2017-02-07T17:31:10-06:00 2016-06-30 381357951 PLANTE & MORAN PLLC 10 S Riverside Plaza 9th Floor Chicago IL 60606 990 2015-07-01 362216167 LAKE FOREST ACADEMY LAKE 8476153213 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 Michael J Reidy Chief Financial Officer 8476153213 2017-02-02 1 Kimberly A Haumann P00546491 3122071040 2017-02-01 2015 2021-01-29 14:40:06Z john a strudwick 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 36856958 0 X WWW.LFANET.ORG X 1857 IL Educational Program - Independent College Preparatory School. 28 27 157 287 1424654 0 6521585 6622731 21254487 21816743 -204993 578194 1500302 1497512 29071381 30515180 4322689 4562617 0 0 9323250 9834429 0 0 2313861 12504619 12753667 26150558 27150713 2920823 3364467 90772051 97499628 37532219 41512608 53239832 55987020 X Lake Forest Academy strives to embody in its practices and to cultivate in its students excellence of character, scholarship, citizenship, and responsibility. 0 0 19982259 4562617 21845278 Lake Forest Academy (LFA) represents the 1974 merger of the original Lake Forest Academy, a boys' preparatory school founded in 1857, and Ferry Hall, a girls' preparatory school founded in 1869. Today's LFA is home to 435 students from 18 states and 36 countries where 48% are boarders. LFA operates as a boarding school with 74% of the teaching faculty residing on campus. LFA's campus is the former estate of J. Ogden Amrour which underwent adaptive reuse in 1948 to house the present school. Over the course of 70 years the school has grown and kept pace with educational demands, both in teaching practices and technology.LFA is guided by a Board approved strategic plan that reaffirms its mission representing four pillars: character, scholarship, citizenship and responsibilities. A new vision embracing global pluralism helps not only distinguish LFA among schools, but is a frequent lens by which progress on character, citizenship, and responsibility are measured and evaluated.Increasing demand for admission, enviable college placement, a strong financial position, plus a strong commitment to financial aid are the hallmarks of who we are: financially stable, diverse and a full school with top-ranked students; making LFA one of the leading boarding schools in the Midwest. 19982259 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 1 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 57 0 1 157 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X Michael J Reidy 8476153213 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 Christopher E Freeburg Treasurer/Trustee 1.00 X X 0 0 0 Gloria W Harper Vice Chair/Trustee 1.00 X X 0 0 0 J Michael Schell Chair/Trustee 1.00 X X 0 0 0 Richard L Zhao SECRETARY/Trustee 1.00 X X 0 0 0 Zaid I S Abdul-Aleem Trustee 1.00 X 0 0 0 Makola M Abdullah Trustee 1.00 X 0 0 0 Sam E Adam Jr Trustee 1.00 X 0 0 0 Sylvia Barros Trustee 1.00 X 0 0 0 Kenny Bozorgi Trustee 1.00 X 0 0 0 Patrick J Carroll II Trustee 1.00 X 0 0 0 Charles T Cooper Trustee 1.00 X 0 0 0 J Patrick Corsiglia Trustee 1.00 X 0 0 0 Jim C Cowart Trustee 1.00 X 0 0 0 Rachel E Goshgarian Trustee 1.00 X 0 0 0 William J Hayes Trustee 1.00 X 0 0 0 Maurice L Holmes Trustee 1.00 X 0 0 0 Michele Marsh Ihlanfeldt Trustee 1.00 X 0 0 0 Ned Jessen Trustee 1.00 X 0 0 0 Gregory K Jones Trustee 1.00 X 0 0 0 Erik S Kimble Trustee 1.00 X 0 0 0 Rumi Kuli Trustee 1.00 X 0 0 0 Michael P Leonard Trustee 1.00 X 0 0 0 Ben Malek Trustee 1.00 X 0 0 0 John S Marlatt Trustee 1.00 X 0 0 0 Katherine Gray Pollock Trustee 1.00 X 