Asbury Theological Seminary
- Assets
- $363.5m
- Revenue
- $77.9m
- Investments
- $0.0
- Employees
- 587
- Location
- Wilmore, KY
- Founding
- 11/1943
- Data as of
- 06/2022
- EIN
- 61-0445823
Organization Overview
Asbury Theological Seminary is located in Wilmore, KY. The organization was established in 1943. 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 06/2022, Asbury Theological Seminary employed 587 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbury 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 06/2022, Asbury Theological Seminary generated $77.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.2% each year . All expenses for the organization totaled $39.4m during the year ending 06/2022. While expenses have increased by 4.6% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ASBURY THEOLOGICAL SEMINARY IS A COMMUNITY CALLED TO PREPARE THEOLOGICALLY EDUCATED, SANCTIFIED, SPIRIT-FILLED MEN AND WOMEN TO EVANGELIZE AND TO SPREAD SCRIPTURAL HOLINESS THROUGHOUT THE WORLD THROUGH THE LOVE OF JESUS CHRIST, IN THE POWER OF THE HOLY SPIRIT AND TO THE GLORY OF GOD THE FATHER.
Describe the Organization's Program Activity:
ASBURY THEOLOGICAL SEMINARY ENROLLED OVER 1,800 STUDENTS FROM 45 STATES AND 43 COUNTRIES THROUGH PROGRAMS ON ITS WILMORE, KY CAMPUS, ORLANDO', FL CAMPUS, ITS MEMPHIS, TN EXTENSION SITE, ITS TULSA, OK EXTENSION SITE, AND ITS ONLINE EXTENDED LEARNING PROGRAM. DEGREE PROGRAMS ARE OFFERED IN MASTER OF ARTS, MASTER OF DIVINITY, MASTER OF THEOLOGY, DOCTOR OF MINISTRY, DOCTOR OF MISSIOLOGY, AND DOCTOR OF PHILOSOPHY. STUDENTS COME TO THE SEMINARY FROM 92 DIFFERENT DENOMINATIONS AND CHURCHES. THE TOP SENDING GROUPS INCLUDE THE UNITED METHODIST, NONDENOMINATIONAL, BAPTIST, ASSEMBLIES OF GOD, SALVATION ARMY, FREE METHODIST, NAZARENE, ANGLICAN CHURCH, AFRICAN METHODIST EPISCOPAL, CHRISTIAN CHURCH, WESLEYAN CHURCH AND CHRISTIAN MISSIONARY ALLIANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy C Tennent President | Officer | 40 | $315,221 |
Jay Mansur Vice President | 40 | $191,565 | |
Bryan P Blankenship Vice President & Treasurer | Officer | 40 | $159,342 |
Kevin Bish Vice President | 40 | $156,103 | |
Gregg Okesson Vice President | Officer | 40 | $141,853 |
Kevin Kinghorn Faculty | 40 | $101,240 |
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 | $32,914,493 |
| Noncash contributions included in lines 1a–1f | $937,137 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,914,493 |
| Total Program Service Revenue | $21,662,784 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $23,293,869 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,871,146 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,483,084 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $716,419 |
| Compensation of current officers, directors, key employees. | $716,419 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,716,491 |
| Pension plan accruals and contributions | $575,707 |
| Other employee benefits | $1,800,844 |
| Payroll taxes | $911,563 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $165,650 |
| Fees for services: Accounting | $65,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $282,383 |
| Office expenses | $4,782,368 |
| Information technology | $109 |
| Royalties | $96,043 |
| Occupancy | $1,277,023 |
| Travel | $508,420 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $312,233 |
| Interest | $126,348 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,663,042 |
| Insurance | $311,425 |
| All other expenses | $1,646,397 |
| Total functional expenses | $39,441,449 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $60,604,822 |
| Pledges and grants receivable | $4,017,227 |
| Accounts receivable, net | $2,476,868 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $407,837 |
| Inventories for sale or use | $832,654 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $79,588,332 |
| Investments—publicly traded securities | $215,333,262 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $257,681 |
| Total assets | $363,518,683 |
| Accounts payable and accrued expenses | $920,273 |
| Grants payable | $0 |
| Deferred revenue | $744,433 |
| 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 | $3,617,598 |
| Total liabilities | $5,282,304 |
| Net assets without donor restrictions | $97,274,131 |
| Net assets with donor restrictions | $260,962,248 |
| 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 | $363,518,683 |