Covenant Baptist Theological Seminary
- Assets
- $573.9k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 8
- Location
- Owensboro, KY
- Founding
- Data as of
- 12/2022
- EIN
- 84-1978807
Organization Overview
Covenant Baptist Theological Seminary is located in Owensboro, KY. 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 12/2022, Covenant Baptist Theological Seminary employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Baptist 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 12/2022, Covenant Baptist Theological Seminary generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 25.0% each year . All expenses for the organization totaled $833.5k during the year ending 12/2022. While expenses have increased by 23.1% per year over the past 3 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
HELPING THE CHURCH TO PREPARE MEN TO UNDERTAKE THE FULL RANGE OF PASTORAL RESPONSIBILITIES IN SERVING CHRIST AND HIS KINGDOM
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, 270 STUDENTS COMPLETED 736 CLASSES (1,830 CREDITS). EIGHT STUDENTS GRADUATED IN 2022. IN 2022, CBTS LAUNCHED A NEW ACADEMIC PROGRAM, THE MASTER OF ARTS IN THEOLOGICAL STUDIES IN COUNSELING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Samuel E Waldron President | Officer | 40 | $82,500 |
Rexford Semrad Secretary | Officer | 40 | $73,480 |
Lindsay B Bigham Treasurer | Officer | 40 | $58,200 |
John Miller Vice President | Officer | 10 | $12,000 |
Jim Savastio Director | Trustee | $0 | |
Mike Waters Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $44,583 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $647,481 |
| Noncash contributions included in lines 1a–1f | $2,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $692,064 |
| Total Program Service Revenue | $370,049 |
| Investment income | $55 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,062,168 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $109,771 |
| Grants and other assistance to domestic individuals. | $6,984 |
| Grants and other assistance to Foreign Orgs/Individuals | $8,011 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $226,181 |
| Compensation of current officers, directors, key employees. | $79,077 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $159,707 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,121 |
| Payroll taxes | $23,842 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,589 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $68,791 |
| Advertising and promotion | $6,637 |
| Office expenses | $36,104 |
| Information technology | $70,691 |
| Royalties | $0 |
| Occupancy | $8,890 |
| Travel | $32,065 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,055 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,712 |
| All other expenses | $0 |
| Total functional expenses | $833,481 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $274,178 |
| Savings and temporary cash investments | $299,728 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $573,906 |
| Accounts payable and accrued expenses | $30,482 |
| 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 | $0 |
| Total liabilities | $30,482 |
| Net assets without donor restrictions | $495,217 |
| Net assets with donor restrictions | $48,207 |
| 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 | $573,906 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Covenant Baptist Theological Seminary has recieved totaling $33.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $33 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kansas City University Kansas City, MO | $396,275,959 | $114,344,236 |
Accreditation Council For Graduate Medical Education Chicago, IL | $103,044,710 | $71,823,147 |
University Of Health Sciences And Pharmacy In St Louis Saint Louis, MO | $314,379,266 | $75,273,875 |
Asbury Theological Seminary Wilmore, KY | $333,796,449 | $52,800,131 |
Illinois College Of Optometry Chicago, IL | $110,244,360 | $41,438,897 |
Logan University Chesterfield, MO | $101,664,851 | $38,500,877 |
Southern College Of Optometry Memphis, TN | $90,101,083 | $28,598,801 |
Mount Carmel College Of Nursing Columbus, OH | $64,622,852 | $25,045,878 |
Johnson University Knoxville, TN | $236,951,483 | $27,596,664 |
Cleveland Institute Of Music Cleveland, OH | $89,548,246 | $30,049,400 |
Baptist Memorial College Of Health Sciences Inc Memphis, TN | $55,747,053 | $20,446,298 |
Toyota Technological Institute At Chicago Chicago, IL | $302,171,047 | $22,569,767 |