2012-05-14T14:13:03-05:00 2011-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2010-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 MICHAEL VICTOR 2012-05-14 CHRISTOPHER B ANDERSON 2163630100 2010 2016-02-24 21:20:13Z MICHAEL T VICTOR PRESIDENT 391 WEST WASHINGTON STREET PAINESVILLE OH 440773309 46227344 false X WWW.LEC.EDU X 1856 OH Lake Erie College provides distinctive undergraduate & graduate programs that prepare students to meet career & life challenge as educated & responsible citizens of local, national & int'l communities 40 39 478 125 0 0 5872357 5689794 28962375 31581091 588165 360131 24236 11503 35447133 37642519 12229347 13898059 0 12230797 11136407 0 1045471 11128869 11943501 35589013 36977967 -141880 664552 74033627 74491569 33968838 31063305 40064789 43428264 X IN THE CONTEXT OF A LONG LIBERAL ARTS TRADITION, LAKE ERIE COLLEGE PROVIDES DISTINCTIVE UNDERGRADUATE AND GRADUATE PROGRAMS THAT PREPARE STUDENTS TO MEET CAREER AND LIFE CHALLENGES AS EDUCATED AND RESPONSIBLE CITIZENS OF LOCAL, NATIONAL AND INTERNATIONAL COMMUNITIES. false false 33270134 13898059 31581091 The college provided instructional courses to its 904 undergraduate and 194 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. 33270134 true true 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 false true 100 0 true 478 true false false false false false true true false false false true false X 40 39 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 X Michael E Bee 1.0 X 0 0 0 Doris Roach Bray 1.0 X 0 0 0 Terri Cain 1.0 X 0 0 0 Janeane Cappara 1.0 X 0 0 0 PETER E CARFAGNA 1.0 X 0 0 0 Dana A Dennis 1.0 X 0 0 0 TRACY H DICKINSON 1.0 X 0 0 0 Terrell Dillard 1.0 X 0 0 0 CHRISTIANE WESCHLER-ENGLISH 1.0 X 0 0 0 Susan Bevan Gall 1.0 X 0 0 0 Dr Simin Gharib-Naraghipour 1.0 X 0 0 0 CARL J GRASSI 1.0 X X 0 0 0 Bill Haag 1.0 X 0 0 0 NED HYLAND 1.0 X 0 0 0 Richard A Hanson 1.0 X 0 0 0 Michael E Keresman III 1.0 X 0 0 0 Richard J Kessler 1.0 X X 0 0 0 John H Langer 1.0 X 0 0 0 Cathy Lincoln 1.0 X 0 0 0 Christine Mastandrea 1.0 X 0 0 0 Carol Lewis Morris 1.0 X 0 0 0 Judith C Murch 1.0 X 0 0 0 Patricia Nocero 1.0 X X 0 0 0 Richard M Osborne SR 1.0 X 0 0 0 Jean M Perloff 1.0 X 0 0 0 Kathleen Seitz 1.0 X 0 0 0 Robert J Shearer 1.0 X 0 0 0 David K Siegel 1.0 X 0 0 0 Daniel D Smith 1.0 X 0 0 0 Christopher N Sorce 1.0 X 0 0 0 Charles Stephenson 1.0 X X 0 0 0 Nancy Stillwagon 1.0 X 0 0 0 Joseph T Svete 1.0 X 0 0 0 Gary L Swanson 1.0 X 0 0 0 May C Targett 1.0 X 0 0 0 Robert Touzalin 1.0 X 0 0 0 John F Turben 1.0 X 0 0 0 Kelly Victory MD 1.0 X 0 0 0 Jason Weybrecht 1.0 X 0 0 0 Michael Victor 40.0 X 209037 0 26672 Scott Evans 40.0 X 118077 0 19386 Richard Eplawy 40.0 X 125440 0 8441 Jana Holwick 40.0 X 99760 0 18663 Robin McDermott 40.0 X 95797 0 17937 Allison Benders 40.0 X 99638 0 13371 Robert Trebar 40.0 X 116052 0 18863 Elisabeth Giedt 40.0 X 99844 0 17987 Rabuil Hasan 40.0 X 97195 0 17408 Mk McManamon 40.0 X 92290 0 17014 1153130 0 175742 4 false true false Albert M Higley Co 2926 Chester Ave CLEVELAND OH 44114 GEN.CONTRACTOR CONST 1864703 Metz Associates 2 Woodland Drive DALLAS PA 18612 DINING SERVICES 1386698 Rainforest Village 251 W Walnut St PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 411141 GRE 101 LLC 251 W Walnut Ave 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 229305 Janitorial Services Inc 5795 Canal Rd VALLEY VIEW OH 44125 JANITORIAL SERVICES 365417 12 5689794 1008500 5689794 TUITION AND FEES 900099 26359258 26359258 AUXILIARY OPERATIONS AND OTHER 900099 5221833 5221833 31581091 218083 218083 0 0 8403576 300000 7919267 642261 484309 -342261 142048 142048 34800 23297 11503 11503 0 0 0 37642519 31581091 371634 13898059 13898059 0 0 1153130 988060 120733 44337 0 7663960 6566641 802513 294806 287300 241958 25685 19657 1399261 1118379 213305 67577 632756 541701 67598 23457 0 93047 74540 11523 6984 101929 80680 13181 8068 0 0 0 1409570 958377 401832 49361 225388 193341 9168 22879 1809696 1410411 322386 76899 354661 190374 139864 24423 1249 1249 2475515 2170906 193470 111139 1382536 1287431 15974 79131 0 0 506764 401628 63082 