Civic Intelligence

Lake Technical College Inc.

990 • Fiscal year 2022 • EIN 20-0940772

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

Organization ProfileWWW.LAKETECH.ORG
2001 Kurt StreetEustis, FL 32726

(352) 589-2250

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

63rd percentile

0.30x

Higher debt load relative to assets than 63% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

61st percentile

0.36x

Higher debt load relative to revenue than 61% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

80th percentile

31%

Higher net margin than 80% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

28th percentile

$119,808

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

88th percentile

36%

Faster asset growth than 88% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

57th percentile

8.3%

Faster revenue growth than 57% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$23,861,237

Up $6,350,791 (+36%) from 2021

Net Assets

Up

$16,713,539

Up $6,150,756 (+58%) from 2021

Liabilities

Up

$7,147,698

Up $200,035 (+2.9%) from 2021

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin80th percentile

Revenue

Up

$19,771,716

Up $1,518,548 (+8.3%) from 2021

Expenses

Down

$13,632,049

Down $4,020,864 (-23%) from 2021

Net Income

Up

$6,139,667

Up $5,539,412 (+923%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth88th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2011: $4,879,548Liabilities 2011: $1,046,245Net Assets 2011: $3,833,3032011Assets 2012: $5,484,478Liabilities 2012: $1,091,263Net Assets 2012: $4,393,2152012Assets 2013: $6,414,558Liabilities 2013: $1,511,880Net Assets 2013: $4,902,6782013Assets 2014: $7,825,092Liabilities 2014: $1,512,131Net Assets 2014: $6,312,9612014Assets 2015: $8,930,096Liabilities 2015: $3,955,778Net Assets 2015: $4,974,3182015Assets 2016: $10,212,288Liabilities 2016: $5,081,773Net Assets 2016: $5,130,5152016Assets 2017: $13,426,813Liabilities 2017: $6,378,597Net Assets 2017: $7,048,2162017Assets 2018: $14,555,399Liabilities 2018: $5,406,635Net Assets 2018: $9,148,7642018Assets 2019: $15,624,297Liabilities 2019: $6,476,461Net Assets 2019: $9,147,8362019Assets 2020: $15,710,396Liabilities 2020: $6,064,666Net Assets 2020: $9,645,7302020Assets 2021: $17,510,446Liabilities 2021: $6,947,663Net Assets 2021: $10,562,7832021Assets 2022: $23,861,237Liabilities 2022: $7,147,698Net Assets 2022: $16,713,5392022Assets 2023: $23,323,054Liabilities 2023: $6,804,164Net Assets 2023: $16,518,8902023Assets 2024: $22,192,575Liabilities 2024: $7,421,588Net Assets 2024: $14,770,9872024Assets 2025: $25,338,722Liabilities 2025: $7,567,855Net Assets 2025: $17,770,8672025

Highlighted filing

2022

Assets$23,861,237
Liabilities$7,147,698
Net Assets$16,713,539
Open 2022 Filing

Operations Trend

Revenue Growth57th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MRevenue 2011: $7,904,207Expenses 2011: $7,588,180Net Income 2011: $316,0272011Revenue 2012: $8,445,430Expenses 2012: $7,885,518Net Income 2012: $559,9122012Revenue 2013: $8,253,263Expenses 2013: $7,743,800Net Income 2013: $509,4632013Revenue 2014: $10,271,022Expenses 2014: $8,860,739Net Income 2014: $1,410,2832014Revenue 2015: $10,180,187Expenses 2015: $9,221,815Net Income 2015: $958,3722015Revenue 2016: $9,118,806Expenses 2016: $8,863,487Net Income 2016: $255,3192016Revenue 2017: $11,983,012Expenses 2017: $10,065,311Net Income 2017: $1,917,7012017Revenue 2018: $11,924,603Expenses 2018: $9,747,035Net Income 2018: $2,177,5682018Revenue 2019: $12,179,174Expenses 2019: $12,180,102Net Income 2019: -$9282019Revenue 2020: $12,171,689Expenses 2020: $11,673,795Net Income 2020: $497,8942020Revenue 2021: $18,253,168Expenses 2021: $17,652,913Net Income 2021: $600,2552021Revenue 2022: $19,771,716Expenses 2022: $13,632,049Net Income 2022: $6,139,6672022Revenue 2023: $14,791,873Expenses 2023: $14,658,635Net Income 2023: $133,2382023Revenue 2024: $22,121,907Expenses 2024: $23,869,810Net Income 2024: -$1,747,9032024Revenue 2025: $21,665,460Expenses 2025: $18,665,580Net Income 2025: $2,999,8802025

Highlighted filing

2022

Revenue$19,771,716
Expenses$13,632,049
Net Income$6,139,667
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$19,910,758
Mission and Program Overview

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.

