Lees-Mcrae College Incorporated
- Assets
- $87.7m
- Revenue
- $41.1m
- Investments
- $0.0
- Employees
- 481
- Location
- Banner Elk, NC
- Founding
- 02/1959
- Data as of
- 05/2022
- EIN
- 56-0529953
Organization Overview
Lees-Mcrae College Incorporated is located in Banner Elk, NC. The organization was established in 1959. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2022, Lees-Mcrae College Incorporated employed 481 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lees-Mcrae College Incorporated is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2022, Lees-Mcrae College Incorporated generated $41.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $37.4m during the year ending 05/2022. While expenses have increased by 3.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION, GENERAL / OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 873 UNDERGRADUATE STUDENTS.
EDUCATION, GENERAL / OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (669 STUDENTS).
EDUCATION, GENERAL / OTHER: SUMMER PROGRAMS, CAMPS AND THEATRE TO SUPPORT EDUCATIONAL MISSION.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Herbert King Jr President | Officer | 50 | $245,346 |
Kevin Phillips VP Of Enrollment Management | 50 | $170,028 | |
Jonathan Kokos VP Of Business Affairs | Officer | 50 | $163,659 |
Leslie Lambert Interim Provost | 50 | $120,905 | |
Blaine Hansen VP Of Assessment & Effectiveness | Officer | 50 | $95,926 |
Alyson Gill Provost And Dean Of Faculty | Officer | 50 | $88,544 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aramark Dallas Lockbox Food Service | 5/30/22 | $3,373,212 |
Aramark Services Inc Facilities Facilities Service Provider | 5/30/22 | $2,048,067 |
Cdw Llc Technology Provider | 5/30/22 | $490,042 |
Mccarty Architects Architectural Services | 5/30/22 | $701,792 |
Barnes & Noble College Bookstores Book Store | 5/30/22 | $560,124 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,939,912 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,349,091 |
| Noncash contributions included in lines 1a–1f | $135,338 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,289,003 |
| Total Program Service Revenue | $28,468,293 |
| Investment income | $582,977 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$377,398 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,070,473 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,098,444 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $593,476 |
| Compensation of current officers, directors, key employees. | $155,447 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,076,045 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,491,351 |
| Payroll taxes | $694,079 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $110,206 |
| Fees for services: Other | $1,977,170 |
| Advertising and promotion | $0 |
| Office expenses | $351,012 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,067,327 |
| Travel | $355,853 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $71,551 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,767,333 |
| Insurance | $0 |
| All other expenses | $66,021 |
| Total functional expenses | $37,354,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,130,149 |
| Savings and temporary cash investments | $1,243,362 |
| Pledges and grants receivable | $4,896,666 |
| Accounts receivable, net | $1,067,533 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $184,418 |
| Inventories for sale or use | $14,860 |
| Prepaid expenses and deferred charges | $154,808 |
| Net Land, buildings, and equipment | $45,912,311 |
| Investments—publicly traded securities | $30,373,130 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,719,565 |
| Total assets | $87,696,802 |
| Accounts payable and accrued expenses | $601,165 |
| Grants payable | $0 |
| Deferred revenue | $701,726 |
| Tax-exempt bond liabilities | $1,570,775 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,134,045 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $557,710 |
| Total liabilities | $19,565,421 |
| Net assets without donor restrictions | $31,922,982 |
| Net assets with donor restrictions | $36,208,399 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $87,696,802 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lees-Mcrae College Incorporated has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Womens Fund Of The Blue Ridge Inc Boone, NC PURPOSE: Summer Program | $10,000 |
Charles H Dishman Iii Family Foundation Inc Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $5,000 |
Endowment Analysis
| Beg. Balance | $36,178,089 |
| Earnings | -$2,584,103 |
| Admin Expense | $110,206 |
| Net Contributions | $3,841,128 |
| Grants | $973,939 |
| Ending Balance | $36,350,969 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Anderson University Anderson, SC | $269,873,980 | $130,183,026 |
Wofford College Spartanburg, SC | $486,613,567 | $116,076,279 |
Spelman College Atlanta, GA | $855,779,306 | $182,970,731 |
Roanoke College Salem, VA | $354,210,741 | $126,475,040 |
Lee University Cleveland, TN | $200,405,989 | $108,753,431 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Union University Jackson, TN | $193,669,100 | $103,290,604 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Randolph-Macon College Ashland, VA | $426,120,167 | $119,204,346 |
Bridgewater College Bridgewater, VA | $220,158,848 | $86,618,271 |
Trevecca Nazarene University Nashville, TN | $238,062,092 | $96,180,255 |
Hampden-Sydney College Hampdensydney, VA | $332,900,116 | $118,845,969 |