Civic Intelligence

Faith Evangelical Lutheran Seminary

EIN 91-1559533 • 501(c)3 • Tacoma, WA

Profile

Faith evangelical seminary exists to glorify god by equipping christian leaders with a biblical, theological, and practical education empowering them to apply and proclaim the inerrant word of god for world-wide christian service.

3504 North Pearl StreetTacoma, WA 98407-2607

www.faithseminary.edu

Siviq Scores

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

Liabilities / Assets

87th percentile

0.63x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

88th percentile

0.96x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Net Margin

53rd percentile

6.0%

Higher net margin than 53% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

77th percentile

$127,433

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 4.4% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Asset Growth

43rd percentile

1.0%

Faster asset growth than 43% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Revenue Growth

50th percentile

7.1%

Faster revenue growth than 50% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Assets

Down

$4,409,957

Down $6,394 (-0.1%) from 2023

Liabilities

Down

$2,759,093

Down $363,429 (-12%) from 2023

Net Assets

Up

$1,650,864

Up $357,035 (+28%) from 2023

Revenue

Up

$2,866,204

Up $510,448 (+22%) from 2023

Expenses

Down

$2,693,722

Down $5,778 (-0.2%) from 2023

Net Income

Up

$172,482

Up $516,226 (+150%) from 2023

Trend Graphs

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2011: $1,901,160Liabilities 2011: $375,375Net Assets 2011: $1,525,7852011Assets 2012: $2,390,635Liabilities 2012: $396,173Net Assets 2012: $1,994,4622012Assets 2013: $2,331,561Liabilities 2013: $405,645Net Assets 2013: $1,925,9162013Assets 2014: $4,093,859Liabilities 2014: $2,101,562Net Assets 2014: $1,992,2972014Assets 2015: $5,435,500Liabilities 2015: $3,763,787Net Assets 2015: $1,671,7132015Assets 2016: $4,618,846Liabilities 2016: $4,066,071Net Assets 2016: $552,7752016Assets 2017: $4,832,592Liabilities 2017: $4,414,039Net Assets 2017: $418,5532017Assets 2018: $5,853,389Liabilities 2018: $5,094,262Net Assets 2018: $759,1272018Assets 2020: $4,865,913Liabilities 2020: $4,018,734Net Assets 2020: $847,1792020Assets 2021: $5,161,678Liabilities 2021: $3,914,942Net Assets 2021: $1,246,7362021Assets 2022: $4,947,688Liabilities 2022: $3,310,115Net Assets 2022: $1,637,5732022Assets 2023: $4,416,351Liabilities 2023: $3,122,522Net Assets 2023: $1,293,8292023Assets 2025: $4,409,957Liabilities 2025: $2,759,093Net Assets 2025: $1,650,8642025

Highlighted filing

2025

Assets$4,409,957
Liabilities$2,759,093
Net Assets$1,650,864

Operations Trend

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

$4.0M$2.0M$0-$2.0MRevenue 2011: $2,212,398Expenses 2011: $1,952,329Net Income 2011: $260,0692011Expenses 2012: $2,274,7002012Expenses 2013: $2,583,5952013Revenue 2014: $2,821,800Expenses 2014: $2,755,419Net Income 2014: $66,3812014Revenue 2015: $2,912,311Expenses 2015: $3,232,895Net Income 2015: -$320,5842015Revenue 2016: $1,239,849Expenses 2016: $2,358,787Net Income 2016: -$1,118,9382016Revenue 2017: $1,951,815Expenses 2017: $2,086,037Net Income 2017: -$134,2222017Revenue 2018: $2,392,290Expenses 2018: $2,236,305Net Income 2018: $155,9852018Revenue 2020: $2,274,068Expenses 2020: $2,527,316Net Income 2020: -$253,2482020Revenue 2021: $3,044,627Expenses 2021: $2,645,070Net Income 2021: $399,5572021Revenue 2022: $2,825,469Expenses 2022: $2,434,632Net Income 2022: $390,8372022Revenue 2023: $2,355,756Expenses 2023: $2,699,500Net Income 2023: -$343,7442023Revenue 2025: $2,866,204Expenses 2025: $2,693,722Net Income 2025: $172,4822025

