Civic Intelligence

Covenant Baptist Theological Seminary Inc

EIN 84-1978807 • 501(c)3 • Owensboro, KY

Profile

Helping the church to prepare men to undertake the full range of pastoral responsibilities in serving Christ and His kingdom

800 Chuck Gray CtOwensboro, KY 42303

cbtseminary.org

Siviq Scores

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

Liabilities / Assets

35th percentile

0.02x

Higher debt load relative to assets than 35% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

29th percentile

0.01x

Higher debt load relative to revenue than 29% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

58th percentile

8.4%

Higher net margin than 58% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

61st percentile

$86,380

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 6.5% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

76th percentile

17%

Faster asset growth than 76% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

76th percentile

32%

Faster revenue growth than 76% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$742,124

Up $106,785 (+17%) from 2023

Liabilities

Down

$11,487

Down $4,590 (-29%) from 2023

Net Assets

Up

$730,637

Up $111,375 (+18%) from 2023

Revenue

Up

$1,323,815

Up $319,076 (+32%) from 2023

Expenses

Up

$1,212,445

Up $282,638 (+30%) from 2023

Net Income

Up

$111,370

Up $36,438 (+49%) from 2023

Trend Graphs

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2020: $291,816Liabilities 2020: $9,509Net Assets 2020: $282,3072020Assets 2021: $333,424Liabilities 2021: $27,118Net Assets 2021: $306,3062021Assets 2022: $573,906Liabilities 2022: $30,482Net Assets 2022: $543,4242022Assets 2023: $635,339Liabilities 2023: $16,077Net Assets 2023: $619,2622023Assets 2024: $742,124Liabilities 2024: $11,487Net Assets 2024: $730,6372024

Highlighted filing

2024

Assets$742,124
Liabilities$11,487
Net Assets$730,637

Operations Trend

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

$1.5M$1.0M$500K$0Revenue 2020: $543,935Expenses 2020: $447,219Net Income 2020: $96,7162020Revenue 2021: $613,155Expenses 2021: $572,387Net Income 2021: $40,7682021Revenue 2022: $1,062,168Expenses 2022: $833,481Net Income 2022: $228,6872022Revenue 2023: $1,004,739Expenses 2023: $929,807Net Income 2023: $74,9322023Revenue 2024: $1,323,815Expenses 2024: $1,212,445Net Income 2024: $111,3702024

Highlighted filing

2024

Revenue$1,323,815
Expenses$1,212,445
Net Income$111,370

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 8, 2025
Return Version
2024v5.1
Gross Receipts
$1,323,815
Mission and Program Overview

Mission

Helping the church to prepare men to undertake the full range of pastoral responsibilities in serving Christ and His kingdom

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$413,776$433,720▲ $19,944
Cash and Non-Interest-Bearing Accounts$221,563$256,563▲ $35,000
Investments in Publicly Traded Securities-$51,841-
Total Assets$635,339$742,124▲ $106,785
Liabilities
Accounts Payable and Accrued Expenses$16,077$11,487▼ $4,590
Total Liabilities$16,077$11,487▼ $4,590
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$566,165$598,129▲ $31,964
Net Assets With Donor Restrictions$53,097$132,508▲ $79,411
Total Net Assets Fund Balance$619,262$730,637▲ $111,375
Total Liabilities and Net Assets / Fund Balance$635,339$742,124▲ $106,785
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Samuel E WaldronPresidentFT$86,380$86,380
Rexford SemradSecretaryFT$85,480$85,480
Lindsay B Bigham JrTreasurerFT$79,200$79,200
John MillerVice PresidentPT$25,100$25,100
Lee MckinnonDirector-$10,205$10,205
Ben CarlsonBoard Secretary-$3,060$3,060
Mike WatersDirector-$1,995$1,995
Jim SavastioDirector-$1,300$1,300
Ron MillerChairman-$1,300$1,300
Tom HicksDirector-$1,000$1,000

Board Members and Trustees

NameTitle
Daniel WolfordDirector
Eduardo F RiveraDirector
Fred MaloneDirector
Jon HueniDirector
Justin MillerDirector
Michael VillaDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$720,200
Program Service Revenue
$585,833
Investment Income
$17,782
Other Revenue
$0
All Other Contributions
$680,200
Change in Net Assets
$111,370
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$598,233
Other Expenses$572,682
Total Fundraising Expense$48,082
Grants and Similar Amounts Paid$41,530
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$299,899--$299,899
Current Officers, Directors, Trustees, and Key Employees$136,034$92,436$34,650$263,120
Office Expenses$148,669-$3,951$152,620
Fees for Services Other$144,661$473-$145,134
Information Technology$76,226-$4,347$80,573
Conferences and Meetings$53,568--$53,568
Travel$44,130$4,432$564$49,126
Foreign Grants$32,722--$32,722
Payroll Taxes$27,244$3,327$2,020$32,591
Fees for Services Accounting-$29,770-$29,770
Advertising$18,393-$2,550$20,943
Grants to Domestic Individuals$8,808--$8,808
All Other Expenses$7,417--$7,417
Occupancy$4,440--$4,440
Insurance-$3,541-$3,541
Other Expenses$3,440--$3,440
Other Employee Benefits$2,623--$2,623
Fees for Services Legal-$720-$720
Total Functional Expenses$1,029,664$134,699$48,082$1,212,445
International Activity

International Summary

Employees
2
Spending
$30,800

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
South AmericaProgram ServicesEspanol Program Direction-2$30,800
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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

Part VI Line 11B

Draft from was shared via email with all members of the board.

Part VI Line 12C

Board members and employees provide information about conflicts

Part VI Line 12C

of interest annually in writing.

