2024-03-15T14:36:45-05:00 2023-06-30 363990892 Capin Crouse LLP 3200 E Guasti Road Suite 230 Ontario CA 91761 990 2022-07-01 956001907 The Master's University and Seminary MAST 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 Todd Kostjuk CFO & VP of Administration 6612593540 2024-03-15 1 Todd Kostjuk 999009999 0 Daren Daiga P01074795 5055022746 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Abner Chou 21726 Placerita Canyon Road Santa Clarita CA 913211200 90740185 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 15 10 1262 50 0 0 28272294 21800477 49301242 62457616 2708799 923099 484567 -37438 80766902 85143754 15444029 19178412 0 0 28775638 31478545 0 657 2992387 19328182 24875028 63547849 75532642 17219053 9611112 147412644 166684429 45245068 48196287 102167576 118488142 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 51747710 19178412 48467178 Undergraduate liberal arts academic program, MABC and Credential programs, Online Degree programs, and Seminary graduate degrees.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 trains men, through an advanced academic program prioritizing biblical authority and local church discipleship, for pastoral ministry--to preach the Word of God, reach the world for Christ, and teach others to do the same. 14120995 13903208 Auxiliary enterprises such as operation of dormitory facilities, food service operations, and student bookstore. 65868705 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 0 0 1 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 1 1 1 1 0 0 1 3368 0 1 1262 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 X 15 10 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 Abner Chou PresidentMacArthur Endowed Chair of Biblical Studies 40.00 X X 153300 0 25233 Brad Armstrong Chair 5.00 X X 0 0 0 Jonathan Rourke Vice Chair 5.00 X X 30650 0 0 Mark Tatlock Secretary & Faculty 5.00 X X 7155 0 0 David van Wingerden Treasurer 2.00 X X 0 0 0 Scott Ardavanis Board Member & Faculty 3.00 X 8325 0 0 Luis Contreras Board Member 1.00 X 0 0 0 Bryan Hughes Board Member 1.00 X 0 0 0 Jesse Johnson Board Member 1.00 X 0 0 0 George Lawson Board Member 1.00 X 0 0 0 John MacArthur Board Member & Chancellor 3.00 X 33123 0 0 Felix Martin del Campo Board Member 1.00 X 0 0 0 Matthew Sakiestewa Gilbert Board Member 1.00 X 0 0 0 George Sanders Board Member 1.00 X 0 0 0 Rod Shackelford Board Member 1.00 X 0 0 0 Robert Provost Board Member (part year) 1.00 X 0 0 0 David Wismer Board Member (part year) 1.00 X 0 0 0 Todd Kostjuk CFO & VP of Administration 40.00 X 133704 0 179502 Lucas Cherry University VP of Development 40.00 X 229950 0 7780 Thomas Hopewell Provost and Dean of Online 40.00 X 154689 0 91508 Corey Williams Seminary Chief Communications Officer 40.00 X 152919 0 27216 John Russell Controller 40.00 X 141797 0 27596 Ryan Zamroz University Sr Dir. of Development 40.00 X 151274 0 5376 Dariu Dumitru Chief Enrollment & Marketing 40.00 X 103224 0 128004 Paul Twiss Seminary Instructor 40.00 X 88201 0 138377 Jade Greenfield Chief Development Officer 40.00 X 111587 0 116520 Thomas Halstead University Dean, School of Biblical Studies 40.00 X 113634 0 104921 1613532 0 852033 39 0 1 0 Bon Appetit Management Company PO Box 50196 Los Angeles CA 90074 Food Service 2401616 BJ Development & Construction 24135 Railroad Ave Newhall CA 91321 Construction 1382700 EBM Inc 25350 Magic Mountain Pkwy Valencia CA 91355 Janitorial 422429 WeKreative Design Group 24820 Orchard Village Rd Suite A 3 Valencia CA 91355 Marketing 376831 Faithlife 1313 Commercial St Bellingham WA 98225 Software Licenses 317766 29 73100 155391 21571986 6175673 21800477 Student Tuition & Fees 611310 48467178 48467178 Auxiliary Enterprises 611310 13081620 13081620 908818 908818 62457616 1081281 1081281 26580 26580 139109 151385 -12276 -12276 -12276 4741332 4899514 -158182 -158182 -158182 59453 73100 67054 -7601 -7601 391248 478478 -87230 -87230 University productions 900099 31652 31652 Workers Comp Refund 524298 9538 9538 1899 1899 43089 85143754 62370386 0 972891 X 19178412 19178412 689475 689475 318772 286386 32386 25012757 20915070 2585522 1512165 714104 586169 83388 44547 3351033 2736871 275897 338265 1392404 1147664 157330 87410 53928 24945 28790 193 75737 75737 657 657 143012 143012 1796989 1226937 528556 41496 1461025 906771 433112 121142 1550306 1297281 210503 42522 1656781 1049606 496069 111106 