2024-04-10T10:34:30-05:00 2023-05-31 FORVIS LLP PO BOX 3667 LITTLE ROCK AR 722033667 990 2022-06-01 640428676 REFORMED THEOLOGICAL SEMINARY % JESSICA SHORT REFO 6019231600 4268 I-55 N JACKSON MS 39211 JESSICA SHORT CFO 6019231600 2024-04-02 true JESSICA SHORT 000000000 Amber Sherrill CPA P00748683 5013721040 2 2022 2023-04-26 12:10:37Z X J LIGON DUNCAN III 4268 I-55 N JACKSON MS 39211 57991522 false X RTS.EDU X 1964 MS TO PREPARE LEADERS FOR THE CHURCH WITH A MIND FOR TRUTH AND A HEART FOR GOD THROUGH A PROGRAM OF GRADUATE THEOLOGICAL EDUCATION. 20 19 369 20 39018 0 8889897 11236072 13630060 13767199 6354812 4065326 180129 2128658 29054898 31197255 5854578 5780944 0 0 12482948 13928054 0 0 2536695 8022475 9762210 26360001 29471208 2694897 1726047 124776543 122160869 4115634 4653692 120660909 117507177 X 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 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. false false 20269203 5780944 13890503 THE SEMINARY SERVES APPROXIMATELY 1,800 STUDENTS THROUGH CAMPUSES IN JACKSON, MS, ORLANDO, FL, CHARLOTTE, NC, METRO WASHINGTON, DC, ATLANTA, GA, HOUSTON, TX, DALLAS, TX, NEW YORK, NY, DISTANCE EDUCATION PROGRAMS, AND AN EXTENSION SITE IN SAO PAULO, BRAZIL. IN ADDITION, THE SEMINARY IS ENHANCING REFORMED THEOLOGY CURRICULUM WITH ORGANIZATIONS IN INDONESIA. STUDENTS AT RTS 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 CHRISTIAN COUNSELING, AND DOCTOR OF MINISTRY. 20269203 true true false false false false false true false true true true false false true false false true true true true false true false true false false false true true false false false false false false true false true false false false true true true true false false true 1799 0 true 369 true true true false false false false false false false false false false false X 20 19 false false false false false false false true true false true true true true true true true true true true false AK CO DC KY MD MA MI NV NH NJ NY OH OK OR SC WA WI X JESSICA SHORT 6019231600 4268 I-55 N JACKSON MS 39211 X J LIGON DUNCAN III CHANCELLOR/CEO 40.0 1.0 X 306317 0 48657 JAMES HARVEY EXECUTIVE DIRECTOR - NYC 40.0 0.0 X 222708 0 29993 J SCOTT REDD JR PRESIDENT - WASHINGTON DC 40.0 0.0 X 166363 0 35948 MICHAEL KRUGER PRESIDENT - CHARLOTTE 40.0 0.0 X 164450 0 34876 ROBERT J CARA PROVOST/CAO 40.0 0.0 X 155116 0 37285 DOUGLAS BAKER CHANCELLOR'S CHIEF OF STAFF 40.0 0.0 X 187908 0 1481 SCOTT SWAIN PRESIDENT - ORLANDO 40.0 0.0 X 152239 0 35305 MARK MCDOWELL EXECUTIVE DIRECTOR - DALLAS 40.0 0.0 X 141527 0 30659 GUY RICHARD PRESIDENT OF ATLANTA CAMPUS 40.0 0.0 X 132529 0 30025 DAVID JOHN EXECUTIVE DIRECTOR OF GLOBAL 40.0 0.0 X 102514 0 38624 MATTHEW BRYANT CHIEF DEVELOPMENT OFFICER 40.0 1.0 X 102271 0 29102 DAVID VELDKAMP CHIEF ENROLLMENT OFFICER 40.0 0.0 X 93174 0 29312 MICHAEL COPENING CHIEF IT OFFICER 40.0 0.0 X 80307 0 13496 PHILLIP HOLMES CHIEF COMMUNICATIONS OFFICER 40.0 0.0 X 21871 0 8696 JESSICA SHORT CHIEF FINANCIAL OFFICER 40.0 1.0 X 24298 0 897 