2013-04-15T10:36:35-07:00 2012-05-31 990 2011-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Leslie Chapman 8477355030 2013-04-15 2011 2016-02-25 16:41:14Z Stephen Schutt 555 N Sheridan Rd Lake Forest IL 60045 95563164 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. 25 24 1462 1100 303876 0 10543435 10164204 59412612 65487599 2546250 3198592 1365384 1767420 73867681 80617815 26225854 30010570 0 0 26050816 26554334 0 0 1843108 21567282 22305224 73843952 78870128 23729 1747687 153075356 152756128 39106530 40993964 113968826 111762164 X 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, had 1,485 full time equivalent students in the undergraduate level with 118 full time equivalent faculty. 320 Bachelor of Arts degrees were conferred during the year. 6 Masters degrees were conferred. The College had approximately 1,100 resident students in residence halls. 0 0 46297331 30010570 54287033 Academic Programs served 1485 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees were awarded to 320 students, Masters Degrees to 6 students. Program costs include academic departments and the faculty salaries and benefits. 4993266 0 13759 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). 10540106 0 1096385 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 student living on campus. 9244642 0 10386915 Auxiliary services are primarily the cost of providing housing to the students. 75% of the students live 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. 9244642 0 10386915 71075345 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 0 1 268 0 1462 1 1 1 1 FR GR 0 0 0 1 1 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X Lori Sundberg 8477355034 555 N Sheridan Rd Lake Forest IL 60045 John W Ballantine 1 X 0 0 0 Earl J Barnes II 1 X 0 0 0 Judith H Bishop 1 X 0 0 0 Charles M Brennan III 1 X 0 0 0 William G Brown 1 X 0 0 0 John D Carruthers 1 X 0 0 0 David A Castagnetti 1 X 0 0 0 James R Donnelley 1 X 0 0 0 David F Gorter 1 X 0 0 0 Richard G Gould III 1 X 0 0 0 Mark W Helderman 1 X 0 0 0 James M Hunter 1 X 0 0 0 Robert D Krebs 1 X 0 0 0 William A Lowry 1 X 0 0 0 Charles JB Mitchell Jr 1 X 0 0 0 James W Moeller 1 X 0 0 0 Mark A Nagle 1 X 0 0 0 Dennis R Nyren 1 X 0 0 0 William U Parfet 1 X 0 0 0 Joanne M Storkan 1 X 0 0 0 Stephen C Strelsin 1 X 0 0 0 Richard E Uihlein 1 X 0 0 0 Claudia Wyatt-Johnson 1 X 0 0 0 Marsha K Anderson 1 X 0 0 0 Stephen Schutt 50 X X 636483 0 138223 Rich Bartolozzi 50 X 144837 0 35867 Leslie Chapman 50 X 155538 0 36754 William Motzer 50 X 145227 0 31540 Robert A Flot 50 X 123240 0 20306 Michael Orr 50 X 70163 0 35000 Janet McCracken 40 X 144637 0 21933 Jacqueline Slaats 50 X 137025 0 20835 James Cubit 40 X 126795 0 29572 Rand Smith 50 X 120864 0 29318 Richard Mallette 50 X 120244 0 19969 William Martin 40 X 109119 0 18254 2034172 0 437571 18 0 1 0 Pepper Construction Group LLC 643 North Orleans Street Chicago IL 606543608 Construction oversight 2633633 ARAMARK 24818 Network Place Chicago IL 60673 Services 1678137 Beacon Architectural Associates 145 South Street Boston MA 02111 Architects 369483 Prefontaine & Associates PO Box 923 Mundelein IL 60060 Construction 129006 Northshore University Health System Highland Park Hospital 777 Park Avenue West Highland Park IL 60035 Healthcare clinic service 155910 9 0 0 0 0 896244 9267960 2661340 10164204 Tuition and Fees 611310 53510789 53510789 0 0 Room and Board Revenue 611310 10386915 10386915 0 0 Other Sources 611310 1589895 1589895 0 0 0 0 0 0 65487599 871126 0 0 871126 0 0 0 0 0 0 0 0 1463544 0 0 0 1463544 0 1463544 296493 0 1167051 17272815 0 14945349 0 2327466 0 2327466 0 0 2327466 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ice Rink Rental 713900 105718 0 105718 0 Alumni House Rental 721000 116819 0 116819 0 Printing Services 323100 81339 0 81339 0 0 0 0 0 303876 80617815 65784092 303876 4365643 0 0 30010570 30010570 0 0 0 0 1370084 552451 628694 188939 0 0 0 0 19637158 16618000 2135761 883397 1513821 1239656 193572 80593 2672342 2197203 330370 144769 1360929 1097060 189739 74130 0 0 0 0 71844 3506 54171 14167 121000 0 121000 0 0 0 0 0 0 0 326012 0 326012 0 5940432 5858311 70075 12046 37963 30343 1088 6532 2999743 2127487 633725 238531 483815 230001 253814 0 0 0 0 0 3688462 3467033 217437 3992 770789 724985 16080 29724 0 0 0 0 558238 379184 51572 127482 1150876 1050232 100644 0 0 0 0 0 3237824 3054997 182827 0 620383 344213 264274 11896 Equipment purchases 490854 435229 55625 0 Other miscellaneous 1806989 1654884 125195 26910 0 0 0 0 78870128 71075345 5951675 1843108 3407078 6428828 408349 319111 6193060 4318559 2039330 3283420 0 0 0 0 2707580 2751948 62301 62928 439946 521678 116856021 50386801 64345042 66469220 37921603 35956246 31581098 28775709 3969969 3868481 153075356 152756128 6525907 5418957 2338401 2316486 953537 4860123 26764726 26028321 625000 250000 1898959 2120077 39106530 40993964 X 25280907 35936717 22105567 17170759 66582352 58654688 113968826 111762164 153075356 152756128 X 1747687 -3954349 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X X Teaching 0 70907176 3827613 -853807 1454929 2935504 0 69490549 60146007 3692574 11537377 