Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $73,100

• 1e · Government grants (contributions)

  $155,391

• 1f · All other contributions, gifts and grants

  $21,571,986

• 1g · Noncash contributions included above

  $6,175,673

• 2a · Program service revenue: Student Tuition & Fees

  total $48,467,178 · related or exempt $48,467,178

• 2b · Program service revenue: Auxiliary Enterprises

  total $13,081,620 · related or exempt $13,081,620

• 2f · All other program service revenue

  total $908,818 · related or exempt $908,818

• 3 · Investment income

  total $1,081,281 · excluded $1,081,281

• 5 · Royalties

  total $26,580 · excluded $26,580

• 6a · Gross rents

  real property $139,109

• 6b · Less rental expenses

  real property $151,385

• 6c · Rental income or loss

  real property -$12,276

• 6d · Net rental income or loss

  total -$12,276 · excluded -$12,276

• 7a · Gross sales of assets other than inventory

  securities $4,741,332

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

  securities $4,899,514

• 7c · Gain or loss

  securities -$158,182

• 7d · Net gain or loss

  total -$158,182 · excluded -$158,182

• 8a · Fundraising events: gross income

  $59,453

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

  $73,100

• 8b · Fundraising events: direct expenses

  $67,054

• 8c · Net income from fundraising events

  total -$7,601 · excluded -$7,601

• 10a · Gross sales of inventory

  $391,248

• 10b · Cost of goods sold

  $478,478

• 10c · Net income from sales of inventory

  total -$87,230 · related or exempt -$87,230

• 11a · Other revenue: University productions

  total $31,652 · excluded $31,652

• 11b · Other revenue: Workers Comp Refund

  total $9,538 · excluded $9,538

• 11d · All other revenue

  total $1,899 · excluded $1,899

• 11e · Other revenue, total

  $43,089

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $19,178,412 · program services $19,178,412

• 5 · Compensation of officers, directors and key employees

  total $689,475 · management and general $689,475

• 6 · Compensation of disqualified persons

  total $318,772 · program services $286,386 · management and general $32,386

• 7 · Other salaries and wages

  total $25,012,757 · program services $20,915,070 · management and general $2,585,522 · fundraising $1,512,165

• 8 · Pension plan contributions

  total $714,104 · program services $586,169 · management and general $83,388 · fundraising $44,547

• 9 · Other employee benefits

  total $3,351,033 · program services $2,736,871 · management and general $275,897 · fundraising $338,265

• 10 · Payroll taxes

  total $1,392,404 · program services $1,147,664 · management and general $157,330 · fundraising $87,410

• 11b · Fees: legal

  total $53,928 · program services $24,945 · management and general $28,790 · fundraising $193

• 11c · Fees: accounting

  total $75,737 · management and general $75,737

• 11e · Fees: professional fundraising services

  total $657 · fundraising $657

• 11f · Fees: investment management

  total $143,012 · management and general $143,012

• 11g · Fees: other

  total $1,796,989 · program services $1,226,937 · management and general $528,556 · fundraising $41,496

• 12 · Advertising and promotion

  total $1,461,025 · program services $906,771 · management and general $433,112 · fundraising $121,142

• 13 · Office expenses

  total $1,550,306 · program services $1,297,281 · management and general $210,503 · fundraising $42,522

• 14 · Information technology

  total $1,656,781 · program services $1,049,606 · management and general $496,069 · fundraising $111,106

• 15 · Royalties

  total $60,013 · program services $60,013

• 16 · Occupancy

  total $4,009,418 · program services $3,853,896 · management and general $89,830 · fundraising $65,692

• 17 · Travel

  total $2,954,563 · program services $2,262,795 · management and general $309,860 · fundraising $381,908

• 19 · Conferences, conventions and meetings

  total $2,496,604 · program services $2,248,950 · management and general $135,896 · fundraising $111,758

• 20 · Interest

  total $1,230,829 · program services $1,143,706 · management and general $62,230 · fundraising $24,893

• 22 · Depreciation, depletion and amortization

  total $4,569,409 · program services $4,238,016 · management and general $236,709 · fundraising $94,684

• 23 · Insurance

  total $416,799 · program services $390,522 · management and general $18,769 · fundraising $7,508

• 24a · Other expenses: Food Service Charges

  total $2,399,615 · program services $2,314,695 · management and general $78,479 · fundraising $6,441

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,330,203 · end of year $7,491,610

• 2 · Savings and temporary cash investments

  beginning of year $11,383,389 · end of year $4,762,673

• 3 · Pledges and grants receivable

  beginning of year $2,162,434 · end of year $3,563,636

• 4 · Accounts receivable

  beginning of year $440,877 · end of year $357,378

• 5 · Loans and receivables from officers and key people

  beginning of year $65,464 · end of year $51,352

• 7 · Other notes and loans receivable

  beginning of year $1,196,168 · end of year $1,120,079

• 8 · Inventories for sale or use

  beginning of year $253,988 · end of year $294,416

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,716,615 · end of year $3,223,535

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

  $120,491,759

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

  $38,580,840

• 10c · Land, buildings and equipment, net

  beginning of year $70,850,299 · end of year $81,910,919

• 11 · Investments: publicly traded securities

  beginning of year $30,290,076 · end of year $37,623,397

• 12 · Investments: other securities

  beginning of year $8,757,978 · end of year $8,807,801

• 13 · Investments: program-related

  beginning of year $1,924,726 · end of year $1,862,858

• 15 · Other assets

  beginning of year $12,040,427 · end of year $15,614,775

• 17 · Accounts payable and accrued expenses

  beginning of year $2,809,263 · end of year $4,398,823

• 19 · Deferred revenue

  beginning of year $4,148,367 · end of year $5,000,860

• 20 · Tax-exempt bond liabilities

  beginning of year $25,017,763 · end of year $24,166,524

• 23 · Secured mortgages and notes payable

  beginning of year $343,102 · end of year $332,859

• 24 · Unsecured notes and loans payable

  beginning of year $790,189 · end of year $615,385

• 25 · Other liabilities

  beginning of year $12,136,384 · end of year $13,681,836

• 27 · Net assets without donor restrictions

  beginning of year $46,472,365 · end of year $55,009,009

• 28 · Net assets with donor restrictions

  beginning of year $55,695,211 · end of year $63,479,133

The filer's explanations (Part III)

Part I, Line 1a

Pursuant to Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. The following individuals met the qualifications for and received a ministerial housing allowance during the tax year: Todd Kostjuk Dariu Dumitru Jade Greenfield Thomas Halstead Thomas Hopewell Paul Twiss Taxable country club memberships were provided to the following individuals to promote fundraising and networking: Todd Kostjuk Lucas Cherry John MacArthur Travel for companions was provided on occassion to Development officers in pursuit of fundraising goals as deemed necessary by Administration or when requested by donors. Travel that was deemed to have a bona fide business purpose was nontaxable. All other travel was taxable.

Part I, Line 7

The Board Finance Committee approved nonfixed payments in the form of discretionary bonuses.

Disregarded entities

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

• MustangRE#2 LLC

  Commercial Real Estate · CA · income $28,700 · assets $227,500

  Directly controlled by The Master's Unversity and Seminary

Related corporations and trusts

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

• Charitable Remainder Trust (2)

  Beneficial interest in Charitable Remainder Annuity Trust · CA · controlled entity

  Directly controlled by The Master's University and Seminary