Irbs Theological Seminary
- Assets
- $677.5k
- Revenue
- $539.9k
- Investments
- $308.9k
- Employees
- 5
- Location
- Mansfield, TX
- Founding
- 06/2018
- Data as of
- 06/2023
- EIN
- 82-4445833
Organization Overview
Irbs Theological Seminary is located in Mansfield, TX. The organization was established in 2018. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2023, Irbs Theological Seminary employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Irbs Theological Seminary 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 06/2023, Irbs Theological Seminary generated $539.9k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $420.2k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE SEMINARY IS COMMITTED TO ASSISTING REFORMED BAPTIST CHURCHES, AND OTHERS, IN PREPARING MEN FOR THE GOSPEL MINISTRY. IT WILL SERVE A GLOBAL CONSTITUENCY, OFFERING THE MASTER OF DIVINITY DEGREE, PROVIDING ROBUST ACADEMIC PREPARATION IN THE NECESSARY THEOLOGICAL AND MINISTERIAL DISCIPLINES. EMPLOYING A THREE-FOLD STRATEGY OF LECTURE-BASED COURSES, INTERNSHIPS, AND APPRENTICESHIPS, IT WILL GRADUATE MEN READY TO SERVE IN CHURCHES AROUND THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SEMINARY COMMENCED INITIATION OF COURSE OFFERINGS AND DEGREE PROGRAMS. THE SEMINARY SERVES STUDENTS THROUGH DISTANCE EDUCATION PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rob Cosby Pastor Of Tuscon Reformed | Trustee | 1 | $0 |
Frank Strickland Accountant And Business Ma | Trustee | 1 | $0 |
Ben Scofield Accountant And Business Ma | Trustee | 1 | $0 |
Nathan White Pastor Of Christ Reformed | Trustee | 1 | $0 |
James Renihan President | Officer | 40 | $59,556 |
Fred Pugh Chairman Of The Board | Officer | 1 | $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 | $504,852 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $504,852 |
| Total Program Service Revenue | $35,626 |
| Investment income | $4,380 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,956 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $539,902 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,864 |
| 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 | $250,754 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,435 |
| Payroll taxes | $7,281 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,898 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,440 |
| Fees for services: Other | $507 |
| Advertising and promotion | $1,647 |
| Office expenses | $2,578 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $35,726 |
| 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 | $19,075 |
| Insurance | $1,005 |
| All other expenses | $0 |
| Total functional expenses | $420,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $361,303 |
| Savings and temporary cash investments | $0 |
| 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 | $4,056 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,318 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $308,868 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $677,545 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $6,705 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $1,081 |
| Total liabilities | $7,786 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $669,759 |
| Total liabilities and net assets/fund balances | $677,545 |