2022-01-24T11:10:57-06:00 2021-06-30 363990892 Capin Crouse LLP 3050 Saturn Street Suite 104 Brea CA 92821 990 2020-07-01 956001907 The Master's University and Seminary MAST 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 Todd Kostjuk CFO & VP of Administration 6612593540 2022-01-24 1 Todd Kostjuk 999009999 Ted R Batson Jr P00721951 5055022746 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Abner Chou 21726 Placerita Canyon Road Santa Clarita CA 913211200 95922610 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 16 13 1181 50 0 0 13320513 27445335 38570660 43271351 885390 -614347 429723 4516166 53206286 74618505 9055672 11688992 0 0 25907952 28044584 0 5315 2398358 14591741 16095361 49555365 55834252 3650921 18784253 103536998 126279049 37600480 35583817 65936518 90695232 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 38156369 11688992 34940675 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 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. 8801112 8716262 Auxiliary entrprises such as operation of dormitory facilities, food service operations, and student bookstore. 46957481 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 0 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 0 1 3039 0 1 1181 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 16 13 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 Interim President MacArthur Endowed Ch. Biblical Studies 40.00 X X 121749 0 24699 Scott Ardavanis Board Member & Faculty 1.00 X 30443 0 0 Sam Horn part year President 40.00 X X 258999 0 180299 Jonathan Rourke Chair 5.00 X X 11962 0 0 Brad Armstrong Vice Chair 2.00 X X 0 0 0 Bryan Hughes Secretary 2.00 X X 0 0 0 Mark Shackelford part year Secretary 2.00 X X 0 0 0 Bradley Wetherell Treasurer 2.00 X X 0 0 0 George Jackson Board Member 1.00 X 0 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 Wingerden Board Member 1.00 X 0 0 0 David Wismer Board Member 1.00 X 0 0 0 Hon Cho Board Member 1.00 X 0 0 0 Matthew Sakiestewa Gilbert Board Member 1.00 X 0 0 0 David van Wingerden Board Member 1.00 X 0 0 0 Jesse Johnson Board Member 1.00 X 0 0 0 Richard Riddle part year Board Member 1.00 X 0 0 0 Philip DeCourcy part year Board Member 1.00 X 0 0 0 Richard Dewey part year Board Member 1.00 X 11475 0 0 Todd Kostjuk CFO & VP of Administration 40.00 X 133059 0 148201 Lucas Cherry University VP of Development 40.00 X 229085 0 26986 Thomas Halstead University Dean, School of Biblical Studies 40.00 X 125245 0 94202 Nathan Busenitz Seminary Dean of Faculty & Academic Provost 40.00 X 80951 0 146799 Jade Greenfield Seminary VP of Development 40.00 X 106607 0 106747 John Stead Executive Vice President 40.00 X 133264 0 76882 John Russell Controller 40.00 X 139292 0 25786 Thomas Hopewell Provost and Dean of Online Learning 40.00 X 158675 0 37964 Dariu Dumitru Chief Enrollment & Marketing Officer 40.00 X 154978 0 8075 Paul Sedy Chief Information Officer 40.00 X 133618 0 26484 1829402 0 903124 26 0 1 0 Victory Builders 25574 Rye Canyon Rd Unit B Valencia CA 91355 Construction 5048598 Bon Appetit 21726 Placerita Canyon Road Santa Clarita CA 91321 Food Service 1427231 BJ Development & Construction 24135 Railroad Ave Newhall CA 91321 Construction 413150 WeKreative Design Group 24820 Orchard Village Rd Ste A 30 Santa Clarita CA 91321 Marketing 252348 EBM Inc 25350 Magic Mountain Pkwy 340 Valencia CA 91355 Janitorial 233733 11 81084 6380700 20983551 737984 27445335 Student Tuition & Fees 611710 34940675 34940675 Auxiliary Enterprises 611710 8039972 8039972 290704 290704 43271351 663845 663845 25842 25842 353590 170842 182748 182748 182748 18482481 1082560 15437437 5405796 3045044 -4323236 -1278192 -1278192 52708 81084 41077 11631 11631 609662 248953 360709 360709 Employee Retention Cre 713910 3910359 3910359 Workers Comp Refund 524298 20815 20815 4062 4062 3935236 74618505 43656937 0 3516233 