Lake Erie College Of Osteopathic Medicine Inc
- Assets
- $757.0m
- Revenue
- $203.0m
- Investments
- $0.0
- Employees
- 926
- Location
- Erie, PA
- Founding
- 02/1994
- Data as of
- 06/2021
- 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 06/2021, Lake Erie College Of Osteopathic Medicine Inc employed 926 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 06/2021, Lake Erie College Of Osteopathic Medicine Inc generated $203.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $105.2m during the year ending 06/2021. While expenses have increased by 4.3% per year over the past 6 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
2021
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 INITIAL 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, 2021, THERE WERE OVER 4,200 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 |
|---|---|---|---|
Silvia M Ferretti DO Provost/vp Of Academics | OfficerTrustee | 73 | $1,342,143 |
John M Ferretti DO President/ceo | OfficerTrustee | 56 | $1,082,993 |
Hershey Bell MD VP Academic Affairs & Dean | Officer | 40 | $457,210 |
Michael Rowane DO Professor | 40 | $349,414 | |
Richard Terry DO Regional Dean, Chief Academic Officer | 40 | $334,456 | |
Mark Kauffman DO Associate Dean Of Academic | 40 | $333,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hueber-breuer Construction Co Construction Services | 6/29/21 | $2,224,054 |
Vantage Emcom Ltd Contracted Services | 6/29/21 | $2,119,368 |
Jas Management Consulting Services | 6/29/21 | $959,229 |
Networking Technologies Contracted Services | 6/29/21 | $499,629 |
Kingsview Enterprises Inc Contracted Services | 6/29/21 | $518,677 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,295,278 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,063,326 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,358,604 |
| Total Program Service Revenue | $146,195,729 |
| Investment income | $8,824,718 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $428,665 |
| Net Gain/Loss on Asset Sales | $13,750,758 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $202,994,752 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,607,047 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,870,853 |
| Compensation of current officers, directors, key employees. | $2,870,853 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $32,199,860 |
| Pension plan accruals and contributions | $1,749,334 |
| Other employee benefits | $3,877,972 |
| Payroll taxes | $2,467,033 |
| Fees for services: Management | $85,016 |
| Fees for services: Legal | $215,221 |
| Fees for services: Accounting | $65,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,773,788 |
| Fees for services: Other | $7,870,389 |
| Advertising and promotion | $3,976,494 |
| Office expenses | $3,489,724 |
| Information technology | $459,975 |
| Royalties | $0 |
| Occupancy | $5,976,646 |
| Travel | $435,243 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,660 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,536,673 |
| Insurance | $2,653,560 |
| All other expenses | $10,754,774 |
| Total functional expenses | $105,154,051 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,163,295 |
| Savings and temporary cash investments | $75,061,867 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,140,943 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $499,130 |
| Prepaid expenses and deferred charges | $4,881,120 |
| Net Land, buildings, and equipment | $127,252,718 |
| Investments—publicly traded securities | $482,553,956 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,475,014 |
| Total assets | $757,028,043 |
| Accounts payable and accrued expenses | $10,476,025 |
| Grants payable | $0 |
| Deferred revenue | $37,840,393 |
| 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 | $1,889,987 |
| Total liabilities | $50,206,405 |
| Net assets without donor restrictions | $702,350,492 |
| Net assets with donor restrictions | $4,471,146 |
| 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 | $757,028,043 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Lake Erie College Of Osteopathic Medicine Inc has recieved totaling $424,827.
| Awarding Organization | Amount |
|---|---|
National Association For The Exchange Of Industrial Resources I Galesburg, IL PURPOSE: CARE OF ILL, NEEDY, OR MINOR | $137,623 |
Erie Community Foundation Erie, PA PURPOSE: VARIOUS PROJECTS | $119,981 |
Pga Tour Inc Ponte Vedra Beach, FL PURPOSE: GENERAL SUPPORT | $76,000 |
Pittsburgh Foundation Pittsburgh, PA PURPOSE: STUDENT SERVICES | $22,465 |
Orris C & Beatrice Dewey Mem Fnd Pittsburgh, PA PURPOSE: SCHOLARSHIP | $20,000 |
Thrivent Charitable Impact & Investing Appleton, WI PURPOSE: SCHOLARSHIPS | $15,000 |
Endowment Analysis
| Beg. Balance | $3,562,616 |
| Net Contributions | $1,313,819 |
| Other Expense | $3,231 |
| Grants | $402,058 |
| Ending Balance | $4,471,146 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Albert Einstein College Of Medicine Bronx, NY | $1,023,925,401 | $371,509,260 |
Teachers College Columbia University New York, NY | $726,324,570 | $250,184,193 |
Feinberg Graduate School Of The Weizmann Institute Of Science New York, NY | $6,818,981 | $172,532,346 |
Philadelphia College Of Osteopathic Medicine Philadelphia, PA | $181,055,167 | $168,282,211 |
New York Medical College Valhalla, NY | $318,677,910 | $119,697,970 |
Lake Erie College Of Osteopathic Medicine Inc Erie, PA | $757,028,043 | $202,994,752 |
Touro University New York, NY | $83,518,573 | $93,950,601 |
New York Law School New York, NY | $345,948,911 | $82,190,230 |
Brooklyn Law School Brooklyn, NY | $395,638,685 | $73,619,300 |
Bank Street College Of Education New York, NY | $91,645,236 | $64,451,080 |
Touro University New York, NY | $112,668,496 | $69,634,843 |
Albany College Of Pharmacy And Health Sciences Albany, NY | $159,389,370 | $62,205,490 |