Civic Intelligence

Lees-Mcrae College Inc

EIN 56-0529953 • 501(c)3 • Banner Elk, NC

Profile

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.

PO Box 128Banner Elk, NC 28604

www.lmc.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

56th percentile

0.31x

Higher debt load relative to assets than 56% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

71st percentile

0.80x

Higher debt load relative to revenue than 71% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

45th percentile

3.1%

Higher net margin than 45% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

74th percentile

14%

Faster asset growth than 74% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

20th percentile

-6.3%

Faster revenue growth than 20% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Up

$123,229,175

Up $23,278,638 (+23%) from 2023

Liabilities

Up

$50,783,011

Up $20,000,420 (+65%) from 2023

Net Assets

Up

$72,446,164

Up $3,278,218 (+4.7%) from 2023

Revenue

Down

$36,308,685

Down $2,182,121 (-5.7%) from 2023

Expenses

Up

$37,744,057

Up $447,621 (+1.2%) from 2023

Net Income

Down

-$1,435,372

Down $2,629,742 (-220%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2010: $42,616,309Liabilities 2010: $17,284,002Net Assets 2010: $25,332,3072010Assets 2011: $43,340,640Liabilities 2011: $14,342,218Net Assets 2011: $28,998,4222011Assets 2012: $42,068,795Liabilities 2012: $13,066,772Net Assets 2012: $29,002,0232012Assets 2013: $47,706,563Liabilities 2013: $12,249,901Net Assets 2013: $35,456,6622013Assets 2014: $52,054,476Liabilities 2014: $12,009,722Net Assets 2014: $40,044,7542014Assets 2015: $55,175,332Liabilities 2015: $11,209,879Net Assets 2015: $43,965,4532015Assets 2016: $56,973,238Liabilities 2016: $9,980,971Net Assets 2016: $46,992,2672016Assets 2017: $65,457,749Liabilities 2017: $8,959,586Net Assets 2017: $56,498,1632017Assets 2018: $67,374,879Liabilities 2018: $7,505,453Net Assets 2018: $59,869,4262018Assets 2019: $63,099,056Liabilities 2019: $5,557,875Net Assets 2019: $57,541,1812019Assets 2020: $65,924,509Liabilities 2020: $5,134,368Net Assets 2020: $60,790,1412020Assets 2021: $71,928,370Liabilities 2021: $4,649,586Net Assets 2021: $67,278,7842021Assets 2022: $87,696,802Liabilities 2022: $19,565,421Net Assets 2022: $68,131,3812022Assets 2023: $99,950,537Liabilities 2023: $30,782,591Net Assets 2023: $69,167,9462023Assets 2024: $123,229,175Liabilities 2024: $50,783,011Net Assets 2024: $72,446,1642024

Highlighted filing

2024

Assets$123,229,175
Liabilities$50,783,011
Net Assets$72,446,164

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0-$20MExpenses 2010: $27,323,1812010Expenses 2011: $26,641,1452011Expenses 2012: $25,423,0132012Expenses 2013: $25,856,1462013Revenue 2014: $30,788,826Expenses 2014: $27,217,266Net Income 2014: $3,571,5602014Revenue 2015: $34,467,276Expenses 2015: $30,297,248Net Income 2015: $4,170,0282015Revenue 2016: $36,668,079Expenses 2016: $32,514,034Net Income 2016: $4,154,0452016Revenue 2017: $41,865,006Expenses 2017: $32,711,169Net Income 2017: $9,153,8372017Revenue 2018: $31,105,379Expenses 2018: $28,114,622Net Income 2018: $2,990,7572018Revenue 2019: $29,433,682Expenses 2019: $30,890,234Net Income 2019: -$1,456,5522019Revenue 2020: $32,982,748Expenses 2020: $30,349,611Net Income 2020: $2,633,1372020Revenue 2021: $37,578,237Expenses 2021: $31,626,030Net Income 2021: $5,952,2072021Revenue 2022: $41,070,473Expenses 2022: $37,354,274Net Income 2022: $3,716,1992022Revenue 2023: $38,490,806Expenses 2023: $37,296,436Net Income 2023: $1,194,3702023Revenue 2024: $36,308,685Expenses 2024: $37,744,057Net Income 2024: -$1,435,3722024

