BSK THEOLOGICAL SEMINARY INC

EIN: 611312812 501(c)(3) Education

LEXINGTON, KY

Total Revenue
$966,283
Total Expenses
$1,364,862
Total Assets
$2,500,550
Net Assets
$1,976,651
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1996
Legal Domicile
KY
Principal Officer
DAVID CASSADY
Phone
5028638300
Tax Period
2024-08-01 to 2025-07-31

BSK THEOLOGICAL SEMINARY INC, founded in 1996, is a small nonprofit in the Education sector that reported $966K in total revenue in fiscal year 2024. Expenses of $1.4M exceeded revenue, resulting in a 41% operating deficit.

Mission

THE BAPTIST SEMINARY OF KENTUCKY PROVIDES CHRISTIAN THEOLOGICAL EDUCATION COMMITTED TO SPIRITUAL DEPTH, INTELLECTUAL HONESTY AND MORAL INTEGRITY.

Program Service Accomplishments

Program 1
Expenses: $1,005,271 Revenue: $194,044

EDUCATIONAL TRAINING PROVIDED FOR STUDENTS ENROLLED IN MASTER OF DIVINITY PROGRAM.FALL ENROLLMENT 50 STUDENTS SPRING ENROLLMENT 46 STUDENTS

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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 $703,312
Program Service Revenue $72,123
Investment Income $186,731
Other Revenue $4,117
TOTAL REVENUE $966,283

Expense Breakdown

Grants Paid $124,220
Salaries & Benefits $970,948
Fundraising Expenses $115,958
Program Expenses $1,005,271
Other Expenses $269,694
TOTAL EXPENSES $1,364,862

Year-over-Year Comparison

2024 2023 Change
Revenue $966,283 $988,259 0.0%
Expenses $1,364,862 $1,328,225 +0.0%
Net Income $-398,579 $-339,966 +0.2%
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

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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
15
Independent Members
15
Employees
N/A
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
4
$111,508
Total Directors
17
$111,508
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOAN FOWLER TRUSTEE 2.00
Officer Director
$0 $0 $0
ANN MCMAHAN TRUSTEE 2.00
Officer Director
$0 $0 $0
MICAH SPICER SECRETARY 2.00
Officer Director
$0 $0 $0
MELODY CHANEY TRUSTEE 1.00
Director
$0 $0 $0
DON COLLIVER TREASURER 1.00
Director
$0 $0 $0
LARRY GRAY TRUSTEE 1.00
Director
$0 $0 $0
KEN HALL CHAIR 1.00
Director
$0 $0 $0
ALPHONSO CORNISH TRUSTEE 1.00
Director
$0 $0 $0
DWIGHT LOVAN TRUSTEE 1.00
Director
$0 $0 $0
DAVID CASSADY PRESIDENT 40.00
Officer Director
$70,708 $40,800 $111,508
MARGARET JOLLY TRUSTEE 1.00
Director
$0 $0 $0
OMER MIDDLETON TRUSTEE 1.00
Director
$0 $0 $0
JONATHON MOREHEAD TRUSTEE 1.00
Director
$0 $0 $0
RONALD OLIVER VICE-CHAIR 1.00
Director
$0 $0 $0
CAROL HARSTON TRUSTEE 1.00
Director
$0 $0 $0
ROSS JOHNSON TRUSTEE 1.00
Director
$0 $0 $0
DARTANYA HILL TRUSTEE 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 $966,283 $1,364,862 $2,500,550 $-398,579
2024 $988,259 $1,328,225 $2,968,301 $-339,966
2023 $829,014 $1,306,142 $3,176,815 $-477,128
2022 $1,983,288 $1,207,264 $3,605,933 $776,024
2021 $1,246,867 $1,154,613 $3,295,581 $92,254
2020 $1,265,011 $1,047,627 $2,928,643 $217,384
2019 $905,552 $956,295 $2,533,842 $-50,743
2018 $1,088,143 $938,918 $2,486,994 $149,225
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