1438197 3030585 0 70907176 53881647 1979682 8794927 1386421 3123828 0 60146007 76800930 1692745 -19625720 1669734 3316574 0 53881647 0.26 0.73 0.01 1 0 0 2257533 2257533 2504582 106529644 46751636 62282590 0 0 0 0 0 5333946 3635165 1698781 0 230316 0 230316 66469220 0 0 Hedge funds 2831506 F Real Estate 6174731 F Partnerships 18555827 F Commodities 5904 F Mortgages on faculty houses 1207741 F 28775709 0 Annuities 745762 Postretirement/postemployment 1374315 2120077 80617815 78870128 1747687 -3774882 0 0 0 -179467 -3954349 -2206662 46326884 -3774882 0 0 -30190037 -33964919 80291803 326012 0 326012 80617815 48533546 0 0 0 -30010570 -30010570 78544116 326012 0 326012 78870128 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Collections (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, 2012 and 2011, the insured value of these items was approximately $3,300,000 (unaudited). SchD_P03_S00_L04 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. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The College's endowment provides revenue to support the general operations of the College, primarily academic and scholarship programs. Individual funds are managed per the donor's intent. SchD_P10_S00_L02 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 2012 and 2011. The College follows guidance issued by the FASB with respect to accounting for uncertainty in income taxes as of June 1, 2007. 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, 2012. 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 statue of limitations remains open. The tax years open to examiniation by tax authorities under the statue of limitations include fiscal 2008 through 2010. The College has determined that its tax provision satisfy the more likely than not criterion and that no provision for income taxes is required at May 31, 2012. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in beneficial interest in trusts held by others and change in split interest agreements, -$40,982. Change in post-retirement, post-employment liability -$138,485. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Scholarships awarded and shown net of revenue on the audit statement = -$30,010,570. Changes in split interest agreements = -$87,797. Changes in value of beneficial interest and pledge discount amortization = $46,815. Change in post-retirement, post employment libability = -$138,485 SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Scholarships applied to tuition revenue. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The College uses its website and its recruitment literature to advertise its nondiscrimination policy. More than 50% of the students come from outside the IL region, so this method is more effective than using newspaper or broadcast media. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The College receives funds from the Department of Education on behalf of students. Programs include Federal Pell Grant Program, Federal Supplemental Opportunity Grant Program, Federal Perkins Loan Program, Federal Family Education Loan Program, Federal Work-Study Program. The College also has received grants from the National Science Foundation and the National Institute of Health. 1 Europe (including Iceland and Greenland) 1 1 Program Services Academic Programs studying in Paris and Greece. The Paris program has an office and an employee, the Greece program is a travel/study program. 229945 South America 0 0 Investments 50035 Europe (including Iceland and Greenland) 0 0 Investments 10206597 Central America and the Caribbean 0 0 Investments 572853 1 1 11059430 Scholarships Central America and the Caribbean 5 117128 Applied to tuition statement. Scholarships East Asia and the Pacific 52 1297620 Applied to tuition statements Scholarships Europe (including Iceland and Greenland) 26 943890 Applied to tuition statements Scholarships Middle East and North Africa 5 164000 Applied to tuition statements Scholarships North America (including Canada and Mexico, but not the United States) 34 765420 Applied to tuition statements Scholarships Russia and the newly independent States 3 60000 Applied to tuition statements Scholarships South America 10 316000 Applied to tuition statements Scholarships South Asia 22 606500 Applied to tuition statements Scholarships Sub-Saharan Africa 24 1000500 Applied to tuition statements 1 0 1 0 1 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 Grants are only for scholarship and are substantiated in the Financial Aid office on the basis of need or 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 for tuition expense at Lake Forest College. Scholarships for financial need are determined by the Financial Aid Office. Scholarships for merit are determined by the Admissions Office. Grants are deposited directly into the students accounts. 