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← RTS FOUNDATION INC

Form 990 for tax year 2022

Filed by RTS FOUNDATION INC.

Totals

Total revenue
$80,256
Total expenses
$67,244
Contributions and grants received
$67,244
Grants paid
$67,244
Program service revenue
$0
Investment income
$13,012
Other revenue
$0
Total assets, end of year
$693,295
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$693,295
Program services expenses (Part IX)
$67,244
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$67,244

Program services were 100.0% 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

    $67,244

  • 3 · Investment income

    total $13,012 · excluded $13,012

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

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $67,244 · program services $67,244

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,561 · end of year $1,561

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $673,732 · end of year $691,734

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $0

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $13,335 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $661,958 · end of year $693,295

Mission and programs · 2022

Mission

THE MISSION OF THE RTS FOUNDATION IS TO SERVE THOSE WHO SHARE WITH REFORMED THEOLOGICAL SEMINARY THE VISION OF PROVIDING EVANGELICAL BIBLICAL AND THEOLOGICAL EDUCATION IN THE REFORMED TRADITION FOR THE PURPOSE OF PREPARING PASTORS, MISSIONARIES, COUNSELORS AND OTHER CHURCH LEADERS FOR SERVICE TO THE CHURCH THROUGHOUT THE WORLD BY ASSISTING DONORS IN MAXIMIZING THEIR GIVING TO SUPPORT REFORMED THEOLOGICAL SEMINARY WHILE AT THE SAME TIME PROVIDING MAXIMUM BENEFIT TO THEMSELVES AND THEIR FAMILIES. THE MOST ADVANCED TOOLS OF ESTATE AND GIFT PLANNING ARE EMPLOYED UTILIZING METHODS OF INCREASING GIVING, MAXIMIZING TAX SAVINGS AND OFTEN TO INCREASE LIFETIME INCOME. THE ULTIMATE MISSION OF THE RTS FOUNDATION IS TO SERVE CHRIST THROUGH THE MINISTRY OF REFORMED THEOLOGICAL SEMINARY BY SERVING ITS FRIENDS AND SUPPORTERS.

Activities or mission (Part I)

TO SUPPORT THE MISSION OF REFORMED THEOLOGICAL SEMINARY (RTS), BY PROVIDING ASSISTANCE TO FRIENDS OF RTS AS THEY CONSIDER GIVING TO THIS MINISTRY.

  • THE FOUNDATION'S PURPOSES ARE EXCLUSIVELY FOR RELIGIOUS, CHARITABLE SCIENTIFIC, LITERARY AND/OR EDUCATIONAL PURPOSES WITHIN THE MEANING OF THE IRC SECTION 501(C)(3). THE FOUNDATION PROVIDED GRANTS TO REFORMED THEOLOGICAL SEMINARY AND OTHER ELIGIBLE 501(C)(3) EXEMPT ORGANIZATIONS APPROVED BY THE FOUNDATION'S BOARD OF TRUSTEES.

    Expenses $67,244 · Grants $67,244

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 III

    VICE PRESIDENT

    Total calculated
    $354,974
    From this org
    $0
    From related orgs
    $306,317
    Other
    $48,657
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $245,942 related
    Bonus
    $0 + $375 related
    Other
    $0 + $60,000 related
    Deferred
    $0 + $25,261 related
    Nontaxable benefits
    $0 + $23,396 related
    Filer's total
    $0 + $354,974 related

  • Matthew Bryant

    PRESIDENT

    Total calculated
    $131,373
    From this org
    $0
    From related orgs
    $102,271
    Other
    $29,102
    Hours/week
    1 + 40 related

  • Jessica Short

    CFO/TREASURER

    Total calculated
    $25,195
    From this org
    $0
    From related orgs
    $24,298
    Other
    $897
    Hours/week
    1 + 40 related

  • Bf Bracy

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Benjamin W Roberson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Charles L Irby Sr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Collie W Lehn

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Craig C Rohde

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • David H Lucas

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • George R Fair

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Hugh M Comer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • J Byron Johnson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • J Scott Redd Sr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Larry W Edwards

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Paul Hurst III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Richard L Ridgway

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Robert T Curtis

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Roderick S Russ III

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Scott McLellan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • T David Elkin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • V Hu Meena

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Warren J Williamson Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • William M Mounger II

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
25 March 2024
IRS schema version
2022v5.0
Source object
202411019349301876

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