Shepherds Theological Seminary 
The information on this page was last updated 1/30/2026. If you see errors or omissions, please email: [email protected]
Summary
A Seminary for the Local Church, in the Local Church
Contact information
Mailing address:
Shepherds Theological Seminary
6051 Tryon Road
Cary, NC 27518
Website: shepherds.edu
Phone: (919) 573-5350
Email: [email protected]
Organization details
EIN: 200180768
CEO/President: Stephen Davey
Chairman: Bobby Godfrey
Board size: 12
Founder: Stephen Davey
Ruling year: 2004
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 2015
Purpose
Our vision is to transform the way seminary is done, with a focus on scholarship, leadership, and discipleship, both in and for the local church. We are the local-church seminary with a global impact.
Mission statement
Our mission is to impact the world for Christ by equipping servant leaders for life and ministry, strategically shaping both intellect and character through biblical scholarship and personal mentoring.
Statement of faith
Visit: https://shepherds.edu/sts-doctrinal-statement/
Donor confidence score
Show donor confidence score details
To understand our donor confidence score, click here.
Transparency grade
C
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 331 of 1435 | 31 of 155 |
| Fund acquisition rating | | 21 of 1435 | 5 of 155 |
| Resource allocation rating | | 1047 of 1435 | 111 of 155 |
| Asset utilization rating | | 436 of 1436 | 51 of 155 |
According to the organization's Form 990, it received $4,026,645 in government grants in 2025.
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 2% | 6% | 7% | 8% | 4% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 2% | 4% | 4% | 5% | 2% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 72% | 66% | 51% | 64% | 64% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 3% | 5% | 4% | 5% | 3% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 28% | 34% | 49% | 36% | 36% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 76% | 67% | 80% | 78% | 82% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 63% | 75% | 96% | 96% | 84% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 48% | 50% | 76% | 75% | 69% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 37% | 25% | 4% | 4% | 16% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 54% | 50% | 13% | 13% | 57% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 21% | 28% | 16% | 17% | 15% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.52 | 0.86 | 1.22 | 2.06 | 1.80 | 1.73 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 1.08 | 1.48 | 1.96 | 1.30 | 1.31 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 0.93 | 1.81 | 4.03 | 2.34 | 2.27 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.18 | 17.06 | 3.68 | 1.84 | 2.43 | 1.99 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.06 | 0.27 | 0.54 | 0.41 | 0.50 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.99 | 12.19 | 4.83 | 1.36 | 3.02 | 2.64 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 6% | 19% | 29% | 36% | 41% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 148% | 110% | 67% | 34% | 36% | 34% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $497,140 | $1,858,849 | $813,298 | $1,147,686 | $1,097,768 |
| Receivables, inventories, prepaids | $527,809 | $157,055 | $63,307 | $113,300 | $94,095 |
| Short-term investments | $4,118,015 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $5,142,964 | $2,015,904 | $876,605 | $1,260,986 | $1,191,863 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $325,929 | $872,861 | $743,675 | $287,096 | $283,883 |
| Other long-term assets | $97,641 | $97,641 | $97,641 | $86,800 | $86,800 |
| Total long-term assets | $423,570 | $970,502 | $841,316 | $373,896 | $370,683 |
| Total assets | $5,566,534 | $2,986,406 | $1,717,921 | $1,634,882 | $1,562,546 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $274,079 | $467,840 | $476,274 | $496,564 | $571,112 |
| Other current liabilities | $27,300 | $80,410 | $0 | $22,445 | $27,035 |
| Total current liabilities | $301,379 | $548,250 | $476,274 | $519,009 | $598,147 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $5,822 | $9,912 | $28,777 | $62,127 | $42,981 |
| Total long-term liabilities | $5,822 | $9,912 | $28,777 | $62,127 | $42,981 |
| Total liabilities | $307,201 | $558,162 | $505,051 | $581,136 | $641,128 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $4,420,470 | $1,787,990 | $641,641 | $488,889 | $366,612 |
| With donor restrictions | $838,863 | $640,254 | $571,229 | $564,857 | $554,806 |
| Net assets | $5,259,333 | $2,428,244 | $1,212,870 | $1,053,746 | $921,418 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $5,463,007 | $3,229,471 | $1,888,617 | $1,971,308 | $2,081,190 |
| Program service revenue | $1,968,801 | $1,570,518 | $1,758,264 | $1,022,628 | $1,064,534 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $150,933 | $0 | $0 | $0 | $916 |
| Other revenue | $16,218 | $64,515 | $45,118 | $88,273 | $84,258 |
| Total other revenue | $2,135,952 | $1,635,033 | $1,803,382 | $1,110,901 | $1,149,708 |
| Total revenue | $7,598,959 | $4,864,504 | $3,691,999 | $3,082,209 | $3,230,898 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $3,634,869 | $2,450,248 | $2,819,034 | $2,298,049 | $2,228,632 |
| Management and general | $996,593 | $1,020,639 | $573,637 | $496,573 | $395,349 |
| Fundraising | $136,408 | $178,243 | $140,214 | $155,259 | $77,734 |
| Total expenses | $4,767,870 | $3,649,130 | $3,532,885 | $2,949,881 | $2,701,715 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | $2,831,089 | $1,215,374 | $159,114 | $132,328 | $529,183 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $2,831,089 | $1,215,374 | $159,114 | $132,328 | $529,183 |
Compensation
| Name | Title | Compensation |
| David Burggraff | Provost Dean | $144,510 |
| Thomas Pittman | VP of Academ | $100,827 |
| Ewart Hodgins | CFO | $82,712 |
Compensation data as of: 6/30/2025
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 1/30/2026. To update the information below, please email: [email protected]
History
Shepherds Theological Seminary was birthed in the local church in 2003 by Stephen Davey, pastor/teacher of The Shepherd's Church (formerly called, Colonial Baptist Church) with the vision ". . . to produce a generation of servant leaders who are equipped for effective ministry within their local church, and to prepare those who will serve vocationally as pastors, teachers, global workers, educators, and ministry leaders." Over the years, Shepherds has grown from a handful of graduate students in one degree program to a vibrant accredited seminary now offering seven degrees and three diploma studies. Our graduates are serving Christ and His church in 18 countries abroad as well as 30 states here in our own country. We remain a local-church-based seminary with a passion to train the minds, impact the hearts, and prepare the hands of our students for the calling of God in their lives.
Program accomplishments
Celebrating 20 Years of Equipping Servant Leaders for Life and Ministry