Civic Intelligence

Free Lutheran Theological Seminary

EIN 20-0052373 • 501(c)3 • Minneapolis, MN

Profile

The organization operates the Free Lutheran Bible College (FLBC) and the Free Lutheran Seminary (FLS) to provide a faith based education.

3134 East Medicine Lake BlvdMinneapolis, MN 55441

www.flbc.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

70th percentile

0.41x

Higher debt load relative to assets than 70% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

84th percentile

1.31x

Higher debt load relative to revenue than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

43rd percentile

2.0%

Higher net margin than 43% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

29th percentile

$114,629

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

29th percentile

-0.7%

Faster asset growth than 29% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

57th percentile

9.9%

Faster revenue growth than 57% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$17,138,626

Up $119,589 (+0.7%) from 2023

Liabilities

Up

$7,043,054

Up $100,275 (+1.4%) from 2023

Net Assets

Up

$10,095,572

Up $19,314 (+0.2%) from 2023

Revenue

Up

$5,951,732

Up $643,691 (+12%) from 2023

Expenses

Up

$5,932,418

Up $730,743 (+14%) from 2023

Net Income

Down

$19,314

Down $87,052 (-82%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$20M$15M$10M$5.0M$0Assets 2017: $7,051,371Liabilities 2017: $373,882Net Assets 2017: $6,677,4892017Assets 2018: $8,221,681Liabilities 2018: $76,985Net Assets 2018: $8,144,6962018Assets 2019: $9,030,262Liabilities 2019: $98,989Net Assets 2019: $8,931,2732019Assets 2020: $11,427,011Liabilities 2020: $2,687,981Net Assets 2020: $8,739,0302020Assets 2021: $16,562,227Liabilities 2021: $7,123,942Net Assets 2021: $9,438,2852021Assets 2022: $17,147,160Liabilities 2022: $7,177,268Net Assets 2022: $9,969,8922022Assets 2023: $17,019,037Liabilities 2023: $6,942,779Net Assets 2023: $10,076,2582023Assets 2024: $17,138,626Liabilities 2024: $7,043,054Net Assets 2024: $10,095,5722024

Highlighted filing

2024

Assets$17,138,626
Liabilities$7,043,054
Net Assets$10,095,572

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $3,338,321Expenses 2017: $3,286,055Net Income 2017: $52,2662017Revenue 2018: $5,338,243Expenses 2018: $3,871,036Net Income 2018: $1,467,2072018Revenue 2019: $4,157,222Expenses 2019: $3,887,729Net Income 2019: $269,4932019Revenue 2020: $3,653,057Expenses 2020: $3,845,300Net Income 2020: -$192,2432020Revenue 2021: $4,596,740Expenses 2021: $3,897,485Net Income 2021: $699,2552021Revenue 2022: $4,830,075Expenses 2022: $4,298,468Net Income 2022: $531,6072022Revenue 2023: $5,308,041Expenses 2023: $5,201,675Net Income 2023: $106,3662023Revenue 2024: $5,951,732Expenses 2024: $5,932,418Net Income 2024: $19,3142024

Highlighted filing

2024

Revenue$5,951,732
Expenses$5,932,418
Net Income$19,314

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Aug 1, 2023 to Jul 31, 2024
Signed
Mar 18, 2025
Return Version
2023v6.0
Gross Receipts
$5,951,732
Mission and Program Overview

Mission

The organization operates the Association Free Lutheran Bible School (AFLBS) and the Association Free Theological Seminary (AFLTS) to provide a faith based education.

The organization operates the Free Lutheran Bible College (FLBC) and the Free Lutheran Seminary (FLS) to provide a faith based education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,183,703$12,945,124▼ $238,579
Investments in Publicly Traded Securities$2,941,777$3,306,983▲ $365,206
Accounts Receivable$543,252$521,723▼ $21,529
Cash and Non-Interest-Bearing Accounts$116,283$131,076▲ $14,793
Total Assets$17,019,037$17,138,626▲ $119,589
Other Assets Total$234,022$233,720▼ $302
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,839,573$6,582,670▼ $256,903
Other Liabilities$33,128$246,172▲ $213,044
Deferred Revenue$58,304$211,096▲ $152,792
Accounts Payable and Accrued Expenses$11,774$3,116▼ $8,658
Total Liabilities$6,942,779$7,043,054▲ $100,275
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,589,467$8,646,305▲ $56,838
Net Assets With Donor Restrictions$1,486,791$1,449,267▼ $37,524
Total Net Assets Fund Balance$10,076,258$10,095,572▲ $19,314
Total Liabilities and Net Assets / Fund Balance$17,019,037$17,138,626▲ $119,589

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,172,921$4,273,305$16,446,226
Equipment$721,578$896,377$1,617,955
Land$50,625-$50,625
Other Assets Org$233,720--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Wade MobleyPresidentFT$130,059$130,059
James MolstreChief Academic OffDean of SeFT$116,070$116,070
Larry MyhrerVice President of OperationsFT$108,414$108,414
Adam OsierVP - Dean of Bible CollegeFT$96,617$96,617

Board Members and Trustees

NameTitle
Philip JohnsonBoard Chair
Steve SnipsteadVice Chair
Alan ArnesonDirector
Gary EricksonDirector
Nathan DalagerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,434,059
Program Service Revenue
$3,287,581
Investment Income
$230,092
Other Revenue
$0
All Other Contributions
$2,434,059
Change in Net Assets
$19,314

