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Nonprofiteer
← LUTHER SEMINARY FOUNDATION

Form 990 for tax year 2022

Filed by LUTHER SEMINARY FOUNDATION.

Totals

Total revenue
$1,112,908
Total expenses
$1,270,040
Contributions and grants received
$1,003,599
Grants paid
$1,109,775
Program service revenue
$0
Investment income
$109,309
Other revenue
$0
Total assets, end of year
$33,424,619
Total liabilities, end of year
$1,336,909
Net assets or fund balances, end of year
$32,087,710
Program services expenses (Part IX)
$1,109,775
Management and general expenses
$160,265
Fundraising expenses
$0
Program service expenses (Part III)
$1,109,775

Program services were 87.4% 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

    $1,003,599

  • 3 · Investment income

    total -$647,294 · excluded -$647,294

  • 7a · Gross sales of assets other than inventory

    securities $20,286,034

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

    securities $19,529,431

  • 7c · Gain or loss

    securities $756,603

  • 7d · Net gain or loss

    total $756,603 · excluded $756,603

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $402,306 · program services $402,306

  • 2 · Grants to domestic individuals

    total $707,469 · program services $707,469

  • 24a · Other expenses: ENDOWMENT & ADMIN EXP.

    total $160,265 · management and general $160,265

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,591,974 · end of year $1,695,979

  • 3 · Pledges and grants receivable

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

  • 11 · Investments: publicly traded securities

    beginning of year $12,025,121 · end of year $12,195,871

  • 12 · Investments: other securities

    beginning of year $13,604,376 · end of year $15,140,967

  • 15 · Other assets

    beginning of year $4,353,447 · end of year $4,389,802

  • 21 · Escrow or custodial account liability

    beginning of year $149,185 · end of year $157,061

  • 25 · Other liabilities

    beginning of year $1,212,160 · end of year $1,179,848

  • 27 · Net assets without donor restrictions

    beginning of year $3,311,691 · end of year $3,416,806

  • 28 · Net assets with donor restrictions

    beginning of year $26,903,882 · end of year $28,670,904

Mission and programs · 2022

Mission

TO ASSIST LUTHER SEMINARY IN ITS GENERAL FUNDRAISING ACTIVITIES AND SOLICITING AND ACCEPTING THE CONTRIBUTIONS (INCLUDING ENDOWMENTS, DEFERRED GIFTS, OPERATING GIFTS, ETC.) FOR THE BENEFIT OF THE SEMINARY.

Activities or mission (Part I)

TO ASSIST LUTHER SEMINARY IN ITS GENERAL FUNDRAISING ACTIVITIES FOR THE BENEFIT OF THE SEMINARY.

  • EDUCATIONAL PROGRAM SUPPORT:THE FOUNDATION GAVE $402,306 TO LUTHER SEMINARY TO SUPPORT THE EXPENSES OF A CHAIRED POSITION WITHIN THE SEMINARY AND OTHER EDUCATIONAL SUPPORT. STUDENT AID:THE FOUNDATION GAVE $707,469 TO LUTHER SEMINARY FOR THE PURPOSE OF FINANCIAL ASSISTANCE TO SEMINARY STUDENTS.

    Expenses $1,109,775 · Grants $1,109,775

As filed on the 2022 return.

Listed in Part VII

  • David Rutlen

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Ladd Bjorneby

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Dean Gruner

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Robin Steinke

    PRESIDENT

    Total calculated
    $267,344
    From this org
    $0
    From related orgs
    $138,390
    Other
    $128,954
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $138,390 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $27,000 related
    Nontaxable benefits
    $0 + $101,954 related
    Filer's total
    $0 + $267,344 related

  • John Coskran

    CFO

    Total calculated
    $0
    Hours/week
    0.8 + 16 related

  • Heidi Droegmueller

    EXECUTIVE DIRECTOR

    Total calculated
    $247,517
    From this org
    $0
    From related orgs
    $190,872
    Other
    $56,645
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,872 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,453 related
    Nontaxable benefits
    $0 + $36,192 related
    Filer's total
    $0 + $247,517 related

  • Michael Morrow Vp Of Finance

    & TREASURER (RETIRED 04/2023)

    Total calculated
    $250,666
    From this org
    $0
    From related orgs
    $199,551
    Other
    $51,115
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $199,551 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $22,122 related
    Nontaxable benefits
    $0 + $28,993 related
    Filer's total
    $0 + $250,666 related

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

None.

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)

PART I, LINE 3
ALL COMPENSATION IS PAID BY LUTHER SEMINARY, A RELATED ORGANIZATION. LUTHER SEMINARY USED THE FOLLOWING TO ESTABLISH THE COMPENSATION OF THE PRESIDENT: 1. COMPENSATION COMMITTEE 2. WRITTEN EMPLOYMENT CONTRACT 3. COMPENSATION SURVEY OR STUDY 4. APPROVAL BY THE PRESIDENTIAL SUPPORT COMMITTEE (COMPENSATION COMMITTEE) ALL OFFICERS' COMPENSATION IS REVIEWED BY THE PRESIDENTIAL SUPPORT COMMITTEE OF THE BOARD. COMPENSATION DATA FROM THE ASSOCIATION OF THEOLOGICAL SCHOOL (ATS), FOR LIKE-SIZED INSTITUTIONS IS UTILIZED IN THIS PROCESS. THE PROCESS INCLUDED REVIEW AND APPROVAL BY INDEPENDENT PERSONS, COMPARABILITY DATA AND CONTEMPORANEOUS SUBSTANTIATION.

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

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER UNITRUST (9)

    T · CHARITABLE TRUST · MN · controlled entity

    Directly controlled by LUTHER SEMINARY FOUNDATION

  • CHARITABLE REMAINDER ANNUITY TRUST (1)

    T · CHARITABLE TRUST · MN · controlled entity

    Directly controlled by LUTHER SEMINARY FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
27 March 2024
IRS schema version
2022v5.0
Source object
202411019349302156

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