2026-03-31T15:08:49-05:00 2025-05-31 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2024-06-01 560529953 LEES-MCRAE COLLEGE INC LEES 8288985241 PO BOX 128 BANNER ELK NC 28604 WILLIAM H DURHAM VP OF FINANCE & BUSINESS AFFAIRS 8288985241 2026-03-19 1 1 MARK WOOLWINE P00647446 5404433606 2026-03-17 2024 2025-03-06 01:10:19Z WILLIAM H DURHAM PO BOX 128 BANNER ELK NC 28604 52873393 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 21 21 525 11 0 0 3653226 10278197 30943470 34707242 1482972 1632994 229017 5717178 36308685 52335611 11650807 13195990 0 0 14235751 15214244 0 0 401711 11857499 19046857 37744057 47457091 -1435372 4878520 123229175 131313844 50783011 52209852 72446164 79103992 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 30621468 13195990 28535464 EDUCATION, GENERAL / OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 910 UNDERGRADUATE STUDENTS. 6761602 11760429 EDUCATION, GENERAL / OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (701 STUDENTS). 168928 91524 EDUCATION, GENERAL / OTHER: SUMMER PROGRAMS, CAMPS AND THEATRE TO SUPPORT EDUCATIONAL MISSION. 37551998 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 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1374 0 1 525 1 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 8288988809 191 MAIN STREET BANNER ELK NC 28604 BARBARA KOPCZYNSKI BOARD CHAIR 0.10 X X 0 0 0 JIM MCDANIEL BOARD VICE CHAIR 0.10 X X 0 0 0 TOMMY BRIGHAM JR BOARD TRUSTEE 0.10 X 0 0 0 SONNY EDMONDSON BOARD TRUSTEE 0.10 X 0 0 0 JORDAN GILLESPIE BOARD TRUSTEE 0.10 X 0 0 0 PARKER GRUBBS BOARD TRUSTEE 0.10 X 0 0 0 MORGAN HERDKLOTZ BOARD TRUSTEE 0.10 X 0 0 0 BETH HOPKINS BOARD TRUSTEE 0.10 X 0 0 0 NANCY HOYT BOARD TRUSTEE 0.10 X 0 0 0 BONNIE HUFF BOARD TRUSTEE 0.10 X 0 0 0 PETER KENDALL BOARD TRUSTEE 0.10 X 0 0 0 DIANNE MAY BOARD TRUSTEE 0.10 X 0 0 0 JULIA MCCOMBS BOARD TRUSTEE 0.10 X 0 0 0 BOB MOSS BOARD TRUSTEE 0.10 X 0 0 0 GARY T MOSS JR BOARD TRUSTEE 0.10 X 0 0 0 TODD PORTER BOARD TRUSTEE 0.10 X 0 0 0 ED SHELTON BOARD TRUSTEE 0.10 X 0 0 0 RON SOLDO BOARD TRUSTEE 0.10 X 0 0 0 RUTH STEPHENSON BOARD TRUSTEE 0.10 X 0 0 0 W MCNAIR TORNOW BOARD TRUSTEE 0.10 X 0 0 0 LENOARD WHEELER BOARD TRUSTEE 0.10 X 0 0 0 HERBERT KING JR PRESIDENT 50.00 X 354102 0 33187 BLAINE HANSEN VP OF AASSESSMENT & EFFECTIVENESS 50.00 X 185882 0 20484 WILLIAM DURHAM VP OF BUSINESS AFFAIRS 50.00 X 181227 0 20334 PAMELA VESELY VP OF ACADEMIC AFFAIRS AND 50.00 X 173930 0 17283 KEVIN PHILLIPS SVP OF ENROLLMENT MANAGEME 50.00 X 213758 0 10974 JASON JONES VP OF STUDENT AFFAIRS 50.00 X 142615 0 19153 1251514 0 121415 6 0 1 0 CHILDREN'S HOPE ALLIANCE PO BOX 1 BARIUM SPRINGS NC 28010 CHILD ADVOCACY AND WELFARE ORGANIZATION 5015500 GENUINE FOOD LAB LLC 228 PARK AVE S - 69981 NEW YORK NY 10003 FOOD SERVICE 3467517 FRANK L BLUM CONSTRUCTION 830 E 25TH STREET WINSTONSALEM NC 27105 CONSTRUCTION AND SERVICE COMPANY 1392944 ARAMARK DALLAS LOCKBOX PO BOX 116 BANNER ELK NC 28604 FOOD SERVICE 830000 JMS ROOFING & SHEET METAL INC PO BOX 1026 TROUTMAN NC 28166 ROOFING REPAIR AND REPLACEMENT COMPANY 634666 22 157956 10120241 121751 10278197 TUITION AND FEES 611310 22946813 22946813 ROOM & BOARD 611310 8859923 8859923 OTHER INCOME 611310 2900506 2900506 34707242 888940 888940 781057 500779 0 537782 781057 -37003 744054 -37003 781057 INSURANCE PROCEEDS 900099 5625654 5625654 COMMUNITY OUTREACH 611710 91524 91524 5717178 52335611 40387417 0 1669997 13195990 13195990 929755 686227 243528 11440548 10436587 754149 249812 228631 131899 92057 4675 1715992 989967 690936 35089 899318 822570 60028 16720 130191 130191 4259226 3749571 509655 27990 4443 23547 1070642 837611 186171 46860 