Phil Waldrep Evangelistic Association 
The information on this page was last updated 2/16/2023. If you see errors or omissions, please email: [email protected]
Summary
According to a recent Barna Group study, 8 out of the 10 most Post-Christian cities in America are in (or border) New England states. More than 50% of pastors leave New England each year discouraged.
But those numbers are changing! Among the pastors who attend the Pastor's Encouragement Retreat, the number of pastors who leave New England has decreased from 50% to just 7%.
Phil Waldrep Ministries (incorporated in 1980 as Phil Waldrep Evangelistic Association, Inc.) is a non-profit 501 (c)(3) Christian ministry located in Decatur, Alabama. We are governed by a board of directors and led by Southern Baptist evangelist, Phil Waldrep.
Contact information
Mailing address:
Phil Waldrep Ministries
226 Moulton St.
East Decatur, AL 35601
Website: philwaldrep.org
Phone: 256-355-1554
Email: [email protected]
Organization details
EIN: 630782826
CEO/President: Phil Waldrep
Chairman: Phil Waldrep
Board size: 8
Founder: Phil and Debbie Waldrep
Ruling year: 1980
Tax deductible: Yes
Fiscal year end: 12/31
Member of ECFA: Yes
Member of ECFA since: 1998
Purpose
For the Pastor's Encouragement Retreat: 50% of pastors leave New England before their third year of ministry. We exist to change that number.
Mission statement
Statement of faith
Jesus Christ is the Son of God. We believe Jesus Christ was born of a virgin, lived a sinless life, performed literal miracles, died a blood-atoning death, was bodily resurrected from the grave, ascended to the Father, and will return literally in the future.
The Holy Spirit resides in every believer and is there to guide the believer in knowing the mind of Christ.
We believe in one God co-existent in three persons: Father, Son and Holy Spirit.
The Bible is the inerrant, infallible Word of God and is the sole guide for faith and practice.
Salvation is by grace alone without any effort on the part of man.
The local church is the God-ordained institution for fulfilling the purpose and plan of God.
Donor confidence score
Transparency grade
A
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Evangelism
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 583 of 1106 | 23 of 45 |
| Fund acquisition rating | | 433 of 1107 | 19 of 45 |
| Resource allocation rating | | 848 of 1107 | 35 of 45 |
| Asset utilization rating | | 431 of 1106 | 15 of 45 |
Financial ratios
| Funding ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 7% | 1% | 0% | 4% | 3% | 2% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 6% | 0% | 0% | 1% | 0% | 0% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 97% | 14% | 13% | 23% | 11% | 13% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 6% | 0% | 0% | 1% | 0% | 0% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 3% | 86% | 87% | 77% | 89% | 87% |
| Operating ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 82% | 74% | 76% | 89% | 76% | 71% |
Spending ratio Spending ratio = Total expenses / Total revenue | 99% | 101% | 79% | 112% | 89% | 93% |
Program output ratio Program output ratio = Program services / Total revenue | 78% | 75% | 60% | 99% | 68% | 66% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 1% | -1% | 21% | -12% | 11% | 7% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 1% | -2% | 39% | -16% | 28% | 24% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 11% | 25% | 24% | 10% | 23% | 29% |
| Investing ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 1.01 | 1.52 | 1.25 | 0.95 | 1.86 | 2.12 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.53 | 1.41 | 1.37 | 1.48 | 1.55 | 1.42 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 2.22 | 2.15 | 1.71 | 1.41 | 2.88 | 3.01 |
| Liquidity ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 11.32 | 4.60 | 5.26 | 1.80 | 3.00 | 2.42 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.09 | 0.22 | 0.19 | 0.55 | 0.33 | 0.41 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 4.64 | 4.37 | 5.70 | 3.79 | 2.78 | 2.34 |
| Solvency ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 11% | 15% | 14% | 38% | 22% | 29% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 74% | 56% | 69% | 66% | 42% | 33% |
Financials
| Balance sheet | |||||
| Assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Cash | $8,194 | $197,842 | $26,973 | $56,204 | $109,383 |
| Receivables, inventories, prepaids | $800,497 | $662,237 | $494,366 | $730,587 | $877,417 |
| Short-term investments | $3,278,465 | $3,377,191 | $2,763,596 | $2,120,071 | $1,539,793 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $4,087,156 | $4,237,270 | $3,284,935 | $2,906,862 | $2,526,593 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $1,692,175 | $1,546,674 | $1,572,884 | $1,590,931 | $1,054,173 |
| Other long-term assets | $0 | $0 | $0 | $0 | $0 |
| Total long-term assets | $1,692,175 | $1,546,674 | $1,572,884 | $1,590,931 | $1,054,173 |
| Total assets | $5,779,331 | $5,783,944 | $4,857,819 | $4,497,793 | $3,580,766 |
| Liabilities | 2022 | 2021 | 2020 | 2019 | 2018 |
| Payables and accrued expenses | $14,531 | $34,212 | $12,255 | $130,592 | $216,481 |
| Other current liabilities | $873,516 | $771,179 | $1,810,725 | $836,982 | $828,582 |
| Total current liabilities | $888,047 | $805,391 | $1,822,980 | $967,574 | $1,045,063 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $888,047 | $805,391 | $1,822,980 | $967,574 | $1,045,063 |
| Net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Without donor restrictions | $4,711,563 | $4,978,553 | $2,972,754 | $3,524,479 | $2,492,163 |
| With donor restrictions | $179,721 | $0 | $62,085 | $5,740 | $43,540 |
| Net assets | $4,891,284 | $4,978,553 | $3,034,839 | $3,530,219 | $2,535,703 |
| Revenues and expenses | |||||
| Revenue | 2022 | 2021 | 2020 | 2019 | 2018 |
| Total contributions | $1,215,372 | $1,158,482 | $958,100 | $1,002,487 | $1,075,075 |
| Program service revenue | $8,590,504 | $7,400,457 | $2,289,999 | $7,692,146 | $7,228,961 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $0 | $710 | $1,592 | ($39,233) | $3,198 |
| Other revenue | ($1,106,726) | $614,498 | $882,459 | $709,749 | ($100,201) |
| Total other revenue | $7,483,778 | $8,015,665 | $3,174,050 | $8,362,662 | $7,131,958 |
| Total revenue | $8,699,150 | $9,174,147 | $4,132,150 | $9,365,149 | $8,207,033 |
| Expenses | 2022 | 2021 | 2020 | 2019 | 2018 |
| Program services | $6,537,019 | $5,478,362 | $4,106,935 | $6,383,034 | $5,394,440 |
| Management and general | $2,233,878 | $1,748,224 | $484,672 | $1,959,715 | $2,185,025 |
| Fundraising | $15,522 | $3,847 | $35,923 | $27,887 | $16,555 |
| Total expenses | $8,786,419 | $7,230,433 | $4,627,530 | $8,370,636 | $7,596,020 |
| Change in net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Surplus (deficit) | ($87,269) | $1,943,714 | ($495,380) | $994,513 | $611,013 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($87,269) | $1,943,714 | ($495,380) | $994,513 | $611,013 |
Compensation
| Name | Title | Compensation |
| Phil Waldrep | Chairman | $149,640 |
| Thomas Schwindling | Board Member | $125,800 |
Compensation data as of: 12/31/2022
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 2/16/2023. To update the information below, please email: [email protected]