Lees-McRae College Incorporated
PO Box 128, Banner Elk, NC · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $52,335,611 | $47,457,091 | $79,103,992 |
| FY2024 | $36,308,685 | $37,744,057 | $72,446,164 |
| FY2023 | $38,490,806 | $37,296,436 | $69,167,946 |
| FY2022 | $41,070,473 | $37,354,274 | $68,131,381 |
| FY2021 | $37,578,237 | $31,626,030 | $67,278,784 |
| FY2020 | $32,982,748 | $30,349,611 | $60,790,141 |
| FY2019 | $29,433,682 | $30,890,234 | $57,541,181 |
| FY2018 | $31,105,379 | $28,114,622 | $59,869,426 |
| FY2017 | $41,865,006 | $32,711,169 | $56,498,163 |
| FY2016 | $36,668,079 | $32,514,034 | $46,992,267 |
| FY2015 | $34,467,276 | $30,297,248 | $43,965,453 |
| FY2014 | $30,788,826 | $27,217,266 | $40,044,754 |
| FY2013 | $31,295,673 | $25,856,146 | $35,456,662 |
| FY2012 | $26,402,554 | $25,423,013 | $29,002,023 |
Form 990 filings
The returns filed by Lees-McRae College Incorporated (EIN 56-0529953), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $10,278,197 | 20% |
| Program service revenue | $34,707,242 | 66% |
| Other revenue | $7,350,172 | 14% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $37,551,998 | 79% |
| Management & general | $9,503,382 | 20% |
| Fundraising | $401,711 | 1% |
What the numbers show
- Program service revenue made up 66% of total revenue in FY2025.
- Program services accounted for 79% of functional expenses, management & general 20%, and fundraising 1%.
- 79% of functional expenses went to program services in FY2025. That is higher than 44.1% of 152 Education organizations in NC.
- Net assets covered about 20 months of expenses at the end of the reporting year. That puts it in the 68th percentile among 1703 Education organizations in NC.
- Total revenue was higher than 98.4% of 1724 Education organizations in NC.
- Total revenue rose from $26,402,554 in FY2012 to $52,335,611 in FY2025. Revenue increased in 8 and decreased in 5 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 2 of 14 reported years (FY2019, FY2024).
- Net assets grew from $29,002,023 to $79,103,992 between FY2012 and FY2025.
- Contributions and grants made up 9% of revenue in FY2012 and 20% in FY2025.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
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
IRS status
| Ruling year | 1959 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | B420 — Education (in NC) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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