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Nonprofiteer
← LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE INC

Form 990 for tax year 2024

Filed by LAKE ERIE COLLEGE OF OSTEOPATHIC MEDICINE INC.

Totals

Total revenue
$230,492,050
Total expenses
$134,394,858
Contributions and grants received
$17,038,563
Grants paid
$4,239,745
Program service revenue
$175,192,621
Investment income
$30,349,590
Other revenue
$7,911,276
Total assets, end of year
$1,180,027,575
Total liabilities, end of year
$121,756,943
Net assets or fund balances, end of year
$1,058,270,632
Program services expenses (Part IX)
$105,235,168
Management and general expenses
$29,159,690
Fundraising expenses
$0
Program service expenses (Part III)
$105,235,168

Program services were 78.3% 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

    $2,708,342

  • 1e · Government grants (contributions)

    $14,198,244

  • 1f · All other contributions, gifts and grants

    $131,977

  • 1g · Noncash contributions included above

    $131,977

  • 2a · Program service revenue: TUITION AND FEES

    total $173,486,981 · related or exempt $173,486,981

  • 2b · Program service revenue: APPLICATION FEES

    total $1,705,640 · related or exempt $1,705,640

  • 3 · Investment income

    total $23,203,613 · excluded $23,203,613

  • 6a · Gross rents

    real property $1,011,457

  • 6b · Less rental expenses

    real property $454,546

  • 6c · Rental income or loss

    real property $556,911

  • 6d · Net rental income or loss

    total $556,911 · excluded $556,911

  • 7a · Gross sales of assets other than inventory

    securities $7,147,848

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

    securities $0 · other assets $1,871

  • 7c · Gain or loss

    securities $7,147,848 · other assets -$1,871

  • 7d · Net gain or loss

    total $7,145,977 · excluded $7,145,977

  • 8a · Fundraising events: gross income

    $131,365

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

    $2,708,342

  • 8b · Fundraising events: direct expenses

    $241,901

  • 8c · Net income from fundraising events

    total -$110,536 · excluded -$110,536

  • 11a · Other revenue: OTHER REVENUE

    total $7,349,714 · related or exempt $6,320,556 · unrelated business $1,029,158

  • 11b · Other revenue: OPTI DUES

    total $115,187 · related or exempt $115,187

  • 11e · Other revenue, total

    $7,464,901

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $590,550 · program services $590,550

  • 2 · Grants to domestic individuals

    total $3,649,195 · program services $3,649,195

  • 5 · Compensation of officers, directors and key employees

    total $3,821,692 · management and general $3,821,692

  • 7 · Other salaries and wages

    total $43,502,748 · program services $33,845,138 · management and general $9,657,610

  • 8 · Pension plan contributions

    total $2,279,342 · program services $1,773,328 · management and general $506,014

  • 9 · Other employee benefits

    total $6,896,111 · program services $5,365,174 · management and general $1,530,937

  • 10 · Payroll taxes

    total $3,265,886 · program services $2,540,859 · management and general $725,027

  • 11b · Fees: legal

    total $135,605 · management and general $135,605

  • 11c · Fees: accounting

    total $147,563 · management and general $147,563

  • 11g · Fees: other

    total $9,427,625 · program services $7,334,692 · management and general $2,092,933

  • 12 · Advertising and promotion

    total $7,646,906 · program services $5,949,293 · management and general $1,697,613

  • 13 · Office expenses

    total $4,694,265 · program services $3,652,138 · management and general $1,042,127

  • 14 · Information technology

    total $324,137 · program services $252,179 · management and general $71,958

  • 16 · Occupancy

    total $7,288,024 · program services $5,670,083 · management and general $1,617,941

  • 17 · Travel

    total $1,104,093 · program services $858,984 · management and general $245,109

  • 19 · Conferences, conventions and meetings

    total $146,059 · program services $113,634 · management and general $32,425

  • 20 · Interest

    total $1,145,346 · program services $891,079 · management and general $254,267

  • 22 · Depreciation, depletion and amortization

    total $10,528,749 · program services $8,191,367 · management and general $2,337,382

  • 23 · Insurance

    total $3,839,690 · program services $2,987,279 · management and general $852,411

  • 24a · Other expenses: STUDENT ROTATION FEES

    total $12,342,918 · program services $12,342,918

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $2,649,541 · program services $2,061,343 · management and general $588,198

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $2,006,558 · program services $1,561,102 · management and general $445,456

  • 24e · All other expenses

    total $6,962,255 · program services $5,604,833 · management and general $1,357,422

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $47,647,249 · end of year $59,311,574

  • 2 · Savings and temporary cash investments

    beginning of year $91,908,922 · end of year $103,001,925

  • 4 · Accounts receivable

    beginning of year $20,000,080 · end of year $9,963,768

  • 8 · Inventories for sale or use

    beginning of year $435,602 · end of year $437,469

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,048,042 · end of year $6,161,199

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

    $297,824,726

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

    $151,680,769

  • 10c · Land, buildings and equipment, net

    beginning of year $136,360,196 · end of year $146,143,957

  • 11 · Investments: publicly traded securities

    beginning of year $770,908,708 · end of year $842,600,698

  • 15 · Other assets

    beginning of year $9,013,164 · end of year $12,406,985

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,089,598 · end of year $17,654,206

