2017-04-18T18:29:56-07:00 2016-05-31 990 2015-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Lori Sundberg VP for Finance and Planning 8477355034 2017-04-18 2015 2021-01-29 14:40:06Z Stephen Schutt 555 N Sheridan Road Lake Forest IL 60045 123455854 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. 22 21 1526 1200 563604 0 17212054 26970271 79489962 79329648 6111616 229132 1646682 1700671 104460314 108229722 36908065 37475985 0 0 28723846 29242211 0 0 2087014 26634860 26568571 92266771 93286767 12193543 14942955 194165223 207677912 56473651 56918488 137691572 150759424 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 1,561 full time equivalent students in the undergraduate level with 106 full time equivalent faculty. Bachelor of Arts degrees conferred were 385 during the year, with 10 Master's degrees were conferred. The College had approximately 1,215 resident students in the residence halls. 0 0 55629562 37475985 66225564 Academic programs served 1,561 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees conferred was 385 during the year, with 10 Master's degrees conferred. Program costs include academic departments and the faculty salaries and benefits. 12632895 0 1174621 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. 10334081 0 12202907 Auxiliary services are primarily the cost of providing housing to the students. 76% of the students lived on campus. Students come from 47 states and 79 countries. Other auxiliary programs include costs for faculty housing, printing services, summer conferences, and other services not directly related to the instruction of students. 4985284 0 25367 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). 4985284 0 25367 83581822 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 0 1 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 2076 2 1 1526 1 1 1 1 FR 0 0 0 1 1 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 IL X X Doris Dumas 8477355039 555 N Sheridan Rd Lake Forest IL 60045 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 1 0 X 0 0 0 Judith Heisley Bishop '88 Trustee 1 0 X 0 0 0 John D Carruthers '90 Trustee 1 0 X 0 0 0 David A Castagnetti Trustee 1 0 X 0 0 0 Daniel D Dolan Jr '80 Vice Chair 1 0 X X 0 0 0 Doni Fordyce-Urfirer Trustee 1 0 X 0 0 0 David F Gorter '80 Trustee 1 0 X 0 0 0 James M Hunter '71 Trustee 1 0 X 0 0 0 Robert D Krebs Trustee 1 0 X 0 0 0 William A Lowry Secretary 1 0 X X 0 0 0 Charles JB Mitchell '64 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 William U Parfet '70 Chairman of the Board 1 0 X X 0 0 0 Lorna Pfaelzer Vice-Chair 1 0 X 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 Katherine Dietze PA '15 Trustee 1 0 X 0 0 0 Stephen D Schutt President 50 0 X X 324446 0 198117 Philip Hood VP Development/Alumni Relations & Secretary 50 0 X 189648 0 23045 Michael T Orr Provost and Dean of Faculty 50 0 X 179567 0 56162 Lori Sundberg VP for Finance and Planning 50 0 X 154678 0 25948 Robert A Flot Vice President for Student Affairs & Dean of Students 50 0 X 147411 0 24938 Christopher Ellertson Vice President for Enrollment 50 0 X 95731 0 15506 Jacqueline Slaats Director Athletics & Sr Advisor to President 50 0 X 149539 0 24491 James Cubit Head Librarian and Director of IT 50 0 X 138067 0 35574 Richard J Bartolozzi Senior Director Gift Planning 50 0 X 129260 0 22051 Carolyn Tuttle Professor of Economics 40 0 X 119858 0 29691 Ann Roberts Assoc Dean of the Faculty & Professor of Art History 50 0 X 117991 0 15026 Janet McCracken Professor of Philosophy 40 0 X 123800 0 22545 1869996 0 493094 20 1 1 0 STANTEC ARCHITECTURE 13980 COLLECTIONS CENTER DR CHICAGO IL 60693 ARCHITECTECT 1132083 NORTHSHORE UNIV HEALTH HP Hospital 777 Park Ave West Highland Park IL 60035 Healthcare Clinic Services 261228 MARIANI ENTERPRISES 300 ROCKLAND AVE LAKE BLUFF IL 60044 Ground Services 217963 CROWE HORWATH LLP PO BOX 71570 CHICAGO IL 60694 AUDIT AND TAX 114730 4 0 0 0 0 928804 26041467 4677675 26970271 Tuition and Fees 611310 65386703 65386703 0 0 Residence Hall and Board Plan 611310 12202907 12202907 0 0 Off Campus Programs 611310 251760 251760 0 0 