Covenant Theological Seminary
The information on this page was last updated 10/4/2024. If you see errors or omissions, please email: [email protected]
Summary
For over 65 years, Covenant Theological Seminary has equipped men and women for the work of ministry. Covenant is the denominational seminary of the Presbyterian Church in America (PCA) and is the largest supplier of pastors into the PCA. We serve students from across a variety of denominations and have alumni serving in all 50 states and over 100 countries.
Contact information
Mailing address:
Covenant Theological Seminary
12330 Conway Road
St. Louis, MO 63141
Website: covenantseminary.edu
Phone: 314-434-4044
Email: [email protected]
Organization details
EIN: 430863116
CEO/President: Rev. Dr. Thomas C. Gibbs
Chairman: Dr. Miles Gresham
Board size: 24
Founder:
Ruling year: 1974
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 1987
Purpose
Foundational Emphases: Our Core Values
Christ-Centered Ministry: We believe that a seminary education is successful only if, at its end, the student knows Jesus Christ more intimately than at its beginning. Our approach to ministry training finds both its source and its goal in the person and work of Christ-and in the knowledge that the ultimate end of one's education is not for oneself alone, but for the sake of the church and the glory of God.
Biblical Authority: We believe that the Bible is the Word of God and therefore it is our only infallible rule of faith and practice. We believe in the plenary, verbal inspiration of the Scriptures by the Holy Spirit, and thus we affirm the inerrancy of the original manuscripts whose objective truth it is our responsibility to interpret and proclaim in accord with the principles of Scripture.
Grace Foundation - We believe that the foundation for all that we do must be the gospel of grace-our absolute confidence in God's acceptance of us provided through his redemptive work in Jesus Christ as the supreme motivation and enablement for love and holiness. We aim to embody this gospel life as we live, learn, worship, and work together in a covenantal community of grace.
Relational Emphasis: We believe that the teaching of content is only part of a seminary education. Meaningful relationships between students and professors must be nurtured both in and out of the classroom so that the entire character of the student-head, hands, and heart-might be transformed for ministry.
Ministry Training: We believe that our primary task is to train students for pastoral and ministry leadership-including counseling, church planting, campus ministry, chaplaincy, and missionary service. To accomplish this purpose, we have gathered a faculty of pastor-scholars who are not only first-rate educators but also experienced ministry practitioners.
Church Leadership: We believe that, as the seminary of the Presbyterian Church in America (PCA), it is our responsibility to provide pastoral training that is grounded in the Westminster Standards and the historic distinctives of Presbyterian orthodoxy while equipping the next generation of Christian servants for effective church leadership in a changing world.
Kingdom Perspective: We believe that God's ultimate purpose is the gathering of his people from every nation and the renewal of all things. He calls his church to active involvement with the world's peoples and cultures to carry out the mission of bringing the gospel to those who do not believe and expressing Christ's lordship across generations, geography, and into every area of life.
Mission statement
Covenant Seminary exists to glorify the triune God by training his servants to walk in God's grace, minister God's word, and equip God's people - all for God's mission.
Statement of faith
While Covenant Seminary equips students from a variety of denominational backgrounds, we are the national seminary of the Presbyterian Church in America (PCA) and an official agency of the church. As such, all of our faculty submit themselves to the Bible as the true, inspired, and infallible word of God. Our faculty ascribe to the Westminster Confession of Faith, along with the Shorter and Larger Catechisms.
Donor confidence score
This organization does not file a Form 990.
Show donor confidence score detailsTransparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
Category | Rating | Overall rank | Sector rank |
Overall efficiency rating | 779 of 1107 | 109 of 127 | |
Fund acquisition rating | ![]() ![]() ![]() ![]() | 218 of 1108 | 31 of 127 |
Resource allocation rating | ![]() | 1079 of 1108 | 124 of 127 |
Asset utilization rating | ![]() ![]() | 735 of 1107 | 99 of 127 |
Financial ratios
Funding ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 10% | 8% | 12% | 13% | 11% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 6% | 6% | 8% | 9% | 7% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 18% | 63% | 74% | 72% | 67% | 69% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 6% | 7% | 9% | 9% | 8% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 82% | 37% | 26% | 28% | 33% | 31% |
Operating ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 63% | 62% | 60% | 58% | 64% |
Spending ratio Spending ratio = Total expenses / Total revenue | 98% | 102% | 81% | 96% | 97% | 90% |
Program output ratio Program output ratio = Program services / Total revenue | 82% | 65% | 50% | 57% | 56% | 57% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 2% | -2% | 19% | 4% | 3% | 10% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 1% | 0% | 4% | 1% | 1% | 2% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 13% | 31% | 31% | 31% | 32% | 28% |
Investing ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.52 | 0.17 | 0.16 | 0.19 | 0.18 | 0.19 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.58 | 1.45 | 1.45 | 1.59 | 1.78 | 1.91 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.41 | 0.24 | 0.24 | 0.30 | 0.33 | 0.36 |
