2024-05-11T11:02:36-00:00 2023-06-30 581910650 The Wesley Peachtree Group CPAs 1475 Klondike Road Suite 100 Conyers GA 30094 990 2022-07-01 620475690 LeMoyne-Owen College LEMO 9014351000 807 Walker Avenue Memphis TN 38126 Joyce A McGhee Vice President Director of FinanceC 9014351000 2024-05-10 true Joyce McGhee 999009999 Dane Alexander P01684380 4048740555 2024-05-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Joyce A McGhee 807 Walker Ave Memphis TN 38126 27458504 false X http://www.loc.edu X 1934 TN Provide a transformative experience educating students for urban-focused leadership, scholarship, service, and professional careers. 17 16 221 22 0 10369436 13289312 8962513 10311033 721237 721237 658862 3136922 20712048 27458504 1489062 1782041 0 876888 1064454 0 712039 18108424 23098473 20474374 25944968 237674 1513536 51409321 51465324 9257613 8402704 42151708 43062620 The College is a liberal arts institution committed to fostering academic excellence and to provide high educational opportunities for a diverse population with disparate levels of academic preparation. false false 18072055 1782041 8524067 The College is a liberal arts institution committed to fostering academic excellence and providing high quality educational opportunities for a diverse population with disparate levels of academic preparation. 180271 1786966 Auxiliary enterprises support the colleges mission of providing quality educational opportunities. These services include, but are not limited to, food service, campus housing, campus post office, vending, campus store and athletics. 18252326 true true false false false false false false false true true false false false true true true false true false false false false false false false false false true false false false false false false false false false false false false false false false false false false true 913 0 221 true false false false false false false false false false false false false X 17 16 false false false false false false false true true false false true true true true true true true true false TN X X Joyce A McGhee 9014351206 807 Walker Avenue Memphis TN 38126 Dr Vernell Bennett-Fairs President 040.00 001.00 X X 255269 0 0 Dr Lisa J Lang Provost Vice President for Academic Affairs 040.00 001.00 X 161907 0 0 Mr Charles Elliott Chief Information Officer 040.00 001.00 X 144563 0 0 Dr Tara J Dunn-Ross Vice President, Student Affairs 040.00 001.00 X 113543 0 0 Ms Julie Graves Associate Vice President Institutional Advancement 040.00 001.00 X 93352 0 0 Dr Lynda M Batiste Vice President of Finance CFO 040.00 001.00 X 82981 0 0 Ms Amy Smith Executive Director, Human Resources 040.00 001.00 X 76462 0 0 Ms Sheneka Balogun Chief Operating Officer 040.00 001.00 X 71115 0 0 Mr Stanley L Robinson Interim Chief Financial Officer 040.00 001.00 X 65262 0 0 Ms Patricia Covington Chairperson 001.00 001.00 X X 0 0 0 Mr Donald W Comer First Vice Chairperson 001.00 001.00 X X 0 0 0 Mr Jason H Berger Second Vice Chairprson 001.00 001.00 X X 0 0 0 Mrs Sharon Devine Harris Secretary 001.00 001.00 X X 0 0 0 Dr Lilia A Abron Board Member 001.00 001.00 X 0 0 0 Mr Byron Cole Board Member 001.00 001.00 X 0 0 0 Dr Myke Collins Board Member 001.00 001.00 X 0 0 0 Dr Deborah Harmon Hines Board Member 001.00 001.00 X 0 0 0 Mrs Vanecia Kimbrow Board Member 001.00 001.00 X 0 0 0 Mr Victor Walker Board Member 001.00 001.00 X 0 0 0 Dr Marlon King Board Member 001.00 001.00 X 0 0 0 Rev Dr William Ladd Board Member 001.00 001.00 X 0 0 0 Dr Sandra Madubuonwu Board Member 001.00 001.00 X 0 0 0 Mr Michael Scarbrough Board Member 001.00 001.00 X 0 0 0 Dr Claudette Shephard Board Member 001.00 001.00 X 0 0 0 Dr Haywood Strickland Board Member 001.00 001.00 X 0 0 0 1064454 4 false false false Air-One Services 5778 Distribution Drive Memphis TN 38141 274542 Southern Roofing & Renovations LLC 1683 Shelby Oaks Drive Suite 8 Memphis TN 38134 245748 Darryl Exum P O Box 280765 Memphis TN 381680765 118080 Worldwide Professional Service 2338 Bena Cove Cordova TN 38016 Campus Cleaning Services 329200 Abida Shaikh 145 Emily Place Parisppany NJ 07054 127488 9 10258244 3031068 13289312 Tuition fees 611600 8524067 8524067 Sales and services of auxiliary enterprises 611710 1786966 1786966 10311033 721237 721237 Investment return appropriated for operations 900099 1178780 1178780 Other income 900099 1958142 1958142 