2025-04-14T20:08:36-05:00 2024-05-31 420714325 RSM US LLP 30 South Wacker Dr Suite 3300 Chicago IL 606063392 990 2023-06-01 362167770 Lake Forest College LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 600452399 Kevin Howley VP of Finance and Planning 8472343100 2025-02-27 1 1 Rebekuh Eley P01247672 3126343400 2025-04-10 2023 2025-03-06 01:10:19Z Robert Krebs 555 N Sheridan Rd Lake Forest IL 600452399 151489461 0 X www.lakeforest.edu X 1857 IL Lake Forest College is a National Residential Liberal Arts College, accredited by the North Central Association of Colleges and Schools. 35 34 1483 1000 509912 0 30574130 22610505 108498403 114819018 16611 2625487 1411980 1490393 140501124 141545403 66135576 72158053 0 0 35510946 35944995 0 0 1905833 32292319 36404448 133938841 144507496 6562283 -2962093 261948018 269045907 59135797 57413941 202812221 211631966 X Provide post-secondary education leading to a baccalaureate degree. Program service expenditures are made in conjunction with the operation of a liberal arts college spread over 107 acres with approximately 63 educational and support buildings. The College is accredited by the Higher Learning Commission, and had 1,796 undergraduate students and 26 graduate students with 145 full time faculty. Bachelor of arts degrees conferred were 426 during the year, with 16 master's degrees conferred. The College had approximately 1,250 resident students in the residence halls. 0 0 97413071 68686941 97211061 Instruction and research includes expenses for all activities that are part of the instructional program and for activities specifically organized to produce research. 17251656 0 17794746 Student services are considered programmatic and include activities that contribute to student emotional and physical well-being and intellectual, cultural and social development outside the formal instructional program. 14821601 3471112 0 Auxiliary enterprises include expenses relating to the operation of the auxiliary activities such as housing, dining services, and parking. 129486328 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 2280 0 1 1483 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO MA MD MI OH SC WA X Alton J Rodino 8477355039 555 N Sheridan Rd Lake Forest IL 600452399 Jill Baren President 50.00 X X 546029 0 27828 Stephen D Schutt President (until 6/30/23) 50.00 X X 230413 0 38518 William A Lowry '84 Chairman 1.00 X X 0 0 0 Marisue Lacher P '22 Vice Chairmain 1.00 X X 0 0 0 Stephen C Strelsin Secretary 1.00 X X 0 0 0 Michael Abello Trustee 1.00 X 0 0 0 M Mercedes Badia-Tavas Trustee 1.00 X 0 0 0 Earl J Barnes II '86 P '24 Trustee 1.00 X 0 0 0 Charles M Brennan III P'9092 Trustee 1.00 X 0 0 0 William G Brown Trustee 1.00 X 0 0 0 Devon C Bruce Trustee 1.00 X 0 0 0 John D Carruthers '78 Trustee 1.00 X 0 0 0 Jessica Q Coleman '89 Trustee 1.00 X 0 0 0 William Connell M '17 Trustee 1.00 X 0 0 0 Robert Crawford Jr Trustee 1.00 X 0 0 0 Geoffrey M Curtis '97 Trustee 1.00 X 0 0 0 Doni Fordyce-Urfirer '81 Trustee 1.00 X 0 0 0 Karen F Frost '88 Trustee 1.00 X 0 0 0 David F Gorter '80 Trustee 1.00 X 0 0 0 Vicki Angel Hagan '88 Trustee 1.00 X 0 0 0 Cristen Kogl '88 Trustee 1.00 X 0 0 0 Robert D Krebs Trustee 1.00 X 0 0 0 Randall S Lauer '81 P '19 Trustee 1.00 X 0 0 0 Dr Shao-Lee Lin Trustee 1.00 X 0 0 0 K Scott Meloun '81 Trustee 1.00 X 0 0 0 Diana Moore Trustee 1.00 X 0 0 0 Martino R Moore '99 Trustee 1.00 X 0 0 0 Robert S Murley Trustee 1.00 X 0 0 0 Craig Omtvedt Trustee 1.00 X 0 0 0 Dr Angelique L Richard '85 Trustee 1.00 X 0 0 0 Mark W Shadle '84 Trustee 1.00 X 0 0 0 Lisa Smith P'23 Trustee 1.00 X 0 0 0 Joanne Storkan P '10 Trustee 1.00 X 0 0 0 Alexander D Stuart Trustee 1.00 X 0 0 0 Sean W Thomas '81 Trustee 1.00 X 0 0 0 Claudia Wyatt-Johnson '69 Trustee 1.00 X 0 0 0 Lori Sundberg VP for Finance/Planning; Treasurer 50.00 X 268939 0 27229 Christopher Ellertson Vice President for Enrollment 50.00 X 231552 0 28886 Davis Schneiderman Provost and Dean of Faculty 50.00 X 198641 0 44606 Jacqueline Slaats VP for Career Advancement/Athletics 50.00 X 191627 0 22617 Ravikant Agarwal Chief Information Officer 50.00 X 173136 0 20470 Andrea Conner VP/Dean of Students (until 7/31/23) 50.00 X 160573 0 18187 Katie Sue Spieth VP for Advancement and Secretary 50.00 X 122768 0 5387 Edward Whipple Interim VP and Dean of Students (as of 7/23) 50.00 X 0 0 0 Tara Natarajan Provost and Dean of Faculty 50.00 X 84095 0 14010 Nancy Brekke Associate Professor (until 8/31/23) 50.00 X 186283 0 12247 Richard Bartolozzi Senior Director of Gift Planning 50.00 X 160882 0 19679 Dejuran Richardson Professor of Mathematics 50.00 X 145676 0 17492 Jacqueline Hoefler VP for Marketing and Communication 50.00 X 142636 0 25183 Janet McCracken Professor of Philosophy 50.00 X 137194 0 18002 Shawn Vogen