Grace Schools / Grace College/ Grace Theological Seminary 
The information on this page was last updated 3/23/2026. If you see errors or omissions, please email: [email protected]
Summary
At Grace College, we take the Word of God to heart.
Contact information
Mailing address:
Grace College and Theological Seminary
1 Lancer Way
Winona Lake, IN 46590
Website: www.grace.edu
Phone: (800) 544-7223
Email: [email protected]
Organization details
EIN: 350868095
CEO/President: Drew Flamm
Chairman: Daniel Renner
Board size: 28
Founder:
Ruling year: 1941
Tax deductible: Yes
Fiscal year end: 07/31
Member of ECFA: No
Member of ECFA since:
Purpose
To Know Christ and To Make Him Known
Mission statement
We are a Christ-centered community of higher education applying biblical values in strengthening character, sharpening competence, and preparing for service.
Statement of faith
Grace College and Grace Theological Seminary are affiliated with the Charis Fellowship, formerly known as the Fellowship of the Grace Brethren. Charis is a network of churches, Grace College and Grace Theological Seminary, and affiliated organizations that communicate and work together to spread the Gospel. The good news is, you do not have to come from the Brethren denomination for Grace to be the right place for you! We have students from many different backgrounds who are united under core doctrinal beliefs straight from Scripture. The tenets of our faith can be boiled down to:
The Bible is our ultimate authority.
The Church is meant to provide support and care.
he Great Commission can only be accomplished by working together.
https://www.grace.edu/wp-content/uploads/2023/10/Covenant-of-Faith-D07447-final-1.pdf
Articles
| 5/8/2026 | Watered Gardens, LifePath Christian Ministries Earn Highest Donor Confidence Score |
Donor confidence score
Show donor confidence score details
To understand our donor confidence score, click here.
Transparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 278 of 1420 | 25 of 155 |
| Fund acquisition rating | | 36 of 1420 | 10 of 155 |
| Resource allocation rating | | 750 of 1420 | 71 of 155 |
| Asset utilization rating | | 610 of 1421 | 79 of 155 |
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 2% | 15% | 12% | 13% | 21% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 1% | 4% | 2% | 2% | 2% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 37% | 26% | 14% | 15% | 9% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 1% | 2% | 2% | 2% | 2% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 63% | 74% | 86% | 85% | 91% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 84% | 70% | 86% | 85% | 84% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 65% | 174% | 94% | 97% | 102% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 55% | 122% | 82% | 83% | 86% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 35% | -74% | 6% | 3% | -2% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 36% | -6% | 7% | 3% | -3% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 14% | 28% | 12% | 13% | 14% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.53 | 0.52 | 0.10 | 0.71 | 0.66 | 0.66 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 1.83 | 2.39 | 2.64 | 3.03 | 3.60 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 0.95 | 0.24 | 1.89 | 2.00 | 2.38 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.18 | 7.40 | 4.15 | 5.50 | 4.58 | 3.35 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.14 | 0.24 | 0.18 | 0.22 | 0.30 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.96 | 10.90 | 38.54 | 5.21 | 4.69 | 3.54 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 24% | 35% | 36% | 45% | 49% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 16% | 24% | 29% | 37% | 40% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 148% | 146% | 659% | 90% | 84% | 77% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2021 | 2020 |
| Cash | $11,613,987 | $10,072,204 | $8,553,451 | $9,317,676 | $7,978,713 |
| Receivables, inventories, prepaids | $5,132,158 | $1,855,784 | $2,037,633 | $2,307,008 | $2,251,180 |
| Short-term investments | $53,821,845 | $26,633,510 | $21,987,897 | $15,138,091 | $11,705,027 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $70,567,990 | $38,561,498 | $32,578,981 | $26,762,775 | $21,934,920 |
| Long-term investments | $0 | $0 | $0 | $2,000,000 | $2,500,000 |
| Fixed assets | $56,159,880 | $51,026,069 | $50,382,429 | $49,078,599 | $50,450,633 |
| Other long-term assets | $2,177,603 | $2,522,657 | $2,974,439 | $3,245,346 | $4,082,196 |
| Total long-term assets | $58,337,483 | $53,548,726 | $53,356,868 | $54,323,945 | $57,032,829 |
| Total assets | $128,905,473 | $92,110,224 | $85,935,849 | $81,086,720 | $78,967,749 |
| Liabilities | 2025 | 2024 | 2023 | 2021 | 2020 |
| Payables and accrued expenses | $4,577,915 | $4,440,155 | $5,781,314 | $5,730,816 | $6,440,477 |
| Other current liabilities | $4,959,276 | $4,848,394 | $141,784 | $118,269 | $101,365 |
| Total current liabilities | $9,537,191 | $9,288,549 | $5,923,098 | $5,849,085 | $6,541,842 |