Part VI Line 19

Documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Covenant Baptist Theological Seminary Inc
EIN
84-1978807
In Care Of
% Lindsay Bigham
Phone
2709256992
Address
800 Chuck Gray Ct, Owensboro, KY 42303

Signing Officer

Name
Lindsay Bigham
Title
Treasurer
Phone
2709256992
Signed
2025-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Samuel Waldron
Formed
2019
Legal Domicile
Ky
Voting Board Members
12
Independent Board Members
12
Employees
10

Preparer

Firm
Wright CPA PLLC
Address
302 W Washington St, Nashville, NC 27856
Preparer
Jennifer L Wright
Phone
2524592751
Supplemental Narrative

Additional Explanations

Part IX Line 11G

Spanish Program Assistant Total expenses - $8110.00 Program service expenses - $8110.00 Mgmt and general expenses - $0.00 Fundraising expenses - $0.00

Part IX Line 11G

CEMEM Mentorship Stipends Total expenses - $32385.00 Program service expenses - $32385.00 Mgmt and general expenses - $0.00 Fundraising expenses - $0.00

Part IX Line 11G

Visiting Professor Fees Total expenses - $68443.00 Program service expenses - $68443.00 Mgmt and general expenses - $0.00 Fundraising expenses - $0.00

Part IX Line 11G

Grading Honorariums Total expenses - $29685.00 Program service expenses - $29685.00 Mgmt and general expenses - $0.00 Fundraising expenses - $0.00

Part IX Line 11G

Accreditation Specialist Total expenses - $6038.00 Program service expenses - $6038.00 Mgmt and general expenses - $0.00 Fundraising expenses - $0.00

Part IX Line 11G

Janitorial Total expenses - $473.00 Program service expenses - $0.00 Mgmt and general expenses - $473.00 Fundraising expenses - $0.00

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IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0false
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0See Schedule O.
IRS990/MoreThan5000KToIndividualsInd0true
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt0619262
IRS990/NetAssetsOrFundBalancesEOYAmt0730637
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0566165
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0598129
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ProgramServicesAmt04440
IRS990/OccupancyGrp/TotalAmt04440
IRS990/OfficeExpensesGrp/FundraisingAmt03951
IRS990/OfficeExpensesGrp/ProgramServicesAmt0148669
IRS990/OfficeExpensesGrp/TotalAmt0152620
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt02623
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02623
IRS990/OtherExpensesGrp/Desc0Books for sale
IRS990/OtherExpensesGrp/Desc1Graduation expenses
IRS990/OtherExpensesGrp/Desc2Academic Licensure
IRS990/OtherExpensesGrp/Desc3Misc Operation expense
IRS990/OtherExpensesGrp/ProgramServicesAmt06701
IRS990/OtherExpensesGrp/ProgramServicesAmt17925
IRS990/OtherExpensesGrp/ProgramServicesAmt26764
IRS990/OtherExpensesGrp/ProgramServicesAmt33440
IRS990/OtherExpensesGrp/TotalAmt06701
IRS990/OtherExpensesGrp/TotalAmt17925
IRS990/OtherExpensesGrp/TotalAmt26764
IRS990/OtherExpensesGrp/TotalAmt33440
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0299899
IRS990/OtherSalariesAndWagesGrp/TotalAmt0299899
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt02020
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03327
IRS990/PayrollTaxesGrp/ProgramServicesAmt027244
IRS990/PayrollTaxesGrp/TotalAmt032591
IRS990/PoliciesReferenceChaptersInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0Samuel Waldron
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/BusinessCd2611600
IRS990/ProgramServiceRevenueGrp/Desc0Tuition & Fees
IRS990/ProgramServiceRevenueGrp/Desc1Book & Merch Sales
IRS990/ProgramServiceRevenueGrp/Desc2Conference Income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0520551
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt112621
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt252661
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0520551
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt112621
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt252661
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0435459
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt041616
IRS990/PYInvestmentIncomeAmt014047
IRS990/PYOtherExpensesAmt0442861
IRS990/PYProgramServiceRevenueAmt0555233
IRS990/PYRevenuesLessExpensesAmt074932
IRS990/PYSalariesCompEmpBnftPaidAmt0445330
IRS990/PYTotalExpensesAmt0929807
IRS990/PYTotalRevenueAmt01004739
IRS990/ReconcilationRevenueExpnssAmt0111370
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt040000
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0585833
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0413776
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0433720
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleE/ComplianceWithRevProc7550Ind0false
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0false
IRS990ScheduleE/MaintainScholarshipsRecsInd0false
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0false
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0false
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0false
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0A student's race is irrelevant to distance learning.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1The seminary does not gather or maintain information about students' race or ethnicities.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0P1, Ln 7
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Part I Line 4d
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/EmployeeCnt02
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt030800
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0South America
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt0Espanol Program Direction
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0Program Services
IRS990ScheduleF/BoycottCountriesInd0false
IRS990ScheduleF/ForeignCorpOwnershipInd0false
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt0tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt1tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt2tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt3tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt4tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt5tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/DescriptionOfNonCashAsstTxt6Tuition/fee reduction
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt01045
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt14715
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt26160
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt3625
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt4220
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt5650
IRS990ScheduleF/ForeignIndividualsGrantsGrp/NonCashAssistanceAmt619307
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt01
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt17
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt28
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt31
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt41
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt51
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RecipientCnt623
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt0CENTRAL AMERICA AND THE CARIBBEAN
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt1EAST ASIA AND THE PACIFIC
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt2EUROPE
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt3NORTH AMERICA
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt4SOUTH AMERICA
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt5SOUTH ASIA
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt6SUB-SAHARAN AFRICA
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt0Scholarships
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt1scholarships
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt2Scholarships
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt3Scholarships
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt4Scholarships
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt5Scholarships
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt6Scholarships

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