Union Theological Seminary: Nonprofit Profile, Financials & Form 990 (EIN 13-1624238)

Revenue by fiscal year
FY2020	$83.9M
FY2021	$35.3M
FY2022	$27.4M
FY2023	$46.6M
FY2024	$39.1M
FY2025	$27.8M

Expenses by fiscal year
FY2020	$30.4M
FY2021	$28.8M
FY2022	$37.0M
FY2023	$38.9M
FY2024	$34.6M
FY2025	$32.9M

Net assets by fiscal year
FY2020	$158.3M
FY2021	$189.8M
FY2022	$152.4M
FY2023	$183.1M
FY2024	$192.3M
FY2025	$197.4M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1934.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

71 cents of each dollar spent went to programs.

71%

25%

Program services 71% · $23.3M Management & general 25% · $8.2M Fundraising 4% · $1.4M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

40 people listed on the 990; $2.0M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

The Rev Dr Serene Jones

President

$367,124Pt VII · Sec A

William Peabody

Chief Operating Officer

$243,932Pt VII · Sec A

Maura Smith

VP for Development

$207,437Pt VII · Sec A

Su Yon Pak

VP of Academic Affairs & Dean

$178,652Pt VII · Sec A

Afsheen Shamsi

VP of Communications & Marketing

$177,230Pt VII · Sec A

Frederick Davie Senior EVP

For Public Theology & Civic Eng.

$148,275Pt VII · Sec A

David Gastwirth VP for

Online Ed & Learning Innovation

$144,997Pt VII · Sec A

Vanessa Hutchinson

VP of Admisssions & Fin. Aid

$129,568Pt VII · Sec A

The Rev Dr Serene Jones’s $367K as President is at the 76th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
The Rev Dr Serene Jones	$367,124	$370,456	$359,528	$335,338	$335,739	$323,228
Frederick Davie	—	—	—	$183,653	$268,081	$256,855
Brent Dickman	—	—	—	$245,770	$225,838	$226,565
William Peabody	$243,932	$237,219	$158,887	—	—	—
Maura Smith	$207,437	—	—	—	—	—
Nina Wong	—	$199,633	$123,630	—	—	—
Rita L Walters	—	$124,242	$199,284	$189,650	$193,805	—
Robin Reese	—	—	—	—	$180,058	$177,042

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates people in theological studies.

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Provided by the organization

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1 program · $23.3M · in their own filed words · FY2024

01

Provide graduate degree and non-degree programs to more than 265 full-time and part-time students