0 0 0 Judith Reid-Anderson Trustee 1.00 X 0 0 0 Marianne Silver Trustee 1.00 X 0 0 0 Mark S Simonian Trustee 1.00 X 0 0 0 Strudwick John Head of School 60.00 X 374286 0 160015 Reidy Michael Chief Financial Officer 40.00 X 172379 0 34882 Susan Hoagland Dean of External Relations 40.00 X 130503 0 26597 Darrin Madeley Athletic Director 40.00 X 110502 0 19660 Catherine Morrison Dean of Communications 40.00 X 112088 0 21252 William Dolbee Associate Head of School 40.00 X 105042 0 27994 Andrew Kerr Post-Employment Consultant 40.00 X 175358 0 31540 1180158 0 321940 8 1 1 0 Sodexo USA Inc 4880 Paysphere Circle Chicago IL 60674 Management Company 3049566 AC of Lake Forest Inc 13110 Hwy 176 Lake Bluff IL 60044 General Contractor 2101666 Witmer & Associates PC 272 E Deerpath Ste 316 Lake Forest IL 60045 Architect 309200 Northern Trust 50 S LaSalle St Chicago IL 60603 Investment Management 118032 4 935585 5687146 449773 6622731 tuition 611600 20909210 20909210 facility rental 531390 778398 778398 academic fees & sales 611600 91021 91021 student fees 611600 38114 38114 21816743 459835 459835 29193 0 29193 29193 29193 6249340 6123387 7594 125953 -7594 118359 118359 5400 935585 35886 -30486 -30486 203446 174911 28535 28535 catered events 722320 1424654 1424654 miscellaneous 900099 45616 45616 1470270 30515180 21845278 1424654 622517 4562617 4562617 741561 519093 111234 111234 6671966 4670376 1000795 1000795 736853 515797 110528 110528 1164247 814973 174637 174637 519802 363862 77970 77970 96184 96184 37400 37400 113639 113639 55545 55545 40610 40610 780068 535681 125387 119000 661182 435201 136013 89968 476281 476281 2951348 2361078 590270 246451 184838 61613 facilities contract 2270037 1589026 454007 227004 catering and cafeteria 2220106 812832 1177731 229543 services 1284155 936537 304837 42781 fees & subscriptions 346741 309083 22828 14830 1173920 854374 203975 115571 27150713 19982259 4854593 2313861 6698799 4660915 1219945 1100488 5032243 6213138 2870826 2915809 90787 102894 311476 312596 81113664 30202135 45123124 50911529 14368384 13887789 14272904 15197981 783563 2196489 90772051 97499628 1759668 1349664 16085596 15807779 16255000 16415000 1938000 6781035 1493955 1159130 37532219 41512608 X 37781312 38774000 6650048 6212678 8808472 11000342 53239832 55987020 90772051 97499628 3364467 -617279 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 30167672 2197196 -212019 1966590 30186259 29271615 588790 465450 158183 30167672 25570757 1914423 3923870 2137435 29271615 23176119 2766368 2057624 2429354 25570757 23923689 1086093 -473592 1360071 23176119 0.61900 0.36200 0.01900 1 0 79267 79267 43936106 12373875 31562231 16422498 9317789 7104709 7456688 4830664 2626024 13219105 3679807 9539298 50911529 bank common trust funds 12090937 F private equity limited partnerships 3107044 F 15197981 Capital Lease Obligation 172063 Swap 987067 1159130 X 25427930 -617279 210797 -406482 25834412 113639 4567129 4680768 30515180 22680742 210797 210797 22469945 113639 4567129 4680768 27150713 Part V, Line 4: The endowment fund is invested to provide a predictable stream of income to support the school's programs. Part X, Line 2: Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the School and recognize a tax liability if the School has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing authorities. Management has analyzed the tax positions taken by the School and has concluded that as of June 30, 2016 and 2015, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The School is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Part XI, Line 2d - Other Adjustments: fundraising expenses netted against revenue 35,886. cogs 174,911. Part XI, Line 4b - Other Adjustments: financial aid 4,562,617. withholding tax 4,512. Part XII, Line 2d - Other Adjustments: fundraising expenses netted against revenue 35,886. COGS 174,911. Part XII, Line 4b - Other Adjustments: financial aid 4,562,617. Withholding tax 4,512. