Lake Erie College Prep School
- Assets
- $6.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 09/2014
- Data as of
- 06/2023
- EIN
- 45-4500966
Organization Overview
Lake Erie College Prep School is located in Cleveland, OH. The organization was established in 2014. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Erie College Prep School is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Lake Erie College Prep School generated $4.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $4.2m during the year ending 06/2023. While expenses have increased by 2.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO PREPARE STUDENTS FOR A COLLEGE PREPARATORY HIGH SCHOOL THAT WILL ENSURE SUCCESS AND GRADUATION FROM A FOUR YEAR COLLEGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE VISION IS TO CREATE A CULTURE OF HIGH EXPECTATIONS FOR BEHAVIOR AND ACADEMICS THROUGH A RIGOROUS RESEARCH-BASED CURRICULA AND A FOCUS ON ACHIEVEMENT. IT IS THE GOAL THAT STUDENTS WILL GRADUATE FROM THE EIGHTH GRADE, ATTEND A COLLEGE PREPARATORY HIGH SCHOOL AND ULTIMATELY GAIN ACCEPTANCE TO AND GRADUATE FROM A FOUR YEAR COLLEGE. IT IS OUR EXPECTATION THAT 100% OF GRADUATES WILL POSITIVELY AFFECT CHANGE IN THEIR LOCAL COMMUNITIES WHILE MAKING A CONTRIBUTION TO OUR GLOBAL SOCIETY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Kenderes Board Member | Trustee | 1 | $900 |
Contae Bentley Board Member | Trustee | 1 | $900 |
Courtney Perry Board Member | Trustee | 1 | $900 |
Laurie Murphy Board Member | Trustee | 1 | $800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Csreh Lake Erie Charter Rental / Occupancy | 6/29/23 | $314,848 |
Arlenes Cuisine Food Services | 6/29/23 | $206,821 |
Accel Schools Llc Management | 6/29/23 | $782,390 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,077,963 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,077,963 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,077,963 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,385,970 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $305,425 |
| Payroll taxes | $0 |
| Fees for services: Management | $683,402 |
| Fees for services: Legal | $22,716 |
| Fees for services: Accounting | $34,680 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $316,324 |
| Advertising and promotion | $43,528 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $240,105 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $455,476 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $231,208 |
| Insurance | $14,740 |
| All other expenses | $10,093 |
| Total functional expenses | $4,222,487 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $133,578 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $228,780 |
| Accounts receivable, net | $51,687 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,215 |
| Net Land, buildings, and equipment | $4,673,516 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,163,222 |
| Total assets | $6,255,998 |
| Accounts payable and accrued expenses | $1,716,583 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $440,999 |
| Other liabilities | $7,374,671 |
| Total liabilities | $9,532,253 |
| Net assets without donor restrictions | -$3,276,255 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,255,998 |