Totals
- Total revenue
- $31,197,255
- Total expenses
- $29,471,208
- Contributions and grants received
- $11,236,072
- Grants paid
- $5,780,944
- Program service revenue
- $13,767,199
- Investment income
- $4,065,326
- Other revenue
- $2,128,658
- Total assets, end of year
- $122,160,869
- Total liabilities, end of year
- $4,653,692
- Net assets or fund balances, end of year
- $117,507,177
- Program services expenses (Part IX)
- $20,269,203
- Management and general expenses
- $6,665,310
- Fundraising expenses
- $2,536,695
- Program service expenses (Part III)
- $20,269,203
Program services were 68.8% 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.
-
1c · Fundraising events
$387,302
-
1d · Related organizations
$67,244
-
1f · All other contributions, gifts and grants
$10,781,526
-
1g · Noncash contributions included above
$369,072
-
2a · Program service revenue: Tuition and Fees
total $13,231,974 · related or exempt $13,231,974
-
2b · Program service revenue: Counseling Clinic Income
total $308,749 · related or exempt $308,749
-
2c · Program service revenue: Finance Charges
total $50,162 · related or exempt $50,162
-
2d · Program service revenue: Student Clinic Fees
total $44,700 · related or exempt $44,700
-
2e · Program service revenue: Library Fines
total $2,770 · related or exempt $2,770
-
2f · All other program service revenue
total $128,844 · related or exempt $128,844
-
3 · Investment income
total $1,232,351 · unrelated business $39,018 · excluded $1,193,333
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6a · Gross rents
real property $1,154,903
-
6b · Less rental expenses
real property $424,520
-
6c · Rental income or loss
real property $730,383 · personal property $0
-
6d · Net rental income or loss
total $730,383 · related or exempt $123,304 · excluded $607,079
-
7a · Gross sales of assets other than inventory
securities $28,836,760 · other assets $14,415
-
7b · Less cost or other basis and sales expenses
securities $26,018,200
-
7c · Gain or loss
securities $2,818,560 · other assets $14,415
-
7d · Net gain or loss
total $2,832,975 · excluded $2,832,975
-
8a · Fundraising events: gross income
$0
-
8a · Fundraising events: contributions included on line 1c
$387,302
-
8b · Fundraising events: direct expenses
$79,106
-
8c · Net income from fundraising events
total -$79,106 · excluded -$79,106
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0 · excluded $0
-
10a · Gross sales of inventory
$183,094
-
10b · Cost of goods sold
$272,441
-
10c · Net income from sales of inventory
total -$89,347 · excluded -$89,347
-
11a · Other revenue: EMPLOYEE RETENTION CREDIT
total $1,460,581 · excluded $1,460,581
-
11b · Other revenue: All Other Misc Revenue
total $106,147 · excluded $106,147
-
11d · All other revenue
total $106,147 · excluded $106,147
-
11e · Other revenue, total
$1,566,728
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $5,000 · program services $5,000
-
2 · Grants to domestic individuals
total $5,739,810 · program services $5,739,810
-
3 · Grants to foreign organizations and individuals
total $36,134 · program services $36,134
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $1,433,343 · program services $553,174 · management and general $477,926 · fundraising $402,243
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $10,018,976 · program services $6,087,269 · management and general $2,795,072 · fundraising $1,136,635
-
8 · Pension plan contributions
total $622,433 · program services $378,174 · management and general $173,645 · fundraising $70,614
-
9 · Other employee benefits
total $1,206,758 · program services $733,195 · management and general $336,658 · fundraising $136,905
-
10 · Payroll taxes
total $646,544 · program services $392,824 · management and general $180,371 · fundraising $73,349
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $15,501 · management and general $11,288 · fundraising $4,213
-
11c · Fees: accounting
total $127,338 · management and general $127,338
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $280,075 · management and general $280,075
-
11g · Fees: other