WILLIAM M MOUNGER II VICE CHAIRMAN 1.0 1.0 X X 0 0 0 BF BRACY TRUSTEE 1.0 1.0 X 0 0 0 BENJAMIN W ROBERSON TRUSTEE 1.0 1.0 X 0 0 0 CHARLES L IRBY SR TRUSTEE 1.0 1.0 X 0 0 0 COLLIE W LEHN TRUSTEE 1.0 1.0 X 0 0 0 CRAIG C ROHDE TRUSTEE 1.0 1.0 X 0 0 0 DAVID H LUCAS TRUSTEE 1.0 1.0 X 0 0 0 GEORGE R FAIR TRUSTEE 1.0 1.0 X 0 0 0 HUGH M COMER TRUSTEE 1.0 1.0 X 0 0 0 J BYRON JOHNSON TRUSTEE 1.0 1.0 X 0 0 0 J SCOTT REDD SR TRUSTEE 1.0 1.0 X 0 0 0 LARRY W EDWARDS TREASURER 1.0 1.0 X X 0 0 0 PAUL HURST III TRUSTEE 1.0 1.0 X 0 0 0 RICHARD L RIDGWAY CHAIRMAN 1.0 1.0 X X 0 0 0 ROBERT T CURTIS TRUSTEE 1.0 1.0 X 0 0 0 RODERICK S RUSS III SECRETARY 1.0 1.0 X X 0 0 0 SCOTT MCLELLAN TRUSTEE 1.0 1.0 X 0 0 0 T DAVID ELKIN TRUSTEE 1.0 1.0 X 0 0 0 V HU MEENA TRUSTEE 1.0 1.0 X 0 0 0 WARREN J WILLIAMSON JR TRUSTEE 1.0 1.0 X 0 0 0 RICKY RAYBORN CHIEF OPERATIONS OFFICER 40.0 0.0 X 0 0 0 2053592 0 404356 21 false true false PENDLETON SECURITY PO BOX 14005 JACKSON MS 39236 SECURITY 146339 IN-TELECOM 573 JF SMITH AVE SLIDELL LA 70460 SECURITY INSTALL 134056 MS AUDIO LLC PO BOX 1575 CLINTON MS 39071 AV INSTALL 133658 ESTES GROUP 613 CRESCENT CIR STE 102 RIDGELAND MS 39157 PROPERTY MANAGEMENT 110324 FORVISLLP PO BOX 200870 DALLAS TX 75320 AUDIT & TAX SVCS 122185 6 387302 67244 10781526 369072 11236072 Tuition and Fees 611600 13231974 13231974 Counseling Clinic Income 624190 308749 308749 Finance Charges 611600 50162 50162 Student Clinic Fees 621111 44700 44700 Library Fines 611600 2770 2770 128844 128844 13767199 1232351 39018 1193333 0 0 1154903 424520 730383 0 730383 123304 607079 28836760 14415 26018200 2818560 14415 2832975 2832975 0 387302 79106 -79106 -79106 0 0 0 0 183094 272441 -89347 -89347 EMPLOYEE RETENTION CREDIT 900099 1460581 1460581 All Other Misc Revenue 900099 106147 106147 106147 106147 1566728 31197255 13890503 39018 6031662 5000 5000 5739810 5739810 36134 36134 0 1433343 553174 477926 402243 0 10018976 6087269 2795072 1136635 622433 378174 173645 70614 1206758 733195 336658 136905 646544 392824 180371 73349 0 15501 11288 4213 127338 127338 0 0 280075 280075 1932488 1174130 539121 219237 141866 86194 39577 16095 547674 332752 152789 62133 1441896 1105459 336437 0 1472158 894445 410699 167014 922951 560760 257484 104707 0 321937 195601 89813 36523 0 6631 6631 1362395 1223274 139121 304350 233336 71014 REPAIRS & MAINTENANCE 192919 117213 53820 21886 PROCESSING FEES 173892 105652 48512 19728 PERSONNEL DEVELOPMENT 144312 87680 40260 16372 LIBRARY 142329 86475 39707 16147 231498 140652 64583 26263 29471208 20269203 6665310 2536695 X 10984199 426141 144272 106105 2350000 3128208 448622 1863609 0 0 0 0 1198908 550078 149235 165935 402426 298080 65441238 32960146 18207094 32481092 46388722 46357796 41489005 33397349 0 0 0 599095 3014060 2787381 124776543 122160869 1629565 1996882 0 0 1388902 1435872 0 0 0 0 0 0 0 0 0 0 1097167 1220938 4115634 4653692 X 64471393 62464149 56189516 55043028 120660909 117507177 124776543 122160869 X 1726047 -4662312 -217467 X false true