Faith Evangelical Lutheran Seminary
- Assets
- $5.2m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 42
- Location
- Tacoma, WA
- Founding
- 02/1996
- Data as of
- 06/2021
- EIN
- 91-1559533
Organization Overview
Faith Evangelical Lutheran Seminary, operating under the name Faith International University, is located in Tacoma, WA. The organization was established in 1996. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 06/2021, Faith International University employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faith International University 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 06/2021, Faith International University generated $3.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.2% each year . All expenses for the organization totaled $2.6m during the year ending 06/2021. While expenses have increased by 1.9% per year over the past 6 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
FAITH EVANGELICAL IS AN INSTITUTION OF UNDERGRADUATE AND THEOLOGICAL EDUCATION AND RESEARCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDERGRADUATE AND GRADUATE THEOLOGICAL EDUCATION AND RESEARCH SERVING STUDENTS IN THE UNITED STATES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Dr Michael J Adams President & | OfficerTrustee | 40 | $159,000 |
John Wheeler Vice Preside | Officer | 40 | $112,000 |
Dr Kyu Hyun Lee Vice Preside | Officer | 40 | $76,250 |
H Wayne House Cao | Officer | 32 | $45,000 |
Mark Redal Treasurer | OfficerTrustee | 1 | $0 |
Karl Zetterberg President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $880,688 |
| All other contributions, gifts, grants, and similar amounts not included above | $194,306 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,074,994 |
| Total Program Service Revenue | $1,969,633 |
| Investment income | $0 |
| 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 | $3,044,627 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $392,250 |
| Compensation of current officers, directors, key employees. | $392,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $954,185 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,990 |
| Payroll taxes | $104,785 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $197,834 |
| Fees for services: Accounting | $30,558 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $103,624 |
| Advertising and promotion | $21,287 |
| Office expenses | $42,932 |
| Information technology | $85,687 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $20,924 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $204,605 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $89,727 |
| Insurance | $39,482 |
| All other expenses | $55,061 |
| Total functional expenses | $2,645,070 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $870,453 |
| Savings and temporary cash investments | $2,413 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $65,326 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $18,287 |
| Prepaid expenses and deferred charges | $7,009 |
| Net Land, buildings, and equipment | $4,198,190 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,161,678 |
| Accounts payable and accrued expenses | $368,486 |
| Grants payable | $0 |
| 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 | $3,266,373 |
| Unsecured mortgages and notes payable | $280,083 |
| Other liabilities | $0 |
| Total liabilities | $3,914,942 |
| Net assets without donor restrictions | $1,065,792 |
| Net assets with donor restrictions | $180,944 |
| 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 | $5,161,678 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Faith Evangelical Lutheran Seminary has recieved totaling $68.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $68 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
J M Perry Institute Of Trades Industries & Agriculture Yakima, WA | $56,509,979 | $22,461,419 |
Seiu 775 Benefits Group Seattle, WA | $6,479,287 | $14,865,996 |
Puget Sound Electrical Apprenticeship And Training Trust Renton, WA | $19,899,360 | $9,666,420 |
Seiu 503 Training Partnership Portland, OR | $26,268,019 | $3,868,415 |
Ada Developers Academy Seattle, WA | $17,753,765 | $21,495,090 |
Neca-Ibew Electrical Training Trust Portland, OR | $14,916,871 | $7,992,939 |
Joint Apprenticeship & Training Comm Of The Nw Line Const Indstry Vancouver, WA | $16,187,936 | $7,719,053 |
Alaska Laborers Construction Industry Training Fund Chugiak, AK | $18,996,713 | $2,800,793 |
Academy Of Interactive Entertainment Seattle, WA | $1,922,115 | $3,079,789 |
Northwest College Of Construction Portland, OR | $1,751,857 | $2,867,007 |
Faith Evangelical Lutheran Seminary Tacoma, WA | $5,161,678 | $3,044,627 |
Southeastern Wa & Northeastern Oregon Sheet Metal Training Trust Pasco, WA | $2,701,150 | $1,890,096 |