Reformed Theological Seminary
- Assets
- $124.8m
- Revenue
- $29.1m
- Investments
- $41.5m
- Employees
- 345
- 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 05/2022, Reformed Theological Seminary employed 345 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
990T
Mission & Program ActivityExcerpts From the 990T 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:
THE SEMINARY SERVES APPROXIMATELY 1,800 STUDENTS THROUGH CAMPUSES I 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 | $297,400 |
James L Harvey Executive Director - Nyc | 40 | $214,591 | |
Robert J Cara Provost/cao | Officer | 40 | $153,530 |
Michael J Kruger President - Charlotte | 40 | $150,037 | |
Scott R Swain President - Orlando | 40 | $149,405 | |
John S Redd Jr President - Washington | 40 | $145,793 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jenzabar Inc Software Provider | 5/30/22 | $120,212 |
Pendleton Security Security | 5/30/22 | $152,177 |
Shi International Corporation Information Services | 5/30/22 | $153,276 |
Hederman Brothers Printing Services | 5/30/22 | $110,658 |
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 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Reformed Theological Seminary has recieved totaling $11,500.
| Awarding Organization | Amount |
|---|---|
Dorsey J Barefield Charitable Trust Pearl, MS PURPOSE: GENERAL OPERATIONS | $10,500 |
Sisters Four Charity Inc Abilene, TX PURPOSE: CHRISTIAN MINISTRIES | $1,000 |
Endowment Analysis
| Beg. Balance | $95,588,195 |
| Earnings | $80,271 |
| Admin Expense | $1,881 |
| Net Contributions | $368,575 |
| Other Expense | $24,750,000 |
| Grants | $10,375 |
| Ending Balance | $71,274,785 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern College Of Optometry Memphis, TN | $90,101,083 | $28,598,801 |
Johnson University Knoxville, TN | $236,951,483 | $27,596,664 |
Reformed Theological Seminary Jackson, MS | $124,776,543 | $29,054,898 |
Baptist Memorial College Of Health Sciences Inc Memphis, TN | $55,747,053 | $20,446,298 |
Baptist Community Ministries New Orleans, LA | $0 | $15,001,748 |
Middle Tennessee School Of Anesthesia Inc Madison, TN | $22,533,334 | $7,937,391 |
Johnson University Knoxville, TN | $1,750,926 | $5,010,332 |
Mid-America Baptist Theological Seminary Cordova, TN | $25,540,580 | $5,422,482 |
Nashville School Of Law Nashville, TN | $7,415,202 | $3,898,792 |
Semmes-Murphey Foundation Memphis, TN | $2,140,877 | $1,748,041 |
Arkansas Aims Little Rock, AR | $1,342,414 | $939,716 |
Omega Graduate School Inc Dayton, TN | $851,345 | $910,316 |