HOOD THEOLOGICAL SEMINARY

EIN: 562231069 501(c)(3) Education

SALISBURY, NC

Total Revenue
$3,644,840
Total Expenses
$3,391,267
Total Assets
$19,965,060
Net Assets
$18,021,614
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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
2001
Legal Domicile
NC
Principal Officer
DR VERGEL LATTIMORE
Phone
7046366454
Tax Period
2023-07-01 to 2024-06-30

HOOD THEOLOGICAL SEMINARY, founded in 2001, is a community nonprofit in the Education sector that reported $3.6M in total revenue in fiscal year 2023. Expenses of $3.4M left a modest 7% surplus.

Mission

EDUCATIONAL INSTITUTION

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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 (2023)

Revenue Breakdown

Contributions & Grants $1,566,880
Program Service Revenue $1,314,608
Investment Income $691,454
Other Revenue $71,898
TOTAL REVENUE $3,644,840

Expense Breakdown

Grants Paid $77,925
Salaries & Benefits $1,723,745
Fundraising Expenses $411,327
Program Expenses $1,463,726
Other Expenses $1,589,597
TOTAL EXPENSES $3,391,267

Year-over-Year Comparison

2023 2022 Change
Revenue $3,644,840 $3,503,768 +0.0%
Expenses $3,391,267 $3,569,834 -0.1%
Net Income $253,573 $-66,066 -4.8%
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

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Governance

Voting Members
19
Independent Members
19
Employees
65
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
5
$0
Total Directors
28
$200,959
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DR CURTIS T WALKER SR TRUSTEE EMERITUS 2.00
Director
$0 $0 $0
BISHOP GEORGE E BATTLE JR TRUSTEE EMERITUS 2.00
Director
$0 $0 $0
BISHOP GEORGE W C WALKER SR TRUSTEE EMERITUS 2.00
Director
$0 $0 $0
JANET WARD BLACK TRUSTEE EMERITUS 2.00
Director
$0 $0 $0
BISHOP JOSEPH JOHNSON TRUSTEE EMERITUS 2.00
Director
$0 $0 $0
REV DR DOUGLAS L MAVEN TRUSTEE 2.00
Officer Director
$0 $0 $0
DR CHARLIE DAVIDSON TRUSTEE 2.00
Director
$0 $0 $0
JUDGE ADELE M RILEY TRUSTEE 2.00
Director
$0 $0 $0
REV DR SHELDON SHIPMAN SECRETARY 5.00
Officer Director
$0 $0 $0
DR BRENDA LG SMITH TRUSTEE 2.00
Director
$0 $0 $0
DR SANDRA L GADSON TRUSTEE 2.00
Director
$0 $0 $0
BISHOP MICHAEL A FRENCHER SR VICE CHAIRMAN 2.00
Officer Director
$0 $0 $0
BISHOP KENNETH MONROE TRUSTEE 5.00
Director
$0 $0 $0
REV DR RANDELL A CAIN JR TRUSTEE 2.00
Director
$0 $0 $0
REV DR NILOUS M AVERY II TRUSTEE 2.00
Director
$0 $0 $0
BISHOP GEORGE D CRENSHAW TRUSTEE 2.00
Director
$0 $0 $0
REV DR MICHAEL E ELLIS TRUSTEE EMERITUS/ASST. SEC 2.00
Officer Director
$0 $0 $0
BISHOP DARRYL B STARNES CHAIRMAN 5.00
Officer Director
$0 $0 $0
DR VERGEL L LATTIMORE SEMINARY PRESIDENT 60.00
Director
$192,809 $8,150 $200,959
DEAN CAROLINE L LATTIMORE TRUSTEE 2.00
Director
$0 $0 $0
REV PATRICK BARRETT TRUSTEE 2.00
Director
$0 $0 $0
REV DR FREDERICK BOWMAN TRUSTEE 2.00
Director
$0 $0 $0
BISHOP ERIC LEAKE TRUSTEE 2.00
Director
$0 $0 $0
REV DR TIMOTHY FREEMAN HTSNAA PRESIDENT 2.00
Director
$0 $0 $0
BISHOP BRIAN R THOMPSON SR TRUSTEE 2.00
Director
$0 $0 $0
DR RICHARD MARTIN TRUSTEE EMERITUS 0.00
Director
$0 $0 $0
DR GREGORY ALCORN TRUSTEE 2.00
Director
$0 $0 $0
REV DR SIDNEY E DAVIS SR TRUSTEE 2.00
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 $3,644,840 $3,391,267 $19,965,060 $253,573
2023 $3,503,768 $3,569,834 $18,758,622 $-66,066
2022 $4,185,310 $3,579,066 $17,605,409 $606,244
2021 $4,736,728 $3,258,324 $19,733,231 $1,478,404
2020 $3,548,414 $2,996,215 $15,889,926 $552,199
2019 $3,422,468 $3,418,162 $15,326,991 $4,306
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