2024-04-25T10:49:57-05:00 2022-06-30 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 300 TICE BOULEVARD SUITE 315 WOODCLIFF LAKE NJ 07677 990 2021-07-01 131624238 UNION THEOLOGICAL SEMINARY UNIO 2126627100 3041 BROADWAY NEW YORK NY 10027 REV DR SERENE JONES PRESIDENT 2126627100 2024-04-21 1 REV DR SERENE JONES 999009999 GARRETT M HIGGINS P00543209 2017129800 2024-02-14 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z X REV DR SERENE JONES 3041 BROADWAY NEW YORK NY 10027 75991847 0 X WWW.UTSNYC.EDU X 1836 NY TO PROVIDE THEOLOGICAL EDUCATION. 25 24 226 28 0 0 13387547 10857605 10090711 11758772 12259605 16138574 455108 58427 36192971 38813378 3824902 4112193 0 0 10809141 11162044 0 0 750060 14468937 22722061 29102980 37996298 7089991 817080 239147562 206084194 49268747 43382559 189878815 162701635 X THE MISSION OF UNION THEOLOGICAL SEMINARY, AN INDEPENDENT, MULTI-DENOMINATIONAL SEMINARY IN THE CITY OF NEW YORK, DERIVES FROM A CHRISTIAN HERITAGE THAT IS AT ONCE PROGRESSIVE AND EVANGELISTIC: TO EDUCATE LEADERS FOR MINISTRY IN CHURCHES AND RELATED ORGANIZATIONS, TO EXTEND THE WORK OF SOCIAL JUSTICE AND TO ENRICH THE ACADEMY THROUGH TEACHING AND RESEARCH. 0 0 30272629 4112193 11758772 PROVIDE GRADUATE EDUCATIONAL PROGRAMS TO MORE THAN 260 FULL-TIME AND PART-TIME STUDENTS 30272629 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 157 0 226 1 0 0 0 0 0 0 0 0 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NY X X NINA WONG 2126627100 3041 BROADWAY NEW YORK NY 10027 THE REV DR SERENE JONES PRESIDENT 40.00 X X 335338 0 134363 CLIFFORD HUDSON CHAIR EFF 52022 /VICE CHAIR THRU MAY 2022 2.00 X X 0 0 0 RHONDA MCLEAN ESQ VICE-CHAIR 5/2022/TRUSTEE THRU MAY 2022 2.00 X X 0 0 0 WILLIAM CANDELARIA ESQ TRUSTEE CHAIR THRU MAY 2022 2.00 X X 0 0 0 BLAKE FRANKLIN ESQ TRUSTEE 2.00 X 0 0 0 CALVIN M MEW TRUSTEE 2.00 X 0 0 0 CYNTHIA A FIELDS TRUSTEE 2.00 X 0 0 0 DAVID KLASSEN TRUSTEE 2.00 X 0 0 0 DAVID M MCALPIN TRUSTEE 2.00 X 0 0 0 DR TIMOTHY LIGHT TRUSTEE 2.00 X 0 0 0 FAITH E GAY TRUSTEE 2.00 X 0 0 0 JAMES BLUE III TRUSTEE 2.00 X 0 0 0 GEOFFREY BROWN TRUSTEE 2.00 X 0 0 0 JASON G WRIGHT TRUSTEE 2.00 X 0 0 0 MICHAEL J JOHNSTON TRUSTEE 2.00 X 0 0 0 MILLICENT FORTUNOFF TRUSTEE 2.00 X 0 0 0 REV CANON PETER KOON TRUSTEE 2.00 X 0 0 0 SISTER JOAN MAGNETTI TRUSTEE 2.00 X 0 0 0 CAROLINE LAGUERRE-BROWN TRUSTEE 2.00 X 0 0 0 OLGA HARTWELL TRUSTEE THRU MAY 2022 2.00 X 0 0 0 RUTH WOODEN TRUSTEE 2.00 X 0 0 0 THE REV AMY GOPP TRUSTEE 2.00 X 0 0 0 THE REV NANCY STEEGER JENNINGS TRUSTEE 2.00 X 0 0 0 THE REV STAN J SLOAN TRUSTEE 2.00 X 0 0 0 THE REV WINNIE VARGHESE TRUSTEE 2.00 X 0 0 0 THE REV MADISON SHOCKLEY TRUSTEE 2.00 X 0 0 0 MAUREEN HARRIGAN INTERIM VICE PRESIDENT FOR FINANCE & OPS 40.00 X 0 0 0 FREDERICK DAVIE VICE PRESIDENT 40.00 X 183652 0 109589 JODY WEST SECRETARY 40.00 X 102577 0 25602 NINA WONG TREASURER EFF. MAY 2022 40.00 X 0 0 0 KELLY B