2016-05-11T22:06:21-05:00 2015-06-30 363990892 Capin Crouse LLP 3010 Saturn Street Suite 205 Brea CA 92821 990 2014-07-01 956001907 The Master's College and Seminary MAST 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 Jason A Hartung CFO 6612593540 2016-05-11 1 David C Moja P00747006 7149619300 2014 2016-08-17 19:52:53Z John MacArthur 21726 Placerita Canyon Road Santa Clarita CA 913211200 53763435 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 17 12 1110 50 0 0 6050807 9973392 39668265 41750916 1583095 1632892 84272 177760 47386439 53534960 10857629 11808601 0 0 21730658 22931734 0 0 1789550 11625403 13259590 44213690 47999925 3172749 5535035 84453746 80359788 38935225 32185429 45518521 48174359 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 33840535 11808601 33637732 Four year liberal arts academic program - approximately 1,000 students; Masters Degrees and Credential program - approximately 60 students; Degree Completion program - approximately 150 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. 5973793 8141047 Dormitory Facilities, Food Service Operations, Bookstore for student use. 39814328 1 1 0 0 0 0 0 0 0 1 1 0 0 1 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 1 144 0 1 1110 1 0 0 0 0 0 1 1 0 0 0 0 X 17 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA CO 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 40323 0 18914 James W Rickard Chairman 2.00 X X 0 0 0 Tom Pennington Vice-Chairman 1.00 X X 0 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 1400 0 22790 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 Steve Lawson Board Member & Adjunct Fac 4.00 X 21200 0 0 Robert Provost Board Member 1.00 X 0 0 0 S Lance Quinn part-year Board Member & Adjunct Fac 4.00 X 8000 0 0 George Sanders Board Member 1.00 X 0 0 0 John vanWindergen Board Member 1.00 X 0 0 0 Harry Walls III part-year Board Member 1.00 X 0 0 0 Felix Martin del Campo Board Member 1.00 X 0 0 0 Randy Kirkland Board Member 1.00 X 0 0 0 Bradley Wetherell Board Member & Development Consultant 5.00 X 18000 0 0 Phil Ross Controller 40.00 X 106738 0 11313 Jason Hartung CFO 40.00 X 133111 0 16161 E Lee Duncan College Exec Vice President 40.00 X 92521 0 73946 Irv Busenitz Seminary SVP for Academic Administration 40.00 X 69345 0 82527 Richard Gregory Seminary SVP for Administration 40.00 X 12546 0 15171 Richard Mayhue Seminary Research Professor of Theology 40.00 X 57937 0 146733 Lucas Cherry College VP Development 40.00 X 134540 0 16187 Kirk Linahan College Director of Marketing 40.00 X 148944 0 16161 Michael Vlach Seminary Associate Professor of Theology 40.00 X 73144 0 84072 Michael Grisanti Seminary Professor 40.00 X 91102 0 99208 1008851 0 603183 4 0 1 0 Bon Appetit 21726 Placerita Canyon Road Santa Clarita CA 91355 Food Services 1618320 Intertex General Contractors 28338 Constellation Road 900 Valencia CA 91355 Construction 924555 Sun Country Systems Inc 11710 Chisholm Court Saugus CA 91390 Construction 518657 Riker Construction Inc PO Box 220368 Newhall CA 91322 Construction 383370 BJ Development & Construction 24135 Railroad Ave Newhall CA 91321 Construction 264015 8 85250 164962 9723180 328755 9973392 Student Tuition and Fe 611710 33333176 33333176 Auxiliary Enterprises 611710 7856155 7856155 Other Program Service 611710 561585 561585 41750916 527365 527365 91327 91327 207550 130808 76742 76742 76742 1147990 11657 50214 3906 1097776 7751 1105527 1105527 25375 85250 43547 -18172 -18172 Other Miscellaneous 900099 27863 27863 27863 53534960 41778779 0 1782789 11808601 11808601 832433 107114 725319 86828 86828 16838070 13455418 2464950 917702 112067 87395 18302 6370 4092170 3063554 853619 174997 970166 707113 198205 64848 339707 339347 288 72 52173 10239 41212 722 72868 72868 511803 298227 130979 82597 773494 489684 215680 68130 1933044 1202200 610392 120452 478705 296808 135647 46250 1959928 1688321 222133 49474 1521998 1371572 49108 101318 918028 768703 124861 24464 510487 404278 84967 21242 2394419 1932803 362268 99348 