2021-05-25T15:48:13-05:00 2020-06-30 363990892 Capin Crouse LLP 1000 Texan Trail STE 125 Grapevine TX 76051 990 2019-07-01 954663290 The King's University KING 8175523700 2121 East Southlake Blvd Southlake TX 76092 Ashley Green CFO 8175523700 2021-05-25 1 Ted R Batson Jr P00721951 5055022746 2019 2022-09-23 18:48:47Z Dr Jon Chasteen 2121 East Southlake Blvd Southlake TX 76092 15003006 0 X www.tku.edu X 1997 CA Prepare and educate men and women for effective leadership and Christ-like servanthood. 12 11 0 11 0 0 3366098 6307712 6591376 6176843 53623 145086 -68861 -136231 9942236 12493410 582587 645413 0 0 0 0 72000 72000 663931 8718446 8996279 9373033 9713692 569203 2779718 9408903 11657015 1498797 821893 7910106 10835122 X The King's University is a Spirit-filled evangelical institution of higher education, dedicated to the preparation of men and women for effective leadership and Christ-like servanthood. 0 0 6536364 645413 6176843 The University provides an undergraduate education and graduate level seminary education with a student enrollment of almost 800: 399 (undergraduate) and 396 (graduate). Degree programs offered include Associate of Christian Ministries, Associate of Worship Leadership, Bachelor of Biblical & Theological Studies (Theological Studies, Music & Worship, Messianic Jewish Studies), Bachelor of Biblical Counseling, Bachelor of Christian Ministries, Bachelor of Intercultural Studies (Evangelism and Missions), Bachelor of Media Arts, Bachelor of General Christian Studies, Bachelor of Worship Leadership, Master of Divinity (Messianic Jewish Studies, Theology), Master of Marriage and Family Therapy (MMFT) (Counseling), Master of Practical Theology (Ministry), Master of Organizational Leadership (Leadership) and Doctoral of Ministry. 6536364 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 0 1 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 1 878 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 12 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X Ashley Green 8175523700 2121 East Southlake Blvd Southlake TX 76092 Dr Jon Chasteen President 39.00 1.00 X X 0 223278 174194 Dr David Cole Provost/CAO 39.00 1.00 X 0 127791 45926 Dr Mitchell Land Dean of Media Arts 39.00 1.00 X 0 136163 6230 Ashley Green CFO 39.00 1.00 X 0 107332 21606 Rhonda Davis VP Enrollment Management 39.00 1.00 X 0 107310 8776 Dr Kenneth Ulmer Vice Chair/Trustee 0.50 0.50 X X 0 5940 0 Dr Jack Hayford Chancellor Emeritus 3.00 1.00 X 0 0 0 Dr Robert Morris Chancellor/Trustee 0.50 0.50 X X 0 0 0 Pastor Kevin Grove Chairman/Trustee 3.00 1.00 X X 0 0 0 Dr Sterling Brackett Trustee 0.50 0.50 X 0 0 0 Larry Dantzler Trustee 0.50 0.50 X 0 0 0 Pastor Dan Hicks Trustee 0.50 0.50 X 0 0 0 Dr Howard Kaloogian Trustee 0.50 0.50 X 0 0 0 Dennis Newman Trustee 0.50 0.50 X 0 0 0 Rev Robert Stearns Trustee 0.50 0.50 X 0 0 0 Dr Jack Young Trustee 0.50 0.50 X 0 0 0 Pastor Tom Lane Trustee 4.50 0.50 X 0 0 0 0 707814 256732 0 0 1 0 0 1536139 1388384 3383189 251802 6307712 Tuition and fees 611310 6075479 6075479 Auxiliary revenue 900099 101364 101364 6176843 121681 121681 2345674 2322269 23405 23405 23405 36100 1536139 151227 -115127 -115127 14996 36100 -21104 -21104 12493410 6176843 0 8855 X 645413 645413 96914 96914 70804 70804 72000 72000 6894759 4775719 1618818 500222 160535 65706 94829 526381 272210 213373 40798 298232 216470 68456 13306 378848 251000 105690 22158 117792 76075 31477 10240 68237 43071 19959 5207 65776 65776 Educational Programs 191916 190700 1216 Bad debt expense 92642 92642 Accreditation expense 33443 33443 9713692 6536364 2513397 663931 90827 1377277 2176854 1297817 263435 419020 21957 21435 133437 122192 2419082 1808828 436743 610254 6015285 7439116 270365 369904 9408903 11657015 1050181 470166 198035 201134 250581 150593 1498797 821893 X 5237047 6051275 2673059 4783847 7910106 10835122 9408903 11657015 X 2779718 134337 10961 X 0 1 X 1 1 1 X 3901839 2935469 2415529 3366098 6307712 18926647 3901839 2935469 2415529 3366098 6307712 18926647 18926647 77163 64889 102804 175688 121681 542225 12518 15798 36100 64416 19533288 32544540 0.96890 0.96910 X Schedule A, Part II, Line 10, Explanation of Other Income: Fundraising Event Fees - 2015 Amount: $ 12,518. 2018 Amount: $ 15,798. 2019 Amount: $ 36,100. 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. Schedule A, Part II, Columns (a) - (e): Per the instructions public support is measured using a 5-year computation period that includes the current and four prior tax years (including short years). The organization had a short year in 2018. The below chart clarifies the information represented in Schedule A, Part II: Column (a) - Fiscal year ending 7/31/2016 Column (b) - Fiscal year ending 7/31/2017 Column (c) - 11 month period ending 6/30/2018 Column (d) - Fiscal year ending 6/30/2019 Column (e) - Fiscal year ending 6/30/2020 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2442965 1435760 127097 40370 67057 3898395 2339871 88308 96494 35391 46317 2442965 2148789 121613 119930 15601 34860 2339871 2054277 58140 141957 59296 46289 2148789 1988743 75280 35943 11700 33989 2054277 0.00000 1.00000 0 0 196413 44059 152354 318695 216132 102563 1903974 1548637 355337 610254 Annuity obligations 105429 Trust liability 45164 150593 13013253 134337 832632 198287 1165256 11847997 645413 645413 12493410 10088237 832632 187326 1019958 9068279 645413 645413 9713692 Part V, Line 4: The endowment funds are used for the funding of a professorial chair and scholarships. Sch. D, Part V, Lines 2a-2c In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 6/30/2020. The 2019 Form 990 and its associated schedules were not updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions Part XI, Line 2d - Other Adjustments: Direct fundraising events expenses reported on Pt. VIII 151,226. Change in value of split interest agreement 10,961. Cost of goods sold 36,100. Part XI, Line 4b - Other Adjustments: Scholarships and discounts reported with net tuition and fees 645,413. Part XII, Line 2d - Other Adjustments: Direct fundraising events expenses reported on Pt. VIII 151,226. Cost of goods sold 36,100. Part XII, Line 4b - Other Adjustments: Scholarships and discounts reported with net tuition and fees 645,413. 