2015-03-17T14:45:58-05:00 2014-05-31 BKD LLP 190 E Capitol Street Ste 500 Jackson MS 392012190 990 2013-06-01 640428676 Reformed Theological Seminary % E BRADLEY TISDALE REFO 6019231600 5422 Clinton Boulevard Suite Jackson MS 39209 E BRADLEY TISDALE CFO 6019231600 2015-01-15 true Penny Wood P00328157 6019231600 2013 2016-02-25 16:41:14Z J Ligon Duncan III 5422 Clinton Blvd Jackson MS 39209 30510329 false X www.rts.edu X 1964 MS To prepare leaders for the church who serve with "A mind for truth and a heart for God" through a program of graduate theological education. 18 17 343 0 49968 39123 6371951 7345867 8254972 8185547 2515504 3999290 663666 597362 17806093 20128066 3091862 3108754 0 0 10079651 10014308 0 70245 1580856 6183564 6013464 19355077 19206771 -1548984 921295 77813342 79003120 3313243 3220420 74500099 75782700 REFORMED THEOLOGICAL SEMINARY (RTS) EXISTS TO GLORIFY THE TRIUNE GOD AND TO SERVE HIS CHURCH IN ALL BRANCHES OF EVANGELICAL CHRISTIANITY, ESPECIALLY PRESBYTERIAN AND REFORMED CHURCHES, BY PROVIDING REFORMED GRADUATE THEOLOGICAL EDUCATION THAT IS GLOBALLY ACCESSIBLE. RTS EQUIPS ITS STUDENTS FOR MINISTRY, PRIMARILY THROUGH PASTORAL TRAINING, TO BE SERVANT LEADERS MARKED BY "A MIND FOR TRUTH, A HEART FOR GOD." false false 13732649 3108754 8695584 The seminary serves approximately 1,700 students through campuses in Jackson, MS, Orlando, FL, Charlotte, NC, Metro Washington, DC, Atlanta, GA, distance education programs, and extension sites in Memphis, TN, Houston, TX, and Sao Paulo, Brazil. Students are enrolled in the following academic degree programs: Master of Divinity, Masters of Arts, Masters of Arts (theological studies), Masters of Arts (biblical studies), Masters of Arts (Christian thought), Masters of Arts in Counseling, Masters of Arts in Marriage and Family Therapy and Counseling, Masters of Arts in Christian Counseling, Masters of Arts (Religion), Masters of Theology, Doctor of Ministry, and Doctor of Philosophy. 13732649 true true false false false false false false false true true true false false true true false true true true true false true true false false false true true true false false false true false false true false true false false false true true true true false false true 183 0 true 343 true true true false false false false false false false false false X 18 17 true false false false false false false true true false true true true true true true true true true true false AK CO DC KY ME MD MA MI NH NJ NY OH OK OR SC WA WI X E BRADLEY TISDALE 6019231600 5422 CLINTON BOULEVARD Jackson MS 39209 X BF Bracy Trustee- Vice Chairman 1.0 1.0 X John A Crawford Trustee 1.0 1.0 X Collie W Lehn Trustee 1.0 1.0 X David Lucas Trustee 1.0 1.0 X J Scott Redd Sr Trustee 1.0 0.0 X James L Moore Trustee 1.0 1.0 X Roderick Russ III Trustee - Secretary 1.0 1.0 X Warren Williamson Trustee 1.0 0.0 X Donald G Breazeale Trustee 1.0 1.0 X Larry W Edwards Trustee 1.0 1.0 X Robert H MacLellan Trustee 1.0 0.0 X Richard L Ridgway Trustee - Chairman 1.0 1.0 X James M Seneff Jr Trustee 1.0 0.0 X James M Baird Trustee 1.0 0.0 X Granville Dutton Trustee 1.0 0.0 X George R Fair Trustee 1.0 1.0 X William M Mounger II Trustee 1.0 1.0 X Paul A Hurst III Trustee 1.0 0.0 X E Bradley Tisdale Chief Financial Officer 50.0 1.0 X 109423 17190 M Steve Wallace Chief of Staff 50.0 0.0 X 125691 24087 Lynwood C Perez Chief Development Officer 50.0 1.0 X 119632 12890 Robert J Cara Chief Academic Officer 50.0 0.0 X 115736 24681 Guy L Richardson President - Jackson 50.0 0.0 X 46127 98954 Andrew J Peterson President - Global 50.0 0.0 X 127533 28163 John Sowell President - Atlanta 50.0 0.0 X 107195 28881 Donald W Sweeting President - Orlando 50.0 0.0 X 94424 74686 John S Redd President- Washington 50.0 0.0 X 110423 26396 Michael J Kruger President- Charlotte 50.0 0.0 X 119735 24818 J Ligon Duncan III Chancellor/CEO 50.0 1.0 X 124216 0 12528 Mark D Futato Professor 50.0 0.0 X 105806 22892 Miles V Van Pelt Professor 50.0 0.0 X 100178 24341 Robert C Cannada Jr Chancellor Emeritus 40.0 0.0 X 127773 0 18194 Michael A Milton Former Chancellor/CEO 0.0 0.0 X 124531 76168 1658423 0 514869 13 true true false Independent Roofing Systems Inc 5090 McRaven Rd JACKSON MS 39204 Construction-Roofing 634700 Farrar Construction LLC PO Box 1173 CLINTON MS 39056 Construction-Roofing 338932 Grant 1651 Old Meadow Road LLC PO Box 6121 HICKSVILLE NY 