Wesley Biblical Seminary
- Assets
- $7.7m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 37
- Location
- Ridgeland, MS
- Founding
- 10/1976
- Data as of
- 06/2024
- EIN
- 64-0579585
Organization Overview
Wesley Biblical Seminary is located in Ridgeland, MS. The organization was established in 1976. As of 06/2024, Wesley Biblical Seminary employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wesley Biblical 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, Wesley Biblical Seminary generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $2.7m during the year ending 06/2024. While expenses have increased by 9.2% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
WESLEY BIBLICAL SEMINARY IS A MULTI-DENOMINATIONAL SCHOOL OF THEOLOGY THAT PROVIDES UNDERGRADUATE, GRADUATE AND DOCTORATE LEVEL EDUCATION FOR INDIVIDUALS WHO ARE PREPARING FOR CHRISTIAN SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDERGRADUATE, GRADUATE AND DOCTORATE LEVEL EDUCATION PROVIDED FOR INDIVIDUALS WHO ARE PREPARING FOR CHRISTIAN SERVICE.
STUDENT SERVICES CONSISTING OF ADMISSIONS, REGISTRAR ACTIVITIES, AND ACTIVITIES WHOSE PRIMARY PURPOSE IS TO CONTRIBUTE TO STUDENTS' WELL-BEING AND DEVELOPMENT OUTSIDE THE CONTEXT OF THE FORMAL INSTRUCTIONAL PROGRAM.
AUXILIARY ENTERPRISES CONSIST OF ESSENTIALLY SELF-SUPPORTING OPERATIONS THAT EXIST TO PROVIDE SERVICES TO STUDENTS, FACULTY OR STAFF, AND THAT CHARGE A FEE THAT IS RELATED TO THE COST OF THE SERVICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Matt Friedeman Interim Pres | Officer | 40 | $81,735 |
Dr Matt Ayars Previous Pre | Officer | 40 | $128,726 |
J David Chandler Jr Board Chairm | OfficerTrustee | 1 | $0 |
Scott King Board Secret | OfficerTrustee | 1 | $0 |
James Renfroe Bd Of Truste | Trustee | 1 | $0 |
Bob Mcelroy Bd Of Truste | Trustee | 1 | $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 | $1,770,932 |
| Noncash contributions included in lines 1a–1f | $168,665 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,770,932 |
| Total Program Service Revenue | $1,561,159 |
| Investment income | $95,734 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $21,929 |
| Net Gain/Loss on Asset Sales | -$40,194 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,409,560 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $535,112 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $193,259 |
| Compensation of current officers, directors, key employees. | $193,259 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,273,330 |
| Pension plan accruals and contributions | $33,064 |
| Other employee benefits | $5,296 |
| Payroll taxes | $62,488 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,037 |
| Fees for services: Other | $81,573 |
| Advertising and promotion | $29,794 |
| Office expenses | $76,514 |
| Information technology | $83,896 |
| Royalties | $0 |
| Occupancy | $33,745 |
| Travel | $66,432 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,104 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $55,449 |
| Insurance | $22,438 |
| All other expenses | $10,641 |
| Total functional expenses | $2,736,749 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $563,865 |
| Savings and temporary cash investments | $1,008,177 |
| Pledges and grants receivable | $1,442,959 |
| Accounts receivable, net | $107,214 |
| 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 | $6,973 |
| Net Land, buildings, and equipment | $745,766 |
| Investments—publicly traded securities | $3,786,479 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,519 |
| Total assets | $7,663,952 |
| Accounts payable and accrued expenses | $39,367 |
| Grants payable | $0 |
| Deferred revenue | $79,809 |
| 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 | $3,001 |
| Total liabilities | $122,177 |
| Net assets without donor restrictions | $1,932,555 |
| Net assets with donor restrictions | $5,609,220 |
| 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 | $7,663,952 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentucky Christian University Inc Grayson, KY | $38,563,521 | $22,232,558 |
Oblate School Of Theology San Antonio, TX | $58,198,278 | $7,163,601 |
Phillips Theological Seminary Corporation Tulsa, OK | $140,655,779 | $11,053,065 |
Eden Theological Seminary St Louis, MO | $27,218,689 | $4,465,389 |
African Bible Colleges Inc Clinton, MS | $2,935,841 | $3,827,518 |
University Of Fort Lauderdale Inc Fort Lauderdale, FL | $761,850 | $3,324,876 |
Torah Ore Seminary Boca Raton, FL | $1,536,496 | $3,590,865 |
Wesley Biblical Seminary Ridgeland, MS | $7,663,952 | $3,409,560 |