Civic Intelligence

Free Lutheran Theological Seminary Corporation

990 • Fiscal year 2021 • EIN 20-0052373

Aug 01, 2020 to Jul 31, 2021 • Filed on Jun 06, 2022

3134 East Medicine Lake BlvdMinneapolis, MN 55441

(763) 412-2054

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.43x

Higher debt load relative to assets than 72% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

86th percentile

1.55x

Higher debt load relative to revenue than 86% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

56th percentile

15%

Higher net margin than 56% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

27th percentile

$111,681

Higher top officer pay than 27% of similar nonprofits.

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

89th percentile

45%

Faster asset growth than 89% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

66th percentile

26%

Faster revenue growth than 66% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Up

$16,562,227

Up $5,135,216 (+45%) from 2020

Net Assets

Up

$9,438,285

Up $699,255 (+8.0%) from 2020

Liabilities

Up

$7,123,942

Up $4,435,961 (+165%) from 2020

Revenue

Up

$4,596,740

Up $943,683 (+26%) from 2020

Expenses

Up

$3,897,485

Up $52,185 (+1.4%) from 2020

Net Income

Up

$699,255

Up $891,498 (+464%) from 2020

Historical Trend

Balance Sheet Trend

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

$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

2021

Assets$16,562,227
Liabilities$7,123,942
Net Assets$9,438,285

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2021

Revenue$4,596,740
Expenses$3,897,485
Net Income$699,255
Jump To
Filing Snapshot
Filing Period
Aug 1, 2020 to Jul 31, 2021
Signed
Jun 6, 2022
Return Version
2020v4.1
Gross Receipts
$4,596,740
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$5,084,927$13,139,696▲ $8,054,769
Investments in Publicly Traded Securities$2,271,002$2,483,256▲ $212,254
Cash and Non-Interest-Bearing Accounts$934,947$303,744▼ $631,203
Accounts Receivable$238,648$209,831▼ $28,817
Investments Other Securities$25,700$25,700→ $0
Total Assets$11,427,011$16,562,227▲ $5,135,216
Other Assets Total$2,871,787$400,000▼ $2,471,787
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,024,118$7,087,095▲ $6,062,977
Other Liabilities$1,426,895--
Accounts Payable and Accrued Expenses$41,369$29,834▼ $11,535
Deferred Revenue$195,599$7,013▼ $188,586
Total Liabilities$2,687,981$7,123,942▲ $4,435,961
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,826,378$8,643,631▲ $817,253
Net Assets With Donor Restrictions$912,652$794,654▼ $117,998
Total Net Assets Fund Balance$8,739,030$9,438,285▲ $699,255
Total Liabilities and Net Assets / Fund Balance$11,427,011$16,562,227▲ $5,135,216

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,332,108$3,433,554$15,765,662
Equipment$756,963$604,605$1,361,568
Land$50,625-$50,625
Other Assets Org$400,000--
Other Securities$25,700--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Wade MobleyPresidentFT$111,681$111,681
James MolstreChief Academic OffDean of SeFT$96,749$96,749
Larry MyhrerVice President of OperationsFT$91,031$91,031
Adam OsierVP - Dean of Bible CollegeFT$79,597$79,597

Board Members and Trustees

NameTitle
Todd EricksonChairman
Dean NelsonDirector
Don BalmerDirector
Gary EricksonDirector
Jason GudimDirector
Philip JohnsonDirector
Alan ArnesonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,871,546
Program Service Revenue
$2,550,991
Investment Income
$174,203
Other Revenue
$0
All Other Contributions
$1,621,546
Change in Net Assets
$699,255

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,596,740
Total Revenue per Audited Statements
$4,596,740
Total Revenue per Form 990
$4,596,740
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,016,191
Other Expenses$1,580,548
Grants and Similar Amounts Paid$300,746
Total Fundraising Expense$187,158
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,129,344$271,043$105,405$1,505,792
Current Officers, Directors, Trustees, and Key Employees$232,531$55,807$21,703$310,041
Grants to Domestic Individuals$300,746--$300,746
Depreciation Depletion$190,577$50,820$12,705$254,102
Occupancy$136,908$48,896$9,779$195,583
Office Expenses$150,613$31,747$5,906$188,266
All Other Expenses$145,319$14,406-$159,725
Payroll Taxes$65,986$29,091$6,159$101,236
Information Technology$60,324$24,456-$84,780
Advertising$51,848$23,927-$75,775
Interest$51,423$18,366$3,673$73,462
Pension Plan Contributions$37,924$9,102$3,539$50,565
Other Employee Benefits$36,418$8,740$3,399$48,557
Insurance$34,425$9,180$2,295$45,900
Travel$30,175$13,021-$43,196
Other Expenses$28,484$10,173$2,035$40,692
Fees for Services Accounting-$6,950-$6,950
Total Functional Expenses$3,031,802$678,525$187,158$3,897,485

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,897,485
Total Expenses per Audited Statements$3,897,485
Total Expenses per Form 990$3,897,485
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
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.

