Free Lutheran Theological Seminary (EIN 200052373) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1966

Legal Domicile

Principal Officer

Wade Mobley

Tax Period

2023-08-01 to 2024-07-31

Free Lutheran Theological Seminary, founded in 1966, is a community nonprofit in the Education sector that reported $6.0M in total revenue in fiscal year 2023. Revenue grew 12% year-over-year, indicating healthy expansion.

Mission

The organization operates the Free Lutheran Bible College (FLBC) and the Free Lutheran Seminary (FLS) to provide a faith based education.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,434,059

Program Service Revenue $3,287,581

Investment Income $230,092

Other Revenue $0

TOTAL REVENUE $5,951,732

Expense Breakdown

Grants Paid $527,075

Salaries & Benefits $2,762,986

Fundraising Expenses $214,440

Program Expenses $5,136,113

Other Expenses $2,642,357

TOTAL EXPENSES $5,932,418

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,951,732	$5,308,041	+0.1%
Expenses	$5,932,418	$5,201,675	+0.1%
Net Income	$19,314	$106,366	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

104

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$451,160

Total Directors

Key Employees

$130,059

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Wade Mobley	President	40.00	Officer Key Emp	$130,059	$0	$130,059
James Molstre	Chief Academic OffDean of Se	40.00	Officer	$116,070	$0	$116,070
Larry Myhrer	Vice President of Operations	40.00	Officer	$108,414	$0	$108,414
Adam Osier	VP - Dean of Bible College	40.00	Officer	$96,617	$0	$96,617
Alan Arneson	Director	1.00	Director	$0	$0	$0
Nathan Dalager	Secretary	1.00	Director	$0	$0	$0
Steve Snipstead	Vice Chair	1.00	Director	$0	$0	$0
Philip Johnson	Board Chair	1.00	Director	$0	$0	$0
Gary Erickson	Director	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$5,951,732	$5,932,418	$17,138,626	$19,314
2023	$5,308,041	$5,201,675	$17,019,037	$106,366
2022	$4,830,075	$4,298,468	$17,147,160	$531,607
2021	$4,596,740	$3,897,485	$16,562,227	$699,255
2020	$3,653,057	$3,845,300	$11,427,011	$-192,243

Free Lutheran Theological Seminary