X 11688992 11688992 1011096 1011096 303125 303125 21869175 18152314 2473516 1243345 472936 422706 11653 38577 3169619 2876454 150903 142262 1218633 976271 172562 69800 152211 13493 138612 106 81255 75940 5315 5315 5315 129300 129300 1354339 938185 379515 36639 765784 384514 336696 44574 2364516 1432220 642196 290100 983596 518230 379838 85528 52731 52731 2472836 2363253 65479 44104 1021112 662612 158565 199935 687698 509644 75981 102073 706722 654876 37033 14813 3078514 2856458 158612 63444 471696 441869 21305 8522 Food Service Charges 1773051 1709534 59611 3906 55834252 46957481 6478413 2398358 1799464 1676621 9284192 11882631 3478381 476087 377832 1590363 1230558 1524098 1714922 85985318 33257603 48488879 52727715 25182804 35802295 6788144 8569953 8402967 8818141 103536998 126279049 2593558 2372033 2712766 2579992 26645455 25845485 360180 351434 342162 203725 4946359 4231148 37600480 35583817 X 30345645 37187899 35590873 53507333 65936518 90695232 103536998 126279049 X 18784253 3597544 2376917 X 0 1 X 1 1 1 X 11288434 12632633 12355609 13320513 27445335 77042524 11288434 12632633 12355609 13320513 27445335 77042524 3481592 73560932 880079 1037351 1070023 1282037 1043277 5312767 48782 58745 270872 45002 3987944 4411345 86766636 214339841 0.84780 0.84460 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Miscellaneous - 2016 Amount: $ 5,082. 2017 Amount: $ 5,781. 2018 Amount: $ 9,595. 2019 Amount: $ 9,667. 2020 Amount: $ 4,062. Workmans Comp Rebate - 2017 Amount: $ 30,564. 2018 Amount: $ 61,947. 2019 Amount: $ 23,710. 2020 Amount: $ 20,815. Gross Fundraising event fees - 2016 Amount: $ 43,700. 2017 Amount: $ 22,400. 2018 Amount: $ 10,800. 2019 Amount: $ 11,625. 2020 Amount: $ 52,708. 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 31837881 8728486 8973302 963260 238417 258185 48079807 30425308 2291911 499824 733462 410950 234750 31837881 28704310 1630656 1225928 742557 177934 215095 30425308 26146768 1262243 2273215 596206 185966 195744 28704310 21734755 3219487 2476249 511083 586641 185999 26146768 0.11500 0.88500 0 0 3430333 3430333 56553451 23857430 32696021 1372692 371028 1001664 14148914 8225591 5923323 10479928 803554 9676374 52727715 Privately held mutual funds 1600619 C Fixed Income Securities Level 2 6969334 C 8569953 Future interest in split agreement 4969177 Asset held for sale 152655 Asset held for investment 3696309 8818141 Due to Annuitants 4037392 Due to Trustors and Other Remainderman under Trust Agreements 115486 Leases payable on ROU assets 78270 4231148 69819126 3597544 -8728495 -5130951 74950077 129300 -460872 -331572 74618505 45060412 460872 460872 44599540 129300 11105412 11234712 55834252 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 -11,105,412. Net change in split interest agreement 2,376,917. Part XI, Line 4b - Other Adjustments: Rent expense -170,842. Special event expense -41,077. Cost of goods sold -248,953. Part XII, Line 2d - Other Adjustments: Rent expense 170,842. Special event expense 41,077. Cost of goods sold 248,953. Part XII, Line 4b - Other Adjustments: Student financial aid netted with tuition revenue 11,105,412. Schedule D, Part V, Lines 2a-2c: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 06/30/2021. To date, Schedule D has not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions 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 currently enrolls students of racial minority groups in meaningful numbers consistent with the publicity exception found in Rev. Proc. 75-50 section 4.03(2)(b). Additionally the racially nondiscriminatory policy was added to the TMUS website homepage so that they will be in compliance with the publicity requirements going forward. 