Civic Intelligence

Reformed Theological Seminary

990 • Fiscal year 2017 • EIN 64-0428676

Jun 01, 2016 to May 31, 2017 • Filed on Feb 15, 2018

5422 Clinton BoulevardJackson, MS 39209

(601) 923-1600

Siviq Scores

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

Liabilities / Assets

15th percentile

0.03x

Higher debt load relative to assets than 15% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

19th percentile

0.15x

Higher debt load relative to revenue than 19% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

61st percentile

7.2%

Higher net margin than 61% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

29th percentile

$318,047

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

55th percentile

7.1%

Faster asset growth than 55% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

5th percentile

-34%

Faster revenue growth than 5% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$100,730,380

Up $6,669,536 (+7.1%) from 2016

Net Assets

Up

$97,504,582

Up $6,581,260 (+7.2%) from 2016

Liabilities

Up

$3,225,798

Up $88,276 (+2.8%) from 2016

Revenue

Down

$21,629,409

Down $11,097,240 (-34%) from 2016

Expenses

Up

$20,064,959

Up $486,918 (+2.5%) from 2016

Net Income

Down

$1,564,450

Down $11,584,158 (-88%) from 2016

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $76,231,672Liabilities 2010: $3,298,290Net Assets 2010: $72,933,3822010Assets 2011: $79,333,242Liabilities 2011: $3,250,634Net Assets 2011: $76,082,6082011Assets 2012: $76,146,320Liabilities 2012: $3,122,212Net Assets 2012: $73,024,1082012Assets 2013: $77,813,342Liabilities 2013: $3,313,243Net Assets 2013: $74,500,0992013Assets 2014: $79,003,120Liabilities 2014: $3,220,420Net Assets 2014: $75,782,7002014Assets 2015: $84,737,637Liabilities 2015: $3,047,589Net Assets 2015: $81,690,0482015Assets 2016: $94,060,844Liabilities 2016: $3,137,522Net Assets 2016: $90,923,3222016Assets 2017: $100,730,380Liabilities 2017: $3,225,798Net Assets 2017: $97,504,5822017Assets 2018: $106,785,507Liabilities 2018: $2,728,183Net Assets 2018: $104,057,3242018Assets 2019: $102,463,230Liabilities 2019: $2,961,377Net Assets 2019: $99,501,8532019Assets 2020: $103,910,846Liabilities 2020: $4,582,470Net Assets 2020: $99,328,3762020Assets 2021: $126,127,780Liabilities 2021: $3,660,101Net Assets 2021: $122,467,6792021Assets 2022: $124,776,543Liabilities 2022: $4,115,634Net Assets 2022: $120,660,9092022Assets 2023: $122,160,869Liabilities 2023: $4,653,692Net Assets 2023: $117,507,1772023Assets 2024: $130,756,934Liabilities 2024: $4,130,644Net Assets 2024: $126,626,2902024

Highlighted filing

2017

Assets$100,730,380
Liabilities$3,225,798
Net Assets$97,504,582

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $17,228,2202010Expenses 2011: $18,007,8852011Expenses 2012: $18,602,9332012Revenue 2013: $17,806,093Expenses 2013: $19,355,077Net Income 2013: -$1,548,9842013Revenue 2014: $20,128,066Expenses 2014: $19,206,771Net Income 2014: $921,2952014Revenue 2015: $19,107,917Expenses 2015: $19,019,176Net Income 2015: $88,7412015Revenue 2016: $32,726,649Expenses 2016: $19,578,041Net Income 2016: $13,148,6082016Revenue 2017: $21,629,409Expenses 2017: $20,064,959Net Income 2017: $1,564,4502017Revenue 2018: $28,122,489Expenses 2018: $21,303,957Net Income 2018: $6,818,5322018Revenue 2019: $22,669,438Expenses 2019: $22,680,564Net Income 2019: -$11,1262019Revenue 2020: $26,762,042Expenses 2020: $23,061,777Net Income 2020: $3,700,2652020Revenue 2021: $28,809,695Expenses 2021: $23,782,374Net Income 2021: $5,027,3212021Revenue 2022: $29,054,898Expenses 2022: $26,360,001Net Income 2022: $2,694,8972022Revenue 2023: $31,197,255Expenses 2023: $29,471,208Net Income 2023: $1,726,0472023Revenue 2024: $33,027,981Expenses 2024: $30,146,830Net Income 2024: $2,881,1512024

