Civic Intelligence

Northeastern Seminary

990 • Fiscal year 2018 • EIN 16-1554414

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

2265 Westside DriveRochester, NY 14624

(585) 594-6000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

38th percentile

0.17x

Higher debt load relative to assets than 38% of similar nonprofits.

2018 filings • NTEE B • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

68th percentile

0.45x

Higher debt load relative to revenue than 68% of similar nonprofits.

2018 filings • NTEE B • $5M-$10M nonprofits • Source year 2018

Net Margin

83rd percentile

22%

Higher net margin than 83% of similar nonprofits.

2018 filings • NTEE B • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

83rd percentile

$230,995

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 9.0% of source-year revenue.

2018 filings • NTEE B • $5M-$10M nonprofits • Source year 2018

Asset Growth

29th percentile

-1.5%

Faster asset growth than 29% of similar nonprofits.

2018 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

94th percentile

109%

Faster revenue growth than 94% of similar nonprofits.

2018 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2017 to 2018

Assets

Down

$6,980,253

Down $106,643 (-1.5%) from 2017

Net Assets

Up

$5,811,718

Up $770,783 (+15%) from 2017

Liabilities

Down

$1,168,535

Down $877,426 (-43%) from 2017

Revenue

Up

$2,579,382

Up $1,344,898 (+109%) from 2017

Expenses

Up

$2,023,165

Up $221,864 (+12%) from 2017

Net Income

Up

$556,217

Up $1,123,034 (+198%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2011: $5,219,900Liabilities 2011: $1,173,160Net Assets 2011: $4,046,7402011Assets 2012: $5,665,195Liabilities 2012: $1,580,533Net Assets 2012: $4,084,6622012Assets 2013: $6,238,480Liabilities 2013: $1,715,046Net Assets 2013: $4,523,4342013Assets 2014: $6,831,695Liabilities 2014: $1,606,412Net Assets 2014: $5,225,2832014Assets 2015: $7,580,444Liabilities 2015: $1,988,814Net Assets 2015: $5,591,6302015Assets 2016: $7,243,930Liabilities 2016: $1,948,327Net Assets 2016: $5,295,6032016Assets 2017: $7,086,896Liabilities 2017: $2,045,961Net Assets 2017: $5,040,9352017Assets 2018: $6,980,253Liabilities 2018: $1,168,535Net Assets 2018: $5,811,7182018Assets 2019: $7,118,191Liabilities 2019: $937,792Net Assets 2019: $6,180,3992019Assets 2020: $7,125,121Liabilities 2020: $862,815Net Assets 2020: $6,262,3062020Assets 2021: $8,384,762Liabilities 2021: $1,233,074Net Assets 2021: $7,151,6882021Assets 2022: $8,075,453Liabilities 2022: $1,282,980Net Assets 2022: $6,792,4732022Assets 2023: $9,289,773Liabilities 2023: $2,107,504Net Assets 2023: $7,182,2692023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2018

Assets$6,980,253
Liabilities$1,168,535
Net Assets$5,811,718

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,651,093Expenses 2011: $1,738,739Net Income 2011: -$87,6462011Expenses 2012: $1,841,1872012Expenses 2013: $1,812,1832013Revenue 2014: $2,151,808Expenses 2014: $1,809,685Net Income 2014: $342,1232014Revenue 2015: $2,191,898Expenses 2015: $1,787,462Net Income 2015: $404,4362015Revenue 2016: $1,511,468Expenses 2016: $1,735,840Net Income 2016: -$224,3722016Revenue 2017: $1,234,484Expenses 2017: $1,801,301Net Income 2017: -$566,8172017Revenue 2018: $2,579,382Expenses 2018: $2,023,165Net Income 2018: $556,2172018Revenue 2019: $2,154,299Expenses 2019: $2,069,720Net Income 2019: $84,5792019Revenue 2020: $1,923,624Expenses 2020: $1,899,839Net Income 2020: $23,7852020Revenue 2021: $2,030,516Expenses 2021: $2,103,324Net Income 2021: -$72,8082021Revenue 2022: $2,428,669Expenses 2022: $2,409,107Net Income 2022: $19,5622022Revenue 2023: $3,063,769Expenses 2023: $2,733,427Net Income 2023: $330,3422023Revenue 2024: $1,816,264Expenses 2024: $1,912,856Net Income 2024: -$96,5922024

