Covenant Theological Seminary

The information on this page was last updated 1/14/2023. 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: 0

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

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Transparency grade

C

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Financial efficiency ratings

Sector: Colleges/Universities

CategoryRatingOverall rankSector rank
Overall efficiency rating699 of 102293 of 118
Fund acquisition rating135 of 102520 of 118
Resource allocation rating997 of 1025117 of 118
Asset utilization rating707 of 102286 of 118

Financial ratios

Funding ratiosSector median20202019201820172016
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
12%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
14%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
86%37%26%28%33%31%
 
Operating ratiosSector median20202019201820172016
Program expense ratio Program expense ratio =
Program services /
Total expenses
84%63%62%60%58%64%
Spending ratio Spending ratio =
Total expenses /
Total revenue
95%102%81%96%97%90%
Program output ratio Program output ratio =
Program services /
Total revenue
79%65%50%57%56%57%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
5%-2%19%4%3%10%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
3%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 ratiosSector median20202019201820172016
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.490.170.160.190.180.19
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
2.681.451.451.591.781.91
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.550.240.240.300.330.36
 
Liquidity ratiosSector median20202019201820172016
Current ratio Current ratio =
Total current assets /
Total current liabilities
7.2459.9251.6442.4530.3918.19
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.140.020.020.020.030.05
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
6.2148.5749.4139.1835.1731.18
 
Solvency ratiosSector median20202019201820172016
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
25%2%3%3%5%6%
Debt ratio Debt ratio =
Debt /
Total assets
15%0%0%0%0%0%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
142%582%593%516%514%492%

Financials

Balance sheet
 
Assets20202019201820172016
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
 
Liabilities20202019201820172016
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 assets20202019201820172016
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
 
Revenue20202019201820172016
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
 
Expenses20202019201820172016
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 assets20202019201820172016
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 1/14/2023. 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.


Program accomplishments


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