Asbury Theological Seminary 
The information on this page was last updated 4/8/2024. If you see errors or omissions, please email: [email protected]
Summary
Asbury Theological Seminary is a multi-denominational, evangelical seminary serving nearly 100 different denominations. Rooted in the Wesleyan tradition, we have a strong emphasis on the Bible, spiritual formation and discipleship.
Contact information
Mailing address:
Asbury Theological Seminary
204 N. Lexington Ave
Wilmore, KY 40390
Website: asburyseminary.edu
Phone: 859-858-3581
Email: [email protected]
Organization details
EIN: 610445823
CEO/President: Dr. Timothy C. Tennent
Chairman: Karen E. Thomas
Board size: 28
Founder: Henry Clay Morrison
Ruling year: 1943
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 1980
Purpose
Asbury Seminary is committed to historic Christian faith in the Wesleyan tradition in a way which is globally engaged, spiritually formative, and missionally alert. Asbury Seminary will be committed to serving the global Church. Asbury Seminary will be committed to graduate-level theological education which is faithful to God's Word. Asbury Seminary will be committed to personal and community formation.
Asbury Seminary will be committed to pursuing a diverse, missionally oriented student body. Asbury Seminary will be committed to lifelong learning for pastors and church leaders. Asbury Seminary will be committed to equipping pastors for missional engagement in service to the Church. Asbury Seminary will be committed to serving the emerging ethnic churches. Asbury Seminary will be committed to developing new constituencies. Asbury Seminary will be committed to the laity. Asbury Seminary will be committed to strengthening our economic model and developing our network of support.
Mission statement
Asbury Seminary is a community called to prepare theologically educated, sanctified, Spirit-filled men and women to evangelize and to spread scriptural holiness throughout the world through the love of Jesus Christ, in the power of the Holy Spirit and to the glory of God the Father.
Statement of faith
The following is a statement, in short form, of the Wesleyan-Arminian theological doctrines on which Asbury Seminary was founded in 1923.
We believe:
God - In the one God, Creator and Sustainer of all things, infinite in love, perfect in judgments and unchanging in mercy. God exists eternally in three persons, Father, Son and Holy Spirit;
Scripture - In the divine inspiration, truthfulness and authority of both the Old and New Testaments, the only written Word of God, without error in all it affirms. The Scriptures are the only infallible rule of faith and practice. The Holy Spirit preserves God's Word in the church today and by it speaks God's truth to peoples of every age;
Humankind - That human beings were created in the image of God. This image was marred in every part through the disobedience of our first parents, and fellowship with God was broken. God, in His prevenient grace, restores moral sensibility to all humankind and enables all to respond to His love and to accept His saving grace, if they will;
Jesus Christ - That Jesus Christ is God's Son incarnate, born of the Virgin Mary. He died for the sins of all, taking on Himself, on behalf of sinful persons, God's judgment upon sin. In His body he rose from the grave and ascended to the right hand of the Father where He intercedes for us;
Holy Spirit - That the Holy Spirit is God present and active in the world. The Holy Spirit was given to the church in His fullness at Pentecost. By the Spirit, Christ lives in His church, the gospel is proclaimed and the kingdom of God is manifested in the world;
Justification - That God graciously justifies and regenerates all who trust in Jesus Christ. Believers become children of God and begin to live in holiness through faith in Christ and the sanctifying Spirit;
Entire Sanctification - That God calls all believers to entire sanctification in a moment of full surrender and faith subsequent to their new birth in Christ. Through sanctifying grace the Holy Spirit delivers them from all rebellion toward God, and makes possible wholehearted love for God and for others. This grace does not make believers faultless nor prevent the possibility of their falling into sin. They must live daily by faith in the forgiveness and cleansing provided for them in Jesus Christ;
Assurance of Believers - That all believers are assured that they are children of God by the inward witness of God's Spirit with their spirits, by faith in the gracious promises of God's Word, and by the fruit of the Spirit in their lives;
Christians in Society - That Christians are called to live in daily witness to the grace which comes to us in Jesus Christ, to preach the gospel to every person according to the command of Christ, and to declare God's insistence upon righteousness and justice in all relationships and structures of human society;
The Church - That the Church is the people of God composed of all those who believe in Jesus Christ as Savior and Lord. The Church is Christ's body; it is visible in the world wherever believers, in obedience of faith, hear the Word, receive the sacraments and live as disciples;
Return of Christ - In the personal return of Jesus Christ, in the bodily resurrection of all persons, in final judgment and in eternal reward and punishment;
God's Ultimate Victory - In God's ultimate victory over Satan and all evil and the establishment of His perfect kingdom in a new heaven and a new earth.
