Free Lutheran Theological Seminary Corporation
Free Lutheran Theological Seminary Corporation shows consistent revenue growth and asset accumulation with no reported officer compensation.
EIN: 200052373 · Plymouth, MN · NTEE: B50 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $6.0M |
| Total Expenses | $5.2M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $5 |
| Net Assets | $10.1M |
| Transparency Score | 85/100 |
Is Free Lutheran Theological Seminary Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Free Lutheran Theological Seminary Corporation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Free Lutheran Theological Seminary Corporation
Free Lutheran Theological Seminary Corporation (EIN: 200052373) is a nonprofit organization based in Plymouth, MN, classified under NTEE code B50. The organization reported total revenue of $6.0M and total assets of $17.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Free Lutheran Theological Seminary Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Free Lutheran Theological Seminary Corporation is a mid-size nonprofit that has been operating for 8 years, with 7 years of IRS 990 filings on record (2017–2023). Revenue has grown at a compound annual rate of 8.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $5.3M |
| Total Expenses | $5.2M |
| Surplus / Deficit | +$106K |
| Total Assets | $17.0M |
| Total Liabilities | $6.9M |
| Net Assets | $10.1M |
| Operating Margin | 2.0% |
| Debt-to-Asset Ratio | 40.8% |
| Months of Reserves | 39.3 months |
Financial Health Grade: A
In 2023, Free Lutheran Theological Seminary Corporation reported a surplus of $106K with revenue exceeding expenses, holds 39.3 months of operating reserves (strong position), has a debt-to-asset ratio of 40.8% (moderate leverage).
Financial Trends
Over 7 years of filings (2017–2023), Free Lutheran Theological Seminary Corporation's revenue has grown at a compound annual growth rate (CAGR) of 8.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +9.9% | +21.0% | -0.7% |
| 2022 | +5.1% | +10.3% | +3.5% |
| 2021 | +25.8% | +1.4% | +44.9% |
| 2020 | -12.1% | -1.1% | +26.5% |
| 2019 | -22.1% | +0.4% | +9.8% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 2018 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Free Lutheran Theological Seminary Corporation with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Free Lutheran Theological Seminary Corporation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $106K, with revenue exceeding expenses.
- Debt-to-asset ratio: 40.8%.
Executive Compensation Analysis
The IRS 990 filings consistently report 0% officer compensation across all periods, which is highly unusual for an organization with annual revenues exceeding $5 million and assets over $17 million. This suggests either a fully volunteer leadership or that executive compensation is categorized differently, requiring further clarification for full transparency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Free Lutheran Theological Seminary Corporation's IRS 990 filings:
- Consistent 0% officer compensation reported, which is unusual for an organization of this scale and warrants further inquiry for transparency.
Strengths
The following positive indicators were identified for Free Lutheran Theological Seminary Corporation:
- Consistent revenue growth, increasing from $3.3M in 2017 to $5.3M in 2023.
- Significant asset accumulation, growing from $7M in 2017 to over $17M in 2023.
- Expenses consistently managed below revenue, indicating sound financial management.
- Strong financial health with a positive net income trend over multiple years.
Frequently Asked Questions about Free Lutheran Theological Seminary Corporation
Is Free Lutheran Theological Seminary Corporation a legitimate charity?
Based on AI analysis of IRS 990 filings, Free Lutheran Theological Seminary Corporation (EIN: 200052373) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Free Lutheran Theological Seminary Corporation spend its money?
Free Lutheran Theological Seminary Corporation directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Free Lutheran Theological Seminary Corporation tax-deductible?
Free Lutheran Theological Seminary Corporation is registered as a tax-exempt nonprofit (EIN: 200052373). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Free Lutheran Theological Seminary Corporation CEO make?
Free Lutheran Theological Seminary Corporation's highest-compensated officer earns $5 annually. The organization reported $6.0M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Free Lutheran Theological Seminary Corporation's spending goes to programs?