Highlighted filing

2018

Revenue$2,579,382
Expenses$2,023,165
Net Income$556,217
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$2,579,382
Mission and Program Overview

Mission

Northeastern seminary strives to be a vibrant source for christian theological formation whose students are formed in a biblical vision of gracious christianity and impact wholeness to the world in an expansive array of vocations and contexts.

Rooted in biblical and historic christian faith, northeastern seminary prepares christ-centered men and women for faithful, effective ministry to the church and the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$3,422,454$3,674,963▲ $252,509
Pledges and Grants Receivable$1,387,750$1,262,224▼ $125,526
Land, Buildings, and Equipment, Net$1,215,873$1,202,029▼ $13,844
Savings and Temporary Cash Investments$470,647$406,326▼ $64,321
Accounts Receivable$197,026$44,617▼ $152,409
Cash and Non-Interest-Bearing Accounts$2,487$2,725▲ $238
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$7,086,896$6,980,253▼ $106,643
Other Assets Total$390,659$387,369▼ $3,290
Liabilities
Other Liabilities$1,989,021$1,076,311▼ $912,710
Accounts Payable and Accrued Expenses$31,254$63,273▲ $32,019
Deferred Revenue$25,686$28,951▲ $3,265
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$2,045,961$1,168,535▼ $877,426
Net Assets / Fund Balance
Permanently Rstr Net Assets$3,227,491$4,203,855▲ $976,364
Temporarily Rstr Net Assets$1,288,086$1,357,443▲ $69,357
Unrestricted Net Assets$525,358$250,420▼ $274,938
Total Net Assets Fund Balance$5,040,935$5,811,718▲ $770,783
Total Liabilities and Net Assets / Fund Balance$7,086,896$6,980,253▼ $106,643

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$860,853$405,056$1,265,909
Other Land Buildings$330,839$239,256$570,095
Equipment$10,337$201,999$212,336
Other Assets Org$387,369--
Other Securities$3,674,963--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$4,539,788$989,960▲ $214,566-$5,592,934
2016$4,301,822$79,349▲ $310,160-$4,539,788
2015$4,348,951$169,990▼ $69,941-$4,301,822
2014$4,472,664$55,008▼ $38,089-$4,348,954
2013$3,891,735$345,757▲ $359,729-$4,472,664
Compensation and Service Providers

Employees

NameTitleOtherTotal
Laurie LeoChief Financial Officer$144,555$144,555
Revenue and Support

Revenue Composition

Contributions and Grants
$1,609,774
Program Service Revenue
$918,371
Investment Income
$0
Other Revenue
$51,237
All Other Contributions
$1,567,274
Change in Net Assets
$556,217

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,379,872
Revenue Not Reported on Financial Statements
$199,510
Revenue Not Reported on Form 990
$217,856
Other Revenue Adjustments
$199,510
Total Revenue per Audited Statements
$2,597,728
Total Revenue per Form 990
$2,579,382
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,242,734
Other Expenses$580,921
Grants and Similar Amounts Paid$199,510
Total Fundraising Expense$35,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$857,651$165,493-$1,023,144
Other Employee Benefits$170,892$48,698-$219,590
Grants to Domestic Individuals$199,510--$199,510
Other Expenses$109,203--$109,203
Advertising-$97,615-$97,615
Depreciation Depletion$55,979--$55,979
Fees for Services Other--$35,000$35,000
Office Expenses$853$32,495-$33,348
Travel$6,642$10,150-$16,792
Fees for Services Accounting-$10,700-$10,700
Conferences and Meetings$4,467$6,015-$10,482
Interest$4,143--$4,143
Occupancy$1,896--$1,896
Total Functional Expenses$1,616,999$371,166$35,000$2,023,165

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,023,165
Expenses per Audited Statements$1,823,655
Total Expenses per Audited Statements$1,823,655
Expenses Not Reported on Financial Statements$199,510
Other Expense Adjustments$199,510
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Roberts Wesleyan$863,811
Note Payable to Roberts Wesleyan$212,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed first by various members of the finance office, followed by the cfo, and then the board of trustees' business affairs committee. The form 990 is available for all board members to review on a corporate intranet site. Before the 990 is filed, an independent accounting firm also performs a review of form 990.