Highlighted filing

2017

Revenue$21,629,409
Expenses$20,064,959
Net Income$1,564,450
Jump To
Filing Snapshot
Filing Period
Jun 1, 2016 to May 31, 2017
Signed
Feb 15, 2018
Return Version
2016v3.1
Gross Receipts
$45,063,489
Mission and Program Overview

Mission

Reformed theological seminary (rts) exists to glorify the triune god and to serve his church in all branches of evangelical christianity, especially presbyterian and reformed churches, by providing reformed graduate theological education that is (continued on schedule o) globally accessible. Reformed theological seminary equips its students for ministry, primarily through pastoral training, to be servant leaders marked by a mind for truth. A heart for god.

To prepare leaders for the church who serve with "A MIND FOR TRUTH. A HEART FOR GOD. A life for ministry." Through a program of graduate theological education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$32,123,130$43,085,711▲ $10,962,581
Investments Other Securities$26,154,345$31,272,152▲ $5,117,807
Land, Buildings, and Equipment, Net$22,060,542$21,693,022▼ $367,520
Cash and Non-Interest-Bearing Accounts$2,283,428$1,432,998▼ $850,430
Accounts Receivable$265,120$272,497▲ $7,377
Prepaid Expenses and Deferred Charges$130,587$204,769▲ $74,182
Savings and Temporary Cash Investments$114,040$128,704▲ $14,664
Inventories for Sale or Use$127,262$127,525▲ $263
Other Notes and Loans Receivable, Net$56,350$55,100▼ $1,250
Pledges and Grants Receivable$8,510,942$28,500▼ $8,482,442
Receivables From Officers Etc$12,375$0▼ $12,375
Receivable From Disqualified Prsn$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$94,060,844$100,730,380▲ $6,669,536
Other Assets Total$2,222,723$2,429,402▲ $206,679
Liabilities
Other Liabilities$1,332,914$1,235,263▼ $97,651
Deferred Revenue$938,871$1,008,355▲ $69,484
Accounts Payable and Accrued Expenses$865,737$982,180▲ $116,443
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$3,137,522$3,225,798▲ $88,276
Net Assets / Fund Balance
Unrestricted Net Assets$42,348,891$48,270,483▲ $5,921,592
Temporarily Rstr Net Assets$46,939,256$47,543,626▲ $604,370
Permanently Rstr Net Assets$1,635,175$1,690,473▲ $55,298
Total Net Assets Fund Balance$90,923,322$97,504,582▲ $6,581,260
Total Liabilities and Net Assets / Fund Balance$94,060,844$100,730,380▲ $6,669,536

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,544,993$17,781,036$30,326,029
Equipment$1,586,092$10,987,556$12,573,648
Land$6,793,901-$6,793,901
Other Land Buildings$767,337$3,020,444$3,787,781
Leasehold Improvements$699$7,694$8,393
Other Securities$4,612,559--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$69,160,587$271,669▲ $609,850$5,086,104$64,934,577
2015$55,893,188$13,125,401▲ $151,163-$69,160,587
2014$48,009,900$7,853,597▲ $42,251-$55,893,188
2013$48,445,460$531,176▲ $50,451$1,000,000$48,009,900
2012$46,746,077$1,946,639▼ $15,480$213,180$48,445,460
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
J Ligon Duncan IIIChancellor/CEOFT$217,395$40,652$318,047
Robert J CaraProvost & CAOFT$115,993$72,997$165,624
Michael J KrugerPresident - CharlotteFT$96,503$28,101$164,604
E Bradley TisdaleCofoFT$129,407$100,831$161,738
M Steve WallaceExec Director- NYCFT$68,751$45,167$161,018
John S Redd JrPresident - WashingtonFT$90,210$85,700$160,676
Guy L RichardsonPresident - JacksonFT$58,363$134,711$153,074
Scott R SwainPresident/Academic Dean - OrlFT$117,793$27,985$145,778
Mark D FutatoProfessorFT$113,118$24,708$137,826
John SowellPresident - AtlantaFT$107,712$29,977$137,689
Lynwood C PerezExecutive V.P. - OrlandoFT$126,442$11,000$137,442
Donald W SweetingPresident - OrlandoFT$71,120$58,200$129,320

