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Summer 2003 Rapport: Annual Report 2002-2003

Back to Annual Report Table of Contents

From the Business Office...

Rev. David Willemsen
Director of Business

Accounting Transition

Since its inception, AGTS accounting, payroll and human resource services have been processed by the General Council of the Assemblies of God (GCAG). However, in February 2002, the AGTS Board of Directors authorized the seminary to establish these services on-site.

Jeff Huinda was hired in May of 2002 as the coordinator of accounting. Jeff holds an accounting degree from Central Philippine University and has extensive experience in not-for-profit accounting. He previously served as the corporate accounting manager at the GCAG and came with very high qualifications.

Accounting services were moved on-site and became fully operational in June 2002, six weeks ahead of schedule. This was a very significant event in the history of the seminary and a major step toward financial strength and stability.

After extensive research, the Business Office purchased and implemented a full accounting software package which included payroll and human resource modules. The new system went online May 1, 2003.

A human resources committee was established to oversee the transition of payroll and human resource services from GCAG to AGTS. This committee is setting up in-house personnel procedures, researching federal and state employment law to help maintain legal compliance, and formulating human resource policy to be reviewed and approved by the AGTS Board of Administration. The committee hopes to have all payroll and human resource services moved in-house and fully operational no later than December 31, 2003. The Business Office is already coordinating most employee benefit services.


Funding for the seminary’s operational budget comes from various sources as demonstrated below:

The cost to educate each student at AGTS during the 2003-04 fiscal year is $12,439. Based on the sources of revenue above, funding per student is broken down as follows:


Fees 62.16% $7,732
Contributions 10.01% 1,245
Grant 21.97% 2,733
Misc 5.86% 729
Total 100.00% $12,439

The AGTS Board of Administration allocates funds and presents a budget to the Board of Directors for approval. Expenses for the current fiscal year are allocated as follows:

The seminary is grateful to the GCAG and its many friends for their faithful financial support.

Updated: Thursday, August 12, 2004 2:00 PM


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