Former VP for Advancement/Secretary 0.00 X 297655 0 2652 David Siebert Former Dir of Facilities Management 0.00 X 161343 0 2281 3439442 0 345274 38 1 1 0 Parkhurst Dining PO Box 644091 Pittsburgh PA 15264 Campus Food Services 6743041 Aramark Services Inc 27310 Network Place Chicago IL 60673 Custodial Services 2049111 Hill Mechanical Corp 11045 Gage Ave Franklin Park IL 60131 Construction and Maintenance Services 1091093 Wellington Homes Inc 228 Bluff Ct Barrington IL 60010 General Contractor 998332 Siemens Industry Inc PO Box 2134 Carol Stream IL 60132 Building Automation Services 706172 35 1002218 21608287 601259 22610505 Tuition and Fees 611310 96844142 96844142 Residence Hall and Board Plan 611310 16670029 16670029 Other Sources 611310 960485 960485 Graduate Program 611310 344362 344362 114819018 66781 76674 -9893 1042672 0 1042672 1042672 186789 855883 12464000 9905294 2558706 2558706 2558706 53247 38764 14483 14483 Ice Rink and Sports Center 713990 390541 390541 Glen Rowan Guest House 721000 32210 32210 Print Shop 323100 10487 10487 433238 141545403 115005807 509912 3419179 72158053 72158053 2807074 737125 1611412 458537 25568622 21724525 3306671 537426 1705321 1349899 295567 59855 3875548 3067809 671711 136028 1988430 1574003 344635 69792 847024 847024 83360 83360 795 795 633007 633007 9489885 8799017 503491 187377 182933 19379 162732 822 1739680 1379452 239287 120941 912755 295192 501484 116079 8869128 7154768 1683623 30737 1056326 994374 22440 39512 665228 504032 64775 96421 2524090 2284226 239864 7159759 6609833 549926 1039402 122955 916402 45 Equipment and Leases 1163065 711686 399118 52261 UBI Taxes 38011 38011 144507496 129486328 13115335 1905833 440670 1751714 123924 85000 2573019 2165634 7858119 8502265 591447 381947 94173 49415 1498082 1740278 232646480 95390886 138233165 137255594 1789 70954 107157772 114702177 2542260 2060095 833598 280834 261948018 269045907 6005187 5249998 608847 368748 4381932 3949410 43064523 42604091 2500000 3000000 2575308 2241694 59135797 57413941 X 89402603 96343797 113409618 115288169 202812221 211631966 261948018 269045907 X -2962093 11692284 89554 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 325 0 0 1 235 1 235 0 795 0 Part II-B, Line 1: Members of the College or Trustees may occasionally contact legislators to express the College's views on pending legislation which could affect costs or the students/ Students of the College have Rallied for specific legislative actions, and they have participated in volunteer efforts of laws and regulations. The College paid two vendors a total of $6,711 and $16,282 in fiscal year 2023-2024, and only 7% and 2%, respectively, of these fees were allocated to lobbying efforts. X X X Teaching 0 112193194 3891195 13419317 2014283 3985403 123504020 105290305 11340810 1560611 2013896 3984636 112193194 104553727 11824099 -5687521 1892031 3507969 105290305 84192908 4256321 21775477 1914390 3756589 104553727 87498703 1646426 -52221 1741168 3158832 84192908 0.15870 0.83790 0.00340 0 0 3700287 3700287 2336077 219248867 91606582 129978362 4153625 3784304 369321 3207624 3207624 137255594 Liquid Market Fund 17385604 F Second Mortgages for Employees 389148 C Alternative Investments 96927425 F 114702177 Annuities 636515 Post-Retirement and Post-Employment Benefits 1324345 Operating Lease Liabilities 280834 2241694 X 80498170 11692284 -72106510 -60414226 140912396 633007 633007 141545403 71678425 0 71678425 633007 72196064 72829071 144507496 Part III, Line 1a: Collections and works of art: Collections (musical instruments, historical treasures and similar treasures held as part of collections), which were acquired through purchases or contributions since the College's inception, are not reflected in the statements of financial position. As of May 31, 2024 and 2023, the insured value of these items was approximately $4,500,000. In addition, as of May 31, 2024 and 2023, the College has a Life Estate interest in artwork and museum furnishings valued at approximately $4,400,000. The collections are subject to the College's policy that requires proceeds from their sales to be used for direct care of collections or acquire other items for collection. There were no amounts realized for deaccession of collections for the year ended May 31, 2024 and 2023. Part III, Line 4: Teaching, research, exhibition and publication are the foremost ongoing goals of the gallery's permanent collection. To best serve the Lake Forest College community and its non-community constituents, the gallery will continue to collect the best of the past and the present, acquiring art that is of high aesthetic quality and historic importance, objects representative of major period styles and significant movements and directions, objects consonant with the gallery's current holdings. Part V, Line 4: The College's endowment provides revenue to support the general operations of the College primarily for academic and scholarship programs. Individual funds are managed by the donor's intent. Part X, Line 2: The College has received a determination letter from the Internal Revenue Service indicating that it is a tax-exempt organization as provided in Section 501(c)(3) of the Internal Revenue Code of 1986 and, except for taxes pertaining to unrelated business income, is exempt from federal and state income taxes. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the College may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the College and various positions related to the potential sources of unrelated business taxable income (UBIT). The College has no amounts accrued for interest or penalties as of May 31, 2024. There were no unrecognized tax benefits identified or recorded as liabilities for the reporting periods presented in these statements. Part XI, Line 2d - Other Adjustments: Change in Value of Beneficial Interests / Split Interest Agreements 134,881. Change in Post-Retirement / Post-Employment Liability -45,327. Scholarships -72,158,053. UBI Taxes -38,011. Part XII, Line 4b - Other Adjustments: Scholarships 72,158,053. UBI Taxes 38,011. Schedule D, Part XI, Line 4(b) - Scholarships Scholarships awarded are shown net of revenue on the audited financial statements. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The College uses its website, posters and its recruitment literature to advertise its nondiscrimination policy. At least 40 percent of the students come from outside the Illinois region, so this method has been more effective than using newspaper or broadcasting media. Schedule E, Part I, Line 6 The College receives funds from the Department of Education on behalf of students. Programs include the Federal Pell Grant program, Federal Supplemental Opportunity Grant, Federal Perkins Loan program, Federal Direct Lending, and Federal Work-Study program. The College also receives grants from the National Science Foundation. 1 Scholarships 1869 72158053 Part I, Line 2: Scholarships are awarded to students on the basis of need and merit. The amount of the award is applied directly to the students account. All records and amounts are substantiated in the records of the financial aid office. X X 1 1 X X X X 1 0 0 0 0 0 0 0 0 Jill Baren President 480169 0 0 0 65860 0 23100 0 4728 0 573857 0 0 0 Shawn Vogen Former VP for Advancement/Secretary 19312 0 0 0 278343 0 1352 0 1300 0 300307 0 0 0 Lori Sundberg VP for Finance/Planning; Treasurer 216959 0 0 0 51980 0 15654 0 11575 0 296168 0 0 0 Stephen D Schutt President (until 6/30/23) 197100 0 0 0 33313 0 14352 0 24166 0 268931 0 0 0 Christopher Ellertson Vice President for Enrollment 227894 0 0 0 3658 0 16462 0 12424 0 260438 0 0 0 Davis Schneiderman Provost and Dean of Faculty 172016 0 0 0 26625 0 13798 0 30808 0 243247 0 0 0 Jacqueline Slaats VP for Career Advancement/Athletics 190376 0 0 0 1251 0 13613 0 9004 0 214244 0 0 0 Nancy Brekke Associate Professor (until 8/31/23) 71804 0 0 0 114479 0 6010 0 6237 0 198530 0 0 0 Ravikant Agarwal Chief Information Officer 172761 0 0 0 375 0 13340 0 7130 0 193606 0 0 0 Richard Bartolozzi Senior Director of Gift Planning 159875 0 0 0 1007 0 13035 0 6644 0 180561 0 0 0 Andrea Conner VP/Dean of Students (until 7/31/23) 115125 0 0 0 45448 0 8493 0 9694 0 178760 0 0 0 Jacqueline Hoefler VP for Marketing and Communication 139196 0 0 0 3440 0 11658 0 13525 0 167819 0 0 0 David Siebert Former Dir of Facilities Management 12258 0 0 0 149085 0 981 0 1300 0 163624 0 0 0 Dejuran Richardson Professor of Mathematics 134098 0 0 0 11578 0 10953 0 6539 0 163168 0 0 0 Janet McCracken Professor of Philosophy 133364 0 0 0 3830 0 10936 0 7066 0 155196 0 0 0 Part I, Line 1a Off-campus housing was provided to the President (Jill Baren) as a condition of employment and is nontaxable under IRC 119. The College purchases cleaning services for the President's off-campus housing due to hosting college sponsored events at this location. The services are non-taxable. Part I, Line 4a In 2023, the following individuals received severance payments: Shawn Vogen - $275,000 Andrea Conner - $42,000 A Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construction of Residence Hall 0 0 0 B Illinois Finance Authority Revenue Refunding 861091967 000000000 2022-06-13 38150000 Construction and Refinance of 2012 and 2014 Bonds 0 0 0 A 6044822 138011 5906811 2010 0 0 1 1 B 495000 38902603 751010 13529424 24622169 2022 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: Illinois Finance Authority Date the Rebate Computation was Performed: 07/31/2018 Substantial Contributor Substantial Contributor 6973177 