Highlighted filing

2025

Revenue$2,866,204
Expenses$2,693,722
Net Income$172,482

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.41$2.76$1.65$2.87$2.69$0.17
2023Summary only. Only limited summary data is available for this year.$4.42$3.12$1.29$2.36$2.70$0.34
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.95$3.31$1.64$2.83$2.43$0.39
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.16$3.91$1.25$3.04$2.65$0.40
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.87$4.02$0.85$2.27$2.53$0.25
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.85$5.09$0.76$2.39$2.24$0.16
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.83$4.41$0.42$1.95$2.09$0.13
2016Summary only. Only limited summary data is available for this year.$4.62$4.07$0.55$1.24$2.36$1.12
2015Detailed filing. Detailed filing data is available for this year.$5.44$3.76$1.67$2.91$3.23$0.32
2014Detailed filing. Detailed filing data is available for this year.$4.09$2.10$1.99$2.82$2.76$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.33$0.41$1.93$2.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.39$0.40$1.99$2.27
2011Summary only. Only limited summary data is available for this year.$1.90$0.38$1.53$2.21$1.95$0.26
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Dec 1, 2025
Return Version
2024v5.0
Gross Receipts
$2,866,204
Mission and Program Overview

Mission

Faith Evangelical Seminary exists to glorify God by equipping Christian leaders with a biblical, theological, and practical education empowering them to apply and proclaim the inerrant word of God for world-wide Christian service.

Faith evangelical is an institution of undergraduate and theological education and research.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,015,280$3,959,524▼ $55,756
Loans From Officers Directors$750,000$750,000→ $0
Cash and Non-Interest-Bearing Accounts$151,537$199,211▲ $47,674
Accounts Receivable$132,472$189,813▲ $57,341
Prepaid Expenses and Deferred Charges$4,104$29,812▲ $25,708
Pledges and Grants Receivable$50,000$20,000▼ $30,000
Inventories for Sale or Use$9,143$9,143→ $0
Savings and Temporary Cash Investments$2,453$2,454▲ $1
Total Assets$4,364,989$4,409,957▲ $44,968
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,005,118$1,841,050▼ $164,068
Accounts Payable and Accrued Expenses$111,501$168,043▲ $56,542
Unsecured Notes Loans Payable$19,988--
Total Liabilities$2,886,607$2,759,093▼ $127,514
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,478,382$1,650,864▲ $172,482
Total Net Assets Fund Balance$1,478,382$1,650,864▲ $172,482
Total Liabilities and Net Assets / Fund Balance$4,364,989$4,409,957▲ $44,968

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,056,049$595,057$3,651,106
Land$813,123-$813,123
Equipment$60,337$294,710$355,047
Other Land Buildings$30,015$270,753$300,768
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
John WheelerFiu Vice PreFT$127,433$127,433
Dr Michael AdamsFiu PresidenFT$101,333$101,333
Kyu Hyun LeeFiu Vice PreFT$66,252$66,252
Karl ZetterbergPresident /-$24,000$24,000

Board Members and Trustees

NameTitle
Craig McelfreshDirector
James ElmoreDirector
Michael StewartDirector
Paul RedalDirector
James TilleAcademic Dea
Mark RedalTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$43,095
Program Service Revenue
$2,823,088
Investment Income
$21
Other Revenue
$0
All Other Contributions
$43,095
Change in Net Assets
$172,482

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,866,204
Total Revenue per Audited Statements
$2,866,204
Total Revenue per Form 990
$2,866,204
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,543,860
Other Expenses$1,149,862
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$741,521$351,288-$1,092,809
Current Officers, Directors, Trustees, and Key Employees-$319,018-$319,018
Travel-$173,070-$173,070
Information Technology-$151,060-$151,060
Fees for Services Other-$139,146-$139,146
Interest-$127,158-$127,158
Payroll Taxes$56,860$45,615-$102,475
Advertising-$95,089-$95,089
Depreciation Depletion-$87,535-$87,535
Occupancy-$66,632-$66,632
Office Expenses$35,032$30,315-$65,347
Fees for Services Accounting-$39,971-$39,971
Insurance-$36,880-$36,880
Other Employee Benefits$14,868$14,690-$29,558
Other Expenses$21,473$27,618-$21,473
All Other Expenses$6,687$2,862-$9,549
Fees for Services Legal-$2,145-$2,145
Total Functional Expenses$876,441$1,817,281$0$2,693,722

