Heritage Bible College 
The information on this page was last updated 8/15/2025. If you see errors or omissions, please email: [email protected]
Summary
Heritage Bible College, Headquartered in Dunn, North Carolina, is a fully-online, coeducational Bible college founded to serve the Christian church.
Contact information
Mailing address:
Heritage Bible College
P.O. Box 1628
Dunn, NC 28335
Website: www.heritagebiblecollege.edu
Phone: (910) 892-3178
Email: [email protected]
Organization details
EIN: 472287941
CEO/President: Chris Schaefer
Chairman: Michael McGill
Board size: 11
Founder: Dr. Herbert Carter
Ruling year: 2015
Tax deductible: Yes
Fiscal year end: 05/31
Member of ECFA: No
Member of ECFA since:
Purpose
Christ-Centered | Character-Building | Committed to Ministry
Mission statement
The Mission of Heritage Bible College is to develop servant leaders with a Christ-centered worldview and a distinct Christian character, equipping them for committed service by providing excellent biblical, academic, and practical training.
Statement of faith
I. The Scriptures Inspired
We believe in the verbal and plenary (full) inspiration of the Bible. The Bible is the inerrant Word of God, free from any error in its original form, and is the final authority in matters of faith and life (II Timothy 3:16-17).
II. The One True God
We believe that there is one God, eternally existing in three persons: Father, Son, and Holy Spirit (Jeremiah 10:10; 1 John 5:20; Matthew 3:16-17).
III. The Deity of Christ
We believe in the deity and the humanity of Jesus Christ. He is very man and perfect God, hence fully God and fully man; that Christ is the only begotten Son of God, and born of the virgin Mary; that Christ died for our sins, was buried, and raised from the dead and that He ascended to heaven and is today at the right hand of the Father as our intercessor (Luke 1:35a; John 1:31-34; Matthew 11:19; Luke 9:22).
IV. The Fall of Man
We believe that "all have sinned and come short of the glory of God," and that repentance is necessary for the forgiveness of sins (Romans 3:23; Romans 5:12-19).
V. The Salvation of Man
We believe that justification is by faith alone, and that regeneration or the new birth through faith in the blood of Christ is absolutely essential (Psalms 51:3, 4, 17; Romans 4:25; 5:1-2; 10:9, 10; Ephesians 2:13; John 3:3).
VI. Sanctification
We believe that sanctification is subsequent to regeneration and is a second definite instantaneous work of grace, obtained by faith on the part of the fully justified believer. Sanctification in a word is the love of God made perfect in the heart of the believer. This is perfection in quality (initially and definitely), but not quantity. The latter comes by progressive growth (Romans 6:6; Hebrews 10:20; Ephesians 4:20-24; Titus 3:5-7).
VII. The Baptism of the Holy Spirit
We believe that the Pentecostal Baptism of the Holy Spirit is an enduement of power for those who have clean hearts, and the initial evidence of the reception of this experience is speaking with other tongues as the Spirit gives the utterance (Acts 2:1-8).
VIII. The Ordinances of the Church
Baptism in Water
We believe that the saved should receive water baptism, in the name of the Father, the Son, and the Holy Spirit as a testimony to the world that he has accepted Christ as Savior and Lord (Matthew 28:19; Colossians 2:12).
Holy Communion
We believe in the sacrament of the Lord's Supper as commemorating Christ's death and anticipating His second coming (Matthew 26:26-28).
Feet Washing
We believe feet washing is a sacred ordinance of humility, instituted by our Lord Jesus Christ and enjoined upon His Disciples as a duty to be observed by them. In this He set the example (Matthew 28:19, 20; John 13:1-17).
IX. Divine Healing
We believe that healing provided in the atonement is both spiritual and physical (Isaiah 53:4, 5; Matthew 8:16, 17). Sin is directly or indirectly responsible for sickness. The same Christ who can deliver from sin can, if it pleases Him, deliver from sickness. We do not believe that there is anything morally wrong with taking medicine or receiving human aid. Healing is God's promise to receive, rather than a command that must be obeyed (James 5:14, 15).
X. The Creation
We believe in the literal Genesis account of creation. We believe that the first eleven chapters of Genesis are the literal and historical accounts of God's creation of all things and that man was created by God in His image and not the product of some process of evolution (Genesis 1:11).
XI. The Second Coming of Christ
We believe in the personal premillennial, second coming of Jesus; first, to resurrect the righteous dead and to carry away the living saints to meet Him in the air; second, to reign with His saints on earth a thousand years followed by the eternal state of the righteous (Acts 1:11; I Thessalonians 4:16; Revelation 20:4-6).
XII. Satan
We believe in the existence of a personal devil who at one time was holy and honored in heaven, but through pride fell from his lofty estate and is now completely evil, unholy, anti-God and is now the power and the prince of the air (Isaiah 14:11-15). The devil, the fallen angels and the unbelievers of all ages shall be banished to an eternity in hell (2 Peter 2:4).
XIII. Resurrection, Final Judgment, and Reward
We believe in the bodily resurrection of both the saved and the lost; the saved to life eternal and the lost to everlasting punishment (Acts 24:15, 17:31; II Corinthians 5:10; Luke 22:36).
