2017-12-19T12:00:06-06:00 2017-06-30 350921680 CROWE HORWATH LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2016-07-01 237013253 Lake Forest Graduate School of Management LAKE 8472345005 1905 W Field Court Lake Forest IL 60045 Thomas J Perozzi Chief Financial Officer 2017-12-18 true John Woodhull P01305268 3128997000 2016 2018-03-14 21:41:22Z Jeffrey J Anderson 1905 W Field Court Lake Forest IL 60045 9780164 false X www.lakeforestmba.edu X 1946 IL Lake Forest Graduate School of Management (LFGSM) is a private, nonprofit institution of higher education dedicated to improving the ability of working professionals and organizations to make significant business contributions that lead to outstanding and measurable results. 14 12 160 250 0 0 166891 74477 9052398 9411438 169582 151053 132562 143196 9521433 9780164 538546 483319 0 0 6247521 6807737 0 0 450098 3425052 2935804 10211119 10226860 -689686 -446696 17951136 18582631 1488703 2072663 16462433 16509968 Lake Forest Graduate School of Management (LFGSM) is a private, nonprofit institution of higher education dedicated to improving the ability of working professionals and organizations to make significant business contributions that lead to outstanding and measurable results. LFGSM grants MBA degrees and specializes in management development educational programs for managers and executives of area businesses and other organizations. The majority of LFGSM's students enrolled are from Chicago, Illinois and its surrounding suburbs. false false 5579237 483319 7503530 LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT COMBINES TRADITIONAL AND LEADING-EDGE ACADEMICS WITH A PRACTITIONER FACULTY THAT PROVIDES A DYNAMIC CONNECTION WITH THE REAL WORLD OF BUSINESS. THIS DISTINCTIVE APPROACH RESPONDS DIRECTLY TO THE RESULTS-ORIENTED DEMANDS OF TODAY'S BUSINESS ENVIRONMENT WHILE SATISFYING ACADEMIC RIGOR. OUR FACULTY MEMBERS OFFER DIVERSE PERSPECTIVES AND REPRESENT A WIDE ARRAY OF ORGANIZATIONS, INDUSTRIES, AND FUNCTIONS. THEY BLEND SOLID BUSINESS THEORY WITH PRACTICAL EXPERIENCE, SO STUDENTS RECEIVE A HANDS-ON EDUCATION THAT IS UNMATCHED. ALL OF OUR FACULTY MEMBERS HAVE EXTENSIVE PRACTICAL EXPERIENCE IN THE SUBJECT AREAS THEY TEACH. BUILDING ON THE SKILLS STUDENTS BRING TO THE PROGRAM, OUR COURSES SHARPEN THEIR ANALYTICAL ABILITIES BY COMBINING COURSE WORK WITH DAY-TO-DAY PROFESSIONAL EXPERIENCES. OUR GENERAL MBA PROGRAM OFFERS A BROAD KNOWLEDGE BASE IN EVERY AREA NEEDED FOR SUCCESS IN TODAY'S BUSINESS WORLD. INTERACTIVE AND PERSONAL, OUR FACULTY MEMBERS INCORPORATE A WIDE RANGE OF TEACHING METHODOLOGIES, INCLUDING FACILITATED DISCUSSION ON ISSUES AND RESPONSIBILITIES FACING MANAGEMENT TODAY. 1420115 1909916 LAKE FOREST CORPORATE LEARNING SOLUTIONS (CLS) IS A PART OF LAKE FOREST GRADUATE SCHOOL WHICH PROVIDES INTERRELATED FORMAL CLASSROOM BUSINESS EDUCATION INSTRUCTION IN THE FORM OF CERTIFICATE PROGRAMS AND SHORT-TERM WORKSHOPS IN SUBJECTS SUCH AS STRATEGIC EXECUTION, FINANCE, COMMUNICATION, LEADERSHIP DEVELOPMENT, NEGOTIATIONS, PROJECT MANAGEMENT, MANAGING CHANGE, AND SALES. CLS PROVIDES THESE PROGRAMS TO CORPORATIONS, PRIMARILY IN THE CHICAGO AREA. CLS DEVELOPS CURRICULA, WHICH WHEN DELIVERED THROUGH FORMAL CLASSROOM INSTRUCTION ENABLE EMPLOYEES OF THOSE ORGANIZATIONS TO BROADEN THEIR BUSINESS KNOWLEDGE, AND TO HELP THEM MOVE FROM INDIVIDUAL CONTRIBUTOR TO ORGANIZATIONAL CONTRIBUTORS. THIS IS ACCOMPLISHED BY TAILORING CURRICULA, CONTENT, AND PROGRAMS TO MEET SPECIFIC NEEDS OF THE EMPLOYEES OF THE CORPORATIONS. 