Lake Erie College

Analysis

Lake Erie College is a registered charity in United States, based in Painesville, OH. It received its IRS tax-exemption ruling in September 1929, 97 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Lake Erie College reported income of $35.0m and spending of $40.6m, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $34.2m to $35.0m (+2.5%), an average of +0.6% a year. Over the whole period it spent 103% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Lake Erie College sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within OH. Charities of a similar size with the same main cause include Hathaway Brown School ($35.0m), Brimmer & May School ($35.1m) and Morristown-Beard School ($35.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 11% and program service revenue 88% of the total. Compensation of current officers, directors and key employees was $1.1m (2.7% of expenses). Other salaries and wages came to $9.0m. At year end it held assets of $71.1m against liabilities of $35.5m, net assets of $35.5m. It reported 563 employees.