Donor confidence score
Transparency grade
A
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Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 469 of 1106 | 68 of 129 |
| Fund acquisition rating | | 138 of 1107 | 15 of 129 |
| Resource allocation rating | | 614 of 1107 | 79 of 129 |
| Asset utilization rating | | 757 of 1106 | 103 of 129 |
Financial ratios
| Funding ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 10% | 5% | 6% | 15% | 16% | 13% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 2% | 2% | 5% | 5% | 5% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 22% | 42% | 42% | 33% | 31% | 41% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 4% | 3% | 6% | 6% | 6% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 78% | 58% | 58% | 67% | 69% | 59% |
| Operating ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 83% | 84% | 78% | 79% | 75% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 51% | 70% | 88% | 88% | 88% |
Program output ratio Program output ratio = Program services / Total revenue | 78% | 42% | 59% | 68% | 69% | 66% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 49% | 30% | 12% | 12% | 12% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 5% | 11% | 5% | 2% | 2% | 1% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 13% | 13% | 12% | 16% | 16% | 19% |
| Investing ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.51 | 0.11 | 0.11 | 0.10 | 0.11 | 0.11 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.64 | 1.28 | 1.33 | 1.43 | 1.45 | 1.47 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.40 | 0.14 | 0.15 | 0.15 | 0.15 | 0.16 |
| Liquidity ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.60 | 170.16 | 142.97 | 106.29 | 84.62 | 57.36 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 7.34 | 85.68 | 80.66 | 79.86 | 77.42 | 75.43 |
| Solvency ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 24% | 1% | 3% | 4% | 4% | 5% |
Debt ratio Debt ratio = Debt / Total assets | 11% | 0% | 1% | 2% | 2% | 2% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 151% | 908% | 873% | 926% | 908% | 896% |
Financials
| Balance sheet | |||||
| Assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Cash | $60,604,822 | $39,669,357 | $24,853,357 | $18,534,405 | $14,544,371 |
| Receivables, inventories, prepaids | $7,326,749 | $6,299,349 | $9,347,796 | $11,291,129 | $12,749,123 |
| Short-term investments | $215,333,262 | $205,169,931 | $161,416,562 | $161,769,589 | $160,458,067 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $283,264,833 | $251,138,637 | $195,617,715 | $191,595,123 | $187,751,561 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $79,588,332 | $82,168,743 | $83,441,770 | $85,153,115 | $87,283,584 |
| Other long-term assets | $665,518 | $489,069 | $524,485 | $496,310 | $544,193 |
| Total long-term assets | $80,253,850 | $82,657,812 | $83,966,255 | $85,649,425 | $87,827,777 |
| Total assets | $363,518,683 | $333,796,449 | $279,583,970 | $277,244,548 | $275,579,338 |
| Liabilities | 2022 | 2021 | 2020 | 2019 | 2018 |
| Payables and accrued expenses | $920,273 | $993,586 | $1,416,295 | $1,421,969 | $2,432,554 |
| Other current liabilities | $744,433 | $762,988 | $424,128 | $842,262 | $840,857 |
| Total current liabilities | $1,664,706 | $1,756,574 | $1,840,423 | $2,264,231 | $3,273,411 |
| Debt | $0 | $4,336,872 | $4,674,755 | $5,001,430 | $6,224,358 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $3,617,598 | $3,918,560 | $3,499,663 | $3,410,773 | $3,193,047 |
| Total long-term liabilities | $3,617,598 | $8,255,432 | $8,174,418 | $8,412,203 | $9,417,405 |
| Total liabilities | $5,282,304 | $10,012,006 | $10,014,841 | $10,676,434 | $12,690,816 |
| Net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Without donor restrictions | $97,274,131 | $93,845,334 | $89,998,253 | $88,596,731 | $87,082,710 |
| With donor restrictions | $260,962,248 | $229,939,109 | $179,570,876 | $177,971,383 | $175,805,812 |
| Net assets | $358,236,379 | $323,784,443 | $269,569,129 | $266,568,114 | $262,888,522 |
| Revenues and expenses | |||||
| Revenue | 2022 | 2021 | 2020 | 2019 | 2018 |
| Total contributions | $32,914,493 | $22,326,219 | $11,101,666 | $10,320,928 | $13,529,100 |
| Program service revenue | $21,662,784 | $21,987,000 | $15,121,470 | $15,518,721 | $14,126,165 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $23,293,869 | $8,486,912 | $6,942,477 | $7,562,653 | $5,634,732 |