Highlighted filing

2024

Revenue$36,308,685
Expenses$37,744,057
Net Income-$1,435,372

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$123$50.8$72.4$36.3$37.7$1.44
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$100.0$30.8$69.2$38.5$37.3$1.19
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$87.7$19.6$68.1$41.1$37.4$3.72
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$71.9$4.65$67.3$37.6$31.6$5.95
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$65.9$5.13$60.8$33.0$30.3$2.63
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$63.1$5.56$57.5$29.4$30.9$1.46
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$67.4$7.51$59.9$31.1$28.1$2.99
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$65.5$8.96$56.5$41.9$32.7$9.15
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$57.0$9.98$47.0$36.7$32.5$4.15
2015Detailed filing. Detailed filing data is available for this year.$55.2$11.2$44.0$34.5$30.3$4.17
2014Detailed filing. Detailed filing data is available for this year.$52.1$12.0$40.0$30.8$27.2$3.57
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.7$12.2$35.5$25.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.1$13.1$29.0$25.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.3$14.3$29.0$26.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.6$17.3$25.3$27.3
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Mar 16, 2022
Return Version
2020v4.2
Gross Receipts
$37,589,029
Mission and Program Overview

Mission

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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$27,447,456$34,025,667▲ $6,578,211
Land, Buildings, and Equipment, Net$26,799,178$27,187,732▲ $388,554
Cash and Non-Interest-Bearing Accounts$7,332,758$6,078,386▼ $1,254,372
Accounts Receivable$894,998$923,631▲ $28,633
Pledges and Grants Receivable$525,220$304,219▼ $221,001
Prepaid Expenses and Deferred Charges$193,875$189,351▼ $4,524
Other Notes and Loans Receivable, Net$196,724$186,065▼ $10,659
Inventories for Sale or Use$87,284$13,616▼ $73,668
Savings and Temporary Cash Investments$28,217$11,546▼ $16,671
Total Assets$65,924,509$71,928,370▲ $6,003,861
Other Assets Total$2,418,799$3,008,157▲ $589,358
Liabilities
Tax Exempt Bond Liabilities$2,527,605$2,056,690▼ $470,915
Deferred Revenue$1,405,358$792,864▼ $612,494
Accounts Payable and Accrued Expenses$416,552$672,717▲ $256,165
Other Liabilities$744,395$646,701▼ $97,694
Mortgage Notes Payable Secured by Investment Property$40,458$480,614▲ $440,156
Total Liabilities$5,134,368$4,649,586▼ $484,782
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$35,030,081$35,540,544▲ $510,463
Net Assets With Donor Restrictions$25,760,060$31,738,240▲ $5,978,180
Total Net Assets Fund Balance$60,790,141$67,278,784▲ $6,488,643
Total Liabilities and Net Assets / Fund Balance$65,924,509$71,928,370▲ $6,003,861

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$22,337,159$19,396,876$41,734,035
Equipment$2,522,716$7,218,425$9,741,141
Other Land Buildings$633,989$3,537,871$4,171,860
Land$1,693,868-$1,693,868

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$33,999,870$746,542▲ $7,586,756$4,898,971$36,178,089
2019$30,708,384$2,583,177▲ $1,837,194-$33,999,870
2018$23,904,521$7,069,800▲ $435,203-$30,708,384
2017$21,992,049$950,968▲ $1,459,443-$23,904,521
2016$19,684,100$1,311,843▲ $1,472,537-$21,992,049
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Herbert King JrPresidentFT$242,783$28,328$271,111
Kevin PhillipsVP of Enrollment ManagementFT$164,723$8,778$173,501
Jonathan KokosVP of Business AffairsFT$138,890$13,507$152,397
Todd LidhProvost and Dean of FacultFT$130,499$15,746$146,245

Highest Paid Contractors

ContractorServicesLocationCompensation
Aramark Services INC FacilitiesFacilities Service Provider27310 NETWORK PLACE, Chicago, IL 60673-1273$1,934,532
Aramark Dallas LockboxFood ServicePO BOX 116, Banner Elk, NC 28604$1,640,685
Barnes & Noble College BookstoresBook StorePO BOX 713660, Philadelphia, PA 19182$597,318
Mccarty ArchitectsArchitectural Services550 W MAIN STREET STE 300, Knoxville, TN 37902$271,627
Ellucian Company LPTechnology Provider2003 EDMUND HALLEY DRIVE, Reston, VA 20191$218,661
Revenue and Support

