Covenant Theological Seminary
- Assets
- $36.9k
- Revenue
- $37.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Greenville, NC
- Founding
- 12/1991
- Data as of
- 12/2021
- EIN
- 56-2278236
Organization Overview
Covenant Theological Seminary is located in Greenville, NC. The organization was established in 1991. 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 a subordinate organization within an affiliated group for tax-exemption purposes. Covenant 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 12/2021, Covenant Theological Seminary generated $37.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $19.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (16.3%) per year over the past 6 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
TO TRAIN ADULTS IN THE MINISTRY OF THE CHURCH; TO ESTABLISH A MISSION DEPARTMENT OF MISSIONARIES & RECEIVE MONIES FOR SUCH; TO GRANT DEGREES, HONORARY DEGREES, & REISSUE DIPLOMAS TO THOSE WHO EARNED THEM; TO GIVE CREDIT TO THOSE WHO ACCUMULATE DATA IN THEIR WORK OF TRAVEL, LITERATURE, ART, TEACHING, & WRITING STUDIES; TO ESTABLISH NEW SCHOOLS TO DO THE SAME; TO OWN PROPERTY TO FURTHER MINISTRIES; & TO HAVE SEMINARS FOR CREDITS OR AS AUDITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES ARE FOR MATERIALS AND BOOKS FOR STUDENTS ENROLLED IN THE SEMINARY. ALSO, EXPENSES ARE FOR CONVOCATION, GRADUATION, BANQUET, AND CONVENTION DIRECTLY RELATED TO THE STUDENTS' EDUCATION AND ATTRITION INTO THE MINISTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erin Flynn Dove Secretary/tr | OfficerTrustee | 5 | $0 |
Ray Leach President | OfficerTrustee | 5 | $0 |
Bernetha Mouzon Vice Preside | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $37,797 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $37,797 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $37,797 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Advertising and promotion | $96 |
| Office expenses | $3,074 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $231 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,129 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $19,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $30,291 |
| Savings and temporary cash investments | $6,596 |
| 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 | $36,887 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $36,887 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $36,887 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Southern Evangelical Seminary Inc Charlotte, NC | $5,069,822 | $1,882,665 |
Greenville Presbyterian Theological Seminary Taylors, SC | $2,684,056 | $1,852,852 |