X true false X 6656122 8386434 10680692 8889897 11236072 45849217 0 0 6656122 8386434 10680692 8889897 11236072 45849217 7159515 38689702 1430929 1414527 1200827 1496489 1800412 7343184 0 0 0 0 28511 28511 215663 191470 0 0 1566728 1973861 55194773 65705212 0.70097 0.73540 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 396250 X X false 71274785 684961 155223 67252 400000 71647717 95588195 368575 80271 10375 24750000 1881 71274785 74975102 20437053 249217 69520 3657 95588195 78960995 1074561 219170 60955 5214747 3922 74975102 73353893 5359738 266333 14100 4869 78960995 0.30000 0.00000 0.70000 false true true 5708925 5708925 37040476 16323683 20716793 966317 425096 541221 15992377 12833934 3158443 5733143 3377433 2355710 32481092 FLEXIBLE CAPITAL 4614642 F EQUITY - INTERNATIONAL 7059688 F EQUITY - DOMESTIC 2513344 F PRIVATE EQUITY 16349764 F PUBLIC REAL ASSETS 2859911 F 33397349 0 Annuity Obligations 733783 Student Housing Deposits 37812 Other Deposits 200 Lease Liability 449143 1220938 21037524 -4662312 776067 -3886245 24923769 6273486 6273486 31197255 24191256 776067 776067 23415189 6056019 6056019 29471208 FORM 990, SCHEDULE D, PART III, LINE 4 THE SEMINARY HAS THREE TORAH SCROLLS (ONE EACH AT OUR JACKSON, ORLANDO, AND CHARLOTTE CAMPUSES) THAT ARE DISPLAYED FOR THE BENEFIT OF OUR STUDENTS AND FRIENDS OF THE SEMINARY. FORM 990, SCHEDULE D, 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. FORM 990, SCHEDULE D, PART X, LINE 2 MANAGEMENT HAS EVALUATED ITS INCOME TAX POSITIONS UNDER GUIDANCE INCLUDED IN ASC 740. BASED ON ITS REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. FORM 990, SCHEDULE D, Part XI, Line 2d: COST OF SALES 272,441 RENTAL EXPENSES 424,520 FUNDRAISING EXPENSES 79,106 ------------------------------------------- TOTAL 776,067 FORM 990, SCHEDULE D, PART XI, LINE 4B INVESTMENT MANAGEMENT FEES 280,075 CHANGE IN BENEFICIAL INTEREST IN TRUST 217,467 RECLASS SCHOLARSHIPS 5,775,944 ----------------------------------------------------- TOTAL 6,273,486 FORM 990, SCHEDULE D, PART XII, LINE 2D COST OF SALES 272,441 RENTAL EXPENSES 424,520 FUNDRAISING EXPENSES 79,106 ------------------------------------------- TOTAL 776,067 FORM 990, SCHEDULE D, PART XII, LINE 4B: INVESTMENT MANAGEMENT FEES 280,075 RECLASS SCHOLARSHIPS 5,775,944 ----------------------------------------------------- TOTAL 6,056,019 true true true true true true true false false false false false false false false false true true FORM 990, SCHEDULE E, PART I, LINE 3 POLICY IS LOCATED ON OUR WEBSITE UNDER THE ADMISSIONS SECTION. SEE WEBPAGE AT RTS.EDU/ACADEMICS/POLICIES-AND-PROCEDURES-AT-RTS/. FORM 990, SCHEDULE E, PART I, LINE 6B DUE TO OUR TITLE IV STATUS OF "ELIGIBLE NON-PARTICIPATING", WE ARE NOT CURRENTLY ABLE TO ADMINISTER ANY VETERAN GI BILL BENEFITS FOR STUDENTS. true Central America and the Caribbean 0 0 Investments 5641407 East Asia and the Pacific 0 0 Grantmaking SCHOLARSHIPS 8775 Europe (Including Iceland and Greenland) 0 0 Grantmaking SCHOLARSHIPS 