Irbs Theological Seminary is located in Mansfield, TX. 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 06/2023, Irbs Theological Seminary employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Irbs 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 06/2023, Irbs Theological Seminary generated $539.9k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $420.2k during the year ending 06/2023. 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 SEMINARY IS COMMITTED TO ASSISTING REFORMED BAPTIST CHURCHES, AND OTHERS, IN PREPARING MEN FOR THE GOSPEL MINISTRY. IT WILL SERVE A GLOBAL CONSTITUENCY, OFFERING THE MASTER OF DIVINITY DEGREE, PROVIDING ROBUST ACADEMIC PREPARATION IN THE NECESSARY THEOLOGICAL AND MINISTERIAL DISCIPLINES. EMPLOYING A THREE-FOLD STRATEGY OF LECTURE-BASED COURSES, INTERNSHIPS, AND APPRENTICESHIPS, IT WILL GRADUATE MEN READY TO SERVE IN CHURCHES AROUND THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SEMINARY COMMENCED INITIATION OF COURSE OFFERINGS AND DEGREE PROGRAMS. THE SEMINARY SERVES STUDENTS THROUGH DISTANCE EDUCATION PROGRAMS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Rob Cosby Pastor Of Tuscon Reformed | Trustee | 1 | $0 |
Frank Strickland Accountant And Business Ma | Trustee | 1 | $0 |
Ben Scofield Accountant And Business Ma | Trustee | 1 | $0 |
Nathan White Pastor Of Christ Reformed | Trustee | 1 | $0 |
James Renihan President | Officer | 40 | $59,556 |
Fred Pugh Chairman Of The Board | Officer | 1 | $0 |
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 | $504,852 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $504,852 |
Total Program Service Revenue | $35,626 |
Investment income | $4,380 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$4,956 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $539,902 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $4,864 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $250,754 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $43,435 |
Payroll taxes | $7,281 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $21,898 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $2,440 |
Fees for services: Other | $507 |
Advertising and promotion | $1,647 |
Office expenses | $2,578 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $35,726 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $19,075 |
Insurance | $1,005 |
All other expenses | $0 |
Total functional expenses | $420,191 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $361,303 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $4,056 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $3,318 |
Investments—publicly traded securities | $0 |
Investments—other securities | $308,868 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $677,545 |
Accounts payable and accrued expenses | $0 |
Grants payable | $6,705 |
Deferred revenue | $0 |
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 | $1,081 |
Total liabilities | $7,786 |
Net assets without donor restrictions | $0 |
Net assets with donor restrictions | $0 |
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 | $669,759 |
Total liabilities and net assets/fund balances | $677,545 |