Board Members and Trustees

NameTitle
Richard L RidgwayTrustee - Chairman
George R FairTrustee - Vice-Chairman
B F BracyTrustee
Collie W LehnTrustee
David LucasTrustee
Hu MeenaTrustee
J Scott Redd SrTrustee
James L MooreTrustee
Larry W EdwardsTrustee
Paul A Hurst IIITrustee
Scott MaclellanTrustee
Warren WilliamsonTrustee
William M Mounger IITrustee
Roderick Russ IIITrustee - Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Trehel CorporationConstructionPO Box 6688, Greenville, SC 29606$273,331
Boca Raton Resort ClubHospitality501 East Camino Real, Boca Raton, FL 33432$178,301
Securitas Security Services USA InSecurity12672 Collections Center Dr, Chicago, IL 60693$111,369
Revenue and Support

Revenue Composition

Contributions and Grants
$6,714,609
Program Service Revenue
$10,140,238
Investment Income
$4,130,210
Other Revenue
$644,352
All Other Contributions
$5,730,815
Change in Net Assets
$1,564,450

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded23$431,691Fair Market Value (FMV) at time of gift
Historical Artifacts2$160,000Appraisal
Cars and Other Vehicles2$7,000"Kelly Blue Book"
Total Noncash Contributions27$598,691-

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,524,796
Revenue Not Reported on Financial Statements
$-895,387
Revenue Not Reported on Form 990
$1,100,954
Other Revenue Adjustments
$-895,387
Total Revenue per Audited Statements
$23,625,750
Total Revenue per Form 990
$21,629,409
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,570,430
Other Expenses$5,760,936
Grants and Similar Amounts Paid$3,733,593
Total Fundraising Expense$1,166,328
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,503,150$896,989$344,453$6,744,592
Grants to Domestic Individuals$3,692,795--$3,692,795
Current Officers, Directors, Trustees, and Key Employees$577,892$801,565$492,224$1,871,681
Depreciation Depletion$1,059,404$241,329-$1,300,733
Other Employee Benefits$717,264$168,617$24,124$910,005
Occupancy$718,969$129,652-$848,621
Travel$359,506$138,870$31,195$529,571
Office Expenses$275,658$180,108$73,355$529,121
Payroll Taxes$347,540$153,117$23,385$524,042
Fees for Services Other$432,650$67,164$22,175$521,989
Pension Plan Contributions$363,720$132,091$24,299$520,110
All Other Expenses$448,519$68,903$264$517,686
Information Technology$336,331$99,734$1,965$438,030
Conferences and Meetings$86,566$32,549$104,296$223,411
Fees for Service Investment Mgmnt Fees-$197,264-$197,264
Insurance$126,532$33,471-$160,003
Advertising$6,697$79,853-$86,550
Fees for Services Accounting-$72,190-$72,190
Foreign Grants$25,798--$25,798
Fees for Services Legal$2,860$5,756$6,702$15,318
Grants to Domestic Orgs$15,000--$15,000
Payments to Affiliates--$7,976$7,976
Other Expenses$43,602$6,053$3,690$6,053
Total Functional Expenses$15,271,063$3,627,568$1,166,328$20,064,959

