2023-04-13T09:57:05-05:00 2022-05-31 FORVIS LLP PO BOX 3667 LITTLE ROCK AR 722033667 990 2021-06-01 640428676 REFORMED THEOLOGICAL SEMINARY % JESSICA SHORT REFO 6019231600 5422 CLINTON BLVD JACKSON MS 39209 JESSICA SHORT CFO 6019231600 2023-04-18 true JESSICA SHORT 000000000 Amber Sherrill CPA P00748683 5013721040 2023-04-18 3 2021 2023-04-26 12:10:37Z J LIGON DUNANC III 5422 CLINTON BLVD JACKSON MS 39209 52022877 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. 19 18 345 19 -283078 0 10680692 8889897 13111573 13630060 4733592 6354812 283838 180129 28809695 29054898 5539423 5854578 0 0 12003777 12482948 0 0 2402267 6239174 8022475 23782374 26360001 5027321 2694897 126127780 124776543 3660101 4115634 122467679 120660909 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 17311330 5854578 13809525 THE SEMINARY SERVES APPROXIMATELY 1,800 STUDENTS THROUGH CAMPUSES I 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. 17311330 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 1896 0 true 345 true true true false false false false true false false false false false false false X 19 18 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 5422 CLINTON BLVD JACKSON MS 39209 X J LIGON DUNCAN III CHANCELLOR/CEO 40.0 1.0 X 297400 0 49910 JAMES L HARVEY EXECUTIVE DIRECTOR - NYC 40.0 0.0 X 214591 0 35876 ROBERT J CARA PROVOST/CAO 40.0 1.0 X 153530 0 36671 SCOTT R SWAIN PRESIDENT - ORLANDO 40.0 0.0 X 149405 0 33207 MICHAEL J KRUGER PRESIDENT - CHARLOTTE 40.0 0.0 X 150037 0 32351 JOHN S REDD JR PRESIDENT - WASHINGTON 40.0 0.0 X 145793 0 34181 MATTHEW BRYANT CHIEF DEVELOPMENT OFFICER 40.0 1.0 X 126723 0 37114 CRAIG SHEPPARD EXECUTIVE DIRECTOR - INDONESIA 40.0 0.0 X 103107 0 30117 BRADLEY TISDALE COFO 40.0 1.0 X 99507 0 26726 PHILLIP HOLMES CHIEF COMMUNICATIONS OFFICER 40.0 1.0 X 74835 0 35440 RICHARD L RIDGWAY CHAIRMAN 1.0 1.0 X X 0 0 0 COLLIE W LEHN VICE-CHAIRMAN 1.0 1.0 X X 0 0 0 RODERICK S RUSS III SECRETARY 1.0 1.0 X X 0 0 0 PAUL HURST III TRUSTEE 1.0 1.0 X 0 0 0 BF BRACY TRUSTEE 1.0 1.0 X 0 0 0 DAVID H LUCAS TRUSTEE 1.0 1.0 X 0 0 0 J SCOTT REDD SR TRUSTEE 1.0 1.0 X 0 0 0 JAMES L MOORE TRUSTEE 1.0 1.0 X 0 0 0 GEORGE R FAIR TRUSTEE 1.0 1.0 X 0 0 0 WILLIAM M MOUNGER II TRUSTEE 1.0 1.0 X 0 0 0 LARRY W EDWARDS TRUSTEE 1.0 1.0 X 0 0 0 V HU MEENA TRUSTEE 1.0 1.0 X 0 0 0 SCOTT MACLELLAN TRUSTEE 1.0 1.0 X 0 0 0 CHARLES L IRBY SR TRUSTEE 1.0 1.0 X 0 0 0 ROBERT T CURTIS TRUSTEE 1.0 0.0 X 0 0 0 T DAVID ELKIN TRUSTEE 1.0 1.0 X 0 0 0 BENJAMIN W ROBERSON TRUSTEE 1.0 1.0 X 0 0 0 WARREN J WILLIAMSON JR TRUSTEE 1.0 1.0 X 0 0 0 CRAIG ROHDE TRUSTEE 1.0 1.0 X 0 0 0 HUGH COMER TRUSTEE 1.0 1.0 X 0 0 0 BYRON JOHNSON TRUSTEE 1.0 1.0 X 0 0 0 1514928 0 351593 24 false true false SHI INTERNATIONAL CORPORATION PO BOX 952121 DALLAS TX 753952121 INFORMATION SERVICES 153276 PENDLETON SECURITY PO BOX 14005 JACKSON MS 39236 SECURITY 152177 JENZABAR