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 THE SCHOOL COMMUNICATES ITS NON-DISCRIMINATION POLICY ON ITS WEBSITE, in all admission MATERIALS, CATALOGS, AND VIEWBOOKS, AND IN ALL JOB POSTINGS AND FACULTY RECRUITMENT MATERIALS. South America 0 1 Program Services Student Recruitment 1309 North America 0 1 Program Services Student Recruitment 10059 North America 0 2 Program Services Athletics 10802 North America 0 1 Program Services Conference 596 Central American 0 3 Program Services Educational Trip 49921 East Asia/ Pacific 0 1 Program Services Student Recruitment 7441 East Asia/ Pacific 0 2 Program Services Conference 3692 East Asia/ Pacific 0 5 Program Services Fundraising & Student Recruitment 23605 Europe 0 1 Program Services Conference 2500 Europe 0 2 Program Services Educational Trip 12069 Europe 0 1 Program Services Student Recruitment 6439 0 16 0 4 0 20 107425 21008 128433 1 0 0 0 0 0 Gala Auction 940985 935585 5400 35886 940985 935585 5400 35886 35886 -30486 1 Financial Aid 93 60680 3030850 FMV free or discounted tuition & a stipend for books & educational supplies Merit Aid 14 98000 FMV discounted tuition. Tuition Remission 17 676600 FMV free tuition provided to children of faculty & staff Part I, Line 2: Grants to students are based on financial need which is determined by the school scholarship service. Scholarships to students are based on merit only (academic excellence and extracurricular involvement). Children of faculty and staff are automatically eligible for full scholarship, but must meet admissions requirements to qualify. X X X 1 1 X X X X 1 1 0 0 0 0 0 1 0 Strudwick John Head of School 319439 0 50114 0 4733 0 95618 0 64397 0 534301 0 0 0 Reidy Michael Chief Financial Officer 172379 0 0 0 0 0 17763 0 17119 0 207261 0 0 0 Susan Hoagland Dean of External Relations 129607 0 156 0 740 0 13235 0 13362 0 157100 0 0 0 Andrew Kerr Post-Employment Consultant 87750 0 0 0 87608 0 17940 0 13600 0 206898 0 0 0 Part I, Line 1a HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE HEAD OF SCHOOL - PER EMPLOYMENT CONTRACT - RESIDENCE IS ON PREMISES. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES HEAD OF SCHOOL REIMBURSABLE BUSINESS EXPENSE PER HEAD OF SCHOOL EMPLOYMENT CONTRACT PERSONAL SERVICES HEAD OF SCHOOL - IN RECOGNITION OF BUSINESS USE OF PERSONAL RESIDENCE OF HEAD OF SCHOOL AND AUTHORIZED BY COMPENSATION COMMITTEE all the above benefits, except housing, were considered taxable compensation and were included in wages. Part I, Lines 4a-b FROM 7/1/2015 TO 12/31/15, ANDREW KERR - FORMER HIGHEST COMPENSATED EMPLOYEE - RECEIVED COMPENSATION TOTALING $106,431 WHICH CONSISTED OF SEPARATION OF DUTY PAYMENTS AND BENEFITS . HEAD OF SCHOOL, 457F EMPLOYER CONTRIBUTIONS - THE HEAD OF SCHOOL IS COVERED BY A NONQUALIFIED DEFERRED COMPENSATION PLAN. UNDER THE PLAN, PARTICIPANTS UNVESTED ACCOUNT BALANCES ARE CREDITED AT THE DISCRETION OF THE ORGANIZATION. PARTICIPANT BALANCES VEST PERIODICALLY OVER A TERM OF SEVERAL YEARS OR UPON THE DEATH OR DISABILITY OF A PARTICIPANT. NO AMOUNTS WERE PAID TO ANY PARTICIPANTS DURING THE CURRENT YEAR. $63,975 