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Covenant Baptist Theological Seminary INC EIN 84-1978807

Covenant Baptist Theological Seminary INC

EIN  84-1978807 Higher education institution Owensboro, KY Founded 2019
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Size
$1–10M
What they do
Prepares men for all pastoral duties serving Christ and His kingdom.
Leadership
Samuel E Waldron · President · $93K
Money in and out
$1.5M revenue, $1.4M expenses
Bottom line
+5% operating surplus

Prepares men for all pastoral duties serving Christ and His kingdom. For fiscal year 2025 it reported $1.5M in revenue, $1.4M in expenses, and $819K in net assets.Pt I

Financial scale & money flow · FY2025
Total revenue
$1.5M
Pt VIII · Ln 12
Total expenses
$1.4M
Pt IX · Ln 25
Net assets
$819K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $71K
Where spending went · Part IX cols B–D
Program services $0.87 Management & general $0.09 Fundraising $0.04
Operating surplus
+5%
revenue over expenses, this legal entity▼ -44% vs prior filing year
Payroll share
50%
of this entity's spending is salaries & benefits▲ +2% vs prior filing year
Program spending
87%
of expenses reach program services▲ +2% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$1.5M
FY2025▲ +14%
Expenses
$1.4M
FY2025▲ +19%
Total assets
$836K
FY2025▲ +13%
Total liabilities
$17K
FY2025▲ +49%
Total revenue
$1.5M
Pt VIII · Ln 12
Total expenses
$1.4M
Pt IX · Ln 25
Net assets
$819K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$71K
Total assetsPt X · Ln 16$836K
Program-expense ratioPt IX · col B87%
Voting members of governing bodyPt I · Ln 312
Independent voting membersPt I · Ln 412
Mission & Programs · Part III

Where the work happens

1 program service account for $1.3M of program spending, described in the organization's own filed words · FY2025.
01

In 2025, CBTS students completed 1,143 classes (2,853 credits). 34 students graduated in 2025. 476 students are enrolled and taking classes. Students from 49 countries in 7 world regions are taking classes and received finanical aid in the form of reduced tuition and fees.

$1.3Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CCovenant Baptist Theological Seminary INC
EINHdr · item D84-1978807
Principal addressHdr · item COwensboro, KY
WebsiteHdr · item Jcbtseminary.org
Year of formationHdr · item L2019
State of legal domicileHdr · item MKY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B50)
Ruling yearIRS BMFAug 2020

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a12
Independent voting membersPt VI · Ln 1b12
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$92,599Pt VII · Sec A
$91,077Pt VII · Sec A
John Miller
Vice President
$20,360Pt VII · Sec A
Lee McKinnon
Director
$9,415Pt VII · Sec A
Mike Waters
Director
$2,180Pt VII · Sec A
Tom Hicks
Director
$1,805Pt VII · Sec A
Ben Carlson
Board Secretary
$1,455Pt VII · Sec A
Jim Savastio
Director
$1,200Pt VII · Sec A

Samuel E Waldron’s $93K as President is at the 26th percentile of top reported officer pay among 3393 $1–10M 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Samuel E Waldron$92,599$86,380$82,500$82,500$82,500$90,000
Lindsay B Bigham JR$91,077$79,200————
Rexford Semrad—$85,480$79,685$73,480$70,580$66,000
Lindsay B Bigham——$63,045$58,200$51,710$48,000
John Miller$20,360$25,100$15,000$12,000——
Lee McKinnon$9,415$10,205————
Jon English Lee——$3,660———
Ben Carlson$1,455$3,060$1,825———

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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Statement of Revenue

Part VIII
Contributions & grants$810K · 54%
Program service revenue$673K · 45%
Investment income$29K · 2%
Contributions & grants54%$810K
Program service revenue45%$673K
Investment income2%$29K
Total revenueLn 12$1.5M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.87 Management & general $0.09 Fundraising $0.04
Program services87%$1.3M
Management & general9%$132K
Fundraising4%$55K
Total functional expensesLn 25$1.4M

Balance Sheet

Part X · end of year
CashLn 1$755K
Total assetsLn 16$836K
Total liabilitiesLn 26$17K
Total net assetsLn 32$819K
Months of cash on handcomputed6.3

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $810K · Operating expenses/yr $1.4M
6.7 months
Where the money goes
Program services
Program services $1.3M · Total expenses $1.4M
87%
Management & General
Management & general $132K · Total expenses $1.4M
9%
Fundraising
Fundraising $55K · Total expenses $1.4M
4%
Cost to raise $1
Fundraising expense (3-yr avg) $47K · Solicited contributions (3-yr avg) $655K
$0.07 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $810K · Total revenue $1.5M
54%
Government reliance
Government grants — · Total revenue $1.5M
—
Earned-income share
Program service revenue $673K · Total revenue $1.5M
45%
Investment reliance
Investment income $29K · Total revenue $1.5M
+2%
Program self-sufficiency
Program service revenue $673K · Total expenses $1.4M
47%
Growth & trend
Revenue growth (YoY)
This year $1.5M · Prior year $1.3M
+14%
Revenue CAGR
FY2020 $544K · FY2025 $1.5M
+23%
Net-asset trend (YoY)
End of year $819K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.5M · Expenses $1.4M
+5%
Liabilities-to-Assets
Total liabilities — · Total assets $836K
—
Net-asset ratio
Net assets $819K · Total assets $836K
98%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $55K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $836K
7%
People & payroll
Highest Reported Total Compensation
Individual Samuel E Waldron · Reported title President · Highest reported compensation $93K · Total expenses $1.4M
6%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $724K · Total expenses $1.4M
50%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 87%——
Overhead ratio 9%——
Fundraising cost ratio 7%——
Revenue growth 14%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Donor Advised Charitable Giving INCFY2024$42K
Floradon FoundationFY2024$25K
Servant FoundationFY2024$10K
Total grants receivedfrom 3 funders$77K
See all 3 funders →
Grants paid · 2 grants · $121K · 2022–2023
Grace Reformed Baptist ChuFY2023$11,266
Grace Reformed Baptist ChuFY2022$109,691

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$1.5M revenue · viewing · ⤓ 990 PDF
FY2024$1.3M revenue · ⤓ 990 PDF
FY2023$1.0M revenue · ⤓ 990 PDF
FY2022$1.1M revenue · ⤓ 990 PDF
FY2021$613K revenue · ⤓ 990 PDF
FY2020$544K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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