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Nonprofiteer
← LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE INC

Form 990 for tax year 2023

Filed by LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE INC.

Totals

Total revenue
$222,063,231
Total expenses
$126,590,457
Contributions and grants received
$17,438,736
Grants paid
$2,829,933
Program service revenue
$167,791,620
Investment income
$27,401,182
Other revenue
$9,431,693
Total assets, end of year
$1,082,321,963
Total liabilities, end of year
$118,635,674
Net assets or fund balances, end of year
$963,686,289
Program services expenses (Part IX)
$98,401,634
Management and general expenses
$28,188,823
Fundraising expenses
$0
Program service expenses (Part III)
$98,401,634

Program services were 77.7% 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.

  • 1c · Fundraising events

    $907,045

  • 1e · Government grants (contributions)

    $14,445,602

  • 1f · All other contributions, gifts and grants

    $2,086,089

  • 2a · Program service revenue: TUITION AND FEES

    total $166,471,020 · related or exempt $166,471,020

  • 2b · Program service revenue: APPLICATION FEES

    total $1,320,600 · related or exempt $1,320,600

  • 3 · Investment income

    total $22,180,135 · excluded $22,180,135

  • 6a · Gross rents

    real property $441,101

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $441,101

  • 6d · Net rental income or loss

    total $441,101 · excluded $441,101

  • 7a · Gross sales of assets other than inventory

    securities $5,216,547 · other assets $4,500

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $5,216,547 · other assets $4,500

  • 7d · Net gain or loss

    total $5,221,047 · excluded $5,221,047

  • 8a · Fundraising events: gross income

    $49,045

  • 8a · Fundraising events: contributions included on line 1c

    $907,045

  • 8b · Fundraising events: direct expenses

    $79,583

  • 8c · Net income from fundraising events

    total -$30,538 · excluded -$30,538

  • 11a · Other revenue: OTHER REVENUE

    total $8,873,897 · related or exempt $8,873,897

  • 11b · Other revenue: OPTI DUES

    total $147,233 · related or exempt $147,233

  • 11e · Other revenue, total

    $9,021,130

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $2,829,933 · program services $2,829,933

  • 5 · Compensation of officers, directors and key employees

    total $3,630,165 · management and general $3,630,165

  • 7 · Other salaries and wages

    total $40,421,533 · program services $31,447,953 · management and general $8,973,580

  • 8 · Pension plan contributions

    total $2,028,341 · program services $1,578,049 · management and general $450,292

  • 9 · Other employee benefits

    total $6,333,313 · program services $4,927,318 · management and general $1,405,995

  • 10 · Payroll taxes

    total $3,182,541 · program services $2,476,017 · management and general $706,524

  • 11b · Fees: legal

    total $188,748 · management and general $188,748

  • 11c · Fees: accounting

    total $92,622 · management and general $92,622

  • 11g · Fees: other

    total $8,561,283 · program services $6,660,678 · management and general $1,900,605

  • 12 · Advertising and promotion

    total $6,736,372 · program services $5,240,897 · management and general $1,495,475

  • 13 · Office expenses

    total $3,807,139 · program services $2,961,954 · management and general $845,185

  • 14 · Information technology

    total $323,993 · program services $252,067 · management and general $71,926

  • 16 · Occupancy

    total $7,562,973 · program services $5,883,993 · management and general $1,678,980

  • 17 · Travel

    total $1,441,605 · program services $1,121,569 · management and general $320,036

  • 19 · Conferences, conventions and meetings

    total $87,852 · program services $68,349 · management and general $19,503

  • 20 · Interest

    total $1,193,637 · program services $928,650 · management and general $264,987

  • 22 · Depreciation, depletion and amortization

    total $9,821,564 · program services $7,641,177 · management and general $2,180,387