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 publishes its nondiscriminatory policy on the homepage of its website and all solicitations for students contain a statement of the University's racially nondiscriminatory policy, as well as the student catalog available on the University's website. Schedule E, Part I, Line 6 The University receives funds for the Federal Direct Student Loan Program, Federal Pell Grants, Federal Supplemental Educational Opportunity Grant Program, Federal Work-Study Program, Higher Education Emergency Relief Fund, and the Paycheck Protection Program. Europe 0 0 Program Service Student trip 51511 0 0 0 0 0 0 51511 0 51511 0 0 0 0 0 0 Part I, line 3: The university uses expense reports, receipts, and other appropriate documentation in order to utilize the accrual accounting method consistent with GAAP to account for expenditures. Part III Accounting Method: X X X X X 1 Lee Mimms 3909 Via Picaposte Palos Verdes Estates CA 90274 Donor relations consulting 0 1572239 72000 1500239 1572239 72000 1500239 CA 2019 Fall Dinner 1543601 1511201 32400 38196 23236 65579 2019 Golf Tournament 28638 24938 3700 9532 13427 72 1185 1572239 1536139 36100 9532 51623 23308 66764 151227 -115127 1 Scholarships/Financial Aid 662 538758 HEERF Grants 74 106655 Part I, Line 2: For individual grants, students submit an application for financial aid to the financial aid office. Applications are evaluated by the financial aid office and students are notified of awards they are to receive. The financial aid is applied directly against tuition. No cash changes hands. Scholarships are not refunded should the student fail to complete the required credit hours. X 1 1 X X X 0 0 0 0 0 0 0 1 0 Dr Jon Chasteen President 0 222038 0 1000 0 240 0 26883 0 147551 0 397712 0 0 Dr David Cole Provost/CAO 0 125023 0 1000 0 1768 0 4214 0 43068 0 175073 0 0 Part I, Line 1a Pursuant to Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. Dr. Jon Chasteen, President, and Dr. David Cole, Provost, met the qualifications for and received a ministerial housing allowance during the tax year. Part I, Line 7 There were various discretionary bonus payments made during the fiscal year which were determined by the board of directors and provided to officers and employees as approved. Rebecca Bauer Family member of Jack Hayford, Officer 14780 Employee compensation 0 X 1 251802 Market Value 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 1 The Executive Committee is composed of the Chairman, Vice-Chairman, Chancellor and President. The Committee is authorized to exercise any and all powers which the board of trustees of the corporation is empowered to exercise, except as prohibited by law, the Articles and the Bylaws of the corporation. The Committee reports its activities and affairs to the board of trustees at the next meeting. Form 990, Part VI, Section B, line 11b The Form 990 is prepared by an independent CPA firm and is first reviewed in detail by the Director of Finance and Chief Financial Officer. A full copy of the 990 is then provided to the board members prior to being filed with the IRS. Form 990, Part VI, Section B, line 12c The conflict of interest policy requires each trustee to disclose actual or possible conflicts of interest on an annual basis. The Executive Team, which consists of the President and two Vice Presidents, evaluates each disclosure to determine if an actual conflict exists; in the case that a member of the Executive Team is involved in the disclosure, the board will make the determination. Following the disclosure, the responsible person recuses him or herself from the discussion and vote on the transaction or arrangement involving the possible conflict of interest. The Chairperson has the authority to appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board and/or Executive Team shall determine whether the university can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. Form 990, Part VI, Section B, line 15 Compensation for the President and other officers is determined by the Executive Committee of the board. Comparability data is examined annually, including Form 990's from similar universities. Compensation deliberations are recorded in the board minutes. Form 990, Part VI, Section C, line 19 The organization's conflict of interest policiy, governing documents, and financial statements are available upon request. Form 990, Part IX, line 11g Other Professional Services: Program service expenses 194,008. Management and general expenses 239,270. Fundraising expenses 8,297. Total expenses 441,575. Reimbursement for employees salaries and wages: Program service expenses 4,581,711. Management and general expenses 1,379,548. Fundraising expenses 491,925. Total expenses 6,453,184. Form 990, Part XI, line 9: Change in value of split interest agreement 10,961. The King's University 2121 East Southlake Blvd Southlake TX 76092 464671972 Private school TX 501(c)(3) Line 2 The King's University (CA) 1 Charitable remainder unitrust (1) Hold assets & remit income to grantors CA The King's University T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 The King's University N 0 The King's University O 0 The King's University P 6453185 Book Value