Civic Intelligence

Shepherds Theological Seminary Inc

EIN 20-0180768 • 501(c)3 • Cary, NC

Profile

To train men and women for ministry.

6051 Tryon RdCary, NC 27518

www.shepherds.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

62nd percentile

0.19x

Higher debt load relative to assets than 62% of similar nonprofits.

NTEE B • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

59th percentile

0.11x

Higher debt load relative to revenue than 59% of similar nonprofits.

NTEE B • $1M-$5M nonprofits • Source year 2024

Net Margin

76th percentile

25%

Higher net margin than 76% of similar nonprofits.

NTEE B • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

78th percentile

$139,555

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

NTEE B • $1M-$5M nonprofits • Source year 2024

Asset Growth

90th percentile

74%

Faster asset growth than 90% of similar nonprofits.

NTEE B • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

73rd percentile

32%

Faster revenue growth than 73% of similar nonprofits.

NTEE B • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$2,986,406

Up $1,268,485 (+74%) from 2023

Liabilities

Up

$558,162

Up $53,111 (+11%) from 2023

Net Assets

Up

$2,428,244

Up $1,215,374 (+100%) from 2023

Revenue

Up

$4,864,504

Up $1,172,505 (+32%) from 2023

Expenses

Up

$3,649,130

Up $116,245 (+3.3%) from 2023

Net Income

Up

$1,215,374

Up $1,056,260 (+664%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$3.0M$2.0M$1.0M$0Assets 2011: $471,823Liabilities 2011: $160,472Net Assets 2011: $311,3512011Assets 2012: $529,964Liabilities 2012: $59,470Net Assets 2012: $470,4942012Assets 2013: $401,428Liabilities 2013: $189,156Net Assets 2013: $212,2722013Assets 2014: $512,604Liabilities 2014: $175,466Net Assets 2014: $337,1382014Assets 2015: $599,128Liabilities 2015: $112,545Net Assets 2015: $486,5832015Assets 2016: $1,177,747Liabilities 2016: $608,405Net Assets 2016: $569,3422016Assets 2017: $1,009,402Liabilities 2017: $810,535Net Assets 2017: $198,8672017Assets 2018: $734,394Liabilities 2018: $530,218Net Assets 2018: $204,1762018Assets 2019: $922,245Liabilities 2019: $634,630Net Assets 2019: $287,6152019Assets 2020: $1,702,408Liabilities 2020: $1,310,173Net Assets 2020: $392,2352020Assets 2021: $1,562,546Liabilities 2021: $641,128Net Assets 2021: $921,4182021Assets 2022: $1,634,882Liabilities 2022: $581,136Net Assets 2022: $1,053,7462022Assets 2023: $1,717,921Liabilities 2023: $505,051Net Assets 2023: $1,212,8702023Assets 2024: $2,986,406Liabilities 2024: $558,162Net Assets 2024: $2,428,2442024

Highlighted filing

2024

Assets$2,986,406
Liabilities$558,162
Net Assets$2,428,244

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $956,0512011Expenses 2012: $1,064,1272012Expenses 2013: $1,152,7212013Revenue 2014: $1,323,583Expenses 2014: $1,198,717Net Income 2014: $124,8662014Revenue 2015: $1,382,466Expenses 2015: $1,231,813Net Income 2015: $150,6532015Revenue 2016: $1,376,690Expenses 2016: $1,293,931Net Income 2016: $82,7592016Revenue 2017: $1,094,734Expenses 2017: $1,464,904Net Income 2017: -$370,1702017Revenue 2018: $1,701,858Expenses 2018: $1,696,549Net Income 2018: $5,3092018Revenue 2019: $2,039,632Expenses 2019: $1,964,703Net Income 2019: $74,9292019Revenue 2020: $2,615,396Expenses 2020: $2,510,776Net Income 2020: $104,6202020Revenue 2021: $3,230,898Expenses 2021: $2,701,715Net Income 2021: $529,1832021Revenue 2022: $3,082,209Expenses 2022: $2,949,881Net Income 2022: $132,3282022Revenue 2023: $3,691,999Expenses 2023: $3,532,885Net Income 2023: $159,1142023Revenue 2024: $4,864,504Expenses 2024: $3,649,130Net Income 2024: $1,215,3742024