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$20,064,959
Total Expenses per Audited Statements$17,044,490
Expenses per Audited Statements$16,149,103
Expenses Not Reported on Financial Statements$3,915,856
Other Expense Adjustments$3,915,856
Expenses Not Reported on Form 990$895,387
International Activity

International Summary

Offices
1
Employees
1
Spending
$3,326,883

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestmentsScholarships11$3,278,077
South AmericaProgram ServicesInstructional--$20,074
East Asia and the PacificGrantmakingScholarships--$9,158
Europe (Including Iceland and Greenland)GrantmakingScholarships--$8,960
East Asia and the PacificProgram Services---$2,934
Central America and the CaribbeanGrantmakingScholarships--$2,062
Russia and the Newly Independent StatesGrantmakingInstructional--$1,980
North AmericaGrantmakingScholarships--$1,856
Sub-Saharan AfricaGrantmakingScholarships--$1,782
Fundraising, Events, and Gaming
Fundraising activities
Yes
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

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Boca Raton$721,526---
NC Vison Dinner$136,775-$1,142-
Total Events$964,794-$91,972$-91,972
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
John S Redd JrSee Part VSee Part VNo$169,921

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$12,375$0▼ $12,375
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuity Obligations$1,182,614
Student Housing Deposits$52,649
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
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

Page 6, Part VI, Section A, Line 2:

Trustee, J. Scott Redd, Sr., and Officer, John S. Redd, Jr., have a family relationship.

Page 6, Part VI, Section B, Line 11B:

A meeting is held by the audit/finance committee of the seminary to allow committee members to discuss the return and ask any questions. After discussion/revisions have occurred, the returns are recommended to the executive committee for review and approval to be filed. The Form 990 is also provided to all board members for review prior to filing with the IRS.

Page 6, Part VI, Section B, Line 12C:

The full board of trustees and officers of the seminary on an annual basis disclose related party transactions that could give rise to conflicts. Any transactions that are disclosed are reported in the minutes of the board meetings. Persons with a conflict are prohibited from participating in the Board's deliberations & decisions regarding the transaction.

Page 6, Part VI, Section B, Line 15 A&B:

The Executive Committee reviews and approves the total compensation of all officers of the seminary on an annual basis. The total average compensation from annual surveys of U.S. schools that are members of the Association of Theological Schools is used to determine the reasonableness of officer compensation, as well as other market factors such as degrees, years of experience, previous employment relationships, and compensation levels.

Page 6, Part VI, Section C, Line 19:

Reformed Theological Seminary makes its financial statements, governing documents (articles of incorporation and bylaws), and conflict of interest policy available to the public upon request.

Page 7, Part VII, Section A:

Officers Donald Sweeting and Guy Richardson are ministerial employees exempt from FICA tax. Therefore, Box 5 of their Forms W-2 are blank, and Box 1 has been used in Part VII as reportable compensation as required by the instructions to Form 990. Compensation an employee contributes to their 401(k) plan is not included on Form W-2, Box 1, but is included on Form W-2, Box 5. For the above ministerial employees exempt from FICA tax, employee 401(k) contributions are reported on Form 990, Part VII, Column (f) or Schedule J, Part II, Column (c), if applicable. For those employees not exempt from FICA taxes, employee-paid 401(k) contributions are included in reportable compensation reported on Form 990, Part VII, Column (d) and Schedule J, Part II, Column (b)(i), if applicable. The above individuals exempt from FICA tax also received nontaxable housing allowances which are included on Form 990, Part VII, Column (f) and Schedule J, Part II, Column (d), if applicable, versus being included in Part VII, Column (d) and Schedule J, Part II, Column (B)(iii) for those employees that are not exempt from FICA tax.

