Seminary Covenant Community

Analysis

Seminary Covenant Community is a registered charity in United States, based in Melbourne, FL. It received its IRS tax-exemption ruling in February 1998, 28 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Seminary Covenant Community reported income of $1.0m and spending of $1.1m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $709k to $1.0m (+42%), an average of +9.2% a year. The sharpest change came in the year to December 2020, when income rose by 151%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Seminary Covenant Community sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 81st percentile within FL. Charities of a similar size with the same main cause include Lupus and Allied Diseases Association Inc ($1.0m), Gold Country Wildlife Rescue Inc ($1.0m) and Bismarck Recreation Council ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 35% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $18k (1.6% of expenses). Other salaries and wages came to $56k. At year end it held assets of $3.3m against liabilities of $1.8m, net assets of $1.5m. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.