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Nonprofiteer
← WESTMINSTER EDUCATIONAL FOUNDATION INCORPORATED

Form 990 for tax year 2023

Filed by WESTMINSTER EDUCATIONAL FOUNDATION INCORPORATED.

Totals

Total revenue
$46,262
Total expenses
$69,578
Contributions and grants received
$0
Grants paid
$62,480
Program service revenue
$0
Investment income
$46,262
Other revenue
$0
Total assets, end of year
$1,519,744
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$1,519,744
Program services expenses (Part IX)
$62,480
Management and general expenses
$7,098
Fundraising expenses
$0
Program service expenses (Part III)
$62,480

Program services were 89.8% 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.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $43,694 · excluded $43,694

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $1,549,984

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

    securities $1,547,416

  • 7c · Gain or loss

    securities $2,568 · other assets $0

  • 7d · Net gain or loss

    total $2,568 · excluded $2,568

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $62,480 · program services $62,480

  • 11f · Fees: investment management

    total $7,098 · management and general $7,098

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 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

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $1,450,627 · end of year $1,519,744

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    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

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $1,450,627 · end of year $1,519,744

Mission and programs · 2023

Mission

The Foundation was established to solicit gifts through wills, annuities, insurance, and other means, and use the interest and principal to further the educational goals of the Westminster Theological Seminary.

Activities or mission (Part I)

To support the Westminster Theological Seminary.

  • Grant to the Westminster Theological Seminary.

    Expenses $62,480 · Grants $62,480

As filed on the 2023 return.

Listed in Part VII

  • Jerry Timmis

    Board Member

    Total calculated
    $220,901
    From this org
    $0
    From related orgs
    $194,353
    Other
    $26,548
    Hours/week
    1 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $144,937 related
    Bonus
    $0 + $48,223 related
    Other
    $0 + $1,193 related
    Deferred
    $0 + $12,119 related
    Nontaxable benefits
    $0 + $14,429 related
    Filer's total
    $0 + $220,901 related

  • Peter Lillback

    Board Member

    Total calculated
    $252,511
    From this org
    $0
    From related orgs
    $154,339
    Other
    $98,172
    Hours/week
    1 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $117,464 related
    Bonus
    $0 + $25,000 related
    Other
    $0 + $11,875 related
    Deferred
    $0 + $13,359 related
    Nontaxable benefits
    $0 + $84,813 related
    Filer's total
    $0 + $252,511 related

  • Rex Anderson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Zachary Aills

    Board Member

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Chun Lai

    Chief Operating Officer

    Total calculated
    $197,293
    From this org
    $0
    From related orgs
    $168,101
    Other
    $29,192
    Hours/week
    1 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $144,188 related
    Bonus
    $0 + $23,428 related
    Other
    $0 + $485 related
    Deferred
    $0 + $10,369 related
    Nontaxable benefits
    $0 + $18,823 related
    Filer's total
    $0 + $197,293 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
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202541359349303324

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