| Debt | $20,875,640 | $22,503,183 | $24,526,555 | $30,041,202 | $31,904,555 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $120,285 | $274,738 | $275,313 | $415,270 | $420,787 |
| Total long-term liabilities | $20,995,925 | $22,777,921 | $24,801,868 | $30,456,472 | $32,325,342 |
| Total liabilities | $30,533,116 | $32,066,470 | $30,724,966 | $36,305,557 | $38,867,184 |
| Net assets | 2025 | 2024 | 2023 | 2021 | 2020 |
| Without donor restrictions | $23,754,252 | $18,958,358 | $18,509,342 | $10,953,290 | $13,324,385 |
| With donor restrictions | $74,618,105 | $41,085,396 | $36,701,541 | $33,827,873 | $26,776,180 |
| Net assets | $98,372,357 | $60,043,754 | $55,210,883 | $44,781,163 | $40,100,565 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2021 | 2020 |
| Total contributions | $38,231,850 | $1,369,061 | $8,948,926 | $8,442,136 | $4,436,107 |
| Program service revenue | $62,554,802 | $3,361,391 | $55,904,787 | $45,902,043 | $46,520,776 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $1,939,346 | $467,606 | $156,946 | $591,483 | $70,148 |
| Other revenue | $266,242 | $36,058 | $0 | $0 | $0 |
| Total other revenue | $64,760,390 | $3,865,055 | $56,061,733 | $46,493,526 | $46,590,924 |
| Total revenue | $102,992,240 | $5,234,116 | $65,010,659 | $54,935,662 | $51,027,031 |
| Expenses | 2025 | 2024 | 2023 | 2021 | 2020 |
| Program services | $56,680,423 | $6,364,108 | $52,991,059 | $45,619,405 | $43,738,972 |
| Management and general | $9,604,543 | $2,546,334 | $7,367,673 | $6,861,988 | $7,557,125 |
| Fundraising | $895,778 | $204,830 | $1,053,746 | $1,064,606 | $952,597 |
| Total expenses | $67,180,744 | $9,115,272 | $61,412,478 | $53,545,999 | $52,248,694 |
| Change in net assets | 2025 | 2024 | 2023 | 2021 | 2020 |
| Surplus (deficit) | $35,811,496 | ($3,881,156) | $3,598,181 | $1,389,663 | ($1,221,663) |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $35,811,496 | ($3,881,156) | $3,598,181 | $1,389,663 | ($1,221,663) |
Compensation
| Name | Title | Compensation |
| Dr Andrew Flamm | President of Grace College | $298,723 |
| Dr Kevin Roberts | VP Academic Affairs/Provost | $185,917 |
| Dr Nathan Bosch | Director Lcfls | $177,360 |
| Dr Tim Ziebarth | Dean of Online Education | $171,921 |
| Mr Doug Baumgardner | CFO | $165,085 |
| Dr Roger Stichter | Prof of Accounting & Finance | $152,005 |
| Dr Trent Lambert | Director of the Center For Thriving Leaders | $151,691 |
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 3/23/2026. To update the information below, please email: [email protected]
History
Affiliated with the Charis Fellowship, (formerly Fellowship of Grace Brethren Churches), Grace Theological Seminary was founded in 1937, and the college was established 11 years later in 1948. The founders-including Alva J. McClain, the institution's first president-drew distinctive features from their Brethren heritage, which, in turn, drew from various historical traditions. These historical traditions included Pietism, a centuries-old movement of personal and experiential faith, and the Anabaptist and Calvinist branches of the Protestant Reformation. This heritage also included a promise to remain free from worldly conformity yet relevant to the culture around them. This commitment challenged the Brethren movement throughout the 19th and early 20th centuries. As McClain and his fellow founders established the seminary and then the college, they sought to create an environment that was informed by the eclectic heritage of the Brethren tradition while fashioning an institution that would thrive within American evangelicalism, which grew increasingly robust and influential in the 1930s and 40s. Grace's evangelical identity was enhanced by the location of the seminary and college in Winona Lake, Indiana, a resort community that had become a center for Progressive Era social and political activity and, by the 1920s, a well-known location for evangelical Bible conferences.
Both Grace Theological Seminary and Grace College have grown exponentially over the ensuing decades. The college and seminary have weathered storms and experienced periods of change as any institution does. But throughout its history, the institution has remained committed to its heritage, emphasizing biblical authority, a deep experience of community, living under the sovereignty of God and fostering experiential faith, even as Grace continues to offer an educational program that is rigorous and academically excellent as well as practical. We are proud that the streams of our heritage flow back to the 16th and 17th century and also excited about the role Grace has played within American evangelicalism. Informed by our diverse heritage while committed to the values that unite us, we look to the future, offering quality undergraduate and graduate degree programs through the seven schools that constitute Grace College and Grace Theological Seminary: the School of Arts & Humanities, the School of Science & Engineering, the School of Behavioral Sciences, the School of Business, the School of Education, the School of Ministry Studies and the School of Professional & Online Education.