7508 North America 0 0 Grantmaking SCHOLARSHIPS 13065 South America 0 0 Grantmaking SCHOLARSHIPS 2535 Sub-Saharan Africa 0 0 Grantmaking SCHOLARSHIPS 4251 South America 0 2 Program Services INSTRUCTIONAL 7500 East Asia and the Pacific 0 1 Program Services INSTRUCTIONAL 85208 0 3 0 3 5770249 5770249 Scholarships East Asia and the Pacific 7 8775 WIRE 0 N/A N/A SCHOLARSHIPS Europe (Including Iceland and Greenland) 7 7508 WIRE 0 N/A N/A SCHOLARSHIPS North America 7 13065 WIRE 0 N/A N/A SCHOLARSHIPS South America 1 2535 WIRE 0 N/A N/A SCHOLARSHIPS Sub-Saharan Africa 2 4251 WIRE 0 N/A N/A true false true true true false FORM 990, SCHEDULE F, PART I, LINE 2 RECORDS ARE MAINTAINED SHOWING SCHOLARSHIP AWARDS TO SPECIFIC INDIVIDUALS WHO LIVE IN REGIONS OUTSIDE THE UNITED STATES. FORM 990, SCHEDULE F, Part I, Line 3: THE SEMINARY OWNS AN INTEREST IN SIX INTERNATIONAL PRIVATE EQUITY FUNDS DOMICILED IN THE CAYMAN ISLANDS AND ONE INTERNATIONAL PRIVATE EQUITY FUND DOMICILED IN BERMUDA. DAVIDSON KEMPNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL II LP, DAVIDSON KEMPNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL III, LP, DAVIDSON KEMPNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL IV, LP, DAVIDSON KEPMNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL V, LP,DAVIDSON KEPMNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL VI, LP, WELLSPRING CAPITAL PARTNERS VI, LP, AND WELLINGTON ARCHIPELAGO HOLDINGS, LTD. THE FMV OF THESE INVESTMENTS AS OF 5/31/23 WAS $5,641,407 ($165,890, $243,485, $490,163, $1,034,366, 63,296, $1,329,395, and $2,314,812 respectively). FORM 990, SCHEDULE F, PART IV, LINE 1: THE SEMINARY DID NOT HAVE ANY REQUIRED FOREIGN FILINGS FOR FISCAL YEAR 2023. FORM 990, SCHEDULE F, PART IV, LINE 3: THE FILING REQUIREMENTS OF FORM 5471 WERE NOT MET BY THE SEMINARY DURING THE FISCAL YEAR ENDED 5/31/23 FOR ITS OWNERSHIP IN A FOREIGN CORPORATION. THEREFORE, FORM 5471 WAS NOT FILED BY THE SEMINARY. FORM 990, SCHEDULE F, PART IV, LINE 4: THE SEMINARY WAS AN INDIRECT SHAREHOLDER OF A PASSIVE FOREIGN INVESTMENT COMPANY (PFIC) OR A QUALIFIED ELECTING FUND DURING THE TAX YEAR. PER THE INSTRUCTIONS TO FORM 8621, A TAX-EXEMPT ORGANIZATION THAT DOES NOT HAVE DISTRIBTUIONS SUBJECT TO UNRELATED BUSINESS INCOME TAX FROM A PFIC IS NOT REQUIRED TO FILE THE FORM. THE SEMINARY IS A TAX-EXEMPT ORGANIZATION. THERE WERE NO DISTRIBUTIONS FROM THE PFIC THAT WERE SUBJECT TO UNRELATED BUSINESS INCOME TAX. ACCORDINGLY, A FORM 8621 WAS NOT FILED THIS TAX YEAR. Westfall Group Consulting false Westfall Gold Consulting false Westfall Productions Consulting false Westfall Speakers Consulting false ORLANDO VISION 274885 274885 8355 18382 200 10092 WASHINGTON DC V 101879 101879 412 2871 2000 12949 5530 2218 0 10538 10538 978 5090 5045 1200 3784 387302 387302 1390 2871 15445 36376 6930 16094 79106 -79106 true SCHOLARSHIPS 1385 5739810 0 N/A N/A FORM 990, SCHEDULE I, PART I, LINE 2 SCHOLARSHIP ASSISTANCE IS APPROVED AND MONITORED FOR INDIVIDUALS THROUGH