Lake Erie College
- Assets
- $81.4m
- Revenue
- $39.4m
- Investments
- $0.0
- Employees
- 529
- Location
- Painesville, OH
- Founding
- 09/1929
- Data as of
- 06/2021
- EIN
- 34-0733165
Organization Overview
Lake Erie College is located in Painesville, OH. The organization was established in 1929. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2021, Lake Erie College employed 529 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Erie College 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 generated $39.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $37.7m during the year ending 06/2021. While expenses have increased by 1.2% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LAKE ERIE COLLEGE PROVIDES AN EXCELLENT, INCLUSIVE, AND HIGHLY PERSONALIZED EDUCATION GROUNDED IN THE LIBERAL ARTS TRADITION. GUIDED BY HOPE AND CARE, OUR STUDENTS ARE EMPOWERED TO LEAD LIVES OF PERSONAL SIGNIFICANCE AND PROFESSIONAL SUCCESS AS GLOBAL CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COLLEGE PROVIDED INSTRUCTIONAL COURSES TO ITS 862 UNDERGRADUATE AND 290 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Posler President | Officer | 40 | $270,825 |
Bryan Depoy VP Academic Affairs | Officer | 40 | $166,420 |
Brian Dirk VP Admin & Finance | Officer | 40 | $139,319 |
Anthony Fulgenzio VP For Advancement | Officer | 40 | $135,372 |
Sean Kramer Director, Physician Assistant Program | 40 | $119,290 | |
Billie Dunn VP Student Affairs | Officer | 40 | $106,376 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rainforest Village Off-campus Housing | 6/29/21 | $568,932 |
Weaver Commercial Contractor Inc General Contractor | 6/29/21 | $762,608 |
Corebio Management Llc Laboratory Services | 6/29/21 | $276,120 |
Laketec Communications Inc Technology Contractor | 6/29/21 | $221,584 |
Metz & Associates Dining Services | 6/29/21 | $1,741,813 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,474,239 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,844,781 |
| Noncash contributions included in lines 1a–1f | $30,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,319,020 |
| Total Program Service Revenue | $31,271,196 |
| Investment income | $426,700 |
| Tax Exempt Bond Proceeds | $924 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$20,029 |
| Net Income from Fundraising Events | $38,302 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,379,084 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $14,809,864 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,018,742 |
| Compensation of current officers, directors, key employees. | $214,095 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,531,278 |
| Pension plan accruals and contributions | $285,087 |
| Other employee benefits | $1,131,665 |
| Payroll taxes | $620,340 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,813 |
| Fees for services: Accounting | $68,595 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $726,852 |
| Advertising and promotion | $188,645 |
| Office expenses | $955,178 |
| Information technology | $292,033 |
| Royalties | $0 |
| Occupancy | $1,774,422 |
| Travel | $288,694 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,959 |
| Interest | $1,850,453 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,109,219 |
| Insurance | $453,197 |
| All other expenses | $0 |
| Total functional expenses | $37,745,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,205 |
| Savings and temporary cash investments | $467,184 |
| Pledges and grants receivable | $4,314,362 |
| Accounts receivable, net | $886,681 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $88,330 |
| Prepaid expenses and deferred charges | $152,714 |
| Net Land, buildings, and equipment | $30,663,942 |
| Investments—publicly traded securities | $12,497,514 |
| Investments—other securities | $0 |
| Investments—program-related | $804,228 |
| Intangible assets | $0 |
| Other assets | $31,500,261 |
| Total assets | $81,401,421 |
| Accounts payable and accrued expenses | $2,088,507 |
| Grants payable | $0 |
| Deferred revenue | $778,030 |
| Tax-exempt bond liabilities | $28,799,207 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,415,546 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,291,556 |
| Total liabilities | $34,372,846 |
| Net assets without donor restrictions | $2,080,259 |
| Net assets with donor restrictions | $44,948,316 |
| 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 | $81,401,421 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Erie College has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Edward F Crawford Foundation Cleveland, OH PURPOSE: GENERAL SUPPORT | $5,000 |
Endowment Analysis
| Beg. Balance | $8,928,599 |
| Earnings | $2,501,495 |
| Net Contributions | $1,289,174 |
| Other Expense | $188,439 |
| Grants | $222,345 |
| Ending Balance | $12,308,484 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Point Park University Pittsburgh, PA | $213,510,842 | $122,379,566 |
University Of The Cumberlands Inc Williamsburg, KY | $474,140,732 | $211,155,067 |
Desales University Center Valley, PA | $267,808,643 | $127,653,675 |
University Of The Sciences In Philadelphia Philadelphia, PA | $394,161,147 | $107,500,197 |
Moravian University Bethlehem, PA | $317,733,693 | $123,053,733 |
Franciscan University Of Steubenville Steubenville, OH | $297,369,155 | $157,148,850 |
Ursinus College Collegeville, PA | $337,795,514 | $116,678,933 |
University Of Toledo Physicians Clinical Facility Inc Toledo, OH | $66,626,181 | $116,403,876 |
University Of The Arts Philadelphia, PA | $189,935,840 | $110,070,964 |
Otterbein University Westerville, OH | $236,973,881 | $106,500,900 |
University Of Evansville Evansville, IN | $383,851,853 | $114,850,213 |
Kings College Wilkesbarre, PA | $274,438,730 | $118,353,435 |