6999352 true true false false false false false false false true true false false false false true true false true false false false false false false false false false true true false false false false false false false false false false false false false false false false false true 660 0 true 160 true false false false false false true true false false false false X 14 12 false false false false false false false true true false false true true true true true true true true false X THOMAS J PEROZZI 8475745168 1905 W FIELD COURT LAKE FOREST IL 60045 Jeffrey Anderson President & CEO 38.0 X X 276364 0 48316 David McDonough Board Chair 1.0 X X 0 0 0 John Pappas Trustee / Faculty / Secretary 1.0 X X 29080 0 0 Kenneth A Hoffman Board Vice Chair 1.0 X X 0 0 0 Antoinette Gawin (Partial Year) Trustee 1.0 X 0 0 0 Carlos Minetti Trustee 1.0 X 0 0 0 Christopher Kempa Trustee 1.0 X 0 0 0 Edward O Carney Trustee 1.0 X 0 0 0 John F Ginascol Trustee 1.0 X 0 0 0 Leanna J Walther Trustee 1.0 X 0 0 0 Patricia Coffey Trustee 1.0 X 0 0 0 Stephen Schutt Trustee 1.0 X 0 0 0 Todd Litzsinger Trustee 1.0 X 0 0 0 William Colbourne Trustee 1.0 X 0 0 0 Joher S Akolawala Trustee 1.0 X 0 0 0 Greg Kozak VP-RDI & Information Technology 38.0 X 160410 0 36996 Stasia Zwisler VP HR & Fundraising 38.0 X 138858 0 38294 Carrie Buchwald VP Corporate Learning Solutions 38.0 X 131289 0 36989 Bryan Watkins VP, Chief Academic Officer 38.0 X 140587 0 38426 Thomas J Perozzi CFO and VP Finance 38.0 X 102861 0 13365 Neil Holman Dean Corporate Learning Solutions 38.0 X 104551 0 14643 Cheryl Boncuore Dean, Faculty and Degree Programs 38.0 X 111815 0 17191 Malcolm Douglas Former CFO and VP Finance 0.0 X 183049 0 17510 1378864 0 261730 9 true true false Kelly Scott & Madison Inc 303 E Upper Wacker Dr Chicago IL 60601 Marketing 279572 Marketing Partnerships International 20 N Wacker Dr Suite 1622 Chicago IL 60606 Marketing 169914 2 74477 74477 MBA PROGRAM TUITION 900099 7485254 7485254 NON-DEGREE BUSINESS PROGRAMS 900099 1909916 1909916 OTHER MBA PROGRAM FEES 900099 16268 16268 0 0 0 0 9411438 151053 151053 141188 141188 0 141188 141188 0 0 0 0 0 Miscellaneous Revenue 900099 2008 2008 0 0 0 0 2008 9780164 9413446 0 292241 483319 483319 1335612 600326 721400 13886 4350920 3098559 921094 331267 300553 166108 111099 23346 494842 273487 182917 38438 325810 204830 99972 21008 14423 14423 66975 66975 0 0 0 0 631870 631870 92142 48639 41846 1657 131444 65422 66022 326398 326398 47869 38456 8888 525 29207 24516 4691 465780 312073 153707 58701 37245 21456 Program Services 391537 391537 Student Services and Institutional Support 395383 95517 279895 19971 Operations and Maintenance 284075 201050 83025 0 0 0 0 10226860 6999352 2777410 450098 754622 1024545 635541 1464122 36874 19869 1242863 1546822 0 0 0 0 0 0 0 68946 139443 13131333 5571385 7952188 7559948 7260102 6827882 0 0 0 0 0 0 17951136 18582631 879806 1480612 0 0 608897 592051 0 0 0 0 0 0 0 0 0 0 0 1488703 2072663 X 15354312 15414299 908121 895669 200000 200000 0 0 0 0 0 0 16462433 16509968 17951136 18582631 -446696 494231 0 0 0 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 437700 0 24170 3850 0 0 458020 434166 0 14834 11300 0 0 437700 388039 0 54909 8782 0 0 434166 363352 3600 37877 16790 0 0 388039 381689 1000 -6587 12750 0 0 363352 0.0 0.44 0.56 false false 2253006 2253006 8501924 3582449 4919475 708244 423873 284371 1668159 1565063 103096 7559948 0 X 9807076 494231 16000 0 510231 9296845 483319 483319 9780164 9759541 16000 0 16000 9743541 483319 483319 10226860 Schedule D, Part V, Line 4 Intended uses of endowment funds The Yomine Endowment Fund and the Kaule Endowment Fund are used to provide scholarships to MBA students. