Nonprofit · EIN 56-0529953
LEES-MCRAE COLLEGE INCORPORATED
Tax-exempt · BANNER ELK, NC 28604
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| May 31, 2025 | 990 | $52,335,611 | $47,457,091 | $4,878,520 | $131,313,844 | $52,209,852 | $79,103,992 |
| May 31, 2024 | 990 | $36,308,685 | $37,744,057 | -$1,435,372 | $123,229,175 | $50,783,011 | $72,446,164 |
| May 31, 2023 | 990 | $38,490,806 | $37,296,436 | $1,194,370 | $99,950,537 | $30,782,591 | $69,167,946 |
Financial details: 990 for the year ended May 31, 2025
Revenue
- Contributions, gifts and grants
- $10,278,197
- of which government grants
- $157,956
- Program service revenue
- $34,707,242
- Investment income
- $1,632,994
- Net gain from sales of assets
- $744,054
- Other revenue
- $5,717,178
Expenses
- Grants and similar amounts paid
- $13,195,990
- Compensation of officers, directors and key employees
- $929,755
- Other salaries and wages
- $11,440,548
- Salaries, compensation and benefits (total)
- $15,214,244
- Professional fundraising fees
- $0
- Occupancy
- $1,291,865
- Travel
- $797,590
- Depreciation
- $2,310,173
- Program services (functional)
- $37,551,998
- Management and general (functional)
- $9,503,382
- Fundraising (functional)
- $401,711
Balance sheet and other
- Total assets, start of year
- $123,229,175
- Total assets, end of year
- $131,313,844
- Total liabilities, end of year
- $52,209,852
- Net assets, end of year
- $79,103,992
- Land, buildings and equipment
- $78,965,208
- Publicly traded securities
- $37,921,921
- Net assets without donor restrictions
- $36,540,270
- Net assets with donor restrictions
- $42,563,722
- Gross receipts
- $52,873,393
- Employees
- 525
- Volunteers
- 11
- Year formed
- 1900
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended May 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| HERBERT KING JR | PRESIDENT Officer | 50 | $354,102 | $33,187 |
| KEVIN PHILLIPS | SVP OF ENROLLMENT MANAGEME Highest-paid employee | 50 | $213,758 | $10,974 |
| BLAINE HANSEN | VP OF AASSESSMENT & EFFECTIVENESS Officer | 50 | $185,882 | $20,484 |
| WILLIAM DURHAM | VP OF BUSINESS AFFAIRS Officer | 50 | $181,227 | $20,334 |
| PAMELA VESELY | VP OF ACADEMIC AFFAIRS AND Officer | 50 | $173,930 | $17,283 |
| JASON JONES | VP OF STUDENT AFFAIRS Highest-paid employee | 50 | $142,615 | $19,153 |
| BARBARA KOPCZYNSKI | BOARD CHAIR Trustee or director, Officer | 0.1 | $0 | $0 |
| JIM MCDANIEL | BOARD VICE CHAIR Trustee or director, Officer | 0.1 | $0 | $0 |
| TOMMY BRIGHAM JR | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| SONNY EDMONDSON | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| JORDAN GILLESPIE | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| PARKER GRUBBS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| MORGAN HERDKLOTZ | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BETH HOPKINS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| NANCY HOYT | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
12 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| BONNIE HUFF | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| PETER KENDALL | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| DIANNE MAY | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| JULIA MCCOMBS | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| BOB MOSS | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| GARY T MOSS JR | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| TODD PORTER | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| ED SHELTON | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| RON SOLDO | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| RUTH STEPHENSON | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| W MCNAIR TORNOW | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
| LENOARD WHEELER | BOARD TRUSTEE Trustee or director | 0.1 | $0 |
990 for the year ended May 31, 2024: 30 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| HERBERT KING JR | PRESIDENT Officer | 50 | $266,407 | $31,671 |
| KEVIN PHILLIPS | SVP OF ENROLLMENT MANAGEMENT Highest-paid employee | 50 | $194,596 | $10,318 |
| ALYSON GILL | FORMER PROVOST AND DEAN OF FACULT Former | 50 | $175,246 | $17,558 |
| SUSAN BOYETTE | VP OF ADVANCEMENT Highest-paid employee | 50 | $173,207 | $13,281 |
| BLAINE HANSEN | EVP OF STRATEGIC OPERATION, GOVERNANCE, & PLANNING Officer | 50 | $166,495 | $18,809 |
| JASON JONES | VP OF STUDENT AFFAIRS Highest-paid employee | 50 | $122,020 | $17,879 |
| PAMELA VESELY | VP OF ACADEMIC AFFAIRS AND DEAN OF FACULTY Officer | 50 | $99,925 | $12,756 |
| WILLIAM DURHAM | VP OF BUSINESS AFFAIRS Officer | 50 | $38,745 | $3,347 |
| GARY T MOSS JR | BOARD VICE CHAIR Trustee or director, Officer | 0.1 | $0 | $0 |
| PARKER GRUBBS | BOARD CHAIR Trustee or director, Officer | 0.1 | $0 | $0 |
| BARBARA KOPCZYNSKI | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BARRY BLAKE | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BOB MOSS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BONNIE HUFF | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| DIANNE MAY | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| FRED RUSSELL | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| HAROLD KAPLAN | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| JIM MCDANIEL | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| JULIA MCCOMBS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| KEN HAIGLER | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| KIM BRASWELL-MCPHAIL | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| MORGAN HERDKLOTZ | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| MURIEL BETH HOPKINS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| NANCY HOYT | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| NEIL RAMO | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| RUTH STEPHENSON | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| SONNY EDMONDSON | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| TODD PORTER | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| W MCNAIR TORNOW | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| LENOARD WHEELER | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
