2022-05-16T08:28:56-05:00 2021-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2020-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 BRIAN DIRK VP OF ADMIN & FINANCE 4403523361 2022-05-12 1 BRIAN DIRK 999009999 CHRISTOPHER B ANDERSON P00226559 2163630100 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BRIAN D POSLER 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 39942809 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. 32 32 529 32 0 0 5270069 7319020 31263052 31271196 65536 407595 28500 381273 36627157 39379084 14770071 14809864 0 0 11334698 11587112 0 0 962530 10963334 11348607 37068103 37745583 -440946 1633501 75139558 81401421 35960623 34372846 39178935 47028575 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 32219847 14809864 31271196 THE COLLEGE PROVIDED INSTRUCTIONAL COURSES TO ITS 862 UNDERGRADUATE AND 290 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. 32219847 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 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 86 0 1 529 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH X BRIAN DIRK 4403757220 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 ELIZABETH ABRAHAM DIRECTOR 1.00 0.00 X 0 0 0 HAROLD ANDERSON DIRECTOR 1.00 0.00 X 0 0 0 RON BAUMBERGER DIRECTOR 1.00 0.00 X 0 0 0 DORIS ROACH BRAY DIRECTOR 1.00 0.00 X 0 0 0 MIKE BRYAN DIRECTOR 1.00 0.00 X 0 0 0 DR DONALD DECARLO DIRECTOR 1.00 0.00 X 0 0 0 DANA DENNIS PAST CHAIR 1.00 0.00 X 0 0 0 SUZANNE ELLIS DIRECTOR 1.00 0.00 X 0 0 0 BILL HAAG DIRECTOR 1.00 0.00 X 0 0 0 BRAD HARMON DIRECTOR 1.00 0.00 X 0 0 0 JANET HAVENER DIRECTOR 1.00 0.00 X 0 0 0 JD INGALLS DIRECTOR 1.00 0.00 X 0 0 0 JEAN MAKESH DIRECTOR 1.00 0.00 X 0 0 0 KEVIN MALECEK DIRECTOR 1.00 0.00 X 0 0 0 SHANA MISKOVSKY DIRECTOR 1.00 0.00 X 0 0 0 PAMELA MORSE DIRECTOR 1.00 0.00 X 0 0 0 CASEY OBRIEN DIRECTOR 1.00 0.00 X 0 0 0 LANCE OSBORNE DIRECTOR 1.00 0.00 X 0 0 0 JOHN PAGANINI DIRECTOR 1.00 0.00 X 0 0 0 JEAN PERLOFF DIRECTOR 1.00 0.00 X 0 0 0 STEPHEN PERRY VICE-CHAIR 1.00 0.00 X X 0 0 0 CAROL PORTER DIRECTOR 1.00 0.00 X 0 0 0 DONALD PURTILL DIRECTOR 1.00 0.00 X 0 0 0 SCOTT SCHULICK DIRECTOR 1.00 0.00 X 0 0 0 DANIEL SERBIN DIRECTOR 1.00 0.00 X 0 0 0 ANDREA SHEA DIRECTOR 1.00 0.00 X 0 0 0 DANIEL SMITH DIRECTOR 1.00 0.00 X 0 0 0 NANCY KREHL STILLWAGON CHAIR 1.00 0.00 X X 0 0 0 GARY SWANSON DIRECTOR 1.00 0.00 X 0 0 0 LISA WARD DIRECTOR 1.00 0.00 X 0 0 0 KATHLEEN WATSON TREASURER 1.00 0.00 X X 0 0 0 BOB ZAPPITELLI DIRECTOR 1.00 0.00 X 0 0 0 BRIAN POSLER PRESIDENT 40.00 0.00 X 270825 0 31593 BRYAN DEPOY VP ACADEMIC AFFAIRS 40.00 0.00 X 166420 0 26371 ANTHONY FULGENZIO VP FOR ADVANCEMENT 40.00 0.00 X 135372 0 24800 BRIAN DIRK VP ADMIN & FINANCE 40.00 0.00 X 139319 0 24941 BILLIE DUNN VP STUDENT AFFAIRS 40.00 0.00 X 106376 0 6786 RICHARD BROWN VP ENROLLMENT MANAGEMENT 40.00 0.00 X 90227 0 22200 SEAN KRAMER DIRECTOR, PHYSICIAN ASSISTANT PROGRAM 40.00 0.00 X 119290 0 24235 CAROLYN KNOX ACADEMIC COORDINATOR/CLINICAL ASSISTANT 40.00 0.00 X 105750 0 16198 JOHNATHAN TEDESCO DEAN, NATURAL SCIENCES AND MATHEMATICS 40.00 0.00 X 102804 0 21686 PAMELA HESS DEAN, EQUESTRIAN STUDIES 40.00 0.00 X 100606 0 17778 HERBERT DILL DIRECTOR, PHYSICAL PLANT 40.00 0.00 X 100154 0 22343 1437143 0 238931 10 0 1 0 METZ & ASSOCIATES 2 WOODLAND DRIVE DALLAS PA 18612 DINING SERVICES 1741813 WEAVER COMMERCIAL CONTRACTOR INC 2148-B EAGLE PASS WOOSTER OH 44691 GENERAL CONTRACTOR 762608 RAINFOREST VILLAGE 251 W WALNUT STREET 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 568932 COREBIO MANAGEMENT LLC 7956 TYLER BOULEVARD MENTOR OH 44060 LABORATORY SERVICES 276120 LAKETEC COMMUNICATIONS INC 27881 LORAIN ROAD NORTH OLMSTED OH 44070 TECHNOLOGY CONTRACTOR 221584 8 3474239 3844781 30000 7319020 TUITION AND FEES 900099 25466319 25466319 AUXILIARY OPERATIONS AND OTHER 900099 5804877 5804877 31271196 426700 426700 924 924 522788 505298 37519 17490 -37519 -20029 -20029 59210 20908 38302 38302 WORKER'S COMP REBATE 900099 342971 342971 