2019-03-27T10:04:42-05:00 2018-06-30 593023516 BKHM PA 1560 ORANGE AVENUE SUITE 600 WINTER PARK FL 32789 990 2017-07-01 200940772 LAKE TECHNICAL COLLEGE INC LAKE 3525892250 2001 KURT STREET EUSTIS FL 32726 FRED COBB CHAIRMAN OF THE BOARD 3525892250 2019-03-27 1 GEORGE K MCNEMAR P01775038 4079989000 67.78.168.170 2019-03-27 11:04:32 ED P 86824DE3473999D2A1A4B710D64C8CDEB8B4EC3E CCB4BDEF391BE037052691E8873CC5EB4B81D39F 2017 2019-02-21 02:37:17Z FRED COBB 2001 KURT STREET EUSTIS FL 32726 12007573 0 X WWW.LAKETECH.ORG X 2004 FL TO MEET THE EDUCATIONAL NEEDS OF THE COMMUNITY BY OFFERING CAREER-TECHNICAL TRAINING OPPORTUNITIES. 7 7 76 0 0 0 1825512 1971403 9861321 9536001 47056 54059 249123 363140 11983012 11924603 1624794 1812505 0 0 6038839 5686210 0 0 0 2401678 2248320 10065311 9747035 1917701 2177568 13426813 14555399 6378597 5406635 7048216 9148764 TO MEET THE EDUCATIONAL NEEDS OF THE COMMUNITY BY OFFERING A VARIETY OF HIGH QUALITY VOCATIONAL AND TECHNICAL TRAINING OPPORTUNITIES FOR HIGH SCHOOL AND ADULT STUDENTS. THE COLLEGE IS A POST SECONDARY TECHNICAL COLLEGE. 0 0 9241058 1812505 10001987 CURRICULUM AND PROGRAM DESIGN REFLECT THE NEEDS AND STANDARDS OF THE RESPECTIVE INDUSTRY. INSTRUCTION IS LARGELY INDIVIDUALIZED, WHICH ALLOWS STUDENTS TO PROGRESS BASED ON THEIR ABILITIES. INDIVIDUALIZED SPECIAL ACCOMMODATION AND REMEDIATION IS A STANDARD PRACTICE FOR STUDENTS WHO REQUIRE ASSISTANCE. THE SCHOOL SERVED AN AVERAGE OF 2,158 STUDENTS DURING THE FISCAL YEAR ENDED JUNE 30, 2018. 9241058 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 76 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LORRAINE FOSTER 3525892250 2001 KURT STREET EUSTIS FL 32726 FRED COBB CHAIRMAN OF THE BOARD 0.50 X X 0 0 0 ISAAC DEAS II VICE-PRESIDENT 0.50 X X 0 0 0 LANA PAYNE SECRETARY 0.50 X X 0 0 0 LORRAINE FOSTER TREASURER 0.50 X X 0 0 0 JOE BAXTER BOARD MEMBER 0.50 X 0 0 0 RICHARD D KEITH BOARD MEMBER 0.50 X 0 0 0 CA VOSSBERG BOARD MEMBER 0.50 X 0 0 0 JUDY BEDA BOARD MEMBER 0.50 X 0 0 0 MICKEY GAULDIN BOARD MEMBER 0.50 X 0 0 0 DIANE CULPEPPER EXECUTIVE DIRECTOR 40.00 X 111089 0 24301 111089 0 24301 1 0 0 0 0 1922616 48787 1971403 WORKFORCE DEVELOPMENT 900099 4609038 4609038 TUITION AND OTHER FEES 900099 2733594 2733594 OTHER STATE AND LOCAL REVENUE 900099 1340096 1340096 SCHOLARSHIPS 900099 544039 544039 CUSTOMER SERVICE FEES 900099 160433 160433 148801 148801 9536001 54059 54059 256469 82970 173499 173499 PENSION INCOME 900099 109554 109554 MISCELLANEOUS INCOME 900099 80087 80087 189641 11924603 9899141 0 54059 1812505 1812505 135390 127868 7522 4758278 4493924 264354 518936 492051 26885 273606 256212 17394 93166 46583 46583 132859 120417 12442 87440 87415 25 438433 397633 40800 45111 41056 4055 127821 127324 497 91694 35648 56046 NON-CAPITALIZABLE