3136922 27458504 14169192 0 1782041 1782041 0 0 1064454 1064454 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Instruction 3581066 3581066 Student Services 5464984 5464984 Academic Support 1008775 88632 920143 Auxiliary Enterprises 180271 180271 12863377 7155332 4996006 712039 25944968 18252326 6980603 712039 10401372 6979085 442448 1390154 5318524 4570284 486079 465319 10066 10066 48303371 24062779 21348457 24240592 12850779 13236402 551596 573422 51409321 51465324 4045891 3278087 5158963 5124617 52759 9257613 8402704 X 23808424 25099168 18343284 17963452 42151708 43062620 51409321 51465324 1513536 -603802 1178 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false 11409268 74951 11484219 11254193 155075 11409268 11195955 58238 11254193 11152230 43725 11195955 11064229 88001 11152230 1.00000 true false 1309005 1309005 31101255 15924944 15176311 15893111 8137835 7755276 24240592 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Capital lease obligations X 26854702 -603802 -603802 27458504 27458504 25944968 25944968 25944968 V 4 The endowment funds are permanently restricted. The College does not intend to use the funds. The Colleges spending policy from the endowment is 5 of the three 3 year moving average of the endowments end of year value. The College appropriated 481,969 for spending in accordance with the policy for the year ended June 30, 2023. X 2 The Colleges policy is to record a liability for any tax position taken that is beneficial to the College, including any related interest and penalties, when it is more-likely-than-not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there is no such position as of June 30, 2023 and accordingly, no liability has been accrued. Currently, there are no years under examination by any taxing authority. true true true true true true true false false false false false false false false true false true 6a The College offers scholarships and student financial aid to assist with meeting the students financial obligations. The Financial Aid Office has the necessary policies and procedures to ensure that the College adheres to and complies with federal regulations regarding eligibility for student financial aid. Requirements for receiving scholarships depend on other factors, such as grade point average, family income, or athletic talents. true Privately Funded Student Scholarships 377 1782041 Part III Line 1 All scholarships are awarded based upon specific criteria maintained by the financial aid office. Requirements for receiving scholarships depend upon other factors, such as grade point average, family income or economic need. The Colleges financial aid staff monitors the eligibility guidelines to ensure compliance. The College also undergoes the required Uniform Guidance audit annually. Form 990, Part VI, Section B, Line 11b The College presents the Form 990 to its finance/audit committee for review when the form is ready. Depending on when the committee meets and the due date of the return, the Form 990 is either modified before it is filed or an amendment is filed for any changes required from the finance/audit committees review. Form 990, Part VI, Section B, Line 12c Trustees are required to disclose at the next convening Board of Trustees meeting any conflict of interest. Trustees with a conflict of interest on a matter of vote must abstain from voting. The Colleges audit/finance committee is responsible for ensuring adherence to the policy. Form 990, Part VI, Section B, Line 15a The Board of Trustees, based upon predetermined areas of performance, evaluates the work of the President annually. The Boards Evaluation and Compensation Committee evaluates the performance. When additional compensation is deemed appropriate, a review of salaries at peer institutions is conducted to assist in arriving at a recommendation to the Executive Committee for approval. Form 990, Part VI, Section B, Line 15b Compensation for top officers of the College is at the discretion of the President. The discretion is based on 1 previous salary history, 2 market data from the CUPA Survey published in the Chronicle of Higher Education, and 3 the bargaining process. Form 990, Part VI, Section C, Line 19 The College makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. To obtain copies contact the business office and submit a request identifiying the specific documents.