Olson Campus Center

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Seminary Relations
2481 Como Ave.
St. Paul, MN 55108-1496
651-641-3448
1-888-3LUTHER

Balance Sheet

Luther Seminary and Foundation audited consolidated balance sheet (June 30, 2014 and 2013)

Assets

   

Current assets

2014

2013

Cash and Cash Equivalents $5,758,632 $5,111,973
Restricted Cash 833,340 656,150
Student Accounts and Notes Receivable, Less Allowance of $100,000 and $122,900 for 2014 and 2013, respectively 178,231 224,318
Accrued Interest Receivable 3,306 8,667
Other Receivables 485,368 151,635
Inventory 6,853 245,918

Total Current Assets $7,265,730 $6,398,661

Other assets

Contributions Receivable, Net of Current Portion 1,126,905 1,305,629
Investments 82,712,434 74,613,299
Beneficial Interest in Remainder Trusts 1,957,816 1,433,231
Life Interest in Land 212,900 212,900
Other Assets 1,561,648 1,620,732
Student Notes Receivable, Net  2,861,930  2,762,358
Assets Held for Sale 4,613,944 0
Land, Buildings and Equipment, Net 8,368,705 13,128,263

Total Other Assets $103,416,282 $95,076,412
Total Assets $110,682,012 $101,475,073

Liabilities and Net Assets

Current liabilities

Accounts Payable 515,574 151,914
Accrued Expenses 1,412,114 1,235,234
Deposits and Deferred Revenue 589,799 510,847
Line of Credit 1,150,000 1,355,000
Current Portion of Split Interest Agreements 561,085 588,334
Notes Payable, Current Portion $240,317 $230,216

Total Current Liabilities $4,468,889 $4,071,545

Long-term liabilities

Split Interest Agreements, Net of Current Portion 3,408,865 3,659,041
Notes Payable, Net of Current Portion 5,514,140 5,754,457
Asset Retirement Obligation 2,491,611 2,292,135
Advances from Government for Federal Loans 2,008,032 2,048,933

Total Long-Term Liabilities $13,422,648 $13,754,566
Total Liabilities $17,891,537 $17,826,111

Net assets

Unrestricted:

Board Designated - Endowment 551,579 166,148
Board Designated - Land, Buildings and Equipment 7,515,390 7,482,054
Board Designated - Other 752,007 553,367
Undesignated (8,056,353) (14,006,068)

Total Unrestricted $762,623 ($5,804,499)
Temporarily Restricted 15,022,833 15,183,232
Permanently Restricted 77,005,019 74,270,229

Total Net Assets $92,790,475 $83,648,962
Total Liabilities and Net Assets $110,682,012 $101,475,073