2019-05-15T13:21:52-05:00 2018-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2017-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 BRIAN DIRK VP OF ADMIN & FINANCE 4403523361 2019-05-15 1 CHRISTOPHER B ANDERSON P00226559 2163630100 209.116.109.2 2019-05-15 11:58:51 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F0962BFF9ACD815FD594AA84AFE8725155222DCF 2017 2019-02-21 02:37:17Z BRIAN D POSLER 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 37362919 0 X WWW.LEC.EDU X 1856 OH TO PROVIDE AN ENVIRONMENT THAT STIMULATES CURIOUSITY,PERSONAL DEVELOPMENT,& COMMUNITY INVOLVEMENT TO PREPARE STUDENTS TO SUCCEED AS PRACTITIONERS,PROFESSIONALS,& CITIZENS 30 30 520 10 0 0 2921052 4266153 30585584 30916756 133474 529859 193393 62938 33833503 35775706 13813838 13802102 0 0 10519985 10609605 0 0 941309 10419046 10420176 34752869 34831883 -919366 943823 70140562 71067818 29966565 28775868 40173997 42291950 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 29573583 13802102 30916756 THE COLLEGE PROVIDED INSTRUCTIONAL COURSES TO ITS 1,021UNDERGRADUATE AND 313 GRADUATE STUDENTS IN ADDITION TO PROVIDINGCONTINUING EDUCATION AND PROFESSIONAL DEVELOPMENT COURSES ANDWORKSHOPS. IT ALSO PROVIDED STUDENT SERVICES FOR ADMISSIONS,REGISTRATION, ADVISING, ATHLETIC PROGRAMS AND ACADEMIC SUPPORTINCLUDING LIBRARY RESOURCES, A LEARNING CENTER, ANIMAL CARE ANDSUPPORT, AND FACULTY AND CURRICULUM DEVELOPMENT. AS NECESSARYAUXILIARY OPERATIONS, THE COLLEGE OPERATED RESIDENCE HALLS, DININGSERVICES, A BOOKSTORE, AND THE EQUESTRIAN CENTER, WHICH INCLUDES AHORSE ARENA, CLASSROOMS AND BOARDING FACILITIES. 29573583 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 1 101 0 1 520 1 0 0 0 0 0 1 1 0 0 0 0 X 30 30 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 JANEANE CAPPARA DIRECTOR 1.00 0.00 X 0 0 0 DANA DENNIS CHAIRMAN 1.00 0.00 X X 0 0 0 SUZANNE ELLIS DIRECTOR 1.00 0.00 X 0 0 0 SUSAN BEVAN GALL SECRETARY 1.00 0.00 X X 0 0 0 BILL HAAG DIRECTOR 1.00 0.00 X 0 0 0 RICHARD HANSON DIRECTOR 1.00 0.00 X 0 0 0 JANET HAVENER DIRECTOR 1.00 0.00 X 0 0 0 JEAN MAKESH DIRECTOR 1.00 0.00 X 0 0 0 JEFF MCNEALEY 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 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 DIRECTOR 1.00 0.00 X 0 0 0 CAROL PORTER 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 DANIEL SMITH DIRECTOR 1.00 0.00 X 0 0 0 RICHARD STARK DIRECTOR 1.00 0.00 X 0 0 0 CHARLES STEPHENSON VICE CHAIR 1.00 0.00 X X 0 0 0 NANCY KREHL STILLWAGON VICE CHAIR 1.00 0.00 X X 0 0 0 GARY SWANSON DIRECTOR 1.00 0.00 X 0 0 0 MAY TARGETT 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 261620 0 24741 BRYAN DEPOY VP ACADEMIC AFFAIRS 40.00 0.00 X 162442 0 26491 ANTHONY FULGENZIO VP FOR ADVANCEMENT 40.00 0.00 X 14667 0 96 JEANNE FINEFROCK VP ENROLLMENT MANAGEMENT 40.00 0.00 X 107100 0 18559 BRIAN DIRK VP ADMIN & FINANCE 40.00 0.00 X 138078 0 25240 BILLIE DUNN VP STUDENT AFFAIRS 40.00 0.00 X 100060 0 5000 ROBERT TREBAR DEAN, MANAGEMENT STUDIES 40.00 0.00 X 132922 0 12585 SEAN KRAMER DIRECTOR, PHYSICIAN ASSISTANT PROG. 40.00 0.00 X 113710 0 24424 MUHAMMAD HASAN PROFESSOR OF FINANCE/ECONOMICS 40.00 0.00 X 106664 0 18103 CAROLYN KNOX ACADEMIC COORDINATOR/CLINICAL ASSISTANT PROFESSOR 40.00 0.00 X 102215 0 18492 JOHNATHAN TEDESCO DEAN, NATURAL SCIENCES AND MATHEMATICS 40.00 0.00 X 101815 0 17805 SCOTT EVANS FORMER VP PHILANTHROPY/EXTERNAL RELATIONS 40.00 0.00 X 135575 0 19623 1476868 0 211159 11 1 1 0 METZ & ASSOCIATES 2 WOODLAND DRIVE DALLAS PA 18612 DINING SERVICES 1323743 RAINFOREST VILLAGE 251 W WALNUT STREET 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 461840 EXECUTIVE MANAGEMENT SERVICES INC 8071 KNUE ROAD INDIANAPOLIS IN 46250 JANITORIAL 391689 GRE 101 LLC 251 W WALNUT STREET 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 253657 PRECIOUS CARGO TRANSPORTATION PO BOX 23617 CHAGRIN FALLS OH 44077 TRANSPORTATION 199720 7 144927 4121226 69017 4266153 TUITION AND FEES 900099 25751879 25751879 AUXILIARY OPERATIONS AND OTHER 900099 5164877 5164877 30916756 165416 