Puritan Reformed Theological Seminary
Puritan Reformed Theological Seminary shows consistent revenue growth and zero reported officer compensation.
EIN: 202394341 · Grand Rapids, MI · NTEE: B40 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $9.3M |
| Total Expenses | $4.7M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $18,692,646 |
| Net Assets | $15.0M |
| Transparency Score | 90/100 |
Is Puritan Reformed Theological Seminary Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Puritan Reformed Theological Seminary directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Puritan Reformed Theological Seminary
Puritan Reformed Theological Seminary (EIN: 202394341) is a nonprofit organization based in Grand Rapids, MI, classified under NTEE code B40. The organization reported total revenue of $9.3M and total assets of $18.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Puritan Reformed Theological Seminary's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Puritan Reformed Theological Seminary is a mid-size nonprofit that has been operating for 21 years, with 12 years of IRS 990 filings on record (2012–2023). Revenue has grown at a compound annual rate of 7.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6.7M |
| Total Expenses | $4.7M |
| Surplus / Deficit | +$1.9M |
| Total Assets | $15.2M |
| Total Liabilities | $189K |
| Net Assets | $15.0M |
| Operating Margin | 28.9% |
| Debt-to-Asset Ratio | 1.2% |
| Months of Reserves | 38.5 months |
Financial Health Grade: A
In 2023, Puritan Reformed Theological Seminary reported a surplus of $1.9M with revenue exceeding expenses, holds 38.5 months of operating reserves (strong position), has a debt-to-asset ratio of 1.2% (very low leverage).
Financial Trends
Over 12 years of filings (2012–2023), Puritan Reformed Theological Seminary's revenue has grown at a compound annual growth rate (CAGR) of 7.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -8.0% | +8.9% | +13.8% |
| 2022 | +74.3% | +13.5% | +29.7% |
| 2021 | -9.3% | +3.8% | -1.4% |
| 2020 | +3.5% | +3.4% | +10.5% |
| 2019 | +1.3% | +7.0% | +14.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 7200 |
| IRS Ruling Date | 2005 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Puritan Reformed Theological Seminary with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Puritan Reformed Theological Seminary allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $1.9M, with revenue exceeding expenses.
- Debt-to-asset ratio: 1.2%.
Executive Compensation Analysis
Puritan Reformed Theological Seminary consistently reports 0% officer compensation across all available filings, indicating that no portion of its revenue is allocated to executive salaries. This is highly unusual for an organization of its size with current assets of $18,692,646 and suggests either a volunteer leadership structure or that compensation is reported under different categories, warranting further investigation for complete transparency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Puritan Reformed Theological Seminary's IRS 990 filings:
- Consistent 0% officer compensation reported, which is unusual for an organization of this size and may warrant further inquiry into how leadership is compensated.
Strengths
The following positive indicators were identified for Puritan Reformed Theological Seminary:
- Strong and consistent revenue growth, with current revenue at $9,311,353.
- Significant asset growth, nearly doubling from $10,309,102 in 2021 to $18,692,646 currently.
- Consistent operational surpluses, indicating sound financial management (e.g., $6,666,827 revenue vs. $4,737,212 expenses in 2023).
- Low liabilities relative to assets, indicating financial stability (e.g., $189,074 liabilities vs. $15,209,895 assets in 2023).
- Reported 0% officer compensation, suggesting a strong commitment to directing funds towards the mission.
Frequently Asked Questions about Puritan Reformed Theological Seminary
Is Puritan Reformed Theological Seminary a legitimate charity?
Puritan Reformed Theological Seminary (EIN: 202394341) is a registered tax-exempt nonprofit based in Michigan. Our AI analysis gives it a Mission Score of 90/100. It has 12 years of IRS 990 filings on record. Total revenue: $9.3M. 1 red flag identified. 5 strengths noted. Financial health grade: A.
How does Puritan Reformed Theological Seminary spend its money?
Puritan Reformed Theological Seminary directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Puritan Reformed Theological Seminary tax-deductible?
Puritan Reformed Theological Seminary is registered as a tax-exempt nonprofit (EIN: 202394341). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Puritan Reformed Theological Seminary CEO make?
Puritan Reformed Theological Seminary's highest-compensated officer earns $18,692,646 annually. The organization reported $9.3M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Puritan Reformed Theological Seminary's spending goes to programs?
Puritan Reformed Theological Seminary directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Puritan Reformed Theological Seminary compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Puritan Reformed Theological Seminary is above average for NTEE category B40 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Puritan Reformed Theological Seminary located?
Puritan Reformed Theological Seminary is headquartered in Grand Rapids, Michigan and files with the IRS under EIN 202394341. It is classified under NTEE code B40.