SUPPL 896953 885370 11583 REPAIRS AND MAINTENANCE 127560 113695 13865 DUES AND FEES 118046 114562 3484 MISCELLANEOUS EXPENSES 75606 75276 330 13631 13519 112 9747035 9241058 505977 0 5868033 6030958 2072479 1842808 894867 83379 3810 3810 5685881 399871 2615721 5286010 1971903 1308434 13426813 14555399 277884 178623 84870 108536 6015843 5119476 6378597 5406635 X 0 0 0 0 7048216 9148764 7048216 9148764 13426813 14555399 X 2177568 -77020 X 0 1 X 1 1 1 X 22000 22000 4854761 72614 4782147 470137 198183 271954 338983 129074 209909 5286010 FRS DEFERRED OUTFLOW 1063633 HIS DEFERRED OUTFLOW 227851 OPEB DEFERRED OUTFLOW 16950 1308434 DUE TO DISTRICT 784534 COMPENSATED ABSENCES PAYABLE 623028 PENSION DEFERRED INFLOWS 92676 FRS PENSION LIABILITY 2004393 HIS PENSION LIABILITY 1034689 OPEB LIABILITY 307655 OPEB DEFERRED OUTLFOWS 17271 HIS DEFERRED INFLOW 91864 DUE TO OTHERS - AGENCY FUNDS 163366 5119476 X 11371175 148952 148952 11222223 702380 702380 11924603 9193607 148952 148952 9044655 702380 702380 9747035 PART X, LINE 2: THE SCHOOL IS AN ORGANIZATION EXEMPT FROM INCOME TAXATION UNDER SECTION 501(A) AS AN ENTITY DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAXES IS INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL HAS ADOPTED GUIDANCE RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION THAT AN ENTITY TAKES OR EXPECTS TO TAKE IN A TAX RETURN. THIS GUIDANCE IS APPLICABLE TO NOT-FOR-PROFIT ORGANIZATIONS THAT MAY BE CONDUCTING UNRELATED BUSINESS ACTIVITIES, WHICH ARE POTENTIALLY SUBJECT TO INCOME TAXES, INCLUDING STATE INCOME TAXES. THE SCHOOL ASSESSES ITS INCOME TAX POSITIONS, INCLUDING ITS CONTINUING TAX STATUS AS A NOT-FOR-PROFIT ENTITY, AND RECOGNIZES TAX BENEFITS ONLY TO THE EXTENT THAT THE SCHOOL BELIEVES IT IS "MORE LIKELY THAN NOT" THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON AN EXAMINATION BY THE INTERNAL REVENUE SERVICE ("IRS") OR THE APPLICABLE STATE TAXING AUTHORITY. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL INCOME TAXES IN THE SCHOOL'S FINANCIAL STATEMENTS, AS THE SCHOOL BELIEVES ALL TAX POSITIONS, INCLUDING ITS CONTINUING STATUS AS A NOT-FOR-PROFIT ENTITY, HAVE A GREATER THAN 50% CHANCE OF REALIZATION IN THE EVENT OF AN IRS AUDIT. STATE INCOME TAXES, WHICH MAY BE DUE IN CERTAIN JURISDICTIONS, HAVE BEEN ASSESSED FOLLOWING THE SAME "MORE LIKELY THAN NOT" MEASUREMENT THRESHOLD. PART XI, LINE 2D - OTHER ADJUSTMENTS: PASSTHROUGH ADMIN FEES 65,982. COST OF BOOKSTORE SALES 82,970. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 544,039. CONTRIBUTIONS 48,787. PENSION INCOME 109,554. PART XII, LINE 2D - OTHER ADJUSTMENTS: PASSTHROUGH ADMIN FEES 65,982. COST OF BOOKSTORE SALES 82,970. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 544,039. CONTRIBUTIONS 48,787. PENSION INCOME 109,554. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH BROCHURES, NEWSLETTERS, LOCAL NEIGHBORHOOD EVENTS, NEWSPAPERS, OPEN HOUSES, WEBSITES AND/OR VIDEOS. SCHEDULE E, PART I, LINE 6 REVENUES ARE RECEIVED FROM THE FLORIDA DEPARTMENT OF EDUCATION UNDER THE FLORIDA EDUCATION FINANCE PROGRAM AND THE WORKFORCE DEVELOPMENT PROGRAM. THE MAJORITY OF THE SCHOOLS FUNDING IS RECEIVED THROUGH THE WORKFORCE DEVELOPMENT PROGRAM. THE AMOUNTS RECEIVED ARE BASED ON A THREE YEAR AVERAGE OF ENROLLMENT HOURS. THE SCHOOL RECEIVES ADDITIONAL FUNDING FROM THE WORKFORCE DEVELOPMENT PROGRAM THROUGH A PERFORMANCE INCENTIVE FUND WHEN THE STUDENTS OBTAIN SPECIFIC INDUSTRY CERTIFICATIONS. THE SCHOOL ALSO PARTICIPATES IN PELL TITLE IV PROGRAM. 1 PELL GRANTS FOR STUDENTS ATTENDING LAKE TECHNICAL COLLEGE, INC. 357 1219679 SCHOLARSHIPS FOR STUDENTS ATTENDING LAKE TECHNICAL COLLEGE, INC. 579 544039 PART I, LINE 2: LAKE TECHNICAL COLLEGE, INC. PREPARES ANNUAL BUDGETS AND MONITORS COSTS ON A MONTHLY BASIS. MOST DISBURSEMENTS TO STUDENTS FOR SCHOLARSHIPS ARE DONE BY THE SCHOOL, WITH A SMALL AMOUNT OF STATE-FUNDED SCHOLARSHIPS REIMBURSED BY THE DISTRICT AFTER THE SCHOOL SUBMITS PURCHASE ORDERS AND OTHER REQUIRED DOCUMENTATION. THEREFORE, THERE IS ANOTHER LAYER OF REVIEW AND APPROVAL FOR ALLOWABLE COSTS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION WAS PROVIDED A COPY OF FORM 990 FOR THEIR DETAIL REVIEW PRIOR TO FILING. THE EXECUTIVE DIRECTOR, ASSISTANT DIRECTOR OF FINANCE, BUSINESS MANAGER AND THE CHARTER BOARD OF DIRECTORS REVIEW THE RETURN PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD MEMBERS ARE REQUIRED TO COMPLETE A STATE OF FLORIDA FORM (FORM 8B MEMORANDUM OF VOTING CONFLICT) WHEN A CONFLICT OF INTEREST IS BROUGHT UP AT A BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE SALARIES OF ALL EMPLOYEES ARE SET BY THE SCHOOL BOARD OF LAKE COUNTY, AND ANY CHANGE IN COMPENSATION IS SUBJECT TO REVIEW AND APPROVAL BY THE SCHOOL BOARD OF LAKE COUNTY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: OPEB ADJUSTMENT -77,020. FORM 990, PART I, LINE 5 THE RELATIONSHIP BETWEEN THE LAKE TECHNICAL COLLEGE AND THE LAKE COUNTY SCHOOL DISTRICT REQUIRES THE EMPLOYEES WORKING AT THE SCHOOL TECHNICALLY BE EMPLOYEES OF THE SCHOOL DISTRICT. AS SUCH, ALL PAYROLL AND PAYROLL RELATED COSTS ARE PROCESSED AND PAID BY THE SCHOOL DISTRICT. THESE EXPENSES ARE THEN REIMBURSED BY THE SCHOOL TO THE SCHOOL DISTRICT ON A DOLLAR FOR DOLLAR BASIS. REIMBURSEMENTS PAID TO THE LAKE COUNTY SCHOOL DISTRICT FOR PAYROLL AND RELATED BENEFITS TOTALED $5,576,656 FOR THE YEAR. THERE ARE APPROXIMATELY 76 EMPLOYEES OF THE LAKE COUNTY SCHOOL DISTRICT WORKING AT THE LAKE TECHNICAL COLLEGE. THIS IS THE REASON THERE ARE ZERO EMPLOYEES OF LAKE TECHNICAL COLLEGE REPORTED ON PART I, LINE 5.