2026-05-13T14:44:29-05:00 2025-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2024-07-01 340733165 LAKE ERIE COLLEGE LAKE 4403523361 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 JENNIFER SCHULLER PRESIDENT 4403523361 2026-05-13 1 1 CHRISTOPHER B ANDERSON P00226559 2163630100 2024 2025-03-06 01:10:19Z JENNIFER SCHULLER 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 46080573 0 X WWW.LEC.EDU X 1856 OH 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. 28 28 545 0 0 0 7242588 5978075 31021262 35443525 1391107 1838802 0 0 39654957 43260402 16144868 18373052 0 0 11144909 11939120 0 0 1114323 14770669 15988047 42060446 46300219 -2405489 -3039817 68440927 70385247 35574896 40353055 32866031 30032192 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. 0 0 39699253 18373052 35443525 THE COLLEGE PROVIDED INSTRUCTIONAL COURSES TO ITS 1,103 UNDERGRADUATE AND 308 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. 39699253 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 157 0 1 545 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH X JENNIFER SCHULLER 4403757220 391 WEST WASHINGTON STREET PAINESVILLE OH 44077 PATRICIA NOCERO BOARD CHAIR 1.00 X X 0 0 0 RICHARD SELBY VICE CHAIR 1.00 X X 0 0 0 BILL HAAG TREASURER 1.00 X X 0 0 0 CAROLYN COATOAM SECRETARY 1.00 X X 0 0 0 DORIS BRAY DIRECTOR 1.00 X 0 0 0 SUE ELLIS DIRECTOR 1.00 X 0 0 0 RAY DELANOTTE DIRECTOR 1.00 X 0 0 0 GARY FEDAK DIRECTOR 1.00 X 0 0 0 JAMES GARGAS DIRECTOR 1.00 X 0 0 0 JD INGALLS DIRECTOR 1.00 X 0 0 0 KEVIN MALECEK DIRECTOR 1.00 X 0 0 0 SHANA MISCOVSKY DIRECTOR 1.00 X 0 0 0 ROBERT MORRIS DIRECTOR 1.00 X 0 0 0 PAM MORSE DIRECTOR 1.00 X 0 0 0 CAROL NIEMI DIRECTOR 1.00 X 0 0 0 JEAN PERLOFF DIRECTOR 1.00 X 0 0 0 DONALD PURTILL DIRECTOR 1.00 X 0 0 0 SCOTT SCHULICK DIRECTOR 1.00 X 0 0 0 MARILYN SCHUTZ DIRECTOR 1.00 X 0 0 0 DAN SERBIN DIRECTOR 1.00 X 0 0 0 DAN SMITH DIRECTOR 1.00 X 0 0 0 NANCY STILLWAGON DIRECTOR 1.00 X 0 0 0 JESSE STYLES DIRECTOR 1.00 X 0 0 0 JACK TURBEN DIRECTOR 1.00 X 0 0 0 LISA WARD DIRECTOR 1.00 X 0 0 0 JASON WEYBRECHT DIRECTOR 1.00 X 0 0 0 JEN YORKO DIRECTOR 1.00 X 0 0 0 BOB ZAPPITELLI DIRECTOR 1.00 X 0 0 0 JENNIFER SCHULLER PRESIDENT 40.00 X 243770 0 6700 JENNIFER KINNAIRD VICE PRESIDENT/PROVOST 40.00 X 202720 0 20936 ROGER CHRISTIANSON CFO 40.00 X 145793 0 12782 VANESSA MAJEWSKI SECRETARY 40.00 X 64596 0 0 JOHNATHAN TEDESCO ASSOC PROVOST/DEAN 40.00 X 150641 0 0 SEAN KRAMER PROG. FACIL. OF PA 40.00 X 128644 0 27497 CAROLYN KNOX ACADEM. COORD. PA 40.00 X 113703 0 36782 CONSTANCE SKINGEL VP OF ADVANCEMENT 40.00 X 128404 0 22059 RACHEL HANNI VP OF HR & OPS 40.00 X 112426 0 11448 1290697 0 138204 12 0 1 0 AVI FOODSYSTEMS INC 2590 ELD ROAD NE WARREN OH 44483 DINING SERVICES 1375457 ABM INDUSTRY GROUPS LLC PO BOX 74008829 CHICAGO IL 60674 HOUSEKEEPING 757422 ARENT FOX SCHIFF LLP 1301 AVE OF THE AMERICAS 42ND FL NEW YORK NY 10019 LEGAL SERVICES 585794 GETZLER HENRICH 295 MADISON AVENUE 20TH FLOOR NEW YORK NY 10017 FINANCIAL CONSULTANT 391985 GRAPER & WARMINGTON 340 FOUNTAIN AVENUE PAINESVILLE OH 44077 GENERAL CONTRACTOR 331218 17 1160762 4817313 85761 5978075 TUITION AND FEES 611310 30842947 30842947 AUXILIARY OPERATIONS AND OTHER 611310 4600578 4600578 