2016-05-16T09:44:13-05:00 2015-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2014-07-01 340733165 LAKE ERIE COLLEGE % BRIAN DIRK LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 BRIAN DIRK VP OF ADMIN & FINANCE 4403523361 2016-05-16 true CHRISTOPHER B ANDERSON P00226559 2163630100 2014 2016-08-17 19:52:53Z MICHAEL T VICTOR PRESIDENT 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 42824834 false 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 40 40 550 30 0 2636388 2855510 30823580 30054467 425455 -226175 425168 22953 34310591 32706755 14504159 13748527 0 0 10830081 10640204 0 0 1169417 11716306 11741057 37050546 36129788 -2739955 -3423033 74082107 70283628 30190943 30131925 43891164 40151703 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. false false 30489378 13748527 30057277 The college provided instructional courses to its 932 undergraduate and 218 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. 30489378 true true false false false false false false false true true false false true true true true false true false false false false false true false false false true true true false false false false false false false false false false true false false false false false false false false true 109 0 true 550 true false false false false false true true false false false false X 40 40 false false false false false false false true true false false true true true true true true true true false OH X BRIAN DIRK 4403757220 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 Michael E Bee DIRECTOR 1.0 0.0 X 0 0 0 Doris Roach Bray DIRECTOR 1.0 0.0 X 0 0 0 Terri Cain DIRECTOR 1.0 0.0 X 0 0 0 Janeane Cappara DIRECTOR 1.0 0.0 X 0 0 0 Dana A Dennis CHAIRMAN 1.0 0.0 X X 0 0 0 TRACY H DICKINSON DIRECTOR 1.0 0.0 X 0 0 0 Terrell Dillard Director 1.0 0.0 X 0 0 0 Susan Bevan Gall Secretary 1.0 0.0 X X 0 0 0 Bill Haag Director 1.0 0.0 X 0 0 0 Michael E Keresman III Director 1.0 0.0 X 0 0 0 Richard J Kessler Treasurer 1.0 0.0 X X 0 0 0 Cathy Lincoln Director 1.0 0.0 X 0 0 0 Carol Lewis Morris Director 1.0 0.0 X 0 0 0 Jean M Perloff Director 1.0 0.0 X 0 0 0 Charles Stephenson Vice Chair 1.0 0.0 X X 0 0 0 Nancy K Stillwagon Director 1.0 0.0 X 0 0 0 Joseph T Svete Director 1.0 0.0 X 0 0 0 Gary L Swanson Director 1.0 0.0 X 0 0 0 May C Targett Director 1.0 0.0 X 0 0 0 Nancy Terrill Director 1.0 0.0 X 0 0 0 John F Turben Director 1.0 0.0 X 0 0 0 Jason Weybrecht Director 1.0 0.0 X 0 0 0 Richard A Hanson Director 1.0 0.0 X 0 0 0 Ned Hyland Director 1.0 0.0 X 0 0 0 Daniel D Smith Director 1.0 0.0 X 0 0 0 ELIZABETH ABRAHAM DIRECTOR 1.0 0.0 X 0 0 0 Sheila Markley Black Director 1.0 0.0 X 0 0 0 Denise Molesch Director 1.0 0.0 X 0 0 0 PAMELA J MORSE Director 1.0 0.0 X 0 0 0 Kathleen Watson Director 1.0 0.0 X 0 0 0 Richard W Wilson Director 1.0 0.0 X 0 0 0 BRENT M BUCKLEY DIRECTOR 1.0 0.0 X 0 0 0 JANET HAVENER DIRECTOR 1.0 0.0 X 0 0 0 DEEJ LINCOLN DIRECTOR 1.0 0.0 X 0 0 0 PEGGY MILBOURN DIRECTOR 1.0 0.0 X 0 0 0 PHILLIP P MISCH JR DIRECTOR 1.0 0.0 X 0 0 0 TOM SALPIETRA DIRECTOR 1.0 0.0 X 0 0 0 DANIEL SERBIN DIRECTOR 1.0 0.0 X 0 0 0 NICK TERIACA DIRECTOR 1.0 0.0 X 0 0 0 ROBERT A ZAPPITELLI DIRECTOR 1.0 0.0 X 0 0 0 Michael Victor President 40.0 0.0 X 