INC 101 HUNTINGTON AVE BOSTON MA 02199 SOFTWARE PROVIDER 120212 HEDERMAN BROTHERS PO BOX 1036 MADISON MS 39130 PRINTING SERVICES 110658 4 172070 20000 8697827 548076 8889897 Tuition and Fees 611600 13438123 13438123 Counseling Clinic Income 624190 121519 121519 Finance Charges 611600 40330 40330 Student Clinic Fees 621111 15000 15000 Library Fines 611600 2146 2146 12942 12942 13630060 1041861 -283078 1324939 0 0 701441 350426 351015 0 351015 179465 171550 27299079 21986128 5312951 5312951 5312951 252555 172070 361820 -109265 -109265 0 0 0 207984 269605 -61621 -61621 0 29054898 13809525 -283078 6638554 7500 7500 5798698 5798698 48380 48380 0 832476 302975 267362 262139 0 9132643 4976130 3022053 1134460 737682 401943 244104 91635 1118481 609430 370113 138938 661666 360524 218950 82192 0 21504 15851 5653 103486 103486 0 0 230160 230160 1643750 895635 543928 204187 96048 52334 31783 11931 595917 324699 197193 74025 722561 538713 183848 0 1235241 673049 408750 153442 797162 434352 263786 99024 0 218468 119037 72293 27138 0 8718 8718 1174147 1067411 106736 299591 223363 76228 REPAIRS & MAINTENANCE 185405 101022 61352 23031 PERSONNEL DEVELOPMENT 132309 72092 43782 16435 LIBRARY 109545 59688 36249 13608 STUDENT ACTIVITIES 93024 50686 30782 11555 355440 193669 117615 44156 26360001 17311330 6646404 2402267 X 1332905 10984199 577825 144272 1203625 2350000 410767 448622 0 0 0 0 1690268 1198908 142236 149235 313108 402426 49699881 31492787 18222845 18207094 54351466 46388722 44574304 41489005 0 0 0 0 3308431 3014060 126127780 124776543 1555103 1629565 0 0 1292783 1388902 0 0 0 0 0 0 0 0 0 0 812215 1097167 3660101 4115634 X 66636399 64471393 55831280 56189516 122467679 120660909 126127780 124776543 X 2694897 -4046784 -454883 X false true X true false X 8395056 6656122 8386434 10680692 8889897 43008201 0 0 8395056 6656122 8386434 10680692 8889897 43008201 6096283 36911918 1071671 1430929 1414527 1200827 1496489 6614443 0 0 0 0 0 0 165093 215663 191470 572226 50194870 62807663 0.73537 0.66302 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 396250 X X false 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 64934577 8098406 386185 60000 5275 73353893 0.30000 0.70000 false true true 6037230 6037230 24951361 15542370 9408991 972107 325156 646951 13687058 12342822 1344236 4052125 3282439 769686 18207094 FLEXIBLE CAPITAL 7762341 F EQUITY - INTERNATIONAL 7292633 F EQUITY - DOMESTIC 2616852 F PRIVATE EQUITY 17909095 F NON-PUBLIC STOCK - BANK OF CHA 0 C PUBLIC REAL ASSETS 5908084 F 41489005 0 Annuity Obligations 811750 Student Housing Deposits 35717 Other Deposits 249700 1097167 19457844 -4046784 981851 -3064933 22522777 6532121 6532121 29054898 21264614 981851 981851 20282763 6077238 6077238 26360001 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. 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. 