DOUGLAS DEAN EDS@UTS 40.00 X 175007 0 102363 RITA L WALTERS VP FOR DEVELOPMENT 40.00 X 189650 0 43291 PAMELA COOPER-WHITE VP OF ACADEMIC AFFAIRS & DEVELOPMENT 40.00 X 127298 0 97970 SU YON PAK DIRECTOR OF FIELD BASED ED 40.00 X 130077 0 44616 CHARLENE VISCONTI STUDENT AFFAIRS 40.00 X 129413 0 29033 VANESSA HUTCHINSON VP OF ADMISSSIONS & FIN. AID 40.00 X 121322 0 20567 DAISY L MACHADO EXECUTIVE DIRECTOR, LILLY HISPANIC GRANT 40.00 X 152489 0 31178 BRENT DICKMAN FORMER CHIEF FINANCIAL OFFICER 0.00 X 245770 0 37123 1892593 0 675695 18 1 1 0 CONSIGLI CONSTRUCTION NY LLC 199 W RD 100 PLEASANT VALLEY NY 12569 CONSTRUCTION SERVICES 5474805 HARVARD MAINTENANCE PO BOX 95000-1112 PHILADELPHIA PA 10027 FACILITIES STAFFING 1620971 SELENDY & GAY PLLC 1290 AVENUE OF THE AMERICAS 20TH F NEW YORK NY 10104 LEGAL SERVICES 1457855 SKYLINE RESTORATION INC 49-28 31ST PL LONG ISLAND CITY NY 11101 CONSTRUCTION SERVICES 611683 LEHRER CUMMING 900 3RD AVE 6TH FLOOR NEW YORK NY 10022 CONSTRUCTION SERVICES 214500 8 185126 10672479 1320252 10857605 ROOM AND BOARD 532000 4863427 4863427 TUITION AND FEES 611710 4055893 4055893 EDS PROGRAM DEV. AND MGMT. FEE 611710 2645939 2645939 EVENT REGISTRATION FEES 611710 108615 108615 AUXILIARY INCOME 532000 43500 43500 41398 41398 11758772 2236510 2236510 38107967 12972566 37178469 0 929498 12972566 13902064 13902064 54689 0 54689 54689 OTHER INCOME 900099 3738 3738 3738 38813378 11758772 0 16197001 X 14840 14840 4097353 4097353 1366844 994513 306321 66010 7644636 5562221 1713225 369190 672184 489080 150642 32462 856059 624664 190371 41024 622321 452800 139467 30054 166923 166923 164000 164000 686091 686091 5468036 4186535 1263019 18482 106266 106266 1008734 793697 215037 611935 419113 168049 24773 3811415 3303392 460341 47682 238705 200104 35713 2888 2382871 1997537 356501 28833 630330 458626 141262 30442 FACILITIES AND MAINTENA 4760351 3990554 712196 57601 HOSPITALITY & TRAVEL 2154258 2049807 104451 OTHER EXPENSES 303873 303254 619 LIBRARY COST 228273 228273 37996298 30272629 6973609 750060 700 221388 5099796 15003691 326723 59247 2565484 183949 2532461 1396637 122909657 40428522 84201946 82481135 87515461 65950761 54611071 38627146 1069753 936073 1224167 1224167 239147562 206084194 4662557 3363135 31335 101603 96497 148597 17824208 25000000 26654150 14769224 49268747 43382559 X 101218425 91183886 88660390 71517749 189878815 162701635 239147562 206084194 X 817080 -27473210 -521050 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 126603303 1182424 -24831626 5974218 96979883 104971827 100000 28810256 5856308 1422472 126603303 109723709 207936 1461683 5811501 610000 104971827 110389796 328266 5239142 5620489 613006 109723709 107941003 776503 8057606 5295801 1089515 110389796 0.38066 0.56403 0.05532 0 0 1346074 1346074 96187600 35570645 60616955 4523547 4269131 254416 20852436 588746 20263690 82481135 ASSETS HELD