2015-05-14T10:28:09-05:00 2014-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2013-07-01 340733165 LAKE ERIE COLLEGE % BRIAN DIRK LAKE 4403523361 391 WEST WASHINGTON STREET Suite PAINESVILLE OH 44077 BRIAN DIRK VP OF ADMIN & FINANCE 4403523361 2015-04-24 true CHRISTOPHER B ANDERSON P00226559 4403523361 2013 2016-03-07 17:11:31Z MICHAEL T VICTOR PRESIDENT 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 35351490 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 42 41 538 26 0 3315789 2636388 32623143 30823580 306144 425455 10691 425168 36255767 34310591 15460007 14504159 0 0 10914411 10830081 0 0 1739517 11544266 11716306 37918684 37050546 -1662917 -2739955 73777099 74082107 29804643 30190943 43972456 43891164 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 31260839 14504159 31225865 The college provided instructional courses to its 913 undergraduate and 164 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. 31260839 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 true false true true false false false false false false false false true 99 0 true 538 true false false false false false true true false false false false X 42 41 true 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 X 0 0 0 Doris Roach Bray DIRECTOR 1.0 X 0 0 0 Terri Cain DIRECTOR 1.0 X 0 0 0 Janeane Cappara DIRECTOR 1.0 X 0 0 0 PETER E CARFAGNA DIRECTOR 1.0 X 0 0 0 Dana A Dennis Vice Chair 1.0 X X 0 0 0 TRACY H DICKINSON DIRECTOR 1.0 X 0 0 0 Terrell Dillard Director 1.0 X 0 0 0 CHRISTIANE WESCHLER-ENGLISH Director 1.0 X 0 0 0 Susan Bevan Gall Secretary 1.0 X X 0 0 0 CARL J GRASSI Chair 1.0 X X 0 0 0 Bill Haag Director 1.0 X 0 0 0 Michael E Keresman III Director 1.0 X 0 0 0 Richard J Kessler Treasurer 1.0 X X 0 0 0 Cathy Lincoln Director 1.0 X 0 0 0 Christine Mastandrea Director 1.0 X 0 0 0 Carol Lewis Morris Director 1.0 X 0 0 0 Patricia Nocero Director 1.0 X 0 0 0 Richard M Osborne SR Director 1.0 X 0 0 0 Jean M Perloff Director 1.0 X 0 0 0 Charles Stephenson Vice Chair 1.0 X X 0 0 0 Nancy Stillwagon Director 1.0 X 0 0 0 Joseph T Svete Director 1.0 X 0 0 0 Gary L Swanson Director 1.0 X 0 0 0 May C Targett Director 1.0 X 0 0 0 Nancy Terrill Director 1.0 X 0 0 0 Robert Touzalin Director 1.0 X 0 0 0 John F Turben Director 1.0 X 0 0 0 Jason Weybrecht Director 1.0 X 0 0 0 Maria E Quinn Director 1.0 X 0 0 0 Richard A Hanson Director 1.0 X 0 0 0 Ned Hyland Director 1.0 X 0 0 0 Daniel D Smith Director 1.0 X 0 0 0 ELIZABETH ABRAHAM DIRECTOR 1.0 X 0 0 0 Sheila Markley Black Director 1.0 X 0 0 0 Scott Lowery Director 1.0 X 0 0 0 Claire McMillan Director 1.0 X 0 0 0 Denise Molesch Director 1.0 X 0 0 0 Pam Morse Director 1.0 X 0 0 0 Kathleen Watson Director 1.0 X 0 0 0 Richard W Wilson Director 1.0 X 0 0 0 Alan M Zang Director 1.0 X 0 0 0 Michael Victor President 40.0 X 281209 0 29101 Jana Holwick VP ACADEMIC AFFAIRS 40.0 X 131441 0 20832 Robin Johnson VP ENROLLMENT MGT 40.0 X 104658 0 11935 Brian Dirk VP Adm. & Finance 40.0 X 119704 0 20158 Marc Barbeau VP Institutional Advancement 40.0 X 81571 0 7684 Dario Muzina VP Institutional Advancement 40.0 X 22796 0 1354 Robert Trebar DEAN, MANAGEMENT STUDIES 40.0 X 111902 0 12071 Joseph Weber Director, Physician Asst. Prog 40.0 X 109625 0 12760 Rabuil Hasan Professor, Finance & Economics 40.0 X 104334 0 15515 Pamela Hess Dean, Equestrian Studies 40.0 X 100996 0 11634 Richard Sheptak Jr Dean, Education 40.0 X 100655 0 11355 1268891 0 154399 9 false true false Metz Associates 2 Woodland Drive DALLAS PA 18612 DINING SERVICES 1319905 Rainforest Village 251 W Walnut St PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 430798 Executive Management Services Inc 8071 Knue Road INDIANAPOLIS IN 46250 CLEANING SERVICES 370894 GRE 101 LLC 251 W Walnut Ave 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 239729 PRECIOUS CARGO TRANSPORTATION 15050 CROSS CREEK PARKWAY NEWBURY OH 44065 TRANSPORTATION 237988 5 139873 2496515 45506 2636388 TUITION AND FEES 900099 25538029 25538029 AUXILIARY OPERATIONS AND OTHER 900099 5285551 5285551 30823580 220888 220888 0 0 0 0 0 1223189 0 1006120 12502 217069 -12502 204567 204567 45160 22277 22883 22883 0 0 INSURANCE PROCEEDS 900099 402285 402285 402285 34310591 31225865 448338 0 14504159 14504159 0 0 741379 615326 80292 45761 0 7816295 6487328 846511 482456 293343 247313 35245 10785 1359147 1104844 180949 73354 619917 516376 67218 36323 0 5903 4723 708 472 86425 69140 10371 6914 0 0 0 711852 541099 140994 29759 160644 123027 14896 22721 2647398 1574167 365003 708228 224149 86560 133321 4268 0 2716116 817825 1841017 57274 1013357 935941 23195 54221 0 0 300570 240456 36068 24046 0 2286686 1829349 274402 182935 0 CONTRACTED DINING SERVICES 1321825 1321825 BOOKSTORE COST OF GOODS SOLD 241381 241381 37050546 31260839 4050190 1739517 1733 1733 1007228 573175 4699830 3740107 859389 836898 0 0 0 0 0 0 111062 73576 65992 156190 61871504 28337509 34825233 33533995 7977607 8550392 0 0 1327597 1245144 0 0 22901428 25370897 73777099 74082107 1486995 1678528 0 0 293451 323041 23765000 22805000 0 0 0 0 1834895 2390700 0 0 2424302 2993674 29804643 30190943 X 8070502 5707742 6321047 6006214 29580907 32177208 43972456 43891164 73777099 74082107 X -2739955 811236 1847427 X false true X true true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7752065 50759 1244381 152852 532318 8362035 6295413 1047203 745571 158425 177697 7752065 6791722 51949 -160007 222105 166146 6295413 6494379 89357 725524 226361 291177 6791722 5981212 26792 849088 267289 95424 6494379 0.12967 0.76759 0.10275 true false 1561762 1561762 43640628 15566431 28074197 874100 624705 249395 15795014 12146373 3648641 33533995 FUNDS HELD IN TRUST 25008080 BOND ISSUANCE COSTS 362817 25370897 0 STUDENT DEPOSITS 24206 STUDENT LOANS 1331035 GIFT ANNUITIES 179832 CAPITAL LEASE OBLIGATION 15701 INTEREST RATE SWAP 1442900 2993674 X 22465095 811236 1847427 2658663 19806432 14504159 14504159 34310591 22546387 22546387 14504159 14504159 37050546 Changes in revenue - PART XI, LINE 2D: Change in fair value of split interest agreements and funds held in trust by others: $2,503,790; Change in interest rate swap liability: ($656,363); Total Adjustment: $1,847,427. 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: $14,504,159 CHANGES IN EXPENSES - PART XII, LINE 4B: STUDENT FINANCIAL ASSISTANCE NETTED AGAINST REVENUES FOR FINANCIAL STATEMENT PURPOSES, BUT RECORDED AS AN EXPENSE FOR 990: $14,504,159 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, 2014, 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, 2014, 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 $25,008,080 AT JUNE 30, 2014. 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 45160 45160 1684 16802 143 923 2725 0 45160 45160 1684 16802 143 923 2725 22277 22883 true Scholarships to students 720 14504159 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 268209 0 7000 0 6000 0 13645 0 15456 0 310310 0 0 0 Jana Holwick VP ACADEMIC AFFAIRS 126641 0 0 0 4800 0 6534 0 14298 0 152273 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 LAKE COUNTY PORT AUTHORITY 261159448 509442aa7 2008-08-01 15555000 EDUCATIONAL FACILITIES false false false B OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346849674 67756ANDO 2003-09-30 12665000 EDUCATIONAL FACILITIES false false false A 0 0 15555000 188357 0 0 306569 0 455082 14604992 0 0 2010 false false true true B 0 0 12665000 0 0 0 217340 0 0 12447660 0 0 2004 false false true true A false false false false 0.00000 0.00000 0.00000 false false false true B false false false false 0.00000 0.00000 0.00000 false false false true A false false false true true true FIFTH THIRD BANK 7. false false false 0 false false B true true false 0 false 0 false false A false B false RICHARD OSBORNE SR DIRECTOR 268621 UTILITIES false X 3 20506 FMV X horses 5 25000 Appraisal 4 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. BUSINESS RELATIONSHIPS - FORM 990, PART VI, LINE 2: MICHAEL VICTOR, PRESIDENT, HAS A BUSINESS RELATIONSHIP WITH RICHARD OSBORNE, WHO SERVES ON THE BOARD OF DIRECTORS. 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: $2,503,790; CHANGE IN INTEREST RATE SWAP LIABILITY: $(656,363); TOTAL ADJUSTMENT: $1,847,427