Form 990 for tax year 2024
Filed by VIRGINIA BEACH THEOLOGICAL SEMINARY.
Totals
- Total revenue
- $760,547
- Total expenses
- $752,025
- Contributions and grants received
- $498,817
- Grants paid
- $32,923
- Program service revenue
- $166,907
- Investment income
- $72,138
- Other revenue
- $22,685
- Total assets, end of year
- $1,162,591
- Total liabilities, end of year
- $99,116
- Net assets or fund balances, end of year
- $1,063,475
- Program services expenses (Part IX)
- $533,379
- Management and general expenses
- $178,084
- Fundraising expenses
- $40,562
- Program service expenses (Part III)
- $533,379
Program services were 70.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$498,817
-
2a · Program service revenue: TUITION AND FEES
total $166,907 · related or exempt $166,907
-
3 · Investment income
total $72,138 · excluded $72,138
-
8a · Fundraising events: gross income
$36,741
-
8b · Fundraising events: direct expenses
$15,504
-
8c · Net income from fundraising events
total $21,237
-
11a · Other revenue: OTHER
total $1,448 · excluded $1,448
-
11e · Other revenue, total
$1,448
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $32,923 · program services $32,923
-
5 · Compensation of officers, directors and key employees
total $13,862 · program services $10,610 · management and general $2,789 · fundraising $463
-
7 · Other salaries and wages
total $390,219 · program services $295,941 · management and general $83,247 · fundraising $11,031
-
9 · Other employee benefits
total $158,103 · program services $131,822 · management and general $13,555 · fundraising $12,726
-
10 · Payroll taxes
total $9,727 · program services $7,852 · management and general $1,858 · fundraising $17
-
11c · Fees: accounting
total $9,600 · management and general $9,600
-
12 · Advertising and promotion
total $2,628 · fundraising $2,628
-
13 · Office expenses
total $7,532 · management and general $7,532
-
14 · Information technology
total $46,777 · program services $24,158 · management and general $22,619
-
16 · Occupancy
total $22,820 · program services $2,270 · management and general $20,172 · fundraising $378
-
17 · Travel
total $3,628 · management and general $2,225 · fundraising $1,403
-
19 · Conferences, conventions and meetings
total $1,376 · fundraising $1,376
-
20 · Interest
total $9,354 · management and general $9,354
-
22 · Depreciation, depletion and amortization
total $13,023 · program services $11,031 · management and general $1,992
-
23 · Insurance
total $1,721 · program services $1,721
-
24a · Other expenses: OTHER EXPENSES
total $19,320 · program services $5,639 · management and general $3,141 · fundraising $10,540
-
24b · Other expenses: ACCREDITATION EXPENSES
total $8,000 · program services $8,000
-
24c · Other expenses: STUDENTS SERVICES
total $1,412 · program services $1,412
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $12,996 · end of year $66,026
-
4 · Accounts receivable
beginning of year $27,782 · end of year $17,470
-
9 · Prepaid expenses and deferred charges
end of year $14,342
-
10a · Land, buildings and equipment: cost or other basis
$191,973
-
10b · Land, buildings and equipment: accumulated depreciation
$169,022
-
10c · Land, buildings and equipment, net
beginning of year $30,653 · end of year $22,951
-
11 · Investments: publicly traded securities
beginning of year $1,024,780 · end of year $1,034,980
-
15 · Other assets
beginning of year $9,156 · end of year $6,822
-
17 · Accounts payable and accrued expenses
beginning of year $8,778 · end of year $1,048
-
19 · Deferred revenue
beginning of year $16,230 · end of year $13,745
-
24 · Unsecured notes and loans payable
end of year $70,000
-
25 · Other liabilities
beginning of year $25,406 · end of year $14,323
-
27 · Net assets without donor restrictions
beginning of year $778,795 · end of year $792,509
-
28 · Net assets with donor restrictions
beginning of year $276,158 · end of year $270,966
Mission and programs · 2024
Mission
CHRISTIAN EDUCATION FOR MEN AND WOMEN INTERESTED IN CHRISTIAN WORK.
-
PRIMARY FOCUS IS TO PROVIDE A CHRISTIAN EDUCATION AND TRAINING FOR MINISTRIES, MISSIONARIES, AND OTHER CHRISTIAN WORKERS.
Expenses $533,379 · Grants $32,923 · Revenue $166,907
As filed on the 2024 return.
Listed in Part VII
-
Daniel DaveyDANIEL DAVEY
PRESIDENT
- Total calculated
- $68,548
- From this org
- $13,862
- From related orgs
- $0
- Other
- $54,686
- Hours/week
- 40
-
Steve BrownSTEVE BROWN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jay GermonJAY GERMON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Sean GoddenSEAN GODDEN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jeffrey GreeneJEFFREY GREENE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Doug KintDOUG KINT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Terry LackeyTERRY LACKEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Keith LeonardKEITH LEONARD
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Kirk LinahanKIRK LINAHAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Dwayne LoukDWAYNE LOUK
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Pat McCartyPAT MCCARTY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Donald RoebuckDONALD ROEBUCK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Bradley StaleyBRADLEY STALEY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gary WhitelamGARY WHITELAM
VICE-CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Michael WilburnMICHAEL WILBURN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ron WrightRON WRIGHT
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Anthony BrazasANTHONY BRAZAS
CFO
- Total calculated
- $0
- Hours/week
- 40
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 March 2026
- IRS schema version
- 2024v5.0
- Source object
- 202600779349300905
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