2019-04-05T08:00:57-05:00 2018-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2017-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288988809 PO BOX 128 BANNER ELK NC 28604 JONATHAN KOKOS VP FINANCE & BUSINESS AFFAIRS 8288988809 2019-04-05 1 MARK WOOLWINE P00647446 5404433606 2019-04-05 206.248.228.130 2019-04-05 08:08:51 ED P C6B7EFC27ADC1D591699B7D67A64703C90C79A72 D0156BD46B4B1FE921C9503B1D7FFBF99E37DBAB 2017 2019-02-21 02:37:17Z CHUCK RAYMOND PO BOX 128 BANNER ELK NC 28604 31105379 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 26 476 25 0 0 8993682 5591740 30606310 24584192 912016 843953 1352998 85494 41865006 31105379 13851183 8956264 0 0 9691784 9993960 0 0 260662 9168202 9164398 32711169 28114622 9153837 2990757 65457749 67374879 8959586 7505453 56498163 59869426 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 19762057 8956264 17620024 EDUCATION, GENERAL/OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 921 UNDERGRADUATE STUDENTS. 3231170 6653291 EDUCATION, GENERAL/OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (638 STUDENTS). 529988 396371 EDUCATION, GENERAL/OTHER: SUMMER PROGRAMS, CAMPUS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 23523215 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 133 0 1 476 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 JON KOKOS 8288988809 191 MAIN STREET BANNER ELK NC 28604 GLENDA ABBATE TRUSTEE 0.10 X 0 0 0 KIM BRASWELL-MCPHAIL 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 PARKER GRUBBS TRUSTEE 0.10 X 0 0 0 KEN HAIGLER TRUSTEE 0.10 X 0 0 0 DR EDWARD E HOOD JR TRUSTEE 0.10 X 0 0 0 DR LARRY HOPKINS TRUSTEE 0.10 X 0 0 0 MANUEL JESSUP TRUSTEE 0.10 X 0 0 0 DIANNE MAY TRUSTEE 0.10 X 0 0 0 JULIA MCCOMBS TRUSTEE 0.10 X 0 0 0 BOB MEIER TRUSTEE 0.10 X 0 0 0 SANDY MOSS TRUSTEE 0.10 X 0 0 0 PHILIP MYERS TRUSTEE 0.10 X 0 0 0 MARY LOUISE NAPIER 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 BETSY ROBERTS TRUSTEE 0.10 X 0 0 0 REV THEOPHILUS FEILD RUSSELL VICE CHAIRMAN OF THE BOARD 0.10 X 0 0 0 REP MITCHELL SETZER TRUSTEE 0.10 X 0 0 0 RONALD SOLDO TRUSTEE 0.10 X 0 0 0 KEN SULLIVAN TRUSTEE 0.10 X 0 0 0 W MCNAIR TORNOW CHAIRMAN OF THE BOARD 0.10 X 0 0 0 RICK WACK TRUSTEE 0.10 X 0 0 0 MURRAY WHITE III TRUSTEE 0.10 X 0 0 0 DELBERT L WILLIAMSON TRUSTEE 0.10 X 0 0 0 BARRY BUXTON PRESIDENT 50.00 X 168304 0 92990 SUZETTE FRONK VICE PRESIDENT BUSINESS AF 50.00 X 154862 0 9616 323166 0 102606 2 1 1 0 ARAMARK PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 1648345 M&T CONSTRUCTION PO BOX 656 SPRUCE PINE NC 28777 CONSTRUCTION CONTRACTOR 693486 BARNES & NOBLE COLLEGE BOOKSTORE PO BOX 823660 PHILADELPHIA PA 19182 BOOK STORE 563536 CORESOURCE INC 62707 COLLECTION CENTER DR CHICAGO IL 606930627 MEDICAL INSURANCE ADMINISTRATOR 537554 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DR CHICAGO IL 606930625 HIGHER ED TECHNOLOGY PROVIDER 244214 11 167694 5424046 1002549 5591740 TUITION AND FEES 611310 17534530 17534530 ROOM & BOARD 611310 5601018 5601018 OTHER INCOME 611310 1052273 1052273 COMMUNITY OUTREACH 611310 396371 396371 24584192 484913 484913 359040 0 359040 359040 359040 GAIN FROM FIRE DAMAGE OF ASSET 611310 260478 260478 LOSS ON DISPOSAL OF REAL ESTATE H 611310 -174984 -174984 85494 31105379 24669686 0 843953 8956264 8956264 425773 314251 111522 7619805 7025290 418834 175681 1077811 621796 433976 22039 870571 796276 58110 16185 30939 30939 430826 379274 51552 593203 464090 103150 25963 925224 840288 72195 12741 259999 243720 10409 5870 130799 100454 30345 1830420 1376477 453943 OTHER 2079062 330018 1749044 FOOD SERVICES 1750455 1750455 REPAIRS & MAINTENANCE 348394 84167 262999 1228 WORK STUDY PROGRAMS 111263 102499 7809 955 673814 106957 566857 28114622 23523215 4330745 260662 9508446 11786213 33783 26360 6895890 5863611 861365 672962 291205 263952 140616 145952 54782017 26395024 28403708 28386993 15051433 16957884 4271303 3270952 65457749 67374879 1197724 813117 720139 699248 3920000 3485000 2316544 1686386 805179 821702 8959586 7505453 X 28199673 31398810 12336622 11514629 15961868 16955987 56498163 59869426 65457749 67374879 X 2990757 350805 29701 X X 0 1 X 1 1 1 X 21992049 950968 1459443 467000 30939 23904521 19684100 1311843 1472537 434997 41434 21992049 19566067 521962 -252887 114110 36932 19684100 19321817 173750 161565 500760 47759 19108613 18342301 213787 1287819 469259 52831 19321817 0.07350 0.70930 0.21720 1 0 1166437 1166437 38976663 16913572 22063091 9204217 6354425 2849792 5434700 3127027 2307673 28386993 TRUST & ANNUITY OBLIGATIONS 217283 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS 140722 STUDENT AND OTHER DEPOSITS 94072 821702 X 22498682 350805 -8926563 -8575758 31074440 30939 30939 31105379 19127419 0 19127419 30939 8956264 8987203 28114622 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 2014, 2013, AND 2012 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -8,956,264. CHANGE IN VALUE OF INTEREST RATE SWAPS CHANGE IN VALUE OF PERPETUAL TRUSTS 43,151. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -13,450. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,956,264. 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. 1005 8956264 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 X X 1 0 0 0 0 0 0 0 0 BARRY BUXTON PRESIDENT 168304 0 0 0 0 0 82316 0 10674 0 261294 0 0 0 SUZETTE FRONK VICE PRESIDENT BUSINESS AF 154862 0 0 0 0 0 5438 0 4178 0 164478 0 0 0 PART I, LINE 3 TRUSTEES REVIEW COMPENSATION INFORMATION FROM SIMILAR COLLEGES TO HELP ESTABLISH FAIR COMPENSATION FOR THE PRESIDENT OF LEES-MCRAE COLLEGE. 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 MURRAY WHITE III TRUSTEE 15316 INSURANCE COVERAGES 0 X 4 999091 AVG HI/LO GIFT DATE X 1 9000 APPRAISAL X 1 515 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 INTEREST RATE SWAPS 0. CHANGE IN VALUE OF PERPETUAL TRUSTS 43,151. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS -13,450. FORM 990, PART XII, LINE 2C: PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.