2016-11-15T07:52:36-06:00 2016-06-30 363990892 Capin Crouse LLP 3010 Saturn Street Suite 205 Brea CA 92821 990 2015-07-01 956001907 The Master's College and Seminary MAST 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 Jason A Hartung CFO 6612593540 2016-11-15 1 David C Moja P00747006 7149619300 2015 2017-02-10 21:41:12Z Jason A Hartung 21726 Placerita Canyon Road Santa Clarita CA 913211200 54413106 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 21 14 1161 50 0 0 9973392 8042360 41750916 43677248 1632892 1673862 177760 339796 53534960 53733266 11808601 12605373 0 0 22931734 24328280 0 0 1828474 13259590 13829330 47999925 50762983 5535035 2970283 80359788 81036998 32185429 32622798 48174359 48414200 X TMCS 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 34759052 12605373 34517945 Four year liberal arts academic program - approximately 1,000 students; Masters Degrees and Credential program - approximately 60 students; Degree Completion program - approximately 50 students; Online Degree program - approximately 340 students; Seminary advance degrees - approximately 400 students.TMCS exists to advance the Kingdom of the Lord Jesus Christ. The college equips men and women for excellence in service to Him in strategic fields of ministry and vocation worldwide. The 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. 7037880 9361250 Dormitory Facilities, Food Service Operations, Bookstore for student use. 41796932 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 172 0 1 1161 1 0 0 0 0 0 1 1 0 0 0 0 X 21 14 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 Phil Ross Controller and Assistant Treasurer 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 X John MacArthur President & Board Member 15.00 X X 44900 0 20055 James W Rickard Chairman 2.00 X X 0 0 0 Tom Pennington Vice-Chairman 1.00 X X 16600 0 0 David Wismer Secretary 2.00 X X 0 0 0 Richard Riddle Treasurer 1.00 X X 0 0 0 Jack Babbitt Board Member 1.00 X 0 0 0 Philip DeCourcy Board Member 1.00 X 17250 0 0 Louis Herwaldt Board Member 1.00 X 0 0 0 Bryan Hughes Board Member 1.00 X 0 0 0 Chris Hamilton Board Member 1.00 X 0 0 0 Randy Kirkland Board Member 1.00 X 0 0 0 Steve Lawson Board Member & Faculty 8.00 X 50000 0 0 Felix Martin del Campo Board Member 1.00 X 0 0 0 Robert Provost Board Member 1.00 X 0 0 0 George Sanders Board Member 1.00 X 0 0 0 John van Windergen Board Member 1.00 X 0 0 0 Bradley Wetherell Board Member & Development 5.00 X 18000 0 0 Brad Armstrong Board Member 1.00 X 0 0 0 George Jackson Board Member 1.00 X 0 0 0 Jesse Johnson Board Member 1.00 X 4550 0 0 Jonathan Rourke Board Member & Staff 11.50 X 14191 0 0 Phil Ross Controller 40.00 X 106687 0 14872 Jason Hartung CFO 40.00 X 130573 0 20680 E Lee Duncan College Exec Vice Presiden 40.00 X 75169 0 103522 Irv Busenitz Seminary SVP for Academic 40.00 X 61647 0 72891 Richard Gregory Seminary SVP for Administr 40.00 X 32762 0 112596 Richard Mayhue Seminary Research Professo 40.00 X 17701 0 135617 Lucas Cherry College VP Development 40.00 X 135436 0 20344 Kirk Linahan College Director of Market 40.00 X 151731 0 18155 Kevin Hill College Chair Business Dep 40.00 X 130120 0 25898 Thomas Halstead College Chair Biblical Counseling 40.00 X 68401 0 84070 1075718 0 628700 5 0 1 0 Bon Appetit 21726 Placerita Canyon Road Santa Clarita CA 91355 Food Services 1717368 Intertex General Contractors 28338 Constellation Road 900 Valencia CA 91355 Construction 544466 Maskell Graphics Inc 1121 W Isabel Street Burbank CA 91506 Printing & Graphics 207517 Dell Marketing LP PO Box 910916 Pasadena CA 911100916 Computers 174549 Ruffalo Noel Levitz PO Box 718 Des Moines IA 503030718 Admission Consultants 153872 9 43950 161054 7837356 300678 8042360 Student Tuition and Fe 611710 34431070 34431070 Auxiliary Enterprises 611710 8765883 8765883 Other Program Service 611710 480295 480295 43677248 517757 517757 32610 32610 212925 119773 93152 93152 93152 1501702 345597 1156105 1156105 1156105 44250 43950 32163 12087 12087 338192 182307 155885 155885 Workmen's Compensation 524298 43468 43468 Other Miscellaneous 900099 2594 2594 46062 53733266 43879195 0 1811711 12605373 12605373 956419 235134 701785 19500 112742 112742 17501160 13564310 3044610 892240 449895 347112 71546 31237 4282163 3167708 929969 184486 1025901 759059 202599 64243 547587 304851 242388 348 51893 3025 48594 274 47135 47135 15343 15343 552407 319569 163585 69253 934048 512504 389124 32420 1899764 1586898 185238 127628 493498 304336 142341 46821 2861 2861 1968032 1677840 222850 67342 1352150 1154717 75710 121723 991669 891660 74247 25762 563440 446731 93367 23342 2056719 1639079 334112 83528 463529 381775 58911 22843 Food Service Charges 1889255 1782509 91262 15484 50762983 41796932 7137577 1828474 592302 1370949 4347161 3834891 157724 161975 159500 144000 1174735 1380751 80420125 35004752 45591987 45415373 24183340 25090695 4153039 3638364 80359788 81036998 1181763 1345912 1694428 2283187 23825000 23396000 3456297 3396920 