2024-04-12T08:16:49-05:00 2023-05-31 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2022-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288985241 PO BOX 128 BANNER ELK NC 28604 WILLIAM H DURHAM VP OF FINANCE & BUSINESS AFFAIRS 8288985241 2024-04-02 1 WILLIAM DURHAM 999009999 0 MARK WOOLWINE P00647446 5404433606 2024-04-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z WILLIAM H DURHAM PO BOX 128 BANNER ELK NC 28604 39253482 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 20 20 523 13 0 0 12289003 8993964 28468293 29407946 205579 -60244 107598 149140 41070473 38490806 11098444 11433518 0 0 11854951 12595356 0 0 316718 14400879 13267562 37354274 37296436 3716199 1194370 87696802 99950537 19565421 30782591 68131381 69167946 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 26347505 11433518 18961584 EDUCATION, GENERAL / OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 855 UNDERGRADUATE STUDENTS. 4931586 10446087 EDUCATION, GENERAL / OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (682 STUDENTS). 448810 149140 EDUCATION, GENERAL / OTHER: SUMMER PROGRAMS, CAMPS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 31727901 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 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1314 0 1 523 1 0 0 0 0 0 0 0 0 0 0 X 20 20 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 GARY T MOSS JR BOARD VICE CHAIR 0.10 X X 0 0 0 PARKER GRUBBS BOARD CHAIR 0.10 X X 0 0 0 BARBARA MILLER WHITTON BOARD TRUSTEE 0.10 X 0 0 0 BARRY BLAKE BOARD TRUSTEE 0.10 X 0 0 0 BOB MOSS BOARD TRUSTEE 0.10 X 0 0 0 BONNIE HUFF BOARD TRUSTEE 0.10 X 0 0 0 CATHY FIELDS BOARD TRUSTEE 0.10 X 0 0 0 DIANNE MAY BOARD TRUSTEE 0.10 X 0 0 0 ELIZABETH ROBERTS BOARD TRUSTEE 0.10 X 0 0 0 FRED RUSSELL BOARD TRUSTEE 0.10 X 0 0 0 HAROLD KAPLAN BOARD TRUSTEE 0.10 X 0 0 0 JIM MCDANIEL BOARD TRUSTEE 0.10 X 0 0 0 JULIA MCCOMBS BOARD TRUSTEE 0.10 X 0 0 0 KEN HAIGLER BOARD TRUSTEE 0.10 X 0 0 0 KIM BRASWELL-MCPHAIL BOARD TRUSTEE 0.10 X 0 0 0 NANCY HOYT BOARD TRUSTEE 0.10 X 0 0 0 NEIL RAMO BOARD TRUSTEE 0.10 X 0 0 0 RONALD SOLDO BOARD TRUSTEE 0.10 X 0 0 0 SONNY EDMONDSON BOARD TRUSTEE 0.10 X 0 0 0 TODD PORTER BOARD TRUSTEE 0.10 X 0 0 0 HERBERT KING JR PRESIDENT 50.00 X 254517 0 29804 JONATHAN KOKOS FORMER VP OF BUSINESS AFFAIRS 50.00 X 185694 0 21804 ALYSON GILL PROVOST AND DEAN OF FACULTY 50.00 X 168115 0 18346 BLAINE HANSEN VP OF ASSESSMENT & EFFECTIVENESS 50.00 X 109676 0 12809 SUSAN STEPHENSON EXEC DIR BUSINESS AFFAIRS & CONTROLLER/ TREASURER 50.00 X 75982 0 5425 KEVIN PHILLIPS VP OF ENRLMNT MGMT & STUD AFFAIRS 50.00 X 203778 0 9596 FRANZ RUECKERT DEAN OF NAT & HEALTH SCIENCES/ 50.00 X 105734 0 11909 1103496 0 109693 7 0 1 0 FRANK L BLUM CONSTRUCTION 830 E 25TH STREET WINSTONSALEM NC 27105 CONSTRUCTION AND SERVICE COMPANY 16650582 CHILDREN'S HOPE ALLIANCE PO BOX 1 BARIUM SPRINGS NC 28010 CHILD ADVOCACY AND WELFARE ORGANIZATION 6000000 GENUINE FOOD LAB LLC 228 PARK AVE S - 69981 NEW YORK NY 10003 FOOD SERVICE 2623451 ARAMARK DALLAS LOCKBOX PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 2502508 ARAMARK SERVICES INC - FACILITIES 27310 NETWORK PLACE CHICAGO IL 606731273 FACILITIES SERVICES 1869737 14 2853956 6140008 949836 8993964 TUITION AND FEES 611310 18961859 18961859 ROOM & BOARD 611310 7148434 7148434 OTHER INCOME 611310 3297653 3297653 29407946 702432 702432 762401 275 -762401 -275 -762676 -275 -762401 COMMUNITY OUTREACH 611710 149140 149140 149140 38490806 29556811 0 -59969 11433518 11433518 793984 586018 207966 9487831 8655230 625428 207173 1574430 908299 633937 32194 739111 676035 49335 13741 117207 117207 2787359 2453826 333533 689611 539514 119914 30183 1372747 1246728 107115 18904 543306 509290 21750 12266 682204 523932 158272 1922901 1446022 476879 OTHER 2422581 384546 2038035 FOOD SERVICES 2131791 2131791 REPAIRS & MAINTENANCE 473778 114458 357650 1670 WORK STUDY PROGRAMS 68339 62956 4796 587 55738 55738 37296436 31727901 5251817 316718 1130149 3680240 1243362 718053 4896666 5124474 1067533 3993733 184418 63461 14860 13221 154808 2406 87502323 33729220 45912311 53773103 30373130 30038365 2719565 2543481 87696802 99950537 601165 7586861 701726 532759 1570775 16134045 22467332 557710 195639 19565421 30782591 X 31922982 33375361 36208399 35792585 68131381 69167946 87696802 99950537 X 1194370 9734 -167539 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36350969 440067 -347233 1154730 452205 34836868 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 0.09420 0.72430 0.18150 1 0 8180338 8180338 54410634 22106659 32303975 9862704 7681482 2181222 15048647 3941079 11107568 53773103 TRUST & ANNUITY OBLIGATIONS 166484 AMOUNTS HELD ON BEHALF OF OTHERS 3597 STUDENT AND OTHER DEPOSITS 25558 195639 X 26782276 9734 -167539 -157805 26940081 117207 11433518 11550725 38490806 25745711 0 25745711 117207 11433518 11550725 37296436 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 -176,084. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 8,545. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,433,518. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,433,518. 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. 867 11433518 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 254517 0 0 0 0 0 13150 0 16654 0 284321 0 0 0 KEVIN PHILLIPS VP OF ENRLMNT MGMT & STUD AFFAIRS 203778 0 0 0 0 0 0 0 9596 0 213374 0 0 0 JONATHAN KOKOS FORMER VP OF BUSINESS AFFAIRS 185694 0 0 0 0 0 8894 0 12910 0 207498 0 0 0 ALYSON GILL PROVOST AND DEAN OF FACULTY 168115 0 0 0 0 0 8750 0 9596 0 186461 0 0 0 X 1 4600 FMV GIFT DATE X 11 943849 AVG HI/LO GIFT DATE X MISCELLANEOUS 3 1387 DONOR VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS SHARED WITH THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. 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 -176,084. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 8,545. PART XII, LINE 2C THERE HAVE BEEN NO CHANGES IN THE PROCESSES FROM PRIOR YEAR.