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. Part XI, Line 2d: Other Adjustments: reclass cost of sales $269,605 reclass rental expenses $350,426 Reclass direct expenses from fundraising events $361,820 TOTAL TO SCHEDULE D, PART XI, LINE 2D: $981,851 Part XI, Line 4b: Other Adjustments: Investment management fees $230,160 Change in beneficial interest in trusts $454,883 Reclass Scholarships $5,847,078 TOTAL TO SCHEDULE D, PART XI, LINE 4B: $6,532,121 Part XII, Line 2d: Other Adjustments: reclass cost of sales $269,605 reclass rental expenses $350,426 Reclass direct expenses from fundraising events $361,820 TOTAL TO SCHEDULE D, PART XII, LINE 2D: $981,851 Part XII, Line 4b: Other Adjustments: Investment management fees $230,160 Reclass scholarships $5,847,078 TOTAL TO SCHEDULE D, PART XII, LINE 4B: $6,077,238 true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3 THE SEMINARY'S NONDISCRIMINATION POLICY IS COMMUNICATED TO THE GENERAL COMMUNITY THROUGH ITS OFFICAL WEBSITE, WWW.RTS.EDU, AND CATALOG. SCHEDULE E, PART I, LINE 6A THE SEMINARY RECEIVED PAYMENTS FROM THE DEPARTMENT OF VETERANS AFFAIRS (GI BILL AND POST 9/11 VETERAN EDUCATION FUNDING), FROM THE DEPARTMENT OF MILITARY AFFAIRS (FLORIDA NATIONAL GUARD'S EDUCATIONAL DOLLARS FOR DUTY), FOR TUITION AND FEES RELATED TO STUDENTS THAT QUALIFY FOR THOSE BENEFITS. IN ADDITION, IN NEW YORK STATE, THE SEMINARY RECEIVES FUNDS FROM THE NEW YORK STATE OFFICE OF CHILDREN AND FAMILY SERVICES FOR TUITION AND FEES RELATED TO STUDENTS THAT QUALIFY FOR THOSE BENEFITS. IN MISSISSIPPI, THE SEMINARY RECEIVES FUNDS FROM THE MISSISSIPPI DEPARTMENT OF REHABILITATION SERVICES FOR TUITION AND FEES RELATED TO STUDENTS THAT QUALIFY FOR THOSE BENEFITS. IN FLORIDA, THE SEMINARY RECEIVES FUNDS FROM THE FLORIDA DIVISION OF BLIND SERVICES FOR TUITION AND FEES RELATED TO STUDENTS THAT QUALIFY FOR THOSE BENEFITS. true Central America and the Caribbean 0 0 Investments 9074566 East Asia and the Pacific 0 0 Grantmaking SCHOLARSHIPS 15038 South Asia 0 0 Grantmaking SCHOLARSHIPS 1755 Sub-Saharan Africa 0 0 Grantmaking SCHOLARSHIPS 2233 North America 0 0 Grantmaking SCHOLARSHIPS 21798 Europe (Including Iceland and Greenland) 0 0 Grantmaking SCHOLARSHIPS 7556 South America 1 1 Program Services INSTRUCTIONAL 2500 East Asia and the Pacific 2 2 Program Services INSTRUCTIONAL 100381 3 3 3 3 9225827 9225827 Scholarships East Asia and the Pacific 19 15038 WIRE Scholarships South Asia 2 1755 WIRE Scholarships Sub-Saharan Africa 3 2233 WIRE Scholarships North America 16 21798 WIRE Scholarships Europe (Including Iceland and Greenland) 8 7556 WIRE true false true true true false SCHEDULE F, PART I, LINE 2 RECORDS ARE MAINTAINED SHOWING SCHOLARSHIP AWARDS TO SPECIFIC INDIVIDUALS WHO LIVE IN REGIONS OUTSIDE THE UNITED STATES. 