2015-04-15T13:35:06-07:00 2014-05-31 990 2013-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Lori Sundberg VP for Finance and Planning 8477355034 2015-04-15 2013 2016-02-25 16:41:14Z Stephen Schutt 555 N Sheridan Road Lake Forest IL 60045 185263966 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. 26 25 1459 1100 470299 0 8230508 9109709 69539160 75107780 3860807 22236856 1376216 1501846 83006691 107956191 32119333 34839207 0 0 26800934 28215385 0 0 2150379 24007100 26049644 82927367 89104236 79324 18851955 177717523 179965596 59803772 56260444 117913751 123705152 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 1,583 full time equivalent students in the undergraduate level with 125 full time equivalent faculty. Bachelor of Arts degrees conferred were 348 during the year, with 12 Master's degrees were conferred. The College had approximately 1,130 resident students in the residence halls. 0 0 52506672 34839207 62722554 Academic programs served 1,583 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees conferred was 348 during the year, with 12 Master's degrees conferred. Program costs include academic departments and the faculty salaries and benefits. 11540576 0 1189212 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. 4747998 0 22432 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. secretaries, hiring expense, Dean's Office). 10760271 0 11568798 Auxiliary services are primarily the cost of providing housing to the students. 72% 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. 10760271 0 11568798 79555517 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 1 2029 0 1 1459 1 1 1 1 CJ FR GR 0 0 0 1 1 0 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 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 Trustee 1 0 X 0 0 0 Judith Heisley Bishop Trustee 1 0 X 0 0 0 Charles M Brennan III Trustee 1 0 X 0 0 0 William G Brown Trustee 1 0 X 0 0 0 John D Carruthers Trustee 1 0 X 0 0 0 David A Castagnetti Trustee 1 0 X 0 0 0 James R Donnelley Trustee 1 0 X 0 0 0 Doni Fordyce-Urfirer Trustee 1 0 X 0 0 0 David F Gorter Trustee 1 0 X 0 0 0 Mark W Helderman Trustee 1 0 X 0 0 0 Jame M Hunter Trustee 1 0 X 0 0 0 Robert D Krebs Trustee 1 0 X 0 0 0 Charles JB Mitchell Trustee 1 0 X 0 0 0 James W Moeller 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 Parfet Chairman of the Board 1 0 X X 0 0 0 Joanne M Storkan Trustee 1 0 X 0 0 0 Stephen C Strelsin Trustee 1 0 X 0 0 0 Richard Uihlein Trustee (partial year) 1 0 X 0 0 0 Claudia Wyatt-Johnson Trustee 1 0 X 0 0 0 Daniel D Dolan Vice Chair 1 0 X X 0 0 0 William A Lowry Secretary 1 0 X X 0 0 0 Lorna Pfaelzer Vice-Chair 1 0 X X 0 0 0 Stephen D Schutt President 50 0 X X 316352 0 187416 Michael T Orr Provost and Dean of Faculty 50 0 X 171182 0 55231 Leslie T Chapman VP for Business Affairs/Treasurer 50 0 X 166446 0 38588 William G Motzer VP for Admissions and Career Services 50 0 X 151385 0 35283 Robert A Flot Dean of Students 50 0 X 130401 0 22181 Philip Hood VP Development/Alumni Relations & Secretary 50 0 X 64037 0 18881 Jacqueline Slaats Director Athletics & Sr Advisor to President 50 0 X 142915 0 23061 Richard J Bartolozzi Senior Director Gift Planning 50 0 X 137056 0 22088 James Cubit Head Librarian and Director of IT 50 0 X 131060 0 33192 Richard Mallette Associate Dean 50 0 X 123803 0 22216 Janet McCracken Professor of Philosophy 40 0 X 113158 0 20375 1647795 0 478512 20 0 1 0 GARDNER RUSSO GARDNER 223 East Chestnut Street Lancaster PA 17602 Investment Services 208225 NORTHSHORE UNIV HEALTH HP Hospital 777 Park Ave West Highland Park IL 60035 Healthcare Clinic Services 188102 TOTAL PAVING AND BRICK SERV 11765 W Illinois Ave Beach Park IL 60099 Foundational Services 180980 TRUE COLORS DECORATING 1701 S FAIRVIEW PARK RIDGE IL 60068 DECOR SERVICES 178355 POWERS PYLES SUTTER AND VERVILLEPC 1501 M STREET NW 7TH FLOOR WASHINGTON DC 20005 Attorney Services 169971 13 0 0 0 0 2250874 6858835 810512 9109709 Tuition and Fees 611310 61803273 61803273 0 0 Residence Hall and Board 611310 11568798 11568798 0 0 Greece and France 611310 80450 80450 0 0 Student Fee Revenue 611310 352920 352920 0 0 Other Sources 611310 1302339 1302339 0 0 0 0 0 0 75107780 1094449 0 0 1094449 7757 0 0 7757 0 0 0 0 1031547 0 0 0 1031547 0 1031547 260916 0 770631 98442425 0 77307775 0 21134650 0 21134650 0 