2011-05-16T08:26:04-05:00 2010-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2009-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403757000 391 WEST WASHINGTON STREET PAINESVILLE OH 440773309 MICHAEL VICTOR 2011-05-16 CHRISTOPHER B ANDERSON 2163630100 2009 2016-02-24 21:20:13Z MICHAEL T VICTOR PRESIDENT 391 WEST WASHINGTON STREET PAINESVILLE OH 440773309 38516097 false X WWW.LEC.EDU X 1856 OH LAKE ERIE COLLEGE PROVIDES DISTINCTIVE UNDERGRADUATE & GRADUATE PROGRAMS THAT PREPARE STUDENTS TO MEET CAREER & LIFE CHALLENGES AS EDUCATED & RESPONSIBLE CITIZENS OF LOCAL, NATIONAL & INT'L COMMUNITIES 38 37 669 125 0 0 6001581 5872357 25814501 28962375 -809732 588165 -3734 24236 31002616 35447133 10067921 12229347 0 0 11540527 12230797 2563 0 1278041 11968664 11128869 33579675 35589013 -2577059 -141880 72686361 74033627 32645466 33968838 40040895 40064789 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 31778376 12229347 28962375 THE COLLEGE PROVIDED INSTRUCTIONAL COURSES TO ITS 920 UNDERGRADUATE AND 153 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. 31778376 true true false false false false false false 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 101 0 true 669 true false false VI false false false true true false false false 38 37 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 440773309 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 CHRISTIANE WESCHLER-ENGLISH 1.0 X 0 0 0 CARL J GRASSI 1.0 X X 0 0 0 PATRICIA NOCERO 1.0 X X 0 0 0 MICHAEL E BEE 1.0 X 0 0 0 DORIS R 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 DR NANCY CONRADY 1.0 X 0 0 0 TRACY H DICKINSON 1.0 X 0 0 0 BILL HAAG 1.0 X 0 0 0 NED HYLAND 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 JUDITH C MURCH 1.0 X 0 0 0 JEAN M PERLOFF 1.0 X 0 0 0 KATHY SEITZ 1.0 X 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 0 0 0 Mark Baughman 1.0 X 0 0 0 Terrell Dillard 1.0 X 0 0 0 Michael Keresman 1.0 X 0 0 0 Carol Lewis Morris 1.0 X 0 0 0 Francis Muracca 1.0 X 0 0 0 Richard M Osborne SR 1.0 X 0 0 0 NANCY STILLWAGON PHD 1.0 X 0 0 0 Kelly Victory MD 1.0 X 0 0 0 DANA A DENNIS 1.0 X 0 0 MICHAEL T VICTOR 40.0 X 221094 0 27080 R SCOTT EVANS 40.0 X 110937 0 19083 RICHARD J EPLAWY 40.0 X 130685 0 8517 ROBIN MCDERMOTT 40.0 X 96574 0 17570 ALISON BENDERS 40.0 X 37138 0 3131 ROBERT TREBAR 40.0 X 102118 0 17861 DR MARY KAY MCMANAMON 40.0 X 101641 0 17487 DR CAROL RAMSAY 40.0 X 120409 0 17610 JANA W HOLWICK 40.0 X 104290 0 18808 1024886 0 147147 7 true true false ALBERT M HIGLEY CO 2926 CHESTER AVE CLEVELAND OH 44114 GEN CONTRACTOR CONST 3878677 METZ ASSOCIATES 2 WOODLAND DRIVE DALLAS PA 18612 DINING SERVICES 1355162 RAINFOREST VILLAGE 251 W WALNUT ST PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 410969 JANITORIAL SERVICES INC 5795 CANAL RD VALLEY VIEW OH 44125 JANITORIAL SERVICES 352628 GRE 101 LLC 251 W WALNUT AVE 101 PAINESVILLE OH 44077 OFF-CAMPUS HOUSING 225963 8 5872357 230000 5872357 TUITION AND FEES 900099 24396039 24396039 AUXILIARY OPERATIONS AND OTHER 900099 4566336 4566336 28962375 157930 157930 0 0 3482155 3051920 430235 430235 430235 41280 17044 24236 24236 0 0 0 35447133 28962375 612401 0 12229347 12229347 0 0 1080257 893373 124230 62654 0 7780496 6434470 894757 451269 275295 227669 31659 15967 2480040 2050993 285205 143842 614709 508364 70692 35653 0 43409 35899 4992 2518 45000 37215 5175 2610 0 0 0 569862 471276 65534 33052 267237 221005 30732 15500 1639878 1356179 186823 96876 221928 185455 25522 10951 1336 1336 3001061 2481877 345122 174062 1169003 966765 134435 67803 0 0 834002 689720 95910 48372 0 2015724 1667004 231808 116912 0 CONTRACTED DINING SERVICES 1034331 1034331 BOOKSTORE COST OF GOODS SOLD 286098 286098 35589013 31778376 2532596 1278041 29419 12911 1130878 691255 4016454 5006094 1204195 779490 140183 177707 29421 54835 55822141 19718094 31175257 36104047 14570679 10548790 1511392 1526168 