118026121 Leasing office space 163771 Securitas Security Services USA 12672 Collections Center Dr CHICAGO IL 60893 Security 147466 Walker 360 2501 E 5th Street MONTGOMERY AL 36107 Printing Services 112104 5 38750 7307117 668308 7345867 TUITION AND FEES 611600 8185547 8185547 8185547 618261 49968 568293 0 0 1070054 504233 565821 0 565821 395052 170769 12362421 611309 9541531 51170 2820890 560139 3381029 3381029 0 0 201885 285329 -83444 -83444 COUNSELING INCOME 900099 64275 64275 FINANCE CHARGES 900099 33156 33156 COPY INCOME 900099 2986 2986 14568 14568 114985 20128066 8695584 49968 4036647 20962 20962 3078932 3078932 8860 8860 0 1760929 205090 1069497 486342 0 6539066 5026688 910182 602196 463442 350754 112135 553 761254 623367 131665 6222 489617 303097 150255 36265 0 48241 40230 8011 63245 63245 0 70245 70245 167749 167749 645584 563972 65072 16540 204436 16306 188130 615410 267869 201374 146167 388831 270764 113943 4124 0 813852 685481 128371 491332 326837 104056 60439 0 194454 64854 27373 102227 0 29004 29004 1497283 1262450 234833 145435 116432 29003 SECURITY 125464 116981 8483 VISA PROCESSING 66486 63777 2709 UNRELATED BUSINESS TAXES 22906 22906 PERSONNEL DEVELOPMENT 59798 55643 4155 433954 367310 56832 9812 19206771 13732649 3893266 1580856 2430323 1741800 117273 121982 312234 180490 237675 202457 52250 41250 0 0 164910 170164 154392 143984 112883 140572 52088902 28269380 23228750 23819522 30447072 32752683 18490083 17261831 0 0 0 0 2065497 2426385 77813342 79003120 1034527 989284 0 0 746836 750168 0 0 0 0 0 0 0 0 0 0 1531880 1480968 3313243 3220420 X 44230993 43477690 28659626 30620075 1609480 1684935 74500099 75782700 77813342 79003120 X 921295 404313 -43007 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48445460 531176 50451 13000 1000000 4187 48009900 46746077 1946639 -15480 15000 213180 3596 48445460 45527555 3267747 32737 18500 2060000 3462 46746077 45029609 1459964 69962 64250 964036 3694 45527555 46413625 1366294 89282 0 2835964 3628 45029609 0.43000 0.00000 0.57000 false true true 1016126 5829925 6846051 4088681 25387447 15113517 14362611 8393 3497 4896 146574 12108990 10385576 1869988 192050 3310716 2766790 735976 23819522 INTEREST IN HEDGE FUNDS 9160796 C INTEREST IN INTL EQUITY FUND 3377883 C INTEREST IN DOMESTIC EQUITY FD 1750000 C INTEREST IN PRIVATE EQUITY FD 1974680 C INTEREST IN INT'L BOND FUND 994572 C NON-PUBLIC ST-BCC BANKSHARES 3900 C 17261831 0 ANNUITY OBLIGATIONS 1426610 STUDENT HOUSING DEPOSITS 54358 1480968 X 17597677 404313 -3298548 -2894235 20491912 -363846 -363846 20128066 16315076 363846 363846 15951230 3255541 3255541 19206771 Part V, Line 4: The endowment funds are used to fund operating expenses, scholarships to students, and to make distributions to other 501(c)(3) organizations. Part X, Line 2: The consolidated financial statement effects of a tax position taken or expected to be taken are recognized in the consolidated 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 consolidated statements of activities. As of May 31, 2014 and 2013, the Seminary had no uncertain tax positions that qualify for recognition or disclosure in the consolidated financial statements. Part XI, Line 2d: Other Adjustments: Investment Management Fees: ($167,749) Change in Beneficial Interest in Trusts: ($43,007) Reclass Scholarships: ($3,087,792) Part XI, Line 4b: Other Adjustments: Reclass Cost of Sales: ($285,329) Reclass Rental Expenses: ($78,517) Part XII, Line 2d: Other Adjustments: Reclass Cost of Sales: $285,329 Reclass Rental Expenses: $78,517 Part XII, Line 4b: Other Adjustments: Reclass Scholarships: $3,087,792 Investment Management Fees: $167,749 true true true true true true true false false false false false false false false true false true Part I, Line 3: The Seminary's nondiscrimination policy is communicated to the general community through its official website (www.rts.edu) and catalog. Part I, Line 6a: The Seminary received payments from the Department of Veterans Affairs (GI Bill and Post 9/11 Veteran Education Funding)for tuition and fees related to students that qualify for those benefits. true Central America and the Caribbean Investments 2402220 Europe (Including Iceland and Greenland) Grantmaking Scholarships 3915 South Asia Grantmaking Scholarships 1305 North America Grantmaking Scholarships 2683 East Asia and the Pacific Grantmaking Scholarships 957 North America