Graduate Programs 611310 224896 224896 0 0 Other Sources 611310 1263382 1263382 0 0 0 0 0 0 79329648 111905 0 -5280 117185 445 0 0 445 0 0 0 0 1181462 0 0 0 1181462 0 1181462 298811 0 882651 15342914 0 15226132 0 116782 0 116782 0 49675 67107 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glen Rowan Guest House 721000 202609 0 202609 0 Print Shop 323100 6905 0 6905 0 Ice Rink Rental and Sports Center 713900 309695 0 309695 0 0 0 0 0 519209 108229722 79628459 563604 1067388 X 0 0 31348450 31348450 6127535 6127535 0 0 1474475 668783 581654 224038 0 0 0 0 22034593 18569771 2409724 1055098 1583512 1337658 192703 53151 2557579 2111815 336578 109186 1592052 1328445 203083 60524 0 0 0 0 62553 30393 32160 0 111942 0 111942 0 0 0 0 0 0 0 496865 0 496865 0 7119534 7003376 52008 64150 119199 111939 0 7260 3245631 2418883 590099 236649 715352 396035 282818 36499 0 0 0 0 4529150 4518244 0 10906 878880 766658 18154 94068 0 0 0 0 620295 486059 38438 95798 1722198 406928 1315270 0 0 0 0 0 3864849 3674092 190757 0 590253 170363 411279 8611 Off Campus Programs 1079315 1079315 0 0 Library and Info Services 570000 570000 0 0 Equipment, Leases and Memberships 111584 40300 43708 27576 730971 416780 310691 3500 93286767 83581822 7617931 2087014 8977672 12872421 1310259 1282507 5752961 18854629 1911640 3957634 0 0 0 0 2644639 2658866 35664 25537 1041712 579664 141431586 61959049 78898718 79472537 10711103 4907789 77073607 78340283 0 0 4693805 3612158 1113443 1113887 194165223 207677912 5753543 7046006 2174480 2163176 5280770 5006075 40879692 39854581 0 0 0 0 0 0 0 0 2385166 2848650 56473651 56918488 X 49725105 45795981 24394421 41256145 63572046 63707298 137691572 150759424 194165223 207677912 X 14942955 -1511898 0 496865 0 -860070 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 400 0 0 1 300 1 300 0 1000 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 $19,400 in fiscal year 2015-2016, and only 7% of our fees were allocated to lobbying efforts. 0 0 X X X X Teaching 0 88604926 1483117 -1293497 1575866 3311622 0 83907058 83284791 975926 8675689 1356010 2975470 0 88604926 77791034 1250723 8608307 1432546 2932727 0 83284791 69490549 865057 11820500 1493559 2891513 0 77791034 70907176 3827613 -853807 1454929 2935504 0 69490549 0.18 0.72 0.1 0 0 0 2257533 2257533 2336076 129228575 58747501 72817150 0 0 0 0 0 4243119 3211548 1031571 0 3366283 0 3366283 79472537 0 0 Alternative Investments 71609453 F Liquid Market Fund 5852949 F Mortgages and Faculty Housing 877881 F 78340283 0 Annuitiies 897401 Post-Retirement Post Employment Benefits 1951249 2848650 X 68744974 -1511898 0 0 0 -1511898 70256872 496865 37475985 37972850 108229722 55313917 0 0 0 0 0 55313917 496865 37475985 37972850 93286767 Schedule D, Part III, Line 1 Collections (historic treasures and similar treasures held as part of collections) which were acquired through purchases of contributions since the College's inception are not reflected in the Statement of Financial Position. As of May 31, 2016 and May 31, 2015, the insured value of these items was approximately $4,600,000 and $4,500,000, respectively. As of May 31, 2016, the College has a Life Estate Interest in artwork and museum furnishings valued at approximately $4,400,000. 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 2016 and 2015. The College follows guidance issued by the FASB, ASU 2009-06, 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, 2016. The College does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The College has applied this criterion to all tax positions for which the statute of limitations remains open. The tax years open to examination by tax authorities under the statute of limitations include fiscal 2013 through 2015. The College has determined that its tax provision satisfies the more likely than not criterion, and that no provision for income taxes is required at May 31, 2016. Schedule D, Part XI, Line 4b Scholarships awarded and shown net of revenue on the audit statement = -$37,475,985. Schedule D, Part XII, Line 4b Scholarships applied to tuition revenue. 