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

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Transparency grade

A

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Educational Media

CategoryRatingOverall rankSector rank
Overall efficiency rating471 of 108525 of 46
Fund acquisition rating455 of 108821 of 46
Resource allocation rating505 of 108824 of 46
Asset utilization rating560 of 108523 of 46

Financial ratios

Funding ratiosSector median20222021202020192018
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 ratiosSector median20222021202020192018
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 ratiosSector median20222021202020192018
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.720.680.600.890.950.70
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.341.021.021.031.051.04
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.110.690.610.921.000.73
 
Liquidity ratiosSector median20222021202020192018
Current ratio Current ratio =
Total current assets /
Total current liabilities
14.3681.4395.19136.9045.95130.78
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.070.010.010.010.020.01
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
9.4617.1519.5812.9811.7316.41
 
Solvency ratiosSector median20222021202020192018
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
 
Assets20222021202020192018
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
 
Liabilities20222021202020192018
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 assets20222021202020192018
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
 
Revenue20222021202020192018
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
 
Expenses20222021202020192018
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 assets20222021202020192018
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

NameTitleCompensation
Richard L Pratt JrPresident$150,000
Eric LinaresExecutive Director$132,547
James David PillowVP of Global Distribution$112,837
Andrew LambVP of Global Opprotunities$107,016
Raymond McLaughlinVP of Finance and Operations, Delivery Systems$101,049
Rev Dr Gary WaldeckerTraining 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.


Needs