New York Theological Seminary
- Assets
- $2.4m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/1934
- Data as of
- 06/2021
- EIN
- 13-1628150
Organization Overview
New York Theological Seminary is located in New York, NY. The organization was established in 1934. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York 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, New York Theological Seminary generated $4.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $4.3m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (3.7%) per year over the past 7 years. 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
NEW YORK THEOLOGICAL SEMINARY IS A DIVERSE AND INCLUSIVE COMMUNITY OF LEARNING, GROUNDED IN BIBLICAL WITNESS AND CHRISTIAN TRADITION, WITH A HISTORIC URBAN FOCUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FIRST PROFESSIONAL DEGREE PROGRAM (LEADING TO VARIOUS MASTER'S DEGREES) REMAINS THE LARGEST PROGRAM OF THE SEMINARY IN TERMS OF BOTH REVENUE AND EXPENSES. THE REVENUE CONTINUES TO COME THROUGH TUITION AND FEES. MOST OF THE FACULTY RESOURCES ARE DEVOTED ON THIS PROGRAM. WECURRENTLY OFFER FIVE DEGREES AT THE MASTERS LEVEL. THE MASTER OF ARTS IN PASTORAL CARE AND COUNSELING (MAPCC), THE MASTER OF ARTS IN RELIGIOUS EDUCATION (MARE), MASTER OF ARTS IN YOUTH MINISTRY (MAYM), THE MASTER OF ARTS IN LEADERSHIP AND ADMINISTRATION (MARLA), AND THEMASTER OF PROFESSIONAL STUDY (MPS) OFFERED AT SING SING CORRECTIONAL FACILITIES. ALL OUR DEGREES ARE APPROVED BY OUR NATIONAL ACCREDITATION BODY, AND COMMISSION FOR ACCREDITATION OF THE ASSOCIATION OF THEOLOGICAL SCHOOLS. THE SEMINARY'S MAIN FIRST PROFESSIONAL DEGREE CONTINUES TO BE THE MASTER OF DIVINITY (MDIV).
THE DOCTOR OF MINISTRY (DMIN) IS THE HIGHEST RECOGNIZED PROFESSIONAL DEGREE IN THE UNITED STATES IN THE FIELD OF MINISTRY. NYTS CONTINUES TO OFFER THE DMIN. IN BOTH RESIDENTIAL AND INTENSIVE FORMATS, WITH SEVERAL TRACKS (CONGREGATIONAL MINISTRIES, PASTORAL CARE, MULTIFAITH MINISTRY,LEADERSHIP) IN ENGLISH AND KOREAN (NYTS IS APPROVED TO OFFER THE DEGREE IN HISPANIC MINISTRIES, BUT NO SPANISH LANGUAGE GROUP FORMED THIS PAST YEAR).
THE CERTIFICATE IN CHRISTIAN MINISTRY PROGRAM (CP), A NON-ACCREDITED PROGRAM FOR MINISTRY STUDIES, IS THE THIRD LARGEST SOURCE OF INCOME IN THE FORM OF TUITION AND FEES. THE CP IS NOW OPERATION IN SIXTEEN CHURCHES. THE PROGRAM IS DESIGNED TO MEET THE EDUCATIONAL NEEDS OFCLERGY WHO ARE SERVING CHURCHES THAT DO NOT REQUIRE THE MDIV FOR ORDINATION AND OF LAITY WHO SERVE IN VARIOUS CAPACITIES WITHIN THE CHURCH. THE CP IS DESIGNED TO BE COMPLETED IN TWO YEARS. SEVERAL COLLEGES IN THE NY AREA RECOGNIZE IT FOR CREDIT, ALLOWING THE NYTS CP TO BE A FEEDER INTO COLLEGE DEGREE PROGRAMS. CLASSES COVER THE BASIC AREAS OF MINISTRY STUDIES, INCLUDING BIBLE, THEOLOGY, HISTORY, ETHICS, AND THE ARTS OF MINISTRY. FACULTY IS ENTIRELY ADJUNCT AND MOST ARE DRAWN FROM THE RANKS OF THE SEMINARY'S GRADUATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Weisenbach Board Member | Trustee | 1 | $0 |
David Vidal Board Member | Trustee | 1 | $0 |
Ed Towns Board Member | Trustee | 1 | $0 |
Willa Rose Johnson Board Member | Trustee | 1 | $0 |
Karim Hutson Board Member | Trustee | 1 | $0 |
Kenneth Morrison Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,585,279 |
| Investment income | $25,627 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $56,478 |
| Net Income from Fundraising Events | $58,061 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,439,036 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $526,586 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $372,400 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,682,265 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $296,128 |
| Payroll taxes | $132,013 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $65,900 |
| Advertising and promotion | $113,332 |
| Office expenses | $3,141 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $484,222 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,719 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,189 |
| Insurance | $34,487 |
| All other expenses | $0 |
| Total functional expenses | $4,304,912 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $585,635 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $291,087 |
| 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 | $16,080 |
| Investments—publicly traded securities | $1,481,962 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,378,321 |
| Accounts payable and accrued expenses | $411,104 |
| Grants payable | $0 |
| Deferred revenue | $93,318 |
| 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 | $584,613 |
| Other liabilities | $95,837 |
| Total liabilities | $1,184,872 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,193,449 |
Grants Awarded
Over the last fiscal year, New York Theological Seminary has awarded $18,997 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FUND FOR COMMUNITY LEADERSHIP INITIATIVE INC PURPOSE: GENERAL OPERATING SUPPORT | $7,332 |
HENRY LUCE FOUNDATION PURPOSE: CHARITABLE | $11,665 |