2016-04-18T13:09:48-05:00 2015-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2014-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288988809 PO BOX 128 BANNER ELK NC 28604 SUZETTE A FRONK VP FINANCE & BUSINESS AFFAIRS 8288988809 2016-04-18 1 MARK WOOLWINE P00647446 5404433606 2014 2016-08-17 19:52:53Z HARVEY LOWD PO BOX 128 BANNER ELK NC 28604 34467276 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. 25 25 463 50 0 0 3827642 4807550 26693984 28481680 243200 1154046 24000 24000 30788826 34467276 11548703 12696023 0 0 7634402 8413500 0 0 223809 8034161 9187725 27217266 30297248 3571560 4170028 52054476 55175332 12009722 11209879 40044754 43965453 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 22093629 12696023 22666554 EDUCATION, GENERAL/OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 992 UNDERGRADUATE STUDENTS. 2989942 5423377 EDUCATION, GENERAL/OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (676 STUDENTS). 499829 415749 EDUCATION, GENERAL/OTHER: SUMMER PROGRAMS, CAMPUS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 25583400 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 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 109 0 1 463 1 0 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X SUZETTE A FRONK 8288988809 PO BOX 128 BANNER ELK NC 28604 GLENDA ABBATE TRUSTEE 0.00 X 0 0 0 SCOTT BARRETT TRUSTEE 0.00 X 0 0 0 THOMAS H BRIGHAM TRUSTEE 0.00 X 0 0 0 LESLIE JOHN BROUSSARD TRUSTEE 0.00 X 0 0 0 BOB CAPPS TRUSTEE 0.00 X 0 0 0 CARY GREEN TRUSTEE 0.00 X 0 0 0 PARKER GRUBBS TRUSTEE 0.00 X 0 0 0 KEN HAIGLER TRUSTEE 0.00 X 0 0 0 DR EDWARD E HOOD JR TRUSTEE 0.00 X 0 0 0 DR LARRY HOPKINS TRUSTEE 0.00 X 0 0 0 MANUEL JESSUP TRUSTEE 0.00 X 0 0 0 DAN JOINER TRUSTEE 0.00 X 0 0 0 HARVEY LOWD CHAIRMAN OF THE BOARD OF T 0.00 X 0 0 0 DONNA ISLEY MASON TRUSTEE 0.00 X 0 0 0 DIANNE MAY TRUSTEE 0.00 X 0 0 0 BOB MEIER TRUSTEE 0.00 X 0 0 0 CHUCK RAYMOND TRUSTEE 0.00 X 0 0 0 JT RIEVES TRUSTEE 0.00 X 0 0 0 SANDY ROUSE TRUSTEE 0.00 X 0 0 0 REV THEOPHILUS FEILD RUSSELL TRUSTEE 0.00 X 0 0 0 DR ED SHELTON TRUSTEE 0.00 X 0 0 0 KEN SULLIVAN TRUSTEE 0.00 X 0 0 0 W MCNAIR TORNOW VICE CHAIRMAN OF THE BOARD 0.00 X 0 0 0 BARBARA MILLER WHITTON TRUSTEE 0.00 X 0 0 0 DEBORAH WILLIAMS TRUSTEE 0.00 X 0 0 0 DELBERT L WILLIAMSON TRUSTEE 0.00 X 0 0 0 BARRY BUXTON PRESIDENT 50.00 X 163872 0 29631 KIMBERLEE CRABTREE VICE PRESIDENT ACADEMIC 50.00 X 83815 0 6751 SUZETTE FRONK VICE PRESIDENT BUSINESS AF 50.00 X 82241 0 7874 329928 0 44256 1 0 1 0 SHELCO LLC 2320 CASCADE POINTE BLVD CHARLOTTE NC 28208 CONSTRUCTION CONTRACTOR 1705317 ARAMARK PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 1583239 M&T CONSTRUCTION PO BOX 656 SPRUCE PINE NC 28777 CONSTRUCTION CONTRACTOR 492441 KONTECK SYSTEMS INC 318 HOLLAND ST DURHAM NC 27701 OFFICE SUPPLIES AND FURNITURE 336801 ZERIVA 6590 SHILOH ROAD EAST STE D ALPHARETTA GA 30005 HARDWARE EQUIPMENT 264775 12 151325 4656225 778614 4807550 TUITION AND FEES 611310 21769730 21769730 ROOM & BOARD 611310 5422777 5422777 OTHER INCOME 611310 873424 873424 COMMUNITY OUTREACH 611310 415749 415749 28481680 428985 428985 725061 0 725061 725061 725061 BOOKSTORE 611310 24000 24000 24000 34467276 28505680 0 1154046 12696023 12696023 374184 276175 98009 6341637 5785129 418034 138474 957598 552445 385572 19581 740081 676922 49400 13759 47759 47759 321468 283001 38467 667870 522505 116134 29231 993067 901903 77489 13675 250916 235206 10045 5665 219799 168805 50994 1520722 1143584 377138 OTHER 2179290 345928 1833362 FOOD SERVICES 1561646 1561646 REPAIRS & MAINTENANCE 625389 151085 472100 2204 WORK STUDY PROGRAMS 142071 130879 9972 1220 657728 104405 553323 30297248 25583400 4490039 223809 4626552 5763817 9314502 7483779 699145 571802 341279 333621 115938 207168 47599805 22035485 22778419 25564320 11590700 12648769 2587941 2602056 52054476 55175332 1269848 988055 139658 184882 5140000 4745000 4263555 4223404 1196661 1068538 12009722 11209879 X 15415713 18308126 10424040 11612651 14205001 14044676 40044754 43965453 52054476 55175332 X 4170028 -798679 549350 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19321817 173750 161565 500760 47759 19108613 18342301 213787 1287819 469259 52831 19321817 17653393 160370 1250291 679000 42753 18342301 18888629 101175 -606075 691000 39336 17653393 12814436 106021 1355567 733000 16000 13527024 0.09030 0.73490 0.17480 1 0 1693868 1693868 34084547 13690821 20393726 8761450 6609751 2151699 3059940 1734913 1325027 25564320 INTEREST RATE SWAPS 73184 TRUST & ANNUITY OBLIGATIONS 275044 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS 104306 STUDENT AND OTHER DEPOSITS 246379 1068538 X 21474165 -798679 -12146673 -12945352 34419517 47759 47759 34467276 17553466 0 17553466 47759 12696023 12743782 30297248 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 2014, 2013, AND 2012 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 -12,696,023. CHANGE IN VALUE OF INTEREST RATE SWAPS -11,069. CHANGE IN VALUE OF PERPETUAL TRUSTS 9,239. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 551,180. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,696,023. 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. 1 SCHOLARSHIPS ARE PROVIDED TO HELP STUDENTS COVER TUITION, ROOM AND BOARD AT LMC. 911 12696023 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 163872 0 0 0 0 0 23000 0 6631 0 193503 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 181417 INSURANCE COVERAGES 0 X 3 28614 AVG HI/LO GIFT DATE X 1 750000 APPRAISAL 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 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 AP 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 -11,069. CHANGE IN VALUE OF PERPETUAL TRUSTS 9,239. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 551,180.