$23.3Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

Suc Tr Uw L G RobertsonFY2025$10K

Martha W Davis TrFY2025$2K

Total grants receivedfrom 2 funders$12K

Grants paid · 17 grants · $33.0M · 2019–2024

Unitemized GrantFY2024$4,412,952

Unitemized GrantFY2023$4,044,097

Unitemized GrantFY2022$3,583,622

New York Theological SeminaryNY · FY2022$300,000

Unitemized GrantFY2021$4,097,353

Unitemized GrantFY2021$4,004,009

Unitemized GrantFY2020$3,728,616

Unitemized GrantFY2020$3,641,021

Repairers of the Breach INCNC · FY2020$69,000

Unitemized GrantFY2020$23,971

Unitemized GrantFY2019$4,724,949

Repairers of the Breach INCNC · FY2019$310,000

Unitemized GrantFY2019$25,000

Interfaith AmericaIL · FY2019$20,000

Freedom Center for Social JusticeNC · FY2019$15,000

Unitemized GrantFY2019$12,400

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$27.8M

Ln 12

Gifts and grantsLn 1h$12.1M

Fees for servicesLn 2g$9.6M

Investment incomeLn 3$5.9M

Money outPt IX

$32.9M

Ln 25

Programscol B$23.3M

Managementcol C$8.2M

Fundraisingcol D$1.4M

Owns and owesPt X

$197.4M

net assets · Ln 32

Cash and savingsLn 1–2$8.3M

Total assetsLn 16$228.9M

LiabilitiesLn 26$31.5M

PeoplePt VI, VII

40

listed · VII A

PaidVII A11

Voting boardVI 1a26

IndependentVI 1b25

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$12.1M

Government grantsLn 1e$64K

Noncash giftsLn 1g$1.5M

Fees for servicesLn 2g$9.6M

Investment incomeLn 3$5.9M

Other incomeLn 4–11$212K

Gains on assetsLn 7$2.3M

Total revenueLn 12$27.8M

Assets in detailPt X, end of year

CashLn 1$478K

SavingsLn 2$7.8M

Cash and savings togetherLn 1–2$8.3M

InvestmentsLn 11–13$139.9M

Land, buildings, equipmentLn 10c$79.2M

Other assetsLn 15$202K

Total assetsLn 16$228.9M

LiabilitiesLn 26$31.5M

Net assetsLn 32$197.4M

OperationsPt I, VI

EmployeesI 5239

VolunteersI 629

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$12.4M	$8.3M
InvestmentsLn 11–13	$129.6M	$139.9M
Land, buildings, equipmentLn 10c	$79.4M	$79.2M
Total assetsLn 16	$223.7M	$228.9M
LiabilitiesLn 26	$31.4M	$31.5M
Net assetsLn 32	$192.3M	$197.4M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$4K	$4K
Grants to domestic individualsLn 2	$4.4M	$4.4M
Pay of current officers, directors and key staffLn 5	$1.6M	$250K	$1.1M	$257K
Other salaries and wagesLn 7	$7.1M	$5.5M	$1.2M	$375K
Pension plan contributionsLn 8	$741K	$565K	$142K	$35K
Other employee benefitsLn 9	$1.2M	$816K	$274K	$71K
Payroll taxesLn 10	$617K	$400K	$176K	$41K
Legal feesLn 11b	$422K	$287K	$105K	$29K
Accounting feesLn 11c	$229K	$156K	$57K	$16K
Investment management feesLn 11f	$557K		$557K
Other fees for servicesLn 11g	$4.0M	$1.7M	$1.9M	$356K
Advertising and promotionLn 12	$275K	$5K	$268K	$1K
Office expensesLn 13	$915K	$549K	$311K	$55K
Information technologyLn 14	$503K	$111K	$391K	$1K
OccupancyLn 16	$2.7M	$2.3M	$379K	$28K
TravelLn 17	$239K	$181K	$47K	$12K
Conferences, conventions and meetingsLn 19	$16K	$4K	$12K	$69
InterestLn 20	$719K	$610K	$102K	$8K
Depreciation, depletion and amortizationLn 22	$4.2M	$3.6M	$599K	$44K
InsuranceLn 23	$701K	$477K	$175K	$49K
Other expenses (24a–d)Ln 24	$1.8M	$1.4M	$342K	$35K
Total functional expensesLn 25	$32.9M	$23.3M	$8.2M	$1.4M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$27.8M	$32.9M	−$5.2M	$197.4M	990 PDF
FY2024	$39.1M	$34.6M	$4.5M	$192.3M	990 PDF
FY2023	$46.6M	$38.9M	$7.7M	$183.1M	990 PDF
FY2022	$27.4M	$37.0M	−$9.6M	$152.4M	990 PDF
FY2021	$35.3M	$28.8M	$6.5M	$189.8M	990 PDF
FY2020	$83.9M	$30.4M	$53.5M	$158.3M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $27,757,884 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $20,292,730$12,063,157

I-9 Program service revenuePrior year $9,766,940$9,550,502

I-10 Investment incomePrior year $9,011,463$5,931,886

I-11 Other revenuePrior year $32,372$212,339

I-12 Total revenuePrior year $39,103,505$27,757,884

I-13 Grants and similar amounts paidPrior year $4,044,097$4,416,452

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $11,341,596$11,261,983

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $19,224,167$17,264,342

I-18 Total expensesPrior year $34,609,860$32,942,777

I-19 Revenue less expensesPrior year $4,493,645−$5,184,893

Part VI · Governance 25 of 26 board members independent, no flags

VI-1a Voting members of the governing body26

VI-1b Independent voting members25

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $27,757,884 across 9 lines filed

Lines not itemized here account for $98,677 of total revenue; see the IRS return.

