NEW YORK THEOLOGICAL SEMINARY

EIN: 131628150 501(c)(3)

NEW YORK, NY

Total Revenue
$4,439,036
Total Expenses
$4,304,912
Total Assets
$2,378,321
Net Assets
$1,193,449
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Financial Trends

Organization Details

Formation Year
1903
Legal Domicile
NY
Principal Officer
CRAIG KING
Phone
2128701238
Tax Period
2020-07-01 to 2021-06-30

NEW YORK THEOLOGICAL SEMINARY, founded in 1903, is a community nonprofit that reported $4.4M in total revenue in fiscal year 2020. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $4.3M left a modest 3% surplus.

Mission

NEW YORK THEOLOGICAL SEMINARY IS A DIVERSE AND INCLUSIVE COMMUNITY OF LEARNING GROUNDED IN BIBLICAL WITNESS AND CHRISTIAN TRADITION, WITH A HISTORIC URBAN FOCUS. THE SEMINARY PREPARES WOMEN AND MEN FOR FAITH-BASED MINISTRIES IN THE CITY AND THROUGHOUT THE WORLD. VALUES.

Program Service Accomplishments

Program 1
Expenses: $2,348,027

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...

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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).

Program 2
Expenses: $241,308

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...

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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).

Program 3
Expenses: $394,891

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...

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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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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2020)

Revenue Breakdown

Contributions & Grants $2,585,279
Program Service Revenue $1,713,591
Investment Income $82,105
Other Revenue $58,061
TOTAL REVENUE $4,439,036

Expense Breakdown

Grants Paid $526,586
Salaries & Benefits $2,482,806
Fundraising Expenses $157,112
Program Expenses $2,984,226
Other Expenses $1,295,520
TOTAL EXPENSES $4,304,912

Year-over-Year Comparison

2020 2019 Change
Revenue $4,439,036 $4,087,140 +0.1%
Expenses $4,304,912 $4,756,806 -0.1%
Net Income $134,124 $-669,666 -1.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
21
Independent Members
21
Employees
N/A
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$429,975
Total Directors
13
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WILLIAM WEISENBACH BOARD MEMBER 1.00
Director
$0 $0 $0
DAVID VIDAL BOARD MEMBER 1.00
Director
$0 $0 $0
ED TOWNS BOARD MEMBER 1.00
Director
$0 $0 $0
WILLA ROSE JOHNSON BOARD MEMBER 1.00
Director
$0 $0 $0
KARIM HUTSON BOARD MEMBER 1.00
Director
$0 $0 $0
KENNETH MORRISON BOARD MEMBER 1.00
Director
$0 $0 $0
NADJA FIDELIA BOARD MEMBER 1.00
Director
$0 $0 $0
SUSAN REED BOARD MEMBER 1.00
Director
$0 $0 $0
QUAY WATKINS BOARD MEMBER 1.00
Director
$0 $0 $0
LAURA PIRES-HESTER BOARD MEMBER 1.00
Director
$0 $0 $0
JEFF BOYCE BOARD MEMBER 1.00
Director
$0 $0 $0
LAWRENCE HAMMOND BOARD CHAIR 1.00
Director
$0 $0 $0
SHARON DAVISON VICE CHAIR 1.00
Director
$0 $0 $0
CRAIG KING CONTROLLER 50.00
Officer
$98,779 $6,180 $104,959
LAKEESHA N WALROND PRESIDENT 50.00
Officer
$138,257 $31,094 $169,351
LENIER THOMAS VP OF DEV & INSTITUTIONAL 50.00
Officer
$75,606 $8,565 $84,171
TAMARA HENRY ACADEMIC DEAN & VP OF ACAD 50.00
Officer
$59,758 $11,736 $71,494
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2021 $4,439,036 $4,304,912 $2,378,321 $134,124
2020 $4,087,140 $4,756,806 $2,247,954 $-669,666
2019 $4,650,453 $5,296,925 $2,583,030 $-646,472
2018 $5,763,674 $5,586,146 $3,068,220 $177,528
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