Donor confidence score
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Transparency grade
D
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Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 282 of 1338 | 15 of 153 |
| Fund acquisition rating | | 878 of 1338 | 111 of 153 |
| Resource allocation rating | | 304 of 1338 | 16 of 153 |
| Asset utilization rating | | 161 of 1340 | 16 of 153 |
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 14% | 18% | 10% | 10% | 12% | 9% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 2% | 2% | 2% | 2% | 2% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 16% | 12% | 25% | 20% | 17% | 16% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 2% | 3% | 2% | 2% | 2% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 84% | 88% | 75% | 80% | 83% | 84% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 90% | 90% | 92% | 92% | 91% |
Spending ratio Spending ratio = Total expenses / Total revenue | 97% | 98% | 91% | 97% | 88% | 81% |
Program output ratio Program output ratio = Program services / Total revenue | 82% | 88% | 81% | 89% | 81% | 74% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 3% | 2% | 9% | 3% | 12% | 19% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 3% | 15% | 6% | 23% | 40% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 8% | 8% | 6% | 6% | 7% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.50 | 1.15 | 1.20 | 0.98 | 0.89 | 0.76 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.72 | 3.15 | 3.99 | 2.59 | 2.89 | 3.58 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.42 | 3.63 | 4.80 | 2.53 | 2.56 | 2.73 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.45 | 12.02 | 18.78 | 36.97 | 21.86 | 37.57 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.08 | 0.05 | 0.03 | 0.05 | 0.03 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 7.06 | 3.03 | 2.36 | 4.62 | 4.47 | 4.28 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 21% | 20% | 19% | 45% | 46% | 55% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 17% | 18% | 43% | 45% | 55% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 157% | 69% | 67% | 57% | 60% | 59% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $140,909 | $97,366 | $410,908 | $354,849 | $192,021 |
| Receivables, inventories, prepaids | $238,901 | $186,070 | $136,355 | $122,135 | $158,481 |
| Short-term investments | $27,041 | $24,575 | $36,748 | $32,742 | $31,907 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $406,851 | $308,011 | $584,011 | $509,726 | $382,409 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $874,105 | $920,904 | $928,288 | $960,956 | $984,863 |
| Other long-term assets | $0 | $0 | $0 | $0 | $0 |
| Total long-term assets | $874,105 | $920,904 | $928,288 | $960,956 | $984,863 |
| Total assets | $1,280,956 | $1,228,915 | $1,512,299 | $1,470,682 | $1,367,272 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $33,506 | $16,400 | $15,799 | $23,322 | $10,178 |
| Other current liabilities | $351 | $0 | $0 | $0 | $0 |
| Total current liabilities | $33,857 | $16,400 | $15,799 | $23,322 | $10,178 |
| Debt | $220,943 | $215,700 | $657,359 | $656,994 | $745,990 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2,293 | $6,118 | $0 | $1,561 | $0 |
| Total long-term liabilities | $223,236 | $221,818 | $657,359 | $658,555 | $745,990 |
| Total liabilities | $257,093 | $238,218 | $673,158 | $681,877 | $756,168 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $999,766 | $966,600 | $815,044 | $764,708 | $594,784 |
| With donor restrictions | $24,097 | $24,097 | $24,097 | $24,097 | $16,320 |
| Net assets | $1,023,863 | $990,697 | $839,141 | $788,805 | $611,104 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $185,470 | $409,588 | $305,746 | $253,855 | $211,814 |
| Program service revenue | $1,268,016 | $1,218,772 | $1,212,945 | $1,229,430 | $1,069,979 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $2,575 | $2,844 | $6,643 | $855 | $5,599 |
| Other revenue | $52,998 | $0 | $0 | $0 | $0 |
| Total other revenue | $1,323,589 | $1,221,616 | $1,219,588 | $1,230,285 | $1,075,578 |
| Total revenue | $1,509,059 | $1,631,204 | $1,525,334 | $1,484,140 | $1,287,392 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $1,329,123 | $1,327,598 | $1,351,700 | $1,196,220 | $953,971 |
| Management and general | $112,808 | $111,771 | $92,574 | $79,579 | $70,377 |
| Fundraising | $33,962 | $40,279 | $30,724 | $30,640 | $19,461 |
| Total expenses | $1,475,893 | $1,479,648 | $1,474,998 | $1,306,439 | $1,043,809 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | $33,166 | $151,556 | $50,336 | $177,701 | $243,583 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $33,166 | $151,556 | $50,336 | $177,701 | $243,583 |
Compensation
| Name | Title | Compensation |
| Brina Davis | CFO | $28,641 |
Compensation data as of: 5/31/2025
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 8/15/2025. To update the information below, please email: [email protected]
History
Originally established to provide systematic and comprehensive training in the Word of God from a Pentecostal perspective, Heritage now works to enable students from many different denominational backgrounds to fulfill their specific call to the ministry.
Heritage Bible College was founded by Dr. Herbert Carter and opened for classes in the fall of 1971, with approximately 60 students in attendance. In 2002, online classes were added and in 2018 HBC transitioned to an all-online College. The strength of Heritage Bible College is its commitment to educational integrity, biblical truth, and preparation of graduates to be effective workers for the kingdom of God.