Hood Theological Seminary
- Assets
- $20.0m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 65
- Location
- Salisbury, NC
- Founding
- 09/2001
- Data as of
- 06/2024
- 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 06/2024, Hood Theological Seminary employed 65 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 06/2024, Hood Theological Seminary generated $3.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $3.4m during the year ending 06/2024. While expenses have increased by 1.4% per year over the past 9 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
2024
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 Curtis T Walker Sr Trustee Emeritus | Trustee | 2 | $0 |
Bishop George E Battle Jr Trustee Emeritus | Trustee | 2 | $0 |
Bishop George W C Walker Sr Trustee Emeritus | Trustee | 2 | $0 |
Janet Ward Black Trustee Emeritus | Trustee | 2 | $0 |
Bishop Joseph Johnson Trustee Emeritus | Trustee | 2 | $0 |
Rev Dr Douglas L Maven Trustee | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,006 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,537,874 |
| Noncash contributions included in lines 1a–1f | $21,750 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,566,880 |
| Total Program Service Revenue | $1,314,608 |
| Investment income | $429,794 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $48,435 |
| Net Gain/Loss on Asset Sales | $261,660 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,644,840 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $77,925 |
| 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 | $1,318,887 |
| Pension plan accruals and contributions | $45,126 |
| Other employee benefits | $274,104 |
| Payroll taxes | $85,628 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,250 |
| Fees for services: Accounting | $49,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $76,670 |
| Fees for services: Other | $133,404 |
| Advertising and promotion | $0 |
| Office expenses | $3,589 |
| Information technology | $129,812 |
| Royalties | $0 |
| Occupancy | $106,710 |
| Travel | $59,900 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,190 |
| Interest | $408 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $159,368 |
| Insurance | $44,704 |
| All other expenses | $91,371 |
| Total functional expenses | $3,391,267 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,218,810 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $142,497 |
| 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 | $70,128 |
| Net Land, buildings, and equipment | $3,751,537 |
| Investments—publicly traded securities | $12,668,062 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $114,026 |
| Total assets | $19,965,060 |
| Accounts payable and accrued expenses | $80,471 |
| Grants payable | $0 |
| Deferred revenue | $127,502 |
| 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 | $1,735,473 |
| Total liabilities | $1,943,446 |
| Net assets without donor restrictions | $5,186,482 |
| Net assets with donor restrictions | $12,835,132 |
| 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 | $19,965,060 |