2023-04-12T09:33:18-05:00 2022-05-31 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2021-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288985241 PO BOX 128 BANNER ELK NC 28604 DR HERBERT L KING JR PRESIDENT 8288985241 2023-04-06 1 DR HERBERT L KING JR 999009999 MARK WOOLWINE P00647446 5404433606 2023-04-05 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z DR HERBERT L KING JR PO BOX 128 BANNER ELK NC 28604 41447871 0 X WWW.LMC.EDU X 1900 NC LEES-MCRAE COLLEGE EDUCATES AND INSPIRES STUDENTS TO APPROACH LIFE AND WORK FROM A CREATIVE, COLLABORATIVE AND CRITICAL PERSPECTIVE IN PREPARATION FOR DIVERSE CAREERS AND ENVIRONMENTS. 26 26 481 25 0 0 5846365 12289003 24674415 28468293 7057457 205579 0 107598 37578237 41070473 10231894 11098444 0 0 10795396 11854951 0 0 281842 10598740 14400879 31626030 37354274 5952207 3716199 71928370 87696802 4649586 19565421 67278784 68131381 THE MISSION OF LEES-MCRAE COLLEGE IS TO HELP STUDENTS BROADEN THEIR HORIZONS, PURSUE CAREERS AND FIND THEIR PLACE IN THE WORLD THROUGH EDUCATION AND SERVICE. 0 0 25888757 11098444 18838699 EDUCATION, GENERAL / OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 873 UNDERGRADUATE STUDENTS. 5502647 9542152 EDUCATION, GENERAL / OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (669 STUDENTS). 386440 107598 EDUCATION, GENERAL / OTHER: SUMMER PROGRAMS, CAMPS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 31777844 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1281 0 1 481 1 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 8288988809 191 MAIN STREET BANNER ELK NC 28604 PARKER GRUBBS CHAIR 0.10 X 0 0 0 GARY T MOSS JR VICE CHAIR 0.10 X 0 0 0 KIM BRASWELL-MCPHAIL TRUSTEE 0.10 X 0 0 0 LES BROUSSARD TRUSTEE 0.10 X 0 0 0 SONNY EDMONDSON TRUSTEE 0.10 X 0 0 0 CATHY FIELDS TRUSTEE 0.10 X 0 0 0 DIANNE MAY TRUSTEE 0.10 X 0 0 0 KEN HAIGLER TRUSTEE 0.10 X 0 0 0 HAROLD KAPLAN TRUSTEE 0.10 X 0 0 0 BARRY BLAKE TRUSTEE 0.10 X 0 0 0 JAMES BRYANT TRUSTEE 0.10 X 0 0 0 JULIA MCCOMBS TRUSTEE 0.10 X 0 0 0 JIM MCDANIEL TRUSTEE 0.10 X 0 0 0 TODD PORTER TRUSTEE 0.10 X 0 0 0 DELBERT WILLIAMSON TRUSTEE 0.10 X 0 0 0 NANCY HOYT TRUSTEE 0.10 X 0 0 0 PAUL STEELE TRUSTEE 0.10 X 0 0 0 NEIL RAMO TRUSTEE 0.10 X 0 0 0 RICHARD RHYNE TRUSTEE 0.10 X 0 0 0 ELIZABETH ROBERTS TRUSTEE 0.10 X 0 0 0 REV THEOPHILUS FEILD RUSSELL TRUSTEE 0.10 X 0 0 0 FRED RUSSELL TRUSTEE 0.10 X 0 0 0 RONALD SOLDO TRUSTEE 0.10 X 0 0 0 W MCNAIR TORNOW TRUSTEE 0.10 X 0 0 0 RICK WACK TRUSTEE 0.10 X 0 0 0 BARBARA MILLER WHITTON TRUSTEE 0.10 X 0 0 0 HERBERT KING JR PRESIDENT 50.00 X 245346 0 29738 JONATHAN KOKOS VP OF BUSINESS AFFAIRS 50.00 X 163659 0 15261 BLAINE HANSEN VP OF ASSESSMENT & EFFECTIVENESS 50.00 X 95926 0 9655 ALYSON GILL PROVOST AND DEAN OF FACULTY 50.00 X 88544 0 6484 KEVIN PHILLIPS VP OF ENROLLMENT MANAGEMENT 50.00 X 170028 0 9807 LESLIE LAMBERT