2019-04-04T13:43:40-05:00 2018-05-31 363990892 Capin Crouse LLP 1255 Lakes Parkway Suite 130 Lawrenceville GA 30043 990 2017-06-01 640428676 Reformed Theological Seminary REFO 6019231600 5422 Clinton Boulevard Jackson MS 39209 E Bradley Tisdale COFO 6019231600 2019-04-04 1 David C Moja P00747006 6785185301 139.146.132.42 2019-04-04 14:43:29 ED P 1D0371B0FC2AD99D4593C40B218E344FBED2E836 3E3E726BBCD78C90B893CFE7B6E5AD181591EBA7 2017 2019-02-21 02:37:17Z J Ligon Duncan III 5422 Clinton Boulevard Jackson MS 39209 47457587 0 X www.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. 14 13 355 14 -78855 -83268 6714609 8395056 10140238 10817647 4130210 8885328 644352 24458 21629409 28122489 3733593 4135736 0 0 10570430 10987392 0 0 1289115 5760936 6180829 20064959 21303957 1564450 6818532 100730380 106785507 3225798 2728183 97504582 104057324 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". 0 0 16057799 4135736 11042549 The Seminary serves approximately 1,700 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 extension sites in Memphis, TN and Sao Paulo, Brazil. Students 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 Marriage and Family Therapy and Counseling, Master of Arts in Christian Counseling, and Doctor of Ministry. 16057799 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 0 1 176 0 1 355 1 1 1 0 0 0 0 0 1 0 0 1 0 X 14 13 1 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 AK CO DC KY MD MA MI NH NJ NY OH OK OR SC WA WI X E Bradley Tisdale 6019231600 5422 Clinton Boulevard Jackson MS 39209 X Richard L Ridgway Chairman 1.00 1.00 X X 0 0 0 Larry W Edwards Vice Chairman 1.00 1.00 X X 0 0 0 Roderick Russ III Secretary 1.00 1.00 X X 0 0 0 B F Bracy Trustee 1.00 1.00 X 0 0 0 Collie W Lehn Trustee 1.00 1.00 X 0 0 0 David Lucas Trustee 1.00 1.00 X 0 0 0 J Scott Redd Sr Trustee 1.00 1.00 X 0 0 0 James L Moore Trustee 1.00 1.00 X 0 0 0 George R Fair Trustee 1.00 1.00 X 0 0 0 William M Mounger II Trustee 1.00 1.00 X 0 0 0 Paul A Hurst III Trustee 1.00 1.00 X 0 0 0 Hu Meena Trustee 1.00 0.00 X 0 0 0 Scott Maclellan Trustee 1.00 0.00 X 0 0 0 Warren Williamson Trustee 1.00 0.00 X 0 0 0 J Ligon Duncan III Chancellor / CEO 50.00 1.00 X 281610 0 42960 E Bradley Tisdale COFO 50.00 1.00 X 134398 0 32620 Robert J Cara Provost / CAO 50.00 0.00 X 148780 0 30644 Pauline M Stone Chief Inst. Assessment Offc. 25.00 0.00 X 53622 0 5377 Guy L Richardson President - Jackson 50.00 0.00 X 63447 0 95994 Scott R Swain President - Orlando 50.00 0.00 X 136930 0 28978 Michael J Kruger President - Charlotte 50.00 0.00 X 138730 0 29629 John S Redd Jr President - Washington 50.00 0.00 X 137958 0 27141 John Sowell President - Atlanta 50.00 0.00 X 116225 0 20310 M Steve Wallace Exec Dir NYC / Asst. Sec. 50.00 0.00 X 124216 0 23144 Mark D Futato Professor 40.00 0.00 X 116851 0 26661 1452767 0 363458 9 0 1 0 Independent Roofing Systems Inc 5090 McRaven Road Jackson MS 39204 Construction - roofing 228000 Pendleton Security PO Box 14005 Jackson MS 39236 Security 155141 DeSignia Inc 919 Exchange St Charlotte NC 28208 Construction 128618 Hedgehog LLC 117 Lawrence Dr Brandon MS 39047 Landscaping / grounds maint. 114728 Marchbanks Specialty Co Inc PO Box 747 Water Valley MS 38965 Construction - roofing 105322 5 432930 78000 7884126 546474 8395056 Tuition and Fees 611600 10817647 10817647 10817647 829491 -78855 908346 763149 540015 223134 223134 59809 163325 22674443 3604058 17272588 950076 5401855 2653982 8055837 8055837 0 432930 277688 -277688 -277688 208650 294731 -86081 -86081 Counseling Income 900099 85618 85618 Finance Charges 900099 30983 30983 Counseling Conferences 900099 8020 8020 40472 40472 165093 28122489 11042549 -78855 8763739 10000 10000 4108226 4108226 17510 17510 1633933 573444 727844 332645 7235581 5519131 1110291 606159 504605 345200 137712 21693 1048076 782667 224315 41094 565197 362575 164470 38152 27677 20473 7204 75560 75560 224838 224838 695280 528428 117771 49081 47576 12877 34699 581130 294138 187904 99088 450767 372499 78268 980542 830604 149938 604382 385959 168350 50073 155071 92245 38380 24446 8517 8517 1274671 1061474 213197 150377 117414 32963 Security 133537 124591 8946 Visa Processing 106139 99191 6948 Moving Expense 75645 33974 41671 UBI Taxes 732 732 588388 484843 99530 4015 21303957 16057799 3957043 1289115 1432998 185062 128704 1383364 28500 508500 272497 224632 55100 41965 127525 127745 204769 391058 50603171 30152889 21693022 20450282 43085711 39736392 31272152 41030715 2429402 2705792 100730380 106785507 982180 862808 1008355 916580 1235263 948795 3225798 2728183 X 48270483 53211399 47543626 49121781 1690473 1724144 97504582 104057324 