0 21134650 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rec Center and Ice Rink 713900 258031 0 258031 0 Glen Rowan Revenue 721000 148235 0 148235 0 Printing Services 323100 64033 0 64033 0 0 0 0 0 470299 107956191 75368696 470299 23007487 X 0 0 34839207 34839207 1394474 580260 588360 225854 20332654 16976174 2345138 1011342 1517462 1166305 278701 72456 3571043 2682843 701452 186748 1399752 1061120 266968 71664 109528 5793 100081 3654 94350 94350 224774 224774 6570440 6486608 71793 12039 39721 36134 3587 3137302 2114137 686580 336585 606902 286604 273886 46412 4945874 4092634 842479 10761 789373 699742 29018 60613 485133 359854 54058 71221 2004443 1923000 81443 0 3783772 3598519 185253 0 628256 231257 386661 10338 Equipment 553939 497010 56929 0 Off Campus Programs 1171334 1171334 0 0 Alumni Memberships 27105 0 0 27105 Other Expenses 877398 746982 130416 0 0 0 0 0 89104236 79555517 7398340 2150379 5309262 3173015 583321 791478 1451475 1603668 1353866 1103633 0 0 0 0 2679924 2719050 53492 43620 539317 1055800 137590567 56671323 77146518 80919244 47637329 12183182 28669822 70410818 0 0 4638631 4853885 7654566 1108203 177717523 179965596 9058866 6517801 2275811 2217214 4521863 4255178 41629884 40815174 0 0 0 0 0 0 0 0 2317348 2455077 59803772 56260444 X 40284092 46876138 17868591 15988334 59761068 60840680 117913751 123705152 177717523 179965596 X 18851955 -13342341 0 224774 0 57013 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X X Teaching 0 77791034 1250723 8608307 1432546 2932727 0 83284791 69490549 865057 11820500 1493559 2891513 0 77791034 70907176 3827613 -853807 1454929 2935504 0 69490549 60146007 3692574 11537377 1438197 3030585 0 70907176 53881647 1979682 8794927 1386421 3123828 0 60146007 0.2 0.69 0.11 0 0 0 2257533 2257533 2504582 127069883 52527078 77047387 0 0 0 0 0 5550790 4144245 1406545 0 207779 0 207779 80919244 0 0 Commodities 4763 F Hedge Funds 16855 F Mortgages and Faculty Houses 1046883 F Partnerships 13269366 F Real Estate 5439220 F Alternative Investments 50633731 F 70410818 0 Annuities 717716 Post-Retirement Post-Employment Benefits 1737361 2455077 X 59774643 -13342341 0 0 0 -13342341 73116984 0 34839207 34839207 107956191 54040255 0 0 0 0 0 54040255 224774 34839207 35063981 89104236 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, 2014 and May 31, 2013, the insured value of these items was approximately $3,433,000 and $3,400,000, respectively. 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 2014 and 2013. The College follows guidance issued by the FASB 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, 2014. 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 2011 through 2013. 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, 2014. Schedule D, Part XI, Line 4b Scholarships applied to tuition revenue 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 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 Family Education Loan Program, and Federal Work-Study Program. The College has also received grants from the National Science Foundation. 1 Europe (including Iceland and Greenland) 1 1 Program Services Academic Programs Study 173773 Central America and the Caribbean 0 0 Investments 6826084 East Asia and the Pacific 0 0 Investments AACP Investments 790920 Central America and the Caribbean 0 0 Investments Wynnchurch Investments 575630 Central America and the Caribbean 0 0 Grantmaking 126000 East Asia and the Pacific 0 0 Grantmaking 1719386 Europe (including Iceland and Greenland) 0 0 Grantmaking 1601287 Middle East and North Africa 0 0 Grantmaking 189500 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 778950 Russia and the newly independent States 0 0 Grantmaking 214650 South America 0 0 Grantmaking 369450 South Asia 0 0 Grantmaking 49000 Sub-Saharan Africa 0 0 Grantmaking 1206300 1 1 14620930 Scholarships Central America and the Caribbean 5 126000 Applied to tuition 0 Scholarships East Asia and the Pacific 64 1719386 Applied to tuition 0 Scholarships Europe (including Iceland and Greenland) 52 1601287 Applied to tuition 0 Scholarhips Middle East and North Africa 6 189500 Applied to tuition 0 Scholarships North America (including Canada and Mexico, but not the United States) 35 778950 Applied to tuition Scholarships Russia and the newly independent States 9 214650 Applied to tuition 0 Scholarships South America 12 369450 Applied to tuition 0 Scholarships South Asia 2 49000 Applied to tuition 0 Scholarships Sub-Saharan Africa 33 1206300 Applied to tuition 0 1 0 1 0 1 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 accounts. Only students enrolled at Lake Forest College receive grants. 