INTERIM PROVOST 50.00 X 120905 0 5935 884408 0 76880 4 0 1 0 ARAMARK DALLAS LOCKBOX PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 3373212 ARAMARK SERVICES INC FACILITIES 27310 NETWORK PLACE CHICAGO IL 606731273 FACILITIES SERVICE PROVIDER 2048067 MCCARTY ARCHITECTS 550 W MAIN STREET STE 300 KNOXVILLE TN 37902 ARCHITECTURAL SERVICES 701792 BARNES & NOBLE COLLEGE BOOKSTORES PO BOX 713660 PHILADELPHIA PA 19182 BOOK STORE 560124 CDW LLC 230 N MILWAUKEE AVE VERNON HILLS IL 60061 TECHNOLOGY PROVIDER 490042 19 2939912 9349091 135338 12289003 TUITION AND FEES 611310 18926141 18926141 ROOM & BOARD 611310 6453270 6453270 OTHER INCOME 611310 3088882 3088882 28468293 582977 582977 289956 87442 -289956 -87442 -377398 -87442 -289956 COMMUNITY OUTREACH 611710 107598 107598 107598 41070473 28488449 0 293021 11098444 11098444 593476 438029 155447 9076045 8279580 598283 198182 1491351 860370 600486 30495 694079 634846 46329 12904 110206 110206 1977170 1740584 236586 351012 274613 61037 15362 1067327 969346 83283 14698 355853 333573 14246 8034 71551 54951 16600 1767333 1329035 438298 FOOD SERVICES 3454709 3454709 OTHER 3205466 508818 2696648 STUDENT AID EXPENSE 1520243 1520243 REPAIRS & MAINTENANCE 453988 109677 342711 1600 66021 60820 4634 567 37354274 31777844 5294588 281842 6078386 1130149 11546 1243362 304219 4896666 923631 1067533 186065 184418 13616 14860 189351 154808 77832816 31920505 27187732 45912311 34025667 30373130 3008157 2719565 71928370 87696802 672717 601165 792864 701726 2056690 1570775 480614 16134045 646701 557710 4649586 19565421 X 35540544 31922982 31738240 36208399 67278784 68131381 71928370 87696802 X 3716199 -2592049 -271553 X 0 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36178089 3841128 -2584103 973939 110206 36350969 33999870 746542 7586756 1172586 4898971 83522 36178089 30708384 2583177 1837194 1062936 65949 33999870 23904521 7069800 435203 648597 52543 30708384 21992049 950968 1459443 467000 30939 23904521 0.11005 0.68685 0.20310 1 0 8196338 8196338 52909471 20694041 32215430 10037089 7485802 2551287 6689918 3740662 2949256 45912311 TRUST & ANNUITY OBLIGATIONS 175029 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS -8602 STUDENT AND OTHER DEPOSITS 21658 557710 X 26998221 -2592049 -271553 -2863602 29861823 110206 11098444 11208650 41070473 26145624 0 26145624 110206 11098444 11208650 37354274 PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FEDERAL FORM 990 OF THE COLLEGE FOR FISCAL YEARS 2019, 2018, AND 2017 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF FUNDS HELD IN TRUST -280,092. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 8,539. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,098,444. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,098,444. 