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← ASBURY THEOLOGICAL SEMINARY

Form 990 for tax year 2022

Filed by ASBURY THEOLOGICAL SEMINARY.

What the amendment changed

Compared with the return it replaced , filed 1 May 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Program services expenses
$38,815,722 changed to $31,582,136
Management and general expenses
$0 changed to $5,767,306
Fundraising expenses
$0 changed to $1,466,280
Program service expenses (Part III)
$38,815,722 changed to $31,582,136

Totals

Total revenue
$34,624,370
Total expenses
$38,815,722
Contributions and grants received
$9,109,675
Grants paid
$9,337,717
Program service revenue
$22,632,574
Investment income
$2,882,121
Other revenue
$0
Total assets, end of year
$359,303,307
Total liabilities, end of year
$4,368,993
Net assets or fund balances, end of year
$354,934,314
Program services expenses (Part IX)
$31,582,136
Management and general expenses
$5,767,306
Fundraising expenses
$1,466,280
Program service expenses (Part III)
$31,582,136

Program services were 81.4% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $9,109,675

  • 1g · Noncash contributions included above

    $937,137

  • 2a · Program service revenue: Tuition and fees

    total $16,655,520 · related or exempt $16,655,520 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Auxiliary Services

    total $2,674,706 · related or exempt $2,504,249 · unrelated business $170,457 · excluded $0

  • 2f · All other program service revenue

    total $3,302,348 · related or exempt $3,302,348 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,650,077 · related or exempt $0 · unrelated business $0 · excluded $1,650,077

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $105,709,322 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $104,477,278 · other assets $0

  • 7c · Gain or loss

    securities $1,232,044 · other assets $0

  • 7d · Net gain or loss

    total $1,232,044 · related or exempt $0 · unrelated business $0 · excluded $1,232,044

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $9,337,717 · program services $9,337,717

  • 5 · Compensation of officers, directors and key employees

    total $615,738 · program services $31,413 · management and general $524,640 · fundraising $59,685

  • 7 · Other salaries and wages

    total $13,543,480 · program services $10,961,025 · management and general $1,989,284 · fundraising $593,171

  • 8 · Pension plan contributions

    total $572,360 · program services $428,095 · management and general $115,066 · fundraising $29,199

  • 9 · Other employee benefits

    total $1,968,744 · program services $1,414,574 · management and general $497,449 · fundraising $56,721

  • 10 · Payroll taxes

    total $951,112 · program services $733,550 · management and general $173,032 · fundraising $44,530

  • 11b · Fees: legal

    total $50,241 · program services $0 · management and general $50,241 · fundraising $0

  • 11c · Fees: accounting

    total $74,250 · program services $0 · management and general $74,250 · fundraising $0

  • 12 · Advertising and promotion

    total $136,374 · program services $18,905 · management and general $117,205 · fundraising $264

  • 13 · Office expenses

    total $5,541,351 · program services $3,750,574 · management and general $1,207,249 · fundraising $583,528

  • 16 · Occupancy

    total $1,248,588 · program services $1,160,059 · management and general $88,529 · fundraising $0

  • 17 · Travel

    total $751,829 · program services $578,092 · management and general $120,297 · fundraising $53,440

  • 22 · Depreciation, depletion and amortization

    total $2,762,581 · program services $2,489,217 · management and general $273,364 · fundraising $0

  • 23 · Insurance

    total $312,059 · program services $248 · management and general $311,811 · fundraising $0

  • 24e · All other expenses

    total $949,298 · program services $678,667 · management and general $224,889 · fundraising $45,742

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $60,604,822 · end of year $55,407,704

  • 3 · Pledges and grants receivable

    beginning of year $4,017,227 · end of year $1,935,960

  • 4 · Accounts receivable

    beginning of year $2,476,868 · end of year $3,157,317

  • 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 $407,837 · end of year $337,831

  • 8 · Inventories for sale or use

    beginning of year $832,654 · end of year $167,275

  • 9 · Prepaid expenses and deferred charges

    end of year $302,122

  • 10a · Land, buildings and equipment: cost or other basis

    $143,476,253

  • 10b · Land, buildings and equipment: accumulated depreciation

    $62,382,492

  • 10c · Land, buildings and equipment, net

    beginning of year $79,588,332 · end of year $81,093,761

  • 11 · Investments: publicly traded securities

    beginning of year $215,333,262 · end of year $214,463,104

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $2,438,233

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $257,681 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $920,273 · end of year $589,963

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $744,433 · end of year $217,680

  • 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 $3,617,598 · end of year $3,561,350

  • 27 · Net assets without donor restrictions

    beginning of year $97,274,131 · end of year $100,140,076

  • 28 · Net assets with donor restrictions

    beginning of year $260,962,248 · end of year $254,794,238

Mission and programs · 2022

Mission

Asbury Theological Seminary is a community called to prepare theologically educated, sanctified, Spirit-filled men and women to evangelize and to spread scriptural holiness throughout the world through the love of Jesus Christ, in the power of the Holy Spirit and to the glory of God the Father.

