Reformed Theological Seminary
- Assets
- $124.8m
- Revenue
- $29.1m
- Investments
- $41.5m
- Employees
- 369
- Location
- Jackson, MS
- Founding
- 12/1964
- Data as of
- 05/2022
- EIN
- 64-0428676
Organization Overview
Reformed Theological Seminary is located in Jackson, MS. The organization was established in 1964. 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 05/2023, Reformed Theological Seminary employed 369 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reformed Theological Seminary 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 05/2022, Reformed Theological Seminary generated $29.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $26.4m during the year ending 05/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PREPARE LEADERS FOR THE CHURCH WITH A MIND FOR TRUTH AND A HEART FOR GOD THROUGH A PROGRAM OF GRADUATE THEOLOGICAL EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SEMINARY SERVES APPROXIMATELY 1,800 STUDENTS THROUGH CAMPUSES IN JACKSON, MS, ORLANDO, FL, CHARLOTTE, NC, METRO WASHINGTON, DC, ATLANTA, GA, HOUSTON, TX, DALLAS, TX, NEW YORK, NY, DISTANCE EDUCATION PROGRAMS, AND AN EXTENSION SITE IN SAO PAULO, BRAZIL. IN ADDITION, THE SEMINARY IS ENHANCING REFORMED THEOLOGY CURRICULUM WITH ORGANIZATIONS IN INDONESIA. STUDENTS AT RTS ARE ENROLLED IN THE FOLLOWING ACADEMIC DEGREE PROGRAMS: MASTER OF DIVINITY, MASTER OF ARTS (THEOLOGICAL STUDIES), MASTER OF ARTS (BIBLICAL STUDIES), MASTER OF ARTS (RELIGION), MASTER OF ARTS IN COUNSELING, MASTER OF ARTS IN CHRISTIAN COUNSELING, AND DOCTOR OF MINISTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Ligon Duncan III Chancellor/ceo | Officer | 40 | $306,317 |
James Harvey Executive Director - Nyc | 40 | $222,708 | |
J Scott Redd Jr President - Washington Dc | 40 | $166,363 | |
Michael Kruger President - Charlotte | Officer | 40 | $164,450 |
Robert J Cara Provost/cao | Officer | 40 | $155,116 |
Douglas Baker Chancellor's Chief Of Staff | Officer | 40 | $187,908 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pendleton Security Security | 5/30/23 | $146,339 |
In-telecom Security Install | 5/30/23 | $134,056 |
Ms Audio Llc Av Install | 5/30/23 | $133,658 |
Estes Group Property Management | 5/30/23 | $110,324 |
Forvisllp Audit & Tax Svcs | 5/30/23 | $122,185 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $172,070 |
| Related organizations | $20,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,697,827 |
| Noncash contributions included in lines 1a–1f | $548,076 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,889,897 |
| Total Program Service Revenue | $13,630,060 |
| Investment income | $1,041,861 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $351,015 |
| Net Gain/Loss on Asset Sales | $5,312,951 |
| Net Income from Fundraising Events | -$109,265 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$61,621 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,054,898 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,500 |
| Grants and other assistance to domestic individuals. | $5,798,698 |
| Grants and other assistance to Foreign Orgs/Individuals | $48,380 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $832,476 |
| Compensation of current officers, directors, key employees. | $267,362 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,132,643 |
| Pension plan accruals and contributions | $737,682 |
| Other employee benefits | $1,118,481 |
| Payroll taxes | $661,666 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,504 |
| Fees for services: Accounting | $103,486 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $230,160 |
| Fees for services: Other | $1,643,750 |
| Advertising and promotion | $96,048 |
| Office expenses | $595,917 |
| Information technology | $722,561 |
| Royalties | $0 |
| Occupancy | $1,235,241 |
| Travel | $797,162 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $218,468 |
| Interest | $0 |
| Payments to affiliates | $8,718 |
| Depreciation, depletion, and amortization | $1,174,147 |
| Insurance | $299,591 |
| All other expenses | $355,440 |
| Total functional expenses | $26,360,001 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,984,199 |
| Savings and temporary cash investments | $144,272 |
| Pledges and grants receivable | $2,350,000 |
| Accounts receivable, net | $448,622 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,198,908 |
| Inventories for sale or use | $149,235 |
| Prepaid expenses and deferred charges | $402,426 |
| Net Land, buildings, and equipment | $18,207,094 |
| Investments—publicly traded securities | $46,388,722 |
| Investments—other securities | $41,489,005 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,014,060 |
| Total assets | $124,776,543 |
| Accounts payable and accrued expenses | $1,629,565 |
| Grants payable | $0 |
| Deferred revenue | $1,388,902 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,097,167 |
| Total liabilities | $4,115,634 |
| Net assets without donor restrictions | $64,471,393 |
| Net assets with donor restrictions | $56,189,516 |
| 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 | $124,776,543 |