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 RACIALLY NONDISCRIMINATORY POLICY IS PUBLISHED ON THE COLLEGE WEBSITE AND AVAILABLE TO THE GENERAL PUBLIC. SCHEDULE E, PART I, LINE 6 LEES-MCRAE COLLEGE RECEIVES FEDERAL AND NC GOVERNMENTAL SUPPORT FOR STUDENT FINANCIAL AID. THE COLLEGE COMPLIES WITH ALL GOVERNMENTAL REGULATIONS APPLICABLE TO THIS SUPPORT. LEES-MCRAE COLLEGE'S RIGHT TO SUCH AID HAS NEVER BEEN REVOKED OR SUSPENDED. 1 SCHOLARSHIPS ARE PROVIDED TO HELP STUDENTS COVER TUITION, ROOM AND BOARD AT LMC. 877 11098444 PART I, LINE 2: THE PROCESS FOR MONITORING TUITION DISCOUNT OR GRANT/SCHOLARSHIP FUNDS AT LEES-MCRAE IS DONE BY UTILIZING A MATRIX THAT DETERMINES AND LIMITS THE AMOUNT OF ACADEMIC SCHOLARSHIP AWARDED. THE VICE PRESIDENT OF ADMISSIONS AND ENROLLMENT AND THE DIRECTOR OF FINANCIAL AID MEET REGULARLY TO REVIEW THE MOST CURRENT AMOUNT OF AWARDS BEING AWARDED TO ENSURE THE COLLEGE STAYS WITHIN BUDGE AND AWARD GUIDELINES. A FINAL REVIEW IS DONE BY THE VICE PRESIDENT OF ADMISSIONS AND ENROLLMENT AND THE DIRECTOR OF FINANCIAL AID PRIOR TO AWARD LETTERS BEING MAILED. X 0 0 0 0 0 0 0 0 0 HERBERT KING JR PRESIDENT 245346 0 0 0 0 0 12708 0 17030 0 275084 0 0 0 KEVIN PHILLIPS VP OF ENROLLMENT MANAGEMENT 170028 0 0 0 0 0 0 0 9807 0 179835 0 0 0 JONATHAN KOKOS VP OF BUSINESS AFFAIRS 163659 0 0 0 0 0 8246 0 7015 0 178920 0 0 0 A LEES-MCRAE COLLEGE INCORPORATED 560529953 65818PCA5 2003-04-16 8250000 CONSTRUCTION-EDUCATIONAL FACILITIES & REFINANCE CAPITAL RELATED DEBT 0 0 0 A 8250000 8250000 2006 0 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 0 0 0 0 A 0 X 93 DONOR VALUE X 300 DONOR VALUE X 9 126097 AVG HI/LO GIFT DATE X ATHLETIC EQUIPMENT 4 8420 DONOR VALUE X MISCELLANEOUS 2 428 DONOR VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS SUBMITTED TO ALL FINANCIAL AFFAIRS COMMITTEE MEMBERS ELECTRONICALLY PRIOR TO SUBMISSION. THE FINANCIAL AFFAIRS COMMITTEE THEN REVIEWS A PRINTED VERSION AT THEIR FIRST MEETING AFTER THE RETURN IS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES ARE REMINDED OF THE POLICY AT ALL MEETINGS. THE COLLEGE CONTROLLER MONITORS ALL ACCOUNTS PAYABLE CHECKS AND PAYMENTS TO RELATED PARTIES. FORM 990, PART VI, SECTION B, LINE 15 CEO, EXECUTIVE DIRECTOR, OR TOP MANAGEMENT OFFICIAL: TRUSTEES REVIEW COMPENSATION INFORMATION FROM SIMILAR COLLEGES EACH TIME A PRESIDENT IS HIRED TO ESTABLISH FAIR COMPENSATION. OTHER OFFICERS OR KEY EMPLOYEES OF THE ORGANIZATION: PRESIDENT & CFO REVIEW COMPARABLE COMPENSATION AT EACH HIRING. FORM 990, PART VI, SECTION C, LINE 18 PUBLIC WEBSITE, ON LOCATION IN BUSINESS AFFAIRS OFFICE, NC SECRETARY OF STATE OFFICE FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE IN THE PRESIDENT'S OFFICE. CONFLICT OF INTEREST POLICY IS ONLINE IN THE EMPLOYEE AND FACULTY HANDBOOKS. FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PERPETUAL TRUSTS -280,092. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 8,539.