Contact Information

Seminary Relations

NW 130 - Luther Seminary

semrel@luthersem.edu

651-641-3448 or 1-888-3LUTHER

Balance Sheet

Luther Seminary and Foundation Audited Consolidated Balance Sheet
June 30, 2013 and 2012

 

Current Assets

2013
2012
Cash and Cash Equivalents $5,111,973 $4.649,014
Restricted Cash 656,150 450,137
Student Accounts and Notes Receivable, Less Allowance of $239,000 and $314,000 for 2013 and 2012, respectively 3,090,324 3,224,658
Current Portion of Contributions Receivable, Less Allowance of $0 and $10,000 for 2013 and 2012, respectively - 175,066
Accrued Interest Receivable 8,667 15,729
Other Receivables 151,635 31,837
Inventory 245,918 317,131
Total Current Assets $9,264,667
$8,863,572

Other Assets

   
Investments 74,613,299 72,985,832
Beneficial Interest in Remainder Trusts 1,433,231 1,291,142
Life Interest in Land 212,900 212,900
Land, Buildings and Equipment, Net 13,128,263 13,044,814
Contributions Receivable, Net of Current Portion 1,305,629 931,940
Other Assets 1,620,732 1,789,075
Total Other Assets $92,314,054
$90,255,703
     
Total Assets $101,578,721
$99,119,275

Current Liabilities

   
Notes Payable, Current Portion $230,216 $2,168,187
Line of Credit 1,355,000 3,180,679
Accounts Payable 151,914 883,100
Accrued Expenses 1,235,234 1,317,370
Deposits and Deferred Rental Revenue 510,847 343,835
Current Portion of Split Interest Agreements 588,334 564,352
Total Current Liabilities $4,071,545 $8,457,523

Long-Term Liabilities

   
Split Interest Agreements, Net of Current Portion 3,659,041 3,468,658
Notes Payable, Net of Current Portion 5,754,457 4,588,573
Asset Retirement Obligation 2,292,135 2,142,183
Advances from Government for Federal Loans 2,152,581 2,095,333
Total Long-Term Liabilities $13,858,214 $12,294,747
     
Total Liabilities $17,929,759
$20,752,270

Net Assets

   
Unrestricted:    
Board Designated - Endowment 166,148 1,001,326
Board Designated - Land, Buildings and Equipment 7,482,054 8,502,086
Board Designated - Other 533,367 352,379
Undesignated (14,006,068) (15,744,924)
Total Unrestricted ($5,804,499) ($5,889,133)
Temporarily Restricted 15,183,232 12,186,514
Permanently Restricted 74,270,229 72,069,624
Total Net Assets $83,648,962
$78,367,005
     
Total Liabilities and Net Assets $101,578,721
$99,119,275