2024-05-15T11:37:12-05:00 2023-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2022-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 ROGER CHRISTIANSON CHIEF FINANCIAL OFFICER 4403523361 2024-05-15 1 ROGER CHRISTIANSON 999009999 1 CHRISTOPHER B ANDERSON P00226559 2163630100 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRIAN D POSLER 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 38128002 0 X WWW.LEC.EDU X 1856 OH LAKE ERIE COLLEGE PROVIDES AN EXCELLENT, INCLUSIVE, AND HIGHLY PERSONALIZED EDUCATION GROUNDED IN THE LIBERAL ARTS TRADITION. GUIDED BY HOPE AND CARE, OUR STUDENTS ARE EMPOWERED TO LEAD LIVES OF PERSONAL SIGNIFICANCE AND PROFESSIONAL SUCCESS AS GLOBAL CITIZENS. 29 29 563 47 0 0 9192304 3880758 29112134 30749138 475112 415750 0 0 38779550 35045646 14457590 15739400 0 0 11835466 12080078 0 0 1288531 12601038 12819777 38894094 40639255 -114544 -5593609 74629570 71073372 34339864 35547403 40289706 35525969 LAKE ERIE COLLEGE PROVIDES AN EXCELLENT, INCLUSIVE, AND HIGHLY PERSONALIZED EDUCATION GROUNDED IN THE LIBERAL ARTS TRADITION. GUIDED BY HOPE AND CARE, OUR STUDENTS ARE EMPOWERED TO LEAD LIVES OF PERSONAL SIGNIFICANCE AND PROFESSIONAL SUCCESS AS GLOBAL CITIZENS. 0 0 34824356 15739400 30749138 THE COLLEGE PROVIDED INSTRUCTIONAL COURSES TO ITS 845 UNDERGRADUATE AND 258 GRADUATE STUDENTS IN ADDITION TO PROVIDING CONTINUING EDUCATION AND PROFESSIONAL DEVELOPMENT COURSES AND WORKSHOPS. IT ALSO PROVIDED STUDENT SERVICES FOR ADMISSIONS, REGISTRATION, ADVISING, ATHLETIC PROGRAMS AND ACADEMIC SUPPORT INCLUDING LIBRARY RESOURCES, A LEARNING CENTER, ANIMAL CARE AND SUPPORT, AND FACULTY AND CURRICULUM DEVELOPMENT. AS NECESSARY AUXILIARY OPERATIONS, THE COLLEGE OPERATED RESIDENCE HALLS, DINING SERVICES, A BOOKSTORE, AND THE EQUESTRIAN CENTER, WHICH INCLUDES A HORSE ARENA, CLASSROOMS AND BOARDING FACILITIES. 34824356 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 149 0 1 563 1 0 0 0 0 0 1 1 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH X ROGER CHRISTIANSON 4403757220 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 BILL HAAG DIRECTOR 1.00 X 0 0 0 BOB LEE DIRECTOR 1.00 X 0 0 0 BOB ZAPPITELLI DIRECTOR 1.00 X 0 0 0 BRAD HARMON DIRECTOR 1.00 X 0 0 0 CASEY OBRIEN DIRECTOR 1.00 X 0 0 0 DAN SERBIN DIRECTOR 1.00 X 0 0 0 DANA DENNIS DIRECTOR 1.00 X 0 0 0 DANIEL SMITH DIRECTOR 1.00 X 0 0 0 DON DECARLO DIRECTOR 1.00 X 0 0 0 DON PURTILL DIRECTOR 1.00 X 0 0 0 DORIS BRAY DIRECTOR 1.00 X 0 0 0 ELIZABETH ABRAHAM DIRECTOR 1.00 X 0 0 0 HAROLD ANDERSON DIRECTOR 1.00 X 0 0 0 JD INGALLS DIRECTOR 1.00 X 0 0 0 JEN YORKO DIRECTOR 1.00 X 0 0 0 JESSE STYLES DIRECTOR 1.00 X 0 0 0 JOHN PAGANINI DIRECTOR 1.00 X 0 0 0 KATHY WATSON VICE CHAIR 1.00 X X 0 0 0 KEVIN MALECEK DIRECTOR 1.00 X 0 0 0 LANCE OSBORNE DIRECTOR 1.00 X 0 0 0 LISA WARD DIRECTOR 1.00 X 0 0 0 MIKE BRYAN DIRECTOR 1.00 X 0 0 0 NANCY STILLWAGON PAST CHAIR 1.00 X 0 0 0 PAM MORSE DIRECTOR 1.00 X 0 0 0 RON BAUMBERGER DIRECTOR 1.00 X 0 0 0 SCOTT SCHULICK DIRECTOR 1.00 X 0 0 0 SHANA MISKOVSKY DIRECTOR 1.00 X 0 0 0 