VIII-1e Government grants$64,058

VIII-1f All other contributions, gifts and grants$11,999,099

VIII-1g Noncash contributions (included above)$1,476,056

VIII-1h Total contributions, gifts and grants$12,063,157

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,550,502$9,550,502

VIII-3 Investment incomeExcluded from tax $3,670,362$3,670,362

VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,261,524$2,261,524

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $113,662$113,662

VIII-12 Total revenueRelated to mission $9,550,502 · Unrelated business $0 · Excluded from tax $6,144,225$27,757,884

Part IX · Statement of functional expenses $32,942,777 across 21 lines filed

IX-1 Grants to domestic organizationsPrograms $3,500$3,500

IX-2 Grants to domestic individualsPrograms $4,412,952$4,412,952

IX-5 Pay of current officers, directors and key staffPrograms $249,802 · Management $1,130,731 · Fundraising $256,804$1,637,337

IX-7 Other salaries and wagesPrograms $5,543,019 · Management $1,187,070 · Fundraising $375,032$7,105,121

IX-8 Pension plan contributionsPrograms $564,679 · Management $142,124 · Fundraising $34,586$741,389

IX-9 Other employee benefitsPrograms $816,016 · Management $274,105 · Fundraising $70,687$1,160,808

IX-10 Payroll taxesPrograms $400,321 · Management $175,872 · Fundraising $41,135$617,328

IX-11b Legal feesPrograms $286,964 · Management $105,253 · Fundraising $29,487$421,704

IX-11c Accounting feesPrograms $155,781 · Management $57,137 · Fundraising $16,007$228,925

IX-11f Investment management feesManagement $557,360$557,360

IX-11g Other fees for servicesPrograms $1,682,561 · Management $1,948,723 · Fundraising $356,443$3,987,727

IX-12 Advertising and promotionPrograms $5,498 · Management $268,500 · Fundraising $1,452$275,450

IX-13 Office expensesPrograms $549,071 · Management $311,323 · Fundraising $54,547$914,941

IX-14 Information technologyPrograms $111,317 · Management $390,749 · Fundraising $1,320$503,386

IX-16 OccupancyPrograms $2,268,042 · Management $378,662 · Fundraising $28,077$2,674,781

IX-17 TravelPrograms $180,697 · Management $46,622 · Fundraising $11,896$239,215

IX-19 Conferences, conventions and meetingsPrograms $3,942 · Management $11,648 · Fundraising $69$15,659

IX-20 InterestPrograms $610,018 · Management $101,846 · Fundraising $7,552$719,416

IX-22 Depreciation, depletion and amortizationPrograms $3,590,622 · Management $599,473 · Fundraising $44,449$4,234,544

IX-23 InsurancePrograms $476,768 · Management $174,870 · Fundraising $48,990$700,628

IX-24 Other expenses (24a–d)Programs $1,414,168 · Management $341,771 · Fundraising $34,667$1,790,606

IX-25 Total functional expensesPrograms $23,325,738 · Management $8,203,839 · Fundraising $1,413,200$32,942,777

Part X · Balance sheet $228,878,006 assets, 19 lines filed

X-1 Cash, non-interest-bearingStart of year $1,603,033$477,538

X-2 Savings and temporary cash investmentsStart of year $10,771,520$7,777,796

X-3 Pledges and grants receivableStart of year $1,751,276$742,998

X-4 Accounts receivableStart of year $100,099$141,041

X-9 Prepaid expenses and deferred chargesStart of year $280,474$496,954

X-10c Land, buildings and equipment, netStart of year $79,392,182$79,158,905

X-11 Publicly traded securitiesStart of year $84,360,555$89,544,223

X-12 Other securitiesStart of year $44,514,646$49,759,176

X-13 Program-related investmentsStart of year $743,510$577,374

X-15 Other assetsStart of year $202,001$202,001

X-16 Total assetsStart of year $223,719,296$228,878,006

X-17 Accounts payable and accrued expensesStart of year $2,669,024$2,687,880

X-19 Deferred revenueStart of year $103,304$0

X-25 Other liabilitiesStart of year $3,387,957$3,432,275

X-26 Total liabilitiesStart of year $31,427,626$31,456,741

X-27 Net assets without donor restrictionsStart of year $99,936,898$95,465,586

X-28 Net assets with donor restrictionsStart of year $92,354,772$101,955,679

X-32 Total net assets or fund balancesStart of year $192,291,670$197,421,265

X-33 Total liabilities and net assetsStart of year $223,719,296$228,878,006

Part XI · Reconciliation of net assets $197,421,265 net assets at year end

XI-1 Total revenue$27,757,884

XI-2 Total expenses$32,942,777

XI-3 Revenue less expenses−$5,184,893

XI-4 Net assets at start of year$192,291,670

XI-5 Net unrealized gains (losses) on investments$10,092,635

XI-9 Other changes in net assets$221,853

XI-10 Net assets at end of year$197,421,265

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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