291232 0 25713 Jana Holwick VP ACADEMIC AFFAIRS 40.0 0.0 X 101232 0 15227 Robin Johnson VP ENROLLMENT MGT 40.0 0.0 X 19886 0 1633 Brian Dirk VP Adm. & Finance 40.0 0.0 X 128085 0 19110 Dario Muzina VP Institutional Advancement 40.0 0.0 X 69839 0 3870 SCOTT EVANS VP INSTITUTIONAL ADVANCEMENT 40.0 0.0 X 104693 0 9379 STEVE LAZOWSKI VP ENROLLMENT MANAGEMENT 40.0 0.0 X 73088 0 9939 BILLIE DUNN VP STUDENT AFFAIRS 40.0 0.0 X 77467 0 4386 Robert Trebar DEAN, MANAGEMENT STUDIES 40.0 0.0 X 115155 0 11505 Joseph Weber Director, Physician Asst. Prog 40.0 0.0 X 110325 0 11665 Rabuil Hasan Professor, Finance & Economics 40.0 0.0 X 105057 0 14418 Pamela Hess Dean, Equestrian Studies 40.0 0.0 X 105748 0 11080 Richard Sheptak Jr Dean, Education 40.0 0.0 X 101695 0 10860 1403502 0 148785 9 false true false METZ CULINARY MANAGEMENT 2 Woodland Drive DALLAS PA 18612 DINING SERVICES 1254873 Rainforest Village 251 W Walnut St PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 432689 Executive Management Services Inc 8071 Knue Road INDIANAPOLIS IN 46250 JANITORIAL 368976 GRE 101 LLC 251 W Walnut Ave 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 240666 MUNOZ LANDSCAPING PO BOX 824 PAINESVILLE OH 44077 LANDSCAPING 200526 11 142040 2713470 418253 2855510 TUITION AND FEES 900099 24881431 24881431 AUXILIARY OPERATIONS AND OTHER 900099 5173036 5173036 30054467 207900 207900 0 0 0 0 0 9661707 0 10071786 23996 -410079 -23996 -434075 -434075 42440 22297 20143 20143 0 0 INSURANCE PROCEEDS 900099 2810 2810 2810 32706755 30057277 -206032 0 13748527 13748527 0 0 865522 719954 90215 55353 0 7591219 6314490 791249 485480 265491 220460 32132 12899 1324927 1011763 238990 74174 593045 492145 62689 38211 0 26703 21363 3204 2136 85000 68000 10200 6800 0 0 0 861922 583295 236670 41957 172180 133481 10976 27723 2205368 1478116 660779 66473 289934 134685 154110 1139 0 2620459 760088 1804303 56068 879912 825552 2204 52156 0 0 824953 659963 98994 65996 0 2285649 1828519 274278 182852 0 CONTRACTED DINING SERVICES 1314790 1314790 BOOKSTORE COST OF GOODS SOLD 174187 174187 36129788 30489378 4470993 1169417 1733 1725 573175 464944 3740107 2630469 836898 1046305 0 0 0 0 0 0 73576 91660 156190 128624 62201272 30478467 33533995 31722805 8550392 8194483 0 0 1245144 1176983 0 0 25370897 24825630 74082107 70283628 1678528 1494761 0 0 323041 300084 22805000 23070000 0 0 0 0 2390700 1998323 0 0 2993674 3268757 30190943 30131925 X 5707742 3248475 6006214 4970127 32177208 31933101 43891164 40151703 74082107 70283628 X -3423033 412616 -729044 X false true X true true true X 5689794 7052750 3315789 2636388 2855510 21550231 0 0 5689794 7052750 3315789 2636388 2855510 21550231 3944552 17605679 198435 200832 208084 220888 207900 1036139 0 11503 51275 34300 447445 45250 589773 23176143 156723436 0.75965 0.00000 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8362035 196308 208640 290175 282325 8194483 7752065 50759 1244381 152852 532318 8362035 6295413 1047203 745571 158425 177697 7752065 6791722 51949 -160007 222105 166146 6295413 6494379 89357 725524 226361 291177 6791722 0.12608 0.80724 0.06669 true false 1561762 1561762 44236648 16805464 27431184 753100 627640 125460 15649762 13045363 2604399 31722805 FUNDS