Mid-American Reformed Seminary 
The information on this page was last updated 9/8/2026. If you see errors or omissions, please email: [email protected]
Summary
Cultivating fieldwork in the local church through an affordable and residential learning experience.
Contact information
Mailing address:
Mid-American Reformed Seminary
229 Seminary Drive
Dyer, IN 46311
Website: www.midamerica.edu
Phone: (219) 864-2400
Email: [email protected]
Organization details
EIN: 421164750
CEO/President: Alan Strange
Chairman:
Board size: 0
Founder:
Ruling year: 1981
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: No
Member of ECFA since:
Purpose
Our primary purpose is to train men for the gospel ministry of Jesus Christ in confessional Reformed and Presbyterian churches. We also provide solid theological training for others among God's people whose life calling may be enhanced by theological education.
Mission statement
Mid-America Reformed Seminary serves Christ and his church by assisting in the formation and preparation of servants for the Kingdom of God.
Statement of faith
https://www.midamerica.edu/doctrinal-statement
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 | | 914 of 1607 | 115 of 160 |
| Fund acquisition rating | | 46 of 1608 | 10 of 160 |
| Resource allocation rating | | 1462 of 1608 | 140 of 160 |
| Asset utilization rating | | 1109 of 1607 | 133 of 160 |
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 | 12% | 7% | 6% | 7% | 7% | 5% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 6% | 5% | 6% | 6% | 5% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 83% | 81% | 88% | 84% | 88% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 8% | 8% | 8% | 8% | 9% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 17% | 19% | 12% | 16% | 12% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Program expense ratio Program expense ratio = Program services / Total expenses | 83% | 66% | 68% | 69% | 68% | 67% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 71% | 68% | 77% | 69% | 53% |
Program output ratio Program output ratio = Program services / Total revenue | 80% | 47% | 47% | 53% | 47% | 36% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 29% | 32% | 23% | 31% | 47% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 10% | 11% | 8% | 10% | 23% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 26% | 24% | 23% | 24% | 24% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.51 | 0.24 | 0.22 | 0.26 | 0.22 | 0.26 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.75 | 2.31 | 1.42 | 1.24 | 1.26 | 1.36 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.41 | 0.56 | 0.31 | 0.32 | 0.28 | 0.35 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.20 | 120.56 | 7.96 | 222.29 | 483.16 | 311.23 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.01 | 0.13 | 0.00 | 0.00 | 0.00 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 7.24 | 21.41 | 33.81 | 37.06 | 43.49 | 34.00 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2021 | 2020 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 0% | 9% | 0% | 0% | 1% |
Debt ratio Debt ratio = Debt / Total assets | 9% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 153% | 414% | 417% | 383% | 456% | 384% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2021 | 2020 |
| Cash | $303,507 | $1,357,849 | $1,032,630 | $692,746 | $449,827 |
| Receivables, inventories, prepaids | $108,633 | $150,214 | $123,607 | $123,993 | $98,902 |
| Short-term investments | $5,795,249 | $8,243,059 | $7,781,741 | $7,068,499 | $5,281,832 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $6,207,389 | $9,751,122 | $8,937,978 | $7,885,238 | $5,830,561 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $8,090,892 | $4,111,989 | $2,108,496 | $1,983,107 | $2,030,853 |
| Other long-term assets | $26,334 | $31,667 | $37,000 | $47,667 | $53,000 |
| Total long-term assets | $8,117,226 | $4,143,656 | $2,145,496 | $2,030,774 | $2,083,853 |
| Total assets | $14,324,615 | $13,894,778 | $11,083,474 | $9,916,012 | $7,914,414 |
| Liabilities | 2025 | 2024 | 2023 | 2021 | 2020 |
| Payables and accrued expenses | $51,486 | $1,224,378 | $40,209 | $16,320 | $18,734 |
| Other current liabilities | $0 | $0 | $0 | $0 | $0 |
| Total current liabilities | $51,486 | $1,224,378 | $40,209 | $16,320 | $18,734 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $722 | $46,780 | $2,684 | $7,504 | $28,754 |
| Total long-term liabilities | $722 | $46,780 | $2,684 | $7,504 | $28,754 |
| Total liabilities | $52,208 | $1,271,158 | $42,893 | $23,824 | $47,488 |
| Net assets | 2025 | 2024 | 2023 | 2021 | 2020 |
| Without donor restrictions | $13,757,625 | $11,777,410 | $9,762,781 | $9,149,756 | $7,330,627 |
| With donor restrictions | $514,782 | $846,210 | $1,277,800 | $742,432 | $536,299 |
| Net assets | $14,272,407 | $12,623,620 | $11,040,581 | $9,892,188 | $7,866,926 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2021 | 2020 |
| Total contributions | $4,051,016 | $3,572,301 | $3,286,607 | $2,642,092 | $3,397,450 |
| Program service revenue | $275,283 | $248,722 | $288,778 | $225,210 | $144,440 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $541,269 | $586,546 | $182,761 | $285,053 | $308,484 |
| Other revenue | $16,761 | $11,014 | ($3,146) | $678 | $3,487 |
| Total other revenue | $833,313 | $846,282 | $468,393 | $510,941 | $456,411 |
| Total revenue | $4,884,329 | $4,418,583 | $3,755,000 | $3,153,033 | $3,853,861 |
| Expenses | 2025 | 2024 | 2023 | 2021 | 2020 |
| Program services | $2,287,788 | $2,057,386 | $1,979,915 | $1,474,517 | $1,377,368 |
| Management and general | $881,413 | $736,472 | $661,891 | $521,672 | $496,951 |
| Fundraising | $281,258 | $232,178 | $239,147 | $174,857 | $176,765 |
| Total expenses | $3,450,459 | $3,026,036 | $2,880,953 | $2,171,046 | $2,051,084 |
| Change in net assets | 2025 | 2024 | 2023 | 2021 | 2020 |
| Surplus (deficit) | $1,433,870 | $1,392,547 | $874,047 | $981,987 | $1,802,777 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $1,433,870 | $1,392,547 | $874,047 | $981,987 | $1,802,777 |
Compensation
| Name | Title | Compensation |
| Dr Alan Strange | President of Seminary | $192,285 |
Compensation data as of: 6/30/2025
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 9/8/2026. To update the information below, please email: [email protected]