Civic Intelligence

Phillips Theological Seminary Corporation

990 • Fiscal year 2014 • EIN 73-1303821

Jul 01, 2013 to Jun 30, 2014 • Filed on Nov 01, 2014

901 N MingoSuite74116

(918) 610-8303

Siviq Scores

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

Liabilities / Assets

5th percentile

0.00x

Higher debt load relative to assets than 5% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

7th percentile

0.02x

Higher debt load relative to revenue than 7% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Net Margin

71st percentile

13%

Higher net margin than 71% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

11th percentile

$143,110

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Asset Growth

59th percentile

7.2%

Faster asset growth than 59% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$65,620,081

Up $4,428,727 (+7.2%) from 2013

Net Assets

Up

$65,489,271

Up $4,437,172 (+7.3%) from 2013

Liabilities

Down

$130,810

Down $8,445 (-6.1%) from 2013

Revenue

$5,428,322

No earlier filing loaded for comparison.

Expenses

Up

$4,709,868

Up $91,589 (+2.0%) from 2013

Net Income

$718,454

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2011: $53,973,836Liabilities 2011: $146,449Net Assets 2011: $53,827,3872011Assets 2012: $57,776,151Liabilities 2012: $145,957Net Assets 2012: $57,630,1942012Assets 2013: $61,191,354Liabilities 2013: $139,255Net Assets 2013: $61,052,0992013Assets 2014: $65,620,081Liabilities 2014: $130,810Net Assets 2014: $65,489,2712014Assets 2015: $70,919,692Liabilities 2015: $207,371Net Assets 2015: $70,712,3212015Assets 2016: $73,863,738Liabilities 2016: $428,017Net Assets 2016: $73,435,7212016Assets 2017: $79,627,793Liabilities 2017: $156,406Net Assets 2017: $79,471,3872017Assets 2018: $97,918,699Liabilities 2018: $256,297Net Assets 2018: $97,662,4022018Assets 2019: $111,809,026Liabilities 2019: $182,120Net Assets 2019: $111,626,9062019Assets 2020: $114,345,021Liabilities 2020: $217,044Net Assets 2020: $114,127,9772020Assets 2021: $139,965,847Liabilities 2021: $378,388Net Assets 2021: $139,587,4592021Assets 2022: $140,655,779Liabilities 2022: $251,177Net Assets 2022: $140,404,6022022Assets 2023: $156,745,593Liabilities 2023: $842,844Net Assets 2023: $155,902,7492023

Highlighted filing

2014

Assets$65,620,081
Liabilities$130,810
Net Assets$65,489,271

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $4,761,1882011Expenses 2012: $4,711,3052012Expenses 2013: $4,618,2792013Revenue 2014: $5,428,322Expenses 2014: $4,709,868Net Income 2014: $718,4542014Revenue 2015: $5,270,549Expenses 2015: $4,713,530Net Income 2015: $557,0192015Revenue 2016: $5,746,352Expenses 2016: $5,060,494Net Income 2016: $685,8582016Revenue 2017: $5,460,423Expenses 2017: $4,848,082Net Income 2017: $612,3412017Revenue 2018: $12,347,174Expenses 2018: $5,201,734Net Income 2018: $7,145,4402018Revenue 2019: $8,869,965Expenses 2019: $6,117,818Net Income 2019: $2,752,1472019Revenue 2020: $8,119,607Expenses 2020: $6,574,147Net Income 2020: $1,545,4602020Revenue 2021: $9,611,504Expenses 2021: $7,332,292Net Income 2021: $2,279,2122021Revenue 2022: $11,053,065Expenses 2022: $7,114,122Net Income 2022: $3,938,9432022Revenue 2023: $7,926,663Expenses 2023: $8,125,713Net Income 2023: -$199,0502023

Highlighted filing

2014

Revenue$5,428,322
Expenses$4,709,868
Net Income$718,454
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Nov 1, 2014
Return Version
2013v3.1
Gross Receipts
$6,638,733
Mission and Program Overview

Mission

The seminary's mission is to learn and teach how to be: attentive to god; responsible biblical and theological interpreters; faithful individuals, congregations, and communities acting with god to transform the world.

The seminary's mission is to learn and teach how to be: attentive to god; responsible biblical & theological interpreters; faithful individuals & communities acting with god...