990 for the year ended May 31, 2023: 27 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| HERBERT KING JR | PRESIDENT Officer | 50 | $254,517 | $29,804 |
| KEVIN PHILLIPS | VP OF ENRLMNT MGMT & STUD AFFAIRS Highest-paid employee | 50 | $203,778 | $9,596 |
| JONATHAN KOKOS | FORMER VP OF BUSINESS AFFAIRS Officer | 50 | $185,694 | $21,804 |
| ALYSON GILL | PROVOST AND DEAN OF FACULTY Officer | 50 | $168,115 | $18,346 |
| BLAINE HANSEN | VP OF ASSESSMENT & EFFECTIVENESS Officer | 50 | $109,676 | $12,809 |
| FRANZ RUECKERT | DEAN OF NAT & HEALTH SCIENCES/ Highest-paid employee | 50 | $105,734 | $11,909 |
| SUSAN STEPHENSON | EXEC DIR BUSINESS AFFAIRS & CONTROLLER/ TREASURER Officer | 50 | $75,982 | $5,425 |
| GARY T MOSS JR | BOARD VICE CHAIR Trustee or director, Officer | 0.1 | $0 | $0 |
| PARKER GRUBBS | BOARD CHAIR Trustee or director, Officer | 0.1 | $0 | $0 |
| BARBARA MILLER WHITTON | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BARRY BLAKE | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BOB MOSS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| BONNIE HUFF | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| CATHY FIELDS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| DIANNE MAY | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| ELIZABETH ROBERTS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| FRED RUSSELL | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| HAROLD KAPLAN | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| JIM MCDANIEL | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| JULIA MCCOMBS | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| KEN HAIGLER | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| KIM BRASWELL-MCPHAIL | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| NANCY HOYT | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| NEIL RAMO | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| RONALD SOLDO | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| SONNY EDMONDSON | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
| TODD PORTER | BOARD TRUSTEE Trustee or director | 0.1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 128, BANNER ELK, NC 28604-0128
- In care of
- % SUZETTE FRONK
- Principal officer (990 for 2024)
- WILLIAM H DURHAM, PO BOX 128, BANNER ELK, NC 28604
- Signed the 990
- WILLIAM H DURHAM, VP OF FINANCE & BUSINESS AFFAIRS
- Phone
- (828) 898-5241
- Website
- WWW.LMC.EDU
- Return prepared by
- BROWN EDWARDS & COMPANY LLP
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.
Program accomplishments
- EDUCATION, GENERAL / OTHER: LEES-MCRAE COLLEGE IS AN ACCREDITED, NON-PROFIT, COEDUCATIONAL, NONSECTARIAN INSTITUTION OF HIGHER EDUCATION WITH ENROLLMENT OF APPROXIMATELY 910 UNDERGRADUATE STUDENTS.Expenses $30,621,468 · grants $13,195,990 · revenue $28,535,464
- EDUCATION, GENERAL / OTHER: AUXILIARY SERVICES INCLUDING FOOD SERVICE AND RESIDENTIAL FACILITIES FOR STUDENTS ATTENDING LEES-MCRAE COLLEGE (701 STUDENTS).Expenses $6,761,602 · revenue $11,760,429
- EDUCATION, GENERAL / OTHER: SUMMER PROGRAMS, CAMPS AND THEATRE TO SUPPORT EDUCATIONAL MISSION.Expenses $168,928 · revenue $91,524
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in May, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | May 31, 2026 | October 15, 2026 | Not on file |
| 2024 | May 31, 2025 | October 15, 2025 | 990 on file |
| 2023 | May 31, 2024 | October 15, 2024 | 990 on file |
IRS record
- EIN
- 56-0529953
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1959
- Accounting year ends
- May
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B420)
- Assets (IRS master file)
- $131,313,844
- Income (IRS master file)
- $52,873,393
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | May 2025 | $52,335,611 | $47,457,091 | $131,313,844 | XML |
| 990 | May 2024 | $36,308,685 | $37,744,057 | $123,229,175 | XML |
| 990 | May 2023 | $38,490,806 | $37,296,436 | $99,950,537 | XML |
| 990 | May 2022 | $41,070,473 | $37,354,274 | $87,696,802 | IRS |
| 990 | May 2021 | – | – | – | IRS |
| 990 | May 2020 | – | – | – | IRS |
| 990 | May 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-0529953).
Questions about LEES-MCRAE COLLEGE INCORPORATED
- What is the EIN of LEES-MCRAE COLLEGE INCORPORATED?
- The employer identification number (EIN) of LEES-MCRAE COLLEGE INCORPORATED is 56-0529953.
- Is LEES-MCRAE COLLEGE INCORPORATED tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1959.
- Are donations to LEES-MCRAE COLLEGE INCORPORATED tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does LEES-MCRAE COLLEGE INCORPORATED file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LEES-MCRAE COLLEGE INCORPORATED due?
- The return for tax year 2025 (the year ending May 31, 2026) is due October 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LEES-MCRAE COLLEGE INCORPORATED last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended May 2025.
- Who is the principal officer of LEES-MCRAE COLLEGE INCORPORATED?
- The 990 for the year ended May 31, 2025 names WILLIAM H DURHAM.
- Who are the officers and directors of LEES-MCRAE COLLEGE INCORPORATED?
- The 990 for the year ended May 31, 2025 lists 27 people; 6 received compensation from the organization, the highest $354,102 (HERBERT KING JR, PRESIDENT).
- How much revenue does LEES-MCRAE COLLEGE INCORPORATED have?
- On its 990 for the year ended May 31, 2025 it reported revenue of $52,335,611, expenses of $47,457,091 and total assets of $131,313,844 at year end.
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