Reformed Theological Seminary 
The information on this page was last updated 1/29/2026. If you see errors or omissions, please email: [email protected]
Summary
Reformed Theological Seminary exists to glorify the Triune God and to serve His Church in all branches of evangelical Christianity, especially Presbyterian and Reformed churches, by providing Reformed graduate theological education that is globally accessible. RTS equips its students for ministry, primarily through pastoral preparation, to be servant leaders marked by "A Mind for Truth, A Heart for God."
Contact information
Mailing address:
Reformed Theological Seminary
5422 Clinton Blvd.
Jackson, MS 39209-3050
Website: rts.edu
Phone: 601-923-1600
Email: [email protected]
Organization details
EIN: 640428676
CEO/President: J Ligon Duncan III
Chairman: Richard L. Ridgway
Board size: 20
Founder:
Ruling year: 1964
Tax deductible: Yes
Fiscal year end: 05/31
Member of ECFA: Yes
Member of ECFA since: 1981
Purpose
Reformed Theological Seminary exists to glorify the Triune God and to serve His Church in all branches of evangelical Christianity, especially Presbyterian and Reformed churches, by providing Reformed graduate theological education that is globally accessible. RTS equips its students for ministry, primarily through pastoral preparation, to be servant leaders marked by "A Mind for Truth, A Heart for God."
Mission statement
The mission of Reformed Theological Seminary is to serve the Church by preparing its leaders, through a program of graduate theological education, based upon the authority of the inerrant Word of God, and committed to the Reformed Faith.
Statement of faith
To ensure that the original purpose and doctrinal distinctives of the seminary are maintained, each trustee, senior administrator, and voting faculty member, with solemn awareness of accountability to God in all that he feels, thinks, says, and does, engages in and subscribes to the following Statement of Belief and Covenant:
There is but one only, the living and true God; and there are three persons in the Godhead, the Father, the Son, and the Holy Spirit; and these three are one God, the same in substance, equal in power and glory.
Scripture is the inspired, inerrant Word of God, the final authority, and only infallible rule of faith and practice. As the Word of God written, all Scripture is self-attesting and is verbally inspired by Almighty God, and therefore without error as originally given.
Reformed theology as set forth in the Westminster Confession of Faith and the Larger and Shorter Catechisms as adopted by the Presbyterian Church in the United States of America as its subordinate standard of doctrine at its first General Assembly in 1789 is founded upon the Word of God, and therefore is to be learned, taught, and proclaimed for the edification of God's people, the government of the Church, the propagation of the faith, and the evangelization of the world by the power of the Gospel of our Lord Jesus Christ.
I sincerely own and believe the statements above, and I will firmly and constantly adhere unto them, and to the utmost of my power I will assert, maintain, and defend the same.
NOW THEREFORE, the undersigned, in the presence of God, states and signifies that he consents, agrees, and binds himself to all of the foregoing without any reservation whatsoever, and that he further obligates himself immediately to notify in writing the Provost should a change of any kind take place in his belief and feeling not in accord with this statement. Amen.
Articles
| 2/28/2022 | RTS-Charlotte Launches Bridge Scholarship for African American Students Sponsored by Alpern Family and Joe Gibbs Racing |
| 12/16/2021 | MINISTRY SPOTLIGHT: Reformed Theological Seminary |
Donor confidence score
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Transparency grade
C
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 1302 of 1435 | 152 of 155 |
| Fund acquisition rating | | 1108 of 1435 | 130 of 155 |
| Resource allocation rating | | 1174 of 1435 | 124 of 155 |
| Asset utilization rating | | 1023 of 1436 | 129 of 155 |
According to the organization's Form 990, it received $827,830 in government grants in 2025.
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 | 13% | 16% | 19% | 23% | 27% | 14% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 5% | 8% | 8% | 8% | 5% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 33% | 43% | 36% | 31% | 37% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 6% | 9% | 9% | 9% | 6% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 67% | 57% | 64% | 69% | 63% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 76% | 67% | 69% | 66% | 76% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 91% | 91% | 94% | 91% | 83% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 69% | 61% | 65% | 60% | 63% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 9% | 9% | 6% | 9% | 17% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 2% | 2% | 1% | 2% | 4% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 19% | 24% | 23% | 25% | 18% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.52 | 0.23 | 0.23 | 0.24 | 0.21 | 0.19 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 2.29 | 2.21 | 2.33 | 2.05 | 2.16 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 0.52 | 0.51 | 0.56 | 0.43 | 0.41 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.18 | 21.04 | 19.47 | 15.25 | 20.17 | 20.48 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.05 | 0.05 | 0.07 | 0.05 | 0.05 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.99 | 22.06 | 22.38 | 19.92 | 26.33 | 28.00 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 3% | 3% | 4% | 3% | 3% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 0% | 0% | 0% | 0% | 0% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 148% | 427% | 420% | 399% | 458% | 515% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $2,287,120 | $1,594,072 | $532,246 | $11,128,471 | $1,910,730 |
