Free Lutheran Theological Seminary Corporation
- Assets
- $17.0m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 96
- Location
- Minneapolis, MN
- Founding
- 11/2018
- Data as of
- 07/2023
- 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 07/2023, Free Lutheran Theological Seminary Corporation employed 96 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 07/2023, Free Lutheran Theological Seminary Corporation generated $5.3m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $5.2m during the year ending 07/2023. While expenses have increased by 7.8% 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
2023
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 THEOLOGICAL SEMINARY CORPORATION 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 AND ALSO A 4 YEAR SEMINARY PROGRAM. STUDENTS FOR THE SCHOOL YEAR WERE 100.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wade Mobley President | Officer | 40 | $118,622 |
James Molstre Chief Academic Offdean Of Se | Officer | 40 | $106,088 |
Larry Myhrer Vice President Of Operations | Officer | 40 | $101,394 |
Adam Osier VP - Dean Of Bible College | Officer | 40 | $86,839 |
Philip Johnson Board Chair | Trustee | 1 | $0 |
Alan Arneson Vice Chair | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,676,569 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,676,569 |
| Total Program Service Revenue | $2,489,516 |
| Investment income | $141,956 |
| 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 | $5,308,041 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $114,529 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $412,943 |
| Compensation of current officers, directors, key employees. | $41,294 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,808,159 |
| Pension plan accruals and contributions | $82,208 |
| Other employee benefits | $43,163 |
| Payroll taxes | $99,811 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,352 |
| Fees for services: Accounting | $12,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $106,588 |
| Office expenses | $167,577 |
| Information technology | $91,346 |
| Royalties | $0 |
| Occupancy | $524,385 |
| Travel | $132,552 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $246,264 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $421,363 |
| Insurance | $82,843 |
| All other expenses | $561,334 |
| Total functional expenses | $5,201,675 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $116,283 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $543,252 |
| 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 | $13,183,703 |
| Investments—publicly traded securities | $2,941,777 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $234,022 |
| Total assets | $17,019,037 |
| Accounts payable and accrued expenses | $11,774 |
| Grants payable | $0 |
| Deferred revenue | $58,304 |
| 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 | $6,839,573 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,128 |
| Total liabilities | $6,942,779 |
| Net assets without donor restrictions | $8,589,467 |
| Net assets with donor restrictions | $1,486,791 |
| 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 | $17,019,037 |