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The School has received a determination letter from the Internal Revenue Service indicating that it is a not-for-profit entity as described in Section 501(c)(3) of the Internal Revenue Code ("IRC") and is exempt from federal income taxes on related income pursuant to Section 501(a) of the IRC, except for taxes pertaining to unrelated business income. The School follows guidance with respect to accounting for uncertain tax positions. No provision has been made for income taxes in the accompanying financial statements, as the School has had no significant unrelated business income. If the School incurs interest and penalties, the School recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The School has no amounts accrued for interest or penalties as of June 30, 2017 or 2016. The School has not been examined by any tax jurisdiction. The School has no ongoing federal, state or local tax audits, however, the School's tax returns for 2012 and subsequent years are open to examination. The School does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Scholarships - 483319 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Scholarships - 483319 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY POLICIES ARE INCLUDED IN ALL STUDENT, STAFF, AND FACULTY PUBLICATIONS INCLUDING HANDBOOKS, CATALOGS, AND PERIODICALLY IN MEDIA ADVERTISEMENTS AND OTHER SCHOOL PUBLICATIONS. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT(LFGSM) RECEIVES THE FOLLOWING FINANCIAL AID AND/OR ASSISTANCE FROM A GOVERNMENTAL AGENCY: SCHOLARSHIPS, LOANS, VETERANS BENEFITS, AND SUPPLEMENTAL INFORMATION RESOURCES. ALL LFGSM STUDENTS ARE ELIGIBLE TO APPLY FOR FEDERAL STAFFORD LOANS. IN ADDITION TO STAFFORD LOANS, LFGSM STUDENTS MAY BE ELIGIBLE TO APPLY FOR THE SUPPLEMENTAL FINANCIAL RESOURCES INCLUDING SCHOLARSHIPS, VETERANS BENEFITS, AND PRIVATE LOANS. LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT'S DEPARTMENT OF EDUCATION TITLE IV SCHOOL CODE IS G23192. true SCHOLARSHIPS 313 483319 FMV Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. All grants are in the form of scholarships and are applied toward the cost of tuition only. X X X X true false false false false false false false false Jeffrey Anderson President & CEO 275590 0 0 0 774 0 20827 0 27489 0 324680 0 0 0 Greg Kozak VP-RDI & Information Technology 159996 0 0 0 414 0 12158 0 24838 0 197406 0 0 0 Stasia Zwisler VP HR & Fundraising 138444 0 0 0 414 0 10806 0 27488 0 177152 0 0 0 Carrie Buchwald VP Corporate Learning Solutions 125889 0 5000 0 400 0 10000 0 26989 0 168278 0 0 0 Bryan Watkins VP, Chief Academic Officer 139813 0 0 0 774 0 10961 0 27465 0 179013 0 0 0 Malcolm Douglas Former CFO and VP Finance 84747 0 0 0 98302 0 3990 0 13520 0 200559 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment Malcolm Douglas $98,004. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Purpose of the Executive Committee is threefold: 1. It shall serve at the pleasure of the Board as its agent in helping the President to address essential business issues between regular Board meetings. 2. It shall assist the Chair and the President in 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. 3. It shall assign and / or negotiate committee goals, priorities, and special assignments to some or all standing committees or task forces. Form 990, Part VI, Line 11b Review of form 990 by governing body The completed draft of Form 990 is posted to our Board of Director confidential portal for access and review by all Board members. Board members are emailed that the 990 is available for review and that they have two weeks to review the Form 990 and propose changes before Form 990 is finalized and filed. A copy of the 990 will be emailed upon request