Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $8,879,792

• 1d · Related organizations

  $6,126,000

• 1f · All other contributions, gifts and grants

  $27,189,333

• 2a · Program service revenue: Tuition and Fees

  total $25,527,096 · related or exempt $25,527,096

• 2b · Program service revenue: Housing

  total $3,285,215 · related or exempt $3,285,215

• 2c · Program service revenue: Educational Activities

  total $114,435 · related or exempt $114,435

• 2d · Program service revenue: Bibliotheca Sacra

  total $19,491 · related or exempt $19,491

• 2f · All other program service revenue

  total $47,395 · related or exempt $47,395

• 3 · Investment income

  total $1,804,145 · unrelated business $99,003 · excluded $1,705,142

• 5 · Royalties

  total $111,386 · unrelated business $928 · excluded $110,458

• 6a · Gross rents

  real property $32,200

• 6c · Rental income or loss

  real property $32,200

• 6d · Net rental income or loss

  total $32,200 · excluded $32,200

• 7a · Gross sales of assets other than inventory

  securities $1,949,078 · other assets $104

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

  securities $1,216,394

• 7c · Gain or loss

  securities $732,684 · other assets $104

• 7d · Net gain or loss

  total $732,788 · excluded $732,788

• 8a · Fundraising events: gross income

  $90,110

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

  $8,879,792

• 8b · Fundraising events: direct expenses

  $1,251,724

• 8c · Net income from fundraising events

  total -$1,161,614 · excluded -$1,161,614

• 10a · Gross sales of inventory

  $394,250

• 10b · Cost of goods sold

  $173,579

• 10c · Net income from sales of inventory

  total $220,671 · related or exempt $220,671

• 11a · Other revenue: Other income

  total $422,358 · excluded $422,358

• 11b · Other revenue: Advertising income

  total $1,377 · unrelated business $1,377

• 11e · Other revenue, total

  $423,735

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $215,850 · program services $215,850

• 2 · Grants to domestic individuals

  total $7,344,232 · program services $7,344,232

• 3 · Grants to foreign organizations and individuals

  total $1,931,208 · program services $1,931,208

• 5 · Compensation of officers, directors and key employees

  total $1,933,139 · program services $620,812 · management and general $937,263 · fundraising $375,064

• 6 · Compensation of disqualified persons

  total $119,705 · program services $6,420 · management and general $113,285

• 7 · Other salaries and wages

  total $24,585,262 · program services $19,653,508 · management and general $3,457,434 · fundraising $1,474,320

• 8 · Pension plan contributions

  total $2,024,561 · program services $1,356,009 · management and general $507,293 · fundraising $161,259

• 9 · Other employee benefits

  total $4,277,311 · program services $2,598,270 · management and general $1,525,373 · fundraising $153,668

• 10 · Payroll taxes

  total $1,426,405 · program services $1,059,090 · management and general $257,378 · fundraising $109,937

• 11b · Fees: legal

  total $101,140 · program services $1,313 · management and general $98,077 · fundraising $1,750

• 11c · Fees: accounting

  total $72,562 · management and general $72,562

• 11e · Fees: professional fundraising services

  total $495,160 · fundraising $495,160

• 11f · Fees: investment management

  total $38,380 · management and general $38,380

• 11g · Fees: other

  total $5,373,628 · program services $4,897,632 · management and general $475,996

• 12 · Advertising and promotion

  total $719,915 · program services $291,393 · management and general $9,389 · fundraising $419,133

• 13 · Office expenses

  total $1,451,064 · program services $429,375 · management and general $432,002 · fundraising $589,687

• 14 · Information technology

  total $2,424,423 · program services $1,848,747 · management and general $361,183 · fundraising $214,493

• 16 · Occupancy

  total $3,104,883 · program services $2,645,656 · management and general $350,048 · fundraising $109,179

• 17 · Travel

  total $1,723,801 · program services $1,118,057 · management and general $320,965 · fundraising $284,779

• 19 · Conferences, conventions and meetings

  total $1,917,658 · program services $979,734 · management and general $326,418 · fundraising $611,506

• 22 · Depreciation, depletion and amortization

  total $3,402,899 · program services $2,878,477 · management and general $485,073 · fundraising $39,349

• 23 · Insurance

  total $440,204 · program services $308,170 · management and general $88,023 · fundraising $44,011

• 24a · Other expenses: Fundraising printmailother

  total $384,170 · fundraising $384,170

• 24b · Other expenses: Duesfees

  total $385,797 · program services $85,729 · management and general $187,013 · fundraising $113,055

• 24c · Other expenses: Equipmentfurnishings

  total $111,801 · program services $91,492 · management and general $15,456 · fundraising $4,853

• 24d · Other expenses: Books and subscriptions

  total $942,287 · program services $815,344 · management and general $14,259 · fundraising $112,684

• 24e · All other expenses

  total $805,120 · program services $79,132 · management and general $711,030 · fundraising $14,958

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,299 · end of year $8,508

• 2 · Savings and temporary cash investments

  beginning of year $20,127,471 · end of year $13,045,845

• 3 · Pledges and grants receivable

  beginning of year $200,519 · end of year $3,506,971

• 4 · Accounts receivable

  beginning of year $2,073,599 · end of year $1,383,325

• 8 · Inventories for sale or use

  beginning of year $6,340,629 · end of year $5,853,300

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,608,252 · end of year $1,855,855

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

  $137,269,535

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

  $60,096,583

• 10c · Land, buildings and equipment, net

  beginning of year $76,660,235 · end of year $77,172,952

• 11 · Investments: publicly traded securities

  beginning of year $39,165,197 · end of year $41,472,630

• 12 · Investments: other securities

  beginning of year $6,568,069 · end of year $9,789,824

• 15 · Other assets

  beginning of year $2,831,692 · end of year $2,372,534

• 17 · Accounts payable and accrued expenses

  beginning of year $6,891,574 · end of year $2,987,335

• 19 · Deferred revenue

  beginning of year $3,977,970 · end of year $3,228,311

• 23 · Secured mortgages and notes payable

  beginning of year $6,813,478 · end of year $5,691,272

• 25 · Other liabilities

  beginning of year $5,939,025 · end of year $5,181,675

• 27 · Net assets without donor restrictions

  beginning of year $76,346,230 · end of year $80,759,696

• 28 · Net assets with donor restrictions

  beginning of year $55,617,685 · end of year $58,613,455

The filer's explanations (Part III)

Benefit information (Part I, line 1a)

Occasionally, the Presidents wife travels with him on official business, such as donor trips. The Seminary obtains documentation to verify that a bona fide business reason exists for the spousal travel, and the Seminary pays for the trip when the spouse acts in the capacity of an official Seminary delegate.Certain individuals receiving compensation are ministers of the gospel, and as such, a housing allowance is included in nontaxable benefits for some of the people listed in Pt. VII.

Related corporations and trusts

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

• Charitable Remainder Trusts2

  Trust · Charitable Remainder Trusts · TX · 0% owned · controlled entity