2011-04-14T10:39:03-07:00 2010-05-31 990 2009-06-01 560529953 LEES-MCRAE COLLEGE INCORPORATED LEES 8288988809 PO Box 128 Banner Elk NC 28604 Ken Buchanan 8288988809 2011-04-13 2009 2016-02-24 21:20:13Z Tommy Brigham PO Box 128 Banner Elk NC 28604 28981567 0 X www.lmc.edu X 1900 NC Lees-McRae College is an undergraduate private college serving students through the main campus in Banner Elk, NC and at extended campus sites in western North Carolina. 26 26 504 62 0 0 6501801 5104131 22521930 22654164 320912 359024 -109919 -53182 29234724 28064137 11069445 11543597 0 0 9241450 7732033 0 0 290414 8864466 8047551 29175361 27323181 59363 740956 42351561 42616309 18777980 17284002 23573581 25332307 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 2708237 0 3026705 Education, General/Other: Auxiliary services including food service and residential facilities for students attending Lees-McRae College. (428 Students) 266944 0 250506 Education, General/Other: Summer programs, campus and theatre to support educational mission. (12 Performances) 20781684 0 23825864 Education, General/Other: Lees-McRae College is an accredited, nonprofit, coeducational, nonsectarian institution of higher education with enrollment of approximately 906 undergraduate students. (906 Students) 0 0 0 23756865 1 1 0 0 0 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 0 0 0 0 0 0 0 0 0 1 104 0 1 504 1 0 0 0 0 0 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Ken Buchanan 8288988809 191 Main Street W Banner Elk NC 28604 Tommy Brigham 1 X 0 0 0 O'dell Smith 1 X 0 0 0 Dr Thomas Ratchford 1 X 0 0 0 Steven Lineberger 1 X 0 0 0 Jane B Stephenson 1 X 0 0 0 John Cates 1 X 0 0 0 Dan Joiner 1 X 0 0 0 Dr William Tate 1 X 0 0 0 Dr John Blalock 1 X 0 0 0 Cary Green 1 X 0 0 0 Joseph J Stahl II 1 X 0 0 0 Al Dickens 1 X 0 0 0 Parker Grubbs 1 X 0 0 0 Arch Hoxton 1 X 0 0 0 Harvey Lowd 1 X 0 0 0 Ed Shelton 1 X 0 0 0 Paul Stephenson 1 X 0 0 0 Murray White Jr 1 X 0 0 0 Robert Jepson 1 X 0 0 0 Les Broussard 1 X 0 0 0 JT Rieves 1 X 0 0 0 Michael Elliott 1 X 0 0 0 Deborah Williams 1 X 0 0 0 Rev Dr Ben Trawick 1 X 0 0 0 Dr Larry Hopkins 1 X 0 0 0 Ed Bauman 1 X 0 0 0 Dr Barry Buxton 50 X 95624 0 3492 Kenneth Buchanan 50.00 X 15908 0 307 Caroline Hart 40.00 X 47240 0 1536 Dr John Keener 40.00 X 82468 0 3687 Dr Kimberlee Crabtree 50.00 X 84059 0 4296 Scott McKinney 50.00 X 54438 0 7501 379737 0 20819 0 1 0 0 Aramark Food Service PO Box 116 Banner Elk NC 28604 Food service 1074090 Unicco 275 Grove Street Avondale MA 02466 Facilities management 245627 Registry 3 Centennial Drive Peabody MA 01960 Facilities Management 177476 The Budd Group PO Box 890856 Charlotte NC 28289 Security Services Provider 146483 Runion Tours & Charters 319 Old Buckeye Cover Road Swannanoa NC 28778 Transportation Services 101879 5 0 0 0 0 1271740 3832391 0 5104131 Tuition and Fees 611310 19124722 19124722 0 0 Room and board 611310 3026705 3026705 0 0 Summer programs 611310 250506 250506 0 0 Other income 611310 252231 252231 0 0 0 0 0 0 22654164 379559 0 0 379559 0 0 0 0 0 0 0 0 103713 0 156895 0 -53182 0 -53182 0 0 -53182 740000 0 760535 0 -20535 0 -20535 0 0 -20535 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28064137 22654164 0 305842 0 0 11543597 11543597 0 0 0 0 400399 0 400399 0 0 0 0 0 6096037 5754183 193849 148005 31436 27804 2460 1172 758218 452658 279324 26236 445943 423171 12790 9982 0 0 0 0 75131 0 75131 0 63178 0 63178 0 0 0 0 0 0 0 0 0 0 0 849382 816487 32895 0 59110 33245 19910 5955 993363 853577 82613 57173 0 0 0 0 0 0 0 0 1018022 910164 91679 16179 492625 441497 28158 22970 0 0 0 0 80641 42349 38292 0 497189 381841 115348 0 0 0 0 0 1073541 807303 266238 0 143858 0 143858 0 Equipment rental and maintenance 273727 97327 175658 742 Work study programs 262749 249608 11141 2000 Repairs 72281 71836 445 0 Tuition waivers 218764 218764 0 0 Other expenses 1873990 631454 1242536 0 27323181 23756865 3275902 290414 X 0 0 0 0 271820 360579 100000 100000 8479520 9531910 564987 562097 0 0 0 0 374232 400245 18994 0 247631 180360 36062106 17479512 19562296 18582594 10820244 10788589 0 0 1911837 2109935 42351561 42616309 1460866 1305199 0 0 0 0 6925000 6588452 0 0 0 0 6173094 5776428 0 0 4219020 3613923 18777980 17284002 X 4026648 4313280 6980053 