by the Board member if they cannot access the Board of Director confidential portal. Form 990, Part VI, Line 12c Conflict of interest policy All sitting Board Members and Officers are required annually to complete and sign a conflict of interest questionnaire which is reviewed by the CFO and any discrepancies are discussed with the President and the Finance and Audit Committee. Board members and Officers are requested to complete 11 questions that cover various possible conflicts of interest, including those required to be disclosed in the Form 990. This process is facilitated by an on-line software tool. All disclosed conflicts are reviewed by management and, if necessary professional tax preparer, to ensure an appropriate response on the Form 990. As a condition of hire, and annually thereafter, all full-time and part-time employees are required to read and sign a Confidentiality & Conflict of Interest Agreement. If a conflict of interest is identified, the V.P. - CFO and other involved parties involved will discuss the issue and will: a. Document the controls that will be followed to achieve compliance, or b. Terminate the arrangement if sufficient controls cannot be put into place to achieve compliance. The signed agreement will be placed in the employee's personnel file. Employees who improperly use or disclose confidential business information or who fail to disclose a conflict of interest from which he/she or a member of his/her family as defined above could gain substantial benefit will be subject to corrective action, up to and including immediate termination of employment, even if they do not actually benefit from disclosure of the information or lack of disclosure of a conflict of interest. Board and committee members who have a conflict of interest which cannot be mitigated, will be reviewed for possible replacement from the Board or Committee. Form 990, Part VI, Line 15a Process to establish compensation of top management official Lake Forest Graduate School of Management's (LFGSM) Executive Committee of the Board of Directors requests an external independent review of compensation and benefits provided to the School's "Interested Persons" (disqualified individuals) to assist the Committee in its assessment of the reasonableness of their compensation compared to market data assembled by an independent third party. The independent third party's processes for collecting and assembling market data is consistent with the Rebuttable Presumption Checklist used by the Internal Revenue Service in conducting compensation reviews as well as contemporary compensation practices. All market data are assembled from reputable, commercially-available surveys, as well as peer review from IRS Form 990 and submissions and then indexed to the Chicago metro area. The study report presents an overview of the total cash and benefits provided to the leadership staff of comparable not-for-profit colleges and universities. The last review of compensation took place in 2016 with the assistance of an external compensation firm. Form 990, Part VI, Line 15b Process to establish compensation of other employees Narrative was combined with Line 15a narrative; see above response. Form 990, Part VI, Line 19 Required documents available to the public Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104. These documents are not available to the public at this time. Form 990, Part VII, Section A, Line 1a Compensation paid to Officers, Directors, Key Employees, etc Compensation paid to board members is provided in exchange for services as faculty members. These persons are not compensated in their position as board members.