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, DRAKE CAPITAL OFFSHORE PARTNERS LP, WELLSPRING CAPITAL PARTNERS VI, LP, AND WELLINGTON ARCHIPELAGO HOLDINGS, LTD. THE FMV OF THESE INVESTMENTS AS OF 5/31/22 WAS $9,074,566 ($234,797, $307,516, $879,031, $1,005,840, $3,203,969, $1,209,783, and $2,233,630 respectively). PART IV, LINE 1: THE SEMINARY IS FILING FORM 926 FOR THE DIRECT TRANSFER TO DAVIDSON KEMPNER LONG-TERM DISTRESSED OPPORTUNITIES INTERNATIONAL V, LP. THE SEMINARY IS ALSO FILING FORM 926 FOR INDIRECT TRANSFERS MADE TO SK SIRONA HOLDINGS SARL THROUGH THE SEMINARY'S INVESTMENT IN RCP FUND IX, LP. PART IV, LINE 3: THE FILING REQUIREMENTS OF FORM 5471 WERE NOT MET BY THE SEMINARY DURING THE FISCAL YEAR ENDED 5/31/22 FOR ITS OWNERSHIP IN A FOREIGN CORPORATION. THEREFORE, FORM 5471 WAS NOT FILED BY THE SEMINARY. 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 DC VISION 128512 121957 6555 650 13219 500 2937 CHANCELLOR'S FO 296113 50113 246000 8435 151972 155410 9350 19347 0 424625 172070 252555 650 8435 151972 168629 9850 22284 361820 -109265 true 0 0 SCHOLARSHIPS 1421 5798698 0 N/A N/A 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 J LIGON DUNCAN III CHANCELLOR/CEO 237025 0 375 0 60000 0 24670 0 25240 0 347310 0 0 0 ROBERT J CARA PROVOST/CAO 131755 0 375 0 21400 0 13897 0 22774 0 190201 0 0 0 MATTHEW BRYANT CHIEF DEVELOPMENT OFFICER 126348 0 375 0 0 0 13574 0 23540 0 163837 0 0 0 JAMES L HARVEY EXECUTIVE DIRECTOR - NYC 142216 0 375 0 72000 0 15050 0 20826 0 250467 0 0 0 MICHAEL J KRUGER PRESIDENT - CHARLOTTE 99662 0 375 0 50000 0 10643 0 21708 0 182388 0 0 0 JOHN S REDD JR PRESIDENT - WASHINGTON 103468 0 375 0 41950 0 11054 0 23127 0 179974 0 0 0 SCOTT R SWAIN PRESIDENT - ORLANDO 109030 0 375 0 40000 0 11578 0 21629 0 182612 0 0 0 SCHEDULE J, PART I, LINE 1A HOUSING ALLOWANCES - ANNUALLY REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE SEMINARY. THREE OFFICERS AND FOUR HIGHEST COMPENSATED EMPLOYEES RECEIVED HOUSING ALLOWANCES WHICH WERE INCLUDED IN THEIR TAXABLE COMPENSATION. JOHN S REDD JR FAMILY MEMBER 165785 SEE PART V false PART IV, LINE (1), COLUMN (B): Relationship between interested person and the organization: John S. 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 30 548076 FMV AT TIME OF GIFT 0 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 & DECISIONS REGARDING THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A & 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. 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 ($454,883) REFORMED PROPERTIES LLC 1231 REFORMATION DRIVE OVIEDO FL 32765 270679756 REAL ESTATE FL 217030 1034467 RTS BELCHER PROPERTIES LLC 5422 CLINTON BLVD JACKSON MS 39209 REAL ESTATE MS 0 474861 RTS RTS FOUNDATION INC 5422 CLINTON BLVD JACKSON MS 39209 640918136 FUNDRAISING MS 501(C)(3) 12A RTS true REFORMED THEOLOGICAL SEMINARY OF FLORIDA 1231 REFORMATION DRIVE OVIEDO FL 32765 421647628 THEO ED 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