Third Millennium Ministries / Thirdmill 
The information on this page was last updated 8/4/2023. If you see errors or omissions, please email: [email protected]
Summary
Most pastors in the world have no theological education and no way to obtain one. Thirdmill is working to meet this global need by creating and distributing a high-quality, multimedia seminary curriculum in the major languages of the world.
Contact information
Mailing address:
Thirdmill
316 Live Oaks Boulevard
Casselberry, FL 32707
Website: thirdmill.org
Phone: 407-830-0222
Email: [email protected]
Organization details
EIN: 311598585
CEO/President: Dr. Richard L. Pratt, Jr.
Chairman: Steven Stallard
Board size: 9
Founder: Janie P. Pillow
Ruling year: 1998
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 2005
Purpose
In many areas around the globe, biblical resources are either scarce or simply unavailable to Christians who desire a seminary education. Without sound theology, pastors can easily be influenced by deceptive philosophies or other religions, and their idea of Christianity can be corrupted. As a result, pastors unknowingly lead their congregations astray. According to Third Mill's President, Dr. Richard Pratt, "Although pastors may love the Lord and mean well, they lack the basic training to discern the truths of their new faith from the lies of their former paganism. It's precisely where the Church is growing most rapidly that the resources available for training are least sufficient."
At Third Mill, we believe God's servants who desire to learn shouldn't be hindered by circumstances. By designing, creating, and distributing a free, multimedia seminary curriculum in multiple languages, we're able to equip church leaders in their own lands and languages at no cost to them.
Mission statement
We believe all who desire to learn about the Bible and Christian theology should not be hindered by their circumstances. We are responding directly to the scarcity of sound Christian education through our mission-Biblical Education. For the World. For Free..
Statement of faith
We believe that Scripture consists of the 39 books of the Old Testament and the 27 books of the New Testament as originally inspired and given by the Holy Spirit. We believe that Scripture is infallible, inerrant, and to be received, read, believed and obeyed as the written Word of God.
We believe Scripture reveals only one living and true God, who exists in the three persons of the Godhead: the Father, the Son and the Holy Spirit. These three are one God, the same in substance, equal in power and glory.
We believe in the full deity and full humanity of Jesus Christ, in his virgin birth, his sinless life, his miracles, his substitutionary and atoning death, his bodily resurrection, his ascension to the right hand of God the Father, his present rule over and intercession for the Church, and his visible return in power and glory.
We believe in the present ministry of the Holy Spirit, whose work of regeneration is essential for salvation. By the Spirit's sanctifying power, which indwells all believers in Christ, we are enabled to live godly lives of worship and service.
We believe in the bodily resurrection of every person for the final day of judgment before the Lord Jesus Christ - the lost unto eternal punishment and the saved unto eternal life.
Doctrinal Standards
A more complete statement of our doctrinal standards can be found in the Westminster Confession of Faith together with its Larger and Shorter Catechisms.
Donor confidence score
Transparency grade
A
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Educational Media
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 471 of 1085 | 25 of 46 |
| Fund acquisition rating | | 455 of 1088 | 21 of 46 |
| Resource allocation rating | | 505 of 1088 | 24 of 46 |
| Asset utilization rating | | 560 of 1085 | 23 of 46 |
Financial ratios
| Funding ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 7% | 7% | 8% | 14% | 28% | 16% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 6% | 6% | 7% | 13% | 26% | 15% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 92% | 93% | 95% | 95% | 94% | 97% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 7% | 8% | 10% | 13% | 20% | 18% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 8% | 7% | 5% | 5% | 6% | 3% |
| Operating ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 82% | 82% | 82% | 78% | 73% | 75% |
Spending ratio Spending ratio = Total expenses / Total revenue | 89% | 76% | 71% | 101% | 134% | 84% |
Program output ratio Program output ratio = Program services / Total revenue | 72% | 63% | 58% | 79% | 98% | 63% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 11% | 24% | 29% | -1% | -34% | 16% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 12% | 22% | 27% | -1% | -26% | 14% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 11% | 10% | 8% | 9% | 8% | 6% |