165416 1890270 1512575 13252 377695 -13252 364443 364443 124324 61386 62938 62938 35775706 30916756 0 592797 13802102 13802102 1008807 677688 207832 123287 7615634 6508076 806118 301440 286514 235814 40284 10416 1078740 807635 214744 56361 619910 513241 73291 33378 28380 28380 89273 89273 873311 601587 264787 6937 184670 139529 15393 29748 954861 812385 85243 57233 93835 23135 70662 38 2487453 748893 1671759 66801 577429 561316 2939 13174 163479 150752 1690 11037 1085367 868294 130244 86829 1245511 996409 149461 99641 241250 104742 136508 CONTRACTED DINING SVCS 1478675 1478675 OTHER 701529 328157 328383 44989 BOOKSTORE COST OF GOODS 215153 215153 34831883 29573583 4316991 941309 15193 16418 130318 115502 2315625 3404941 971568 1080376 100647 89961 203218 131511 63889117 33356835 31406680 30532282 8647652 8853470 1258005 1184685 25091656 25658672 70140562 71067818 1420338 1417060 198748 195702 22103048 21718375 3852549 3650518 2391882 1794213 29966565 28775868 X 3756796 3852982 3580777 4727254 32836424 33711714 40173997 42291950 70140562 71067818 X 943823 58050 1116080 X 0 1 X 1 1 1 X 2636388 2855510 2672953 2921052 4266153 15352056 2636388 2855510 2672953 2921052 4266153 15352056 3737266 11614790 220888 207900 209408 192116 165416 995728 447445 45250 80480 240102 124324 937601 17285385 153754578 0.67190 0.64810 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT REVENUE - 2013 AMOUNT: $ 45,160. 2014 AMOUNT: $ 42,440. 2015 AMOUNT: $ 80,480. 2016 AMOUNT: $ 91,775. 2017 AMOUNT: $ 124,324. OTHER INCOME - 2013 AMOUNT: $ 402,285. 2014 AMOUNT: $ 2,810. 2016 AMOUNT: $ 148,327. 2017 AMOUNT: $ 0. 8647652 190089 600681 483654 295415 8659353 7849309 228136 962610 392403 8647652 8194483 108631 -80702 172414 200689 7849309 8362035 196308 208640 290175 282325 8194483 7752065 50759 1244381 152852 532318 8362035 0.11650 0.82480 0.05870 1 0 1585292 1585292 46240556 18697014 27543542 700800 615194 85606 15362469 14044627 1317842 30532282 FUNDS HELD IN TRUST 25658672 25658672 STUDENT DEPOSITS 33768 STUDENT LOANS 1332513 GIFT ANNUITIES 138065 INTEREST RATE SWAP 289867 1794213 X 23147734 58050 1116080 1174130 21973604 13802102 13802102 35775706 21029781 0 21029781 13802102 13802102 34831883 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, 2018 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, 2018, 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 546,900. CHANGE IN INTEREST RATE SWAP LIABILITY 569,180. 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 13,802,102. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE FOR FINANCIAL STATEMENTS BUT RECORDED AS AN EXPENSE FOR 990 13,802,102. 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 $25,658,672 AT JUNE 30, 2018. 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 63403 63403 2886 8008 2000 7876 GOLF OUTING 33580 33580 700 16598 946 2 27341 27341 20202 1690 480 124324 124324 700 39686 9698 2000 9302 61386 62938 1 SCHOLARSHIPS TO STUDENTS 766 13802102 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 1 0 0 0 0 0 0 0 0 BRIAN POSLER PRESIDENT 261620 0 0 0 0 0 6250 0 18491 0 286361 0 0 0 BRYAN DEPOY VP ACADEMIC AFFAIRS 162442 0 0 0 0 0 8000 0 18491 0 188933 0 0 0 BRIAN DIRK VP ADMIN & FINANCE 138078 0 0 0 0 0 6900 0 18340 0 163318 0 0 0 SCOTT EVANS FORMER VP PHILANTHROPY/EXTERNAL RELA 135575 0 0 0 0 0 4000 0 15623 0 155198 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. PART I, LINE 4A- SEVERANCE PAYMENTS SCOTT EVANS, VP PHILANTHROPY/EXTERNAL RELATIONS LEFT THE ORGANIZATION IN JUNE 2017. THE GROSS AMOUNT OF SEVERANCE PAY WAS $155,198. A OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346849674 2014-12-17 23070000 REFUND 2003 & 2008 BONDS 0 0 0 A 23070000 306004 22763996 2015 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 1 FIFTH THIRD BANK 4.750000000000 0 0 0 0 0 A 0 X 1 13017 FMV X HORSES 12 56000 FMV 9 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 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 546,900. CHANGE IN INTEREST RATE SWAP LIABILITY 569,180.