Thirdmill Seminary
Legal name: Seminary for the Third Millennium
Nonprofit profile at a glance
- EIN
- 831653433
- IRS 990 coverage
- 2018–2024
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2024
- Location
- Casselberry, FL, USA
- Phone
- 407-755-4970
- Rating
- 62
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Educational Services and Schools - Other
- Affiliation
- Christianity
Reported finances
- Revenue
- $351,795
- Expenses
- $226,557
- Assets
- $164,017
- Liabilities
- $4,734
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- Gregory Perry (President)
Highest reported compensation
- Richard Pratt (Secretary): $95,021 total reported compensation
- Gregory Perry (President): $67,139 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Thirdmill Seminary provides affordable access to a quality, multilingual theological education by distance learning, so Christian leaders can study Scripture deeply and communicate its teachings clearly where they serve Christ and His Church.
What it reported doing in 2024
Dedicated to providing seminary education through quality graduate degree programs via distance learning in English and Spanish.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 37
- Transparency & Controls: 82
- Accountability: 75
- Sustainability: 57
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 34%; rating input score 34
- Program expense ratio: 52.9%; rating input score 53
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 13th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 80%; rating input score 80; 21st percentile among comparable filings
- Governance controls: 6 of 9 controls in place; rating input score 67
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 35.6%; rating input score 86; 86th percentile among comparable filings
- Total-asset coverage ratio: 0.72; rating input score 32; 32nd percentile among comparable filings
- Liabilities to assets ratio: 0.03; rating input score 37; 37th percentile among comparable filings
- Officer compensation ratio: 16.1%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: 17.2% per year; rating input score 100; 81st percentile among comparable filings
- Revenue growth: 17.2% per year; rating input score 100; 85th percentile among comparable filings
- Asset growth: 40.8% per year; rating input score 100; 95th percentile among comparable filings
Details
- What they do: 3 programs and campaigns described on the official site · 5 operating locations identified
- Where the money goes: 34% of revenue deployed · 52.9% of spending went to programs
- Governance: 4 of 5 board members independent · 6 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $120K in reported program spending
- Leadership: top reported pay $95K · 5 people listed
- Consistency: 39 of 40 current checks pass · 1 finding to review
- Schedules: 4 filed schedules
- Filing history: 7 filing years from 2018 to 2024
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 34/100.
- Review — Financial Efficiency: Program expense ratio scored 53/100.
- Review — Accountability: Governance controls: 3 of 9 not reported.
- Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
- High — Sustainability: Officer compensation ratio scored 23/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 37/100.