WESTMINSTER THEOLOGICAL SEMINARY (EIN 231352689) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1930

Legal Domicile

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

TO FORM CHRISTIAN LEADERS TO PROCLAIM THE WHOLE COUNSEL OF GOD THROUGHOUT A CHANGING WORLD.

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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%)

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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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

259

Volunteers

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

$1,187,988

Total Directors

Key Employees

Highest Compensated

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

WESTMINSTER THEOLOGICAL SEMINARY