Program Services Instructional Costs 499 South America 1 1 Program Services Instructional Costs 11349 1 1 1 1 2422928 2422928 Scholarships Europe (Including Iceland and Greenland) 3 3915 Scholarships FMV Scholarships South Asia 1 1305 Scholarships FMV Scholarships North America 3 2683 Scholarships FMV Scholarships East Asia and the Pacific 1 957 Scholarships FMV true false true true false false Part I, Line 2: Records are maintained showing scholarship awards to specific individuals who live in regions outside of the United States. Part I, Line 3: The seminary owns an interest in two private equity funds domiciled in the Cayman Islands - Davidson Kempner Long-Term Distressed Opportunities International II LP (Davidson Kempner) and Drake Capital Offshore Parnters, LP (Drake Capital). The book value of these investments as of 5/31/2014 was $2,402,220 ($302,220 and $2,100,000 respectively). The seminary disposed of an interest in 2514 Multi-Strategy fund as of February 2014 and no longer has a direct interest in this foreign corporation. Part IV, Line 1: The Seminary indirectly transferred property to foreign corporations through its investment in domestic partnerships. The amount of indirect transfers of property were below the reporting threshold requiring the filing of Form 926. The Seminary directly transferred cash to Davidson Kempner and Drake Capital during its fiscal year ended 5/31/2014. A Form 926 is being filed for these transfers. Part IV, Line 3: The filing requirements of Form 5471 were not met by the Seminary during the fiscal year ended 5/31/14 for its ownership in a foreign corporation. Therefore, Form 5471 was not filed by the Seminary. Part IV, Line 4: The Seminary was an indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year. As a partner that has invested in a U.S. partnership that has made the QEF election and filed Form 8621, no additional Form 8621 reporting is required by the Seminary. X X X X X true Westfall Group 1300 Peachtree Industrial Blvd Ste Suwanee GA 30024 Consulting false 36124 -36124 Westfall Gold 1300 Peachtree Industrial Blvd Ste Suwanee GA 30024 Consulting false 34121 -34121 70245 -70245 AK CO DC KY MD MA MI NH NJ NY OH OK OR SC WA WI Part I, Line 2b 1(v): Westfall Group was paid $33,750 in consulting fees and $2,374 in travel expenses - total payments were $36,124. Part I, Line 2b 2(v): Westfall Gold was paid $32,300 in consulting fees and $1,821 in travel expenses - total payments were $34,121. Part I, Line 2b (iv): The fundraising activities conducted during the fiscal year were related to planning and consulting. There were no gross receipts during the current fiscal year related to these activities. Part I, Line 3, Exempt State Registration List: AL, AR, CA, CT, FL, GA, HI, IL, KS, ME, MN, MS, NM, NC, ND, PA, RI, TN, UT, WV, VA true Scholarships 3915 FMV Scholarships Faith for Living Inc 4006 Ainsdale Dr Matthews NC 28104 462467581 501(c)(3) 10402 Book Value Book Inventory Book Inv. Support 1 Scholarships 1206 3078932 FMV Scholarships Part I, Line 2: Senior management recommends to the Executive Committee grants to other organizations for approval. Part III: Scholarship assistance is approved and monitored for individuals through campus scholarship committees. X X true true X true false false false false false false false false Robert C Cannada Jr Chancellor Emeritus 71009 0 8764 0 48000 0 8306 0 9888 0 145967 0 0 Michael A Milton Former Chancellor/CEO 24210 100321 18676 57492 200699 Andrew J Peterson President - Global 127269 264 13302 14861 155696 Donald W Sweeting President - Orlando 94174 250 12090 62596 169110 Part I, Line 1a: Travel for companions - The seminary encourages and reimburses officers of the seminary to travel with their spouses when the spouse has a legitimate business purpose such as travel for a donor visit. The circumstance occurs on an infrequent basis. The following were reimbursed by the Seminary for spousal travel, which was not included in their compensation as all had a legitimate business purpose for the travel: six officers, one former officer, and one trustee. Housing Allowances - Housing allowances are annually reviewed and approved by the Executive Committee of the seminary. Two officers and one former officer are ministerial employees which received nontaxable housing allowances. Four officers, one former officer, and two employees