total $1,932,488 · program services $1,174,130 · management and general $539,121 · fundraising $219,237
-
12 · Advertising and promotion
total $141,866 · program services $86,194 · management and general $39,577 · fundraising $16,095
-
13 · Office expenses
total $547,674 · program services $332,752 · management and general $152,789 · fundraising $62,133
-
14 · Information technology
total $1,441,896 · program services $1,105,459 · management and general $336,437
-
15 · Royalties
total $0
-
16 · Occupancy
total $1,472,158 · program services $894,445 · management and general $410,699 · fundraising $167,014
-
17 · Travel
total $922,951 · program services $560,760 · management and general $257,484 · fundraising $104,707
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $321,937 · program services $195,601 · management and general $89,813 · fundraising $36,523
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $6,631 · fundraising $6,631
-
22 · Depreciation, depletion and amortization
total $1,362,395 · program services $1,223,274 · management and general $139,121
-
23 · Insurance
total $304,350 · program services $233,336 · management and general $71,014
-
24a · Other expenses: REPAIRS & MAINTENANCE
total $192,919 · program services $117,213 · management and general $53,820 · fundraising $21,886
-
24b · Other expenses: PROCESSING FEES
total $173,892 · program services $105,652 · management and general $48,512 · fundraising $19,728
-
24c · Other expenses: PERSONNEL DEVELOPMENT
total $144,312 · program services $87,680 · management and general $40,260 · fundraising $16,372
-
24d · Other expenses: LIBRARY
total $142,329 · program services $86,475 · management and general $39,707 · fundraising $16,147
-
24e · All other expenses
total $231,498 · program services $140,652 · management and general $64,583 · fundraising $26,263
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $10,984,199 · end of year $426,141
-
2 · Savings and temporary cash investments
beginning of year $144,272 · end of year $106,105
-
3 · Pledges and grants receivable
beginning of year $2,350,000 · end of year $3,128,208
-
4 · Accounts receivable
beginning of year $448,622 · end of year $1,863,609
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $1,198,908 · end of year $550,078
-
8 · Inventories for sale or use
beginning of year $149,235 · end of year $165,935
-
9 · Prepaid expenses and deferred charges
beginning of year $402,426 · end of year $298,080
-
10a · Land, buildings and equipment: cost or other basis
$65,441,238
-
10b · Land, buildings and equipment: accumulated depreciation
$32,960,146
-
10c · Land, buildings and equipment, net
beginning of year $18,207,094 · end of year $32,481,092
-
11 · Investments: publicly traded securities
beginning of year $46,388,722 · end of year $46,357,796
-
12 · Investments: other securities
beginning of year $41,489,005 · end of year $33,397,349
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $599,095
-
15 · Other assets
beginning of year $3,014,060 · end of year $2,787,381
-
17 · Accounts payable and accrued expenses
beginning of year $1,629,565 · end of year $1,996,882
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $1,388,902 · end of year $1,435,872
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $1,097,167 · end of year $1,220,938
-
27 · Net assets without donor restrictions
beginning of year $64,471,393 · end of year $62,464,149
-
28 · Net assets with donor restrictions
beginning of year $56,189,516 · end of year $55,043,028
Mission and programs · 2022
Mission
REFORMED THEOLOGICAL SEMINARY (RTS) EXISTS TO GLORIFY THE TRIUNE GOD AND TO SERVE HIS CHURCH IN ALL BRANCHES OF EVANGELICAL CHRISTIANITY, ESPECIALLY PRESBYTERIAN AND REFORMED CHURCHES, BY PROVIDING REFORMED GRADUATE THEOLOGICAL EDUCATION THAT IS GLOBALLY ACCESSIBLE. REFORMED THEOLOGICAL SEMINARY EQUIPS ITS STUDENTS FOR MINISTRY, PRIMARILY THROUGH PASTORAL TRAINING, TO BE SERVANT LEADERS MARKED BY A MIND FOR TRUTH. A HEART FOR GOD.
Activities or mission (Part I)
TO PREPARE LEADERS FOR THE CHURCH WITH A MIND FOR TRUTH AND A HEART FOR GOD THROUGH A PROGRAM OF GRADUATE THEOLOGICAL EDUCATION.