8204591 12566880 12814436 23573581 25332307 42351561 42616309 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12566880 54753 679288 470485 0 16000 12814436 14122037 171353 283273 735364 1239419 35000 12566880 0 0.85 0.15 1 0 1677868 0 1677868 24301256 0 9730253 14571003 0 0 0 0 10082982 0 7749259 2333723 0 0 0 0 18582594 0 0 0 Funds held in trust by others 1946311 Cash surrender value of life insurance and other assets 131124 Real estate held for sale 32500 2109935 0 Other notes payable 1927128 Interest rate swaps 661081 Trust and annuity obligations 319049 US government grants refundable 369625 Amounts held on behalf of others 276395 Student and other deposits 60645 3613923 28064137 27323181 740956 1077122 0 0 0 -59352 1017770 1758726 18018952 1077122 0 0 -11279202 -10202080 28221032 0 -156895 -156895 28064137 15936479 0 0 0 156895 156895 15779584 0 11543597 11543597 27323181 SchD_P05_S00_L04 Schedule D, Part V, Line 4 Earnings from the endowment funds are used to provide annual support for student scholarships and operating expenses of the college. SchD_P10_S00_L00 Schedule D, Part X FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and provides guidance for recognizing, measuring, presenting, and disclosing in the financial statements tax positions taken or expected to be taken on a tax return, if applicable. FASB Staff Position No. FIN 48-3 permits non-public enterprises to defer the effective date of FIN 48 until fiscal years beginning after December 31, 2008. The College's management has elected to defer the application of FIN 48 and is evaluating the impact to its financial statements. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in value of perpetual trusts 192,803, change in split interest agreements 71,592, and change in values of interest rate swaps -323,747. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Scholarships -11,543,597 change in value of perpetual trusts 192,803. Change in split interest agreements 71,592. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Expenses related to rental income -156,895 SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Rental expenses 156,895. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Scholarships $11,543,597 1 1 1 All publications include racially nondiscriminatory policy. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 Lees-McRae Colllege receives US and NC governmental support for student financail aid. The College complies with all governmental regulations applicable to this support. 1 1 Scholarships are provided to 888 help students cover tuition, room and board at Lees-McRae College. 888 11543597 0 Cost SchI_P01_S00_L02 Schedule I, Part I, Line 2 The college provides scholarships that cover the cost of tuition and fees for students attending Lees-McRae College. Approximately 80% of enrolled students receive scholarship assistance. X 0 0 0 0 0 0 0 0 0 Scott McKinney 54438 0 0 0 0 0 0 0 0 0 54438 0 0 0 Lees-McRae College Incorporated 560529953 65818PCA5 2003-04-16 100 Capital Expenditures 0 0 8250000 0 0 0 0 0 8250000 2006 0 0 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 Murray White Jr Trustee of Lees-McRae College & principal of Murry White Associates 310520 Insurance coverages including property & casualty, liability, workers compensation and disability 0 F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 The form 990 is submitted to all financial affairs committee members electronically for their review prior to filing. The financial affairs committee then reviews a printed version at the first committee meetting that occurs after the return is completed. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Trustees are reminded at meetings about the conflict policy. The Treasurer of the college approves all accounts payable checks are written and monitors payments to related parties. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 Trustees review compensation information from similar colleges to help establish fair compenstion for the President of Lees-McRae College. This occurs each time a change in the presidency occurs. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Some of these documents are available from the North Carolina Secretary of State's office.