How many years of IRS 990 filings does Puritan Reformed Theological Seminary have?
Puritan Reformed Theological Seminary has 12 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $9.3M in total revenue.
Is Puritan Reformed Theological Seminary a good charity?
Based on the available data, Puritan Reformed Theological Seminary appears to be a financially healthy organization with consistent revenue growth and a strong asset base. The reported 0% officer compensation is a significant positive indicator of its commitment to its mission. However, a deeper understanding of how leadership is compensated, if at all, would provide a more complete picture.
How has the organization's financial health changed over time?
The organization has shown remarkable financial growth, with assets increasing from $7,203,460 in 2015 to $18,692,646 currently. Revenue has also seen substantial increases, from $2,732,522 in 2015 to $9,311,353 currently, indicating strong donor support and effective financial management.
What is the organization's spending efficiency?
With expenses consistently lower than revenue, such as $4,737,212 in expenses against $6,666,827 in revenue in 2023, the organization demonstrates good spending efficiency, accumulating surpluses that contribute to its growing asset base.
Why is officer compensation reported as 0%?
The consistent reporting of 0% officer compensation across all filings is highly unusual for an organization of this size. It suggests either a volunteer-led executive team or that executive compensation is categorized under other expense lines, which would require further clarification for full transparency.
Filing History
IRS 990 filing history for Puritan Reformed Theological Seminary showing financial trends over 12 years of public records:
Over 12 years of IRS 990 filings (2012–2023), Puritan Reformed Theological Seminary's revenue has grown by 111.9%, moving from $3.1M to $6.7M. Total assets increased by 240.8% over the same period, from $4.5M to $15.2M. Total functional expenses rose by 147.3%, from $1.9M to $4.7M. In its most recent filing year (2023), Puritan Reformed Theological Seminary reported a surplus of $1.9M, with revenue exceeding expenses. The organization holds $189K in liabilities against $15.2M in assets (debt-to-asset ratio: 1.2%), resulting in net assets of $15.0M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6.7M | $4.7M | $15.2M | $189K | — | View 990 |
| 2022 | $7.2M | $4.4M | $13.4M | $277K | — | View 990 |
| 2021 | $4.2M | $3.8M | $10.3M | $114K | — | View 990 |
| 2020 | $4.6M | $3.7M | $10.5M | $587K | — | View 990 |
| 2019 | $4.4M | $3.6M | $9.5M | $488K | — | View 990 |
| 2018 | $4.4M | $3.3M | $8.3M | $63K | — | View 990 |
| 2017 | $3.1M | $3.1M | $7.2M | $56K | — | View 990 |
| 2016 | $2.8M | $2.7M | $7.4M | $125K | — | View 990 |
| 2015 | $2.7M | $2.3M | $7.2M | $50K | — | View 990 |
| 2014 | $3.5M | $2.1M | $7.0M | $272K | — | View 990 |
| 2013 | $3.0M | $2.1M | $5.4M | $108K | — | View 990 |
| 2012 | $3.1M | $1.9M | $4.5M | $99K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6.7M, expenses of $4.7M, and assets of $15.2M (revenue -8.0% year-over-year).
- 2022: Revenue of $7.2M, expenses of $4.4M, and assets of $13.4M (revenue +74.3% year-over-year).
- 2021: Revenue of $4.2M, expenses of $3.8M, and assets of $10.3M (revenue -9.3% year-over-year).
- 2020: Revenue of $4.6M, expenses of $3.7M, and assets of $10.5M (revenue +3.5% year-over-year).
- 2019: Revenue of $4.4M, expenses of $3.6M, and assets of $9.5M (revenue +1.3% year-over-year).
- 2018: Revenue of $4.4M, expenses of $3.3M, and assets of $8.3M (revenue +43.0% year-over-year).
- 2017: Revenue of $3.1M, expenses of $3.1M, and assets of $7.2M (revenue +10.5% year-over-year).
- 2016: Revenue of $2.8M, expenses of $2.7M, and assets of $7.4M (revenue +1.3% year-over-year).
- 2015: Revenue of $2.7M, expenses of $2.3M, and assets of $7.2M (revenue -23.0% year-over-year).
- 2014: Revenue of $3.5M, expenses of $2.1M, and assets of $7.0M (revenue +17.1% year-over-year).
- 2013: Revenue of $3.0M, expenses of $2.1M, and assets of $5.4M (revenue -3.7% year-over-year).
- 2012: Revenue of $3.1M, expenses of $1.9M, and assets of $4.5M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Puritan Reformed Theological Seminary:
Data Sources and Methodology
This transparency report for Puritan Reformed Theological Seminary is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.