342971 39379084 31271196 0 788868 14809864 14809864 1018742 608211 214095 196436 8531278 7527278 724000 280000 285087 245018 33203 6866 1131665 864893 223606 43166 620340 544977 55755 19608 58813 58813 68595 68595 726852 527762 184431 14659 188645 145186 11367 32092 955178 729116 180026 46036 292033 159822 126129 6082 1774422 391506 1354815 28101 288694 281368 4559 2767 8959 8959 1850453 1480363 222054 148036 1109219 887375 133106 88738 453197 129849 323348 CONTRACTED DINING SVCS 1434705 1427890 12 6803 OTHER 1055134 396199 615795 43140 COVID-19 EXPENSES 846209 816712 29497 BOOKSTORE COST OF GOODS 237499 237499 37745583 32219847 4563206 962530 172421 26205 181827 467184 3776734 4314362 1664111 886681 99611 88330 165966 152714 66922685 36258743 30525865 30663942 9123101 12497514 914454 804228 28515468 31500261 75139558 81401421 1734930 2088507 722976 778030 28762254 28799207 1211161 1415546 3529302 1291556 35960623 34372846 X 2624528 2080259 36554407 44948316 39178935 47028575 75139558 81401421 X 1633501 2059399 -792311 4949051 X 0 1 X 1 1 1 X 2921052 4266153 3970213 5270069 7319020 23746507 2921052 4266153 3970213 5270069 7319020 23746507 5238912 18507595 192116 165416 357171 336654 427624 1478981 240102 124324 75695 40490 402181 882792 26108280 153817036 0.70890 0.65780 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT REVENUE - 2016 AMOUNT: $ 91,775. 2017 AMOUNT: $ 124,324. 2018 AMOUNT: $ 68,695. 2019 AMOUNT: $ 34,301. 2020 AMOUNT: $ 59,210. OTHER INCOME - 2016 AMOUNT: $ 148,327. 2018 AMOUNT: $ 7,000. 2019 AMOUNT: $ 6,189. 2020 AMOUNT: $ 342,971. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8928599 1289174 2501495 222345 188439 12308484 8613591 609224 103868 193402 204682 8928599 8659353 290907 367327 175402 528594 8613591 8647652 190089 600681 483654 295415 8659353 7849309 228136 962610 392403 8647652 0.06260 0.75810 0.17930 1 0 1585292 1585292 50642424 21796162 28846262 786975 771828 15147 13907994 13690753 217241 30663942 FUNDS HELD IN TRUST 28389793 BOND PROCEEDS 1250931 BOND DEBT RESERVE 1859537 31500261 STUDENT DEPOSITS 52943 STUDENT LOANS 1122590 GIFT ANNUITIES 116023 1291556 X 31234699 2059399 4949051 7008450 24226249 15152835 15152835 39379084 22592748 0 22592748 15152835 15152835 37745583 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, 2021 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, 2021, 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 4,949,051. 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 14,809,864. WORKERS COMPENSATION REBATE, WHICH WAS NETTED AGAINST EXPENSES FOR FINANCIAL STATEMENTS BUT RECORED AS REVENUE FOR 990 342,971. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE FOR FINANCIAL STATEMENTS BUT RECORDED AS AN EXPENSE FOR 990 14,809,864. WORKERS COMPENSATION REBATE, WHICH WAS NETTED AGAINST EXPENSES FOR FINANCIAL STATEMENTS BUT RECORED AS REVENUE FOR 990 342,971. 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 $28,389,793 AT JUNE 30, 2021. 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. ARTS GALA 59210 59210 6327 7688 6893 59210 59210 6327 7688 6893 20908 38302 1 SCHOLARSHIPS TO STUDENTS 739 14809864 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 270825 0 0 0 0 0 2313 0 29280 0 302418 0 0 0 BRYAN DEPOY VP ACADEMIC AFFAIRS 166420 0 0 0 0 0 1387 0 24984 0 192791 0 0 0 BRIAN DIRK VP ADMIN & FINANCE 139319 0 0 0 0 0 1162 0 23779 0 164260 0 0 0 ANTHONY FULGENZIO VP FOR ADVANCEMENT 135372 0 0 0 0 0 1125 0 23675 0 160172 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 457786 21570000 405066 99860 594934 1 0 0 1 A 0 0 0 0 0 0 1 A 1 0 0 0 0 0 A 0 X HORSES 6 30000 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 4,949,051. FORM 990 PART XI LINE 8 AS A RESULT OF THE ADOPTION OF ACCOUNTING STANDARDS UPDATE NO. 2014-09, REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606), NET ASSETS WITHOUT DONOR RESTRICTIONS AS OF JULY 1, 2019 WERE DECREASED BY $792,311 AND TUITION RECEIVABLE WAS DECREASED BY THE SAME AMOUNT.