-
THE SEMINARY SERVES APPROXIMATELY 1,800 STUDENTS THROUGH CAMPUSES IN JACKSON, MS, ORLANDO, FL, CHARLOTTE, NC, METRO WASHINGTON, DC, ATLANTA, GA, HOUSTON, TX, DALLAS, TX, NEW YORK, NY, DISTANCE EDUCATION PROGRAMS, AND AN EXTENSION SITE IN SAO PAULO, BRAZIL. IN ADDITION, THE SEMINARY IS ENHANCING REFORMED THEOLOGY CURRICULUM WITH ORGANIZATIONS IN INDONESIA. STUDENTS AT RTS ARE ENROLLED IN THE FOLLOWING ACADEMIC DEGREE PROGRAMS: MASTER OF DIVINITY, MASTER OF ARTS (THEOLOGICAL STUDIES), MASTER OF ARTS (BIBLICAL STUDIES), MASTER OF ARTS (RELIGION), MASTER OF ARTS IN COUNSELING, MASTER OF ARTS IN CHRISTIAN COUNSELING, AND DOCTOR OF MINISTRY.
Expenses $20,269,203 · Grants $5,780,944 · Revenue $13,890,503
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
J Ligon Duncan IIIJ LIGON DUNCAN III
CHANCELLOR/CEO
- Total calculated
- $354,974
- From this org
- $306,317
- From related orgs
- $0
- Other
- $48,657
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $245,942
- Bonus
- $375
- Other
- $60,000
- Deferred
- $25,261
- Nontaxable benefits
- $23,396
- Filer's total
- $354,974
-
James HarveyJAMES HARVEY
EXECUTIVE DIRECTOR - NYC
- Total calculated
- $252,701
- From this org
- $222,708
- From related orgs
- $0
- Other
- $29,993
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $150,333
- Bonus
- $375
- Other
- $72,000
- Deferred
- $13,913
- Nontaxable benefits
- $16,080
- Filer's total
- $252,701
-
J Scott Redd JrJ SCOTT REDD JR
PRESIDENT - WASHINGTON DC
- Total calculated
- $202,311
- From this org
- $166,363
- From related orgs
- $0
- Other
- $35,948
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $125,313
- Bonus
- $375
- Other
- $40,675
- Deferred
- $12,531
- Nontaxable benefits
- $23,417
- Filer's total
- $202,311
-
Michael KrugerMICHAEL KRUGER
PRESIDENT - CHARLOTTE
- Total calculated
- $199,326
- From this org
- $164,450
- From related orgs
- $0
- Other
- $34,876
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $114,075
- Bonus
- $375
- Other
- $50,000
- Deferred
- $11,509
- Nontaxable benefits
- $23,367
- Filer's total
- $199,326
-
Robert J CaraROBERT J CARA
PROVOST/CAO
- Total calculated
- $192,401
- From this org
- $155,116
- From related orgs
- $0
- Other
- $37,285
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $133,291
- Bonus
- $375
- Other
- $21,450
- Deferred
- $13,889
- Nontaxable benefits
- $23,396
- Filer's total
- $192,401
-
Douglas BakerDOUGLAS BAKER
CHANCELLOR'S CHIEF OF STAFF
- Total calculated
- $189,389
- From this org
- $187,908
- From related orgs
- $0
- Other
- $1,481
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,533
- Bonus
- $375
- Other
- $0
- Deferred
- $944
- Nontaxable benefits
- $537
- Filer's total
- $189,389
-
Scott SwainSCOTT SWAIN
PRESIDENT - ORLANDO
- Total calculated
- $187,544
- From this org
- $152,239
- From related orgs
- $0
- Other
- $35,305
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $111,864
- Bonus
- $375
- Other
- $40,000
- Deferred
- $11,918
- Nontaxable benefits
- $23,387
- Filer's total
- $187,544
-
Mark McDowellMARK MCDOWELL
EXECUTIVE DIRECTOR - DALLAS
- Total calculated
- $172,186
- From this org
- $141,527
- From related orgs
- $0
- Other
- $30,659
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $103,002
- Bonus
- $375
- Other
- $38,150
- Deferred
- $10,852
- Nontaxable benefits
- $19,807
- Filer's total
- $172,186
-
Guy RichardGUY RICHARD
PRESIDENT OF ATLANTA CAMPUS
- Total calculated
- $162,554
- From this org
- $132,529
- From related orgs
- $0
- Other
- $30,025
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $92,154
- Bonus
- $375
- Other
- $40,000
- Deferred
- $9,694
- Nontaxable benefits
- $20,331
- Filer's total
- $162,554
-
David JohnDAVID JOHN
EXECUTIVE DIRECTOR OF GLOBAL
- Total calculated
- $141,138
- From this org
- $102,514
- From related orgs
- $0
- Other
- $38,624
- Hours/week