FOR ANNUITIES PAYABLE 2223285 F BENEFICIAL INTEREST IN CHARITABLE REMAINDER TRUST 189930 F ALTERNATIVE INVESTMENTS 18670548 F COMMINGLED TRUST FUND 17543383 F 38627146 POSTRETIREMENT BENEFITS LIABILITIES 2280854 GIFT ANNUITY PAYABLE 1414091 REFUNDABLE ADVANCES - US GOVERNMENT GRANTS 480679 DEFERRED GAIN ON SALE-LEASEBACK TRANSACTION 10593600 14769224 X 6310431 -27473210 264630 -27208580 33519011 686091 4608276 5294367 38813378 33487611 0 33487611 686091 3822596 4508687 37996298 PART IV, LINE 2B: THE SEMINARY HOLDS SECURITY DEPOSITS FOR STUDENTS LIVING IN HOUSING RESIDENCES. WHEN THEY VACATE, IT WILL BE RETURNED TO THE STUDENTS. PART V, LINE 4: TO PROVIDE LONG TERM SUPPORT FOR THE ORGANIZATION'S PROGRAM SERVICES. PART X, LINE 2: THE SEMINARY RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE SEMINARY HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE SEMINARY IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR THE YEARS PRIOR TO JULY 1, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: POSTRETIREMENT BENEFIT LIABILITY ADJUSTMENT 264,630. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED AGAINST REVENUE 3,570,680. MISCELLANEOUS EXPENSE NETTED AGAINST REVENUE 251,916. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 785,680. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED AGAINST REVENUE 3,570,680. MISCELLANEOUS EXPENSE NETTED AGAINST REVENUE 251,916. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL PUBLICIZES ITS RACIALLY NONDISCRIMINATORY STATEMENT, IN ALL HANDBOOKS AND LITERATURE DISTRIBUTED, AND ON ALL GENERAL NEWSPAPER ADVERTISEMENT. THE ADMISSIONS BROCHURE DISCLOSES THAT IT SERVES STUDENTS OF SIGNIFICANT FINANCIAL NEED AND DIVERSE CULTURES. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FINANCIAL AID FROM VARIOUS GOVERNMENTAL SOURCES INCLUDING CARES ACT EMERGENCY FINANCIAL AID GRANTS AND A PAYCHECK PROTECTION PROGRAM LOAN. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 3942588 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 7361800 0 0 0 0 0 0 11304388 0 11304388 0 0 1 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 3: THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 5471 BECAUSE IT DOES NOT MEET THE APPLICABLE OWNERSHIP THRESHOLD OR OTHER FILING REQUIREMENTS. 1 GRANTS, SCHOLARSHIPS AND FELLOWSHIPS FOR TUITION 179 4097353 0 PART I, LINE 2: THE FINANCIAL AID OFFICE MAINTAINS THE RECORDS RELATED TO THE GRANTS APPLICATION. THE PROCEDURE IS AS FOLLOWS: THE STUDENTS APPLY ANNUALLY FOR GRANTS BASED ON THEIR FAMILIES' FINANCIAL CIRCUMSTANCES. EACH APPLICATION IS THEN REVIEWED TO DETERMINE THE AMOUNT OF GRANT THAT IS NEEDED. THE GRANTS ARE PROVIDED FROM APPROPRIATE SOURCES AND APPLIED DIRECTLY TO EACH STUDENT'S BILL FOR TUITION, FEES, ROOM, BOARD AND OTHER CHARGES. X 1 1 X X X 1 0 0 0 0 0 0 0 0 THE REV DR SERENE JONES PRESIDENT 306838 0 0 0 28500 0 43084 0 91279 