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,951,732
Total Revenue per Audited Statements
$5,951,732
Total Revenue per Form 990
$5,951,732
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,762,986
Other Expenses$2,642,357
Grants and Similar Amounts Paid$527,075
Total Fundraising Expense$214,440
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,127,168$250,255$125,128$2,502,551
All Other Expenses$533,996$3,838-$537,834
Grants to Domestic Individuals$527,075--$527,075
Depreciation Depletion$384,517$45,237$22,619$452,373
Occupancy$305,480$35,939$17,969$359,388
Interest$237,417$27,931$13,966$279,314
Office Expenses$61,125$107,814-$168,939
Travel$118,619$20,933-$139,552
Information Technology$116,218$20,510-$136,728
Payroll Taxes$102,994$12,117$6,058$121,169
Insurance$82,528$23,762$4,855$111,145
Advertising$88,795-$15,670$104,465
Pension Plan Contributions$87,724$10,320$5,160$103,204
Other Employee Benefits$30,652$3,607$1,803$36,062
Other Expenses$20,611$2,425$1,212$24,248
Fees for Services Accounting-$11,100-$11,100
Fees for Services Legal-$6,077-$6,077
Total Functional Expenses$5,136,113$581,865$214,440$5,932,418

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,932,418
Total Expenses per Audited Statements$5,932,418
Total Expenses per Form 990$5,932,418
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Insurance Proceeds Payable$225,091
Liability Under Charitable Trust$21,081
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

The Form 990 is presented to the board of directors for review before filing.

Conflict of interest policy compliance Part VI line 12C

Conflicts of interest are discussed at each board meeting and inquiry is made each meeting.

CEO executive director top management comp Part VI line 15A

CEO compensation is approved by the full board - all directors are independent.

Other officer or key employee compensation Part VI line 15B

Other key employee compensation is approved by the full board - all directors are independent.

Governing documents etc available to public Part VI line 19

Form 990 and audited financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Free Lutheran Theological Seminary
EIN
20-0052373
Address
3134 East Medicine Lake Blvd, Minneapolis, MN 55441

Signing Officer

Name
Larry Myhrer
Title
Vice President
Signed
2025-03-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Wade Mobley
Formed
1966
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
104
Volunteers
50

Preparer

Firm
Freeman & Bonnema PLLC
Address
POBox 514, Circle Pines, MN 55014
Preparer
Robin B Freeman
Phone
5416109338
Supplemental Narrative

Additional Explanations

List of other expenses Part IX line 24E

See supporting schedule.

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IRS990/OtherExpensesGrp/ProgramServicesAmt0240584
IRS990/OtherExpensesGrp/ProgramServicesAmt133818
IRS990/OtherExpensesGrp/ProgramServicesAmt236792
IRS990/OtherExpensesGrp/ProgramServicesAmt320611
IRS990/OtherExpensesGrp/TotalAmt0240584
IRS990/OtherExpensesGrp/TotalAmt133818
IRS990/OtherExpensesGrp/TotalAmt236792
IRS990/OtherExpensesGrp/TotalAmt324248
IRS990/OtherLiabilitiesGrp/BOYAmt033128
IRS990/OtherLiabilitiesGrp/EOYAmt0246172
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0125128
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0250255
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt02127168
IRS990/OtherSalariesAndWagesGrp/TotalAmt02502551
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt06058
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt012117
IRS990/PayrollTaxesGrp/ProgramServicesAmt0102994
IRS990/PayrollTaxesGrp/TotalAmt0121169
IRS990/PensionPlanContributionsGrp/FundraisingAmt05160
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt010320
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt087724
IRS990/PensionPlanContributionsGrp/TotalAmt0103204
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0Wade Mobley
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611710
IRS990/ProgramServiceRevenueGrp/Desc0Tuition & Fees
IRS990/ProgramServiceRevenueGrp/Desc1Other Revenues
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02988918
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1298663
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02988918
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1298663
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02676569
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0114529
IRS990/PYInvestmentIncomeAmt0141956
IRS990/PYOtherExpensesAmt02640862
IRS990/PYProgramServiceRevenueAmt02489516
IRS990/PYRevenuesLessExpensesAmt0106366
IRS990/PYSalariesCompEmpBnftPaidAmt02446284
IRS990/PYTotalExpensesAmt05201675
IRS990/PYTotalRevenueAmt05308041
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt019314
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt02989918
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt012172921
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04273305
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt016446226
IRS990ScheduleD/EquipmentGrp/BookValueAmt0721578
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0896377
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01617955
IRS990ScheduleD/ExpensesSubtotalAmt05932418
IRS990ScheduleD/LandGrp/BookValueAmt050625
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050625
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0233720
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Charitable Remainder Trust
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt021081
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1225091
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Liability Under Charitable Trust
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Insurance Proceeds Payable
IRS990ScheduleD/RevenueSubtotalAmt05951732
IRS990ScheduleD/TotalBookValueLandBuildingsAmt012945124
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0233720
IRS990ScheduleD/TotalExpensesPerForm990Amt05932418
IRS990ScheduleD/TotalLiabilityAmt0246172
IRS990ScheduleD/TotalRevenuePerForm990Amt05951732
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05951732
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt05932418
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0527075
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Scholarships
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0117
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0Cash Value
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The organization reviews attendance records and grades each semester.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Monitoring procedures (Part I, line 2)
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Form 990 is presented to the board of directors for review before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Conflicts of interest are discussed at each board meeting and inquiry is made each meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CEO compensation is approved by the full board - all directors are independent.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Other key employee compensation is approved by the full board - all directors are independent.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Form 990 and audited financial statements are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5See supporting schedule.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5List of other expenses Part IX line 24e
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Assoc Free Lutheran Congregations
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0410884943
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501c3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Assist Lutheran congregations in conducting activities
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03110 E Medicine Lake Road
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Minneapolis
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd055441
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt017019037
IRS990/TotalAssetsEOYAmt017138626

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