Filing and Contact Details

Filer

Filer Name
Reformed Theological Seminary
EIN
64-0428676
In Care Of
% E BRADLEY TISDALE
Phone
6019231600
Address
5422 Clinton Boulevard, Jackson, MS 39209

Signing Officer

Name
E Bradley Tisdale
Title
Cofo
Phone
6019231600
Signed
2018-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
J Ligon Duncan III
Formed
1964
Legal Domicile
Ms
Voting Board Members
14
Independent Board Members
13
Employees
328

Preparer

Firm
Bkd Llp
Address
190 E Capitol Street Ste 500, Jackson, MS 39201-2190
Preparer
Mary F Overstreet CPA
Phone
6019486700
Supplemental Narrative

Additional Explanations

Page 12, Part XI, Line 9:

Change in Beneficial interests in trusts ($28,403)

Financial Statement Notes

Part V, Line 4:

The endowment funds are used to fund operating expenses, award scholarships to students, take advantage of strategic opportunities, and to make distributions to other 501(c)(3) organizations.

Part X, Line 2:

The consolidated financial statement effects of a tax position taken or expected to be taken are recognized in the consolidated financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the consolidated statements of activities. As of May 31, 2017 and 2016, the Seminary had no uncertain tax positions that qualify for recognition or disclosure in the consolidated financial statements.

Part XI, Line 2D:

Other Adjustments: Investment Management Fees ($197,264) Change in Beneficial Interest in Trusts ($28,403) Reclass Scholarships ($3,718,592)

Part XI, Line 4B:

Other Adjustments: Reclass Cost of Sales ($290,418) Reclass Rental Expenses ($604,969)

Part XII, Line 2D:

Other Adjustments: Reclass Cost of Sales $290,418 Reclass Rental Expenses $604,969

Part XII, Line 4B:

Other Adjustments: Reclass Scholarships $3,718,592 Investment Management Fees $197,264

Part III, Line 3:

The Seminary received two torah scrolls that will be used for research. The scrolls will also be displayed for the benefit of future students and friends of the seminary.

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IRS990/Desc0The seminary serves approximately 1,700 students through campuses in Jackson, MS, Orlando, FL, Charlotte, NC, Metro Washington, DC, Atlanta, GA, distance education programs, and extension sites in Memphis, TN, Houston, TX, Dallas, TX, New York, NY, and Sao Paulo, Brazil. Students are enrolled in the following academic degree programs: Master of Divinity, Master of Arts (Theological Studies), Master of Arts (Biblical Studies), Master of Arts (Religion), Master of Arts in counseling, Master of Arts in Marriage and Family Therapy and counseling, Master of arts in Christian Counseling, and Doctor of Ministry.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$131$4.13$127$33.0$30.1$2.88
2023Detailed filing. Detailed filing data is available for this year.$122$4.65$118$31.2$29.5$1.73
2022Detailed filing. Detailed filing data is available for this year.$125$4.12$121$29.1$26.4$2.69
2021Detailed filing. Detailed filing data is available for this year.$126$3.66$122$28.8$23.8$5.03
2020Detailed filing. Detailed filing data is available for this year.$104$4.58$99.3$26.8$23.1$3.70
2019Detailed filing. Detailed filing data is available for this year.$102$2.96$99.5$22.7$22.7$0.01
2018Detailed filing. Detailed filing data is available for this year.$107$2.73$104$28.1$21.3$6.82
2017Detailed filing. Detailed filing data is available for this year.$101$3.23$97.5$21.6$20.1$1.56
2016Detailed filing. Detailed filing data is available for this year.$94.1$3.14$90.9$32.7$19.6$13.1
2015Detailed filing. Detailed filing data is available for this year.$84.7$3.05$81.7$19.1$19.0$0.09
2014Detailed filing. Detailed filing data is available for this year.$79.0$3.22$75.8$20.1$19.2$0.92
2013Summary only. Only limited summary data is available for this year.$77.8$3.31$74.5$17.8$19.4$1.55
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.1$3.12$73.0$18.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$79.3$3.25$76.1$18.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.2$3.30$72.9$17.2