- 40
-
Matthew BryantMATTHEW BRYANT
CHIEF DEVELOPMENT OFFICER
- Total calculated
- $131,373
- From this org
- $102,271
- From related orgs
- $0
- Other
- $29,102
- Hours/week
- 40 + 1 related
-
David VeldkampDAVID VELDKAMP
CHIEF ENROLLMENT OFFICER
- Total calculated
- $122,486
- From this org
- $93,174
- From related orgs
- $0
- Other
- $29,312
- Hours/week
- 40
-
Michael CopeningMICHAEL COPENING
CHIEF IT OFFICER
- Total calculated
- $93,803
- From this org
- $80,307
- From related orgs
- $0
- Other
- $13,496
- Hours/week
- 40
-
Phillip HolmesPHILLIP HOLMES
CHIEF COMMUNICATIONS OFFICER
- Total calculated
- $30,567
- From this org
- $21,871
- From related orgs
- $0
- Other
- $8,696
- Hours/week
- 40
-
Jessica ShortJESSICA SHORT
CHIEF FINANCIAL OFFICER
- Total calculated
- $25,195
- From this org
- $24,298
- From related orgs
- $0
- Other
- $897
- Hours/week
- 40 + 1 related
-
William M Mounger IIWILLIAM M MOUNGER II
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Bf BracyBF BRACY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Benjamin W RobersonBENJAMIN W ROBERSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Charles L Irby SrCHARLES L IRBY SR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Collie W LehnCOLLIE W LEHN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Craig C RohdeCRAIG C ROHDE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
David H LucasDAVID H LUCAS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
George R FairGEORGE R FAIR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Hugh M ComerHUGH M COMER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
J Byron JohnsonJ BYRON JOHNSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
J Scott Redd SrJ SCOTT REDD SR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Larry W EdwardsLARRY W EDWARDS
TREASURER
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Paul Hurst IIIPAUL HURST III
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Richard L RidgwayRICHARD L RIDGWAY
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Robert T CurtisROBERT T CURTIS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Roderick S Russ IIIRODERICK S RUSS III
SECRETARY
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Scott McLellanSCOTT MCLELLAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
T David ElkinT DAVID ELKIN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
V Hu MeenaV HU MEENA
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Warren J Williamson JrWARREN J WILLIAMSON JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Ricky RaybornRICKY RAYBORN
CHIEF OPERATIONS OFFICER
- 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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Housing allowance or residence for personal use
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- SCHEDULE J, PART I, LINE 1A
- HOUSING ALLOWANCES - ANNUALLY REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE SEMINARY. TWO OFFICERS, TWO KEY EMPLOYEES, AND FOUR HIGHEST COMPENSATED EMPLOYEES RECEIVED HOUSING ALLOWANCES WHICH WERE INCLUDED IN THEIR TAXABLE COMPENSATION.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501C(3) · FUNDRAISING · MS · controlled entity
Directly controlled by RTS
-
REFORMED THEOLOGICAL SEMINARY OF FLORIDA
501(C)(3) · THEOLOGIC EDU · FL · controlled entity
Directly controlled by RTS
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
REFORMED PROPERTIES LLC
REAL ESTATE · FL · income $241,260 · assets $1,110,135
Directly controlled by RTS
-
BELCHER PROPERTIES LLC
REAL ESTATE · MS · income $0 · assets $0
Directly controlled by RTS
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 2 April 2024
- IRS schema version
- 2022v5.0
- Source object
- 202401019349300030
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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