  • 19 · Deferred revenue

    beginning of year $48,141,818 · end of year $51,001,628

  • 23 · Secured mortgages and notes payable

    beginning of year $51,516,667 · end of year $49,316,667

  • 25 · Other liabilities

    beginning of year $3,887,591 · end of year $3,784,442

  • 27 · Net assets without donor restrictions

    beginning of year $958,656,729 · end of year $1,052,952,999

  • 28 · Net assets with donor restrictions

    beginning of year $5,029,560 · end of year $5,317,633

Mission and programs · 2024

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 $105,235,168 · Grants $4,239,745 · Revenue $181,628,364

As filed on the 2024 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
    $1,609,483
    From this org
    $1,570,358
    From related orgs
    $0
    Other
    $39,125
    Hours/week
    56 + 24 related

    Schedule J breakdown matched by us

    Base
    $1,541,076
    Bonus
    $0
    Other
    $29,282
    Deferred
    $27,600
    Nontaxable benefits
    $11,525
    Filer's total
    $1,609,483

  • Marlene D Mosco

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mary L Eckert

    SECRETARY

    Total calculated
    $723,538
    From this org
    $0
    From related orgs
    $690,230
    Other
    $33,308
    Hours/week
    4 + 76 related

    Schedule J breakdown matched by us

    Base
    $0 + $673,270 related
    Bonus
    $0
    Other
    $0 + $16,960 related
    Deferred
    $0 + $20,700 related
    Nontaxable benefits
    $0 + $12,608 related
    Filer's total
    $0 + $723,538 related

  • Dennis M Styn

    TRUSTEE

    Total calculated
    $350,579
    From this org
    $0
    From related orgs
    $303,074
    Other
    $47,505
    Hours/week
    5 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $291,430 related
    Bonus
    $0
    Other
    $0 + $11,644 related
    Deferred
    $0 + $22,017 related
    Nontaxable benefits
    $0 + $25,488 related
    Filer's total
    $0 + $350,579 related

  • James Y Lin Do

    TRUSTEE

    Total calculated
    $697,790
    From this org
    $0
    From related orgs
    $642,911
    Other
    $54,879
    Hours/week
    1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $630,795 related
    Bonus
    $0
    Other
    $0 + $12,116 related
    Deferred
    $0 + $24,678 related
    Nontaxable benefits
    $0 + $30,201 related
    Filer's total
    $0 + $697,790 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
    $1,766,916
    From this org
    $1,727,650
    From related orgs
    $0
    Other
    $39,266
    Hours/week
    73 + 7 related

    Schedule J breakdown matched by us

    Base
    $1,693,526
    Bonus
    $0
    Other
    $34,124
    Deferred
    $27,600
    Nontaxable benefits
    $11,666
    Filer's total
    $1,766,916

  • Steven G Inman CPA Cgma

    VP FISCAL AFFAIRS/CFO

    Total calculated
    $445,293
    From this org
    $406,338
    From related orgs
    $0
    Other
    $38,955
    Hours/week
    28 + 37 related

    Schedule J breakdown matched by us

    Base
    $390,775
    Bonus
    $0
    Other
    $15,563
    Deferred
    $27,600
    Nontaxable benefits
    $11,355
    Filer's total
    $445,293

  • Richard Terry Do

    ASSOCIATE DEAN OF ACADEMIC AFFAIRS

    Total calculated
    $462,485
    From this org
    $413,453
    From related orgs
    $0
    Other
    $49,032
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $404,745
    Bonus
    $0
    Other
    $8,708
    Deferred
    $27,600
    Nontaxable benefits
    $21,432
    Filer's total
    $462,485

  • Mark Kauffman Do

    ASSOCIATE DEAN OF ACADEMIC AFFAIRS

    Total calculated
    $397,012
    From this org
    $362,875
    From related orgs
    $0
    Other
    $34,137
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $354,696
    Bonus
    $0
    Other
    $8,179
    Deferred
    $27,600
    Nontaxable benefits
    $6,537
    Filer's total
    $397,012

  • Michael Rowane Do

    ASSOCIATE DEAN OF CLINICAL EDUCATION

    Total calculated
    $425,766
    From this org
    $380,038
    From related orgs
    $0
    Other
    $45,728
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $371,422
    Bonus
    $0
    Other
    $8,616
    Deferred
    $27,542
    Nontaxable benefits
    $18,186
    Filer's total
    $425,766

  • Richard E Ferretti Esq

    DIRECTOR OF RISK MANAGEMENT AND CORPORATE COMPLIAN

    Total calculated
    $392,948
    From this org
    $347,604
    From related orgs
    $0
    Other
    $45,344
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $333,857
    Bonus
    $0
    Other
    $13,747
    Deferred
    $25,826
    Nontaxable benefits
    $19,518
    Filer's total
    $392,948

  • Matthew Bateman PhD

    ASSISTANT PROVOST OF INSTITUTIONAL EFFECTIVENESS

    Total calculated
    $379,685
    From this org
    $338,253
    From related orgs
    $0
    Other
    $41,432
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $329,847
    Bonus
    $0
    Other
    $8,406
    Deferred
    $27,189
    Nontaxable benefits
    $14,243
    Filer's total
    $379,685

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

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

  • CORRY HEALTH SERVICES INC

    C · HEALTH CARE · PA

Provenance

Return type
form_990
Tax year
2024
Filed
11 May 2026
IRS schema version
2024v5.5
Source object
202611349349301886

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