HELD IN TRUST 24528023 BOND ISSUANCE COSTS 297607 24825630 0 STUDENT DEPOSITS 29269 STUDENT LOANS 1358367 GIFT ANNUITIES 176957 CAPITAL LEASE OBLIGATION 32268 INTEREST RATE SWAP 1671896 3268757 X 18641800 412616 -729044 -316428 18958228 13748527 13748527 32706755 22381261 22381261 13748527 13748527 36129788 Changes in revenue - PART XI, LINE 2D: Change in fair value of split interest agreements and funds held in trust by others: ($500,048); Change in interest rate swap liability: ($228,996); Total Adjustment: ($729,044). Changes in revenue - PART XI, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $13,748,527 CHANGES IN EXPENSES - PART XII, LINE 4B: STUDENT FINANCIAL ASSISTANCE NETTED AGAINST REVENUES FOR FINANCIAL STATEMENT PURPOSES, BUT RECORDED AS AN EXPENSE FOR 990: $13,748,527 FIN 48 (ASC 740) FOOTNOTE - PART X, LINE 2: 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, 2015, 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, 2015, 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. INTENDED USES OF ENDOWMENT FUNDS - PART V, LINE 4: 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. 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 $24,528,023 AT JUNE 30, 2015. THESE ASSETS ARE NOT PERMITTED TO BE REFLECTED AS "ENDOWMENT FUNDS" IN PART V. true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy - LINE 3: Lake Erie College's nondiscrimination policy is published in media brochures and media advertisements. ASSISTANCE FROM A GOVERNMENTAL AGENCY - LINE 6A: LAKE ERIE COLLEGE PARTICIPATES IN THE FEDERAL GOVERNMENT'S TITLE IV STUDENT FINANCIAL ASSISTANCE PROGRAMS. GOLF OUTING 42440 42440 450 18936 255 1076 1580 0 42440 42440 450 18936 255 1076 1580 22297 20143 true Scholarships to students 889 13748527 Monitoring Uses of Grant Funds - PART I, LINE 2: 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 true true X X X X X false false false false false false false false false Michael Victor President 275232 0 10000 0 6000 0 11833 0 13880 0 316945 0 0 0 BENEFITS PROVIDED TO CERTAIN OFFICERS - PART I, LINE 1A: 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 false false false A 0 0 23070000 0 0 0 306004 0 0 0 22763996 0 2015 true false true true A false false false false 0.00000 0.00000 0.00000 false false false true A false true false false true true FIFTH THIRD BANK 4.75 false false false 0 false false A false X 13 388253 FMV X horses 7 30000 Appraisal 2 false true false FORM 990 REVIEW - FORM 990, PART VI, LINE 11B: A DRAFT OF THE FORM 990 IS SENT ELECTRONICALLY TO THE FINANCE AND AUDIT COMMITEE 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. MONITORING AND ENFORCEMENT OF CONFLICT POLICY - FORM 990,PART VI,LINE 12C: 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. COMPENSATION REVIEW AND APPROVAL - FORM 990, PART VI, LINE 15: THE COLLEGE CONTRACTS WITH AN EMPLOYMENT RECRUTING 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. AVAILABILITY OF DOCUMENTS - FORM 990, PART VI, LINE 19: 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. OTHER CHANGES IN NET ASSETS - FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS: $(500,048); CHANGE IN INTEREST RATE SWAP LIABILITY: $(228,996); TOTAL ADJUSTMENT: $(729,044).