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$29,146,229$33,528,666▲ $4,382,437
Investments Other Securities$16,408,159$16,081,860▼ $326,299
Land, Buildings, and Equipment, Net$6,635,823$6,495,115▼ $140,708
Pledges and Grants Receivable$5,054,534$4,752,543▼ $301,991
Savings and Temporary Cash Investments$543,572$841,359▲ $297,787
Investments Program Related$372,355$372,355→ $0
Cash and Non-Interest-Bearing Accounts$16,142$51,638▲ $35,496
Accounts Receivable$39,237$42,451▲ $3,214
Prepaid Expenses and Deferred Charges$20,951$17,684▼ $3,267
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$61,191,354$65,620,081▲ $4,428,727
Other Assets Total$2,954,352$3,436,410▲ $482,058
Liabilities
Accounts Payable and Accrued Expenses$133,133$124,688▼ $8,445
Other Liabilities$6,122$6,122→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$139,255$130,810▼ $8,445
Net Assets / Fund Balance
Temporarily Rstr Net Assets$25,470,419$28,233,894▲ $2,763,475
Permanently Rstr Net Assets$25,548,934$26,724,263▲ $1,175,329
Unrestricted Net Assets$10,032,746$10,531,114▲ $498,368
Total Net Assets Fund Balance$61,052,099$65,489,271▲ $4,437,172
Total Liabilities and Net Assets / Fund Balance$61,191,354$65,620,081▲ $4,428,727

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,626,849$1,426,197$6,053,046
Other Land Buildings$565,734$1,515,374$2,081,107
Land$990,000-$990,000
Equipment$65,967$813,235$879,202
Leasehold Improvements$246,566$156,586$403,152
Other Assets Org$23,185--
Other Securities$16,081,860--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$45,554,386$930,017▲ $5,383,051$1,892,998$49,610,526
2012$40,725,245$2,301,681▲ $4,380,742$1,428,933$45,554,386
2011$35,599,769$3,017,948▲ $3,642,165$1,176,934$40,725,245
2010$29,239,379$1,911,265▲ $5,878,733$1,045,607$35,599,769
2009$25,318,665$2,785,165▲ $1,288,765$75,076$29,239,379
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Rev Ron NofzigerTrustee$91,750$51,360$143,110
Sally J KelleySecretary$61,581$49,232$110,813
Dr Ruth Ann FateTrustee$79,782$19,776$99,558
Larry J BrownTrustee$64,673$9,702$74,375
Dr Kyle V MaxwellTrustee$45,216$12,557$57,773

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$2,554,160
Program Service Revenue
$716,809
Investment Income
$1,741,488
Other Revenue
$415,865
All Other Contributions
$2,508,844
Change in Net Assets
$718,454

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 Closely Held Stock84$1,120,102Fair Market Value
Total Noncash Contributions84$1,120,102-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,428,322
Revenue Not Reported on Form 990
$3,718,718
Total Revenue per Audited Statements
$9,147,040
Total Revenue per Form 990
$5,428,322
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,966,144
Other Expenses$1,379,794
Grants and Similar Amounts Paid$363,930
Total Fundraising Expense$200,551
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,536,062$424,639$6,410$1,967,111
Grants to Domestic Individuals$363,930--$363,930
Current Officers, Directors, Trustees, and Key Employees$212,680$106,341$35,446$354,467
Depreciation Depletion$177,198$88,599$29,533$295,330
Pension Plan Contributions$228,518$56,329$1,575$286,422
Occupancy$153,783$77,465$24,752$256,000
Other Employee Benefits$197,421$43,996$1,335$242,752
All Other Expenses$125,004$47,343$7,783$180,130
Payroll Taxes$93,058$21,699$635$115,392
Information Technology$35,421$49,376$7,080$91,877
Advertising$14,952$58,333$4,788$78,073
Travel$60,636$1,487$8,024$70,147
Insurance$32,370$24,480$5,395$62,245
Office Expenses$20,384$24,383-$44,767
Other Expenses$39,042$32,739$67,104$39,042
Fees for Services Accounting-$34,216-$34,216
Fees for Service Investment Mgmnt Fees-$21,039-$21,039
Fees for Services Other$16,186$217$72$16,476
Conferences and Meetings$15,583--$15,583
Interest$3,712$1,856$619$6,186
Total Functional Expenses$3,391,240$1,118,077$200,551$4,709,868

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,709,868
Total Expenses per Audited Statements$4,709,868
Total Expenses per Form 990$4,709,868
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$14,530
Fundraising Gross Income$14,530
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$59,846$14,530$7,635$6,895
Total Events$59,846$14,530$14,530-
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
Annuities Payable$6,122
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
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, Part VI, Line 11

Information is compiled by the cfo and sent to the outside tax professionals who complete and review the return. The completed return is then reviewed and approved by management before being circulated electronically to the board of trustees. After management reviews and approves the form, it is presented to the audit committee for approval prior to filing with the irs.

Form 990, Part VI, Line 12C

All board members and employees are required to complete a conflict of interest statement at least annually.

