Free Lutheran Theological Seminary Corporation
- Assets
- $16.6m
- Revenue
- $4.6m
- Investments
- $25.7k
- Employees
- 81
- Location
- Minneapolis, MN
- Founding
- 11/2018
- Data as of
- 07/2021
- EIN
- 20-0052373
Organization Overview
Free Lutheran Theological Seminary Corporation is located in Minneapolis, MN. The organization was established in 2018. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 07/2021, Free Lutheran Theological Seminary Corporation employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Free Lutheran Theological Seminary Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 07/2021, Free Lutheran Theological Seminary Corporation generated $4.6m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $3.9m during the year ending 07/2021. While expenses have increased by 4.4% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION OPERATES THE FREE LUTHERAN BIBLE COLLEGE (FLBC) AND THE FREE LUTHERAN SEMINARY (FLS) TO PROVIDE A FAITH BASED EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FREE LUTHERAN BIBLE COLLEGE (FLBC) PROVIDED A POST HIGH SCHOOL BIBLE SCHOOL AND SPIRITUAL LIFE SKILLS TRAINING PROGRAM THAT TEACHES APPLIED THEOLOGY TO PREPARE STUDENTS FOR MINISTRY IN CHURCH OR SECULAR ROLES.
FREE LUTHERAN SEMINARY (FLS) OFFERS A 4 YEAR ACADEMIC PROGRAM TO PROVIDE A USEFUL GRASP OF THE BIBLE, THEOLOGY, CHURCH HISTORY, CHRISTIAN ETHICS AND THE SKILLS NECESSARY FOR PREACHING, PASTORAL AND MISSIONARY SERVICE, EVANGELISM, WORSHIP, AND CHRISTIAN EDUCATION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wade Mobley President | Officer | 40 | $111,681 |
James Molstre Chief Academic Offdean Of Se | Officer | 40 | $96,749 |
Larry Myhrer Vice President Of Operations | Officer | 40 | $91,031 |
Adam Osier VP - Dean Of Bible College | Officer | 40 | $79,597 |
Philip Johnson Director | Trustee | 2 | $0 |
Alan Arneson Secretary | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $250,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,621,546 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,871,546 |
| Total Program Service Revenue | $2,550,991 |
| Investment income | $174,203 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,596,740 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $300,746 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $310,041 |
| Compensation of current officers, directors, key employees. | $55,807 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,505,792 |
| Pension plan accruals and contributions | $50,565 |
| Other employee benefits | $48,557 |
| Payroll taxes | $101,236 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $75,775 |
| Office expenses | $188,266 |
| Information technology | $84,780 |
| Royalties | $0 |
| Occupancy | $195,583 |
| Travel | $43,196 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $73,462 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $254,102 |
| Insurance | $45,900 |
| All other expenses | $159,725 |
| Total functional expenses | $3,897,485 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $303,744 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $209,831 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $13,139,696 |
| Investments—publicly traded securities | $2,483,256 |
| Investments—other securities | $25,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $400,000 |
| Total assets | $16,562,227 |
| Accounts payable and accrued expenses | $29,834 |
| Grants payable | $0 |
| Deferred revenue | $7,013 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $7,087,095 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,123,942 |
| Net assets without donor restrictions | $8,643,631 |
| Net assets with donor restrictions | $794,654 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,562,227 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Free Lutheran Theological Seminary Corporation has recieved totaling $54.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $54 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Krell Institute Inc Ames, IA | $2,185,280 | $14,305,955 |
Duluth Graduate Medical Education Council Inc Duluth, MN | $4,803,601 | $7,733,024 |
High School For Recording Arts St Paul, MN | $4,751,970 | $7,549,848 |
Iowa Medical Education Collaborative Des Moines, IA | $0 | $4,983,705 |
United Theological Seminary Of The Twin Cities St Paul, MN | $12,813,883 | $6,235,932 |
Oak Hills Fellowship Inc Bemidji, MN | $7,589,446 | $4,230,819 |
Free Lutheran Theological Seminary Corporation Minneapolis, MN | $16,562,227 | $4,596,740 |
Adler Graduate School Minnetonka, MN | $7,469,948 | $4,565,332 |
Graduate School Of Banking Inc Madison, WI | $1,229,337 | $3,378,911 |
Unitypoint Broadlawns Psychiatry Education Foundation Des Moines, IA | $10,000 | $1,745,792 |
Central Baptist Theological Seminary Plymouth, MN | $4,705,041 | $1,539,130 |
Wildlife Science Center Stacy, MN | $2,424,558 | $1,415,392 |