Independent Contractor Arrangement 0 X 9 601259 FMV 0 0 1 0 Part I, Column (b): Reporting the number of contributions. Form 990, Part VI, Section A, line 1a The executive committee shall consist of the chairperson of the board, the vice chairpersons of the board, the secretary of the board, the President of the College, and such other trustees as may be appointed to the executive committee by the board of trustees. Only present charter trustees shall be entitled to vote or need be counted for purposes of a quorum at meetings of the executive committee. The executive committee shall serve at the pleasure of the board of trustees and shall have interim general charge of the affairs of the College. The executive committee shall have power to act and to exercise all authority vested in the board between regular meetings of said board, except for the following, which shall be reserved for the board: presidential selection and termination; trustee and board-officer election; changes in institutional mission and purposes; changes to the charter, articles of incorporation, and bylaws; incurring of college indebtedness; sale of college assets or tangible property; adoption of the annual budget; and conferral of degrees. The executive committee shall assist the chairperson of the board and President with their joint responsibility to help the board function effectively and efficiently by suggesting board meeting agenda items and periodically assessing the quality of committee work. The committee shall report its actions at the next meeting of the board of trustees. Form 990, Part VI, Section B, line 11b The Form 990 is reviewed by the VP for Finance and AVP for Business. RSM presents the Form 990 to the Financial Stewardship Committee to approve prior to filing. The College also provides a copy of the Form 990 to the board of trustees on a secure website prior to filing the form with the IRS. Form 990, Part VI, Section B, line 12c All interested persons are required to disclose conflicts annually. Forms are sent to board members, senior administrators, and all department managers. The secretary of the College accumulates all disclosure statements for board members and furnishes them to the chairman of the board. The secretary of the College reports to the chairman of the board those individuals who fail to furnish an annual statement. Board members and senior administrators who have declared a conflict of interest, or who have been found to have a conflict of interest, shall refrain from participating in any proposed transactions involving outside interest held by the board member or senior administrator. This includes consideration of the transaction or voting, unless the board or administration requests information or interpretation for special reasons that are stated on the record or in writing. Should a determination regarding the existence of a conflict of interest matter require an executive committee or board vote to resolve, those concerned shall not be present at the time of the vote. The VP of Finance collects and reviews the forms which are not board members or senior administrators. Compliance is checked by the VP of Finance, and conflicts are resolved with the review of the President. Noncompliance is a performance issue and appropriate actions are taken. Form 990, Part VI, Section B, line 15 The College has a total compensation philosophy which has been approved by the compensation committee of the board of trustees and has been communicated to all staff. Compensation for the President is targeted at the median of the defined peer group. The peer group of colleges includes the Associated Colleges of the Midwest (ACM) and the Great Lakes Colleges Association (GLCA). The compensation committee periodically reviews IRS Form 990 filings from both groups as well as the ACM and GLCA and CUPA surveys to ensure that total compensation levels for the President conforms to the approved total compensation policy. These procedures were undertaken in our fiscal year which was June 1, 2023 through May 31, 2024, and calendar year 2023. Form 990, Part VI, Section C, line 19 Documents are available on the College's internal website, and available upon request if intranet access is not granted. Also the form is available for public information through external websites. Form 990, Part XI, line 9: Change in Value of Beneficial Interest / Split Interest Agreements 134,881. Change in Post-Retirement / Post-Employment Liability -45,327. LFC Investment Holdings LP 550 S Tryon St Suite 3500 Global En Charlotte NC 28202 364797996 Investments DE N/A Excluded 2345784 108420333 0 40085 0 1.00000 Charitable Remainder Trusts (4) 555 N Sheridan Rd Lake Forest IL 60045 Trusts IL N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0