WESTMINSTER THEOLOGICAL SEMINARY

EIN: 231352689 501(c)(3)

GLENSIDE, PA

Total Revenue
$32,134,115
Total Expenses
$30,037,172
Total Assets
$77,992,810
Net Assets
$67,274,683
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1930
Legal Domicile
PA
Principal Officer
PETER A LILLBACK
Phone
2158875511
Tax Period
2024-07-01 to 2025-06-30

WESTMINSTER THEOLOGICAL SEMINARY, founded in 1930, is a mid-sized nonprofit that reported $32.1M in total revenue in fiscal year 2024. Expenses of $30.0M left a modest 7% surplus.

Mission

THE FORMATION OF MEN FOR THE GOSPEL MINISTRY AS PASTORS, EVANGELISTS, & TEACHERS WHO SHALL PROCLAIM THE WHOLE COUNSEL OF GOD THROUGHOUT A CHANGING WORLD. THE THEOLOGICAL TRAINING OF CHURCH OFFICERS AS STEWARDS OF CHRIST, AND THE COMMUNICATION OF BIBLICAL STUDIES.

Program Service Accomplishments

Program 1
Expenses: $13,401,001 Revenue: $7,258,266

POSTGRADUATE ACADEMIC PROGRAMSWESTMINSTER EXISTS TO TRAIN SPECIALISTS IN THE BIBLE TO PROCLAIM THE WHOLE COUNSEL OF GOD FOR CHRIST AND HIS GLOBAL CHURCH. IT IS OUR INTENTION TO CONTRIBUTE TO THE...

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POSTGRADUATE ACADEMIC PROGRAMSWESTMINSTER EXISTS TO TRAIN SPECIALISTS IN THE BIBLE TO PROCLAIM THE WHOLE COUNSEL OF GOD FOR CHRIST AND HIS GLOBAL CHURCH. IT IS OUR INTENTION TO CONTRIBUTE TO THE TRAINING AND SPIRITUAL FORMATION OF ALL OF OUR STUDENTS IN THE VARIOUS DEGREE PROGRAMS. WE CURRENTLY OFFER PROGRAMS LEADING TO THE MASTER OF DIVINITY (MDIV), MASTER OF ARTS IN RELIGION (MAR), MASTER OF ARTS IN COUNSELING (MAC), MASTER OF ARTS IN THEOLOGICAL STUDIES (MATS), MASTER OF THEOLOGY (THM), DOCTOR OF MINISTRY (DMIN), DOCTOR OF PHILOSOPHY (PHD), AND A CERTIFICATE IN CHRISTIAN STUDIES (CERT).(CONTINUED ON SCHEDULE O)FALL 2024 ENROLLMENT WAS 1,183 STUDENTS WITH 185 IN THE RESIDENTIAL PROGRAM, 770 IN ONLINE LEARNING, 168 IN THE KOREAN CAMPUS, 54 IN THE SPANISH CAMPUS, AND 6 VISITING STUDENTS. WITH RESPECT TO SPRING 2025, ENROLLMENT WAS 1,171 WITH 167 IN THE RESIDENTIAL PROGRAM, 753 IN ONLINE LEARNING, 77 IN THE SPANISH PROGRAM, 170 IN THE KOREAN CAMPUS, AND 4 VISITING STUDENTS.RESIDENTIAL PROGRAMS: FALL 2024 - 85 IN MDIV, 17 IN MAR, 14 IN THM, 29 IN PHD, 40 IN DMIN; SPRING 2025 - 82 IN MDIV, 15 IN MAR, 10 IN THM, 29 IN PHD, 31 IN DMIN.

Program 2
Expenses: $5,557,144 Revenue: $5,922,448

ONLINE LEARNINGONLINE LEARNING PROVIDES MULTIPLE DEGREE PROGRAMS ONLINE TO TRAIN LEADERS IN MINISTRY ANYWHERE IN THE WORLD IN THEIR LOCAL MINISTRY CONTEXTS. IN ADDITION TO MASTER OF ARTS IN...

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ONLINE LEARNINGONLINE LEARNING PROVIDES MULTIPLE DEGREE PROGRAMS ONLINE TO TRAIN LEADERS IN MINISTRY ANYWHERE IN THE WORLD IN THEIR LOCAL MINISTRY CONTEXTS. IN ADDITION TO MASTER OF ARTS IN COUNSELING AND A MASTER OF ARTS IN THEOLOGICAL STUDIES, WE HAVE BEEN OFFERING THE MASTER OF DIVINITY (MDIV) AND MASTER OF ARTS IN RELIGION (MAR) ONLINE. IN FALL 2024, WE HAD 191 STUDENTS IN THE MATS PROGRAM, 339 IN MAC, 53 IN MAR, 140 IN THE MDIV, AND 47 CERTIFICATE STUDENTS. IN SPRING 2025, 182 IN MATS, 342 IN MAC, 53 IN MAR, 138 IN MDIV, AND 38 CERTIFICATE STUDENTS.