  • 23 · Insurance

    total $3,547,838 · program services $2,760,218 · management and general $787,620

  • 24a · Other expenses: STUDENT ROTATION FEES

    total $11,146,559 · program services $11,146,559

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $2,483,335 · program services $1,932,035 · management and general $551,300

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $2,341,354 · program services $1,821,573 · management and general $519,781

  • 24d · Other expenses: CONTRIBUTIONS

    total $186,825 · management and general $186,825

  • 24e · All other expenses

    total $8,640,932 · program services $6,722,645 · management and general $1,918,287

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,403,841 · end of year $47,647,249

  • 2 · Savings and temporary cash investments

    beginning of year $94,623,097 · end of year $91,908,922

  • 4 · Accounts receivable

    beginning of year $16,679,226 · end of year $20,000,080

  • 8 · Inventories for sale or use

    beginning of year $345,221 · end of year $435,602

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,500,527 · end of year $6,048,042

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

    $277,542,843

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

    $141,182,647

  • 10c · Land, buildings and equipment, net

    beginning of year $126,936,912 · end of year $136,360,196

  • 11 · Investments: publicly traded securities

    beginning of year $681,727,676 · end of year $770,908,708

  • 15 · Other assets

    beginning of year $10,598,512 · end of year $9,013,164

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,060,268 · end of year $15,089,598

  • 19 · Deferred revenue

    beginning of year $43,524,946 · end of year $48,141,818

  • 23 · Secured mortgages and notes payable

    beginning of year $53,716,667 · end of year $51,516,667

  • 25 · Other liabilities

    beginning of year $10,317,684 · end of year $3,887,591

  • 27 · Net assets without donor restrictions

    beginning of year $838,868,689 · end of year $958,656,729

  • 28 · Net assets with donor restrictions

    beginning of year $4,326,758 · end of year $5,029,560

Mission and programs · 2023

Mission

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.

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $98,401,634 · Grants $2,829,933 · Revenue $176,812,750

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • John M Ferretti Do

    PRESIDENT/CEO

    Total calculated
    $1,510,815
    From this org
    $1,472,076
    From related orgs
    $0
    Other
    $38,739
    Hours/week
    56 + 24 related

    Schedule J breakdown matched by us

    Base
    $1,436,729
    Bonus
    $0
    Other
    $35,347
    Deferred
    $26,400
    Nontaxable benefits
    $12,339
    Filer's total
    $1,510,815

  • Marlene D Mosco

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mary L Eckert

    SECRETARY

    Total calculated
    $729,390
    From this org
    $12,045
    From related orgs
    $688,251
    Other
    $29,094
    Hours/week
    4 + 76 related

    Schedule J breakdown matched by us

    Base
    $0 + $660,527 related
    Bonus
    $0
    Other
    $12,045 + $27,724 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $9,294 related
    Filer's total
    $12,045 + $717,345 related

  • Dennis M Styn

    TRUSTEE

    Total calculated
    $357,915
    From this org
    $0
    From related orgs
    $317,615
    Other
    $40,300
    Hours/week
    5 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $282,957 related
    Bonus
    $0
    Other
    $0 + $34,658 related
    Deferred
    $0 + $21,784 related
    Nontaxable benefits
    $0 + $18,516 related
    Filer's total
    $0 + $357,915 related

  • James Y Lin Do

    TRUSTEE

    Total calculated
    $761,288
    From this org
    $0
    From related orgs
    $711,555
    Other
    $49,733
    Hours/week
    1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $702,732 related
    Bonus
    $0
    Other
    $0 + $8,823 related
    Deferred
    $0 + $26,400 related
    Nontaxable benefits
    $0 + $23,333 related
    Filer's total
    $0 + $761,288 related

  • Joan L Moore Do

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Nancy Peaden

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Thomas J Wedzik

    TRUSTEE

    Total calculated
    $31,000
    From this org
    $31,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 10 related