Food Service Charges 1792936 1696123 85249 11564 47999925 39814328 6396047 1789550 297355 592302 8676401 4347161 222623 157724 85464 159500 1575616 1174735 78542316 32950329 44324670 45591987 25369588 24183340 3902029 4153039 84453746 80359788 1150243 1181763 1594545 1694428 30000000 23825000 800000 0 3665217 3456297 378365 324305 1346855 1703636 38935225 32185429 X 21994091 22834183 6361716 6508016 17162714 18832160 45518521 48174359 84453746 80359788 X 5535035 -1944582 -934615 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 21598860 1744603 -225301 697826 155092 22265244 18766259 863004 2383883 414286 21598860 16986668 486532 1732749 439690 18766259 16080071 328652 705963 128018 16986668 10940640 3297536 1906875 64980 16080071 1.00000 1 0 3024496 3024496 44172755 19740797 24431958 515594 175702 339892 13674420 10375307 3299113 17155051 2658523 14496528 45591987 Contribution Receivable from Trust 2810133 Perkins Loan Note Receivable, net of allowance 435115 Faculty/Staff Housing Loans 907791 4153039 Federal Government Perkins Loan Program Liability 379460 Due to Annuitants 771876 Due to Trustors and Other Remainderman under Trust Agreements 417519 Interest Rate Swap Agreement 134781 1703636 X 40275573 -1625141 -11808601 -13433742 53709315 -174355 -174355 53534960 36365679 174355 174355 36191324 11808601 11808601 47999925 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, 2015 and 2014, TMCS had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. Part XI, Line 2d - Other Adjustments: Student financial aid netted with tuition revenue -11,808,601. Part XI, Line 4b - Other Adjustments: Rent expense -130,808. Special event expense -43,547. Part XII, Line 2d - Other Adjustments: Rent expense 130,808. Special event expense 43,547. Part XII, Line 4b - Other Adjustments: Student financial aid netted with tuition revenue 11,808,601. 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 536662 1 4 0 0 1 4 536662 0 536662 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 110625 85250 25375 22867 17504 3176 110625 85250 25375 22867 17504 3176 43547 -18172 1 Institutional Scholarships 1260 11808601 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 E Lee Duncan College Exec Vice President 92521 0 0 0 0 0 12633 0 61704 0 166858 0 0 0 Irv Busenitz Seminary SVP for Academic Administra 69345 0 0 0 0 0 31214 0 62361 0 162920 0 0 0 Richard Gregory Seminary SVP for Administration 11736 0 0 0 810 0 810 0 14386 0 27742 0 0 0 Richard Mayhue Seminary Research Professor of Theol 57937 0 0 0 0 0 55420 0 91617 0 204974 0 0 0 Lucas Cherry College VP Development 134540 0 0 0 0 0 0 0 16495 0 151035 0 0 0 Kirk Linahan College Director of Marketing 148944 0 0 0 0 0 0 0 16587 0 165531 0 0 0 Michael Vlach Seminary Associate Professor of Theo 73144 0 0 0 0 0 2008 0 82370 0 157522 0 0 0 Michael Grisanti Seminary Professor 91102 0 0 0 0 0 19637 0 79860 0 190599 0 0 0 Part I, Line 1a Housing allowances for the following individuals was reported on Part VII - E Lee Duncan $50,000; Richard Mayhue $80,000; Irv Busenitz $40,000; Michael Vlach $67,012; Michael Grisanti $34,500; Richard Gregory $13,000. 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 Michael Vlach Highest Compensated Employee Relocation Loan X 100000 10000 0 1 1 Lucas Cherry Highest Compensated Employee Housing Equity - Shared X 100000 100000 0 1 1 Lucas Cherry Highest Compensated Employee Personal Loan X 55000 49500 0 1 1 159500 James M Rickard Son of Board Member 86828 W-2 Compensation 0 X 1219 Fair Market Value X 5 324621 Market Value X Maint Supplies 2 2235 Fair Market Value X Computer Equipment 2 680 Fair Market Value 0 1 0 Form 990, Part VI, Section B, line 11 The Form 990 is prepared by an independent CPA firm and is reviewed 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 -121,546. Write off of construction in progress -21,773. Unrealized Loss on Interest Rate Swap -134,781. Non-Operating Losses -656,515. 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 $143,639.