2019-04-12T15:34:58-07:00 2018-05-31 990 2017-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Lori Sundberg VP for Finance and Planning 8477355034 2019-04-12 164.68.12.49 2017 2019-02-21 02:37:17Z Stephen Schutt 555 N Sheridan Road Lake Forest IL 60045 106680551 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. 18 17 1448 1200 374901 0 13176122 12013121 80683354 81879390 47584 -140527 1746518 1685992 95653578 95437976 39591483 40406005 0 0 29704262 30969406 0 0 2179616 24769331 27572118 94065076 98947529 1588502 -3509553 216860824 225775523 55671796 59055150 161189028 166720373 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 56 educational and support buildings. The College is accredited by the North Central Association of Schools, and had 1,493 full time equivalent students in the undergraduate level with 124 full time faculty. Bachelor of Arts degrees conferred were 381 during the year, with 16 Master's degrees conferred. The College had approximately 1,180 resident students in the residence halls. 0 0 58618812 40406005 68001634 Academic programs served 1,493 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees conferred was 381 during the year, with 16 Master's degrees conferred. Program costs include academic departments and the faculty salaries and benefits. 13438061 0 1034779 Student Services includes athletics, counseling, admissions, financial aid services, health services, intercultural programming and career development for all students. Residential Life programming is provided for students living on campus. 10458096 0 12808613 Auxiliary services are primarily the cost of providing housing to the students. 77% of the students lived on campus. Students come from 44 states and 78 countries. Other auxiliary programs include costs for faculty housing, printing services, summer conferences, and other services not directly related to the instruction of students. 5354105 0 34364 Academic support includes the cost of the library (facilities, salaries, acquisitions), other types of academic support for students and the costs of administration in academics (e.g. administrative assistants, hiring expenses, personnel of Deans offices). 5354105 0 34364 87869074 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 0 0 0 1 1 0 0 0 1 0 0 0 1 1953 2 1 1448 1 1 1 0 0 0 0 1 1 0 0 0 0 X 18 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Jessica West 8477355039 555 N Sheridan Rd Lake Forest IL 60045 Robert D Krebs Chairman 1 0 X X 0 0 0 Daniel D Dolan Jr '80 Vice Chair 1 0 X X 0 0 0 David F Gorter '80 Vice Chair 1 0 X X 0 0 0 William A Lowry Secretary 1 0 X X 0 0 0 Marsha K Anderson Trustee 1 0 X 0 0 0 Earl J Barnes II '86 Trustee 1 0 X 0 0 0 Charles M Brennan III Trustee 0 0 X 0 0 0 David A Castagnetti '84 Trustee 1 0 X 0 0 0 Doni Fordyce-Urfirer Trustee 1 0 X 0 0 0 James M Hunter '71 Trustee 1 0 X 0 0 0 Randall S Lauer '81 Trustee 1 0 X 0 0 0 Mark A Nagle Trustee 1 0 X 0 0 0 Craig Omtvedt Trustee 1 0 X 0 0 0 Lorna Pfaelzer Trustee 1 0 X 0 0 0 Joanne Storkan Trustee 1 0 X 0 0 0 Stephen C Strelsin Trustee 1 0 X 0 0 0 Claudia Wyatt-Johnson '69 Trustee 1 0 X 0 0 0 Stephen D Schutt President 50 0 X X 338607 0 186281 Michael T Orr Provost and Dean of Faculty 50 0 X 266241 0 90203 Christopher Ellertson Vice President for Enrollment 50 0 X 200919 0 26466 Philip Hood VP Development/Alumni Relations & Secretary 50 0 X 201711 0 17152 Lori Sundberg VP for Finance and Planning 50 0 X 176238 0 24101 Robert A Flot Vice President for Student Affairs & Dean of Students 50 0 X 87444 0 12934 Erin Hoffman Interim Dean of Students 50 0 X 81007 0 16244 Jacqueline Slaats Director Athletics & Sr Advisor to President 50 0 X 160027 0 22686 Richard J Bartolozzi Senior Director Gift Planning 50 0 X 156754 0 23357 James Cubit Head Librarian and Director of IT 50 0 X 150364 0 24241 David Siebert Director of Facilities Management 50 0 X 122608 0 14442 Janet McCracken Professor of Philosophy 40 0 X 121282 0 20486 Ann Roberts Assoc Dean of the Faculty & Professor of Art History 50 0 X 121135 0 22746 2184337 0 501339 27 0 1 0 Aramark Food Corporation 2300 Warrenville Rd Downers Grove IL 60515 Campus Food Services 5298298 Pepper Construction Inc 411 Lake Zurich Road Barrington IL 60010 Construction Services 3440021 Aramark Custodial Corporation 27310 Network Place Chicago IL 60673 Custodial Services 1633489 Air Con Refridgeration & Heating Inc 123 Lake Street Waukegan IL 60085 Heating and Cooling Installation, Repair and Maintenance 1267346 Stantec Architecture Inc 13980 Collections Center Drive Chicago IL 60693 Architecture Services 495638 22 0 0 0 0 952258 11060863 3447024 12013121 Tuition and Fees 611310 67326517 67326517 0 0 Residence Hall and Board Plan 611310 12808613 12808613 0 0 Graduate Programs 611310 211061 211061 0 0 Other Sources 611310 1533199 1533199 0 0 0 0 0 0 81879390 118875 0 -137446 256321 0 0 0 0 0 0 0 0 1185248 0 0 0 1185248 0 1185248 319617 0 865631 10158173 825000 10146570 1096005 11603 -271005 -259402 0 11603 -271005 0 Glen Rowan Guest House 721000 153005 0 153005 0 Print Shop 323100 -1296 0 -1296 0 Ice Rink Rental and Sports Center 713900 349035 0 349035 0 0 0 0 0 500744 95437976 82199007 374901 850947 0 40406005 40406005 0 0 1565968 733918 574393 257657 22901634 18474488 3444143 983003 1354501 982094 304450 67957 3497153 2654914 625319 216920 1650150 1204131 356335 89684 126515 83543 42972 0 185551 185551 569943 569943 8047453 7120591 866936 59926 142897 134079 8818 3020407 2325297 459985 235125 588884 290297 218621 79966 4132276 3901180 219022 12074 894118 767105 34993 92020 667660 556580 38891 72189 1499701 1481721 17980 4826148 4653291 172857 567390 144451 416394 6545 2303175 1955389 341236 6550 98947529 87869074 8898839 2179616 9831097 2757488 2382618 1682782 14053341 13241680 4437707 2228096 0 0 0 0 2727656 2695737 28724 20311 523231 872788 171930458 63940223 93024381 107990235 4499276 2099276 81849266 87293715 0 2410914 2650802 1092613 2242613 216860824 225775523 9901573 8775477 2128216 2102338 3621439 3412226 37065172 35668770 0 0 0 0 0 0 0 6500000 2955396 2596339 55671796 59055150 X 51416417 74314597 45024355 27005031 64748256 65400745 161189028 166720373 216860824 225775523 X -3509553 7643451 775000 0 0 622447 X 0 1 X 1 1 1 X 1 0 0 1 274 0 0 1 213 1 213 0 700 0 Schedule C, Part II-B, Line 1 Members of the College or Trustees may occasionally contact legislators to express the Institutions views on pending legislation which could affect costs or our students. Students of the College have rallied for specific legislative actions, and have participated in volunteer efforts of laws and regulations. We paid two vendors a total of $6,083 and $13,723 in fiscal year 2017-2018, and only 7% and 2%, respectively, of these fees were allocated to lobbying efforts. 0 0 X X X X Teaching 0 87796299 564369 7047262 1637744 3129961 0 90640225 83907058 1085103 7745696 1593300 3348258 0 87796299 88604926 1483117 -1293497 1575866 3311622 0 83907058 83284791 975926 8675689 1356010 2975470 0 88604926 77791034 1250723 8608307 1432546 2932727 0 83284791 0.205 0.685 0.11 0 0 0 2257533 2257533 2336076 150622839 60865339 92093576 0 0 0 0 0 3862433 3074884 787549 0 12851577 0 12851577 107990235 Liquid Market Fund 6349187 F Second Mortgages for Employees 806232 F Alternative Investments 80138296 F 87293715 Annuities 718187 Post-Retirement Post Employment Benefits 1878152 2596339 X 63151484 7643451 775000 0 0 8418451 54733033 569943 40135000 40704943 95437976 57971581 0 0 0 0 0 57971581 569943 40406005 40975948 98947529 Schedule D, Part III, Line 1 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, 2018 and 2017, the College has a Life Estate interest in artwork and museum furnishings valued at approximately $4.4 million. Schedule D, 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. Schedule D, 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. Schedule D, 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. No provision has been made for income taxes in the