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). During April 2020 through June 2021, TMUS applied for and received the Higher Education Emergency Relief Fund (HEERF) grants to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to the coronavirus (COVID-19) outbreak. Under HEERF, TMUS was also eligible to receive funds to be used for institutional support. TMUS also used the funds to reimburse themselves for refunds of room and board as well as supplies needed due to the impact of COVID-19, thus meeting the conditions of the grant. Schedule E Line 6 (continued) In August 2020, TMUS applied for and received funding under the Paycheck Protection Program (PPP) of the CARES Act. The funds were used to maintain employee payroll and headcount. Per the eligibility guidelines of the Small Business Administration (SBA), TMUS applied for PPP loan forgiveness in January 2021 and received approval from the SBA in June 2021. Middle East and North Africa 1 2 Program Services Academic studies 76419 1 2 0 0 1 2 76419 0 76419 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. Part III Accounting Method: Golf Tournament 133792 81084 52708 32186 2500 225 6166 133792 81084 52708 32186 2500 225 6166 41077 11631 1 Institutional Scholarships 1679 11105412 HEERF Grants 317 583580 Part I, Line 2: The 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 X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 Sam Horn part year President 69503 0 153303 0 36193 0 34395 0 146257 0 439651 0 0 0 Todd Kostjuk CFO & VP of Administration 81780 0 350 0 50929 0 26977 0 121695 0 281731 0 0 0 Lucas Cherry University VP of Development 228965 0 0 0 120 0 6367 0 21090 0 256542 0 0 0 Nathan Busenitz Seminary Dean of Faculty & Academic Provost 55628 0 0 0 25323 0 21855 0 125415 0 228221 0 0 0 Thomas Halstead University Dean, School of Biblical Studies 30508 0 2451 0 92286 0 26580 0 67877 0 219702 0 0 0 Jade Greenfield Seminary VP of Development 83509 0 0 0 23098 0 22139 0 85070 0 213816 0 0 0 John Stead Executive Vice President 128557 0 3501 0 1206 0 18164 0 59049 0 210477 0 0 0 Thomas Hopewell Provost and Dean of Online Learning 141930 0 1700 0 15045 0 5815 0 32603 0 197093 0 0 0 John Russell Controller 121738 0 0 0 17554 0 5000 0 21211 0 165503 0 0 0 Dariu Dumitru Chief Enrollment & Marketing Officer 134102 0 0 0 20876 0 0 0 8512 0 163490 0 0 0 Paul Sedy Chief Information Officer 126555 0 1176 0 5887 0 5200 0 21718 0 160536 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: John Stead Todd Kostjuk Thomas Halstead Jade Greenfield Nathan Busenitz Sam Horn Taxable country club memberships were provided to the following individuals to promote fundraising and networking: Todd Kostjuk Lucas Cherry 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 discretionary bonuses during the reporting period for the following individuals: Thomas Halstead John Stead Thomas Hopewell Paul Sedy Todd Kostjuk Sam Horn 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 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. Lauren Mason Family member of Board Member 68920 Compensation and benefits 0 Jonathan Ardavanis Family member of Board Member 42331 Compensation and benefits 0 X 30280 University estimate X 3881 University estimate X 17 591329 Market Value X AC Units 1 66276 Cost X Pipe Organ 1 31000 Appraisal X Hotel stay 1 10200 cost X Bitcoin 1 5018 Cost 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 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 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. Form 990, Part VII, Section A: Two ministers on the board of directors are paid as adjunct faculty for the seminary, teaching classes involving pastoral ministries. 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 reported year were $129,300. Form 990, Part XI, line 9: Net change in split interest agreements 2,376,917. Charitable Remainder Trust (1) Beneficial interest in Charitable Remainder Annuity Trust CA The Master's University and Seminary 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0