2023-05-12T17:32:54-05:00 2022-06-30 363990892 Capin Crouse LLP 1330 Avenue of the Americas Suite 23A New York NY 10019 990 2021-07-01 231352689 Westminster Theological Seminary WEST 2158875511 2960 W Church Road Glenside PA 19038 Chun Lai Chief Operating Officer 2158875511 2023-05-12 1 Chun Lai 999009999 Daren Daiga P01074795 5055022746 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Peter A Lillback 2960 W Church Road Glenside PA 19038 40812010 0 X www.wts.edu X 1930 PA To form Christian leaders to proclaim the whole counsel of God throughout a changing world. 15 15 263 15 0 0 14858605 18039643 12934149 14868480 796070 756369 75922 64075 28664746 33728567 2164618 3794022 0 0 10063960 11772897 0 0 2736081 10117528 11310456 22346106 26877375 6318640 6851192 50091847 54431420 4462394 4370029 45629453 50061391 X The formation of men for the gospel ministry as pastors, evangelists, & teachers who shall proclaim the whole counsel of God throughout a changing world. The theological training of church officers as stewards of Christ, and the communication of biblical studies. 0 0 10409096 3794022 6048687 Postgraduate Academic ProgramsWestminster exists to train specialists in the Bible to proclaim the whole counsel of God for Christ and his global church. It is our intention to contribute to the training and spiritual formation of all of our students in the various degree programs. We currently offer programs leading to the Master of Divinity (MDiv), Master of Arts in Religion (MAR), Master of Arts in Counseling (MAC), Master of Arts in Theological Studies (MATS), Master of Theology (ThM), Doctor of Ministry (DMin), Doctor of Philosophy (PhD), and a Certificate in Christian Studies (Cert).Fall 2021 enrollment was 904 students with 322 in the Residential Program, 472 in Online Learning, 110 in the Korean Campus, and 7 Visiting students. With respect to Spring 2022, enrollment was 998 with 315 in the Residential Program, 556 in Online Learning, 127 in the Korean Campus and 6 Visiting Students.Residential Programs: Fall 2021 - 165 in MDiv, 27 in MAR, 31 in ThM, 46 in PhD, 53 in DMin; Spring 2022 - 155 in MDiv, 24 in MAR, 38 in ThM, 45 in PhD, 53 in DMin. 5000790 4778255 Online LearningOnline Learning provides multiple degree programs online to train leaders in ministry anywhere in the world in their local ministry contexts. In addition to Master of Arts in Counseling and a Master of Arts in Theological Studies, we have started offering the Master of Divinity (MDiv) and Master of Arts in Religion (MAR) online. In Fall 2021, we had 114 students in the MATS program, 256 in MAC, 26 in MAR, 61 in the MDiv, and 15 Certificate students. In Spring 2022, 129 in MATS, 303 in MAC, 34 in MAR, 70 in MDiv, and 20 Certificate students. 3472170 3846759 WTSBooks.comWestminster Bookstore is the campus bookstore for Westminster Theological Seminary. We exist to serve the Kingdom of God by serving the Westminster Theological Seminary community through the distribution of high quality, biblically faithful, Reformed books and resources. 145178 177679 Student HousingWTS offers limited housing for up to 21 students at our Church Road campus in Glenside: 11 male students in Machen Hall; 5 male students in SeokNam House; and 5 women students in the Church Road Gate House. In addition, WTS owns 8 condominiums at 1600 Church Road in Wyncote, Pennsylvania and can house up to 1 student plus his/her family of either gender. These are intended to help the international student. 46479 17100 Upholding the Truth, LLC or "UTT"The purpose of UTT is to study, promote, and advance the truth and ethics of a biblically consistent worldview in all spheres of life and when appropriate, to do so with allied individuals, groups, and organizations that are committed to the same perspective. Representative projects include an annual conference devoted to the intersection of science and faith. 