Highlighted filing

2024

Revenue$4,864,504
Expenses$3,649,130
Net Income$1,215,374

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.99$0.56$2.43$4.86$3.65$1.22
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.72$0.51$1.21$3.69$3.53$0.16
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.63$0.58$1.05$3.08$2.95$0.13
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.56$0.64$0.92$3.23$2.70$0.53
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.70$1.31$0.39$2.62$2.51$0.10
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.92$0.63$0.29$2.04$1.96$0.07
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.73$0.53$0.20$1.70$1.70$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.01$0.81$0.20$1.09$1.46$0.37
2016Detailed filing. Detailed filing data is available for this year.$1.18$0.61$0.57$1.38$1.29$0.08
2015Detailed filing. Detailed filing data is available for this year.$0.60$0.11$0.49$1.38$1.23$0.15
2014Detailed filing. Detailed filing data is available for this year.$0.51$0.18$0.34$1.32$1.20$0.12
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.40$0.19$0.21$1.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.53$0.06$0.47$1.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.47$0.16$0.31$0.96
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2023 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Oct 26, 2023
Return Version
2022v5.0
Gross Receipts
$3,691,999
Mission and Program Overview

Mission

To train men and women for ministry.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,147,686$813,298▼ $334,388
Land, Buildings, and Equipment, Net$287,096$743,675▲ $456,579
Accounts Receivable$34,193$41,579▲ $7,386
Prepaid Expenses and Deferred Charges$79,107$21,728▼ $57,379
Total Assets$1,634,882$1,717,921▲ $83,039
Other Assets Total$86,800$97,641▲ $10,841
Liabilities
Accounts Payable and Accrued Expenses$496,564$476,274▼ $20,290
Other Liabilities$62,127$28,777▼ $33,350
Deferred Revenue$22,445--
Total Liabilities$581,136$505,051▼ $76,085
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$488,889$641,641▲ $152,752
Net Assets With Donor Restrictions$564,857$571,229▲ $6,372
Total Net Assets Fund Balance$1,053,746$1,212,870▲ $159,124
Total Liabilities and Net Assets / Fund Balance$1,634,882$1,717,921▲ $83,039

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$610,961$504,201$1,115,162
Equipment$122,120$105,980$228,100
Other Land Buildings$10,594$168,509$179,103
Other Assets Org$97,641--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Tim SiglerProvost DeanFT$134,038$134,038
Thomas PittmanVP of AcademFT$86,830$86,830
Ewart HodginsCFOPT$65,420$65,420

Board Members and Trustees

NameTitle
Bobby GodfreyChairman of
Stephen DaveyPresident
Alan CropseyBoard Member
Arne NewmanBoard Member
David Gibbs IiiBoard Member
Don HongBoard Member
Jack OwenBoard Member
Paul MartinBoard Member
Paul NewbyBoard Member
Thomas BaberBoard Member
Pam GeraceSecretary
Wayne WittTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,888,617
Program Service Revenue
$1,758,264
Investment Income
$0
Other Revenue
$45,118
All Other Contributions
$1,318,370
Change in Net Assets
$159,114

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table2$617,000
Total Noncash Contributions2$617,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,691,999
Total Revenue per Audited Statements
$3,691,999
Total Revenue per Form 990
$3,691,999
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,192,606
Other Expenses$1,291,697
Total Fundraising Expense$140,214
Grants and Similar Amounts Paid$48,582
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,354,724$259,396$45,775$1,659,895
Occupancy$265,222$10,808$5,404$281,434
Other Employee Benefits$194,524$35,155$4,687$234,366
Current Officers, Directors, Trustees, and Key Employees$86,830$65,420-$152,250
Payroll Taxes$121,259$21,914$2,922$146,095
Advertising$69,291$15,579$51,292$136,162
Other Expenses$46,792$1,404$9,596$57,792
Travel$27,998$18,566$7,065$53,629
Grants to Domestic Individuals$48,582--$48,582
Depreciation Depletion$37,993$2,120$1,058$41,171
All Other Expenses$14,430$8,023$2,344$24,797
Interest$2,480$827$827$4,134
Total Functional Expenses$2,819,034$573,637$140,214$3,532,885

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,532,885
Total Expenses per Audited Statements$3,532,885
Total Expenses per Form 990$3,532,885
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$34,095
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$34,095$34,095-$34,095
Total Events$34,095$34,095-$34,095
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Expenses$28,777
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

After the 990 is prepared, it is reviewed by the finance committee before being signed and filed.

Form 990, Page 6, Part VI, Line 12C

Board members are aware of the conflict of interest policy. They are asked to disclose of any conflicts when they are known. Also, if there is an issue where it is known that a board member has a conflict of interest, then they are asked to exclude themselves from the discussion and voting.

Form 990, Page 6, Part VI, Line 15A

Same as the process for officers or key employees. See below.

