Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $286,535

• 1d · Related organizations

  $3,000

• 1e · Government grants (contributions)

  $827,830

• 1f · All other contributions, gifts and grants

  $9,839,708

• 1g · Noncash contributions included above

  $2,322,589

• 2a · Program service revenue: TUITION AND FEES

  total $13,137,595 · related or exempt $13,137,595

• 2b · Program service revenue: COUNSELING CLINIC INCO

  total $226,331 · related or exempt $226,331

• 2c · Program service revenue: FINANCE CHARGES

  total $93,066 · related or exempt $93,066

• 2d · Program service revenue: STUDENT CLINIC FEES

  total $30,300 · related or exempt $30,300

• 2e · Program service revenue: LIBRARY FINES

  total $1,483 · related or exempt $1,483

• 3 · Investment income

  total $1,745,843 · unrelated business $253,793 · excluded $1,492,050

• 6a · Gross rents

  real property $1,419,629

• 6b · Less rental expenses

  real property $369,024

• 6c · Rental income or loss

  real property $1,050,605

• 6d · Net rental income or loss

  total $1,050,605 · related or exempt $660,789 · excluded $389,816

• 7a · Gross sales of assets other than inventory

  securities $23,551,728 · other assets $2,779,603

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

  securities $19,008,295 · other assets $1,255,271

• 7c · Gain or loss

  securities $4,543,433 · other assets $1,524,332

• 7d · Net gain or loss

  total $6,067,765 · unrelated business $77,372 · excluded $5,990,393

• 8a · Fundraising events: gross income

  $152,409

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

  $286,535

• 8b · Fundraising events: direct expenses

  $191,802

• 8c · Net income from fundraising events

  total -$39,393 · excluded -$39,393

• 10a · Gross sales of inventory

  $220,234

• 10b · Cost of goods sold

  $172,353

• 10c · Net income from sales of inventory

  total $47,881 · excluded $47,881

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $56,226 · excluded $56,226

• 11e · Other revenue, total

  $56,226

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $3,000 · program services $3,000

• 2 · Grants to domestic individuals

  total $6,134,522 · program services $6,134,522

• 3 · Grants to foreign organizations and individuals

  total $80,953 · program services $80,953

• 5 · Compensation of officers, directors and key employees

  total $1,659,575 · program services $558,601 · management and general $895,810 · fundraising $205,164

• 7 · Other salaries and wages

  total $11,043,353 · program services $8,391,622 · management and general $1,880,945 · fundraising $770,786

• 8 · Pension plan contributions

  total $608,788 · program services $441,233 · management and general $115,013 · fundraising $52,542

• 9 · Other employee benefits

  total $914,994 · program services $699,074 · management and general $165,382 · fundraising $50,538

• 10 · Payroll taxes

  total $516,120 · program services $292,598 · management and general $182,492 · fundraising $41,030

• 11b · Fees: legal

  total $41,179 · management and general $41,179

• 11c · Fees: accounting

  total $131,224 · program services $8,439 · management and general $115,756 · fundraising $7,029

• 11e · Fees: professional fundraising services

  total $254,115 · fundraising $254,115

• 11f · Fees: investment management

  total $178,818 · management and general $178,818

• 11g · Fees: other

  total $213,396 · program services $40,425 · management and general $171,214 · fundraising $1,757

• 12 · Advertising and promotion

  total $150,370 · program services $9,597 · management and general $131,242 · fundraising $9,531

• 13 · Office expenses

  total $532,900 · program services $308,896 · management and general $149,083 · fundraising $74,921

• 14 · Information technology

  total $703,171 · program services $603,224 · management and general $93,967 · fundraising $5,980

• 16 · Occupancy

  total $2,496,758 · program services $2,128,137 · management and general $347,419 · fundraising $21,202

• 17 · Travel

  total $737,254 · program services $471,188 · management and general $191,002 · fundraising $75,064

• 19 · Conferences, conventions and meetings

  total $90,219 · program services $29,529 · management and general $58,911 · fundraising $1,779

• 22 · Depreciation, depletion and amortization

  total $2,408,708 · program services $2,086,792 · management and general $298,417 · fundraising $23,499

• 23 · Insurance

  total $413,539 · program services $56,535 · management and general $356,868 · fundraising $136

• 24a · Other expenses: LIBRARY

  total $229,798 · program services $229,798

• 24b · Other expenses: STUDENT ACTIVITIES

  total $129,145 · program services $129,145

• 24c · Other expenses: DUES & SUBSCRIPTIONS

  total $104,544 · program services $59,559 · management and general $43,101 · fundraising $1,884

• 24d · Other expenses: COMMENCEMENT & CONVOCAT

  total $66,960 · program services $66,960

• 24e · All other expenses

  total $474,988 · program services $80,505 · management and general $249,516 · fundraising $144,967

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,470,093 · end of year $2,152,641

• 2 · Savings and temporary cash investments

  beginning of year $123,979 · end of year $134,479

• 3 · Pledges and grants receivable

  beginning of year $2,037,587 · end of year $2,000,000

• 4 · Accounts receivable

  beginning of year $4,619,732 · end of year $3,452,567

• 7 · Other notes and loans receivable

  beginning of year $533,533 · end of year $2,910,955

• 8 · Inventories for sale or use

  beginning of year $214,627 · end of year $227,091

• 9 · Prepaid expenses and deferred charges

  beginning of year $291,320 · end of year $262,259

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

  $65,723,334

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

  $28,204,892

• 10c · Land, buildings and equipment, net

  beginning of year $36,371,623 · end of year $37,518,442

• 11 · Investments: publicly traded securities

  beginning of year $50,517,889 · end of year $50,287,084

• 12 · Investments: other securities

  beginning of year $30,076,032 · end of year $31,497,615

• 15 · Other assets

  beginning of year $4,500,519 · end of year $3,293,037

• 17 · Accounts payable and accrued expenses

  beginning of year $1,566,775 · end of year $1,312,047

• 19 · Deferred revenue

  beginning of year $1,477,477 · end of year $1,469,030

• 25 · Other liabilities

  beginning of year $1,086,392 · end of year $1,565,006

• 27 · Net assets without donor restrictions

  beginning of year $69,279,972 · end of year $70,931,180

• 28 · Net assets with donor restrictions

  beginning of year $57,346,318 · end of year $58,458,907

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE HOUSING ALLOWANCES - ANNUALLY REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE SEMINARY. ONE OFFICERS, ONE KEY EMPLOYEES, AND FOUR HIGHEST COMPENSATED EMPLOYEES RECEIVED HOUSING ALLOWANCES WHICH WERE INCLUDED IN THEIR TOTAL NONTAXABLE COMPENSATION. TRAVEL FOR A COMPANION WAS PROVIDE TO A FAMILY MEMBER OF CEO WHICH WAS TREATED AS NON-TAXABLE.

PART I, LINE 7

THE SEMINARY PAID DISCRETIONARY NON-FIXED BONUS PAYMENTS TO THE CHIEF MARKETING OFFICER AND CHIEF COMMUNICATIONS OFFICER.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• REFORMED PROPERTIES LLC

  REAL ESTATE · FL · income $263,905 · assets $1,154,700

  Directly controlled by RTS

• BELCHER PROPERTIES LLC

  REAL ESTATE · MS · income $0 · assets $0

  Directly controlled by RTS