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,693,722
Total Expenses per Audited Statements$2,693,722
Total Expenses per Form 990$2,693,722
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
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$750,000$750,000→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
No
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, Page 6, Part VI, Line 2

Faith evangelical seminary faith evangelical seminary treasurer director brother

Form 990, Page 6, Part VI, Line 11B

Form 990 is reviewed by the executive committee of the board prior to filing and reviewed by the entire board at the board meeting.

Form 990, Page 6, Part VI, Line 12C

The conflict of interest policy is reviewed and monitored by the board annually at the board meeting.

Form 990, Page 6, Part VI, Line 15A

Compensation of the president/ceo is determined by the board of directors. Compensation for others and key employees is determined by the ceo.

Form 990, Page 6, Part VI, Line 19

The governing documents, conflict of interest policy and financial statements are available at the front desk for public access and also available via mail upon written request.

Filing and Contact Details

Filer

Filer Name
Faith Evangelical Lutheran Seminary
EIN
91-1559533
Phone
8887777675
Address
3504 NORTH PEARL STREET, TACOMA, WA 98407-2607

Signing Officer

Name
Dr Michael Adams
Title
Fiu President & CEO
Phone
8887777675
Signed
2025-12-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Michael Adams
Formed
1969
Legal Domicile
Wa
Voting Board Members
6
Independent Board Members
6
Employees
42

Preparer

Firm
Dnm & Associates Ps
Address
PO BOX 1156, SHELTON, WA 98584
Preparer
Daniel Mortensen CPA
Phone
3604265667
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Faith evangelical seminary exists to glorify god by equipping christian leaders with a biblical, theological, and practical education empowering them to apply and proclaim the inerrant word of god for world-wide christian service.

Raw XML AppendixShowing 400 of 436 raw XML fields

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/PrincipalOfficerNm0DR MICHAEL ADAMS
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IRS990/ProgramServiceRevenueGrp/Desc0TUITION AND FEES
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IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECEIVED COMMUNICATION FROM THE UNITED STATES DEPARTMENT OF EDUCATION STATING THAT THE SEMINARY HAD BEEN DEEMED INELIGIBLE FOR PARTICIPATION IN THE STUDENT FINANCIAL AID ASSISTANCE PROGRAMS FOR THE FOR THE 2014-2016 AWARD YEARS. IT HAS REGAINED ELIGIBILITY AS OF THE 2016-2017 AWARD YEAR.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 6
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd1false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0FINANCING
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1FINANCING
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0KARL ZETTERBERG
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1MICHAEL ADAMS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1OFFICER
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FAITH EVANGELICAL SEMINARY EXISTS TO GLORIFY GOD BY EQUIPPING CHRISTIAN LEADERS WITH A BIBLICAL, THEOLOGICAL, AND PRACTICAL EDUCATION EMPOWERING THEM TO APPLY AND PROCLAIM THE INERRANT WORD OF GOD FOR WORLD-WIDE CHRISTIAN SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FAITH EVANGELICAL SEMINARY FAITH EVANGELICAL SEMINARY TREASURER DIRECTOR BROTHER
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD PRIOR TO FILING AND REVIEWED BY THE ENTIRE BOARD AT THE BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICT OF INTEREST POLICY IS REVIEWED AND MONITORED BY THE BOARD ANNUALLY AT THE BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COMPENSATION OF THE PRESIDENT/CEO IS DETERMINED BY THE BOARD OF DIRECTORS. COMPENSATION FOR OTHERS AND KEY EMPLOYEES IS DETERMINED BY THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE FRONT DESK FOR PUBLIC ACCESS AND ALSO AVAILABLE VIA MAIL UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/USAddress/AddressLine1Txt03504 NORTH PEARL STREET
IRS990/USAddress/CityNm0TACOMA

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