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 Europe (including Iceland and Greenland) 1 1 Program Services 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. 81547 Europe (including Iceland and Greenland) 0 0 Program Services 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. 82984 Central America and the Caribbean 0 0 Grantmaking Grants are only for scholarships 190750 East Asia and the Pacific 0 0 Grantmaking Grants are only for scholarships 677325 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants are only for scholarships 1956535 Middle East and North Africa 0 0 Grantmaking Grants are only for scholarships 207600 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking Grants are only for scholarships 762425 Russia and the newly independent States 0 0 Grantmaking Grants are only for scholarships 375200 South America 0 0 Grantmaking Grants are only for scholarships 217800 South Asia 0 0 Grantmaking Grants are only for scholarships 499700 Sub-Saharan Africa 0 0 Grantmaking Grants are only for scholarships 1240200 1 1 6292066 Scholarships Central America and the Caribbean 8 190750 Applied to Tuition 0 Scholarships East Asia and the Pacific 30 677325 Applied to Tuition 0 Scholarships Europe (including Iceland and Greenland) 61 1956535 Applied to Tuition 0 Scholarships Middle East and North Africa 8 207600 Applied to Tuition 0 Scholarships North America (including Canada and Mexico, but not the United States) 31 762425 Applied to Tuition 0 Scholarships Russia and the newly independent States 13 375200 Applied to Tuition 0 Scholarships South America 7 217800 Applied to Tuition 0 Scholarships South Asia 15 499700 Applied to Tuition 0 Scholarships Sub-Saharan Africa 31 1240200 Applied to Tuition 0 0 0 0 0 0 0 Schedule F, 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. 1 Scholarships 1337 31348450 0 Schedule I, Part I, Line 2 All grants are awarded to enrolled students based on either financial need or merit. Grants are applied directly to the student's account. Scholarships for financial need are determined by the Financial Aid Office. Scholarships for merit are determined by the Admissions Office. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Stephen D Schutt President 312677 0 0 0 11769 0 129750 0 68367 0 522563 0 0 0 Michael T Orr Provost and Dean of Faculty 166459 0 0 0 13108 0 19175 0 36987 0 235729 0 0 0 Philip Hood VP Development/Alumni Relations & Secretary 189390 0 0 0 258 0 19000 0 4045 0 212693 0 0 0 Lori Sundberg VP for Finance and Planning 153659 0 0 0 1019 0 15750 0 10198 0 180626 0 0 0 Robert A Flot Vice President for Student Affairs & Dean of Students 147066 0 0 0 345 0 15042 0 9896 0 172349 0 0 0 Christopher Ellertson Vice President for Enrollment 94441 0 0 0 1290 0 9641 0 5865 0 111237 0 0 0 Jacqueline Slaats Director Athletics & Sr Advisor to President 149039 0 0 0 500 0 15200 0 9291 0 174030 0 0 0 James Cubit Head Librarian and Director of IT 136741 0 0 0 1326 0 14675 0 20899 0 173641 0 0 0 Richard J Bartolozzi Senior Director Gift Planning 128837 0 0 0 423 0 13113 0 8938 0 151311 0 0 0 Janet McCracken Professor of Philosophy 123139 0 0 0 660 0 12696 0 9850 0 146345 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. Dues paid at a local private club allow the President's Office to host college functions at that facility since the club does not allow corporate memberships. Because the President does not make personal use of the club, the benefit is considered non-taxable. Schedule J, Part I, Line 3 The College has written compensation guidelines for the President and Officers. Compensation for each is benchmarked to that of peers at colleges in the Associated Colleges of the Midwest and the Great Lakes Colleges Association. Information about level of reward at other national Carnegie IIB colleges is reviewed. Data from the Chronicle of Higher Education on presidential salaries is also reviewed. Annual goals, objectives and strategic initiatives are set for the President by the Board of Trustees. 