Form 990, Page 6, Part VI, Line 15B

Compensation is reviewed and recommended by the finance committee. The committee uses salaries of people in comparable positions and available surveys. The executive committee of the board reviews and approves the finance committee recommendations. All compensation is approved in the annual budget.

Form 990, Page 6, Part VI, Line 19

Documents are available at the organization's offices weekdays from 9am to 5pm.

Filing and Contact Details

Filer

Filer Name
Shepherds Theological Seminary Inc
EIN
20-0180768
Phone
9195735350
Address
6051 TRYON RD, CARY, NC 27518

Signing Officer

Name
Ewart Hodgins
Title
CFO
Phone
9195735350
Signed
2023-10-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ewart Hodgins
Formed
2003
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
11
Employees
26
Volunteers
55

Preparer

Firm
Hhh CPA Group LLC
Address
1250 OLD HENDERSON RD, COLUMBUS, OH 43220
Preparer
Brian Aden
Phone
6144514644
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

Shepherds theological seminary is an accredited graduate school providing quality academic and theological training for students desiring to serve in leadership roles at churches, non-profits, and other faith-based organizations. During the 2022-2023 academic year, sts was engaged in graduate education at three sites. At its cary, nc campus, sts provided a total of 62 courses ranging from 1 to 21 students enrolled. These courses include traditional academic courses on theology, history, philosophy, and biblical languages, theses courses, practical ministry courses, individual interships, and independent study courses. The west institute of sts, a teaching site located in laramie wy, provided a total of 17 classroom courses ranging from 5 to 23 students enrolled. Additionally, the sts teaching site in bryan, tx, provided a total of 2 courses with 6 students enrolled in each. In total, the following numbers of students participated in programs at sts: 132 graduate students (degree/credit seeking) and 34 non-degree-seeking/audit student. Sts delivered 2,044 total credit hours of instruction, of which 298 credits were taught via distance education. Sts had 8 graduates in may, 24 graduates in august, and 1 in december who were participating in a variety of ministries, including the following: pastors, assistant pastors, church planters, missionaries, biblical counselors, lay-counselors, non-profit workers, and local-church volunteers. Similarly, sts's alumni serve in all areas of local church ministry, para-church ministries, foreign ministries, and doctoral programs and academic appointments.

Form 990, Page 2, Part III, Line 4D

OTHER

Financial Statement Notes

Schedule D, Page 4, Part XIII

Part iii, line 4-collections and relation to exempt purpose: a torah scroll, in hebrew sefer torah (hebrew: "book of torah-; plural: sefrei torah), is a handwritten copy of the torah, meaning:of the pentateuch, or the five books of moses (the first books of the hebrew bible). It must meet extremely strict standards of production. Having such a scroll allows shepherd's faculty/students the opportunity of advanced study. Our hrbrew language students get the opportunity to read the scroll just like the original authors would have done. All of our faculty/students get a greater understanding of how god's word was written donw and copied. This is a direct fullfillment of our mission as a non-profit theological seminary. Part x-fin 48 footnote the seminary evaluates all significant tax positions as required by accounting principles generally accepted in the united states of america. As of june 30,2023 and 2022, the seminary does not believe that it has taken any positions that would require the recording of any additional tax liability, nor does it believe that there are any unrealized tax benefits that would either increse or decrease within the next year. The seminary is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. As of june 30, 2023 management believes it is no longer subject to income tax examinations for years prior to the year ended june 30, 2019.

