2019-03-19T12:19:01-05:00 2018-06-30 363990892 Capin Crouse LLP 3050 Saturn Street Suite 104 Brea CA 92821 990 2017-07-01 956001907 The Master's University and Seminary MAST 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 Todd Kostjuk VP of Finance 6612593540 2019-03-19 1 David C Moja P00747006 7145770988 139.146.132.42 2019-03-19 13:18:50 ED P BB9C941D9017312E4EAEE769FA72F4CB3C5790C3 04A39A987A26B1027CD8DF0A62FE9D66E527A3BF 2017 2019-02-21 02:37:17Z John F MacArthur 21726 Placerita Canyon Road Santa Clarita CA 913211200 61064330 0 X www.masters.edu; www.tms.edu X 1927 CA Christian liberal arts college and theological seminary existing to advance the Kingdom of the Lord 22 16 1277 50 0 0 11288434 12632633 44761074 46576385 1030631 1151533 143890 192292 57224029 60552843 13457793 14586750 0 0 25803528 26658602 0 0 2068657 14255700 15106241 53517021 56351593 3707008 4201250 89515140 94710308 35057494 34841788 54457646 59868520 X The Master's University and Seminary (TMUS) exists to advance the Kingdom of the Lord Jesus Christ through education. This is accomplished through unreserved commitment to worshipping God, authority of Scripture, personal holiness, serving the local church, and penetrating the world with the Truth. 0 0 40411017 14586750 37324810 Four year liberal arts academic program - approximately 950 students; Masters Degrees and Credential program - approximately 150 students; Online Degree programs - approximately 450 students; Seminary advance degrees - approximately 500 students.The mission of The Master's University is to empower students for a life of enduring commitment to Christ, biblical fidelity, moral integrity, intellectual growth and lasting contribution to the Kingdom of God worldwide. The Master's Seminary equips godly men to be pastors or trainers of pastors for excellence in service to Christ in strategic fields of Christian ministry. This is accomplished through unreserved commitment to worshipping God, authority of Scripture, personal holiness, serving the local church, and penetrating the world with the Truth. 6623023 9333902 Dormitory Facilities, Food Service Operations, Bookstore for student use. 47034040 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 1 2428 0 1 1277 1 0 0 0 0 0 1 1 0 0 0 0 X 22 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA CO NH OR SC AK X John Russell Controller 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 X John MacArthur President & Board Member 15.00 X X 39004 0 23774 Tom Pennington Chairman & Faculty 2.00 X X 4250 0 33900 Chris Hamilton Vice-Chairman 2.00 X X 0 0 0 Bryan Hughes Secretary 2.00 X X 0 0 0 Bradley Wetherell - Treasurer and Development Consultant 5.00 X X 18000 0 0 Scott Ardavanis Board Member 1.00 X 356 0 0 Brad Armstrong Board Member 1.00 X 0 0 0 Philip DeCourcy Board Member 1.00 X 0 0 0 Richard Dewey Board Member 1.00 X 0 0 9800 George Jackson Board Member 1.00 X 0 0 0 Jesse Johnson Board Member & Faculty 1.00 X 9500 0 0 Randy Kirkland Board Member 1.00 X 0 0 0 Steve Lawson Board Member & Faculty 8.00 X 59500 0 0 Felix Martin del Campo Board Member 1.00 X 0 0 0 Robert Provost Board Member 1.00 X 0 0 0 James W Rickard Board Member 1.00 X 0 0 0 Richard Riddle Board Member 1.00 X 0 0 0 Jonathan Rourke Board Member & Staff 1.00 X 7504 0 0 George Sanders Board Member 1.00 X 0 0 0 Mark Shackelford Board Member 1.00 X 0 0 0 John van Windergen Board Member 1.00 X 0 0 0 David Wismer Board Member 1.00 X 0 0 0 Phil Ross part year Controller & Assistant Treasurer 40.00 X 99832 0 18690 Mark Zhakevich VP of Finance 40.00 X 62665 0 77975 Jason Hartung part year CFO 40.00 X 137058 0 45571 Lucas Cherry University VP Development 40.00 X 150996 0 26497 Kevin Hill University Dean of Faculty 40.00 X 201732 0 25600 Brian Morley - Univ Professor of Biblical Studies 40.00 X 118683 0 78070 Michael Grisanti - Seminary Professor of Old Testament 40.00 X 102801 0 138906 Thomas Halstead - University Dean of School, Biblical Studies 40.00 X 89683 0 94669 Richard Gregory - Seminary VP for Administration 40.00 X 62393 0 113166 1163957 0 686618 29 0 1 0 Bon Appetit 21726 Placerita Canyon Road Santa Clarita CA 91321 Food Services 1724977 BJ Development & Construction 24135 Railroad Ave Newhall CA 91321 Construction 390810 Group Advantage 735 Dover Court San Diego CA 92109 Travel 255274 WeKreative 28406 Constellation Road Valencia CA 91355 Marketing 252000 Pacific Mobile Structures PO Box 1404 Chehalis WA 98532 Construction 241894 14 69000 146074 12417559 677364 12632633 Student Tuition & Fees 611710 37324810 37324810 Auxiliary Enterprises 611710 8610881 8610881 640694 640694 46576385 808269 808269 35250 35250 238426 133157 105269 105269 105269 578299 235035 343264 343264 343264 22400 69000 52954 -30554 -30554 136323 90341 45982 45982 Workers Comp Refund 524298 30564 30564 5781 5781 36345 60552843 46658712 0 1261498 