2015-04-15T06:57:45-05:00 2014-05-31 540504608 BROWN EDWARDS & COMPANY LLP 319 MCCLANAHAN STREET SW ROANOKE VA 24014 990 2013-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288988809 PO BOX 128 BANNER ELK NC 28604 SUZETTE A FRONK VP FINANCE & BUSINESS AFFAIRS 8288988809 2015-04-06 1 MARK WOOLWINE P00647446 5403450936 2013 2016-02-25 16:41:14Z HARVEY LOWD PO BOX 128 BANNER ELK NC 28604 30791591 0 X WWW.LMC.EDU X 1900 NC LEES-MCRAE COLLEGE IS AN UNDERGRADUATE PRIVATE COLLEGE SERVING STUDENTS THROUGH THE MAIN CAMPUS IN BANNER ELK, NC AND AT EXTENDED CAMPUS SITES IN WESTERN NORTH CAROLINA. 26 26 477 50 0 0 6398209 3827642 24678105 26693984 195359 243200 24000 24000 31295673 30788826 10635321 11548703 0 0 7167927 7634402 0 0 206048 8052898 8034161 25856146 27217266 5439527 3571560 47706563 52054476 12249901 12009722 35456662 40044754 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 20053375 11548703 21167096 EDUCATION, GENERAL/OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 866 UNDERGRADUATE STUDENTS. 3029389 5129414 EDUCATION, GENERAL/OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (617 STUDENTS). 429634 421474 EDUCATION, GENERAL/OTHER: SUMMER PROGRAMS, CAMPUS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 23512398 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 0 0 0 0 0 0 0 0 0 1 95 0 1 477 1 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 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 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 BOB MEIER TRUSTEE 0.00 X 0 0 0 BARRY BUXTON PRESIDENT 50.00 X 163471 0 9081 KIMBERLEE CRABTREE VICE PRESIDENT ACADEMIC 50.00 X 83616 0 5332 SUZETTE FRONK VICE PRESIDENT BUSINESS AF 50.00 X 86602 0 6199 333689 0 20612 1 0 1 0 SHELCO LLC 2320 CASCADE POINTE BLVD CHARLOTTE NC 28208 CONTRACTOR-CONSTRUCTION 2635376 ARAMARK PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 1801270 BB&T PO BOX 580340 CHARLOTTE NC 28258 FINANCIAL INSTITUTION 584242 M&T CONSTRUCTION PO BOX 656 SPRUCE PINE NC 28777 CONTRACTOR-CONSTRUCTION 512823 22 142455 3685187 3827642 TUITION AND FEES 611310 20195467 20195467 ROOM & BOARD 611310 5129414 5129414 OTHER INCOME 611310 947629 947629 COMMUNITY OUTREACH 611310 421474 421474 26693984 245965 245965 2765 -2765 -2765 -2765 BOOKSTORE 611310 24000 24000 24000 30788826 26717984 0 243200 11548703 11548703 354301 261500 92801 5794510 5286015 381968 126527 822329 474407 331107 16815 663262 606659 44272 12331 52831 52831 364736 321092 43644 636954 498318 110758 27878 1054124 957355 82253 14516 254113 238203 10173 5737 215025 165139 49886 1577289 1186122 391167 OTHER 1592499 252784 1339715 FOOD SERVICES 1375634 1375634 REPAIRS & MAINTENANCE 244864 59156 184846 862 WORK STUDY PROGRAMS 160983 148302 11299 1382 505109 80178 424931 27217266 23512398 3498820 206048 3686076 4626552 100000 0 10795280 9314502 741321 699145 381878 341279 126892 115938 43317626 20539207 19190361 22778419 10228480 11590700 2456275 2587941 47706563 52054476 367426 1269848 136343 139658 5520000 5140000 4784401 4263555 1441731 1196661 12249901 12009722 X 9024775 15415713 12567223 10424040 13864664 14205001 35456662 40044754 47706563 52054476 X 3571560 909550 106982 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18342301 213787 1287819 469259 52831 19321817 17653393 160370 1250291 679000 42753 18342301 18888629 101175 -606075 691000 39336 17653393 12814436 106021 1355567 733000 16000 13527024 1266880 54753 679288 470485 16000 1514436 0.08920 0.73520 0.17560 1 0 1677868 1677868 27932009 12788505 15143504 6955139 6216751 738388 6752610 1533951 5218659 22778419 INTEREST RATE SWAPS 243105 TRUST & ANNUITY OBLIGATIONS 285125 US GOVERNMENT GRANTS REFUNDABLE 369625 AMOUNTS HELD ON BEHALF OF OTHERS 33545 STUDENT AND OTHER DEPOSITS 265261 1196661 X 20203824 909550 -11441721 -10532171 30735995 52831 52831 30788826 15615732 0 15615732 52831 11548703 11601534 27217266 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 2013, 2012, AND 2011 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 -11,548,703. CHANGE IN VALUE OF INTEREST RATE SWAPS -28,086. CHANGE IN VALUE OF PERPETUAL TRUSTS 126,550. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 8,518. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,548,703. 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. 828 11548703 0 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 163471 0 0 0 0 0 2450 0 6631 0 172552 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 71785 INSURANCE COVERAGES 0 MCNAIR TORNOW TRUSTEE 3683 ATTORNEY 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 -28,086. CHANGE IN VALUE OF PERPETUAL TRUSTS 126,550. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 8,518. PART XII, LINE 2C: THE AUDIT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.