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Nonprofiteer
← FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION

Form 990 for tax year 2022

Filed by FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION.

Totals

Total revenue
$5,308,041
Total expenses
$5,201,675
Contributions and grants received
$2,676,569
Grants paid
$114,529
Program service revenue
$2,489,516
Investment income
$141,956
Other revenue
$0
Total assets, end of year
$17,019,037
Total liabilities, end of year
$6,942,779
Net assets or fund balances, end of year
$10,076,258
Program services expenses (Part IX)
$4,235,834
Management and general expenses
$779,284
Fundraising expenses
$186,557
Program service expenses (Part III)
$4,235,834

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.

  • 1f · All other contributions, gifts and grants

    $2,676,569

  • 2a · Program service revenue: Tuition & Fees

    total $1,967,495 · related or exempt $1,967,495

  • 2b · Program service revenue: Other Revenues

    total $522,021 · related or exempt $522,021

  • 3 · Investment income

    total $141,956 · related or exempt $141,956

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $114,529 · program services $114,529

  • 5 · Compensation of officers, directors and key employees

    total $412,943 · program services $351,002 · management and general $41,294 · fundraising $20,647

  • 7 · Other salaries and wages

    total $1,808,159 · program services $1,536,935 · management and general $180,816 · fundraising $90,408

  • 8 · Pension plan contributions

    total $82,208 · program services $69,877 · management and general $8,221 · fundraising $4,110

  • 9 · Other employee benefits

    total $43,163 · program services $36,689 · management and general $4,316 · fundraising $2,158

  • 10 · Payroll taxes

    total $99,811 · program services $84,839 · management and general $9,981 · fundraising $4,991

  • 11b · Fees: legal

    total $6,352 · management and general $6,352

  • 11c · Fees: accounting

    total $12,250 · management and general $12,250

  • 12 · Advertising and promotion

    total $106,588 · program services $90,600 · management and general $15,988

  • 13 · Office expenses

    total $167,577 · program services $42,943 · management and general $124,634

  • 14 · Information technology

    total $91,346 · program services $77,644 · management and general $13,702

  • 16 · Occupancy

    total $524,385 · program services $445,727 · management and general $52,439 · fundraising $26,219

  • 17 · Travel

    total $132,552 · program services $112,669 · management and general $19,883

  • 20 · Interest

    total $246,264 · program services $209,324 · management and general $24,627 · fundraising $12,313

  • 22 · Depreciation, depletion and amortization

    total $421,363 · program services $358,159 · management and general $42,136 · fundraising $21,068

  • 23 · Insurance

    total $82,843 · program services $57,786 · management and general $21,658 · fundraising $3,399

  • 24a · Other expenses: Food Services

    total $234,163 · program services $234,163

  • 24b · Other expenses: Taxes

    total $8,667 · management and general $8,667

  • 24c · Other expenses: Contract Services

    total $20,307 · program services $20,307

  • 24d · Other expenses: Supplies

    total $24,871 · program services $21,140 · management and general $2,487 · fundraising $1,244

  • 24e · All other expenses

    total $561,334 · program services $371,501 · management and general $189,833

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $391,205 · end of year $116,283

  • 4 · Accounts receivable

    beginning of year $350,298 · end of year $543,252

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

    $17,901,012

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

    $4,717,309

  • 10c · Land, buildings and equipment, net

    beginning of year $13,261,296 · end of year $13,183,703

  • 11 · Investments: publicly traded securities

    beginning of year $2,718,661 · end of year $2,941,777

  • 12 · Investments: other securities

    beginning of year $25,700

  • 15 · Other assets

    beginning of year $400,000 · end of year $234,022

  • 17 · Accounts payable and accrued expenses

    beginning of year $38,695 · end of year $11,774

  • 19 · Deferred revenue

    beginning of year $71,264 · end of year $58,304

  • 23 · Secured mortgages and notes payable

    beginning of year $7,067,309 · end of year $6,839,573

  • 25 · Other liabilities

    end of year $33,128

  • 27 · Net assets without donor restrictions

    beginning of year $8,609,476 · end of year $8,589,467

  • 28 · Net assets with donor restrictions

    beginning of year $1,360,416 · end of year $1,486,791

Mission and programs · 2022

Mission

The organization operates the Free Lutheran Bible College (FLBC) and the Free Lutheran Seminary (FLS) to provide a faith based education.

  • Free Lutheran Theological Seminary Corporation provided a post high school bible school and spiritual life skills training program that teaches applied theology to prepare students for ministry in church or secular roles and also a 4 year Seminary program. Students for the school year were 100.

    Expenses $4,235,834 · Grants $114,529 · Revenue $2,489,516

As filed on the 2022 return.

Listed in Part VII

  • Wade Mobley

    President

    Total calculated
    $118,622
    From this org
    $118,622
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • James Molstre

    Chief Academic OffDean of Se

    Total calculated
    $106,088
    From this org
    $106,088
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Larry Myhrer

    Vice President of Operations

    Total calculated
    $101,394
    From this org
    $101,394
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Adam Osier

    VP - Dean of Bible College

    Total calculated
    $86,839
    From this org
    $86,839
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Philip Johnson

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Alan Arneson

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Don Balmer

    Director

    Total calculated
    $0
    Hours/week
    1

  • Nathan Dalager

    Director

    Total calculated
    $0
    Hours/week
    1

  • Jason Gudim

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Steve Snipstead

    Director

    Total calculated
    $0
    Hours/week
    1

  • Gary Erickson

    Director

    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.

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
11 January 2024
IRS schema version
2022v5.0
Source object
202430219349300003

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