Calvin Theological Seminary

EIN: 383001876 501(c)(3) Education

Grand Rapids, MI

Total Revenue
$15,339,909
Total Expenses
$11,282,615
Total Assets
$88,012,471
Net Assets
$85,335,464
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1876
Legal Domicile
MI
Phone
6169578619
Tax Period
2022-07-01 to 2023-06-30

Calvin Theological Seminary, founded in 1876, is a mid-sized nonprofit in the Education sector that reported $15.3M in total revenue in fiscal year 2022. Revenue grew 14% year-over-year, indicating healthy expansion. The organization ran a surplus of $4.1M, a strong 26% operating margin.

Mission

Calvin Theological Seminary exists to serve the Christian Reformed Church in North America and wider constituencies by preparing persons for biblically faithful and contextually effective ministry of the Word and by offering reformed theological scholarship and counsel.

Program Service Accomplishments

Program 1
Expenses: $7,342,076 Revenue: $1,885,926

The Seminary's primary purpose is the education and training of over 300 students to prepare them for ministry and leadership in the church.

Program 2
Expenses: $567,745 Revenue: $644,653

Auxiliary Revenues include activities for student housing. This is only housing revenues and expenditures.

Program 3
Expenses: $62,098 Revenue: $4,200

The Calvin Theological Journal and CTS Forum provide opportunities for students and faculty.

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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 (2022)

Revenue Breakdown

Contributions & Grants $7,731,320
Program Service Revenue $2,499,498
Investment Income $5,063,548
Other Revenue $45,543
TOTAL REVENUE $15,339,909

Expense Breakdown

Grants Paid $1,233,543
Salaries & Benefits $5,079,264
Fundraising Expenses $740,081
Program Expenses $8,032,331
Other Expenses $4,969,808
TOTAL EXPENSES $11,282,615

Year-over-Year Comparison

2022 2021 Change
Revenue $15,339,909 $13,491,868 +0.1%
Expenses $11,282,615 $10,741,645 +0.1%
Net Income $4,057,294 $2,750,223 +0.5%
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

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Governance

Voting Members
20
Independent Members
20
Employees
129
Volunteers
21

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
7
$437,019
Total Directors
21
$0
Key Employees
0
$0
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
N/A Board Chairman 5.0
Officer Director
$0 $0 $0
N/A Board Vice Chairman 4.0
Officer Director
$0 $0 $0
N/A Board Secretary 2.0
Officer Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Board Member 2.0
Director
$0 $0 $0
N/A Director of Finance (part year) 40.0
Officer
$89,758 $8,746 $98,504
N/A Chief Operating Officer 40.0
Officer
$105,127 $23,656 $128,783
N/A Controller 40.0
Officer
$0 $0 $0
N/A President 40.0
Officer
$179,910 $29,822 $209,732
N/A Professor of Pastoral Theology, Care and Counseling 40.0
Highest
$111,168 $31,967 $143,135
N/A Director of Development 40.0
Highest
$114,746 $16,073 $130,819
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 No data No data No data No data
2024 No data No data No data No data
2023 $15,339,909 $11,282,615 $88,012,471 $4,057,294
2022 $13,491,868 $10,741,645 $78,907,473 $2,750,223
2021 $24,238,301 $10,525,424 $82,445,737 $13,712,877
2020 $14,130,036 $11,103,762 $69,466,519 $3,026,274
2019 $15,089,300 $11,270,856 $66,376,477 $3,818,444
2018 $11,675,439 $10,882,342 $62,838,810 $793,097
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