INDIANAPOLIS THEOLOGICAL SEMINARY

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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

2015

Legal Domicile

Principal Officer

BRUCE WINTER

Phone

9898590012

Tax Period

2023-09-01 to 2024-08-31

INDIANAPOLIS THEOLOGICAL SEMINARY, founded in 2015, is a community nonprofit in the Education sector that reported $1.0M in total revenue in fiscal year 2023. Revenue surged 36% from the prior year, signaling strong growth momentum. Expenses of $967K left a modest 4% surplus.

Mission

INDIANAPOLIS THEOLOGICAL SEMINARY EXISTS TO SEE A FULLY ACCREDITED THEOLOGICALLY REFORMED MDIV PROGRAM IN CENTRAL INDIANA THAT INTEGRATES LEADERSHIP TRAINING IN LOCAL CHURCHES WITH ROBUST ACADEMIC INSTRUCTION FOR THE SAKE OF DEVELOPING THE NEXT GENERATION OF THEOLOGIAN LEADERS TO THE GLORY OF GOD.

Program Service Accomplishments

Program 1

Expenses: $594,672 Revenue: $165,215

INDIANAPOLIS THEOLOGICAL SEMINARY (ITS) HAS BEEN IN OPERATION FOR NINE YEARS AND ENROLLMENT CONTINUES TO GROW. TUITION REVENUE ONLY COVERS 17% OF THE COST OF OPERATING THE SEMINARY. FULL TIME STUDENT...

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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 (2023)

Revenue Breakdown

Contributions & Grants $819,459

Program Service Revenue $165,491

Investment Income $20,395

Other Revenue $177

TOTAL REVENUE $1,005,522

Expense Breakdown

Grants Paid $0

Salaries & Benefits $662,995

Fundraising Expenses $181,860

Program Expenses $594,672

Other Expenses $304,041

TOTAL EXPENSES $967,036

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,005,522	$741,729	+0.4%
Expenses	$967,036	$788,046	+0.2%
Net Income	$38,486	$-46,317	-1.8%

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

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

$128,425

Total Directors

$363,158

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROB WINGERTER	CHAIRMAN	1.00	Officer Director	$0	$0	$0
NICHOLAS PIOTROWSKI	PRESIDENT	40.00	Officer Director	$128,425	$0	$128,425
DON ENGEL	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
RICHARD ROWLEY	SECRETARY & ADJUNCT PROFES	1.00	Officer Director	$0	$0	$0
MICHAEL ERLER	TREASURER	1.00	Officer Director	$0	$0	$0
CURTIS COSTON	DIRECTOR	1.00	Director	$0	$0	$0
KEITH DOANE	DIRECTOR	1.00	Director	$0	$0	$0
JYM GREGORY	DIRECTOR & ADJUNCT PROFESS	20.00	Director	$0	$0	$0
RYAN GRIFFITH	DIRECTOR & ADJUNCT PROFESS	20.00	Director	$0	$0	$0
KATHY MCALLEN	DIRECTOR	1.00	Director	$0	$0	$0
DREW HUNTER	DIRECTOR	1.00	Director	$0	$0	$0
HRE MANG	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN MCCRORIE	DIRECTOR	1.00	Director	$0	$0	$0
DAVID PETERS	DIRECTOR	1.00	Director	$0	$0	$0
GUS PRITCHARD	DIRECTOR	1.00	Director	$0	$0	$0
MARC WEST	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD ZABEL	DIRECTOR	1.00	Director	$0	$0	$0
KJ DRAKE	ACADEMIC DEAN	40.00	Director	$88,185	$0	$88,185
CHARLES B WINTER	DIRECTOR OF OPERATIONS	40.00	Director	$67,813	$0	$67,813
SUSAN ALBERS	DIRECTOR OF DEVELOPMENT	40.00	Director	$78,735	$0	$78,735
STEVE SANDVIG	DEVELOPMENT COMMITTEE	1.00	Director	$0	$0	$0

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	$1,005,522	$967,036	$905,348	$38,486
2023	$741,729	$788,046	$873,404	$-46,317
2022	$1,044,120	$682,878	$895,225	$361,242
2021	$612,836	$479,081	$469,296	$133,755