2021-01-11T08:10:48-06:00 2020-06-30 363990892 Capin Crouse LLP 3050 Saturn Street Suite 104 Brea CA 92821 990 2019-07-01 956001907 The Master's University and Seminary MAST 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 Todd Kostjuk CFO & VP of Administration 6612593540 2021-01-11 1 Ted R Batson Jr P00721951 7145770988 2019 2022-09-23 18:48:47Z Sam Horn 21726 Placerita Canyon Road Santa Clarita CA 913211200 54590629 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 18 14 1243 50 0 0 12355609 13320513 39724488 38570660 2954295 885390 430720 429723 55465112 53206286 8746327 9055672 0 0 27120610 25907952 0 0 2159785 14894552 14591741 50761489 49555365 4703623 3650921 95671483 103536998 32725512 37600480 62945971 65936518 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 33774615 9055672 31230851 Undergraduate liberal arts academic program, MABC and Credential programs, Online Degree programs, and Seminary advance 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. 7801323 7599478 Auxiliary entrprises such as operation of dormitory facilities, food service operations, and student bookstore. 41575938 1 1 0 0 0 0 0 1 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 0 0 1 1 1 0 0 0 0 1 0 0 0 1 2844 0 1 1243 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 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 John Russell Controller 6612593540 21726 Placerita Canyon Road Santa Clarita CA 913211200 X Lucas Cherry University VP of Development 40.00 X 220683 0 21994 Todd Kostjuk CFO & VP of Administration 40.00 X 99919 0 120715 Kelvin Starr University Athletic Director 40.00 X 91396 0 117497 Thomas Halstead University Dean, School of Biblical Studies 40.00 X 112324 0 95705 John Stead Interim President 40.00 X X 121688 0 75062 Richard Gregory Seminary Senior VP 40.00 X 60335 0 131380 Nathan Busenitz Seminary Dean of Faculty & Academic Provost 40.00 X 43608 0 134216 John Russell Controller 40.00 X 147562 0 21162 Thomas Hopewell Provost and Dean of Online Learning 40.00 X 138547 0 21033 Abner Chou John F MacArthur Endowed Chair of Biblical Studies 40.00 X 126037 0 19634 Dariu Dumitru Chief Enrollment & Marketing Officer 40.00 X 126972 0 18177 Steve Lawson Board Member & Faculty (part year) 8.00 X 45000 0 0 Scott Ardavanis Board Member & Faculty 1.00 X 7500 0 0 Jesse Johnson Board Member & Consultant 1.00 X 3750 0 0 Sam Horn President 40.00 X X 0 0 0 Jonathan Rourke Chair 1.00 X X 0 0 0 Brad Armstrong Vice Chair 1.00 X X 0 0 0 Mark Shackelford Secretary 1.00 X X 0 0 0 Bradley Wetherell Treasurer 1.00 X X 0 0 0 Philip DeCourcy Board Member 1.00 X 0 0 0 Richard Dewey Board Member 1.00 X 0 0 0 Bryan Hughes Board Member 2.00 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 Richard Riddle 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 David Wismer Board Member 1.00 X 0 0 0 1345321 0 776575 22 0 1 0 Bon Appetit 21726 Placerita Canyon Road Santa Clarita CA 91321 Food Service 1865503 Victory Builders 25574 Rye Canyon Rd Unit B Valencia CA 91355 Construction 1122097 Anderson Construction & Development 25030 Ave Stanford 180 Valencia CA 91355 Construction 235170 EBM Inc 25350 Magic Mountain Pkwy 340 Valencia CA 91355 Janitorial 218065 WeKreative Design Group 24820 Orchard Village Rd Ste A 30 Santa Clarita CA 91321 Marketing 190581 16 53282 903120 12364111 903111 13320513 Student Tuition & Fees 611710 31230851 31230851 Auxiliary Enterprises 611710 6759239 6759239 580570 580570 38570660 950647 950647 37776 37776 293614 146633 146981 146981 146981 975000 27344 935002 132599 39998 -105255 -65257 -65257 11625 53282 26328 -14703 -14703 370073 143781 226292 226292 Workers Comp Refund 524298 23710 23710 9667 9667 33377 53206286 38830329 0 1055444 X 9055672 9055672 650119 78750 571369 75773 75773 19867890 16797081 1834940 1235869 559231 453728 64223 41280 3637639 2960735 527569 149335 1117300 934287 109866 73147 34338 5983 26885 1470 72176 72176 120070 120070 1156641 608732 538811 9098 733848 257774 421612 54462 1765499 899150 667353 198996 784574 417988 280191 86395 34367 34367 2273119 2162653 97248 13218 1100258 790643 132791 176824 721665 651359 43608 26698 920359 853260 47928 19171 2745427 2547156 141622 56649 487142 438774 41176 7192 Food Service Charges 1642258 1552073 80204 9981 49555365 41575938 5819642 2159785 2590770 6617735 3103480 4465921 510267 476087 90000 80000 1039427 1510363 2076645 1524098 86682164 38193285 46379210 48488879 29632554 30878053 3088427 1092895 7160703 8402967 95671483 103536998 1367881 2593558 2483690 2712766 21902324 26645455 2368373 360180 108065 342162 4495179 4946359 32725512 37600480 X 27575406 30345645 35370565 35590873 62945971 65936518 95671483 103536998 X 3650921 -599672 -60702 X 0 1 X 1 1 1 X 8042360 11288434 12632633 12355609 13320513 57639549 8042360 11288434 12632633 12355609 13320513 57639549 4274733 53364816 763292 880079 1037351 1070023 1282037 5032782 90312 48782 58745 270872 45002 513713 63186044 214474268 0.84460 0.85380 X Schedule A, Part II, Line 10, Explanation of Other Income: Other Miscellaneous - 2015 Amount: $ 2,594. 