| Receivables, inventories, prepaids | $5,941,917 | $7,163,266 | $5,455,832 | $3,350,283 | $2,069,736 |
| Short-term investments | $50,287,084 | $50,517,889 | $46,357,796 | $46,388,722 | $54,351,466 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $58,516,121 | $59,275,227 | $52,345,874 | $60,867,476 | $58,331,932 |
| Long-term investments | $31,497,615 | $30,076,032 | $33,397,349 | $41,489,005 | $44,574,304 |
| Fixed assets | $37,518,442 | $36,371,623 | $32,481,092 | $18,207,094 | $18,222,845 |
| Other long-term assets | $6,203,992 | $5,034,052 | $3,936,554 | $4,212,968 | $4,998,699 |
| Total long-term assets | $75,220,049 | $71,481,707 | $69,814,995 | $63,909,067 | $67,795,848 |
| Total assets | $133,736,170 | $130,756,934 | $122,160,869 | $124,776,543 | $126,127,780 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $1,312,047 | $1,566,775 | $1,996,882 | $1,629,565 | $1,555,103 |
| Other current liabilities | $1,469,030 | $1,477,477 | $1,435,872 | $1,388,902 | $1,292,783 |
| Total current liabilities | $2,781,077 | $3,044,252 | $3,432,754 | $3,018,467 | $2,847,886 |
| Debt | $0 | $0 | $0 | $0 | $0 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1,565,006 | $1,086,392 | $1,220,938 | $1,097,167 | $812,215 |
| Total long-term liabilities | $1,565,006 | $1,086,392 | $1,220,938 | $1,097,167 | $812,215 |
| Total liabilities | $4,346,083 | $4,130,644 | $4,653,692 | $4,115,634 | $3,660,101 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $70,931,180 | $69,279,972 | $62,464,149 | $64,471,393 | $66,636,399 |
| With donor restrictions | $58,458,907 | $57,346,318 | $55,043,028 | $56,189,516 | $55,831,280 |
| Net assets | $129,390,087 | $126,626,290 | $117,507,177 | $120,660,909 | $122,467,679 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $10,957,073 | $14,174,563 | $11,236,072 | $8,889,897 | $10,680,692 |
| Program service revenue | $13,488,775 | $13,809,580 | $13,767,199 | $13,630,060 | $13,111,573 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $7,813,608 | $3,796,780 | $4,065,326 | $6,354,812 | $4,733,592 |
| Other revenue | $1,115,319 | $1,247,058 | $2,128,658 | $180,129 | $283,838 |
| Total other revenue | $22,417,702 | $18,853,418 | $19,961,183 | $20,165,001 | $18,129,003 |
| Total revenue | $33,374,775 | $33,027,981 | $31,197,255 | $29,054,898 | $28,809,695 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $22,910,332 | $20,210,987 | $20,269,203 | $17,311,330 | $18,015,003 |
| Management and general | $5,666,135 | $7,275,661 | $6,665,310 | $6,646,404 | $4,321,745 |
| Fundraising | $1,741,924 | $2,660,182 | $2,536,695 | $2,402,267 | $1,445,626 |
| Total expenses | $30,318,391 | $30,146,830 | $29,471,208 | $26,360,001 | $23,782,374 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | $3,056,384 | $2,881,151 | $1,726,047 | $2,694,897 | $5,027,321 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $3,056,384 | $2,881,151 | $1,726,047 | $2,694,897 | $5,027,321 |
Compensation
| Name | Title | Compensation |
| J Ligon Duncan III | Chancellor/CEO | $377,601 |
| J Scott Redd Jr | President, Dc Campus | $219,897 |
| Mark McDowell | Executive Director, Dallas and Houston Campuses | $214,414 |
| Scott Swain | President, Orlando Campus | $203,800 |
| Michael Kruger | President, Charlotte Campus | $191,260 |
| Robert Cara | Provost | $188,739 |
| Robert Allen | Professor & Academic Dean, Orlando | $174,960 |
| Ricky Rayborn | Chief Operating Officer | $149,465 |
| Jessica Short | Chief Financial Officer | $148,859 |
| David Veldkamp | Chief Enrollment Management Officer | $141,101 |
| David John | Executive Director, Global and Distance | $138,555 |
| Richard Doggett | Chief of Staff | $127,840 |
| Kimberly Shirley | Chief Communications Officer | $119,154 |
| Amy Honeycutt | Chief Marketing Officer | $107,283 |
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 1/29/2026. To update the information below, please email: [email protected]
History
In June 1963, five ministers met in a Memphis hotel room to pray about the need to establish a new seminary. At that time there was no seminary in the southeastern United States holding to Reformed theology and committed to the Bible as God's inerrant Word, the final authority for faith and life. When the meeting ended, the seed that would become Reformed Theological Seminary had been planted.
Through the Lord's provision, the original Jackson campus property was acquired. The property consisted of 14 acres on which was located a two-story white colonial home used for offices and classrooms in those early years. In the fall of 1966, RTS opened its doors for resident studies in Jackson, Mississippi. Seventeen students enrolled. On September 6, Dr. C. Darby Fulton, former Executive Secretary of the Board of World Missions of the Presbyterian Church in the United States, delivered the first convocation address entitled "The Relevancy of the Gospel." Since that time RTS has grown to nine degree-granting campuses: Jackson, MS; Orlando, FL; Charlotte, NC; Washington DC; Atlanta, GA; Houston, TX; Dallas, TX; Sao Paulo, Brazil; and Global Education (U.S. and International). RTS has one partial degree campus in New York, NY.
Program accomplishments
6200 graduates serving worldwide in 65 countries
60 denominations currently represented by students worldwide
93% placement for graduates within six months of graduation
78% students with some form of financial aid