16,425 |
| Net Rental Income | $5,313 |
| Net Gain/Loss on Asset Sales | $2,441,445 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,611,504 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,335,279 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $400,261 |
| Compensation of current officers, directors, key employees. | $64,042 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,670,212 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $809,267 |
| Payroll taxes | $157,051 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $51,753 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $100,597 |
| Fees for services: Other | $10,343 |
| Advertising and promotion | $64,241 |
| Office expenses | $31,159 |
| Information technology | $216,782 |
| Royalties | $0 |
| Occupancy | $202,740 |
| Travel | $24,394 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $628,679 |
| Insurance | $73,361 |
| All other expenses | $9,724 |
| Total functional expenses | $7,332,292 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,421,678 |
| Savings and temporary cash investments | $526,565 |
| Pledges and grants receivable | $11,447,025 |
| Accounts receivable, net | $82,568 |
| 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 | $986 |
| Net Land, buildings, and equipment | $7,760,744 |
| Investments—publicly traded securities | $48,101,061 |
| Investments—other securities | $64,492,591 |
| Investments—program-related | $466,055 |
| Intangible assets | $0 |
| Other assets | $4,666,574 |
| Total assets | $139,965,847 |
| Accounts payable and accrued expenses | $372,267 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $6,121 |
| Total liabilities | $378,388 |
| Net assets without donor restrictions | $18,766,204 |
| Net assets with donor restrictions | $120,821,255 |
| 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 | $139,965,847 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Phillips Theological Seminary Corporation has recieved totaling $50,007.
| Awarding Organization | Amount |
|---|---|
Lilly Endowment Inc Indianapolis, IN PURPOSE: PATHWAYS FOR TOMORROW INITIATIVE | $45,000 |
The Meinders Foundation Oklahoma City, OK PURPOSE: OPERATIONAL SUPPORT | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $7 |
Endowment Analysis
| Beg. Balance | $90,001,781 |
| Earnings | $26,932,011 |
| Other Expense | $5,302,106 |
| Grants | $842,490 |
| Ending Balance | $110,789,196 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oblate School Of Theology San Antonio, TX | $56,887,314 | $9,892,922 |
Phillips Theological Seminary Corporation Tulsa, OK | $139,965,847 | $9,611,504 |
Eden Theological Seminary Webster Groves, MO | $30,107,980 | $3,814,121 |
Messenger College Inc Euless, TX | $3,337,243 | $1,019,482 |
South Houston Bible Institute Houston, TX | $1,204,213 | $212,134 |
Southwestern Baptist Theological Seminary Mary Hardin-Baylor Tr 137 Dallas, TX | $1,163,699 | $235,060 |
William Forsythe Tr Fbo Bangor Theological Seminary Dallas, TX | $389,630 | $75,106 |
Friends Of The Department Of Religious Studies Lawrence, KS | $695,066 | $72,234 |