2018-04-10T13:49:44-05:00 2017-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2016-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288988809 PO BOX 128 BANNER ELK NC 28604 JONATHAN KOKOS VP FINANCE & BUSINESS AFFAIRS 8288988809 2018-04-10 1 MARK WOOLWINE P00647446 5404433606 2018-04-09 206.248.228.130 2018-04-10 13:35:52 ED P 638843A833DABD80BE41393BE01C4D6468F94E4B 3C0753CBA4C23CE5BB3F224C3EB622564B600679 2016 2021-01-29 14:40:06Z CHUCK RAYMOND PO BOX 128 BANNER ELK NC 28604 41865006 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. 29 29 482 25 0 0 4537631 8993682 31584123 30606310 631413 912016 -85088 1352998 36668079 41865006 14328618 13851183 0 0 9027713 9691784 0 0 251621 9157703 9168202 32514034 32711169 4154045 9153837 56973238 65457749 9980971 8959586 46992267 56498163 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 24346633 13851183 24655361 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. 3301134 6855245 EDUCATION, GENERAL/OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (678 STUDENTS). 593240 448702 EDUCATION, GENERAL/OTHER: SUMMER PROGRAMS, CAMPUS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 28241007 1 1 0 0 0 0 0 0 0 1 1 0 0 1 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 1 147 0 1 482 1 0 0 0 0 0 0 0 0 0 0 X 29 29 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 LESLIE JOHN BROUSSARD 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 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 SANDY 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 RONALD SOLDO TRUSTEE 0.10 X 0 0 0 KIM BRASWELL-MCPHAIL TRUSTEE 0.10 X 0 0 0 SONNY EDMONDSON TRUSTEE 0.10 X 0 0 0 MARY LOUISE LU NAPIER TRUSTEE 0.10 X 0 0 0 NEIL RAMO TRUSTEE 0.10 X 0 0 0 REP MITCHELL SETZER TRUSTEE 0.10 X 0 0 0 RICK WACK TRUSTEE 0.10 X 0 0 0 MURRAY WHITEIII TRUSTEE 0.10 X 0 0 0 BARRY BUXTON PRESIDENT 50.00 X 163585 0 69285 SUZETTE FRONK VICE PRESIDENT BUSINESS AF 50.00 X 93701 0 12614 257286 0 81899 1 0 1 0 SHELCO LLC 2320 CASCADE POINTE BLVD CHARLOTTE NC 28208 CONSTRUCTION CONTRACTOR 1831101 ARAMARK PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 1638454 M&T CONSTRUCTION PO BOX 656 SPRUCE PINE NC 28777 CONSTRUCTION CONTRACTOR 687512 SERVPRO OF ALEXANDER & CALDWELL 4142 YORKVIEW COURT GRANITE FALLS NC 28630 CONSTRUCTION CONTRACTOR/RESTORATION 675000 BARNES & NOBLE COLLEGE BOOKSTORE PO BOX 823660 PHILADELPHIA PA 19182 BOOK STORE 651136 21 168799 8824883 2412167 8993682 TUITION AND FEES 611310 23308363 23308363 ROOM & BOARD 611310 5496189 5496189 OTHER INCOME 611310 1353056 1353056 COMMUNITY OUTREACH 611310 448702 448702 30606310 312587 312587 599429 0 599429 599429 599429 GAIN FROM FIRE DAMAGE OF ASSET 611310 1346998 1346998 BOOKSTORE 611310 6000 6000 1352998 41865006 31959308 0 912016 13851183 13851183 339184 250342 88842 7542447 6880562 497190 164695 950702 548555 382753 19394 859451 786105 57368 15978 41434 41434 381976 336269 45707 706580 552790 122865 30925 911304 827647 71108 12549 259263 243031 10379 5853 176549 135589 40960 1992169 1498112 494057 OTHER 1899704 301548 1598156 FOOD SERVICES 1695845 1695845 REPAIRS & MAINTENANCE 351559 84932 265388 1239 WORK STUDY PROGRAMS 115049 105986 8075 988 636770 101077 535693 32711169 28241007 4218541 251621 7474480 9508446 33783 7061859 6895890 731004 861365 309533 291205 195893 140616 53797578 25393870 25610324 28403708 12788037 15051433 2802108 4271303 56973238 65457749 760026 1197724 590927 720139 4340000 3920000 3427492 2316544 862526 805179 9980971 8959586 X 20705819 28199673 11736421 12336622 14550027 15961868 46992267 56498163 56973238 65457749 X 9153837 238449 113610 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19004032 1311843 1209029 434997 -902142 0 21992049 19108613 521962 -475501 114110 36932 19004032 19321817 173750 161565 500760 47759 19108613 18342301 213787 1287819 469259 52831 19321817 17653393 160370 1250291 679000 42753 18342301 0.07960 0.19460 0.72580 1 0 1693868 1693868 37706492 15749127 21957365 9901071 7492159 2408912 4496147 2152584 2343563 28403708 FUNDS HELD IN TRUST BY OTHERS 2406069 REAL ESTATE HELD FOR SALE 1259716 INSURANCE PROCEEDS RECEIVABLE 605518 4271303 TRUST & ANNUITY OBLIGATIONS 203833 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS 144049 STUDENT AND OTHER DEPOSITS 87672 805179 X 28324448 238449 -13737573 -13499124 41823572 41434 41434 41865006 18818552 0 18818552 41434 13851183 13892617 32711169 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 2015, 2014, AND 2013 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 -13,851,183. CHANGE IN VALUE OF INTEREST RATE SWAPS CHANGE IN VALUE OF FUNDS HELD IN TRUST BY OTHERS 99,998. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 13,612. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 13,851,183. 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. 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. 1042 13851183 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 163585 0 0 0 0 0 58282 0 11003 0 232870 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 32583 INSURANCE COVERAGES 0 X 9 1569478 AVG HI/LO GIFT DATE X 2 842690 APPRAISAL 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 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 0. CHANGE IN VALUE OF PERPETUAL TRUSTS 99,998. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 13,612. FORM 990, PART XII, LINE 2C: PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.