  • Asbury Theological Seminary enrolled over 1,800 students from 45 states and 43 countries through programs on its Wilmore, KY campus, its Orlando, FL , Tampa, FL, Memphis, TN, Tulsa, OK extension sites, and its online extended learning program. Degree programs are offered in master of arts, master of divinity, master of theology, doctor of ministry, doctor of missiology, and doctor of philosophy. Students come to the Seminary from 92 different denominations and churches. The top sending groups include the United Methodist, Nondenominational, Baptist, Assemblies of God, Salvation Army, Free Methodist, Nazarene, Anglican Church, African Methodist Episcopal, Christian Church, Wesleyan Church and Christian Missionary Alliance.

    Expenses $31,582,136 · Grants $9,337,717 · Revenue $22,632,574

As filed on the 2022 return.

Listed in Part VII

  • Timothy C Tennent

    President

    Total calculated
    $314,133
    From this org
    $314,133
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,633
    Bonus
    $50,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $63,205
    Filer's total
    $377,338

  • Jay Mansur

    Vice President

    Total calculated
    $194,323
    From this org
    $194,323
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,823
    Bonus
    $1,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,180
    Filer's total
    $204,503

  • Bryan P Blankenship

    Vice President & Treasurer

    Total calculated
    $153,368
    From this org
    $153,368
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,868
    Bonus
    $1,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,132
    Filer's total
    $166,500

  • Kevin Bish

    Vice President

    Total calculated
    $152,447
    From this org
    $152,447
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,947
    Bonus
    $1,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,053
    Filer's total
    $160,500

  • Gregg Okesson

    Vice President

    Total calculated
    $148,237
    From this org
    $148,237
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,737
    Bonus
    $500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,597
    Filer's total
    $156,834

  • Thomas McCall

    Faculty

    Total calculated
    $122,750
    From this org
    $122,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Stephen Stratton

    Faculty

    Total calculated
    $105,466
    From this org
    $105,466
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Rurel Ausley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Paul Baddour

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Randall Birdwell

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Debra McKenna Blews

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Michael W Burkhart

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Dale S Ditto

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Nancy L Boortz

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Sherree Funk

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Ricardo Gomez

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David R Goodnight

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Joseph Harris

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • J Anthony Holifield

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Andy Hurst

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Anna Jackson

    Trustee & Secretary

    Total calculated
    $0
    Hours/week
    1

  • Joe Kilpatrick

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Joan Krupa

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Scott Lees

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • E Dale Locke

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Joao Carlos Lopes

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • John McNairy

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Steven G W Moore

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Kyle Ray

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jerald W Russell

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Charles Savage II

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Prabhu Singh

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • James Smith

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Helen Rhea Stumbo

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Karen Thomas

    Trustee - Chair

    Total calculated
    $0
    Hours/week
    1

  • Amy Wasserbauer

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Werlein

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Linda Adams

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • James Dunn

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Steve Elliott

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Elaine Friedrich

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David Olshine

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Stephanie Raglin

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jill Brue

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • P Lowell Haines

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Greg Spillyards

    Trustee

    Total calculated
    $0
    Hours/week
    1

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 · Travel for companions
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 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
The board of trustees approves the president's spouse salary and travel to assist in hospitality services. In addition, as a condition of employment and for convenience of the Seminary, the president is required to maintain housing at Rose Hill, the school owned home for the president. This condition is required so that the president and his wife can use the house for hospitality events involving Seminary guests. In addition, Rose Hill is used on occasion to house overnight guests of the Seminary. In exchange for this relationship, the use of Rose Hill as a residence is provided as a non-taxable fringe benefit for as long as this arrangement meets the requirements of the Internal Revenue Service

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.

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2024
IRS schema version
2022v5.0
Source object
202431309349301343

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