1291865 1173271 100804 17790 797590 747653 31930 18007 1514676 1163270 351406 2310173 1737251 572922 536371 85140 451231 REPAIRS & MAINTENANCE 3456517 835047 2609288 12182 OTHER 3198546 507719 2690827 FOOD SERVICES 366653 366653 WORK STUDY PROGRAMS 67131 61843 4712 576 19286 19286 47457091 37551998 9503382 401711 3477518 1979190 921420 2030159 2717487 2677586 2392240 3862976 63461 29750 12130 13266 13266 5061 116928914 37963706 75670306 78965208 35156876 37921921 898319 2804471 2930408 123229175 131313844 7222853 5025676 725739 724582 42621266 46211112 213153 248482 50783011 52209852 X 33158862 36540270 39287302 42563722 72446164 79103992 123229175 131313844 X 4878520 1639871 139437 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 39747164 250285 3212049 1516672 41692826 34836868 383125 5984508 1457337 39747164 36350969 440067 -347233 1154730 452205 34836868 36178089 3841128 -2584103 973939 110206 36350969 33999870 746542 7586756 1172586 4898971 83522 36178089 0.09290 0.62960 0.27750 1 0 8336627 8336627 90674965 25213586 65461379 10612735 7534541 3078194 7304587 5215579 2089008 78965208 TRUST & ANNUITY OBLIGATIONS 110121 AMOUNTS HELD ON BEHALF OF OTHERS 110818 STUDENT AND OTHER DEPOSITS 27543 248482 X 40788738 1639871 139437 1779308 39009430 130191 13195990 13326181 52335611 34130910 0 34130910 130191 13195990 13326181 47457091 PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF FUNDS HELD IN TRUST 125,937. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 13,500. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 13,195,990. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 13,195,990. SCHEDULE D, PARTS XI AND XII: HURRICANE HELENE MADE LANDFALL IN NORTH CAROLINA ON SEPTEMBER 27, 2024 AND CAUSED SIGNIFICANT PHYSICAL AND OPERATIONAL DISRUPTION TO THE COLLEGE'S CAMPUS. SEVERAL CAMPUS BUILDINGS AND FACILITIES SUSTAINED WIND AND WATER DAMAGE, RESULTING IN TEMPORARY CLOSURES AND THE RELOCATION OF CERTAIN INSTRUCTIONAL ACTIVITIES. THE COLLEGE INCURRED TO DATE APPROXIMATELY $5 MILLION IN CLEANUP, REPAIR, AND REMEDIATION COSTS DURING FISCAL YEAR 2025. THESE COSTS ARE REFLECTED IN EXPENSES IN THE TAX RETURN. THE COLLEGE MAINTAINS PROPERTY AND BUSINESS INTERRUPTION INSURANCE, AND CLAIMS RELATED TO THE HURRICANE WERE FILED DURING THE FISCAL YEAR. AS OF JUNE 30, 2025, THE COLLEGE RECOGNIZED $5,625,654 IN INSURANCE RECOVERIES, WHICH IS REFLECTED IN REVENUE. 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. 949 13195990 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 SENIOR VICE PRESIDENT OF ENROLLMENT MANAGEMENT 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 SENIOR VICE PRESIDENT OF ENROLLMENT MANAGEMENT AND THE DIRECTOR OF FINANCIAL AID PRIOR TO AWARD LETTERS BEING MAILED. X 0 0 0 0 0 0 0 0 0 HERBERT KING JR PRESIDENT 279102 0 75000 0 0 0 14034 0 19153 0 387289 0 0 0 KEVIN PHILLIPS SVP OF ENROLLMENT MANAGEME 213758 0 0 0 0 0 0 0 10974 0 224732 0 0 0 BLAINE HANSEN VP OF AASSESSMENT & EFFECTIVENESS 185882 0 0 0 0 0 9500 0 10984 0 206366 0 0 0 WILLIAM DURHAM VP OF BUSINESS AFFAIRS 181227 0 0 0 0 0 9350 0 10984 0 201561 0 0 0 PAMELA VESELY VP OF ACADEMIC AFFAIRS AND 173930 0 0 0 0 0 8750 0 8533 0 191213 0 0 0 JASON JONES VP OF STUDENT AFFAIRS 142615 0 0 0 0 0 0 0 19153 0 161768 0 0 0 X 4 121603 AVERAGE HIGH/LOW X MISCELLANEOUS 1 148 FAIR VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS SHARED WITH THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. 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 PERPETUAL TRUSTS 125,937. CHANGE IN OTHER SPLIT-INTEREST AGREEMENTS 13,500. PART XII, LINE 2C THERE HAVE BEEN NO CHANGES IN THE PROCESSES FROM PRIOR YEAR.