  • Suzanne K Kelley Do

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Silvia M Ferretti Do

    PROVOST/VP OF ACADEMICS

    Total calculated
    $1,686,900
    From this org
    $1,648,129
    From related orgs
    $0
    Other
    $38,771
    Hours/week
    73 + 7 related

    Schedule J breakdown matched by us

    Base
    $1,614,237
    Bonus
    $0
    Other
    $33,892
    Deferred
    $26,400
    Nontaxable benefits
    $12,371
    Filer's total
    $1,686,900

  • Steven G Inman CPA Cgma

    VP FISCAL AFFAIRS/CFO

    Total calculated
    $420,405
    From this org
    $381,899
    From related orgs
    $0
    Other
    $38,506
    Hours/week
    28 + 37 related

    Schedule J breakdown matched by us

    Base
    $375,024
    Bonus
    $0
    Other
    $6,875
    Deferred
    $26,363
    Nontaxable benefits
    $12,143
    Filer's total
    $420,405

  • Richard Terry Do

    ASSOCIATE DEAN OF ACADEMIC AFFAIRS

    Total calculated
    $419,393
    From this org
    $374,330
    From related orgs
    $0
    Other
    $45,063
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $368,693
    Bonus
    $0
    Other
    $5,637
    Deferred
    $26,400
    Nontaxable benefits
    $18,663
    Filer's total
    $419,393

  • Mark Kauffman Do

    ASSOCIATE DEAN OF ACADEMIC AFFAIRS

    Total calculated
    $384,071
    From this org
    $350,612
    From related orgs
    $0
    Other
    $33,459
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $345,103
    Bonus
    $0
    Other
    $5,509
    Deferred
    $26,400
    Nontaxable benefits
    $7,059
    Filer's total
    $384,071

  • Michael Rowane Do

    ASSOCIATE DEAN OF CLINICAL EDUCATION

    Total calculated
    $411,726
    From this org
    $366,748
    From related orgs
    $0
    Other
    $44,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $361,111
    Bonus
    $0
    Other
    $5,637
    Deferred
    $26,316
    Nontaxable benefits
    $18,662
    Filer's total
    $411,726

  • Joseph Coppola Do

    PHYSICIAN

    Total calculated
    $364,039
    From this org
    $319,546
    From related orgs
    $0
    Other
    $44,493
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $319,282
    Bonus
    $0
    Other
    $264
    Deferred
    $25,840
    Nontaxable benefits
    $18,653
    Filer's total
    $364,039

  • Matthew Bateman PhD

    ASSISTANT PROVOST OF INSTITUTIONAL EFFECTIVENESS

    Total calculated
    $367,620
    From this org
    $326,749
    From related orgs
    $0
    Other
    $40,871
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,440
    Bonus
    $0
    Other
    $5,309
    Deferred
    $26,147
    Nontaxable benefits
    $14,724
    Filer's total
    $367,620

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

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION SUBSCRIBES TO A CHARTER TRAVEL SHARED-SERVICE PROGRAM. THIS SERVICE IS USED SOLELY FOR BUSINESS PURPOSES. THE ORGANIZATION DOES NOT PAY FOR FIRST-CLASS TRAVEL. THE ORGANIZATION HOLDS AN ANNUAL OFF-SITE MEETING FOR WHICH IT PERMITS EACH PERSON NAMED ON FORM 990, PART VII, SECTION A TO BRING ONE GUEST. THE ORGANIZATION PAYS THE TRAVEL EXPENSES FOR THE INVITED GUEST.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MCH CORPORATION

    C · REAL ESTATE · PA

    Directly controlled by MILLCREEK HEALTH SYSTEM

  • CORRY HEALTH SERVICES INC

    C · HEALTH CARE · PA

    Directly controlled by CORRY MEMORIAL HOSPITAL ASSOCIATION

Provenance

Return type
form_990
Tax year
2023
Filed
8 May 2025
IRS schema version
2023v6.0
Source object
202521349349303807

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