accompanying financial statements as the College had no material unrelated business income in fiscal years 2018 and 2017. The College follows guidance issued by the FASB, ASU 2009-06, Income Taxes, with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The College recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The College has no amounts accrued for interest or penalties as of May 31, 2018. The College does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The College has determined that its tax provisions satisfy the more likely than not criterion and that no provision for income taxes is required at May 31, 2018. Schedule D, Part XI, Line 4b Scholarships awarded are shown net of revenue on the audited financial statements: $40,406,005. Loss on disposal of assets of $271,005 is shown in non-operating activities on the audited financial statements. Schedule D, Part XII, Line 4b Scholarships awarded and shown net of revenue on the audited financial statements: $40,406,005. 1 1 0 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 form 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 1499 40406005 Schedule I, Part I, Line 2 Grants are only for scholarship and are substantiated in the Financial Aid Office on the basis of need and merit. The grants are applied directly to the tuition statements of the individual students. Only students enrolled at Lake Forest College receive grants. X 1 1 X X X 0 1 0 0 0 0 0 0 0 Stephen D Schutt President 327054 0 0 0 11553 0 117000 0 67773 0 523380 0 0 0 Michael T Orr Provost and Dean of Faculty 261933 0 0 0 4308 0 62950 0 27253 0 356444 0 80000 0 Christopher Ellertson Vice President for Enrollment 199566 0 0 0 1353 0 17484 0 8982 0 227385 0 0 0 Philip Hood VP Development/Alumni Relations & Secretary 198674 0 1970 0 1067 0 17152 0 0 0 218863 0 0 0 Lori Sundberg VP for Finance and Planning 175087 0 0 0 1151 0 15120 0 8981 0 200339 0 0 0 Robert A Flot Vice President for Student Affairs & Dean of Students 87160 0 0 0 283 0 8908 0 4027 0 100378 0 0 0 Erin Hoffman Interim Dean of Students 80894 0 0 0 113 0 7292 0 8982 0 97281 0 0 0 Jacqueline Slaats Director Athletics & Sr Advisor to President 159473 0 0 0 554 0 13704 0 8982 0 182713 0 0 0 Richard J Bartolozzi Senior Director Gift Planning 156284 0 0 0 470 0 14375 0 8982 0 180111 0 0 0 James Cubit Head Librarian and Director of IT 148923 0 0 0 1441 0 13759 0 10482 0 174605 0 0 0 David Siebert Director of Facilities Management 121421 0 1 0 1187 0 11842 0 2600 0 137051 0 0 0 Janet McCracken Professor of Philosophy 120584 0 0 0 697 0 11504 0 8982 0 141767 0 0 0 Schedule J, Part I, Line 1a On-campus housing is provided to the President as a condition of employment and is non-taxable under IRC-119. Schedule J, Part I, Line 3 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 and Officers 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 and Officers conforms to the approved total compensation policy. Schedule J, Part I, Line 4 The Board of Trustees established a 457(f) Plan for the President of the College for the period June 1, 2014 through year 2017. Cumulative amount credited to the 457(f) Plan to date was $438,638. Full vesting occurred on May 31, 2018, at which time the President was eligible to receive the full distribution. Interest is credited using the prime rate. A Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construction Recreational Facility 0 0 0 B Illinois Finance Authority 861091967 45203HJU7 2012-07-24 16375152 Construction of Residence Hall 0 0 0 C Illinois Finance Authority Revenue Refunding Bonds 861091967 2014-10-01 18275000 Refinance 1998 Bonds 0 0 0 A 0 0 6044822 0 0 0 138011 0 0 5906811 0 0 2010 0 0 1 1 B 1100152 0 16375152 1092612 792937 0 319200 0 0 14169403 0 0 2013 0 0 1 1 C 3350000 0 18275000 0 0 0 290831 0 0 0 17984169 0 2014 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 1 1 0 0.00006 0 0.00006 0 0 1 C 0 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 1 1 Northern Trust Bank 10 0 0 0 0 1 