Puritan Reformed Theological Seminary 
The information on this page was last updated 6/5/2026. If you see errors or omissions, please email: [email protected]
Summary
Preparing students to serve Christ and His church through biblical, experiential, and practical ministry.
Contact information
Mailing address:
Puritan Reformed Theological Seminary
2965 Leonard NE
Grand Rapids, MI 49525
Website: www.prts.edu
Phone: (616) 977-0599
Organization details
EIN: 202394341
CEO/President: Adriaan C. Neele
Chairman: Kevin Ash
Board size: 10
Founder:
Ruling year: 2005
Tax deductible: Yes
Fiscal year end: 07/31
Member of ECFA: No
Member of ECFA since:
Purpose
The seminary purposes that such training be God-glorifying and in accord with the Scriptures and historic Reformed creeds for the promotion and defense of the gospel of Jesus Christ. In dependence on the Holy Spirit, we believe that this purpose is well-served by providing theological instruction and training to facilitate the development of knowledge and skills as well as personal piety and Christian character that is essential for faithful Christian ministry.
Mission statement
Puritan Reformed Theological Seminary is an educational institution whose mission is to prepare students to serve Christ and His church through biblical, experiential, and practical ministry.
Statement of faith
PRTS is committed to teaching within the confessionally Reformed tradition. Of significant importance to us are the Three Forms of Unity and Westminster Standards.
Donor confidence score
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Transparency grade
D
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Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 931 of 1338 | 119 of 153 |
| Fund acquisition rating | | 39 of 1338 | 12 of 153 |
| Resource allocation rating | | 1180 of 1338 | 129 of 153 |
| Asset utilization rating | | 1226 of 1340 | 147 of 153 |
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 | 14% | 8% | 5% | 7% | 3% | 6% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 7% | 5% | 7% | 3% | 5% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 16% | 85% | 88% | 90% | 93% | 85% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 8% | 7% | 9% | 5% | 5% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 84% | 15% | 12% | 10% | 7% | 15% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 71% | 74% | 67% | 74% | 77% |
Spending ratio Spending ratio = Total expenses / Total revenue | 97% | 85% | 65% | 71% | 60% | 92% |
Program output ratio Program output ratio = Program services / Total revenue | 82% | 61% | 48% | 48% | 44% | 71% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 3% | 15% | 35% | 29% | 40% | 8% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 6% | 18% | 13% | 22% | 3% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 20% | 19% | 24% | 21% | 18% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.50 | 0.34 | 0.32 | 0.31 | 0.33 | 0.37 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.72 | 9.99 | 2.09 | 2.32 | 2.99 | 5.17 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.42 | 3.39 | 0.67 | 0.72 | 0.97 | 1.92 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.45 | 6.36 | 32.17 | 44.40 | 22.61 | 18.51 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.16 | 0.03 | 0.02 | 0.04 | 0.05 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 7.06 | 2.99 | 17.25 | 16.23 | 11.80 | 5.91 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 21% | 2% | 2% | 1% | 2% | 1% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 1% | 1% | 0% | 1% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 157% | 288% | 302% | 317% | 301% | 266% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $1,468,885 | $8,531,249 | $6,210,232 | $4,153,765 | $1,775,423 |
| Receivables, inventories, prepaids | $544,398 | $429,692 | $342,972 | $323,989 | $220,192 |
| Short-term investments | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $2,013,283 | $8,960,941 | $6,553,204 | $4,477,754 | $1,995,615 |
| Long-term investments | $8,561,524 | $0 | $0 | $0 | $0 |
| Fixed assets | $8,320,142 | $8,516,705 | $8,656,691 | $8,890,677 | $8,313,487 |
| Other long-term assets | $1,215,000 | $1,215,000 | $0 | $0 | $0 |
| Total long-term assets | $18,096,666 | $9,731,705 | $8,656,691 | $8,890,677 | $8,313,487 |
| Total assets | $20,109,949 | $18,692,646 | $15,209,895 | $13,368,431 | $10,309,102 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $225,565 | $197,424 | $58,399 | $94,545 | $46,802 |
| Other current liabilities | $90,988 | $81,105 | $89,211 | $103,477 | $61,039 |
| Total current liabilities | $316,553 | $278,529 | $147,610 | $198,022 | $107,841 |
| Debt | $128,755 | $180,376 | $41,464 | $79,203 | $6,555 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total long-term liabilities | $128,755 | $180,376 | $41,464 | $79,203 | $6,555 |
| Total liabilities | $445,308 | $458,905 | $189,074 | $277,225 | $114,396 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $17,962,191 | $16,113,888 | $12,792,591 | $10,738,442 | $9,536,472 |
| With donor restrictions | $1,702,450 | $2,119,853 | $2,228,230 | $2,352,764 | $658,234 |
| Net assets | $19,664,641 | $18,233,741 | $15,020,821 | $13,091,206 | $10,194,706 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $6,813,857 | $8,139,495 | $6,004,024 | $6,745,017 | $3,531,011 |
| Program service revenue | $772,082 | $739,415 | $578,226 | $513,450 | $622,379 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $329,821 | $331,741 | $42,853 | ($19,710) | $2,290 |
| Other revenue | $101,793 | $42,009 | $41,724 | $8,336 | $2,554 |
| Total other revenue | $1,203,696 | $1,113,165 | $662,803 | $502,076 | $627,223 |
| Total revenue | $8,017,553 | $9,252,660 | $6,666,827 | $7,247,093 | $4,158,234 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $4,857,428 | $4,472,504 | $3,175,031 | $3,204,715 | $2,954,532 |
| Management and general | $1,395,648 | $1,130,973 | $1,125,598 | $911,420 | $681,941 |
| Fundraising | $565,833 | $436,263 | $436,583 | $234,458 | $197,025 |
| Total expenses | $6,818,909 | $6,039,740 | $4,737,212 | $4,350,593 | $3,833,498 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | $1,198,644 | $3,212,920 | $1,929,615 | $2,896,500 | $324,736 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $1,198,644 | $3,212,920 | $1,929,615 | $2,896,500 | $324,736 |
Compensation
| Name | Title | Compensation |
| Adriaan Neele | President | $184,259 |
| Daniel Timmer | Employee | $151,805 |
| Gerald Bilkes | Vice President | $150,049 |
| Michael Barrett | Employee | $147,574 |
| Kevin Walkotten | CFO | $145,163 |
| Zachary Ash | Employee | $136,192 |
| Joel Beeke | Chancellor | $134,055 |
| Stephen Myers | Employee | $130,932 |
| Karla Soule | Employee | $123,954 |
Compensation data as of: 7/31/2025
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 6/5/2026. To update the information below, please email: [email protected]
History
Since 1995, PRTS has graduated just over one-hundred and ten students; many other part-time and non-program students have attended throughout the years. Alumni are serving the church in various ways: pastoring, preaching, teaching, pursuing further education, international missions, domestic missions, and church planting.
https://prts.edu/about/history/