60013 60013 4009418 3853896 89830 65692 2954563 2262795 309860 381908 2496604 2248950 135896 111758 1230829 1143706 62230 24893 4569409 4238016 236709 94684 416799 390522 18769 7508 Food Service Charges 2399615 2314695 78479 6441 75532642 65868705 6671550 2992387 6330203 7491610 11383389 4762673 2162434 3563636 440877 357378 65464 51352 1196168 1120079 253988 294416 1716615 3223535 120491759 38580840 70850299 81910919 30290076 37623397 8757978 8807801 1924726 1862858 12040427 15614775 147412644 166684429 2809263 4398823 4148367 5000860 25017763 24166524 343102 332859 790189 615385 12136384 13681836 45245068 48196287 X 46472365 55009009 55695211 63479133 102167576 118488142 147412644 166684429 X 9611112 2729671 3979783 X 0 1 X 1 1 1 X 12355609 13320513 27445335 28272294 21800477 103194228 12355609 13320513 27445335 28272294 21800477 103194228 2088758 101105470 1070023 1282037 1043277 1322851 1246970 5965158 11631 24051 35682 260072 33377 3935236 33516 11437 4273638 113468706 235542404 0.89100 0.88840 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Miscellaneous - 2018 Amount: $ 9,595. 2019 Amount: $ 9,667. 2020 Amount: $ 4,062. 2021 Amount: $ 13,422. 2022 Amount: $ 1,899. Workmans Comp Rebate - 2018 Amount: $ 61,947. 2019 Amount: $ 23,710. 2020 Amount: $ 20,815. 2021 Amount: $ 20,094. 2022 Amount: $ 9,538. Property Tax Refund - 2018 Amount: $ 188,530. Employee Retention Credit - 2020 Amount: $ 3,910,359. 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 219691 X X X 0 44398271 4277409 7154156 1216987 1789307 52823542 48079807 1377225 -3050092 2008669 44398271 31837881 8728486 8973302 963260 238417 258185 48079807 30425308 2291911 499824 733462 410950 234750 31837881 28704310 1630656 1225928 742557 177934 215095 30425308 0.10590 0.89411 0 0 13831444 13831444 77760323 25525604 52234719 19693139 11129550 8563589 9206853 1925686 7281167 81910919 Fixed Income Securities Level 2 3620159 C REIT 3166534 C Private Equity 2021108 C 8807801 Future interest in split agreement 8001943 Asset held for investment 3850381 Right of use assets 3762451 15614775 Due to Annuitants 3918986 Leases payable on ROU assets 262850 Margin Line of Credit 9500000 13681836 73228701 2729671 -15198629 -12468958 85697659 143012 -696917 -553905 85143754 56908135 696917 696917 56211218 143012 19178412 19321424 75532642 Part III, Line 4: The institution maintains a collection of rare biblical texts, early English Bibles, and torah scrolls which are of historical and research interest to faculty and students. Part V, Line 4: Endowment funds are used to create stable income streams in support of scholarships and strategic expenses. Part XI, Line 2d - Other Adjustments: Student financial aid netted with tuition revenue -19,178,412. Net change in split interest agreement 3,979,783. Part XI, Line 4b - Other Adjustments: Rent expense -151,385. Special event expense -67,054. Cost of goods sold -478,478. Part XII, Line 2d - Other Adjustments: Rent expense 151,385. Special event expense 67,054. Cost of goods sold 478,478. Part XII, Line 4b - Other Adjustments: Student financial aid netted with tuition revenue 19,178,412. 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 publicized its racially nondiscriminatory policy on the homepage of its website at all times during its tax year in a manner reasonably expected to be noticed by visitors. Schedule E, Part I, Line 6 Federal financial aid funds are received from the U.S. Department of Education under Title IV of the Higher Education Act. The grants are provided to TMUS to award student assistance under the following programs: Federal Work Study (FWS) and Supplemental Educational Opportunity Grant (SEOG). Middle East and North Africa 1 2 Program Services Academic studies 1100896 Central America and the Caribbean 0 0 Investments 1862858 1 2 0 0 1 2 2963754 0 2963754 1 0 1 0 1 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. Part III Accounting Method: Part IV, Line 3: The organization has analyzed its investment in a foreign corporation and has determined that it does not meet the reporting thresholds for Form 5471. The organization is required to file and has completed the applicable Forms 926 and 8865. Golf Tournament 132553 73100 59453 45429 11002 3200 7423 132553 73100 59453 45429 11002 3200 7423 67054 -7601 1 Institutional Scholarships 2167 19178412 Part I, Line 2: The Master's University