2020-04-14T12:54:23-05:00 2019-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2018-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288988809 PO BOX 128 BANNER ELK NC 28604 JONATHAN KOKOS VP FINANCE & BUSINESS AFFAIRS 8288988809 2020-04-13 1 MARK WOOLWINE P00647446 5404433606 2020-04-13 206.248.228.130 2020-04-13 16:33:04 ED P 1626BA036CF3DDA5592C13B1B33E888B46C24478 567944BCA731C85981930DF85E78C07D1ED9CF06 2018 2021-01-29 14:40:06Z CHUCK RAYMOND PO BOX 128 BANNER ELK NC 28604 29433682 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 26 462 25 0 0 5591740 2789500 24584192 25790194 843953 1167670 85494 -313682 31105379 29433682 8956264 9858534 0 0 9993960 10378152 0 0 260203 9164398 10653548 28114622 30890234 2990757 -1456552 67374879 63099056 7505453 5557875 59869426 57541181 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 21656370 9858534 17864420 EDUCATION, GENERAL/OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 966 UNDERGRADUATE STUDENTS. 3711522 0 7366230 EDUCATION, GENERAL/OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (669 STUDENTS). 480482 0 245862 EDUCATION, GENERAL/OTHER: SUMMER PROGRAMS, CAMPUS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 25848374 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 182 0 1 462 1 0 0 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 LES BROUSSARD 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 KEN HAIGLER 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 GARY T MOSS JR 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 ELIZABETH ROBERTS TRUSTEE 0.10 X 0 0 0 REV THEOPHILUS FEILD RUSSELL 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 TRUSTEE 0.10 X 0 0 0 RICK WACK TRUSTEE 0.10 X 0 0 0 JIM WARD TRUSTEE 0.10 X 0 0 0 MURRAY WHITE III TRUSTEE 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 HERBERT KING JR PRESIDENT 50.00 X 136773 0 13155 JONATHAN KOKOS VP OF BUSINESS AFFAIRS 50.00 X 94204 0 5612 230977 0 18767 1 0 0 0 ARAMARK DALLAS LOCKBOX PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 1779751 ARAMARK SERVICES INC FACILITIES 27310 NETWORK PLACE CHICAGO IL 606731273 FACILITIES SERVICE PROVIDER 890238 THE HARPER CORPORATION 35 WEST COURT ST STE 400 GREENVILLE SC 29601 CONTRACTING/CONSTRUCTION MANAGEMENT 801710 BARNES & NOBLE COLLEGE BOOKSTORES PO BOX 823660 PHILADELPHIA PA 19182 BOOK STORE 606453 MT CONSTRUCTION PO BOX 656 SPRUCE PINE NC 28777 CONTRACTOR CONSTRUCTION 256490 14 197522 2591978 24989 2789500 TUITION AND FEES 611310 18178102 18178102 ROOM & BOARD 611310 5997142 5997142 OTHER INCOME 611310 1369088 1369088 COMMUNITY OUTREACH 611310 245862 245862 25790194 766016 766016 401654 0 401654 401654 401654 GAIN ON SALE OF CAPITAL ASSET 611310 15206 15206 IMPAIRMENT LOSS ON REAL ESTATE 611310 -7500 -7500 LOSS ON DISPOSAL OF REAL ESTATE H 611310 -321388 -321388 -313682 29433682 25476512 0 1167670 9858534 9858534 211657 156218 55439 7993358 7291904 526914 174540 1310286 755913 527580 26793 862851 789215 57594 16042 52543 52543 1581071 1391881 189190 481699 376855 83761 21083 929118 843825 72498 12795 300688 281862 12037 6789 55524 42642 12882 1964033 1476954 487079 OTHER 2983272 473547 2509725 FOOD SERVICES 1867690 1867690 REPAIRS & MAINTENANCE 315791 76291 238387 1113 WORK STUDY PROGRAMS 122119 112500 8571 1048 30890234 25848374 4781657 260203 11786213 6548520 26360 85830 5863611 822049 672962 752986 263952 218797 145952 166695 56528540 28241394 28386993 28287146 16957884 23828586 3270952 2388447 67374879 63099056 813117 911846 699248 860019 3485000 3035000 1686386 16880 821702 734130 7505453 5557875 X 31398810 34577441 11514629 5507226 16955987 17456514 59869426 57541181 67374879 63099056 X -1456552 -819312 -52381 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23904521 7069800 435203 648597 52543 30708384 21992049 950968 1459443 467000 30939 23904521 19684100 1311843 1472537 434997 41434 21992049 19566067 521962 -252887 114110 36932 19684100 19321817 173750 161565 500760 47759 19108613 0.27870 0.56850 0.15280 1 0 1677868 1677868 41091190 18287111 22804079 9277120 7499834 1777286 4482362 2454449 2027913 28287146 TRUST & ANNUITY OBLIGATIONS 200392 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS 76529 STUDENT AND OTHER DEPOSITS 87584 734130 X 18650912 -819312 -9910915 -10730227 29381139 52543 52543 29433682 20979157 0 20979157 52543 9858534 9911077 30890234 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 2017, 2016, AND 2015 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 -9,858,534. CHANGE IN VALUE OF PERPETUAL TRUSTS -69,273. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 16,892. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 9,858,534. 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. 954 9858534 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. 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 X 9 94670 AVG HI/LO GIFT DATE 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 CHANGE IN VALUE OF PERPETUAL TRUSTS -69,273. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 16,892. FORM 990, PART XII, LINE 2C: PROCESS HAS NOT CHANGED FROM PRIOR YEAR.