Lake Erie College Of Osteopathic Medicine Inc
- Assets
- $806.9m
- Revenue
- $201.8m
- Investments
- $0.0
- Employees
- 794
- Location
- Erie, PA
- Founding
- 02/1994
- Data as of
- 06/2022
- EIN
- 25-1698677
Organization Overview
Lake Erie College Of Osteopathic Medicine Inc is located in Erie, PA. The organization was established in 1994. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Lake Erie College Of Osteopathic Medicine Inc employed 794 individuals. This organization is the central organization for a national or regional group of organizations. Lake Erie College Of Osteopathic Medicine Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Lake Erie College Of Osteopathic Medicine Inc generated $201.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $106.0m during the year ending 06/2022. While expenses have increased by 3.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE (LECOM) IS TO PREPARE STUDENTS TO BECOME OSTEOPATHIC PHYSICIANS, PHARMACY PRACTITIONERS AND DENTISTS THROUGH PROGRAMS OF EXCELLENCE IN EDUCATION, RESEARCH, CLINICAL CARE, AND COMMUNITY SERVICES TO ENHANCE THE QUALITY OF LIFE THROUGH IMPROVED HEALTH FOR ALL HUMANITY.
Describe the Organization's Program Activity:
LECOM IS ONE OF THE 34 COLLEGES OF OSTEOPATHIC MEDICINE. IN 1992, THE LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE RECEIVED PRE-ACCREDITATION STATUS FROM THE AMERICAN OSTEOPATHIC ASSOCIATION. AFTER FURTHER PREPARATION, LECOM ACHIEVED A CHARTER FROM THE COMMONWEALTH OF PENNSYLVANIA AND FULL ACCREDITATION STATUS WITH THE AMERICAN COUNCIL ON PHARMACEUTICAL EDUCATION. IT IS ONE OF OVER 140 PHARMACY SCHOOLS IN THE UNITED STATES. LECOM HAS FULL ACCREDITATION STATUS WITH THE AMERICAN DENTAL ASSOCIATION'S COMMISSION ON DENTAL ACCREDITATION. IT IS ONE OF 66 DENTAL SCHOOLS IN THE UNITED STATES. THE GOAL OF LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE IS TO EDUCATE QUALIFIED STUDENTS TO BECOME OSTEOPATHIC PHYSICIANS IMBUED WITH THE PHILOSOPHICAL PRINCIPLES OF OSTEOPATHIC MEDICINE. IT IS THE STATED PURPOSE OF THE COLLEGE TO EDUCATE AND DEVELOP FAMILY PHYSICIANS IN THE OSTEOPATHIC TRADITION. AT THE SAME TIME, IT PROPOSES TO PROVIDE ITS STUDENTS WITH FIRM ACADEMIC BACKGROUND SO THAT THOSE WHO WISH MAY ADVANCE FURTHER INTO THE OSTEOPATHIC SPECIALTIES OR ACADEMIC CAREERS, PARTICULARLY FOR AND WITH OSTEOPATHIC COLLEGES. THE GOAL OF THE SCHOOL OF PHARMACY AND SCHOOL OF DENTAL MEDICINE IS TO PREPARE PHARMACY AND DENTAL PROFESSIONALS WHO ARE COMMITTED TO PROVIDE HIGH-QUALITY, ETHICAL, AND EMPATHETIC PATIENT-CENTERED CARE TO SERVE THE NEEDS OF A DIVERSE POPULATION.THREE ACADEMIC DOCTORAL DEGREES ARE CURRENTLY CONFERRED AT LECOM. THE DOCTOR OF OSTEOPATHY (DO), THE DOCTOR OF PHARMACY, AND THE DOCTOR OF DENTAL MEDICINE ARE AWARDED TO GRADUATES WHO HAVE SATISFACTORILY FULFILLED THE REQUIREMENTS FOR GRADUATION. THE FIRST MEDICAL CLASSES BEGAN ON AUGUST 9, 1993 AND 61 STUDENTS ENROLLED. THE COLLEGE BEGAN A SCHOOL OF PHARMACY IN THE FALL OF 2002. FIRST CLASSES FOR THE SCHOOL OF DENTAL MEDICINE BEGAN IN AUGUST, 2012. FOR THE FISCAL YEAR ENDED JUNE 30, 2022, THERE WERE OVER 4,300 MEDICAL, PHARMACY, DENTAL, POST-BACCALAUREATE, AND MASTERS STUDENTS ENROLLED. THE COLLEGE HAS THREE CAMPUSES: ERIE, PENNSYLVANIA, GREENSBURG, PENNSYLVANIA, AND BRADENTON, FLORIDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John M Ferretti DO President/ceo | OfficerTrustee | 56 | $1,113,801 |
Marlene D Mosco Chairman | OfficerTrustee | 1 | $0 |
Mary L Eckert Secretary | OfficerTrustee | 4 | $12,045 |
Richard P Olinger Treasurer | OfficerTrustee | 28 | $12,045 |
Dennis M Styn Trustee | Trustee | 5 | $0 |
James Y Lin DO Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jas Management Consulting Services | 6/29/22 | $963,841 |
True Learn Inc Proctoring And Grading Services | 6/29/22 | $923,597 |
Networking Technologies It Services | 6/29/22 | $796,474 |
Jpi Development Partners Construction | 6/29/22 | $399,848 |
Lm Wander & Sons Landscaping Landscaping | 6/29/22 | $587,136 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,362,074 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,295,820 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,657,894 |
| Total Program Service Revenue | $152,526,382 |
| Investment income | $18,344,866 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $367,397 |
| Net Gain/Loss on Asset Sales | $11,734,515 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $201,771,210 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,968,350 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,862,358 |
| Compensation of current officers, directors, key employees. | $2,862,358 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,272,824 |
| Pension plan accruals and contributions | $1,770,240 |
| Other employee benefits | $4,425,127 |
| Payroll taxes | $2,625,432 |
| Fees for services: Management | $99,403 |
| Fees for services: Legal | $271,480 |
| Fees for services: Accounting | $165,282 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,950,664 |
| Fees for services: Other | $9,042,623 |
| Advertising and promotion | $4,774,602 |
| Office expenses | $3,624,560 |
| Information technology | $597,498 |
| Royalties | $0 |
| Occupancy | $6,461,053 |
| Travel | $1,036,979 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $49,115 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,652,706 |
| Insurance | $3,175,203 |
| All other expenses | $5,782,144 |
| Total functional expenses | $105,952,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,250,888 |
| Savings and temporary cash investments | $70,188,163 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,726,319 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $464,417 |
| Prepaid expenses and deferred charges | $5,469,511 |
| Net Land, buildings, and equipment | $125,043,518 |
| Investments—publicly traded securities | $521,420,912 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,299,742 |
| Total assets | $806,863,470 |
| Accounts payable and accrued expenses | $10,547,159 |
| Grants payable | $0 |
| Deferred revenue | $40,387,220 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,398,573 |
| Total liabilities | $54,332,952 |
| Net assets without donor restrictions | $747,675,781 |
| Net assets with donor restrictions | $4,854,737 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $806,863,470 |