191657 194779 19073713 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 0 0 1 1 1 1 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 925 0 1 263 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X Chun Lai 2158875511 2960 W Church Road Glenside PA 19038 X John Weiser Board Chairman 5.00 X X 0 0 0 M Douglas Hart Board Vice Chairman 5.00 X X 0 0 0 Francis McGowen Board Treasurer 5.00 X X 0 0 0 John Maynard Trustee 5.00 X 0 0 0 Harry Reeder Trustee 5.00 X 0 0 0 Larry Puls Trustee 5.00 X 0 0 0 Zach Aills Trustee 5.00 1.00 X 0 0 0 Hugh Jacks Trustee 5.00 X 0 0 0 Tom Conway Trustee 5.00 X 0 0 0 Richard Phillips Trustee 5.00 X 0 0 0 Richard B Gaffin III Trustee 5.00 X 0 0 0 Gregory A Poland Trustee 5.00 X 0 0 0 Gabriel NE Fluhrer Trustee 5.00 X 0 0 0 Juan Carlos Martinez Trustee 5.00 X 0 0 0 Mark Sallade Trustee 5.00 X 0 0 0 Peter Lillback President 45.00 1.00 X 122795 0 108593 Jerry Timmis VP of Stewardship 45.00 1.00 X 184557 0 28149 David Garner Academic Dean 45.00 X 113467 0 78546 Chun Lai Chief Operating Officer 45.00 1.00 X 149650 0 25489 Steve Carter VP Campus Life 45.00 X 129313 0 9578 James Sweet General Counsel 45.00 X 95828 0 4188 Pau Ping Sze To Director of Finance 45.00 X 88632 0 12855 Lee Augsburger Secretary 11.00 X 27727 0 0 Israel Massincaud Dir. of Process Transformation 45.00 X 137333 0 21161 Yohan Kim Director of Online Learning 45.00 X 122399 0 23843 Jonathan Brack Sr Director of Enrollment 45.00 X 122286 0 23843 Brandon Crowe Professor - New Testament 45.00 X 113682 0 22992 Andrew Schwartz Sr Director of Stewardship 45.00 X 112854 0 23181 1520523 0 382418 15 0 1 0 Christian Counseling & Educational Fdn 1803 East Willow Grove Glenside PA 19038 Teaching Fees 1085472 BuxMont Services LLC 524 Derstine Avenue Lansdale PA 19446 Contractor Services 365635 CliftonLarsonAllen LLP PO Box 829709 Philadelphia PA 191829709 Accounting Services 323582 Kell Partners LLC 5924 S Congress Ave 31 Austin TX 78745 Software Services 227900 Open Book Communications 3802 Nicollet Ave Suite 204 Minneapolis MN 55409 Marketing Services 223649 11 458672 69310 39615 17472046 338593 18039643 Tuition and fees 611600 10522350 10522350 WTS Bookstore 451211 3846759 3846759 Student Housing 900099 177679 177679 UTT Income 900099 17100 17100 304592 304592 14868480 164375 164375 92316 2767 89549 89549 89549 7647196 7055202 591994 591994 591994 0 458672 25474 -25474 -25474 33728567 14868480 0 820444 3625504 3625504 168518 168518 1143810 95638 679850 368322 9046050 6531785 1099282 1414983 399177 303528 36576 59073 624962 582728 22417 19817 558898 372467 104414 82017 113121 17304 95817 72010 72010 61478 61478 2558085 1422408 1058642 77035 839991 363766 407332 68893 451513 222134 120097 109282 851962 520719 232027 99216 295872 72991 186991 35890 316912 159934 27574 129404 616374 280693 225177 110504 42102 3198 38904 1419307 786133 474432 158742 Bookstore COGS 3284940 3284940 UTT program expense 46479 46479 340310 212846 124561 2903 26877375 19073713 5067581 2736081 8770971 16818143 2117 2121 663693 525267 632160 19265 116185 991082 1056191 358061 358939 27837526 15058957 12340358 12778569 11275537 8769310 3232526 3361565 11912970 10538237 50091847 54431420 1857065 1349723 1386111 1981325 432247 392958 786971 646023 4462394 4370029 X 12917691 14218817 32711762 35842574 45629453 50061391 50091847 54431420 X 6851192 -1207654 -1211600 X 0 1 X 1 1 1 X 5380951 8207003 9721561 14858605 18039643 56207763 5380951 8207003 9721561 14858605 18039643 56207763 8029475 48178288 402854 502697 346072 221869 256691 1730183 57937946 62535713 0.83150 0.78590 X Schedule A, Part II: The organization is a school as described under 170(b)(1)(A)(ii) and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170(b)(1)(A)(vi) and, therefore, qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20000 420250 X X 0 12184132 435045 -737546 3301370 88970 8491291 9036869 1876955 1657368 339384 47676 12184132 9349841 600 165823 425395 54000 9036869 9493061 8000 421455 503534 69141 9349841 10050227 632641 1110273 79534 9493061 1.00000 1 0 1008 1008 13524329 4857799 8666530 9904953 7369247 2535706 4407236 2831911 1575325 12778569 Government and agency securities 