ACR-LTT MADE A TKOF WITH GA-SMA HOLDING ON THE RWY OVERRUN AT THE FAR END OF THE RWY.

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WHILE HOLDING SHORT OF RWY 5; TALKING TO UNICOM AND OUR COMPANY FREQ TO GET A RAMP AND PATTERN; A SMA BEGAN TO TAXI ON RWY 5. WE ASKED THE SMA'S INTENTION AND HE TOLD US THAT HE WOULD DEPART ON RWY 23 (WIND WAS CALM). WE TOLD HIM THAT WE WOULD HOLD UNTIL HE DEPARTED. THE SMA TOLD US HE WOULD CLR AT THE DEP END OF RWY 5 AND LET US DEPART FIRST. OUR GND PERSONNEL TOLD US THAT THE SMA HAD CLRED THE RWY; SO WE TOLD UNICOM OUR INTENTIONS AND DEPARTED RWY 5. JUST PRIOR TO ROTATION I NOTICED THE SMA HAD NOT CLRED THE RWY BUT WAS HOLDING AT THE VERY END. WE CONTINUED AND AFTER TKOF NOTICED HE WAS HOLDING ON THE STOPWAY INSTEAD OF THE RUNUP RAMP TO THE SIDE OF THE RWY. RWY 5 HAS A HIGH SPOT APPROX 1000' FROM THE END. I BELIEVE THIS IS WHY WE DID NOT SEE THE ACFT ON THE INITIAL ROLL AND WHY THE GND PERSONNEL SAID THE ACFT CLRED; BECAUSE IT WENT OUT OF SIGHT. THIS SITUATION COULD HAVE BEEN AVOIDED IF I HAD ASKED WHERE THE SMA WAS AT THE END OF THE RWY; BETTER TRNING OF THE SMA PLT SO THAT HE WOULD HAVE BEEN TO THE SIDE OF THE RWY INSTEAD OF THE STOPWAY.