CAMPUS SCHOLARSHIP COMMITTEES WITH CONSULTING FROM INSTITUTIONAL FINANCIAL AID STAFF. X true true X X false false false false false false false false false ROBERT J CARA PROVOST/CAO 133291 0 375 0 21450 0 13889 0 23396 0 192401 0 0 0 DOUGLAS BAKER CHANCELLOR'S CHIEF OF STAFF 187533 0 375 0 0 0 944 0 537 0 189389 0 0 0 J LIGON DUNCAN III CHANCELLOR/CEO 245942 0 375 0 60000 0 25261 0 23396 0 354974 0 0 0 J SCOTT REDD JR PRESIDENT - WASHINGTON DC 125313 0 375 0 40675 0 12531 0 23417 0 202311 0 0 0 JAMES HARVEY EXECUTIVE DIRECTOR - NYC 150333 0 375 0 72000 0 13913 0 16080 0 252701 0 0 0 MARK MCDOWELL EXECUTIVE DIRECTOR - DALLAS 103002 0 375 0 38150 0 10852 0 19807 0 172186 0 0 0 MICHAEL KRUGER PRESIDENT - CHARLOTTE 114075 0 375 0 50000 0 11509 0 23367 0 199326 0 0 0 SCOTT SWAIN PRESIDENT - ORLANDO 111864 0 375 0 40000 0 11918 0 23387 0 187544 0 0 0 GUY RICHARD PRESIDENT OF ATLANTA CAMPUS 92154 0 375 0 40000 0 9694 0 20331 0 162554 0 0 0 SCHEDULE J, PART I, LINE 1A HOUSING ALLOWANCES - ANNUALLY REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE SEMINARY. TWO OFFICERS, TWO KEY EMPLOYEES, AND FOUR HIGHEST COMPENSATED EMPLOYEES RECEIVED HOUSING ALLOWANCES WHICH WERE INCLUDED IN THEIR TAXABLE COMPENSATION. J SCOTT REDD JR FAMILY MEMBER 171343 SEE PART V true PART IV, LINE (1), COLUMN (B): Relationship between interested person and the organization: J. Scott Redd, Jr is the son of J. Scott Redd, Sr., board member. Part IV, Line (1), Column (d): Description of transaction: Compensation was paid to a family member of a board member in excess of $10,000. X 19 369072 FMV AT TIME OF GIFT 2 false true true SCHEDULE M, PART I, LINE 9, COLUMN B THE AMOUNT REPORTED IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS. SCHEDULE M, PART I, LINE 32B THE SEMINARY USES THIRD-PARTY REALTORS TO MARKET AND SELL DONATED LAND. THE SEMINARY ALSO USES AN INVESTMENT BROKER TO SELL PUBLICLY TRADED SECURITIES. FORM 990, 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 REIVEW AND APPROVAL TO BE FILED. THE FORM 990 IS ALSO PROVIDED TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, 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 DELIBERATIONS AND DECISIONS REGARDING THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A & 15B 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. FORM 990, 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. FORM 990, PART XI, LINE 9 CHANGE IN BENEFICIAL INTERESTS IN TRUST (217,467) REFORMED PROPERTIES LLC 1231 REFORMATION DRIVE OVIEDO FL 32765 270679756 REAL ESTATE FL 241260 1110135 RTS BELCHER PROPERTIES LLC 4268 I-55N JACKSON MS 39211 REAL ESTATE MS 0 0 RTS RTS FOUNDATION INC 4268 I-55N JACKSON MS 39211 640918136 FUNDRAISING MS 501C(3) 12A RTS true REFORMED THEOLOGICAL SEMINARY OF FLORIDA 1231 REFORMATION DRIVE OVIEDO FL 32765 421647628 THEOLOGIC EDU FL 501(C)(3) 12A RTS true false false true false false false false false false false false true false true true true false false false RTS Foundation Inc C 67244 FMV