Liquidity ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Current ratio Current ratio = Total current assets / Total current liabilities | 7.93 | 59.92 | 51.64 | 42.45 | 30.39 | 18.19 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.13 | 0.02 | 0.02 | 0.02 | 0.03 | 0.05 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 7.23 | 48.57 | 49.41 | 39.18 | 35.17 | 31.18 |
Solvency ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 24% | 2% | 3% | 3% | 5% | 6% |
Debt ratio Debt ratio = Debt / Total assets | 11% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 150% | 582% | 593% | 516% | 514% | 492% |
Financials
Balance sheet | |||||
Assets | 2020 | 2019 | 2018 | 2017 | 2016 |
Cash | $1,370,324 | $5,383,524 | $2,182,976 | $976,827 | $2,148,708 |
Receivables, inventories, prepaids | $509,389 | $538,821 | $417,745 | $520,614 | $539,241 |
Short-term investments | $34,862,326 | $31,423,178 | $28,844,811 | $25,665,264 | $21,241,385 |
Other current assets | $0 | $0 | $0 | $0 | $0 |
Total current assets | $36,742,039 | $37,345,523 | $31,445,532 | $27,162,705 | $23,929,334 |
Long-term investments | $0 | $3,957,817 | $1,238,784 | $0 | $0 |
Fixed assets | $15,939,297 | $12,343,535 | $16,863,528 | $18,719,723 | $19,414,511 |
Other long-term assets | $448,231 | $500,972 | $601,743 | $2,596,922 | $2,353,702 |
Total long-term assets | $16,387,528 | $16,802,324 | $18,704,055 | $21,316,645 | $21,768,213 |
Total assets | $53,129,567 | $54,147,847 | $50,149,587 | $48,479,350 | $45,697,547 |
Liabilities | 2020 | 2019 | 2018 | 2017 | 2016 |
Payables and accrued expenses | $356,576 | $514,792 | $482,523 | $696,907 | $860,795 |
Other current liabilities | $256,612 | $208,364 | $258,289 | $196,807 | $454,473 |
Total current liabilities | $613,188 | $723,156 | $740,812 | $893,714 | $1,315,268 |
Debt | $20,139 | $68,472 | $116,806 | $0 | $0 |
Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
Other long-term liabilities | $570,851 | $635,898 | $718,049 | $1,484,866 | $1,537,760 |
Total long-term liabilities | $590,990 | $704,370 | $834,855 | $1,484,866 | $1,537,760 |
Total liabilities | $1,204,178 | $1,427,526 | $1,575,667 | $2,378,580 | $2,853,028 |
Net assets | 2020 | 2019 | 2018 | 2017 | 2016 |
Without donor restrictions | $22,083,665 | $21,455,561 | $16,260,663 | $13,882,336 | $13,062,877 |
With donor restrictions | $29,841,724 | $31,264,760 | $32,313,257 | $32,218,434 | $29,781,642 |
Net assets | $51,925,389 | $52,720,321 | $48,573,920 | $46,100,770 | $42,844,519 |
Revenues and expenses | |||||
Revenue | 2020 | 2019 | 2018 | 2017 | 2016 |
Total contributions | $5,511,806 | $8,114,304 | $7,059,179 | $6,227,601 | $6,621,323 |
Program service revenue | $3,204,632 | $2,844,094 | $2,762,836 | $3,053,110 | $3,045,387 |
Membership dues | $0 | $0 | $0 | $0 | $0 |
Investment income | ($521) | ($617) | ($6,868) | ($1,933) | ($7,624) |
Other revenue | $0 | $0 | $0 | $0 | $0 |
Total other revenue | $3,204,111 | $2,843,477 | $2,755,968 | $3,051,177 | $3,037,763 |
Total revenue | $8,715,917 | $10,957,781 | $9,815,147 | $9,278,778 | $9,659,086 |
Expenses | 2020 | 2019 | 2018 | 2017 | 2016 |
Program services | $5,639,196 | $5,508,551 | $5,634,466 | $5,229,851 | $5,544,400 |
Management and general | $2,753,250 | $2,728,058 | $2,937,040 | $2,898,047 | $2,458,651 |
Fundraising | $534,402 | $657,015 | $833,760 | $835,511 | $699,807 |
Total expenses | $8,926,848 | $8,893,624 | $9,405,266 | $8,963,409 | $8,702,858 |
Change in net assets | 2020 | 2019 | 2018 | 2017 | 2016 |
Surplus (deficit) | ($210,931) | $2,064,157 | $409,881 | $315,369 | $956,228 |
Other changes in net assets | ($584,001) | $2,082,244 | $2,063,269 | $2,940,882 | ($1,135,237) |
Total change in net assets | ($794,932) | $4,146,401 | $2,473,150 | $3,256,251 | ($179,009) |
Compensation
Compensation data for this ministry has not been collected.
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 10/4/2024. To update the information below, please email: [email protected]
History
In 1956, Covenant College and Theological Seminary began in St. Louis as educational training institutions for the Bible Presbyterian Church. The roots of the Bible Presbyterian Church began with the first American Presbytery of 1706. Covenant Seminary stands in the tradition dating back to the first theological schools of the American Presbyterian Church-the Log College at Neshaminy, Pennsylvania, and the college and seminary at Princeton.
The college was named "Covenant"-an expression used almost 300 times in the Bible to describe God's grace to his people and his people's response. It was also a word that commemorated the heroic struggle of Scottish Presbyterians to found and maintain a church for "Christ's crown and covenant" against the claims of popes and kings.
As both Covenant College and Covenant Seminary grew, it was determined that the two institutions would quickly run out of space beyond their property in St. Louis County. Thus Covenant College relocated to Lookout Mountain, Georgia, where it remains today. Both Covenant College and Covenant Theological Seminary are governed by their own boards.
In 1982, Covenant Seminary became the official seminary of the Presbyterian Church in America as a part of the "joining and receiving" process of consolidating Presbyterian denominations centered upon the Bible as the inerrant and inspired word of God. Today Covenant Seminary is an official agency of the Presbyterian Church in America, and trains students from across denominations in the Bible, counseling, and ministry. The mission of Covenant Seminary to equip Reformed pastors, counselors, and ministry leaders in the Bible and ministry remains unchanged.