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Nonprofiteer
← LAKE TECHNICAL COLLEGE INC

Form 990 for tax year 2024

Filed by LAKE TECHNICAL COLLEGE INC.

Totals

Total revenue
$21,665,460
Total expenses
$18,665,580
Contributions and grants received
$3,693,706
Grants paid
$2,502,807
Program service revenue
$17,329,820
Investment income
$347,241
Other revenue
$294,693
Total assets, end of year
$25,338,722
Total liabilities, end of year
$7,567,855
Net assets or fund balances, end of year
$17,770,867
Program services expenses (Part IX)
$16,216,401
Management and general expenses
$2,449,179
Fundraising expenses
$0
Program service expenses (Part III)
$16,216,401

Program services were 86.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $3,693,206

  • 1f · All other contributions, gifts and grants

    $500

  • 2a · Program service revenue: TUITION AND OTHER FEES

    total $8,031,046 · related or exempt $8,031,046

  • 2b · Program service revenue: WORKFORCE DEVELOPMENT

    total $7,049,801 · related or exempt $7,049,801

  • 2c · Program service revenue: SCHOLARSHIPS

    total $1,267,071 · related or exempt $1,267,071

  • 2d · Program service revenue: PERFORMANCE BASED INCENTIVES

    total $377,559 · related or exempt $377,559

  • 2e · Program service revenue: FEFP

    total $358,621 · related or exempt $358,621

  • 2f · All other program service revenue

    total $245,722 · related or exempt $245,722

  • 3 · Investment income

    total $347,241 · excluded $347,241

  • 10a · Gross sales of inventory

    $182,114

  • 10b · Cost of goods sold

    $141,585

  • 10c · Net income from sales of inventory

    total $40,529 · related or exempt $40,529

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $254,164 · related or exempt $254,164

  • 11e · Other revenue, total

    $254,164

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $2,502,807 · program services $2,502,807

  • 5 · Compensation of officers, directors and key employees

    total $176,883 · program services $145,044 · management and general $31,839

  • 7 · Other salaries and wages

    total $5,165,840 · program services $4,235,989 · management and general $929,851

  • 8 · Pension plan contributions

    total $628,339 · program services $515,238 · management and general $113,101

  • 9 · Other employee benefits

    total $875,713 · program services $718,085 · management and general $157,628

  • 10 · Payroll taxes

    total $335,935 · program services $275,467 · management and general $60,468

  • 11c · Fees: accounting

    total $40,500 · program services $33,210 · management and general $7,290

  • 11g · Fees: other

    total $1,247,610 · program services $1,023,040 · management and general $224,570

  • 14 · Information technology

    total $91,360 · program services $74,915 · management and general $16,445

  • 16 · Occupancy

    total $177,915 · program services $145,890 · management and general $32,025

  • 17 · Travel

    total $49,850 · program services $40,877 · management and general $8,973

  • 20 · Interest

    total $1,216 · program services $997 · management and general $219

  • 22 · Depreciation, depletion and amortization

    total $809,488 · program services $663,780 · management and general $145,708

  • 23 · Insurance

    total $241,563 · program services $198,082 · management and general $43,481

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $2,077,878 · program services $1,703,860 · management and general $374,018

  • 24b · Other expenses: SUPPLIES

    total $1,506,260 · program services $1,235,133 · management and general $271,127

  • 24c · Other expenses: OTHER PURCHASED SERVICE

    total $964,164 · program services $964,164

  • 24d · Other expenses: CAPITAL OUTLAY AND REMO

    total $953,394 · program services $953,394

  • 24e · All other expenses

    total $818,865 · program services $786,429 · management and general $32,436

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,887,855 · end of year $10,816,188

  • 2 · Savings and temporary cash investments

    beginning of year $3,830,732 · end of year $4,027,223

  • 4 · Accounts receivable

    beginning of year $756,776 · end of year $1,201,514

  • 9 · Prepaid expenses and deferred charges

    beginning of year $914 · end of year $914

  • 10a · Land, buildings and equipment: cost or other basis

    $11,662,060

  • 10b · Land, buildings and equipment: accumulated depreciation

    $3,723,111

  • 10c · Land, buildings and equipment, net

    beginning of year $6,848,661 · end of year $7,938,949

  • 15 · Other assets

    beginning of year $1,867,637 · end of year $1,353,934

  • 17 · Accounts payable and accrued expenses

    beginning of year $99,362 · end of year $375,496

  • 19 · Deferred revenue

    beginning of year $356,660 · end of year $100

  • 25 · Other liabilities

    beginning of year $6,965,566 · end of year $7,192,259

  • 27 · Net assets without donor restrictions

    beginning of year $10,553,843 · end of year $14,440,658

  • 28 · Net assets with donor restrictions

    beginning of year $4,217,144 · end of year $3,330,209

Mission and programs · 2024

Mission

TO MEET THE EDUCATIONAL NEEDS OF THE COMMUNITY BY OFFERING A VARIETY OF HIGH QUALITY VOCATIONAL AND TECHNICAL TRAINING OPPORTUNITIES FOR HIGH SCHOOL AND ADULT STUDENTS. THE COLLEGE IS A POST SECONDARY TECHNICAL COLLEGE.

Activities or mission (Part I)

TO MEET THE EDUCATIONAL NEEDS OF THE COMMUNITY BY OFFERING CAREER-TECHNICAL TRAINING OPPORTUNITIES.

  • CURRICULUM AND PROGRAM DESIGN REFLECT THE NEEDS AND STANDARDS OF THE RESPECTIVE INDUSTRY. INSTRUCTION IS LARGELY INDIVIDUALIZED, WHICH ALLOWS STUDENTS TO PROGRESS BASED ON THEIR ABILITIES. INDIVIDUALIZED SPECIAL ACCOMMODATION AND REMEDIATION IS A STANDARD PRACTICE FOR STUDENTS WHO REQUIRE ASSISTANCE. THE SCHOOL SERVED AN AVERAGE OF 2,260 STUDENTS DURING THE FISCAL YEAR ENDED JUNE 30, 2025.

    Expenses $16,216,401 · Grants $2,502,807 · Revenue $17,624,513

As filed on the 2024 return.

Listed in Part VII

  • RICHARD D KEITH

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • ISAAC DEAS II

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • LANA PAYNE

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • AMY DINELLA

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • CA VOSSBERG

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • BONNIE ONOFRE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • MICKEY GAULDIN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • TIM MORRIS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • GERALD COBB

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • DEANNA THOMAS

    EXECUTIVE DIRECTOR

    Total calculated
    $176,883
    From this org
    $136,500
    From related orgs
    $0
    Other
    $40,383
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,500
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $40,383
    Filer's total
    $176,883

  • MELISSA STEPHAN

    DIRECTOR OF CURRICULUM & I

    Total calculated
    $144,887
    From this org
    $110,250
    From related orgs
    $0
    Other
    $34,637
    Hours/week
    40

  • TONYA HEFLEY

    DIRECTOR OF OPERATIONS

    Total calculated
    $144,887
    From this org
    $110,250
    From related orgs
    $0
    Other
    $34,637
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
23 February 2026
IRS schema version
2024v5.5
Source object
202620549349300547

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