Covenant Baptist Theological Seminary Inc

EIN: 841978807 501(c)(3) Education

Owensboro, KY

Total Revenue
$1,512,533
Total Expenses
$1,441,143
Total Assets
$836,005
Net Assets
$818,932
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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
2019
Legal Domicile
KY
Principal Officer
Samuel Waldron
Phone
2709256992
Tax Period
2025-01-01 to 2025-12-31

Covenant Baptist Theological Seminary Inc, founded in 2019, is a community nonprofit in the Education sector that reported $1.5M in total revenue in fiscal year 2025. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $1.4M left a modest 5% surplus.

Mission

Helping the church to prepare men to undertake the full range of pastoral responsibilities in serving Christ and His kingdom

Program Service Accomplishments

Program 1
Expenses: $1,262,678 Revenue: $673,816

In 2025, CBTS students completed 1,143 classes (2,853 credits). 34 students graduated in 2025. 476 students are enrolled and taking classes. Students from 49 countries in 7 world regions are taking...

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In 2025, CBTS students completed 1,143 classes (2,853 credits). 34 students graduated in 2025. 476 students are enrolled and taking classes. Students from 49 countries in 7 world regions are taking classes and received finanical aid in the form of reduced tuition and fees.

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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 (2025)

Revenue Breakdown

Contributions & Grants $810,472
Program Service Revenue $673,246
Investment Income $28,815
Other Revenue $0
TOTAL REVENUE $1,512,533

Expense Breakdown

Grants Paid $97,727
Salaries & Benefits $724,451
Fundraising Expenses $55,292
Program Expenses $1,262,678
Other Expenses $618,965
TOTAL EXPENSES $1,441,143

Year-over-Year Comparison

2025 2024 Change
Revenue $1,512,533 $1,323,815 +0.1%
Expenses $1,441,143 $1,212,445 +0.2%
Net Income $71,390 $111,370 -0.4%
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
12
Independent Members
12
Employees
14
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
3
$204,036
Total Directors
13
$17,255
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SAMUEL E WALDRON President 40.00
Officer
$92,599 $0 $92,599
LINDSAY B BIGHAM JR Treasurer 40.00
Officer
$91,077 $0 $91,077
JOHN MILLER Vice President 20.00
Officer
$20,360 $0 $20,360
LEE MCKINNON Director 0.00
Director
$9,415 $0 $9,415
MIKE WATERS Director 0.00
Director
$2,180 $0 $2,180
TOM HICKS Director 0.00
Director
$1,805 $0 $1,805
BEN CARLSON Board Secretary 0.00
Director
$1,455 $0 $1,455
JIM SAVASTIO Director 0.00
Director
$1,200 $0 $1,200
RON MILLER Chairman 0.00
Director
$1,200 $0 $1,200
FRED MALONE Director 0.00
Director
$0 $0 $0
JON HUENI Director 0.00
Director
$0 $0 $0
DANIEL WOLFORD Director 0.00
Director
$0 $0 $0
MICHAEL VILLA Director 0.00
Director
$0 $0 $0
EDUARDO F RIVERA Director 0.00
Director
$0 $0 $0
JUSTIN MILLER Director 0.00
Director
$0 $0 $0
JAMES SMITH Director 0.00
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 $1,512,533 $1,441,143 $836,005 $71,390
2024 No data No data No data No data
2023 $1,004,739 $929,807 $635,339 $74,932
2022 $1,062,168 $833,481 $573,906 $228,687
2021 $613,155 $572,387 $333,424 $40,768
2020 $543,935 $447,219 $291,816 $96,716
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