STEVE PERRY CHAIR 1.00 X X 0 0 0 SUE ELLIS DIRECTOR 1.00 X 0 0 0 BRIAN POSLER PRESIDENT 40.00 X 306386 0 34078 JENNIFER KINNAIRD DEAN OF THE COLLEGE 40.00 X 143264 0 25088 ROGER CHRISTIANSON CONTROLLER 40.00 X 89752 0 10887 JENNIFER SCHULLER VP FOR ADVANCEMENT 40.00 X 180017 0 3396 CHAUNCEY JACKSON VP ENROLLMENT MANAGEMENT 40.00 X 101947 0 10211 SEAN KRAMER DIRECTOR, PHYSICIAN ASSIST 40.00 X 119489 0 25955 PAMELA HESS DEAN, EQUESTRIAN STUDIES 40.00 X 108641 0 19076 JOHNATHAN TEDESCO DEAN, NATURAL SCIENCES & MATH 40.00 X 118417 0 4958 CAROLYN KNOX ACADEMIC COORDINATOR/CLINIC 40.00 X 108520 0 11725 KATHARINE DELAVAN DEAN, SCHOOL OF EDUCATION 40.00 X 102680 0 10429 BRYAN DEPOY FORMER VP ACADEMIC AFFAIRS 40.00 X 152807 0 7322 BRIAN DIRK FORMER VP ADMIN & FINANCE 40.00 X 143264 0 23100 1675184 0 186225 15 1 1 0 METZ & ASSOCIATES 2 WOODLAND DRIVE DALLAS PA 18612 DINING SERVICES 1480586 RAINFOREST VILLAGE 251 W WALNUT STREET 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 563390 BSN SPORTS PO BOX 660176 DALLAS TX 75266 ATHLETIC GEAR 267214 PRECIOUS CARGO TRANSPORTATION PO BOX 23617 CHAGRIN FALLS OH 44023 TRANSPORTATION 222252 MUNOZ LANDSCAPING PO BOX 824 PAINESVILLE OH 44077 CAMPUS GROUNDKEEPING 200750 7 846889 3033869 48999 3880758 TUITION AND FEES 611310 25502859 25502859 AUXILIARY OPERATIONS AND OTHER 611310 5246279 5246279 30749138 318041 318041 74665 74665 3105400 3082356 23044 23044 23044 35045646 30749138 0 415750 15739400 15739400 1117548 650435 235217 231896 9047802 7902648 731550 413604 278723 241382 29889 7452 989734 715693 255922 18119 646271 570120 53852 22299 82084 82084 71170 71170 1514013 1244925 218917 50171 180791 142356 8787 29648 970745 690138 207497 73110 440041 206115 231209 2717 2051629 561406 1434483 55740 837062 812749 1233 23080 18080 18080 1912841 1530273 229541 153027 1133238 906590 135989 90659 480744 155967 324777 CONTRACTED DINING SVCS 1932570 1908842 1380 22348 OTHER 969227 601695 272871 94661 BOOKSTORE COST OF GOODS 225542 225542 40639255 34824356 4526368 1288531 46347 20983 1247063 144937 5401238 3566287 848990 1072468 105408 84167 205530 212727 67783619 38385241 29946658 29398378 9309175 9075172 708197 663753 26810964 26834500 74629570 71073372 1793775 2908568 817268 729233 28836160 28873114 1687772 1895486 1204889 1141002 34339864 35547403 X 1102629 -4630743 39187077 40156712 40289706 35525969 74629570 71073372 X -5593609 682464 147408 X 0 1 X 1 1 1 X 3970213 5270069 7319020 9192304 3880758 29632364 3970213 5270069 7319020 9192304 3880758 29632364 6008112 23624252 357171 336654 427624 668178 392706 2182333 75695 40490 402181 518366 32333063 152175968 0.73070 0.74200 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT REVENUE - 2018 AMOUNT: $ 68,695. 2019 AMOUNT: $ 34,301. 2020 AMOUNT: $ 59,210. OTHER INCOME - 2018 AMOUNT: $ 7,000. 2019 AMOUNT: $ 6,189. 2020 AMOUNT: $ 342,971. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9120145 31050 1015947 312447 968553 8886142 12308484 1721067 -1972622 684094 2252690 9120145 8928599 1289174 2501495 222345 188439 12308484 8613591 609224 103868 193402 204682 8928599 8659353 290907 367327 175402 528594 8613591 0.01177 0.98823 0.00000 1 0 1585292 1585292 51254694 21796162 29458532 786975 771828 15147 14156658 15817251 -1660593 29398378 FUNDS HELD IN TRUST 24387526 BOND DEBT RESERVE 2446974 26834500 STUDENT DEPOSITS 38800 STUDENT LOANS 991592 GIFT ANNUITIES 110610 1141002 X 20136118 682464 147408 829872 19306246 15739400 15739400 35045646 24899855 0 24899855 15739400 15739400 40639255 PART V, LINE 4: INTENDED USES OF ENDOWMENT FUNDS - THE COLLEGE INVESTS DONOR AND BOARD-RESTRICTED ENDOWMENT FUNDS IN AN EFFORT TO PROTECT PRINCIPAL AND EARN INCOME TO PROVIDE FOR SCHOLARSHIPS, OPERATIONS, AND OTHER DONOR-RESTRICTED EXPENDITURES. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE- THE COLLEGE IS A NON-PROFIT ORGANIZATION THAT IS TAX EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT, AS OF JUNE 30, 2022 THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE SUCH RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2023, THE COLLEGE'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES, GENERALLY FOR THREE YEARS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS 147,408. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS BUT WAS SHOWN AS AN EXPENSE IN PART IX OF FORM 990 15,739,400. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE FOR FINANCIAL STATEMENTS BUT RECORDED AS AN EXPENSE FOR 990 15,739,400. FUNDS HELD BY OTHER ORGANIZATIONS - PART V, LINE 3A(I): THE COLLEGE IS THE BENEFICIARY OF CERTAIN TRUSTS THAT ARE HELD IN PERPETUITY BY AN OUTSIDE TRUSTEE. THE MARKET VALUE OF THESE TRUSTS WAS $24,387,526 AT JUNE 30, 2023. THESE ASSETS ARE NOT PERMITTED TO BE REFLECTED AS "ENDOWMENT FUNDS" IN PART V. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LAKE ERIE COLLEGE'S NONDISCRIMINATION POLICY IS PUBLISHED IN MEDIA BROCHURES AND MEDIA ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 LAKE ERIE COLLEGE PARTICIPATES IN THE FEDERAL GOVERNMENT'S TITLE IV STUDENT FINANCIAL ASSISTANCE PROGRAMS. 1 SCHOLARSHIPS TO STUDENTS 713 15739400 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - ALL GRANT-RELATED REVENUES AND EXPENSES AWARDED TO THE COLLEGE ARE ACCOUNTED FOR IN SEPARATE AND DISTINCT RESTRICTED FUNDS WITHIN THE COLLEGE'S FINANCIAL SYSTEM. WITHIN THE ACCOUNTING OFFICE, A GRANT FILE IS ESTABLISHED FOR EACH RESTRICTED GRANT FUND WHICH CONTAINS THE GRANTOR-APPROVED BUDGET AND AWARD LETTER AMONG OTHER PERTINENT INFORMATION RELATED TO THE GRANTS, SUCH AS POLICIES OF THE GRANTOR. A FULL-TIME STAFF ACCOUNTANT IS ASSIGNED TO MONITOR THE EXPENDITURE OF THE GRANT FUNDS IN TERMS OF THE GRANT BUDGET, FUNDS AVAILABILITY AND ALLOWABILITY. FINANCIAL REPORTS ARE PREPARED BY THE STAFF ACCOUNTANT AND REVIEWED BY THE CONTROLLER PRIOR TO SUBMISSION TO THE GRANTING AGENCY. LAKE ERIE COLLEGE'S OFFICE OF FINANCIAL AID MAINTAINS RECORDS TO COMPLY WITH GRANTOR'S CRITERIA FOR AWARDING FUNDS TO INDIVIDUAL STUDENTS. STUDENT INFORMATION IS REVIEWED AND MAINTAINED IN A POWERFAIDS DATABASE AND STUDENT FILES TO DETERMINE ELIGIBILITY FOR GRANTS. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 BRIAN POSLER PRESIDENT 306386 0 0 0 0 0 0 0 34078 0 340464 0 0 0 JENNIFER SCHULLER VP FOR ADVANCEMENT 180017 0 0 0 0 0 0 0 3396 0 183413 0 0 0 JENNIFER KINNAIRD DEAN OF THE COLLEGE 143264 0 0 0 0 0 0 0 25088 0 168352 0 0 0 BRIAN DIRK FORMER VP ADMIN & FINANCE 143264 0 0 0 0 0 0 0 23100 0 166364 0 0 0 BRYAN DEPOY FORMER VP ACADEMIC AFFAIRS 152807 0 0 0 0 0 0 0 7322 0 160129 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN OFFICERS - THE COLLEGE REQUIRES ITS PRESIDENT TO LIVE ON CAMPUS AND HAS PROVIDED THE MANOR HOUSE TO HIM. THE PRESIDENT CONDUCTS A SUBSTANTIAL AMOUNT OF BUSINESS AT HIS RESIDENCE. IN CONNECTION WITH THE HOUSE, THE COLLEGE PROVIDES CUSTODIAL SERVICES FOR THE CLEANING AND MAINTENANCE OF THE PROPERTY. THE COLLEGE ALSO PROVIDES A PAID CLUB MEMBERSHIP FOR THE PRESIDENT. THE HOUSING, CUSTODIAL SERVICES, AND CLUB MEMBERSHIP ARE NOT TREATED AS TAXABLE COMPENSATION TO THE PRESIDENT. A PUBLIC FINANCE AUTHORITY 273866124 74443DFP1 2019-12-05 24885000 LAKE ERIE COLLEGE-PROJECT SERIES A 0 0 0 A 24885000 1757354 519275 21570000 1000000 38399 1 0 0 1 A 0 0 0 0 0 0 1 A 1 0 0 0 0 0 A 0 X HORSES 10 48999 FMV 6 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW - A DRAFT OF THE FORM 990 IS SENT ELECTRONICALLY TO THE FINANCE AND AUDIT COMMITTEE OF THE BOARD OF DIRECTORS, THE PRESIDENT, AND THE PRESIDENT'S CABINET FOR REVIEW AND COMMENT. THE FINAL VERSION OF FORM 990 IS SENT ELECTRONICALLY TO THE COLLEGE'S BOARD OF DIRECTORS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE CONFLICT OF INTEREST DISCLOSURES ARE ON FILE IN THE PRESIDENT'S OFFICE. ANY MEMBER OF THE PUBLIC MAY REQUEST A COPY OF THE ANNUAL DISCLOSURES. WHEN A CONFLICT ARISES, THE INDIVIDUAL IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSION OR TO VOTE ON THE MATTER. THE DECISION ON THE TRANSACTION IS MADE BY BOARD MEMBERS WHO ARE INDEPENDENT OF THE PERSON WITH THE POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW AND APPROVAL - THE COLLEGE CONTRACTS WITH AN EMPLOYMENT RECRUITING AGENCY TO FILL THE PRESIDENT AND OTHER CABINET POSITIONS. COMPENSATION LEVELS ARE DETERMINED BY INDEPENDENT FIRMS BASED ON MARKET STUDIES OF SIMILAR POSITIONS AT SIMILARLY-SIZED COLLEGES. THESE COMPENSATION DECISIONS ARE MADE BY INDIVIDUALS WHO ARE INDEPENDENT OF THE EMPLOYEES FOR WHOM THE DECISIONS ARE BEING MADE. EMPLOYEES FILLING ANY CABINET-LEVEL POSITIONS ARE GIVEN A WRITTEN EMPLOYMENT CONTRACT. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - AS A RECIPIENT OF FEDERAL FUNDS, THE COLLEGE'S AUDITED FINANCIAL STATEMENTS AND OMB A-133 AUDIT REPORT ARE AVAILABLE FROM THE FEDERAL AUDIT CLEARINGHOUSE. THE COLLEGE ALSO MAKES ITS AUDITED FINANCIAL STATEMENTS AVAILABLE TO PROSPECTIVE GRANTING ORGANIZATIONS, AS WELL AS OTHER ORGANIZATIONS SUCH AS FINANCIAL INSTITUTIONS, UPON REQUEST. THE COLLEGE MAKES ITS CONFLICT POLICY AVAILABLE UPON REQUEST. IT DOES NOT MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS 147,408.