Form 990, Part VI, Section B, Line 12C

Policies are reviewed annually with the full board of directors, with all members signing off on having received and reviewed them via electronic response to the chief financial officer of northeastern seminary.

Form 990, Part VI, Section B, Line 15A & 15B

Northeastern seminary employees and compensated board members are paid by roberts wesleyan college (rwc). Annually the rwc board's compensation committee reviews the president's salary in conjunction with the vp of finance and using bench marking data from both local and national pay databases. Generally, salaries are tied to a combination of cupa, ats, and local benchmarks.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy, the form 990 and financial statements are provided to the public upon request.

Filing and Contact Details

Filer

Filer Name
Northeastern Seminary
EIN
16-1554414
In Care Of
% LAURIE J LEO
Phone
5855946000
Address
2265 WESTSIDE DRIVE, ROCHESTER, NY 14624

Signing Officer

Name
Laurie J Leo
Title
CFO
Phone
5855946000
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Deana L Porterfield
Formed
1998
Legal Domicile
Ny
Voting Board Members
22
Independent Board Members
22
Employees
0
Volunteers
25

Preparer

Firm
Bkd Llp
Address
200 E Main St Suite 700, Fort Wayne, IN 46802
Preparer
Lauren R Denton
Phone
2604604000
Supplemental Narrative

Financial Statement Notes

Schedule D, Part V, Line 4

Endowment funds are used to generate earnings for the provision of scholarships to students and various endowed symposiums using up to a five percent spending rate on a three-year moving average of the value of endowment funds.

Schedule D, Part X, Line 2

The seminary is exempt from income taxes under section 501 of the internal revenue code and a similar provision of state law. However, the seminary is subject to federal income tax on any unrelated business taxable income. The seminary files tax returns in the u.s. Federal jurisdiction.

Asc 740 Footnote

Management has evaluated their income tax positions under the guidance included in asc 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.

Part XI, Line 4B

FINANCIAL AID 199,510

Part XII, Line 4B

FINANCIAL AID 199,510

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IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt22CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt23PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP FOR ADVANCEMENT
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IRS990/OtherExpensesGrp/Desc0ACADEMIC COSTS & SYMPOSIUMS
IRS990/OtherExpensesGrp/Desc1MAINTENANCE COSTS
IRS990/OtherExpensesGrp/Desc2GROUND LEASE
IRS990/OtherExpensesGrp/Desc3OTHER EXPENSES
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IRS990/OtherLiabilitiesGrp/BOYAmt01989021

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$1.82$1.91$0.10
2023Summary only. Only limited summary data is available for this year.$9.29$2.11$7.18$3.06$2.73$0.33
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.08$1.28$6.79$2.43$2.41$0.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.38$1.23$7.15$2.03$2.10$0.07
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.13$0.86$6.26$1.92$1.90$0.02
2019Summary only. Only limited summary data is available for this year.$7.12$0.94$6.18$2.15$2.07$0.08
2018Detailed filing. Detailed filing data is available for this year.$6.98$1.17$5.81$2.58$2.02$0.56
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.09$2.05$5.04$1.23$1.80$0.57
2016Detailed filing. Detailed filing data is available for this year.$7.24$1.95$5.30$1.51$1.74$0.22
2015Detailed filing. Detailed filing data is available for this year.$7.58$1.99$5.59$2.19$1.79$0.40
2014Detailed filing. Detailed filing data is available for this year.$6.83$1.61$5.23$2.15$1.81$0.34
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.24$1.72$4.52$1.81
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.67$1.58$4.08$1.84
2011Summary only. Only limited summary data is available for this year.$5.22$1.17$4.05$1.65$1.74$0.09