WERE CREDITED TO PARTICIPANT ACCOUNTS DURING THE CURRENT YEAR. Part I, Line 7 the Compensation Committee of the Board approved a one time bonus payment of $100,000 for this year. This incorporated a $50,000 bonus in recognition of another very strong year for LFA and the impact of strong leadership, and a $50,000 one-time recognition of the very successful conclusion of the Campaign for LFA. $50,000 of such bonus has been deferred. this was based on PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. A ILLINOIS DEVELOPMENT FINANCE AUTHORITY VARIABLE RATE DEMAND REVENUE BONDS 861091967 2016-06-21 16415000 See Part VI 0 0 0 A 16415000 168500 14464588 1781912 2016 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 0 1 0 0 0 1 A 1 SCHEDULE K, PART I, BOND ISSUES, COLUMN F CONSTRUCTION AND RENOVATION OF CAMPUS FACILITIES AND PAY ISSUANCE COSTS AND REFUNDING OF ILLINOIS DEVELOPMENT FINANCE AUTHORITY VARIABLE RATE DEMAND REVENUE BONDS DATED DECEMBER, 1994 AND JULY, 2000. Trustee trustee and family members 24078 financial aid FINANCIAL AID - TUITION loring strudwick wife of the head of school 92036 employment at lake forest academy as an instructor of mathematics. 0 FORM 990, SCHEDULE L, PART III FOR CONFIDENTIALITY PURPOSES THE NAMES OF INDIVIDUALS RECEIVING FINANCIAL AID ARE NOT DISCLOSED. THE PROCESS FOR DETERMINING FINANCIAL AID IS THE SAME FOR TRUSTEE FAMILY MEMBERS AS IT IS FOR ANY OTHER INDIVIDUAL RECEIVING AID. X 11 449773 fmv at date of contribut 0 1 0 Form 990, Part VI, Section B, line 11 THE BOARD OF TRUSTEES HAS DELEGATED THE RESPONSIBILITY FOR REVIEWING AND RECOMMENDING APPROVAL OF THE FORM 990 TO THE FINANCE AND EXECUTIVE COMMITTEES OF THE BOARD. FOLLOWING SUCH RECOMMENDATION AND PRIOR TO THE BOARD MEETING, THE BOARD IS SO NOTIFIED AND INFORMED OF ITS POSTING ON THE WEBSITE. IT IS ALSO MADE AVAILABLE AT THE BOARD MEETING AT WHICH THE 990 IS APPROVED. Form 990, Part VI, Section B, line 12c The conflict of interest policy is discussed under any other business at the Fall Board of Trustees meeting. Forms are distributed to Trustees at that time and an electronic version is also available on our website page for Trustees. Trustees are required to sign a form annually that they understand and agree by the conflict of interest policy. Any potential conflicts that arise during the year are assigned to the Committee of Trustees and the Board for discussion and resolution. Form 990, Part VI, Section B, line 15 The base salary and other compensation provisions for the Head of School are fixed by contract. The contract and compensation matters are administered on behalf of the Board by an ad hoc compensation committee consisting of the chair of the board and certain members of the executive committee. The compensation committee conducts an annual review of the HOS's performance based upon goals established at the beginning of the year and determines whether to award a performance bonus and, if so, how much. The contract provisions were developed after taking into account comparative compensation data furnished by an outside expert, among other criteria. The Head of School uses NAIS data, annual evaluations, and a salary scale to determine the compensation for officers and other key employees within the constraint of a total compensation budget set by the Board of Trustees. Form 990, Part VI, Section C, line 19 Information not otherwise restricted is made available to the public upon written request submitted to the executive assistant to the head of school.