Luther Seminary Foundation
- Assets
- $37.5m
- Revenue
- $6.5m
- Investments
- $11.5m
- Employees
- 0
- Location
- St Paul, MN
- Founding
- 04/1993
- Data as of
- 06/2021
- EIN
- 41-1746301
Organization Overview
Luther Seminary Foundation is located in St Paul, MN. The organization was established in 1993. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Luther Seminary Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Luther Seminary Foundation generated $6.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.8% each year . All expenses for the organization totaled $930.4k during the year ending 06/2021. While expenses have increased by 12.4% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST LUTHER SEMINARY IN ITS GENERAL FUNDRAISING ACTIVITIES FOR THE BENEFIT OF THE SEMINARY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAM SUPPORT:THE FOUNDATION GAVE $294,280 TO LUTHER SEMINARY TO SUPPORT THE EXPENSES OF A CHAIRED POSITION WITHIN THE SEMINARY AND OTHER EDUCATIONAL SUPPORT. STUDENT AID:THE FOUNDATION GAVE $496,283 TO LUTHER SEMINARY FOR THE PURPOSE OF FINANCIAL ASSISTANCE TO SEMINARY STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Brekken Vice Chair | OfficerTrustee | 2 | $0 |
Ladd Bjorneby Secretary | OfficerTrustee | 2 | $0 |
David Rutlen Chair | OfficerTrustee | 2 | $0 |
Robin Steinke President | Officer | 2 | $0 |
Michael Morrow VP Of Finance & Treasurer | Officer | 2 | $0 |
Heidi Droegmueller Executive Director | Officer | 20 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,009,736 |
| Noncash contributions included in lines 1a–1f | $667,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,009,736 |
| Total Program Service Revenue | $0 |
| Investment income | $513,400 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,931,322 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,454,458 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $294,280 |
| Grants and other assistance to domestic individuals. | $496,283 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $139,836 |
| Total functional expenses | $930,399 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,488,816 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $18,293,369 |
| Investments—other securities | $11,522,215 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,167,526 |
| Total assets | $37,471,926 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $174,489 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,589,706 |
| Total liabilities | $1,764,195 |
| Net assets without donor restrictions | $3,276,454 |
| Net assets with donor restrictions | $32,431,277 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $37,471,926 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Luther Seminary Foundation has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Carl And Aune Lind Family Foundation Eden Prairie, MN PURPOSE: GENERAL | $25,000 |
Endowment Analysis
| Beg. Balance | $25,125,850 |
| Earnings | $6,486,983 |
| Net Contributions | $302,918 |
| Grants | $993,731 |
| Ending Balance | $30,922,020 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Und Aerospace Foundation Grand Forks, ND | $87,259,673 | $35,764,126 |
South Dakota State University Foundation Brookings, SD | $287,960,105 | $54,798,337 |
Und Alumni Association And Foundation Grand Forks, ND | $413,170,247 | $55,226,015 |
North Dakota State University Foundation Fargo, ND | $450,450,295 | $29,663,255 |
Northern State University Foundation Aberdeen, SD | $84,974,607 | $23,577,331 |
University Of South Dakota Foundation Vermillion, SD | $352,818,128 | $49,591,248 |
Ics Support Organization Inc Franklin, WI | $552,959,577 | $28,861,342 |
University Of Northern Iowa Foundation Cedar Falls, IA | $173,378,893 | $31,725,389 |
National Assistance Foundation Des Moines, IA | $16,519,301 | $16,875,706 |
Sioux Falls Christian Schools Association Sioux Falls, SD | $33,580,780 | $15,294,565 |
University Research Park Inc Madison, WI | $162,117,796 | $19,527,506 |
Grinnell College Medical Benefit Plan Trust Agreement Grinnell, IA | $11,174,588 | $9,791,771 |