To meet the educational needs of the community by offering career-technical training opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$7,210,130$13,817,870▲ $6,607,740
Land, Buildings, and Equipment, Net$6,696,875$6,797,398▲ $100,523
Savings and Temporary Cash Investments$1,655,225$1,637,309▼ $17,916
Accounts Receivable$390,557$278,164▼ $112,393
Prepaid Expenses and Deferred Charges$914$914→ $0
Total Assets$17,510,446$23,861,237▲ $6,350,791
Other Assets Total$1,556,745$1,329,582▼ $227,163
Liabilities
Other Liabilities$6,732,600$6,804,364▲ $71,764
Deferred Revenue$37,107$272,868▲ $235,761
Accounts Payable and Accrued Expenses$177,956$70,466▼ $107,490
Total Liabilities$6,947,663$7,147,698▲ $200,035
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,014,573$15,071,455▲ $6,056,882
Net Assets With Donor Restrictions$1,548,210$1,642,084▲ $93,874
Total Net Assets Fund Balance$10,562,783$16,713,539▲ $6,150,756
Total Liabilities and Net Assets / Fund Balance$17,510,446$23,861,237▲ $6,350,791

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,592,972$619,234$5,212,206
Equipment$1,780,939$729,509$2,510,448
Other Land Buildings$401,487$284,098$685,585
Land$22,000-$22,000
Other Assets Org$19,712--
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Diane CulpepperExecutive DirectorFT$95,406$24,402$119,808
Deanna ThomasExecutive DirectorFT$59,907$20,660$80,567

Board Members and Trustees

NameTitle
Richard D KeithChairman of the Board
Isaac Deas IiVice-president
CA VossbergBoard Member
Chuck BroadwayBoard Member
Dave SteeleBoard Member
Gerald CobbBoard Member
Judy BedaBoard Member
Mickey GauldinBoard Member
Tim MorrisBoard Member
Lana PayneSecretary
Lorraine FosterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$9,787,098
Program Service Revenue
$9,808,473
Investment Income
$-8,731
Other Revenue
$184,876
Change in Net Assets
$6,139,667

Audited Revenue Reconciliation

Revenue per Audited Statements
$18,664,636
Revenue Not Reported on Financial Statements
$1,107,080
Revenue Not Reported on Form 990
$191,842
Other Revenue Adjustments
$1,107,080
Total Revenue per Audited Statements
$18,856,478
Total Revenue per Form 990
$19,771,716
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,816,847
Other Expenses$4,983,305
Grants and Similar Amounts Paid$1,831,897
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,353,101$358,380-$5,711,481
Grants to Domestic Individuals$1,831,897--$1,831,897
Other Employee Benefits$494,922$36,047-$530,969
Occupancy$460,084$43,511-$503,595
Depreciation Depletion$470,062$3,768-$473,830
Payroll Taxes$289,127$21,350-$310,477
Information Technology$229,924$2,562-$232,486
Current Officers, Directors, Trustees, and Key Employees$189,892$10,483-$200,375
Office Expenses$151,511$13,528-$165,039
All Other Expenses$128,093$13,685-$141,778
Other Expenses$131,066$7,404-$138,470
Insurance$36,955$71,565-$108,520
Pension Plan Contributions$53,897$9,648-$63,545
Fees for Services Accounting$30,682$30,682-$61,364
Travel$21,513$3,511-$25,024
Interest$898$484-$1,382
Total Functional Expenses$12,971,725$660,324$0$13,632,049

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$13,632,049
Total Expenses per Audited Statements$12,716,811
Expenses per Audited Statements$12,524,969
Expenses Not Reported on Financial Statements$1,107,080
Other Expense Adjustments$1,107,080
Expenses Not Reported on Form 990$191,842
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Pension Deferred Inflows$2,215,130
Due to District$1,441,417
His Pension Liability$1,333,575
Compensated Absences Payable$726,166
Frs Pension Liability$618,042
Opeb Liability$210,989
Opeb Deferred Outlfows$91,740
His Deferred Inflow$87,936
Capital Lease Obligation$79,369
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The organization was provided a copy of form 990 for their detail review prior to filing. The executive director, assistant director of finance, business manager and the charter board of directors review the return prior to filing with the internal revenue service.”