Revenue Composition

Contributions and Grants
$5,846,365
Program Service Revenue
$24,674,415
Investment Income
$7,057,457
Other Revenue
$0
All Other Contributions
$3,192,325
Change in Net Assets
$5,952,207

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded7$366,830Avg Hi/lo Gift Date
Other Non Cash Contri Table9$4,492Donor Value
Other Non Cash Contri Table1$4,000Donor Value
Clothing and Household Goods-$2,850Donor Value
Books and Publications-$316Donor Value
Total Noncash Contributions17$378,488-

Audited Revenue Reconciliation

Revenue per Audited Statements
$27,262,821
Revenue Not Reported on Financial Statements
$10,315,416
Revenue Not Reported on Form 990
$536,436
Other Revenue Adjustments
$10,231,894
Total Revenue per Audited Statements
$27,799,257
Total Revenue per Form 990
$37,578,237
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,795,396
Other Expenses$10,598,740
Grants and Similar Amounts Paid$10,231,894
Total Fundraising Expense$265,890
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$10,231,894--$10,231,894
Comp Disqual Persons$7,473,991$540,071$178,899$8,192,961
Fees for Services Other$1,658,157$225,383-$1,883,540
Depreciation Depletion$1,375,618$453,660-$1,829,278
Other Employee Benefits$840,290$586,471$29,783$1,456,544
Occupancy$844,808$72,583$12,809$930,200
Office Expenses$511,892$113,775$28,637$654,304
Payroll Taxes$579,637$42,300$11,782$633,719
Current Officers, Directors, Trustees, and Key Employees$378,020$134,152-$512,172
Other Expenses$80,081$250,231$1,168$331,480
Travel$93,341$3,985$2,248$99,574
Fees for Service Investment Mgmnt Fees$83,522--$83,522
All Other Expenses$60,516$4,611$564$65,691
Interest$10,850$3,278-$14,128
Total Functional Expenses$27,240,059$4,120,081$265,890$31,626,030

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$31,626,030
Expenses per Audited Statements$21,310,614
Total Expenses per Audited Statements$21,310,614
Expenses Not Reported on Financial Statements$10,315,416
Other Expense Adjustments$10,231,894
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
US Government Grants Refundable$369,625
Trust & Annuity Obligations$183,568
Amounts Held on Behalf of Others$73,253
Student and Other Deposits$20,255

Bond Issues

BondIssuerIssuedIssue PricePurpose
ALees-mcrae College Incorporated2003-04-16$8,250,000Construction-educational facilities & refinance capital related debt

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,250,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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.

Filing and Contact Details

Filer

Filer Name
Lees-mcrae College Inc
EIN
56-0529953
Phone
8288988809
Address
PO BOX 128, BANNER ELK, NC 28604

Signing Officer

Name
Jonathan Kokos
Title
VP Finance & Business Affairs
Phone
8288988809
Signed
2022-03-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Herbert L King Jr
Formed
1900
Legal Domicile
Nc
Voting Board Members
25
Independent Board Members
25
Employees
421
Volunteers
25

Preparer

Firm
Brown Edwards & Company Llp
Address
105 ARBOR DRIVE 3RD FLOOR, CHRISTIANSBURG, VA 24073
Preparer
Mark Woolwine
Phone
5404433606
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of perpetual trusts 589,358. Change in other split-interest agreements 8,394.

Financial Statement Notes

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 2019, 2018, and 2017 are subject to examination by the internal revenue service, generally for three years after they are filed.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of funds held in trust 589,358. Change in value of split interest agreements 8,394.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 10,231,894.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 10,231,894.

Raw XML AppendixShowing 400 of 839 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0LEES-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.
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IRS990/Desc0EDUCATION, GENERAL / OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 838 UNDERGRADUATE STUDENTS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt25PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt27PROVOST AND DEAN OF FACULT
IRS990/Form990PartVIISectionAGrp/TitleTxt28VP OF ENROLLMENT MANAGEMENT
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IRS990/MissionDesc0THE 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.
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