324305 464009 1703636 1736770 32185429 32622798 X 22834183 22904076 6508016 6225907 18832160 19284217 48174359 48414200 80359788 81036998 X 2970283 -2263936 -466506 X X 0 1 X 1 1 1 X 4438780 5179271 6050807 9973392 8042360 33684610 4438780 5179271 6050807 9973392 8042360 33684610 1874365 31810245 325522 531481 708157 826242 763292 3154694 581647 38534 31718 27863 46062 725824 37565128 203984711 0.84680 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22265244 528604 -369664 447979 75120 166330 21734755 21598860 1744603 -225301 697826 155092 22265244 18766259 863004 2383883 414286 21598860 16986668 486532 1732749 439690 18766259 16080071 328652 705963 128018 16986668 0.89000 0.11000 1 0 3024496 3024496 44351199 20722728 23628471 560967 190370 370597 14497389 11130147 3367242 17986074 2961507 15024567 45415373 Due to Annuitants 793483 Due to Trustors and Other Remainderman under Trust Agreements 432504 Interest Rate Swap Agreement 510783 1736770 X 39182857 -2263936 -12605373 -14869309 54052166 15343 -334243 -318900 53733266 38476510 334243 334243 38142267 15343 12605373 12620716 50762983 Part V, Line 4: Scholarships and organization expenses. Part X, Line 2: The financial statement effects of a tax position taken or expected to be taken are recognized in the 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 statements of activities. As of June 30, 2016 and 2015, TMCS had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. TMCS files information tax returns in the U.S. and various states. TMCS is subject to income tax examinations for the current year and certain prior years based on the applicable laws and regulations. Part XI, Line 2d - Other Adjustments: Student financial aid netted with tuition revenue -12,605,373. Part XI, Line 4b - Other Adjustments: Rent expense -119,773. Special event expense -32,163. COGS -182,307. Part XII, Line 2d - Other Adjustments: Rent expense 119,773. Special event expense 32,163. COGS 182,307. Part XII, Line 4b - Other Adjustments: Student financial aid netted with tuition revenue 12,605,373. 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 non-discriminatory policy. Middle East and North Africa 1 4 Program Services Instructional Services - Education Semester Program 628577 1 4 0 0 1 4 628577 0 628577 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 88200 43950 44250 18968 8280 4915 88200 43950 44250 18968 8280 4915 32163 12087 1 Institutional Scholarships 1216 12605373 Part I, Line 2: Master's College and Seminary awards financial aid grants to students in accordance with the College'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. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Jason Hartung CFO 130573 0 0 0 0 0 2525 0 18524 0 151622 0 0 0 E Lee Duncan College Exec Vice Presiden 75169 0 0 0 0 0 15853 0 88083 0 179105 0 0 0 Irv Busenitz Seminary SVP for Academic 61647 0 0 0 0 0 20119 0 53035 0 134801 0 0 0 Richard Gregory Seminary SVP for Administr 32762 0 0 0 0 0 24544 0 88365 0 145671 0 0 0 Richard Mayhue Seminary Research Professo 17701 0 0 0 0 0 27845 0 108051 0 153597 0 0 0 Lucas Cherry College VP Development 135436 0 0 0 0 0 2292 0 18389 0 156117 0 0 0 Kirk Linahan College Director of Market 151731 0 0 0 0 0 0 0 18569 0 170300 0 0 0 Kevin Hill College Chair Business Dep 130120 0 0 0 0 0 0 0 26190 0 156310 0 0 0 Thomas Halstead College Chair Biblical Counseling 68401 0 0 0 0 0 17298 0 66960 0 152659 0 0 0 Part I, Line 1a Housing allowances for the following individuals was reported on Part VII - E Lee Duncan $75,000; Richard Mayhue $80,000; Irv Busenitz $40,000; Richard Gregory $70,000; Thomas Halstead $54,000. 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 0 0 0 0 1 A 0 0 0 0 1 1 US Bank National Association 0 0 0 0 1 A 1 Lucas Cherry Highest Compensated Employee Housing Equity - Shared X 100000 100000 0 1 1 Lucas Cherry Highest Compensated Employee Personal Loan X 55000 44000 0 1 1 144000 James M Rickard Son of Board Member 92611 W-2 Compensation 0 X 3436 Fair Market Value X 1 500 Market Value X 2 60980 Market Value X 1 210000 Appraisal X Media Equipment 2 10730 X Musical Instruments 1 9000 X HVAC Equipment 1 5032 X Athletic Event Tickets 1 1000 2 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 B, line 11 The Form 990 is prepared by an independent CPA firm and is reviewed in detail by the the board of directors 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. Form 990, Part VI, Section B, line 15 Annual evaluations are done by the Finance Committee, which is made up of independent persons, using comparative data obained 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 One minister on the board of directors is paid as adjunct faculty for the seminary teaching classes involving pastoral ministries. Form 990, Part XI, line 9: Net change in split interest agreements -95,928. Unrealized Loss on Interest Rate Swap -376,002. Non-Operating Losses 5,424. 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 $143,420.