REFORMED THEOLOGICAL SEMINARY (EIN 640428676) - 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

1964

Legal Domicile

Principal Officer

J LIGON DUNCAN III

Phone

6019231600

Tax Period

2024-06-01 to 2025-05-31

REFORMED THEOLOGICAL SEMINARY, founded in 1964, is a mid-sized nonprofit in the Education sector that reported $33.4M in total revenue in fiscal year 2024. Expenses of $30.3M left a modest 9% surplus.

Mission

TO PREPARE LEADERS FOR THE CHURCH WITH A MIND FOR TRUTH AND A HEART FOR GODTHROUGH A PROGRAM OF GRADUATE THEOLOGICAL EDUCATION.

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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 $10,957,073

Program Service Revenue $13,488,775

Investment Income $7,813,608

Other Revenue $1,115,319

TOTAL REVENUE $33,374,775

Expense Breakdown

Grants Paid $6,218,475

Salaries & Benefits $14,742,830

Fundraising Expenses $1,741,924

Program Expenses $22,910,332

Other Expenses $9,102,971

TOTAL EXPENSES $30,318,391

Year-over-Year Comparison

	2024	2023	Change
Revenue	$33,374,775	$33,027,981	+0.0%
Expenses	$30,318,391	$30,146,830	+0.0%
Net Income	$3,056,384	$2,881,151	+0.1%

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

358

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

$1,360,042

Total Directors

Key Employees

$219,897

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD RIDGWAY	CHAIRMAN	1.00	Officer Director	$0	$0	$0
V HU MEENA	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
RODERICK S RUSS III	SECRETARY	1.00	Officer Director	$0	$0	$0
WILLIAM MOUNGER	TREASURER	1.00	Officer Director	$0	$0	$0
BF BRACY	TRUSTEE	1.00	Director	$0	$0	$0
HUGH COMER	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT CURTIS	TRUSTEE	1.00	Director	$0	$0	$0
LARRY EDWARDS	TRUSTEE	1.00	Director	$0	$0	$0
T DAVID ELKIN	TRUSTEE	1.00	Director	$0	$0	$0
GEROGE FAIR	TRUSTEE	1.00	Director	$0	$0	$0
PAUL HURST III	TRUSTEE	1.00	Director	$0	$0	$0
CHARLES IRBY SR	TRUSTEE	1.00	Director	$0	$0	$0
J BYRON JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
COLLIE LEHN	TRUSTEE	1.00	Director	$0	$0	$0
DAVID H LUCAS	TRUSTEE	1.00	Director	$0	$0	$0
SCOTT MCLELLAN	TRUSTEE	1.00	Director	$0	$0	$0
J SCOTT REDD SR	TRUSTEE	1.00	Director	$0	$0	$0
BENJAMIN ROBERSON	TRUSTEE	1.00	Director	$0	$0	$0
CRAIG ROHDE	TRUSTEE	1.00	Director	$0	$0	$0
WARREN WILLIAMSON	TRUSTEE	1.00	Director	$0	$0	$0
J LIGON DUNCAN III	CHANCELLOR/CEO	40.00	Officer	$276,427	$101,174	$377,601
ROBERT CARA	PROVOST	40.00	Officer	$166,540	$22,199	$188,739
RICKY RAYBORN	CHIEF OPERATING OFFICER	40.00	Officer	$124,404	$25,061	$149,465
JESSICA SHORT	CHIEF FINANCIAL OFFICER	40.00	Officer	$134,532	$14,327	$148,859
DAVID VELDKAMP	CHIEF ENROLLMENT MANAGEMENT OFFICER	40.00	Officer	$116,715	$24,386	$141,101
RICHARD DOGGETT	CHIEF OF STAFF	40.00	Officer	$115,354	$12,486	$127,840
KIMBERLY SHIRLEY	CHIEF COMMUNICATIONS OFFICER	40.00	Officer	$96,488	$22,666	$119,154
AMY HONEYCUTT	CHIEF MARKETING OFFICER	40.00	Officer	$95,494	$11,789	$107,283
J SCOTT REDD JR	PRESIDENT, DC CAMPUS	40.00	Key Emp	$161,771	$58,126	$219,897
MARK MCDOWELL	EXECUTIVE DIRECTOR, DALLAS AND HOUSTON CAMPUSES	40.00	Highest	$129,306	$85,108	$214,414
SCOTT SWAIN	PRESIDENT, ORLANDO CAMPUS	40.00	Highest	$131,381	$72,419	$203,800
MICHAEL KRUGER	PRESIDENT, CHARLOTTE CAMPUS	40.00	Highest	$127,609	$63,651	$191,260
ROBERT ALLEN	PROFESSOR & ACADEMIC DEAN, ORLANDO	40.00	Highest	$110,393	$64,567	$174,960
DAVID JOHN	EXECUTIVE DIRECTOR, GLOBAL AND DISTANCE	40.00	Highest	$116,022	$22,533	$138,555

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	$33,374,775	$30,318,391	$133,736,170	$3,056,384
2024	$33,027,981	$30,146,830	$130,756,934	$2,881,151
2023	$31,197,255	$29,471,208	$122,160,869	$1,726,047
2022	$29,054,898	$26,360,001	$124,776,543	$2,694,897
2021	$28,809,695	$23,782,374	$126,127,780	$5,027,321
2020	$26,762,042	$23,061,777	$103,910,846	$3,700,265
2019	$22,669,438	$22,680,564	$102,463,230	$-11,126
2018	$28,122,489	$21,303,957	$106,785,507	$6,818,532

REFORMED THEOLOGICAL SEMINARY