122360 F Corporate bonds 556860 F Private equity funds 2213065 F Other investments 469280 C 3361565 Interest in beneficial trust 10538237 10538237 Annuities Payable 528075 Post Employment Benefits 117948 646023 Part III, Line 4: Rare book editions, acquired chiefly by gift, are not held for display. They are kept in secured, humidity controlled rooms in the library and are utilized primarily for scholarly research. The historic Torah scroll was acquired by gift in order to be preserved for future generations and used by faculty and students in their scholarly research. Part V, Line 4: The Seminary's endowment is utilized to fund operations. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The organization currently enrolls students of racial minority groups in meaningful numbers consistent with the publicity exception found in Rev. Proc. 75-50 section 4.03(2)(b). Schedule E, Part I, Line 6 The Seminary is the recipient of U.S. Department of Education - Student Financial Aid Cluster loan program funds. The Seminary also received financial assistance from the Higher Education Emergency Relief Funds (HEERF) as part of the CARES Act. 1 East Asia and the Pacific 1 19 Program services Online program, translating and producing course materials 871103 East Asia and the Pacific 0 0 Grants to recipients located in region 154098 Sub-Saharan Africa 0 0 Grants to recipients located in region 4770 North America 0 0 Grants to recipients located in region 4420 South America 0 0 Grants to recipients located in region 2890 Europe (Including Iceland & Greenland) 0 0 Grants to recipients located in region 2340 1 19 0 0 1 19 1039621 0 1039621 Scholarships East Asia and the Pacific 68 154098 Applied to student accounts Scholarships Sub-Saharan Africa 2 4770 Applied to student accounts Scholarships North America 3 4420 Applied to student accounts Scholarships South America 1 2890 Applied to student accounts Scholarships Europe (Including Iceland & Greenland) 1 2340 Applied to student accounts 0 0 0 0 0 0 Part I, Line 2: Like for individuals within the US, budgeted amounts are awarded to eligible students who apply for financial aid (selected by committee or using packaging rules). Awarded students are checked to ensure that they are still eligible to receive these funds during the course of the academic year. The scholarships are applied directly to each student's account. Part I, line 3: The organization tracked expenditures in accordance with accrual basis of accounting using project reports. Part III Accounting Method: McGowen Scholarship Dinner 453872 453872 106 5500 869 453872 453872 106 5500 869 6475 -6475 1 Scholarships 408 3585889 HEERF Grants 4 39615 Part I, Line 2: Budgeted amounts are awarded to eligible students who apply for financial aid (selected by committee or using packaging rules). Awarded students are checked to ensure that they are still eligible to receive these funds during the course of the academic year. The scholarships are applied directly to each student's account. X X 1 1 X X 0 0 0 0 0 0 0 1 0 Peter Lillback President 115597 0 488 0 6710 0 13337 0 97905 0 234037 0 0 0 Jerry Timmis VP of Stewardship 158591 0 25025 0 941 0 13029 0 16061 0 213647 0 0 0 David Garner Academic Dean 109228 0 3288 0 951 0 23426 0 56071 0 192964 0 0 0 Chun Lai Chief Operating Officer 149288 0 26 0 336 0 10369 0 15456 0 175475 0 0 0 Israel Massincaud Dir. of Process Transformation 137125 0 27 0 181 0 8729 0 12613 0 158675 0 0 0 Part I, Line 1a President Peter Lillback has a discretionary account used for projects not anticipated during budgeting. These funds are used solely for Seminary initiatives and documentation to support business use of the funds is provided according to the accountable plan rules. Pursuant to Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. Peter Lillback, President and David Garner, Academic Dean met the qualifications for and received a ministerial housing allowance during the tax year. Part I, Line 7 The board approved nonfixed payments made in the form discretionay