1 Scholarships 1259 27286173 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 313580 0 0 0 2772 0 121386 0 66030 0 503768 0 0 Michael T Orr Provost and Dean of Faculty 170562 0 0 0 620 0 18150 0 37081 0 226413 0 0 0 Leslie T Chapman VP for Business Affairs/Treasurer 163236 0 0 0 3210 0 17588 0 21000 0 205034 0 0 0 William G Motzer VP for Admissions and Career Services 150385 0 0 0 1000 0 16125 0 19158 0 186668 0 0 0 Robert A Flot Dean of Students 130126 0 0 0 275 0 13265 0 8916 0 152582 0 0 0 Philip Hood VP for Development and Alumni Relations and Secretary 63503 0 0 0 534 0 6996 0 11885 0 82918 0 0 0 Jacqueline Slaats Director of Athletics and Sr Advisor to President 142610 0 0 0 305 0 14475 0 8586 0 165976 0 0 0 Richard J Bartolozzi Senior Director Gift Planning 136805 0 0 0 251 0 13862 0 8226 0 159144 0 0 0 James Cubit Head Librarian and Director of IT 130227 0 0 0 833 0 13980 0 19212 0 164252 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 Lake 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, 2011 through June 1, 2014. Partial vesting occurs after June 1, 2013; full vesting occurs after June 1, 2014. Interest rate is an average daily WSJ Prime. During fiscal year 2013-2014, $95,886 was accrued to the Plan. 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 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 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 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Line 2c-08/21/2008 6,000,000 Illinois Finance Authority Arbitrage analysis was performed by The Arbitrage Group on July 19, 2013. The results of the report indicate there is 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 July 19, 2013. The results of the report indicate there is no rebate liability. Not required Officer 11750 Tuition Benefit for Dependent Children Education X 2 0 na X 49 811512 FMV 4 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 and art gallery paintings. 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 VI, Section A, Line 1a The Executive Committee shall consist of the Chairman and Vice-Chairman of the Board, 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 B, Line 11b Form 990 is given to the trustee members of the Budget and Audit Committee for review and comment prior to filing. Review was done via email since a regularly scheduled meeting would not have met the filing deadline. Prior to the meeting, Form 990 was reviewed by the President, Vice President of Finance and Planning, and an independent auditor. After Budget and Audit Committee reviews the tax form and prior to filing, Form 990 is made available to the full Board of Trustees via email. 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 will report 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 for Business Affairs collects and reviews the forms which are not Board Members or Senior Administrators. Compliance is checked in the VP's office 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 VP for Business Affairs 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, 2013 through May 31, 2014, and calendar year 2013. 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 Business Affairs, Dean of the Faculty, Dean of Students, VP of Admissions) and some non-officers (Director of Communications and Marketing, Associate VP of Planning, 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, 2013 through May 31, 2014, and calendar year 2013. Form 990, Part VI, Section C, Line 19 Documents are available upon request in the College's Office of Business Affairs. 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, $218,912. Change in Post Retirement/ Post Employment Liability -$161,899. Charitable Remainder Trusts (4) 555 N Sheridan Rd Lake Forest IL 60045 Trust IL N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Filing our Federal Form 990 is after the initial deadline date. We filed timely extensions and received confirmation of the extension. The due date was extended until April 15, 2015.