1262 24739512 0 SchI_P01_S00_L02 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 tuition 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 Schutt 253633 0 0 0 382850 0 67259 0 70963 0 774705 0 352513 0 Leslie Chapman 152354 0 0 0 3184 0 16451 0 20303 0 192292 0 0 0 Janet McCracken 144319 0 0 0 318 0 14587 0 7346 0 166570 0 0 0 William Motzer 144288 0 0 0 939 0 15233 0 16307 0 176767 0 0 0 Robert A Flot 123072 0 0 0 168 0 12485 0 7821 0 143546 0 0 0 James Cubit 126004 0 0 0 792 0 13390 0 16182 0 156368 0 0 0 Jacqueline Slaats 136737 0 0 0 289 0 13815 0 7020 0 157861 0 0 0 Rich Bartolozzi 144535 0 0 0 302 0 14565 0 21302 0 180704 0 0 0 Rand Smith 119802 0 0 0 1062 0 12135 0 17183 0 150182 0 0 0 SchJ_P01_S00_L01a 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. SchJ_P01_S00_L03 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 president salaries is also reviewed. The Board of Trustees sets annual goals, objectives and strategic initiatives for the President. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The Board of Trustees established a 457(f) plan for the president of the College for the five year period June 1, 2007 through June 1, 2011. The gross payout for $352,512.61 was paid June 17, 2011. Interest rate was average daily WSJ prime. The Board of Trustees established a second 457(f) agreement for the period June 1, 2011 through June 1, 2014. Partial vesting occurs after June 1 2013, full vesting after June 1, 2014. Interest rate is average daily WSJ prime. During the fiscal year 2011-2012 $40,000 was accrued to the plan. Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construct recreational facility 0 0 0 0 0 6044822 0 0 0 138011 0 0 5907416 0 0 2010 0 0 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 SchK_P05_S00_L00 Schedule K, Part V The taxpayer believes that circumstances of issuance of the outstanding bonds, the fact that the issuer is a small institution of higher education, and the nature of the financed projects make it improbable that a violation of federal tax requirements would not be identified in a timely manner. Nonetheless, the taxpayer is in the process of adopting post-issuance compliance policies, with an intent to implement such policies in the current tax year. not req'd officers 25461 Tuition benefit per employee handbook X 2 0 0 X 40 2661340 FMV 4 0 1 0 SchM_P01_S00_L33 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 number of items. Gifts included photographic prints and lithographs. The number of gifts of securities publicly traded is counted by individual donors and type of stock. Gifts of publicly traded securities are valued by averaging the high and low market prices as of the date of the gift. F990_P03_S00_L01 Form 990, Part III, Line 1 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, had 1,485 full time equivalent students in the undergraduate level with 118 full time equivalent faculty. 320 Bachelor of Arts degrees were conferred during the year. 6 Masters degrees were conferred. The College had approximately 1,100 resident students in residence halls. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The form was given to the trustee members of the Budget & 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, the form was reviewed individually by the VP of Business Affairs, the President, and a paid tax preparer. After Budget & Audit reviews the tax form and prior to filing, the form is made available to the full Board of Trustees via email. F990_P06_S0B_L12c 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 failing to furnish an annual statement. Board Members or 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 transaction involving the outside interest held by the Board Member or Senior Administrator including 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 require an Executive Committee or Board vote to resolve, those concerned shall not be present at the time of the vote. The VP of Business Affairs collects and review the forms which are not Board Members or Senior Administrators. Compliance is checked in her office and conflicts are resolved with the review of the President. Noncompliance is a performance issue. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The College has written Compensation Guidelines for the President and Officers of the College. The policy has guidelines for positions reporting to the President; those positions include all Officers (VP of Development, VP of Business Affairs, Dean of the Faculty, Dean of Students, VP of Admissions) and some non-officers (Director of Communications and Marketing, AVP of Planning, Athletic Director). 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 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. The President reviews these salaries with the Chair and Vice Chair of the Board of Trustees. The President's salary is reviewed and set annually by a compensation committee in the Board of Trustees and a letter is sent to the VP of Business Affairs with the salary information. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Documents available upon request in the Business Office. F990_P11_S00_L05 Form 990, Part XI, Line 5 Unrealized losses -$3,774,882. Change in value of beneficial interest in trusts held by others and split interest agreements -$40,982. Change in post-retirement, post-employment liability -$138,485. 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