100730380 106785507 X 6818532 -395421 129631 X 0 1 X 1 0 X 7345867 6779137 21326698 6714609 8395056 50561367 7345867 6779137 21326698 6714609 8395056 50561367 20337736 30223631 1638347 1825017 1720614 1954984 1592640 8731602 40123 79556 31845 20040 0 171564 114985 93360 135121 145244 165093 653803 60118336 0.50270 0.49580 X 236250 236250 X X 0 64934577 8098406 386185 60000 5275 73353893 69160587 271669 609850 17700 5086104 3725 64934577 55893188 13125401 151163 4500 4665 69160587 48009900 7853597 42251 8000 4560 55893188 48445460 531176 50451 13000 1000000 4187 48009900 0.36000 0.00000 0.64000 0 1 1 6553922 6553922 27526963 15933032 11593931 83740 19985 63755 12725682 11212795 1512887 3712864 2987077 725787 20450282 Hedge funds - Fund 10358851 F Equity - International 11031911 F Equity - Domestic 6934703 F Private Equity 6146863 F Real Public Assets 5002676 F Fixed Income - Int'l 1551811 F Non-public stock BCC 3900 C 41030715 Annuity Obligations 917393 Student Housing Deposits 31402 948795 X 24618559 -395421 -4220943 -4616364 29234923 -1112434 -1112434 28122489 18065817 1112434 1112434 16953383 4350574 4350574 21303957 Part III, Line 4: The Seminary received a Torah scroll at the Charlotte campus that will be used for research. This scroll, along with two others received in previous years at our Jackson and Orlando locations, will be displayed for the benefit of future students and friends of the Seminary. 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. Part X, Line 2: The consolidated financial statement effects of a tax position taken or expected to be taken are recognized in the consolidated financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the consolidated statement of activities. As of May 31, 2018 and 2017, the Seminary had no uncertain tax positions that qualify for recognition or disclosure in the consolidated financial statements. Part XI, Line 2d - Other Adjustments: Investment management fees -224,838. Change in Beneficial interest in trusts 129,631. Reclass scholarships -4,125,736. Part XI, Line 4b - Other Adjustments: Reclass cost of sales -294,731. Reclass rental expenses -540,015. Reclass direct expenses from fundraising events -277,688. Part XII, Line 2d - Other Adjustments: Reclass cost of sales 294,731. Reclass rental expenses 540,015. Reclass direct expenses from fundraising events 277,688. Part XII, Line 4b - Other Adjustments: Investment management fees 224,838. Reclass Scholarships 4,125,736. 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 Seminary's nondiscrimination policy is communicated to the general community through it official website, www.rts.edu, and catalog. Schedule E, Part I, Line 6 The Seminary received payments from the Department of Veterans Affairs (GI bill and Post 9/11 Veteran Education Funding) and 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. 1 Central America and the Caribbean 0 0 Investments 3552467 East Asia and the Pacific 0 0 Grants to Recipients Located in Region Scholarships 6395 Central America and the Caribbean 0 0 Grants to Recipients Located in Region Scholarships 858 Russia and Neighboring States 0 0 Grants to Recipients Located in Region Scholarships 515 North America 0 0 Grants to Recipients Located in Region Scholarships 5107 Europe 0 0 Grants to Recipients Located in Region Scholarships 3090 Sub-Saharan Africa 0 0 Grants to Recipients Located in Region Scholarships 1545 South America 1 1 Program Services Instructional 11018 East Asia and the Pacific 0 0 Program Services Instructional 4263 Europe 0 0 Program Services Instructional 1527 Middle East and North Africa 0 0 Program Services Instructional 4205 North America 0 0 Program Services Conference 2187 1 1 0 0 1 1 3580995 12182 3593177 Scholarships East Asia and the Pacific 6 6395 Scholarships FMV Scholarships Central America and the Caribbean 1 858 Scholarships FMV Scholarships Russia and Neighboring States 1 515 Scholarships FMV Scholarships North America 6 5107 Scholarships FMV Scholarships Europe 3 3090 Scholarships FMV Scholarships Sub-Saharan Africa 1 1545 Scholarships FMV 1 0 1 1 0 0 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 four international private equity funds domiciled in the Cayman Islands - 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, and Drake Capital Offshore Partners LP. The FMV of these investments as of 5/31/18 was $3,552,467 ($405,773, $529,568, $77,688, and $2,539,438 respectively). Chancellor's Forum 333345 333345 68734 108128 7883 68622 FL Vision Dinner 99585 99585 9135 6045 9141 432930 432930 68734 117263 13928 77763 277688 -277688 1 Scholarships 1160 4108226 FMV Scholarships