bonuses. X 24 317785 Selling price X 1 808 Cost X 1 20000 Cost 0 0 1 0 Part I, Column (b): The number of contributions represent the number of contributions received, not the number of items donated. Form 990, Part VI, Section A, line 1a The Executive Committee is comprised of the Chairman, Vice Chairman and one to three at-large trustees who shall be nominated by the Governance Committee and elected annually at the time of the election of officers. The President and whichever members of his Senior Administration he deems appropriate shall attend all meetings of the Executive Committee. All Board members may attend and participate in the meetings of the Executive Committee, but only members of the Executive Committee have the right to vote during such meetings. The Executive Committee shall have the authority to take formal action on behalf of the Board on matters that cannot reasonably wait until the next full Board meeting. The full Board may rescind or amend any action of the Executive Committee by a majority of the members present and voting. Form 990, Part VI, Section A, line 2 Larry Puls and John Maynard have a family relationship Form 990, Part VI, Section B, line 11b The Form 990 is prepared by an independent CPA firm. The Director of Finance reviews in detail and approves the 990. It is then sent to the Chief Operating Officer for top-level review. A draft copy of the Form 990 was provided to the Audit Committee and then a final copy was provided to every member of the organization's governing body before it was filed with the IRS. Form 990, Part VI, Section B, line 12c Board members and officers annually sign conflict of interest policy disclosures. The signed statements disclosing any conflicts are reviewed by the Governance Committee of the Board of Trustees for determination of appropriate actions. Should any potential conflicts of interest be disclosed, the board member or officer is asked to refrain from participation in any decision with regard to matters affected by the relationship. Form 990, Part VI, Section B, line 15 Line 15a - The independent members of the Board determine the President's salary. Comparability data is used, and the approval process is documented. Line 15b - The compensation for other officers is approved by the President. Comparability data is used, and the approval process is documented. Form 990, Part VI, Section C, line 19 The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. Form 990, Part VII, Section A, Line 1a: Compensation reported in Part VII, column D and Schedule J, Part II, column B is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F and Schedule J, Part II, column C. Form 990, Part XI, line 9: Change in value of beneficial interest in trust -1,374,733. Change in value of annuities -231,876. Distribution from beneficial interest in perpetual trusts 395,009. Upholding the Truth LLC 2960 W Church Road Glenside PA 19038 383812745 To address cultural issues in a Biblical fashion PA 117100 197612 Westminster Theological Seminary The Ethics of Profits LLC 2960 W Church Road Glenside PA 19038 Study & disseminate scholarly research on the ethical nature of capitalism PA 0 0 Upholding the Truth LLC Westminster Seminary Press LLC 2960 W Church Road Glenside PA 19038 Publication of new and classic Reformed Christian books PA 213808 339962 Westminster Theological Seminary Westminster Bookstore 2960 W Church Road Glenside PA 19038 842028619 Marketing and distributing Christian literature PA 3786065 1052568 Westminster Theological Seminary Westminster Educational Foundation Inc Willow Grove Ave Church Rd Philadelphia PA 19118 232565132 To support the Westminster Theological Seminary PA 501(c)(3) Line 12a, I Westminster Theological Seminary 1 Charitable Remainder Unitrust (2) Charitable Remainder Unitrust PA Westminster Theological Seminary T 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 Westminster Educational Foundation Inc C 69310 Book value Westminster Educational Foundation Inc N Westminster Educational Foundation Inc O