| Investing ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.72 | 0.68 | 0.60 | 0.89 | 0.95 | 0.70 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.34 | 1.02 | 1.02 | 1.03 | 1.05 | 1.04 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.11 | 0.69 | 0.61 | 0.92 | 1.00 | 0.73 |
| Liquidity ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 14.36 | 81.43 | 95.19 | 136.90 | 45.95 | 130.78 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.07 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 9.46 | 17.15 | 19.58 | 12.98 | 11.73 | 16.41 |
| Solvency ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 11% | 6% | 11% | 16% | 5% | 3% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 121% | 139% | 149% | 95% | 100% | 140% |
Financials
| Balance sheet | |||||
| Assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Cash | $2,837,735 | $1,726,860 | $1,185,486 | $508,150 | $762,491 |
| Receivables, inventories, prepaids | $71,572 | $65,857 | $37,086 | $74,457 | $48,125 |
| Short-term investments | $5,215,288 | $5,741,657 | $3,604,090 | $4,122,614 | $4,960,653 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $8,124,595 | $7,534,374 | $4,826,662 | $4,705,221 | $5,771,269 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $123,905 | $127,534 | $164,549 | $227,598 | $232,721 |
| Other long-term assets | $0 | $0 | $0 | $0 | $0 |
| Total long-term assets | $123,905 | $127,534 | $164,549 | $227,598 | $232,721 |
| Total assets | $8,248,500 | $7,661,908 | $4,991,211 | $4,932,819 | $6,003,990 |
| Liabilities | 2022 | 2021 | 2020 | 2019 | 2018 |
| Payables and accrued expenses | $99,779 | $79,152 | $35,256 | $102,405 | $44,129 |
| Other current liabilities | $0 | $0 | $0 | $0 | $0 |
| Total current liabilities | $99,779 | $79,152 | $35,256 | $102,405 | $44,129 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $354,172 | $755,591 | $759,333 | $126,961 | $112,026 |
| Total long-term liabilities | $354,172 | $755,591 | $759,333 | $126,961 | $112,026 |
| Total liabilities | $453,951 | $834,743 | $794,589 | $229,366 | $156,155 |
| Net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Without donor restrictions | $5,915,979 | $4,590,213 | $1,532,797 | $1,982,332 | $3,188,224 |
| With donor restrictions | $1,878,570 | $2,236,952 | $2,663,825 | $2,721,121 | $2,659,611 |
| Net assets | $7,794,549 | $6,827,165 | $4,196,622 | $4,703,453 | $5,847,835 |
| Revenues and expenses | |||||
| Revenue | 2022 | 2021 | 2020 | 2019 | 2018 |
| Total contributions | $6,857,889 | $6,119,098 | $4,129,488 | $3,286,849 | $4,841,947 |
| Program service revenue | $0 | $0 | $0 | $0 | $0 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $285,010 | $217,762 | $194,465 | $212,892 | $161,496 |
| Other revenue | $206,192 | $98,702 | $43,814 | $1,694 | $2,086 |
| Total other revenue | $491,202 | $316,464 | $238,279 | $214,586 | $163,582 |
| Total revenue | $7,349,091 | $6,435,562 | $4,367,767 | $3,501,435 | $5,005,529 |
| Expenses | 2022 | 2021 | 2020 | 2019 | 2018 |
| Program services | $4,619,246 | $3,730,418 | $3,443,987 | $3,421,515 | $3,157,296 |
| Management and general | $544,591 | $366,641 | $405,376 | $365,116 | $262,914 |
| Fundraising | $451,880 | $471,274 | $579,782 | $922,154 | $767,819 |
| Total expenses | $5,615,717 | $4,568,333 | $4,429,145 | $4,708,785 | $4,188,029 |
| Change in net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Surplus (deficit) | $1,733,374 | $1,867,229 | ($61,378) | ($1,207,350) | $817,500 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $1,733,374 | $1,867,229 | ($61,378) | ($1,207,350) | $817,500 |
Compensation
| Name | Title | Compensation |
| Richard L Pratt Jr | President | $150,000 |
| Eric Linares | Executive Director | $132,547 |
| James David Pillow | VP of Global Distribution | $112,837 |
| Andrew Lamb | VP of Global Opprotunities | $107,016 |
| Raymond McLaughlin | VP of Finance and Operations, Delivery Systems | $101,049 |
| Rev Dr Gary Waldecker | Training and Partnership Consultant | $100,082 |
Compensation data as of: 6/30/2022
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 8/4/2023. To update the information below, please email: [email protected]
History
Program accomplishments
Our goal has been to produce and distribute seminary-level curriculum commensurate with the needs of pastors and Christian leaders worldwide. In 2012, we completed the English curriculum necessary to award a one-year certificate in Christian Ministry. In 2017, we completed the curriculum necessary for a two-year degree in English. We are now focusing on our distribution efforts and completing the two-year curriculum in additional languages.
Christians on every continent have asked for our lessons, and, we are working hard to meet their needs. Millions of lesson hours have been distributed worldwide by request, and our distribution networks significantly increase every year.