Form 990, Part VI, Line 15

Phillips theological seminary's compensation policies are established by the board of trustees. Pts strives to pay competitive wages and benefits. Therefore, where possible, pay scales are bench-marked against other accredited seminaries and local market research for comparability. Executive compensation, which includes the compensation for the president, vice-president for academic affairs, and cfo, is reviewed and approved by the executive committee acting in its capacity as the compensation committee. Salaries are compared to comparable positions amoung other accredited seminaries, striving for the median range. Each executive has a performance review with the president and the president receives an annual performance review from the executive committee of the board. Upward feedback is encouraged throughout the process.

Form 990, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Form 990, Part VI, Line 18

The organization provides a link to guidestar on its website to view the organization's form 990.

Form 990, Part VI, Section A, Line 2

DR. RUTH ANN FATE AND STEVE FATE HAVE A FAMILY RELATIONSHIP. Nancy Pittman and Don Pittman have a family relationship.

Filing and Contact Details

Filer

EIN
73-1303821
In Care Of
% CFO
Phone
9186108303

Signing Officer

Name
Gary Peluso Verdend
Title
President
Phone
9186108303
Signed
2014-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Peluso-verdend
Formed
1987
Legal Domicile
Ok
Voting Board Members
23
Independent Board Members
23
Employees
58
Volunteers
30

Preparer

Preparer
Anne M Adams
Phone
9186108303
Supplemental Narrative

Financial Statement Notes

Schedule D, Part III, Line 4

In prior years, phillips theological seminary corporation received donations of a library collection of rare books to be held for public exhibition, education, and research.

Schedule D, Part V, Line 4

The seminary's endowment consists of approximately 200 individual funds established primarily for scholarship and academic program support. The endowment includes both donor-restricted and quasi-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 seminarry is subject to federal income tax on any unrelated business taxable income. The seminary files tax returns in the u.s. Federal jurisdiction. With a few exceptions, the seminary is no longer subject to u.s. Federal examinations by tax authorities for years before 2010.

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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/ActivityOrMissionDesc0THE SEMINARY'S MISSION IS TO LEARN AND TEACH HOW TO BE: ATTENTIVE TO GOD; RESPONSIBLE BIBLICAL & THEOLOGICAL INTERPRETERS; FAITHFUL INDIVIDUALS & COMMUNITIES ACTING WITH GOD...
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IRS990/Desc0Providing theological education dedicated to learning the way of Jesus in order to cultivate vital communities, vital conversations, and the public good. Programs of study offered at Phillips Theological Seminary include Master of Divinity, Master in Theological Studies, Master of Arts in Ministry and Culture, Doctor of Ministry, and Diploma in Graduate Theological Studies. The seminary also offered a certificate program on interreligious understanding for both graduate and non-graduate credit. In addition, Phillips Theological Seminary provided the public with varied educational programs, including continuing education for ministers and laity study programs. During fiscal year 2014, Phillips Theological Seminary provided educational services to about 185 students. Over 30 students completed their chosen program of study by receiving a certificate, diploma, master's degree, or doctoral degree.
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IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt27TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt29TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt30PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP OF ACADEMIC AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt32VP of Administration and CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt33EXECUTIVE ASSIST AND SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt34VP OF ACADEMIC AFFAIRS
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IRS990/MissionDesc0MISSION STATEMENT: THE SEMINARY'S MISSION IS TO LEARN AND TEACH HOW TO BE: ATTENTIVE TO GOD; RESPONSIBLE BIBLICAL AND THEOLOGICAL INTERPRETERS; FAITHFUL INDIVIDUALS AND COMMUNITIES ACTING WITH GOD TO TRANSFORM THE WORLD. IDENTITY STATEMENT: PHILLIPS THEOLOGICAL SEMINARY OFFERS THEOLOGICAL EDUCATION DEDICATED TO LEARNING THE WAY OF JESUS IN ORDER TO CULTIVATE VITAL COMMUNITIES, VITAL CONVERSATIONS, AND THE PUBLIC GOOD.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$157$0.84$156$7.93$8.13$0.20
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$141$0.25$140$11.1$7.11$3.94
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$140$0.38$140$9.61$7.33$2.28
2020Summary only. Only limited summary data is available for this year.$114$0.22$114$8.12$6.57$1.55
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$112$0.18$112$8.87$6.12$2.75
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$97.9$0.26$97.7$12.3$5.20$7.15
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$79.6$0.16$79.5$5.46$4.85$0.61
2016Detailed filing. Detailed filing data is available for this year.$73.9$0.43$73.4$5.75$5.06$0.69
2015Summary only. Only limited summary data is available for this year.$70.9$0.21$70.7$5.27$4.71$0.56
2014Detailed filing. Detailed filing data is available for this year.$65.6$0.13$65.5$5.43$4.71$0.72
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$61.2$0.14$61.1$4.62
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.8$0.15$57.6$4.71
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$54.0$0.15$53.8$4.76