14586750 14586750 610216 44438 361567 204211 388842 348473 40369 19421951 15775249 2853468 793234 535000 419360 84954 30686 4565520 3592263 814735 158522 1137073 873367 201090 62616 91261 4973 86151 137 85300 85300 187174 187174 1191982 664160 485378 42444 558364 280738 223857 53769 2312456 1668808 486744 156904 661771 289719 310581 61471 57412 57412 2098847 1750600 255186 93061 1507893 1186942 103163 217788 1156022 1050538 70145 35339 703044 558612 115546 28886 2185150 1741824 354661 88665 436972 374607 49892 12473 Food Service Charges 1872593 1765207 78935 28451 56351593 47034040 7248896 2068657 513365 1427454 3915980 4501716 276126 610923 138500 133000 100000 998755 1091255 1690181 2019487 79527472 33555804 45557039 45971668 26363028 28412981 2900535 3071925 7161631 7369899 89515140 94710308 1017579 1055664 1855189 2432887 22775784 22349054 4687064 4376703 216185 162736 4505693 4464744 35057494 34841788 X 24156231 26214166 8163494 9802999 22137921 23851355 54457646 59868520 89515140 94710308 X 4201250 497689 711935 X X 0 1 X 1 1 1 X 6050807 9973392 8042360 11288434 12632633 47987626 6050807 9973392 8042360 11288434 12632633 47987626 3268484 44719142 708157 826242 763292 880079 1037351 4215121 53043 53238 90312 48782 58745 304120 52506867 217129106 0.85170 0.86410 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Miscellaneous - 2013 Amount: $ 4,622. 2014 Amount: $ 27,863. 2015 Amount: $ 2,594. 2016 Amount: $ 5,082. 2017 Amount: $ 5,781. Workmans Comp Rebate - 2013 Amount: $ 27,096. 2015 Amount: $ 43,468. 2017 Amount: $ 30,564. Gross Fundraising event fees - 2013 Amount: $ 21,325. 2014 Amount: $ 25,375. 2015 Amount: $ 44,250. 2016 Amount: $ 43,700. 2017 Amount: $ 22,400. 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 qualifies to use the first listed special rule for Schedule B reporting. 26146768 1262243815 1849288 596206 185966 195744 28308383 21734755 3219487 2476249 511083 586641 185999 26146768 22265244 528604 -369664 447979 75120 166330 21734755 21598860 1744603 -225301 697826 155092 22265244 18766259 863004 2383883 414286 21598860 0.84260 0.15740 1 0 3024496 3024496 53065269 25588845 27476424 827597 246252 581345 11368569 7720707 3647862 11241541 11241541 45971668 Contribution Receivable from Trust 3282968 Asset held for sale 2205612 Asset held for investment 1732500 Interest rate swap 148819 7369899 Due to Annuitants 4068884 Due to Trustors and Other Remainderman under Trust Agreements 395860 4464744 46553060 497689 -14586750 -14089061 60642121 187174 -276452 -89278 60552843 41854121 276452 276452 41577669 187174 14586750 14773924 56351593 Part V, Line 4: Scholarships and organization expenses. Part XI, Line 2d - Other Adjustments: Student financial aid netted with tuition revenue -14,586,750. Part XI, Line 4b - Other Adjustments: Rent expense -133,157. Special event expense -52,954. COGS -90,341. Part XII, Line 2d - Other Adjustments: Rent expense 133,157. Special event expense 52,954. COGS 90,341. Part XII, Line 4b - Other Adjustments: Student financial aid netted with tuition revenue 14,586,750. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 All promotional recruiting materials and broadcast advertising clearly state our racially nondiscriminatory policy. The racially nondiscriminatory policy is also included on the organization's website. Middle East and North Africa 1 4 Program Services Academic studies 582300 Europe (Including Iceland & Greenland) 0 4 Program services Academic Studies 86703 1 8 0 0 1 8 669003 0 669003 0 0 0 0 0 0 Part I, line 3: The organization tracked expenditures in accordance with accrual basis of accounting. Foreign expenditures were tracked using expense reports and other appropriate documentation. Golf Tournament 91400 69000 22400 28195 8970 11826 3963 91400 69000 22400 28195 8970 11826 3963 52954 -30554 1 Institutional Scholarships 1221 14586750 Part I, Line 2: Master's University and Seminary awards financial aid grants to students in accordance with the University's institutional financial aid policies. All scholarships are awarded to current students of the institution, thus enabling the institution to track their academic performance and use of all scholarship funds. Scholarships funds are directly applied to the student accounts, with no cash changing hands. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Jason Hartung part year CFO 135451 0 1500 0 107 0 5602 0 40424 0 183084 0 0 0 Lucas Cherry University VP Development 141624 0 0 0 9372 0 5201 0 21733 0 177930 0 0 0 Kevin Hill University Dean of Faculty 105310 0 0 0 96422 0 4304 0 21658 0 227694 0 0 0 Brian Morley - Univ Professor of Biblical Studies 33712 0 0 0 84971 0 27564 0 50806 0 197053 0 0 0 Michael Grisanti - Seminary Professor of Old Testament 39855 0 390 0 62556 0 31262 0 107964 0 242027 0 0 0 Thomas Halstead - University Dean of School, Biblical Studies 20299 0 0 0 69384 0 22523 0 72385 0 184591 0 0 0 Richard Gregory - Seminary VP for Administration 55317 0 0 0 7076 0 23497 0 90120 0 176010 0 0 0 Part I, Line 1a Nontaxable housing allowances for the following individuals were reported on Part VII: Mark Zhakevich - $57,000 Brian Morley - $29,100 Michael Grisanti - $35,600 Thomas Halstead - $57,000 Richard Gregory - $66,000 A California Statewide Communities Development Authority 680164610 2014-12-19 24000000 Campus buildings and refinance of long term debt 0 0 0 A 24000000 24000000 1 0 1 1 A 0 0 1 1 0 0.04000 0.00000 0.04000 0 0 1 A 0 0 0 0 1 1 US Bank National Association 0 0 0 0 1 A 1 Lucas Cherry Key Employee Housing Equity - Shared X 100000 100000 0 1 1 Lucas Cherry Key Employee Personal Loan X 55000 33000 0 1 1 Iosif Zhakevich Family member of Board Officer Home purchase X 100000 100000 0 1 1 233000 109955 Need-Based Scholarships Recruitment and retention scholarships 42035 Academic Scholarships Scholarship for academic performance James M Rickard Family member of Board Member 115314 Compensation and benefits 0 WeKreative Entity more than 35% owned by family members of President. 252000 Graphic and creative design. 0 Iosif Zhakevich Family member of Board Member 155187 Compensation and benefits 0 Kory Welch Family member of President 40369 Compensation and benefits 0 Lauren Mason Family member of Board Member 77972 Compensation and benefits 0 X 2744 Fair Market Value X 850 Fair Market Value X 11 235014 Market Value X 1 3362 Fair market value X Violins 1 400080 Fair Market Value X HVAC Equip. 1 30888 Fair Market Value X Piano 1 4000 Fair Market Value X Props/Constr. Material 2 426 Cost 0 0 1 0 Part I, Column (b): The number of contributions reported is the number of contributions made, not the number of items contributed. Form 990, Part VI, Section A, line 1 The organization has an Executive Committee which functions on behalf of the Board at such times as the Board is not in session. The Chairman of the Board shall serve as the Chairman of the Committee. The Executive Committee shall consist of the officers of the Board, and the President. The Executive Vice Presidents of the University and Seminary shall convene with the Executive Committee at the pleasure of the Chairman. Additional members may be designated by the Chairman as long as the total number does not exceed twelve (12). A majority of the members of the Executive Committee shall constitute a quorum for the transaction of business. Special meetings may be called by the Chairman of the Board or by any three members through the Chairman of the Board. Conference telephone meetings are permissible in emergencies, but any action taken must be ratified at the next stated meeting of the Board. The Executive Committee shall: 1. Conduct Director business between regular Board meetings if necessary. 2. Act in emergency situations. 3. Present nominations for election to the Board and for officers of the Board. 4. Annually review salaries of executive staff members. Form 990, Part VI, Section B, line 11b The Form 990 is prepared by an independent CPA firm and is reviewed in detail by the VP of Finance and Controller. The reviewed 990 is then sent to the board of directors for review prior to filing. Form 990, Part VI, Section B, line 12c The Conflict of Interest Policy is signed annually by all board members and corporate officers. The Finance Committee reviews all documents and recommends any necessary action. The Finance Committee follows up during the year to ensure the policy is enforced. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship. Form 990, Part VI, Section B, line 15 Annual compensation evaluations for the President as well as other officers and key employees are done by the Finance Committee, which is made up of independent persons, using comparative data obtained from outside sources. The results of the evaluations are documented in the Finance Committee minutes. Form 990, Part VI, Section C, line 19 The organization makes its articles of incorporation, bylaws, conflict of interest policy, annual audited financial statements, and Form 990 (except for donor information) available to all individuals or companies when requested through the accounting office. Form 990, Part VII, Section A Three ministers on the board of directors are paid as adjunct faculty for the seminary, teaching classes involving pastoral ministries. Form 990, Part XI, line 9: Net change in split interest agreements 459,204. Unrealized Gain on Interest Rate Swap 252,731. Form 990, Part XII, Line 2c: The organization's Board assumes responsibility of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year. Form 990, Part IX, Line 11f Investment management fees are deducted from gross investment income prior to the recording of investment income. The fees deducted this reported year were $187,174.