and Seminary awards financial aid grants to students in accordance with 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 X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 Todd Kostjuk CFO & VP of Administration 93316 0 4500 0 35888 0 30329 0 149173 0 313206 0 0 0 Thomas Hopewell Provost and Dean of Online 141639 0 2800 0 10250 0 11120 0 80388 0 246197 0 0 0 Lucas Cherry University VP of Development 182025 0 12300 0 35625 0 7780 0 0 0 237730 0 0 0 Dariu Dumitru Chief Enrollment & Marketing 72790 0 15800 0 14634 0 0 0 128004 0 231228 0 0 0 Jade Greenfield Chief Development Officer 77701 0 3000 0 30886 0 24076 0 92443 0 228106 0 0 0 Paul Twiss Seminary Instructor 18921 0 3000 0 66280 0 26839 0 111538 0 226578 0 0 0 Thomas Halstead University Dean, School of Biblical Studies 23294 0 300 0 90040 0 32191 0 72730 0 218555 0 0 0 Corey Williams Seminary Chief Communications Office 139619 0 10500 0 2800 0 7846 0 19370 0 180135 0 0 0 Abner Chou PresidentMacArthur Endowed Chair of Biblical Studies 130907 0 300 0 22093 0 6296 0 18938 0 178534 0 0 0 John Russell Controller 121414 0 4300 0 16083 0 5400 0 22196 0 169393 0 0 0 Ryan Zamroz University Sr Dir. of Development 110674 0 23800 0 16800 0 5376 0 0 0 156650 0 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. The following individuals met the qualifications for and received a ministerial housing allowance during the tax year: Todd Kostjuk Dariu Dumitru Jade Greenfield Thomas Halstead Thomas Hopewell Paul Twiss Taxable country club memberships were provided to the following individuals to promote fundraising and networking: Todd Kostjuk Lucas Cherry John MacArthur Travel for companions was provided on occassion to Development officers in pursuit of fundraising goals as deemed necessary by Administration or when requested by donors. Travel that was deemed to have a bona fide business purpose was nontaxable. All other travel was taxable. Part I, Line 7 The Board Finance Committee approved nonfixed payments in the form of discretionary bonuses. A California Municipal Finance Authority 201563466 13048VMX3 2019-12-04 27282520 Campus buildings and refinance of 12/19/14 bond issue 0 0 0 A 1830000 27295847 506091 5038239 21751517 2021 1 0 1 1 A 0 0 1 1 0 0.04000 0.04000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 Schedule K, Part II, Line 3 The amount reported on Line 3 isn't identical to the issue price listed in Part I, column (e) because of investment earnings. Mark Tatlock Board director Home purchase X 65464 51352 0 1 1 51352 170845 Financial Aid Tuition assistance Thomas Hopewell Family member of Matthew Sakiestewa Gilbert, Board Member 286386 Compensation and benefits 0 Angela Hopewell Family member of Matthew Sakiestewa Gilbert, Board Member 32386 Compensation and benefits 0 WeKreative Family member of John MacAthur, Board Member 457906 Graphic and creative design 0 X 286 University estimate X 23002 University estimate X 2 34500 University estimate X 16 3851692 Market Value X 1 2250000 Appraised Value X Hotel room nights 1 10575 Market Value X Cryptocurrency 2 5618 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 1a 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 CFO 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 Executive Committee, which is made up of independent persons, using comparative data obtained from outside sources. The results of the evaluations are documented in the Executive 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. Part VII, column (F) and Schedule J, Part II, column (C): Compensation reported in Part VII, column D and Schedule J, Part II, column B is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F and Schedule J, Part II, column C. Form 990, Part IX, Line 11f: Investment management fees are deducted from gross investment income on the audited financial statements prior to the recording of investment income. The fees deducted this reporting year were $143,012. Form 990, Part XI, line 9: Net change in split interest agreements 3,979,783. MustangRE#2 LLC 21726 Placerita Canyon Rd Santa Clarita CA 91321 Commercial Real Estate CA 28700 227500 The Master's Unversity and Seminary Charitable Remainder Trust (2) Beneficial interest in Charitable Remainder Annuity Trust CA The Master's University and Seminary 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Charitable Remainder Trust C 3710485 Market Value