35443525 222629 222629 70896 70896 3740448 625000 2588754 231417 1151694 393583 1545277 1545277 43260402 35443525 0 1838802 18373052 18373052 726824 483002 198822 45000 9432007 7958339 1032695 440973 1151446 924865 175220 51361 628843 467266 126871 34706 720025 720025 73350 73350 4614230 3294444 1224133 95653 151078 120424 7784 22870 959077 881976 72077 5024 730412 431785 298624 3 1909056 887531 931824 89701 771148 752640 1945 16563 2038836 1518884 371601 148351 1177634 942107 141316 94211 CONTRACTED DINING SVCS 1885014 1867883 1188 15943 MEMBERSHIP DUES 308910 236359 18587 53964 EQUINE ANIMAL CARE 209727 209727 BOOKSTORE COST OF GOODS 105385 105385 334165 243584 90581 46300219 39699253 5486643 1114323 528055 1689000 166830 494509 2992852 2832900 1043407 1052519 56650 65552 147615 113825 70462481 40367745 29461377 30094736 6958381 3769562 2088693 395193 356629 26690567 27827322 68440927 70385247 4723614 8147332 526851 1080522 28605068 28506491 842651 769479 876712 1849231 35574896 40353055 X -6202992 -8904917 39069023 38937109 32866031 30032192 68440927 70385247 X -3039817 -802645 1008623 X 0 1 X 1 1 1 X 7319020 9192304 3880758 7242588 5978075 33612745 7319020 9192304 3880758 7242588 5978075 33612745 4448957 29163788 427624 668178 392706 400185 293525 2182218 402181 402181 36197144 157597255 0.80570 0.69620 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT REVENUE - 2020 AMOUNT: $ 59,210. OTHER INCOME - 2020 AMOUNT: $ 342,971. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6769351 407699 317536 3393401 3466113 8886142 882461 284261 2714991 6769351 9120145 31050 1015947 312447 968553 8886142 12308484 1721067 -1972622 684094 2252690 9120145 8928599 1289174 2501495 222345 188439 12308484 1.00000 1 0 1286212 1286212 52119422 26070649 26048773 786975 785921 1054 16269872 13511175 2758697 30094736 FUNDS HELD IN TRUST 25604209 BOND DEBT RESERVE 2223113 27827322 STUDENT DEPOSITS 29655 STUDENT LOANS 714271 GIFT ANNUITIES 105305 RECOVERABLE GRANT 1000000 1849231 X 25093328 -802645 1008623 205978 24887350 18373052 18373052 43260402 27927167 0 27927167 18373052 18373052 46300219 PART V, LINE 4: INTENDED USES OF ENDOWMENT FUNDS - 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. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE- THE COLLEGE IS A NON-PROFIT ORGANIZATION THAT IS TAX EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT, AS OF JUNE 30, 2025 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, 2025, THE COLLEGE'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES, GENERALLY FOR THREE YEARS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS 1,008,623. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS BUT WAS SHOWN AS AN EXPENSE IN PART IX OF FORM 990 18,373,052. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED AGAINST REVENUE FOR FINANCIAL STATEMENTS BUT RECORDED AS AN EXPENSE FOR 990 18,373,052. FUNDS HELD BY OTHER ORGANIZATIONS - PART V, LINE 3A(I): THE COLLEGE IS THE BENEFICIARY OF CERTAIN TRUSTS THAT ARE HELD IN PERPETUITY BY AN OUTSIDE TRUSTEE. THE MARKET VALUE OF THESE TRUSTS WAS $25,604,209 AT JUNE 30, 2025. THESE ASSETS ARE NOT PERMITTED TO BE REFLECTED AS "ENDOWMENT FUNDS" IN PART V. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LAKE ERIE COLLEGE'S NONDISCRIMINATION POLICY IS PUBLISHED IN MEDIA BROCHURES AND MEDIA ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 LAKE ERIE COLLEGE PARTICIPATES IN THE FEDERAL GOVERNMENT'S TITLE IV STUDENT FINANCIAL ASSISTANCE PROGRAMS. 1 SCHOLARSHIPS TO STUDENTS 792 18373052 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - 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 1 1 X X X 0 0 0 0 0 0 0 0 0 JENNIFER SCHULLER PRESIDENT 243770 0 0 0 0 0 0 0 6700 0 250470 0 0 0 JENNIFER KINNAIRD VICE PRESIDENT/PROVOST 202720 0 0 0 0 0 0 0 20936 0 223656 0 0 0 ROGER CHRISTIANSON CFO 145793 0 0 0 0 0 0 0 12782 0 158575 0 0 0 SEAN KRAMER PROG. FACIL. OF PA 128644 0 0 0 0 0 0 0 27497 0 156141 0 0 0 JOHNATHAN TEDESCO ASSOC PROVOST/DEAN 150641 0 0 0 0 0 0 0 0 0 150641 0 0 0 CAROLYN KNOX ACADEM. COORD. PA 113703 0 0 0 0 0 0 0 36782 0 150485 0 0 0 CONSTANCE SKINGEL VP OF ADVANCEMENT 128404 0 0 0 0 0 0 0 22059 0 150463 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN OFFICERS - THE COLLEGE PROVIDES THE MANOR HOUSE TO THE PRESIDENT TO LIVE IN. THE PRESIDENT CONDUCTS A SUBSTANTIAL AMOUNT OF BUSINESS AT MANOR HOUSE. THE COLLEGE PROVIDES CUSTODIAL SERVICES FOR THE CLEANING AND MAINTENANCE OF THE PROPERTY. THE HOUSING AND CUSTODIAL SERVICES ARE NOT TREATED AS TAXABLE COMPENSATION TO THE PRESIDENT. A PUBLIC FINANCE AUTHORITY 273866124 74443DFP1 2019-12-05 24885000 LAKE ERIE COLLEGE-PROJECT SERIES A 0 0 0 A 24885000 1757354 519275 21570000 1000000 38399 1 0 0 1 A 0 0 0 0 0 0 1 A 1 0 0 0 0 0 A 0 X 2 63057 FMV X MISCELLANEOUS 1 19603 FMV X ITEMS FOR AIRPORT PROPERTY 1 3101 FMV 4 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW - A DRAFT OF THE FORM 990 IS SENT ELECTRONICALLY TO THE PRESIDENT AND THE CHAIR OF THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS FOR REVIEW AND COMMENT. THE FINAL VERSION OF FORM 990 IS SENT ELECTRONICALLY TO THE COLLEGE'S FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE CONFLICT OF INTEREST DISCLOSURES ARE ON ELECTRONIC FILE ON BOTH THE COLLEGE'S SHARED DRIVE AND THE BOARD OF DIRECTOR PORTAL. 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 POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW AND APPROVAL - THE BOARD OF DIRECTORS ESTABLISHES AND APPROVES COMPENSATION FOR THE PRESIDENT AND PROVOST UTILIZING COMPENSATION BENCHMARKING AND MARKET DATA, INCLUDING REGIONAL WAGE INFORMATION PUBLISHED BY THE U.S. BUREAU OF LABOR STATISTICS AND COMPARATIVE COMPENSATION DATA FROM PEER INSTITUTIONS. COMPENSATION DETERMINATIONS ARE MADE IN ACCORDANCE WITH THE COLLEGE'S GOVERNANCE AND CONFLICT-OF-INTEREST PRACTICES AND ARE REVIEWED BY INDIVIDUALS WITHOUT A CONFLICT OF INTEREST WITH RESPECT TO THE ARRANGEMENTS UNDER CONSIDERATION. THE PRESIDENT AND PROVOST ARE EMPLOYED PURSUANT TO WRITTEN EMPLOYMENT AGREEMENTS APPROVED BY THE BOARD OF DIRECTORS. OTHER CABINET-LEVEL ADMINISTRATORS ARE GENERALLY EMPLOYED PURSUANT TO THE COLLEGE'S ADMINISTRATIVE EMPLOYMENT PRACTICES AND POLICIES, UNLESS OTHERWISE SPECIFIED BY WRITTEN AGREEMENT. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - 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. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS 1,008,623.