Lees-Mcrae College Incorporated

Analysis

Lees-Mcrae College Incorporated is a registered charity in United States, based in Banner Elk, NC. It received its IRS tax-exemption ruling in February 1959, 67 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2023, Lees-Mcrae College Incorporated reported income of $38.5m and spending of $37.3m, spending 97% of its income. Across the 5 years on record, from May 2019 to May 2023, income grew from $29.4m to $38.5m (+31%), an average of +6.9% a year. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Lees-Mcrae College Incorporated sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within NC. Charities of a similar size with the same main cause include Palo Alto University Inc ($38.5m), Illinois College of Optometry ($38.5m) and Kansas City Art Institute ($38.4m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 23% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $794k (2.1% of expenses). Other salaries and wages came to $9.5m. At year end it held assets of $100.0m against liabilities of $30.8m, net assets of $69.2m. It reported 523 employees.