Program 3
Expenses: $3,634,546 Revenue: $4,585,820

WTSBOOKS.COMWESTMINSTER BOOKSTORE IS THE CAMPUS BOOKSTORE FOR WESTMINSTER THEOLOGICAL SEMINARY. WE EXIST TO SERVE THE KINGDOM OF GOD BY SERVING THE WESTMINSTER THEOLOGICAL SEMINARY COMMUNITY THROUGH...

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WTSBOOKS.COMWESTMINSTER BOOKSTORE IS THE CAMPUS BOOKSTORE FOR WESTMINSTER THEOLOGICAL SEMINARY. WE EXIST TO SERVE THE KINGDOM OF GOD BY SERVING THE WESTMINSTER THEOLOGICAL SEMINARY COMMUNITY THROUGH THE DISTRIBUTION OF HIGH QUALITY, BIBLICALLY FAITHFUL, REFORMED BOOKS AND RESOURCES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $12,839,061
Program Service Revenue $17,990,573
Investment Income $1,304,481
Other Revenue $0
TOTAL REVENUE $32,134,115

Expense Breakdown

Grants Paid $5,452,078
Salaries & Benefits $12,968,396
Fundraising Expenses $2,977,754
Program Expenses $22,865,470
Other Expenses $11,616,698
TOTAL EXPENSES $30,037,172

Year-over-Year Comparison

2024 2023 Change
Revenue $32,134,115 $33,630,824 0.0%
Expenses $30,037,172 $26,141,092 +0.1%
Net Income $2,096,943 $7,489,732 -0.7%
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
14
Independent Members
14
Employees
259
Volunteers
20

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
10
$1,187,988
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOHN WEISER BOARD CHAIRMAN 5.00
Officer Director
$0 $0 $0
M DOUGLAS HART BOARD VICE CHAIRMAN 5.00
Officer Director
$0 $0 $0
WILLIAM LANGFORD TREASURER 5.00
Officer Director
$0 $0 $0
TOM CONWAY TRUSTEE 5.00
Director
$0 $0 $0
GABRIEL NE FLUHRER TRUSTEE 5.00
Director
$0 $0 $0
GREGORY A POLAND TRUSTEE 5.00
Director
$0 $0 $0
JOHN MAYNARD TRUSTEE 5.00
Director
$0 $0 $0
JUAN CARLOS MARTINEZ TRUSTEE 5.00
Director
$0 $0 $0
MARK SALLADE TRUSTEE 5.00
Director
$0 $0 $0
RICHARD B GAFFIN III TRUSTEE 5.00
Director
$0 $0 $0
RICHARD PHILLIPS TRUSTEE 5.00
Director
$0 $0 $0
ZACHARY AILLS TRUSTEE 5.00
Director
$0 $0 $0
NOEL GREENBERGER TRUSTEE 5.00
Director
$0 $0 $0
ROB PACIENZA TRUSTEE 5.00
Director
$0 $0 $0
LARRY PULS TRUSTEE (PART YEAR) 5.00
Director
$0 $0 $0
PETER LILLBACK PRESIDENT 45.00
Officer
$165,655 $74,624 $240,279
JERRY TIMMIS VP OF STEWARDSHIP 45.00
Officer
$190,371 $28,805 $219,176
DAVID GARNER CHIEF ACADEMIC OFFICER 45.00
Officer
$109,462 $79,750 $189,212
CHUN LAI CHIEF OPERATING OFFICER 45.00
Officer
$150,924 $30,376 $181,300
PAU PING SZE TO SR DIRECTOR OF FINANCE 45.00
Officer
$129,808 $17,771 $147,579
STEVE CARTER CHIEF OF STAFF/COMPANY SECRETARY 45.00
Officer
$135,011 $11,621 $146,632
JAMES SWEET VP & DIR OF SPECIAL PROJECTS 13.00
Officer
$58,440 $5,370 $63,810
YOHAN KIM SR DIRECTOR OF ONLINE LEARNING 45.00
Highest
$141,642 $29,977 $171,619
JONATHAN BRACK SR DIRECTOR OF ENROLLMENT 45.00
Highest
$144,695 $25,978 $170,673
ANDREW SCHWARTZ SR DIRECTOR OF STEWARDSHIP 45.00
Highest
$127,829 $29,310 $157,139
BRANDON CROWE PROF OF NEW TESTAMENT 45.00
Highest
$119,815 $25,949 $145,764
ELIZABETH TAWADROS SENIOR DIRECTOR OF STEWARDSHIP 45.00
Highest
$121,664 $22,401 $144,065
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
2025 $32,134,115 $30,037,172 $77,992,810 $2,096,943
2024 No data No data No data No data
2023 $30,439,771 $26,717,177 $62,146,749 $3,722,594
2022 $33,728,567 $26,877,375 $54,431,420 $6,851,192
2021 $28,664,746 $22,346,106 $50,091,847 $6,318,640
2020 $21,946,711 $20,147,783 $40,923,204 $1,798,928
2019 $20,950,482 $18,772,077 $37,295,620 $2,178,405
2018 $16,606,568 $17,600,603 $35,032,457 $-994,035
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