2016 Amount: $ 5,082. 2017 Amount: $ 5,781. 2018 Amount: $ 9,595. 2019 Amount: $ 9,667. Workmans Comp Rebate - 2015 Amount: $ 43,468. 2017 Amount: $ 30,564. 2018 Amount: $ 61,947. 2019 Amount: $ 23,710. Gross Fundraising event fees - 2015 Amount: $ 44,250. 2016 Amount: $ 43,700. 2017 Amount: $ 22,400. 2018 Amount: $ 10,800. 2019 Amount: $ 11,625. Property Tax Refund - 2018 Amount: $ 188,530. 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 0 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 22265244 528604 -369664 447979 75120 166330 21734755 0.01290 0.98710 0 0 3024496 3024496 55478432 27857601 27620831 1179697 322259 857438 13654973 9548785 4106188 13344566 464640 12879926 48488879 Future interest in split agreement 3603168 Asset held for sale 1101612 Asset held for investment 3698187 8402967 Due to Annuitants 4753467 Due to Trustors and Other Remainderman under Trust Agreements 121255 Leases payable on ROU assets 71637 4946359 44047352 -599672 -8755934 -9355606 53402958 120070 -316742 -196672 53206286 41056805 316742 316742 40740063 120070 8695232 8815302 49555365 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 -8,695,232. Net change in split interest agreement -42,681. Unrealized loss on interest rate swap -18,021. Part XI, Line 4b - Other Adjustments: Rent expense -146,633. Special event expense -26,328. Cost of goods sold -143,781. Part XII, Line 2d - Other Adjustments: Rent expense 146,633. Special event expense 26,328. Cost of goods sold 143,781. Part XII, Line 4b - Other Adjustments: Student financial aid netted with tuition revenue 8,695,232. 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 06/30/2020 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). 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, TMUS applied for an received the Higher Education Emergency Relief Fund (HEERF) grant to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to the coronavirus (COVID-19) outbreak. 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. Middle East and North Africa 1 3 Program Services Academic studies 411677 Europe 0 4 Program services Academic Studies 36473 1 7 0 0 1 7 448150 0 448150 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 64907 53282 11625 18652 6497 120 1059 64907 53282 11625 18652 6497 120 1059 26328 -14703 1 Institutional Scholarships 2062 9055672 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 1 1 X X X 0 0 0 0 0 0 0 1 0 Lucas Cherry University VP of Development 150000 0 58875 0 11808 0 6000 0 16454 0 243137 0 0 0 Todd Kostjuk CFO & VP of Administration 77739 0 14900 0 7280 0 16370 0 104799 0 221088 0 0 0 Kelvin Starr University Athletic Director 59254 0 32000 0 142 0 15652 0 102276 0 209324 0 0 0 Thomas Halstead University Dean, School of Biblical Studies 28560 0 0 0 83764 0 27319 0 68640 0 208283 0 0 0 John Stead Interim President 121044 0 0 0 644 0 17260 0 58121 0 197069 0 0 0 Richard Gregory Seminary Senior VP 51875 0 7500 0 960 0 12879 0 118951 0 192165 0 0 0 Nathan Busenitz Seminary Dean of Faculty & Academic Provost 41952 0 0 0 1656 0 22871 0 111792 0 178271 0 0 0 John Russell Controller 122562 0 10000 0 15000 0 5000 0 16609 0 169171 0 0 0 Thomas Hopewell Provost and Dean of Online Learning 128859 0 9688 0 0 0 5030 0 16450 0 160027 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 Richard Gregory Thomas Halstead Kelvin Starr Nathan Busenitz Taxble country club memberships were provided to the following individuals to promote fundraising and networking: Todd Kostjuk Lucas Cherry Part I, Line 7 The Board Finance Committee approved discretionary bonuses during the reporting period the following individuals: Lucas Cherry Todd Kostjuk Rich Gregory Kelvin Starr John Russell Thomas Hopewell Abner Chou 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 1944425 21751517 3093814 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. Iosif Zhakevich Family member of disqualified person Home purchase X 100000 80000 0 1 1 80000 Lauren Mason Family member of Board Member 75773 Compensation and benefits 0 X 5014 University estimate X 500 University estimate X 16 333863 Market Value X 2 510000 Realtor estimate X 1 497 Similar item pricing X Violin 1 28000 Appraisal X Hotel stay 1 13750 cost X Const. matl's 1 10937 Cost X Sports tickest 1 550 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 prior to the recording of investment income. The fees deducted this reported year were $120,070. Form 990, Part XI, line 9: Net change in split interest agreements -42,681. Unrealized Loss on Interest Rate Swap -18,021. Charitable Remainder Trust (1) Beneficial interest in Charitble Remainder Annuity Trust CA The Master's University and Seminary 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0