Part I, Line 2: Scholarship assistance is approved and monitored for individuals through campus scholarship committees and an institutional financial aid director. X X X 1 1 X 0 0 0 0 0 0 0 0 0 J Ligon Duncan III Chancellor / CEO 221360 0 250 0 60000 0 22846 0 20114 0 324570 0 0 0 E Bradley Tisdale COFO 134148 0 250 0 0 0 13907 0 18713 0 167018 0 0 0 Robert J Cara Provost / CAO 127130 0 250 0 21400 0 13131 0 17513 0 179424 0 0 0 Guy L Richardson President - Jackson 63197 0 250 0 0 0 33256 0 62738 0 159441 0 0 0 Scott R Swain President - Orlando 111680 0 250 0 25000 0 11465 0 17513 0 165908 0 0 0 Michael J Kruger President - Charlotte 98480 0 250 0 40000 0 10315 0 19314 0 168359 0 0 0 John S Redd Jr President - Washington 91681 0 250 0 46027 0 9628 0 17513 0 165099 0 0 0 Part I, Line 1a Travel for companions - the Seminary encourages and reimburses officers of the seminary to travel with their spouses when the spouse has a legitimate business purpose. The circumstance occurs on an infrequent basis. The following were reimbursed by the Seminary for spousal travel, which was not included in their compensation as all had a legitimate business purpose for the travel - 4 officers and 1 Trustee. Housing allowances are annually reviewed and approved by the Executive Committee of the Seminary. One officer is a ministerial employee which received a nontaxable housing allowance. Six officers and one employee received housing allowances which were included in their taxable compensation. Personal services - the Seminary has paid for childcare expenses of an officer while the officer was at a development event for the Seminary. The circumstance occurs infrequently. Part I, Line 1b While the Seminary has written policies concerning "travel for companions and "housing allowances", it does not have a written policy for "Personal services" as this circumstance occurs infrequently. John S Redd Jr Family relationship with Board Member J. Scott Redd, Sr. 166957 Comp. 0 X 1 0 None - no value X 21 211724 FMV at time of gift X 1 98500 Appraisal X 1 236250 Appraisal 2 0 1 1 Part I, Column (b): The number of contributions represent the number of contributions received, not the number of items donated. Line 15: Real Estate - Residential - house in Vicksburg, MS. Sold in year received. Line 22: Historical artifacts - Torah Scroll located on Charlotte, NC, campus. Part I, Line 32b: The Seminary uses third-party realtors to market and sell donated land. Form 990, Part VI, Section A, line 2 Trustee, J. Scott Redd, Sr., and Officer, John S. Redd, Jr., have a family relationship. 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 review 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's deliberations & decisions regarding the transaction. Form 990, Part VI, Section B, line 15 Part VI, Section B, Lines 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. 990, Part VII, Section A Page 7, Part VII, Section A: Officer, Guy Richardson is a ministerial employee exempt from FICA tax. Therefore, Box 5 of his Form W-2 is blank, and Box 1 has been used in Part VII as reportable compensation as required by the instructions to Form 990. Compensation an employee contributes to their 401(k) plan is not included on Form W-2, Box 1, but is included on Form W-2, Box 5. For the above ministerial employee exempt from FICA tax, employee 401(k) contributions are reported on Form 990, Part VII, column (F) or Schedule J, Part II, Column (C), if applicable. For those employees not exempt from FICA taxes, employee paid 401(k) contributions are included in reportable compensation reported on Form 990, Part VII, Column (D), and Schedule J, Part II, Column (B)(i), if applicable. The above individual exempt from FICA tax also received nontaxable housing allowances, which are included on Form 990, Part VII, Column (F) and Schedule J, Part II, Column (D), if applicable, versus being included in Part VII, Column (D) and Schedule J, Part II, Column (B)(iii) for those employees that are not exempt from FICA tax. Form 990, Part XI, line 9: Change in Beneficial Interest in Trusts 129,631. Reformed Properties LLC 1231 Reformation Drive Oviedo FL 32765 270679756 Real estate rental FL 39125 948648 RTS RTS Foundation Inc 5422 Clinton Blvd Jackson MS 39209 640918136 Fundraising MS 501(c)(3) Line 12a, I RTS 1 Reformed Theological Seminary of Florida Inc 1231 Reformation Drive Oviedo FL 32765 421647628 Theological FL 501(c)(3) Line 12a, I RTS 1 0 0 1 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 RTS Foundation Inc C 78000 FMV RTS Foundation Inc L RTS Foundation Inc N RTS Foundation Inc O RTS Foundation Inc P