Overview
What is Free Lutheran Theological Seminary?
Free Lutheran Theological Seminary, located in Minneapolis, Minnesota, is a nonprofit institution that offers post-high school religious education and life skills training. Its primary objective is to prepare students for ministry roles, both in churches and secular settings. The seminary operates two divisions: the Free Lutheran Bible College and the Free Lutheran Seminary, both dedicated to providing faith-based education. The Free Lutheran Theological Seminary serves approximately 100 students annually. The organization's mission is to equip individuals with theological knowledge and spiritual skills, ultimately contributing to various religious and community settings.
Official website here: www.flbc.edu
What are the reviews and ratings of this charity?
Charity Navigator Rating: 84% (Three-Star out of Four Stars)
Free Lutheran Theological Seminary has received a solid Three-Star rating from Charity Navigator, primarily reflecting its strong accountability and financial management. The organization excels in providing transparency, with a fully independent board and no material diversion of assets reported. Its commitment to maintaining a well-documented governance structure is commendable, although it lacks a whistleblower and document retention policy, which are areas for potential improvement.
The financial health of the seminary appears robust, with a program expense ratio of 79.02%, indicating that a significant portion of its spending directly supports its mission. The fundraising efficiency is impressive, with only $0.08 spent to generate one dollar of revenue, showcasing effective resource utilization. Additionally, the working capital ratio of 2.26 years suggests that the organization is well-positioned to sustain its operations in the long term.
While the absence of certain policies may raise questions about the overall governance framework, the strengths in financial accountability and operational efficiency reflect positively on Free Lutheran Theological Seminary's commitment to its mission and stakeholders. Overall, the organization demonstrates a strong foundation, although it could benefit from enhancing its governance policies to further strengthen stakeholder confidence.
This AI summary has been generated from information found on Charity Navigator.
Is Free Lutheran Theological Seminary legitimate?
Free Lutheran Theological Seminary is a legitimate nonprofit organization registered as a 501(c)(3) entity. Free Lutheran Theological Seminary submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $412,943
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,808,159
For more financial information, click here
Official website here: www.flbc.edu
What is the mission statement of Free Lutheran Theological Seminary?
Free Lutheran Theological Seminary, through its operations of the Free Lutheran Bible College and the Free Lutheran Seminary, is dedicated to providing a faith-based education. This education equips students for ministry roles in both church and secular settings. The organization's mission is to offer a post-high school bible school and spiritual life skills training program, as well as a four-year Seminary program. The goal is to teach applied theology, preparing students for their future endeavors. During the school year, the Seminary had 100 students enrolled.
Official website here: www.flbc.edu
Who is the CEO of Free Lutheran Theological Seminary?
Wade Mobley is the President of Free Lutheran Theological Seminary.
Official website here: www.flbc.edu
What is the revenue of Free Lutheran Theological Seminary?
Free Lutheran Theological Seminary's revenue in 2023 was $5,308,041.
Official website here: www.flbc.edu
Who are the executives of Free Lutheran Theological Seminary and what are their salaries?
The average compensation at Free Lutheran Theological Seminary during 2023 was $23,136. There are 96 employees and 50 volunteers at Free Lutheran Theological Seminary.
Here are 11 key members and their salaries:
- Compensation: $118,622
- Related: $0
- Other: $0
- Compensation: $106,088
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- Other: $0
- Compensation: $101,394
- Related: $0
- Other: $0
- Compensation: $86,839
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Official website here: www.flbc.edu
Where can I find the form 990 for Free Lutheran Theological Seminary?
Free Lutheran Theological Seminary's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.flbc.edu
Learn more at the official website: www.flbc.edu
Mission Statement of Free Lutheran Theological Seminary
Free Lutheran Theological Seminary, as an organization, is committed to providing a faith-based education. This is accomplished through the operation of two distinct institutions: the Free Lutheran Bible College (FLBC) and the Free Lutheran Seminary (FLS). The mission of Free Lutheran Theological Seminary is to equip students with a solid biblical foundation and spiritual life skills. This preparation is intended to prepare them for roles in ministry, either within a church setting or in secular fields. Furthermore, the seminary offers a comprehensive four-year program to provide in-depth theological education. During the school year, the student body consisted of approximately 100 individuals.
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Impact
October, 2024
Free Lutheran Theological Seminary significantly impacts the community by providing a robust faith-based educational framework through its Free Lutheran Bible College (FLBC) and Free Lutheran Seminary (FLS). The institution offers a unique post-high school Bible school and a comprehensive spiritual life skills training program that emphasizes applied theology. This prepares students for various roles in ministry, whether in church settings or secular environments.
With a focus on equipping future leaders, the seminary plays a crucial role in fostering a deep understanding of faith and theology among its students, enhancing their ability to contribute meaningfully to their communities. With an annual enrollment of approximately 100 students, the seminary nurtures a generation of individuals committed to spiritual growth and service, thereby having a lasting effect on both the church and society at large.
This information is meant to be a general summary of Free Lutheran Theological Seminary. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $141,956
- Program Service Revenue: $2,489,516
- Gross Receipts: $5,308,041
Assets and Liabilities:
- Total Assets: $17,019,037
- Total Liabilities: $6,942,779
- Net Assets: $10,076,258
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Tuition & Fees
Revenue
$1,967,495
Other Revenues
Revenue
$522,021
Organization Details
Founding Year
1966
Principal Officer
Wade Mobley
Main Address
3134 East Medicine Lake Blvd, Minneapolis, MN, 55441
Website
www.flbc.eduNTEE Category
Code: B50 - Education
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