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
VP Operations
Phone
7634122054
Signed
2022-06-06
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
81
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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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chief Academic OffDean of Se
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice President of Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt3VP - Dean of Bible College
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IRS990/OccupancyGrp/ProgramServicesAmt0136908
IRS990/OccupancyGrp/TotalAmt0195583
IRS990/OfficeExpensesGrp/FundraisingAmt05906
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt031747
IRS990/OfficeExpensesGrp/ProgramServicesAmt0150613
IRS990/OfficeExpensesGrp/TotalAmt0188266
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt02871787
IRS990/OtherAssetsTotalGrp/EOYAmt0400000
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt03399
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08740
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt036418
IRS990/OtherEmployeeBenefitsGrp/TotalAmt048557
IRS990/OtherExpensesGrp/Desc0Food Services
IRS990/OtherExpensesGrp/Desc1Utilities
IRS990/OtherExpensesGrp/Desc2Contract Services
IRS990/OtherExpensesGrp/Desc3Supplies
IRS990/OtherExpensesGrp/FundraisingAmt010560
IRS990/OtherExpensesGrp/FundraisingAmt12035
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt052800
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt110173
IRS990/OtherExpensesGrp/ProgramServicesAmt0183296
IRS990/OtherExpensesGrp/ProgramServicesAmt1147840
IRS990/OtherExpensesGrp/ProgramServicesAmt217621
IRS990/OtherExpensesGrp/ProgramServicesAmt328484
IRS990/OtherExpensesGrp/TotalAmt0183296
IRS990/OtherExpensesGrp/TotalAmt1211200
IRS990/OtherExpensesGrp/TotalAmt217621
IRS990/OtherExpensesGrp/TotalAmt340692
IRS990/OtherLiabilitiesGrp/BOYAmt01426895
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0105405
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0271043
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01129344
IRS990/OtherSalariesAndWagesGrp/TotalAmt01505792
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt06159
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt029091
IRS990/PayrollTaxesGrp/ProgramServicesAmt065986
IRS990/PayrollTaxesGrp/TotalAmt0101236
IRS990/PensionPlanContributionsGrp/FundraisingAmt03539
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt09102
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt037924
IRS990/PensionPlanContributionsGrp/TotalAmt050565
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0Wade Mobley
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611710
IRS990/ProgramServiceRevenueGrp/BusinessCd2611600
IRS990/ProgramServiceRevenueGrp/Desc0Tuition & Fees
IRS990/ProgramServiceRevenueGrp/Desc1Other Revenues
IRS990/ProgramServiceRevenueGrp/Desc2Scholarship
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01886719
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1341202
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2323070
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01886719
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1341202
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2323070
IRS990/ProgSrvcAccomActy2Grp/Desc0Free Lutheran Seminary (FLS) offers a 4 year academic program to provide a useful grasp of the Bible, theology, Church history, Christian ethics and the skills necessary for preaching, pastoral and missionary service, evangelism, worship, and Christian education.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0523065
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0499
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0319931
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01437865
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0421887
IRS990/PYInvestmentIncomeAmt0137011
IRS990/PYOtherExpensesAmt01418167
IRS990/PYProgramServiceRevenueAmt02078181
IRS990/PYRevenuesLessExpensesAmt0-192243
IRS990/PYSalariesCompEmpBnftPaidAmt02005246
IRS990/PYTotalExpensesAmt03845300
IRS990/PYTotalRevenueAmt03653057
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0699255
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01410755
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/BookValueAmt012332108
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03433554
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt015765662
IRS990ScheduleD/EquipmentGrp/BookValueAmt0756963
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0604605
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01361568
IRS990ScheduleD/ExpensesSubtotalAmt03897485
IRS990ScheduleD/LandGrp/BookValueAmt050625
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050625
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0400000
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Real estate held for sale
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt025700
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Mineral Rights
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/RevenueSubtotalAmt04596740
IRS990ScheduleD/TotalBookValueLandBuildingsAmt013139696
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0400000
IRS990ScheduleD/TotalBookValueSecuritiesAmt025700
IRS990ScheduleD/TotalExpensesPerForm990Amt03897485
IRS990ScheduleD/TotalRevenuePerForm990Amt04596740
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04596740
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03897485
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/GrantTypeTxt0Scholarships
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0Cash Value
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Form 990 is presented to the board of directors for review before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CEO compensation is approved by the full board - all directors are independent.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Other key employee compensation is approved by the full board - all directors are independent.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Form 990 and audited financial statements are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4See supporting schedule.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4List of other expenses Part IX line 24e
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false

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