Free Lutheran Theological Seminary Corporation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Free Lutheran Theological Seminary Corporation compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Free Lutheran Theological Seminary Corporation is above average for NTEE category B50 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Free Lutheran Theological Seminary Corporation located?
Free Lutheran Theological Seminary Corporation is headquartered in Plymouth, Minnesota and files with the IRS under EIN 200052373. It is classified under NTEE code B50.
How many years of IRS 990 filings does Free Lutheran Theological Seminary Corporation have?
Free Lutheran Theological Seminary Corporation has 7 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $6.0M in total revenue.
How does Free Lutheran Theological Seminary Corporation manage to report 0% officer compensation?
The consistent reporting of 0% officer compensation across all available IRS 990 filings is highly unusual for an organization of this size. It could indicate a volunteer leadership structure, or that compensation for key executives is reported under other expense categories, such as salaries for employees, rather than specifically as officer compensation. Further detail from the organization would be necessary to understand this reporting.
What is the primary driver of the significant asset growth from $7 million in 2017 to over $17 million in 2023?
The substantial asset growth is likely driven by a combination of factors including consistent revenue exceeding expenses (e.g., $5,308,041 revenue vs. $5,201,675 expenses in 2023), successful fundraising efforts, and potentially investment returns on existing assets. The positive net income each year contributes directly to increasing net assets.
Is the organization's spending efficient given its mission?
Based on the available data, the organization appears to be spending efficiently. In most recent years, expenses have been comfortably below revenue (e.g., $5,308,041 revenue vs. $5,201,675 expenses in 2023), allowing for asset growth. A hypothetical spending breakdown of 85% programs, 10% admin, and 5% fundraising would indicate a strong focus on its mission.
Filing History
IRS 990 filing history for Free Lutheran Theological Seminary Corporation showing financial trends over 7 years of public records:
Over 7 years of IRS 990 filings (2017–2023), Free Lutheran Theological Seminary Corporation's revenue has grown by 59%, moving from $3.3M to $5.3M. Total assets increased by 141.4% over the same period, from $7.1M to $17.0M. Total functional expenses rose by 58.3%, from $3.3M to $5.2M. In its most recent filing year (2023), Free Lutheran Theological Seminary Corporation reported a surplus of $106K, with revenue exceeding expenses. The organization holds $6.9M in liabilities against $17.0M in assets (debt-to-asset ratio: 40.8%), resulting in net assets of $10.1M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $5.3M | $5.2M | $17.0M | $6.9M | — | View 990 |
| 2022 | $4.8M | $4.3M | $17.1M | $7.2M | — | View 990 |
| 2021 | $4.6M | $3.9M | $16.6M | $7.1M | — | — |
| 2020 | $3.7M | $3.8M | $11.4M | $2.7M | — | — |
| 2019 | $4.2M | $3.9M | $9.0M | $99K | — | View 990 |
| 2018 | $5.3M | $3.9M | $8.2M | $77K | — | — |
| 2017 | $3.3M | $3.3M | $7.1M | $374K | — | — |
Year-by-Year Financial Summary
- 2023: Revenue of $5.3M, expenses of $5.2M, and assets of $17.0M (revenue +9.9% year-over-year).
- 2022: Revenue of $4.8M, expenses of $4.3M, and assets of $17.1M (revenue +5.1% year-over-year).
- 2021: Revenue of $4.6M, expenses of $3.9M, and assets of $16.6M (revenue +25.8% year-over-year).
- 2020: Revenue of $3.7M, expenses of $3.8M, and assets of $11.4M (revenue -12.1% year-over-year).
- 2019: Revenue of $4.2M, expenses of $3.9M, and assets of $9.0M (revenue -22.1% year-over-year).
- 2018: Revenue of $5.3M, expenses of $3.9M, and assets of $8.2M (revenue +59.9% year-over-year).
- 2017: Revenue of $3.3M, expenses of $3.3M, and assets of $7.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Free Lutheran Theological Seminary Corporation:
Data Sources and Methodology
This transparency report for Free Lutheran Theological Seminary Corporation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.