18878483 19132330 72686361 74033627 1671568 3102675 536436 665117 26870000 26500000 1385007 1052649 2182455 2648397 32645466 33968838 X 9737143 7014654 6948085 9171931 23355667 23878204 40040895 40064789 72686361 74033627 X false true true X true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5981212 26792 849088 267289 95424 6494379 8998274 64012 -1569414 248538 1263122 5981212 0.15450 0.04800 0.79750 true false 0 1168472 1168472 0 35836532 10781281 25055251 0 348536 183897 164639 0 11396091 8654286 2741805 0 7072510 98630 6973880 36104047 FUNDS HELD IN TRUST 18693851 BOND ISSUANCE COSTS 438479 19132330 0 STUDENT LOANS GRANT REFUNDABLE 1286360 BOND INTEREST RATE SWAP LIAB. 1059675 LIFE INCOME ANNUITIES PAYABLE 254263 STUDENT CLUBS AND ACTIVITIES 48099 2648397 35447133 35589013 -141880 181055 -15281 165774 23894 23383560 181055 -15281 165774 23217786 12229347 12229347 35447133 23359666 23359666 12229347 12229347 35589013 INTENDED USES OF ENDOWMENT FUNDS, PART V, LINE 4: THE COLLEGE INVESTS DONOR- AND BOARD-RESTRICTED ENDOWMENT FUNDS IN A EFFORT TO PROTECT PRINCIPAL AND EARN INCOME TO PROVIDE FOR SCHOLARSHIPS, OPERATIONS AND OTHER DONOR-RESTRICTED EXPENDITURES. CHANGES IN NET ASSETS, PART XI, LINE 8: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS: $435,840; CHANGE IN INTEREST RATE SWAP LIABILITY: ($451,121); TOTAL ADJUSTMENT = ($15,281). CHANGES IN REVENUE, PART XII, LINE 2D: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS: $435,840; CHANGE IN INTEREST RATE SWAP LIABILITY: ($451,121); TOTAL ADJUSTMENT = ($15,281). 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: $12,229,347 CHANGES IN EXPENSES, PART XIII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $12,229,347 FIN 48 FOOTNOTE, PART X, LINE 2: FEDERAL INCOME TAXES - THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(a) OF THE INTERNAL REVENUE CODE AS A PUBLIC CHARITY DESCRIBED IN SECTION 501(c)(3); ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS. THE COLLEGE HAS IMPLEMENTED NEW PROVISIONS FOR ACCOUNTING FOR INCOME TAXES WHICH CLARIFY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN FINANCIAL STATEMENTS. THE PROVISIONS PRESCRIBE CERTAIN CRITERIA FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE IMPLEMENTATION DID NOT HAVE A MATERIAL IMPACT ON THE COLLEGE'S FINANCIAL STATEMENTS. THERE WERE NO UNRECOGNIZED TAX BENEFITS. AS OF JUNE 30, 2010, THE COLLEGE'S INCOME TAX YEARS FROM 2006 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES. true true true LAKE ERIE COLLEGE'S NON-DISCRIMINATION POLICY IS PUBLISHED IN MEDIA BROCHURES AND MEDIA ADVERTISEMENTS. true true true true false false false false false false false false true false LAKE ERIE COLLEGE PARTICIPATES IN THE FEDERAL GOVERNMENT'S TITLE IV STUDENT FINANCIAL AID PROGRAMS. true Golf Outing 41280 41280 1215 15829 0 41280 41280 1215 15829 17044 24236 true SCHOLARSHIPS TO STUDENTS 995 12229347 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 RESTRICED GRANT FUND WHICH CONTAINES 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 215094 0 0 0 6000 0 10984 0 16096 0 248174 0 0 0 JANA W HOLWICK 104290 0 0 0 0 0 5419 0 13389 0 123098 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 Comnission 346849674 67756AND0 2003-09-01 12665000 EDUCATIONAL FACILITIES false false Lake County Port Authority 261159448 509442AA7 2008-08-01 15555000 EDUCATIONAL FACILITIES false false 12665000 217340 12447660 2004 false false true true 15555000 369795 3583246 306569 251433 11043957 2010 false false false 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 5. false false false CHARLES STEPHENSON DIRECTOR 3878677 GENERAL CONTRACTOR SVCS. false X HORSES 8 230000 APPRAISAL 8 false true false FORM 990 REVIEW, FORM 990, PART VI, LINE 11A: A DRAFT OF THE FORM 990 WAS 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 WAS 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.