Raw XML AppendixShowing 400 of 506 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0SHEPHERDS THEOLOGICAL SEMINARY IS AN ACCREDITED GRADUATE SCHOOL PROVIDING QUALITY ACADEMIC AND THEOLOGICAL TRAINING FOR STUDENTS DESIRING TO SERVE IN LEADERSHIP ROLES AT CHURCHES, NON-PROFITS, AND OTHER FAITH-BASED ORGANIZATIONS. DURING THE 2022-2023 ACADEMIC YEAR, STS WAS ENGAGED IN GRADUATE EDUCATION AT THREE SITES. AT ITS CARY, NC CAMPUS, STS PROVIDED A TOTAL OF 62 COURSES RANGING FROM 1 TO 21 STUDENTS ENROLLED. THESE COURSES INCLUDE TRADITIONAL ACADEMIC COURSES ON THEOLOGY, HISTORY, PHILOSOPHY, AND BIBLICAL LANGUAGES, THESES COURSES, PRACTICAL MINISTRY COURSES, INDIVIDUAL INTERSHIPS, AND INDEPENDENT STUDY COURSES. THE WEST INSTITUTE OF STS, A TEACHING SITE LOCATED IN LARAMIE WY, PROVIDED A TOTAL OF 17 CLASSROOM COURSES RANGING FROM 5 TO 23 STUDENTS ENROLLED. ADDITIONALLY, THE STS TEACHING SITE IN BRYAN, TX, PROVIDED A TOTAL OF 2 COURSES WITH 6 STUDENTS ENROLLED IN EACH. IN TOTAL, THE FOLLOWING NUMBERS OF STUDENTS PARTICIPATED IN PROGRAMS AT STS: 132 GRADUATE STUDENTS (DEGREE/CREDIT SEEKING) AND 34 NON-DEGREE-SEEKING/AUDIT STUDENT. STS DELIVERED 2,044 TOTAL CREDIT HOURS OF INSTRUCTION, OF WHICH 298 CREDITS WERE TAUGHT VIA DISTANCE EDUCATION. STS HAD 8 GRADUATES IN MAY, 24 GRADUATES IN AUGUST, AND 1 IN DECEMBER WHO WERE PARTICIPATING IN A VARIETY OF MINISTRIES, INCLUDING THE FOLLOWING: PASTORS, ASSISTANT PASTORS, CHURCH PLANTERS, MISSIONARIES, BIBLICAL COUNSELORS, LAY-COUNSELORS, NON-PROFIT WORKERS, AND LOCAL-CHURCH VOLUNTEERS. SIMILARLY, STS'S ALUMNI SERVE IN ALL AREAS OF LOCAL CHURCH MINISTRY, PARA-CHURCH MINISTRIES, FOREIGN MINISTRIES, AND DOCTORAL PROGRAMS AND ACADEMIC APPOINTMENTS.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PART III, LINE 4-COLLECTIONS AND RELATION TO EXEMPT PURPOSE: A TORAH SCROLL, IN HEBREW SEFER TORAH (HEBREW: "BOOK OF TORAH-; PLURAL: SEFREI TORAH), IS A HANDWRITTEN COPY OF THE TORAH, MEANING:OF THE PENTATEUCH, OR THE FIVE BOOKS OF MOSES (THE FIRST BOOKS OF THE HEBREW BIBLE). IT MUST MEET EXTREMELY STRICT STANDARDS OF PRODUCTION. HAVING SUCH A SCROLL ALLOWS SHEPHERD'S FACULTY/STUDENTS THE OPPORTUNITY OF ADVANCED STUDY. OUR HRBREW LANGUAGE STUDENTS GET THE OPPORTUNITY TO READ THE SCROLL JUST LIKE THE ORIGINAL AUTHORS WOULD HAVE DONE. ALL OF OUR FACULTY/STUDENTS GET A GREATER UNDERSTANDING OF HOW GOD'S WORD WAS WRITTEN DONW AND COPIED. THIS IS A DIRECT FULLFILLMENT OF OUR MISSION AS A NON-PROFIT THEOLOGICAL SEMINARY. PART X-FIN 48 FOOTNOTE THE SEMINARY EVALUATES ALL SIGNIFICANT TAX POSITIONS AS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. AS OF JUNE 30,2023 AND 2022, THE SEMINARY DOES NOT BELIEVE THAT IT HAS TAKEN ANY POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY ADDITIONAL TAX LIABILITY, NOR DOES IT BELIEVE THAT THERE ARE ANY UNREALIZED TAX BENEFITS THAT WOULD EITHER INCRESE OR DECREASE WITHIN THE NEXT YEAR. THE SEMINARY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. AS OF JUNE 30, 2023 MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO THE YEAR ENDED JUNE 30, 2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XIII
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE POLICY IS CLEARLY STATED IN THE 2020-2021 SEMINARY CATALOG ON PAGE 34.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION DOES NOT RECIEVE DIRECT GOVERNMENTAL ASSISTANCE; HOWEVER, THE SCHOOL RECEIVED GOVERNMENT FUNDS IN THE FORM OF TITLE IV FUNDING FOR THE BENEFIT OF ITS STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
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IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0TUITION GRANTS IN AID
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRANT RECIPIENTS ARE STUDENDS ENROLLED IN THE MASTER OF DIVINITY PROGRAM AND ARE CHOSEN BASED ON NUMBER OF CREDIT HOURS COMPLETED IN THE DEGREE PROGRAM, NUMBER OF CREDIT HOURS TAKEN EACH TERM, AND FINANCIAL NEED.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 4, PART IV

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