Nonprofit · EIN 20-0052373
FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION
Tax-exempt · PLYMOUTH, MN 55441
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| July 31, 2025 | 990 | $5,373,952 | $5,550,268 | -$176,316 | $16,641,271 | $6,722,015 | $9,919,256 |
| July 31, 2024 | 990 | $5,951,732 | $5,932,418 | $19,314 | $17,138,626 | $7,043,054 | $10,095,572 |
| July 31, 2023 | 990 | $5,308,041 | $5,201,675 | $106,366 | $17,019,037 | $6,942,779 | $10,076,258 |
Financial details: 990 for the year ended July 31, 2025
Revenue
- Contributions, gifts and grants
- $1,783,731
- Program service revenue
- $3,365,772
- Investment income
- $224,449
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $346,234
- Compensation of officers, directors and key employees
- $381,858
- Other salaries and wages
- $2,210,993
- Salaries, compensation and benefits (total)
- $2,866,105
- Professional fundraising fees
- $0
- Legal fees
- $3,830
- Accounting fees
- $11,200
- Occupancy
- $354,873
- Travel
- $77,018
- Depreciation
- $455,242
- Program services (functional)
- $4,559,841
- Management and general (functional)
- $772,106
- Fundraising (functional)
- $218,321
Balance sheet and other
- Total assets, start of year
- $17,138,626
- Total assets, end of year
- $16,641,271
- Total liabilities, end of year
- $6,722,015
- Net assets, end of year
- $9,919,256
- Land, buildings and equipment
- $12,691,788
- Publicly traded securities
- $3,127,553
- Net assets without donor restrictions
- $8,887,756
- Net assets with donor restrictions
- $1,031,500
- Gross receipts
- $5,373,952
- Employees
- 81
- Volunteers
- 50
- Year formed
- 1966
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended July 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Wade Mobley | President Officer, Key employee | 40 | $140,341 |
| James Molstre | Chief Academic OffDean of Seminary Officer | 40 | $125,490 |
| Larry Myhrer | Vice President of Operations Officer | 40 | $116,477 |
| Steve Snipstead | Vice Chair Trustee or director | 1 | $0 |
| Nathan Dalager | Secretary Trustee or director | 1 | $0 |
| Gary Erickson | Director Trustee or director | 1 | $0 |
| Philip Johnson | Board Chair Trustee or director | 1 | $0 |
| Alan Arneson | Director Trustee or director | 1 | $0 |
| Rodney Johnson | Director Trustee or director | 1 | $0 |
| Erl Langness | Director Trustee or director | 1 | $0 |
990 for the year ended July 31, 2024: 9 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Wade Mobley | President Officer, Key employee | 40 | $130,059 |
| James Molstre | Chief Academic OffDean of Se Officer | 40 | $116,070 |
| Larry Myhrer | Vice President of Operations Officer | 40 | $108,414 |
| Adam Osier | VP - Dean of Bible College Officer | 40 | $96,617 |
| Alan Arneson | Director Trustee or director | 1 | $0 |
| Nathan Dalager | Secretary Trustee or director | 1 | $0 |
| Steve Snipstead | Vice Chair Trustee or director | 1 | $0 |
| Philip Johnson | Board Chair Trustee or director | 1 | $0 |
| Gary Erickson | Director Trustee or director | 1 | $0 |
990 for the year ended July 31, 2023: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Wade Mobley | President Officer, Key employee | 40 | $118,622 |
| James Molstre | Chief Academic OffDean of Se Officer | 40 | $106,088 |
| Larry Myhrer | Vice President of Operations Officer | 40 | $101,394 |
| Adam Osier | VP - Dean of Bible College Officer | 40 | $86,839 |
| Philip Johnson | Board Chair Trustee or director | 1 | $0 |
| Alan Arneson | Vice Chair Trustee or director | 1 | $0 |
| Don Balmer | Director Trustee or director | 1 | $0 |
| Nathan Dalager | Director Trustee or director | 1 | $0 |
| Jason Gudim | Secretary Trustee or director | 1 | $0 |
| Steve Snipstead | Director Trustee or director | 1 | $0 |
| Gary Erickson | Director Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 3136 EAST MEDICINE LAKE BLVD, PLYMOUTH, MN 55441-4639
- In care of
- % LARRY MYHRER
- Principal officer (990 for 2024)
- Wade Mobley, 3134 East Medicine Lake Blvd, Minneapolis, MN 55441
- Signed the 990
- LARRY MYHRER, CFO
- Website
- www.flbc.edu
- Return prepared by
- Freeman & Bonnema PLLC
Mission
The organization operates the Free Lutheran Bible College (FLBC) and the Free Lutheran Seminary (FLS) to provide a faith based education.
Program accomplishments
- Free Lutheran Theological Seminary Corporation provided a post high school Bible College and spiritual life skills training program that teaches applied theology to prepare students for ministry in church or secular roles and also a 4 year Seminary program. Full time equivalent students for the school year were 130.Expenses $4,559,841 · grants $346,234 · revenue $3,365,772
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in July, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | July 31, 2026 | December 15, 2026 | Not due yet |
| 2024 | July 31, 2025 | December 15, 2025 | 990 on file |
| 2023 | July 31, 2024 | December 16, 2024 | 990 on file |
IRS record
- EIN
- 20-0052373
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2018
- Accounting year ends
- July
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B50)
- Assets (IRS master file)
- $16,641,271
- Income (IRS master file)
- $5,373,952
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | July 2025 | $5,373,952 | $5,550,268 | $16,641,271 | IRS |
| 990 | July 2024 | $5,951,732 | $5,932,418 | $17,138,626 | XML |
| 990 | July 2023 | $5,308,041 | $5,201,675 | $17,019,037 | XML |
| 990 | July 2022 | $4,830,075 | $4,298,468 | $17,147,160 | IRS |
| 990 | July 2021 | – | – | – | IRS |
| 990 | July 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 20-0052373).
Questions about FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION
- What is the EIN of FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION?
- The employer identification number (EIN) of FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION is 20-0052373.
- Is FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2018.
- Are donations to FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION due?
- The return for tax year 2025 (the year ending July 31, 2026) is due December 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended July 2025.
- Who is the principal officer of FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION?
- The 990 for the year ended July 31, 2025 names Wade Mobley.
- Who are the officers and directors of FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION?
- The 990 for the year ended July 31, 2025 lists 10 people; 3 received compensation from the organization, the highest $140,341 (Wade Mobley, President).
- How much revenue does FREE LUTHERAN THEOLOGICAL SEMINARY CORPORATION have?
- On its 990 for the year ended July 31, 2025 it reported revenue of $5,373,952, expenses of $5,550,268 and total assets of $16,641,271 at year end.
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