received housing allowances which were included in their taxable compensation. Part I, Line 4a: Michael A. Milton received a severance package valued at $133,462 during calendar year 2013 for his faithful service as Chancellor of the Seminary. This package was intended to help him with living expenses, cost of health insurance and some assistance for retirement. M Steve Wallace Chief of Staff See Part V X 55000 41250 false true true 41250 John S Redd Jr See Part V 143962 See Part V false Part II, Line (1), Column (c): Purpose of loan: Assistance with relocation of residence for the benefit of the organization. Part IV, Line (1), Column (b): Relationship between interested person and the organization: Son of J. Scott Redd, Sr., board member Part IV, Line (1), Column (d): Description of transaction: Compensation was paid to a family member of a board member in excess of $10,000. X 17 668308 FMV at time of gift false true true Part I, Line 32b: The Seminary uses third-party realtors to market and sell donated land. Page 6, Part VI, Section A, Line 2: Trustee, J. Scott Redd, Sr., and Officer, John S. Redd, Jr., have a family relationship. Page 6, Part VI, Section B, Line 11b: A meeting is held by the audit/finance committee of the Seminary to allow committee members to discuss the return and ask any questions. After discussion/revisions have occurred, the returns are recommended to the Executive Committee for review and approval to be filed. The Form 990 is also provided to all board members for review prior to filing with the IRS. Page 6, Part VI, Section B, Line 12c: The full board of trustees and officers of the seminary on an annual basis disclose related party transactions that could give rise to conflicts. Any transactions that are disclosed are reported in the minutes of the board meetings. Persons with a conflict are prohibited from participating in the Board's deliberations & decisions regarding the transaction. Page 6, Part VI, Section B, Line 15 a&b: The Executive Committee reviews and approves the total compensation of all officers of the seminary on an annual basis. The total average compensation from annual surveys of U.S. schools that are members of the Association of Theological Schools is used to determine the reasonableness of officer compensation, as well as other market factors such as degrees, designations, years of experience, previous employment relationships and compensation levels. Page 6, Part VI, Section C, Line 19: Reformed Theological Seminary makes its financial statements, governing documents (articles of incorporation and bylaws),and conflict of interest policy available to the public upon request. Page 7, Part VII, Section A: Officers Donald Sweeting and Guy Richardson along with former officer Michael Milton are ministerial employees exempt from FICA tax. Therefore, Box 5 of their Forms W-2 are blank, and Box 1 has been used in Part VII as reportable compensation as required by the instructions to Form 990. Compensation an employee contributes to their 401(k) plan is not included on Form W-2, Box 1, but is included on Form W-2, Box 5. For the above ministerial employees exempt from FICA tax, employee 401(k) contributions are reported on Form 990, Part VII, Column (f) or Schedule J, Part II, Column (c), if applicable. For those employees not exempt from FICA taxes, employee-paid 401(k) contributions are included in reportable compensation reported on Form 990, Part VII, Column (d) and Schedule J, Part II, Column (b)(i), if applicable. The above individuals exempt from FICA tax also received nontaxable housing allowances which are included on Form 990, Part VII, Column (f) and Schedule J, Part II, Column (d), if applicable, versus being included in Part VII, Column (d) and Schedule J, Part II, Column (B)(iii) for those employees that are not exempt from FICA tax. Page 12, Part XI, Line 9: Change in Beneficial interests in trusts ($43,007) Reformed Properties LLC 1231 Reformation Drive Oviedo FL 32765 270679756 Rental Real FL 41121 920570 RTS RTS Foundation Inc 5422 Clinton Blvd Jackson MS 39209 640918136 Fundraising MS 501(c)(3) 11a Type I RTS true Reformed Theological Seminary of Florida 1231 Reformation Drive Oviedo FL 32765 421647628 Theological FL 501(c)(3) 11a Type 1 RTS true false false true false false false false false false false false false true true true false false false