42054 0 2202648 1765901 262048 174699 0 CONTRACTED DINING SERVICES 1087596 1087596 BOOKSTORE COST OF GOODS SOLD 292902 292902 36977967 33270134 2662362 1045471 12911 2369 691255 756575 5006094 5500868 779490 511577 177707 163329 54835 12232 58951866 21852749 36104047 37099117 10548790 7171707 1526168 1472646 19132330 21801149 74033627 74491569 3102675 1423409 665117 266250 26500000 25615000 1052649 1132352 2648397 2626294 33968838 31063305 X 7014654 9393986 9171931 6680734 23878204 27353544 40064789 43428264 74033627 74491569 X 664552 2698923 X false true true X true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6494379 89357 725524 226361 291177 6791722 5981212 26792 849088 267289 95424 6494379 8998274 64012 -1569414 248538 1263122 5981212 0.15243 0.77575 0.07182 true false 1337762 1337762 42742723 11912012 30830711 669800 176690 493110 14201581 9764047 4437534 37099117 FUNDS HELD IN TRUST 21381585 BOND ISSUANCE COSTS 419564 21801149 0 STUDENT DEPOSITS 38869 STUDENT LOANS 1275581 GIFT ANNUITIES 251384 INTEREST RATE SWAP 1060460 2626294 37642519 36977967 664552 50271 2648652 2698923 3363475 26443383 50271 2648652 2698923 23744460 13898059 13898059 37642519 23079908 23079908 13898059 13898059 36977967 Changes in net assets, Part XI, Line 8: Change in fair value of split interest agreements and funds held in trust by others: $2,649,437; Change in interest rate swap liability: ($785); Total Adjustment = $2,648,652. Changes in revenue, Part XII, Line 2d: Change in fair value of split interest agreements and funds held in trust by others: $2,649,437; Change in interest rate swap liability: ($785); Total Adjustment = $2,648,652. Changes in revenue, Part XII, Line 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $13,898,059 CHANGES IN EXPENSES, SCHEDULE D, PART XIII, LINE 4B: STUDENT FINANCIAL ASSISTANCE NETTED AGAINST REVENUES FOR FINANCIAL STATEMENT PURPOSES, BUT RECORDED AS AN EXPENSE FOR 990: $13,898,059 FIN 48 FOOTNOTE, SCHEDULE D, 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. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGMENT TO EVALUATE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN FOR POSSIBLE RECOGNITION AND MEASUREMENT IN THE FINANCIAL STATEMENTS BASED UPON CERTAIN PRESCRIBED CRITERIA. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT, AS OF JUNE 30, 2011, 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, 2011, THE COLLEGE'S INCOME TAX RETURNS FROM 2007 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES. INTENDED USES OF ENDOWMENT FUNDS, SCHEDULE D, 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. 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 34800 34800 5054 18243 0 34800 34800 5054 18243 23297 11503 true Scholarships to students 996 13898059 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 T Victor 203037 0 0 0 6000 0 10382 0 16290 0 235709 0 0 0 Scott Evans 99897 0 0 0 18180 0 5212 0 14174 0 137463 0 0 0 Richard Eplawy 120640 0 0 0 4800 0 0 0 8441 0 133881 0 0 0 Jana Holwick 99760 0 0 0 0 0 5193 0 13470 0 118423 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. OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346849674 67756AND0 2003-09-30 12665000 EDUCATIONAL FACILITIES false false false LAKE COUNTY PORT AUTHORITY 261159448 509442AA7 2008-08-01 15555000 EDUCATIONAL FACILITIES false false false 0 0 12665000 0 0 0 217340 0 0 12447660 0 0 2004 false false true true 0 0 15555000 290967 0 0 306569 0 352472 14604992 0 0 2010 false false true true false false false false false 0.00000 0.00000 0.00000 true false false false false false 0.00000 0.00000 0.00000 true false true false false false false false true true FIFTH THIRD BANK 4.25 false false false false false Charles Stephenson Director 1864703 General Contractor Svcs. false RICHARD OSBORNE SR DIRECTOR 344853 UTILITIES false X horses 10 406500 Appraisal 10 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 5: UNREALIZED GAIN ON INVESTMENTS: $50,271; CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS: $2,649,437; CHANGE IN INTEREST RATE SWAP LIABILITY: ($785); TOTAL ADJUSTMENT: $2,698,923