2024-04-10T18:57:54-05:00 2023-06-30 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-07-01 411746301 LUTHER SEMINARY FOUNDATION LUTH 6516413456 2481 COMO AVE ST PAUL MN 55108 JOHN COSKRAN VP OF FINANCE AND ADMINISTRATION 6516413456 2024-03-27 1 JOHN COSKRAN XXX-XX-XXXX 0 KAREN A GRIES P00078514 6128764500 2024-03-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOHN COSKRAN 2481 COMO AVE ST PAUL MN 55108 20642339 0 X WWW.LUTHERSEM.EDU X 1991 MN TO ASSIST LUTHER SEMINARY IN ITS GENERAL FUNDRAISING ACTIVITIES FOR THE BENEFIT OF THE SEMINARY. 3 3 0 3 0 0 404117 1003599 0 0 672418 109309 0 0 1076535 1112908 915423 1109775 0 0 0 0 0 0 0 147456 160265 1062879 1270040 13656 -157132 31576918 33424619 1361345 1336909 30215573 32087710 TO ASSIST LUTHER SEMINARY IN ITS GENERAL FUNDRAISING ACTIVITIES AND SOLICITING AND ACCEPTING THE CONTRIBUTIONS (INCLUDING ENDOWMENTS, DEFERRED GIFTS, OPERATING GIFTS, ETC.) FOR THE BENEFIT OF THE SEMINARY. 0 0 1109775 1109775 EDUCATIONAL PROGRAM SUPPORT:THE FOUNDATION GAVE $402,306 TO LUTHER SEMINARY TO SUPPORT THE EXPENSES OF A CHAIRED POSITION WITHIN THE SEMINARY AND OTHER EDUCATIONAL SUPPORT. STUDENT AID:THE FOUNDATION GAVE $707,469 TO LUTHER SEMINARY FOR THE PURPOSE OF FINANCIAL ASSISTANCE TO SEMINARY STUDENTS. 1109775 1 1 0 0 0 0 0 0 1 1 0 1 0 1 1 1 1 1 0 0 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 3 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 0 0 0 0 MN X GINA LOTZER 6515231660 2481 COMO AVENUE ST PAUL MN 55108 DAVID RUTLEN CHAIR 2.00 X X 0 0 0 LADD BJORNEBY VICE CHAIR 2.00 X X 0 0 0 DEAN GRUNER SECRETARY 2.00 X X 0 0 0 ROBIN STEINKE PRESIDENT 2.00 40.00 X 0 138390 128954 JOHN COSKRAN CFO 0.80 16.00 X 0 0 0 HEIDI DROEGMUELLER EXECUTIVE DIRECTOR 20.00 20.00 X 0 190872 56645 MICHAEL MORROW VP OF FINANCE & TREASURER (RETIRED 04/2023) 2.00 40.00 X 0 199551 51115 0 528813 236714 0 0 1 0 0 1003599 1003599 -647294 -647294 20286034 19529431 756603 756603 756603 1112908 0 0 109309 402306 402306 707469 707469 ENDOWMENT & ADMIN EXP. 160265 160265 1270040 1109775 160265 0 1591974 1695979 2000 2000 12025121 12195871 13604376 15140967 4353447 4389802 31576918 33424619 149185 157061 1212160 1179848 1361345 1336909 X 3311691 3416806 26903882 28670904 30215573 32087710 31576918 33424619 X -157132 1931370 97899 X X 0 1 X 1 0 X X 1 LUTHER SEMINARY 411425961 2 1 1109775 0 1 1109775 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 25458844 963599 2053235 1142560 27333118 30922020 316643 -4728817 1051002 25458844 25125850 302918 6486983 993731 30922020 25435625 611407 870 922052 25125850 23822690 1118331 1191208 696604 25435625 0.01000 0.80000 0.19000 0 0 0 PRIVATE EQUITY INVESTMENTS 15140967 F 15140967 CASH SURRENDER VALUE OF LIFE INSURANCE 208127 DUE FROM LUTHER SEMINARY 3533445 BENEFICIAL INTEREST IN REMAINDER TRUST 648230 4389802 ANNUITIES PAYABLE 1179848 1179848 X 3653941 1931370 511764 97899 2541033 1112908 0 1112908 1781804 511764 511764 1270040 0 1270040 PART IV, LINE 2B: CERTAIN ANNUITY CONTRACTS AND LIFE INSURANCE POLICIES REQUIRE THE FOUNDATION TO DISTRIBUTE A PORTION OF THE ANNUITY'S ASSETS TO ANOTHER ORGANIZATION. THE FUNDS HELD FOR OTHERS ARE RECORDED BASED ON THE PRESENT VALUE OF THE FUTURE EXPECTED PAYMENTS TO THESE OTHER ORGANIZATIONS. PART V, LINE 4: THE FOUNDATION USES ENDOWMENT FUNDS FOR FINANCIAL AID, EDUCATION PROGRAM SUPPORT, AND GENERAL INSTITUTIONAL SUPPORT. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS CONSIDERED A PRIVATE FOUNDATION. TO THE EXTENT THE FOUNDATION DERIVES INCOME FROM CERTAIN ACTIVITIES NOT SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSES (UNRELATED TRADE OR BUSINESS ACTIVITIES). THE FOUNDATION HAD UNRELATED BUSINESS INCOME DURING THE YEAR. THE FOUNDATION ARE ALSO EXEMPT FROM MINNESOTA CORPORATE FRANCHISE TAXES. ALL CONTRIBUTIONS TO THE FOUNDATION ARE CONSIDERED TAX DEDUCTIBLE. THE FOUNDATION FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE FOUNDATION FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023 OR 2022. THE FOUNDATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 105,329. CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE -7,430. CENTRAL AMERICA AND CARIBBEAN 0 0 INVESTMENTS 7131641 0 0 0 0 0 0 7131641 0 7131641 1 0 1 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 3: THE ORGANIZATION INVESTS IN PARTNERSHIPS THAT HOLD DIRECT OR INDIRECT INTERESTS IN FOREIGN CORPORATIONS. HOWEVER, THE UNIVERSITY DOES NOT MEET THE FILING REQUIREMENT OF FORM 5471 AS A RESULT. SCHEDULE F, PART IV, LINE 4: THE ORGANIZATION INVESTS IN PARTNERSHIPS THAT HOLD DIRECT OR INDIRECT INTERESTS IN PASSIVE FOREIGN INVESTMENT COMPANIES. HOWEVER, THE PARTNERSHIPS HAVE FILED FORM 8621 ON THEIR PARTNERS' BEHALF, AND THEREFORE THE UNIVERSITY IS NOT REQUIRED TO FILE FORM 8621. SCHEDULE F, PART IV, LINE 5: THE ORGANIZATION INVESTS IN PARTNERSHIPS THAT HOLD DIRECT OR INDIRECT INTERESTS IN FOREIGN PARTNERSHIPS. HOWEVER, THE UNIVERSITY DOES NOT MEET THE FILING REQUIREMENT OF FORM 8865 AS A RESULT. 1 LUTHER SEMINARY 2481 COMO AVENUE ST PAUL MN 55108 411425961 501(C)(3) 402306 0 EDUCATIONAL SUPPORT AND FINANCIAL ASSISTANCE FOR STUDENTS 1 SCHOLARSHIPS 83 707469 PART I, LINE 2: ALL GRANTS AND SCHOLARSHIPS ARE GIVEN DIRECTLY TO THE FOUNDATION'S SUPPORTED/PARENT ORGANIZATION, WHICH CONTROLS THE ACTIVITIES OF BOTH THE SEMINARY AND THE FOUNDATION. THE SEMINARY'S DIRECTOR OF FINANCIAL AID AWARDS THE SCHOLARSHIPS WHICH IS THEN DISBURSED TO STUDENTS ACCOUNTS BY THE BUSINESS OFFICE OF THE SEMINARY. 0 0 0 0 0 0 0 0 0 ROBIN STEINKE PRESIDENT 0 138390 0 0 0 0 0 27000 0 101954 0 267344 0 0 MICHAEL MORROW VP OF FINANCE & TREASURER (RETIRED 04/2023) 0 199551 0 0 0 0 0 22122 0 28993 0 250666 0 0 HEIDI DROEGMUELLER EXECUTIVE DIRECTOR 0 190872 0 0 0 0 0 20453 0 36192 0 247517 0 0 PART I, LINE 3 ALL COMPENSATION IS PAID BY LUTHER SEMINARY, A RELATED ORGANIZATION. LUTHER SEMINARY USED THE FOLLOWING TO ESTABLISH THE COMPENSATION OF THE PRESIDENT: 1. COMPENSATION COMMITTEE 2. WRITTEN EMPLOYMENT CONTRACT 3. COMPENSATION SURVEY OR STUDY 4. APPROVAL BY THE PRESIDENTIAL SUPPORT COMMITTEE (COMPENSATION COMMITTEE) ALL OFFICERS' COMPENSATION IS REVIEWED BY THE PRESIDENTIAL SUPPORT COMMITTEE OF THE BOARD. COMPENSATION DATA FROM THE ASSOCIATION OF THEOLOGICAL SCHOOL (ATS), FOR LIKE-SIZED INSTITUTIONS IS UTILIZED IN THIS PROCESS. THE PROCESS INCLUDED REVIEW AND APPROVAL BY INDEPENDENT PERSONS, COMPARABILITY DATA AND CONTEMPORANEOUS SUBSTANTIATION. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL HAVE THE POWER TO ACT ON BEHALF OF THE BOARD OF TRUSTEES BETWEEN MEETINGS, TO THE EXTENT PERMITTED BY APPLICABLE LAW, BUT WITH THE FOLLOWING EXCEPTIONS: TRUSTEE OR BOARD OFFICER SELECTION OR TERMINATION; RECOMMENDING CAMPAIGNS OR CHANGES IN THE GOALS OF A CAMPAIGN IN PROGRESS; CHANGES IN THE PURPOSE OR MISSION OF THE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE CORPORATION IS THE BENEFICIARY, LUTHER SEMINARY. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF TRUSTEES SHALL BE COMPOSED OF NOT LESS THAN THREE MEMBERS APPOINTED BY THE BOARD OF DIRECTORS OF THE SEMINARY AS THE BENEFICIARY ORGANIZATION (HEREINAFTER THE "SEMINARY BOARD"). IN ADDITION TO THE APPOINTED MEMBERS, THE CHAIR OF THE BOARD OF DIRECTORS OF THE SEMINARY AND THE PRESIDENT OF THE SEMINARY SHALL BE EX OFFICIO, NON-VOTING MEMBERS OF THE BOARD OF TRUSTEES. A TRUSTEE MAY BE REMOVED FROM OFFICE WITH OR WITHOUT CAUSE BY AN AFFIRMATIVE VOTE OF TWO-THIRDS OF THE MEMBERS OF THE SEMINARY BOARD. FORM 990, PART VI, SECTION A, LINE 7B AMENDMENTS TO THE FOUNDATION'S ARTICLES OF INCORPORATION OR BYLAWS REQUIRE APPROVAL BY THE BOARD OF THE SOLE BENEFICIARY MEMBER, LUTHER SEMINARY. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AND ADMINISTRATION COMMITTEE REVIEWS AND RECOMMENDS ACCEPTING THE FORM 990 AND TO THE BOARD. THE BOARD FORMALLY ACCEPTS THE FORM 990 REPORT. THE FORM 990 IS MADE AVAILABLE TO ALL MEMBERS OF THE BOARD PRIOR TO FILING THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES SHALL COMPLY WITH MINNESOTA LAW CONCERNING DUTIES AND A REQUIREMENT RELATING TO A TRUSTEE'S STANDARD OF CARE TO THE FOUNDATION AND THE MANNER IN WHICH ANY CONFLICT OF INTEREST MUST BE ADDRESSED. THE BOARD MEMBERS AND KEY EMPLOYEES SIGN A CONFLICT FORM ANNUALLY. ANY CONFLICT OF INTEREST SHALL BE DISCLOSED AT THE EARLIEST POSSIBLE TIME FOLLOWING WHEN THE TRUSTEE BECOMES AWARE OF SUCH CONFLICT OR UPON REQUEST BY THE SEMINARY. THE CONFLICT OF INTEREST FORMS ARE REVIEWED BY THE DIRECTOR OF HR AND ARE KEPT WITH THE PRESIDENT'S ADMINISTRATIVE ASSISTANT. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 105,329. CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE -7,430. PART XII, LINE 2C: NEITHER THE OVERSIGHT PROCESS OF THE AUDIT OR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE TAX YEAR. LUTHER SEMINARY 2481 COMO AVENUE ST PAUL MN 55108 411425961 POST-GRADUATE EDUCATION MN 501(C)(3) LINE 2 N/A 0 CHARITABLE REMAINDER UNITRUST (9) CHARITABLE TRUST MN LUTHER SEMINARY FOUNDATION T 1 CHARITABLE REMAINDER ANNUITY TRUST (1) CHARITABLE TRUST MN LUTHER SEMINARY FOUNDATION T 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0