2017-01-12T07:44:22-06:00 2016-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2015-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288988809 PO BOX 128 BANNER ELK NC 28604 SUZETTE A FRONK VP FINANCE & BUSINESS AFFAIRS 8288988809 2017-01-11 1 MARK WOOLWINE P00647446 5404433606 2015 2017-02-10 21:41:12Z CHUCK RAYMOND PO BOX 128 BANNER ELK NC 28604 36668079 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. 31 31 483 25 0 0 4807550 4537631 28481680 31584123 1154046 631413 24000 -85088 34467276 36668079 12696023 14328618 0 0 8413500 9027713 0 0 237889 9187725 9157703 30297248 32514034 4170028 4154045 55175332 56973238 11209879 9980971 43965453 46992267 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 24261102 14328618 25429469 EDUCATION, GENERAL/OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 1,033 UNDERGRADUATE STUDENTS. 3105642 5623787 EDUCATION, GENERAL/OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (678 STUDENTS). 603910 445779 EDUCATION, GENERAL/OTHER: SUMMER PROGRAMS, CAMPUS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 27970654 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 1 148 0 1 483 1 0 0 0 0 0 0 0 0 0 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X SUZETTE A FRONK 8288988809 PO BOX 128 BANNER ELK NC 28604 GLENDA ABBATE TRUSTEE 0.10 X 0 0 0 SCOTT BARRETT TRUSTEE 0.10 X 0 0 0 THOMAS H BRIGHAM TRUSTEE 0.10 X 0 0 0 LESLIE JOHN BROUSSARD TRUSTEE 0.10 X 0 0 0 BOB CAPPS TRUSTEE 0.10 X 0 0 0 CARY GREEN 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 HARVEY LOWD TRUSTEE 0.10 X 0 0 0 DIANNE MAY TRUSTEE 0.10 X 0 0 0 BOB MEIER TRUSTEE 0.10 X 0 0 0 CHUCK RAYMOND CHAIRMAN OF THE BOARD OF T 0.10 X 0 0 0 JT RIEVES TRUSTEE 0.10 X 0 0 0 SANDY ROUSE TRUSTEE 0.10 X 0 0 0 REV THEOPHILUS FEILD RUSSELL TRUSTEE 0.10 X 0 0 0 KEN SULLIVAN TRUSTEE 0.10 X 0 0 0 W MCNAIR TORNOW VICE CHAIRMAN OF THE BOARD 0.10 X 0 0 0 BARBARA MILLER WHITTON TRUSTEE 0.10 X 0 0 0 DELBERT L WILLIAMSON TRUSTEE 0.10 X 0 0 0 CATHY FIELDS TRUSTEE 0.10 X 0 0 0 SANDRA MOSS TRUSTEE 0.10 X 0 0 0 PHILIP MYERS TRUSTEE 0.10 X 0 0 0 ELIZABETH ROBERTS TRUSTEE 0.10 X 0 0 0 JIM WARD TRUSTEE 0.10 X 0 0 0 MITCHELL SETZER TRUSTEE 0.10 X 0 0 0 RONALD SOLDO TRUSTEE 0.10 X 0 0 0 BARRY BUXTON PRESIDENT 50.00 X 215554 0 18776 SUZETTE FRONK VICE PRESIDENT BUSINESS AF 50.00 X 90798 0 9853 306352 0 28629 1 0 1 0 ARAMARK PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 2282468 M&T CONSTRUCTION PO BOX 656 SPRUCE PINE NC 28777 CONSTRUCTION CONTRACTOR 972047 BARNES & NOBLE COLLEGE PO BOX 823660 PHILADELPHIA PA 19182 BOOK STORE 718409 SHELCO LLC 2320 CASCADE POINTE BLVD CHARLOTTE NC 28208 CONSTRUCTION CONTRACTOR 535255 ELLUCIAN 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 TECHNOLOGY/SOFTWARE 506625 9 157828 4379803 623120 4537631 TUITION AND FEES 611310 24331241 24331241 ROOM & BOARD 611310 5622737 5622737 OTHER INCOME 611310 1184366 1184366 COMMUNITY OUTREACH 611310 445779 445779 31584123 360571 360571 270842 0 270842 270842 270842 BOOKSTORE 611310 38475 38475 LOSS ON BACK CHARGES OF BANK FEES 611310 -123563 -123563 -85088 36668079 31499035 0 631413 14328618 14328618 334981 247240 87741 6851662 6250397 451654 149611 1014574 585314 408514 20746 826496 755963 55168 15365 36932 36932 454283 399924 54359 699839 547516 121693 30630 942352 855844 73531 12977 253266 237409 10139 5718 171575 131769 39806 1686636 1268351 418285 OTHER 2074095 329230 1744865 FOOD SERVICES 1677190 1677190 REPAIRS & MAINTENANCE 511877 123662 386411 1804 WORK STUDY PROGRAMS 120882 111360 8484 1038 528776 83935 444841 32514034 27970654 4305491 237889 5763817 7474480 7483779 7061859 571802 731004 333621 309533 207168 195893 49332445 23722121 25564320 25610324 12648769 12788037 2602056 2802108 55175332 56973238 988055 760026 184882 590927 4745000 4340000 4223404 3427492 1068538 862526 11209879 9980971 X 18308126 20705819 11612651 11736421 14044676 14550027 43965453 46992267 55175332 56973238 X 4154045 -1090303 -36928 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19108613 521962 -475501 114110 36932 19004032 19321817 173750 161565 500760 47759 19108613 18342301 213787 1287819 469259 52831 19321817 17653393 160370 1250291 679000 42753 18342301 18888629 101175 -606075 691000 39336 17653393 0.08890 0.76560 0.14550 1 0 1693868 1693868 35115261 14666328 20448933 9318526 7107453 2211073 3204790 1948340 1256450 25610324 TRUST & ANNUITY OBLIGATIONS 217445 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS 133259 STUDENT AND OTHER DEPOSITS 142197 862526 X 21175298 -1090303 -14365546 -15455849 36631147 36932 36932 36668079 18148484 0 18148484 36932 14328618 14365550 32514034 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 -14,328,618. CHANGE IN VALUE OF INTEREST RATE SWAPS -5,220. CHANGE IN VALUE OF PERPETUAL TRUSTS -106,618. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 74,910. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 14,328,618. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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. 1 SCHOLARSHIPS ARE PROVIDED TO HELP STUDENTS COVER TUITION, ROOM AND BOARD AT LMC. 1060 14328618 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 0 0 0 0 0 0 0 0 0 BARRY BUXTON PRESIDENT 165554 0 0 0 50000 0 8435 0 10341 0 234330 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 JR TRUSTEE INSURANCE COVERAGES 0 X 8 304568 AVG HI/LO GIFT DATE X 1 301984 APPRAISAL X VARIOUS 78 16568 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 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 TREASURER 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 -5,220. CHANGE IN VALUE OF PERPETUAL TRUSTS -106,618. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 74,910. FORM 990, PART XII, LINE 2C: PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.