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. Amount accrued to the Plan in fiscal year 2015-2016 was $103,250. Cumulative amount credited to the 457(f) Plan to date was $205,146. Full vesting will occur on May 31, 2018, at which time the President will be 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 0 0 16375152 1092612 792937 0 319200 0 0 14169403 0 0 2013 0 0 1 1 C 0 0 18275000 0 0 13093 277738 0 0 0 0 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 done in year 2013. The results indicated that there was no rebate liability. An analysis is to be performed in next fiscal year. Schedule K, Part IV, Line 2c-07/24/2012 16,375,152 Illinois Finance Authority Arbitrage Analysis was performed by the Arbitrage Group on May-June 2016. 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 May - June 2016. The results indicate that there is no rebate liability. X 7 0 NA X 116 4677675 FMV 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 IV, Line 8 Collections (historic treasures and similar treasures held as part of collections) which were acquired through purchases of contributions since the College's inception are not reflected in the Statement of Financial Position. As of May 31, 2016 and May 31, 2015, the insured value of these items was approximately $4,600,000 and $4,500,000, respectively. As of May 31, 2016, the College has a Life Estate Interest in artwork and museum furnishings valued at approximately $4,400,000. 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 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 written Compensation Guidelines for the President of the College. The President's salary is reviewed and set annually by a compensation committee of the Board of Trustees, and a letter is sent to the V. P. for Finance and Planning and Controller with the salary information. The President's salary is documented by the Chair of the Board. The President's salary is benchmarked to that of peer colleges in the Associated Colleges of the Midwest and the Great Lakes Colleges Association. The President's salary is also reviewed with information about level of reward at other national Carnegie IIB colleges, and salary and tax form data published in The Chronicle of Higher Education. These procedures were undertaken in our fiscal year which was June 1, 2015 through May 31, 2016, and calendar year 2015. Line 15b: The College has written Compensation Guidelines for officers of the College. The policy has guidelines for positions reporting to the President; those positions include all officers (VP of Development, VP for Finance and Planning, Provost and Dean of the Faculty, Dean of Student Affairs, VP of Enrollment) and some non-officers (Director of Communications and Marketing and Athletics Director). Compensation for each is benchmarked to that of peer colleges in the Associated Colleges of the Midwest and the Great Lakes Colleges Association. Information about level of reward at other national Carnegie IIB colleges is reviewed. Data published in The Chronicle of Higher Education on salaries from tax forms is also reviewed. Salary data is reviewed and set annually by the President for positions reporting to the President, which is then reviewed with the Chair and Vice Chair of the Board of Trustees. These procedures were undertaken in our fiscal year which was June 1, 2015 through May 31, 2016, and calendar year 2015. During fiscal year 2015-2016 the Compensation Task Committee with advisory council from Trustee members, reviewed salaries of faculty and staff members. The Compensation Task Force Committee was charged to benchmark salaries to independent data from like institutions. 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 IX, Line 11g Subcontracted expenses for meal plan and custodial. Form 990, Part XI, Line 9 Change in Beneficial Interest in trusts held by others and change in Split Interest Agreements was --$367,132. Change in Post Retirement/ Post Employment Liability -$249,586. Change in Swap value of 2014 Debt was -$243,352. LFC Investment Holdings LP 550 S Tryon St Suite 3500 Global Endowment Charlotte NC 28202 364797996 Investments DE N/A Related 0 0 0 0 0 1 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 1 0