0 469701 0 0 0 FREDERICK DAVIE VICE PRESIDENT 183652 0 0 0 0 0 24850 0 84739 0 293241 0 0 0 BRENT DICKMAN FORMER CHIEF FINANCIAL OFFICER 44401 0 0 0 201369 0 30255 0 6868 0 282893 0 0 0 KELLY B DOUGLAS DEAN EDS@UTS 175007 0 0 0 0 0 22987 0 79376 0 277370 0 0 0 RITA L WALTERS VP FOR DEVELOPMENT 189650 0 0 0 0 0 24250 0 19041 0 232941 0 0 0 PAMELA COOPER-WHITE VP OF ACADEMIC AFFAIRS & DEVELOPMENT 127298 0 0 0 0 0 17113 0 80857 0 225268 0 0 0 DAISY L MACHADO EXECUTIVE DIRECTOR, LILLY HISPANIC GRANT 152489 0 0 0 0 0 19653 0 11525 0 183667 0 0 0 SU YON PAK DIRECTOR OF FIELD BASED ED 130077 0 0 0 0 0 16333 0 28283 0 174693 0 0 0 CHARLENE VISCONTI STUDENT AFFAIRS 129413 0 0 0 0 0 15763 0 13270 0 158446 0 0 0 PART I, LINE 1A "AS PART OF ITS HISTORIC MISSION OF NURTURING SPIRITUAL DEVELOPMENT IN COMMUNITY FOR MINISTRY, UNION THEOLOGICAL SEMINARY REQUIRES ITS FACULTY TO RESIDE AT THE SEMINARY IN ORDER TO BE READILY AVAILABLE FOR STUDENTS AND FOR SEMINARY EVENTS. THIS HOUSING IS USED TO MEET WITH STUDENTS, HOLD CLASSES AND FOR OTHER SEMINARY PURPOSES. THE VALUE OF THE HOUSING HAS BEEN INCLUDED WHERE REQUIRED ON SCHEDULE J AS A NONTAXABLE BENEFIT. THE FOLLOWING PERSONS RECEIVED HOUSING BENEFITS EITHER REPORTED IN SCHEDULE J PART I COLUMN D: REV. DR. SERENE JONES - $62,637 KELLY B DOUGLAS - $62,637 PAMELA COOPER-WHITE - $62,637 FREDERICK DAVIE - $68,000 PART I, LINE 4A FORMER CFO BRENT DICKMAN RECEIVED A SEVERANCE PACKAGE IN THE AMOUNT OF $201,369. IT IS REPORTED IN PART II, COLUMN B(III). X 8 1320252 AVG. SELLING PRICE 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN SCHEDULE M, PART I, COLUMN B. FORM 990, PART VI, SECTION B, LINE 11B UNION THEOLOGICAL SEMINARY HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, IT IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. THE GOVERNING BODY HAS DELEGATED ITS OVERSIGHT ROLE TO THE AUDIT COMMITTEE. ANY COMMENTS MADE BY THE AUDIT COMMITTEE ARE PRESENTED TO MANAGEMENT. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. A COPY OF THE FINAL APPROVED VERSION IS ELECTRONICALLY SENT TO THE ENTIRE BOARD AFTER FILING. FORM 990, PART VI, SECTION B, LINE 12C UNION THEOLOGICAL SEMINARY CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IS MONITORED AND ENFORCED ANNUALLY. THE BOARD MANDATES THAT ALL MEMBERS OF THE GOVERNING BODY, OFFICERS, AND EMPLOYEES ANNUALLY REVIEW AND SIGN THE CONFLICT OF INTEREST DISCLOSURE FORM. THE COI POLICY ALSO REQUIRES THAT AFTER DISCLOSURE, ANY SUCH CONFLICT OF INTEREST MUST BE APPROVED BY THE EMPLOYEE'S DIRECT SUPERVISOR, AND ABSENT THIS APPROVAL, THE CONFLICT MUST BE RESOLVED. AFTER A CONFLICT IS REPORTED TO AN EMPLOYEE'S SUPERVISOR AND ACTED UPON, IT MUST BE REPORTED TO THE VICE PRESIDENT FOR FINANCE AND OPERATIONS. IF AN OFFICER OR A TRUSTEE HAD A CONFLICT OF INTEREST, THEY WOULD BE EXCUSED FROM PARTICIPATING IN THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT AND KEY ADMINISTRATORS AT UNION THEOLOGICAL SEMINARY ARE DETERMINED BY UNION'S PERSONNEL COMMITTEE OF THE BOARD OF TRUSTEES, AFTER REVIEWING GUIDELINES AND COMPARABLE DATA IN THE UTS HUMAN RESOURCES OFFICE. COMPARABLE DATA INCLUDES DATA FROM THE ASSOCIATION OF THEOLOGICAL SCHOOLS AND SURVEY OF NEIGHBORING SCHOOLS. THE DETERMINATIONS AND RESULTS OF THE COMPENSATION PROCESS ARE RECORDED ON THE MINUTES OF THE BOARD MEETINGS. THIS PROCESS WAS LAST UNDERTAKEN IN FY22. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FORM 990 AND THE AUDITED FINANCIAL STATEMENT IS MADE AVAILABLE FOR THE PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. IT IS POSTED ON NEW YORK STATE ATTORNEY GENERAL WEBSITE, AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART IX, LINE 11G OTHER CONSULTANT/SERVICE FEES: PROGRAM SERVICE EXPENSES 4,186,535. MANAGEMENT AND GENERAL EXPENSES 1,263,019. FUNDRAISING EXPENSES 18,482. TOTAL EXPENSES 5,468,036. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -785,680. POSTRETIREMENT BENEFIT LIABILITY ADJUSTMENT 264,630. FORM 990, PART XII, LINE 2C: UNION THEOLOGICAL SEMINARY HAS AN AUDIT COMMITTEE THAT OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS FOR SELECTING AN INDEPENDENT ACCOUNTANT AND ESTABLISHING A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT HAS NOT CHANGED FROM PRIOR YEAR. FORM 990, AMENDED RETURN: AN AMENDED RETURN IS BEING FILED IN ORDER TO CONFORM TO THE ORGANIZATION'S JUNE 30, 2022, FINANCIAL STATEMENTS. A LISTING OF ALL THE CHANGES TO THE FORM 990 IS AS FOLLOWS: 1. PAGE 1, BOX G: GROSS RECEIPTS WAS RESTATED TO REFLECT THE UPDATED REVENUE REPORTED IN PART VIII. 2. PART I, LINES 20 AND 21: THESE AMOUNTS WERE UPDATED TO REFLECT THE CHANGES REPORTED IN THEIR RESPECTIVE PARTS OF THE RETURN DUE TO THE ISSUANCE OF THE FINANCIAL STATEMENTS. 3. PART III, LINE 4A: THE TOTAL PROGRAM EXPENSES AND REVENUE FOR THE ORGANIZATION'S PROGRAM WAS UPDATED TO AGREE TO THE ADJUSTMENTS MADE IN PART VIII, PART IX, AND SCHEDULE D. 4. PART IX: LINE 1, LINE 2, LINE 5, LINE 7, LINE 8, LINE 9, LINE 10, LINE 11B, LINE 11C, LINE 11G, LINE 12, LINE 13, LINE 14, LINE 16, LINE 20, LINE 22, LINE 23, LINE 24A, LINE 24B, LINE 24C, LINE 24D, AND LINE 24E: THE AMOUNTS WERE UPDATED TO REFLECT THE FUNCTIONAL ALLOCATION PER THE AUDITED FINANCIAL STATEMENTS. 5. PART X, LINE 3, LINE 9, LINE 10A, LINE 10B, LINE 11, LINE 12, LINE 17, LINE 25, LINE 27, AND LINE 28: THESE AMOUNTS WERE UPDATED TO AGREE TO THE AUDITED FINANCIAL STATEMENTS. 6. SCHEDULE D, PAGE 4: THE AMOUNTS REPORTED IN THIS SECTION WAS UPDATED TO AGREE TO THE AUDITED FINANCIAL STATEMENTS. 7. SCHEDULE F, ADDED TO REPORT FOREIGN INVESTMENTS. 7. SCHEDULE I, PART III, LINE C: THE AMOUNT REPORTED IN THIS SECTION WAS UPDATED TO AGREE TO THE AUDITED FINANCIAL STATEMENTS. 8. SCHEDULE O: NARRATIVES WERE UPDATED WITH REGARDS TO THE CHANGES MENTIONED ABOVE.