2018-05-14T12:48:27-05:00 2017-06-30 340677006 Maloney Novotny LLC 1111 Superior Ave Suite 700 Cleveland OH 441142540 990 2016-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 BRIAN DIRK VP OF ADMIN & FINANCE 4403523361 2018-05-14 1 Christopher B Anderson P00226559 2163630100 2016 2022-09-23 18:48:47Z BRIAN D POSLER 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 35668872 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 35 35 521 19 0 0 2672953 2921052 31374191 30585584 169192 133474 30355 193393 34246691 33833503 13954692 13813838 0 0 10347631 10519985 0 0 782764 10846171 10419046 35148494 34752869 -901803 -919366 69192763 70140562 31194752 29966565 37998011 40173997 LAKE ERIE COLLEGE PROVIDES AN ENVIRONMENT THAT STIMULATES INTELLECTUAL CURIOSITY, PERSONAL DEVELOPMENT AND COMMUNITY INVOLVEMENT TO PREPARE STUDENTS TO SUCCEED AS PRACTITIONERS, PROFESSIONALS AND RESPONSIBLE CITIZENS IN A CONTEMPORARY WORLD. 0 0 29627875 13813838 30733911 The college provided instructional courses to its 1,001undergraduate and 357 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. 29627875 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 1 157 0 1 521 1 0 0 0 0 0 1 1 0 0 0 0 X 35 35 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 Dana A Dennis CHAIRMAN 1.00 0.00 X X 0 0 0 brent m buckley dirECTOR 1.00 0.00 X 0 0 0 nick teriaca dirECTOR 1.00 0.00 X 0 0 0 daniel serbin dirECTOR 1.00 0.00 X 0 0 0 shana miskovsky dirECTOR 1.00 0.00 X 0 0 0 janet havener dirECTOR 1.00 0.00 X 0 0 0 May C Targett Director 1.00 0.00 X 0 0 0 John F Turben Director 1.00 0.00 X 0 0 0 Gary L Swanson Director 1.00 0.00 X 0 0 0 Kathleen Watson Director 1.00 0.00 X 0 0 0 Daniel D Smith Director 1.00 0.00 X 0 0 0 Jean M Perloff Director 1.00 0.00 X 0 0 0 Michael E Keresman III Director 1.00 0.00 X 0 0 0 Bill Haag Director 1.00 0.00 X 0 0 0 Nancy K Stillwagon Director 1.00 0.00 X 0 0 0 Terrell Dillard Director 1.00 0.00 X 0 0 0 Ned Hyland Director 1.00 0.00 X 0 0 0 pamela j morse Director 1.00 0.00 X 0 0 0 Sheila Markley Black Director 1.00 0.00 X 0 0 0 Richard A Hanson Director 1.00 0.00 X 0 0 0 Richard W Wilson Director 1.00 0.00 X 0 0 0 ELIZABETH ABRAHAM DIRECTOR 1.00 0.00 X 0 0 0 ROBERT A ZAPPITELLI DIRECTOR 1.00 0.00 X 0 0 0 Terri Cain DIRECTOR 1.00 0.00 X 0 0 0 Doris Roach Bray DIRECTOR 1.00 0.00 X 0 0 0 TRACY H DICKINSON DIRECTOR 1.00 0.00 X 0 0 0 Michael E Bee DIRECTOR 1.00 0.00 X 0 0 0 Janeane Cappara DIRECTOR 1.00 0.00 X 0 0 0 Susan Bevan Gall Secretary 1.00 0.00 X X 0 0 0 Richard J Kessler Treasurer 1.00 0.00 X X 0 0 0 Charles Stephenson Vice Chair 1.00 0.00 X X 0 0 0 Jason Weybrecht VICE CHAIR 1.00 0.00 X X 0 0 0 SUZANNE S ELLIS DIRECTOR 1.00 0.00 X 0 0 0 LANCE OSBORNE DIRECTOR 1.00 0.00 X 0 0 0 STEPHEN PERRY DIrECTOR 1.00 0.00 X 0 0 0 BRYAN DEPOY VP ACADEMIC AFFAIRS 40.00 0.00 X 159940 0 27771 Brian Dirk VP Adm. & Finance 40.00 0.00 X 138008 0 26511 JEANNE FINEFROCK VP ENROLLMENT MANAGEMENT 40.00 0.00 X 103032 0 15108 SCOTT EVANS VP philanthropy & ex. relations 40.00 0.00 X 161560 0 27771 BILLIE DUNN VP STUDENT AFFAIRS 40.00 0.00 X 100054 0 5000 brian posler preSIDENT 40.00 0.00 X 148545 0 11533 Pamela Hess Dean, Equestrian Studies 40.00 0.00 X 102963 0 12321 Robert Trebar DEAN, MANAGEMENT STUDIES 40.00 0.00 X 121789 0 12861 MUHAMMAD HASAN PROFESSOR OF FINANCE AND Economics 40.00 0.00 X 103442 0 19029 johnathan tedesco dean, natural sciences & mathematics 40.00 0.00 X 100143 0 14612 carolyn knox academic coordinator & clinical assistant professo 40.00 0.00 X 103071 0 19412 1342547 0 191929 11 0 1 0 METZ & ASSOCIATES 2 WOODLAND DRIVE DALLAS PA 18612 DINING SERVICES 1069147 GRAPER & WARMINGTON 180-A MENTOR AVENUE PAINESVILLE OH 44077 GENERAL CONTRACTOR 659743 RAINFOREST VILLAGE 251 W WALNUT STREET PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 401715 EXECUTIVE MANAGEMENT SERVICES INC 8071 KNUE ROAD INDIANAPOLIS IN 46250 JANITORIAL 336405 GRE 101 LLC 251 W WALNUT STREET PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 224230 9 124968 2796084 306209 2921052 TUITION AND FEES 900099 25249663 25249663 AUXILIARY OPERATIONS AND OTHER 900099 5335921 5335921 30585584 192116 192116 1730018 1709362 79298 20656 -79298 -58642 -58642 91775 46709 45066 45066 insurance proceeds 900099 148327 148327 148327 33833503 30733911 0 178540 13813838 13813838 811139 397786 170948 242405 7663886 6783325 797565 82996 266489 229604 34173 2712 1182721 951426 211709 19586 595750 509022 67796 18932 44253 44253 70975 70975 885686 618573 253182 13931 145361 108425 14843 22093 972902 822738 108015 42149 81542 13152 65395 2995 2620593 893151 1655395 72047 542205 520962 3366 17877 171723 146002 16169 9552 1085474 868379 130257 86838 1171325 937060 140559 93706 270904 104742 166162 CONTRACTED DINING Svcs 1386305 1386305 other 737525 291112 391468 54945 BOOKSTORE COST OF GOODS 232273 232273 34752869 29627875 4342230 782764 1825 15193 171129 130318 2476503 2315625 1097515 971568 113810 100647 142716 203218 63589508 32182828 32266665 31406680 7849309 8647652 1179189 1258005 23894102 25091656 69192763 70140562 1239660 1420338 280925 198748 22770000 22103048 3569771 3852549 3334396 2391882 31194752 29966565 X 3248707 3756796 3536216 3580777 31213088 32836424 37998011 40173997 69192763 70140562 X -919366 749468 2345884 X 0 1 X 1 1 1 X 3315789 2636388 2855510 2672953 2921052 14401692 3315789 2636388 2855510 2672953 2921052 14401692 3846246 10555446 208084 220888 207900 209408 192116 1038396 34300 447445 45250 80480 240102 847577 16287665 155460965 0.64810 0.63300 X Schedule A, Part II, Line 10, Explanation of Other Income: SPECIAL EVENT REVENUE - 2012 Amount: $ 34,300. 2013 Amount: $ 45,160. 2014 Amount: $ 42,440. 2015 Amount: $ 80,480. 2016 Amount: $ 91,775. OTHER INCOME - 2013 Amount: $ 402,285. 2014 Amount: $ 2,810. 2016 Amount: $ 148,327. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7849309 228136 962610 392403 8647652 8194483 108631 -80702 172414 200689 7849309 8362035 196308 208640 290175 282325 8194483 7752065 50759 1244381 152852 532318 8362035 6295413 1047203 745571 158425 177697 7752065 0.11990 0.80380 0.07630 1 0 1585292 1585292 46078646 18331541 27747105 663600 603334 60266 15261970 13247953 2014017 31406680 funds held in trust 25091656 25091656 student deposits 57162 student loans 1331014 gift annuities 144659 interest rate swap 859047 2391882 X 23115017 749468 2345884 3095352 20019665 13813838 13813838 33833503 20939031 0 20939031 13813838 13813838 34752869 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, 2017 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, 2017, 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 881,321. change in interest rate swap liability 1,464,563. 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 13,813,838. Part XII, Line 4b - Other Adjustments: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE FOR FINANCIAL STATEMENTS BUT RECORDED AS AN EXPENSE FOR 990 13,813,838. 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 $25,091,656 AT JUNE 30, 2017. 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. Golf Outing 30930 30930 3250 8875 6280 613 ARTS GALA 44120 44120 2082 6022 1960 924 1 16725 16725 4686 11460 557 91775 91775 3250 15643 23762 1960 2094 46709 45066 1 SCHOLARSHIPS TO STUDENTS 794 13813838 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 BRYAN DEPOY VP ACADEMIC AFFAIRS 159940 0 0 0 0 0 1334 0 26437 0 187711 0 0 0 Brian Dirk VP Adm. & Finance 138008 0 0 0 0 0 1150 0 25361 0 164519 0 0 0 SCOTT EVANS VP philanthropy & ex. relations 161560 0 0 0 0 0 1334 0 26437 0 189331 0 0 0 brian posler preSIDENT 148545 0 0 0 0 0 0 0 11533 0 160078 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 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 58500 fmv X 1 213209 fmv X horses 7 34500 FMV 7 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 1,464,563. CHANGE IN INTEREST RATE SWAP LIABILITY 881,321.