| Other revenue | $0 | $0 | $0 | $0 | $0 |
| Total other revenue | $44,956,653 | $30,473,912 | $22,063,947 | $23,081,374 | $19,760,897 |
| Total revenue | $77,871,146 | $52,800,131 | $33,165,613 | $33,402,302 | $33,289,997 |
| Expenses | 2022 | 2021 | 2020 | 2019 | 2018 |
| Program services | $32,661,248 | $31,247,988 | $22,694,001 | $23,059,331 | $22,082,359 |
| Management and general | $5,092,717 | $4,599,876 | $4,802,376 | $4,653,844 | $5,556,202 |
| Fundraising | $1,687,484 | $1,255,134 | $1,622,212 | $1,634,472 | $1,710,343 |
| Total expenses | $39,441,449 | $37,102,998 | $29,118,589 | $29,347,647 | $29,348,904 |
| Change in net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Surplus (deficit) | $38,429,697 | $15,697,133 | $4,047,024 | $4,054,655 | $3,941,093 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $38,429,697 | $15,697,133 | $4,047,024 | $4,054,655 | $3,941,093 |
Compensation
| Name | Title | Compensation |
| Timothy C Tennent | President | $315,221 |
| Jay Mansur | Vice President | $191,565 |
| Bryan P Blankenship | Vice President & Treasurer | $159,342 |
| Kevin Bish | Vice President | $156,103 |
| Gregg Okesson | Vice President | $141,853 |
| Kevin Kinghorn | Faculty | $101,240 |
Compensation data as of: 6/30/2022
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 4/8/2024. To update the information below, please email: [email protected]
History
In 1923, Henry Clay Morrison began Asbury Theological Seminary with a class of three students and fashioned a seal for the Seminary which audaciously reads "The Whole Bible for the Whole World." Nearly 100 years later, those three students number in the tens of thousands with a second full campus in Orlando, Florida. Asbury Seminary graduates flourish in every state, on every continent, in every time zone, reaching the world through evangelism, missions, church planting, preaching, teaching, and counseling. Today, the sun never sets on Asbury Seminary graduates. Asbury Theological Seminary was founded more than 80 years ago "to prepare and send forth a well-trained, sanctified, Spirit-filled, evangelistic ministry" in order to spread scriptural holiness around the world. Asbury Seminary continues to hold to this mission, providing holistic ministerial preparation as an interdenominational institution.
The seminary's history is rich with stories of God's provision and guidance as the institution has continued to grow and prosper. Asbury Seminary has been led by eight presidents: Henry Clay Morrison, Julian C. McPheeters, Frank B. Stanger, David L. McKenna, Maxie D. Dunnam, Jeffrey E. Greenway, J. Ellsworth Kalas and the current president, Timothy C. Tennent. All have proved to be strong, godly leaders, well suited for the time and life of the seminary during which they were appointed.
President Morrison, who led Asbury Seminary's founding in Wilmore, Ky., had felt God's call to start a seminary. Friends had counseled against the idea because it wasn't known where money would come from or how many students would respond. Yet Morrison declared in the spring of 1923, "We will start the first class in September." The seminary had its beginning with the enrollment of three students in the fall of that year. Morrison was an orphaned farm boy who turned aside opportunities to pursue a career as a military officer or statesmen in order to respond to a call to preach, a profession that in his first year paid him 25 cents a day. After traveling across America and overseas as a Methodist evangelist for three decades and serving as editor of the "Pentecostal Herald" for 20 years, Morrison responded to an invitation in 1910 to become president of Asbury College, where he continued the emphasis on theological education and in 1923 established the seminary as a graduate school. Morrison led the seminary in its initial stages of growth and in becoming a separate graduate institution with its own campus and trustees. The seminary's president until his death in 1942, Morrison wrote, "We are believing and undertaking to build up a Seminary for the training of a ministry that will bring millions of lost souls through Christ to salvation."
Program accomplishments
Today, Asbury Seminary enrolls more than 1,800 students, representing more than 80 denominations and 50 countries.