Lees-Mcrae College Incorporated
- Assets
- $100.0m
- Revenue
- $38.5m
- Investments
- $0.0
- Employees
- 523
- Location
- Banner Elk, NC
- Founding
- 02/1959
- Data as of
- 05/2023
- 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 05/2023, Lees-Mcrae College Incorporated employed 523 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 05/2023, Lees-Mcrae College Incorporated generated $38.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $37.3m during the year ending 05/2023. 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
2023
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 855 UNDERGRADUATE STUDENTS.
EDUCATION, GENERAL / OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (682 STUDENTS).
EDUCATION, GENERAL / OTHER: SUMMER PROGRAMS, CAMPS AND THEATRE TO SUPPORT EDUCATIONAL MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary T Moss Jr Board Vice Chair | OfficerTrustee | 0.1 | $0 |
Parker Grubbs Board Chair | OfficerTrustee | 0.1 | $0 |
Barbara Miller Whitton Board Trustee | Trustee | 0.1 | $0 |
Barry Blake Board Trustee | Trustee | 0.1 | $0 |
Bob Moss Board Trustee | Trustee | 0.1 | $0 |
Bonnie Huff Board Trustee | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Frank L Blum Construction Construction And Service Company | 5/30/23 | $16,650,582 |
Children's Hope Alliance Child Advocacy And Welfare Organization | 5/30/23 | $6,000,000 |
Genuine Food Lab Llc Food Service | 5/30/23 | $2,623,451 |
Aramark Dallas Lockbox Food Service | 5/30/23 | $2,502,508 |
Aramark Services Inc - Facilities Facilities Services | 5/30/23 | $1,869,737 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,853,956 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,140,008 |
| Noncash contributions included in lines 1a–1f | $949,836 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,993,964 |
| Total Program Service Revenue | $29,407,946 |
| Investment income | $702,432 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$762,676 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,490,806 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,433,518 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $793,984 |
| Compensation of current officers, directors, key employees. | $207,966 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,487,831 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,574,430 |
| Payroll taxes | $739,111 |
| 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 | $117,207 |
| Fees for services: Other | $2,787,359 |
| Advertising and promotion | $0 |
| Office expenses | $689,611 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,372,747 |
| Travel | $543,306 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $682,204 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,922,901 |
| Insurance | $0 |
| All other expenses | $55,738 |
| Total functional expenses | $37,296,436 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,680,240 |
| Savings and temporary cash investments | $718,053 |
| Pledges and grants receivable | $5,124,474 |
| Accounts receivable, net | $3,993,733 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $63,461 |
| Inventories for sale or use | $13,221 |
| Prepaid expenses and deferred charges | $2,406 |
| Net Land, buildings, and equipment | $53,773,103 |
| Investments—publicly traded securities | $30,038,365 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,543,481 |
| Total assets | $99,950,537 |
| Accounts payable and accrued expenses | $7,586,861 |
| Grants payable | $0 |
| Deferred revenue | $532,759 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $22,467,332 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $195,639 |
| Total liabilities | $30,782,591 |
| Net assets without donor restrictions | $33,375,361 |
| Net assets with donor restrictions | $35,792,585 |
| 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 | $99,950,537 |