A 1 B 1 C 1 Schedule K, Part IV, Line 2c-08/21/2008 6,000,000 Illinois Finance Authority Arbitrage Analysis was performed by the Arbitrage Group through July 2018. The results indicated that there was no rebate liability. Schedule K, Part IV, Line 2c-07/24/2012 16,375,152 Illinois Finance Authority Arbitrage Analysis was performed by the Arbitrage Group on through May 2017. The results indicate that there is no rebate liability. Schedule K, Part IV, Line 2c-10/01/2014 18,275,000 Illinois Finance Authority Arbitrage Analysis was performed by the Arbitrage Group on through June 2016. The results indicate that there is no rebate liability. X 4 0 - X 66 2297024 FMV X 1 1150000 FMV 0 0 1 0 Schedule M, Part I, Line 33 The College does not capitalize works of art in its collection, as allowed under SFAS 116. Number of contributions in Column (B) refers to number of gifts and not the number of items. Gifts of Art include framed paintings and art gallery. Gifts of Public Traded Securities are counted by individual donors and type of stock. These gifts are valued by averaging the high and low market prices as of the date of gift. Form 990, Part I, Line 7a The Form 990-T shows unrelated business income in the amount of $385,304. This amount includes disallowed transportation fringe benefits in the amount of $10,403 which is not reflected on Part VIII, Column C. As a result, Part I, Line 7a is $374,901. Form 990, Part VI, Section A, Line 1a The Executive Committee shall consist of the Chairman and Vice-Chairman of the Board of Trustees, Secretary of the Board, President of the College, Office of the Alumni Association Board, and Chairmen of Standing Committees. The Executive Committee shall have power to act and to exercise authority vested in the Board. The Executive Committee shall assist the Chairman of the Board and the President with their joint responsibility to help the Board function effectively and efficiently. Form 990, Part VI, Section A, Line 8b In cases where the governing body delegated broad authority to the Executive or other committee, adequate documentation was prepared and reported. Form 990, Part VI, Section B, Line 11b The College makes the Form 990 available to Board of Trustees on a limited, and secure website. It makes the form available to others upon request. Also the form is available for public information through external websites. 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 required an Executive Committee or Board vote to resolve, those concerned shall not be present at the time of the vote. The VP of Finance and Controller collects and reviews the forms which are not Board Members or Senior Administrators. Compliance is checked by the VP of Finance and Controller, 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, Officers and Key Employees (President, VP of Development, VP for Finance and Planning, Provost and Dean of the Faculty, Dean of Student Affairs, VP of Enrollment, Athletics Director) 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 and Officers conforms to the approved total compensation policy. These procedures were undertaken in our fiscal year which was June 1, 2017 through May 31, 2018, and calendar year 2017. Form 990, Part VI, Section C, Line 18 The College makes Form 990 available to Board of Trustees by providing a secure link through email, and makes Form 990 available to others upon request. Also the form is available for public information through specific external websites. 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. Form 990, Part XI, Line 9 Change in Beneficial Interest in trusts held by others and change in Split Interest Agreements was $232,066. Change in Post Retirement/ Post Employment Liability $264,638. Change in debt swap value was $125,743. LFC Investment Holdings LP 550 S Tryon St Suite 3500 Global Endowment Charlotte NC 28202 364797996 Investments DE N/A Related 0 0 1 Charitable Remainder Trusts (5) 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