Third Millennium Ministries / Thirdmill 
The information on this page was last updated 10/27/2022. 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: 8
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
Our goal is to make seminary-level education available to Evangelical Christians in their own lands, in their own languages, for free.
Mission statement
Biblical Education. For the World. For Free.
Statement of faith
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 | | 585 of 1094 | 27 of 52 |
| Fund acquisition rating | | 572 of 1097 | 28 of 53 |
| Resource allocation rating | | 448 of 1097 | 23 of 53 |
| Asset utilization rating | | 693 of 1094 | 28 of 52 |
Financial ratios
| Funding ratios | Sector median | 2021 | 2020 | 2019 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 8% | 8% | 14% | 28% | 16% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 7% | 7% | 13% | 26% | 15% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 94% | 95% | 95% | 94% | 97% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 7% | 10% | 13% | 20% | 18% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 6% | 5% | 5% | 6% | 3% |
| Operating ratios | Sector median | 2021 | 2020 | 2019 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 79% | 82% | 78% | 73% | 75% |
Spending ratio Spending ratio = Total expenses / Total revenue | 88% | 71% | 101% | 134% | 84% |
Program output ratio Program output ratio = Program services / Total revenue | 69% | 58% | 79% | 98% | 63% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 12% | 29% | -1% | -34% | 16% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 20% | 27% | -1% | -26% | 14% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 12% | 8% | 9% | 8% | 6% |
| Investing ratios | Sector median | 2021 | 2020 | 2019 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.80 | 0.60 | 0.89 | 0.95 | 0.70 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.38 | 1.02 | 1.03 | 1.05 | 1.04 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.37 | 0.61 | 0.92 | 1.00 | 0.73 |
| Liquidity ratios | Sector median | 2021 | 2020 | 2019 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 12.84 | 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 | 0.02 | 0.01 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.68 | 19.58 | 12.98 | 11.73 | 16.41 |
| Solvency ratios | Sector median | 2021 | 2020 | 2019 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 9% | 11% | 16% | 5% | 3% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 92% | 149% | 95% | 100% | 140% |
Financials
| Balance sheet | ||||
| Assets | 2021 | 2020 | 2019 | 2018 |
| Cash | $1,726,860 | $1,185,486 | $508,150 | $762,491 |
| Receivables, inventories, prepaids | $65,857 | $37,086 | $74,457 | $48,125 |
| Short-term investments | $5,741,657 | $3,604,090 | $4,122,614 | $4,960,653 |
| Other current assets | $0 | $0 | $0 | $0 |
| Total current assets | $7,534,374 | $4,826,662 | $4,705,221 | $5,771,269 |
| Long-term investments | $0 | $0 | $0 | $0 |
| Fixed assets | $127,534 | $164,549 | $227,598 | $232,721 |
| Other long-term assets | $0 | $0 | $0 | $0 |
| Total long-term assets | $127,534 | $164,549 | $227,598 | $232,721 |
| Total assets | $7,661,908 | $4,991,211 | $4,932,819 | $6,003,990 |
| Liabilities | 2021 | 2020 | 2019 | 2018 |
| Payables and accrued expenses | $79,152 | $35,256 | $102,405 | $44,129 |
| Other current liabilities | $0 | $0 | $0 | $0 |
| Total current liabilities | $79,152 | $35,256 | $102,405 | $44,129 |
| Debt | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $755,591 | $759,333 | $126,961 | $112,026 |
| Total long-term liabilities | $755,591 | $759,333 | $126,961 | $112,026 |
| Total liabilities | $834,743 | $794,589 | $229,366 | $156,155 |
| Net assets | 2021 | 2020 | 2019 | 2018 |
| Without donor restrictions | $4,590,213 | $1,532,797 | $1,982,332 | $3,188,224 |
| With donor restrictions | $2,236,952 | $2,663,825 | $2,721,121 | $2,659,611 |
| Net assets | $6,827,165 | $4,196,622 | $4,703,453 | $5,847,835 |
| Revenues and expenses | ||||
| Revenue | 2021 | 2020 | 2019 | 2018 |
| Total contributions | $6,119,098 | $4,129,488 | $3,286,849 | $4,841,947 |
| Program service revenue | $0 | $0 | $0 | $0 |
| Membership dues | $0 | $0 | $0 | $0 |
| Investment income | $217,762 | $194,465 | $212,892 | $161,496 |
| Other revenue | $98,702 | $43,814 | $1,694 | $2,086 |
| Total other revenue | $316,464 | $238,279 | $214,586 | $163,582 |
| Total revenue | $6,435,562 | $4,367,767 | $3,501,435 | $5,005,529 |
| Expenses | 2021 | 2020 | 2019 | 2018 |
| Program services | $3,730,418 | $3,443,987 | $3,421,515 | $3,157,296 |
| Management and general | $366,641 | $405,376 | $365,116 | $262,914 |
| Fundraising | $471,274 | $579,782 | $922,154 | $767,819 |
| Total expenses | $4,568,333 | $4,429,145 | $4,708,785 | $4,188,029 |
| Change in net assets | 2021 | 2020 | 2019 | 2018 |
| Surplus (deficit) | $1,867,229 | ($61,378) | ($1,207,350) | $817,500 |
| Other changes in net assets | $0 | $0 | $0 | $0 |
| Total change in net assets | $1,867,229 | ($61,378) | ($1,207,350) | $817,500 |
Compensation
| Name | Title | Compensation |
| James David Pillow | VP of Global Distribution | $107,460 |
| Richard L Pratt Jr | President | $99,845 |
Compensation data as of: 6/30/2021
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 10/27/2022. To update the information below, please email: [email protected]
History
Program accomplishments
Our curriculum is currently used by a wide variety of seminaries, Bible colleges, churches, mission organizations and institutions in: North, Central and South America; Europe; Asia; Africa; the Middle East; and Australia.