Form 990, Part VI, Section B, Line 12C

“The board members are required to complete a state of florida form (form 8b memorandum of voting conflict) when a conflict of interest is brought up at a board meeting.”

Form 990, Part VI, Section B, Line 15

“The salaries of all employees are set by the school board of lake county, and any change in compensation is subject to review and approval by the school board of lake county.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Lake Technical College Inc
EIN
20-0940772
Phone
3525892250
Address
2001 KURT STREET, EUSTIS, FL 32726

Signing Officer

Name
Richard D Keith
Title
Chairman of the Board
Phone
3525892250
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard D Keith
Formed
2004
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
74
Volunteers
0

Preparer

Firm
Bkhm Pa
Address
1900 SUMMIT TOWER BLVD STE 170, ORLANDO, FL 32810
Preparer
George K Mcnemar
Phone
4079989000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Custodial - net assets 11,089.”

Form 990, Part I, Line 5

“The relationship between the lake technical college and the lake county school district requires the employees working at the school technically be employees of the school district. As such, all payroll and payroll related costs are processed and paid by the school district. These expenses are then reimbursed by the school to the school district on a dollar for dollar basis. Reimbursements paid to the lake county school district for payroll and related benefits totaled $6,8168,487 for the year. There are approximately 74 employees of the lake county school district working at the lake technical college. This is the reason there are zero employees of lake technical college reported on part i, line 5.”

Form 990, Part XI, Line 9

“Adjustment on part xi line 8 due to the adoption of governmental accounting standards board issued statement no. 84, fiduciary activities ("gasb 84"). This improves guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. A $327,886 prior period adjustment is due to the identification of these fiduciary activities under the new standard.”

Financial Statement Notes

PART X, LINE 2:

“The school is an organization exempt from income taxation under section 501(a) as an entity described in section 501(c)(3) of the internal revenue code of 1986, as amended. Accordingly, no provision for federal income taxes is included in the accompanying financial statements. The school has adopted guidance related to accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position that an entity takes or expects to take in a tax return. This guidance is applicable to not-for-profit organizations that may be conducting unrelated business activities, which are potentially subject to income taxes, including state income taxes. The school assesses its income tax positions, including its continuing tax status as a not-for-profit entity, and recognizes tax benefits only to the extent that the school believes it is "more likely than not" that its tax positions will be sustained upon an examination by the internal revenue service ("irs") or the applicable state taxing authority. Accordingly, there is no provision for federal income taxes in the school's financial statements, as the school believes all tax positions, including its continuing status as a not-for-profit entity, have a greater than 50% chance of realization in the event of an irs audit. State income taxes, which may be due in certain jurisdictions, have been assessed following the same "more likely than not" measurement threshold.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Passthrough admin fees 61,531. Cost of bookstore sales 130,311.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Scholarships 1,028,930. Contributions 78,150.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Passthrough admin fees 61,531. Cost of bookstore sales 130,311.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Scholarships 1,028,930. Contributions 78,150.”

Raw XML AppendixShowing 400 of 552 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt117552
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt211374
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IRS990/OtherExpensesGrp/ProgramServicesAmt2174006
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IRS990/OtherExpensesGrp/TotalAmt2185380
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$23,861,237
Liabilities
$7,147,698
Net assets
$16,713,539
Revenue
$19,771,716
Expenses
$13,632,049
Net income
$6,139,667
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$25.3$7.57$17.8$21.7$18.7$3.00
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.2$7.42$14.8$22.1$23.9$1.75
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.3$6.80$16.5$14.8$14.7$0.13
2022Detailed filing. Detailed filing data is available for this year.$23.9$7.15$16.7$19.8$13.6$6.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.5$6.95$10.6$18.3$17.7$0.60
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.7$6.06$9.65$12.2$11.7$0.50
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.6$6.48$9.15$12.2$12.2$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.6$5.41$9.15$11.9$9.75$2.18
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.4$6.38$7.05$12.0$10.1$1.92
2016Summary only. Only limited summary data is available for this year.$10.2$5.08$5.13$9.12$8.86$0.26
2015Summary only. Only limited summary data is available for this year.$8.93$3.96$4.97$10.2$9.22$0.96
2014Summary only. Only limited summary data is available for this year.$7.83$1.51$6.31$10.3$8.86$1.41
2013Summary only. Only limited summary data is available for this year.$6.41$1.51$4.90$8.25$7.74$0.51
2012Summary only. Only limited summary data is available for this year.$5.48$1.09$4.39$8.45$7.89$0.56
2011Summary only. Only limited summary data is available for this year.$4.88$1.05$3.83$7.90$7.59$0.32