2011-04-13T11:15:48-07:00 2010-05-31 990 2009-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Leslie Chapman 8477355030 2011-04-13 2009 2016-02-24 21:20:13Z Stephen Schutt 555 N Sheridan Rd Lake Forest IL 60045 76622077 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. 19 18 1451 998 307691 0 9963519 7638483 51923410 55418774 -1046600 -685575 1131771 1342587 61972100 63714269 20313023 24093642 0 0 26350830 26364605 0 0 2025459 17762418 17917222 64426271 68375469 -2454171 -4661200 138088078 143787014 40308051 39973330 97780027 103813684 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 1,382 full time equivalent students in the undergraduate level with 113 full time equivalent faculty. 333 Bachelor of Arts degrees were conferred during the year. The College had approximately 1,057 resident students in residence halls. 0 0 39036827 24093642 46658075 Academic Programs served 1382 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees were awarded to 333 students. Masters Degrees to 7 students. Program costs include academic departments and the faculty salaries and benefits. 4764401 0 81228 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) 8793649 0 499605 Student services include athletics, counseling, admissions, financial aid services, health services, intercultural programming, and career development for all students. Residential life programming is provided for students linving on campus. 8254429 0 8456924 Auxiliary services are primarily the cost of providing housing to the students. 82% of the students live on campus. Students come from 47 states and 71 countries. Other auxiliary programs include costs for faculty housing, printing services, summer conferences, and other services not directly related to the instruction of students. 8254429 0 8456924 60849306 1 1 0 0 0 0 1 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 216 0 1 1451 1 1 1 1 FR 0 0 0 1 1 0 0 0 19 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X Lori Sundberg 8477355034 555 N Sheridan Rd Lake Forest IL 60045 John Ballantine 1 X 0 0 0 Earl Barnes 1 X 0 0 0 Judith Bishop 1 X 0 0 0 Charles Brennan 1 X 0 0 0 William Brown 1 X 0 0 0 Tyler Cain 1 X 0 0 0 John D Carruthers 1 X 0 0 0 David Gorter 1 X 0 0 0 John Greene 1 X 0 0 0 Richard Gould III 1 X 0 0 0 Samuel Henry 1 X 0 0 0 James Hunter 1 X 0 0 0 Robert Krebs 1 X X 0 0 0 William Lowry 1 X X 0 0 0 Charles Mitchell Jr 1 X 0 0 0 Dennis Nyren 1 X 0 0 0 Stephen Strelsin 1 X 0 0 0 William Parfet 1 X X 0 0 0 Stephen Schutt 50 X X 246639 0 169025 Pamela Gerard 50 X 169885 0 21224 Leslie Chapman 50 X 157669 0 22142 William Motzer 50 X 138791 0 22449 Janet McCracken 50 X 159235 0 21640 Robert A Flot 50 X 96801 0 40618 James Cubit 50 X 122768 0 20565 Jacqueline Slaats 50 X 131004 0 18613 William Martin 40 X 107650 0 16034 Richard Mallette 40 X 108654 0 16498 Sergio Guglielmi 40 X 108807 0 16946 1547903 0 385754 18 0 1 0 Solomon Cordwell Buenz Associates 625 North Michigan Ave Chicago IL 606113112 Architects 259999 Pepper Construction Group LLC 643 North Orleans Street Chicago IL 606543608 Construction oversight 5508472 Lowery Asset Consulting LLC 20 Wacker Drice Suite 1475 Chicago IL 60606 Investment Consulting 103960 Northshore University Health System Highland Park Hospital 777 Park Avenue West Highland Park IL 60035 Healthcare clinic service 132299 The Brickman Group Ltd 3630 Solutions Center Chicago IL 60677 Landscaping and grounds maintenance 106004 5 0 0 0 0 962585 6675898 2867480 7638483 Tuition and fees 611310 45495666 45495666 0 0 Room and Board Revenue 611310 8654272 8654272 0 0 Other sources 611310 1268836 1268836 0 0 0 0 0 0 55418774 716484 0 0 716484 0 0 0 0 0 0 0 0 1034896 0 0 0 1034896 0 1034896 277058 0 757838 11505749 0 12907808 0 -1402059 0 -1402059 0 0 -1402059 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glen Rowan House 721000 116090 0 116090 0 Printing Services 323100 86551 0 86551 0 Ice Rink Rental 713900 105050 0 105050 0 0 0 0 0 307691 63714269 55695832 307691 72263 0 0 24093642 24093642 0 0 0 0 1178542 506401 579674 92467 0 0 0 0 19509787 16317238 2059202 1133347 1524754 1241721 188893 94140 2782464 2335793 280507 166164 1369058 1110323 182930 75805 0 0 0 0 15576 9650 5926 0 96570 0 96570 0 0 0 0 0 0 0 195727 0 195727 0 3809087 3778469 30618 0 96628 93537 781 2310 2953812 2086587 621532 245693 459979 232393 221459 6127 0 0 0 0 3318158 3294273 19489 4396 722197 650618 11609 59970 0 0 0 0 438281 299207 29626 109448 1213281 1140506 72775 0 0 0 0 0 3021975 2480438 541537 0 577509 278409 290658 8442 Equipment purchases 552187 484796 67391 0 Other miscellaneous 446255 415305 3800 27150 68375469 60849306 5500704 2025459 4178752 857009 1084867 1986167 10480503 6804549 1913253 1473737 0 0 2940683 2809335 52166 64067 327449 388029 109580911 44812557 52872948 64768354 32293757 32497756 28369976 28314014 3573724 3823997 138088078 143787014 5455449 6476865 2394176 2379928 999326 1016214 28132410 27464618 0 0 0 1255000 940000 2071690 1695705 40308051 39973330 X 13544531 25124320 20895921 15798742 63339575 62890622 97780027 103813684 138088078 143787014 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X Use in teaching 0 53881647 1979682 8794927 1386421 3123828 0 60146007 76800930 1692745 -19625720 1669734 3316574 0 53881647 0 0.95 0.05 1 0 0 2257533 2257533 1989211 100782546 41524629 61247128 0 0 0 0 0 4551621 3287928 1263693 0 0 0 0 64768354 F Hedge Funds 4608944 F Real Estate 7613367 F Partnerships 14276764 F Mortgages held on faculty houses 1814939 F 28314014 Beneficial interest in trusts held by others 3008427 Bond issue costs, net of accumulated amortization 815570 3823997 0 Annuities 743484 Postretirement/postemployment liability 952221 1695705 63714269 68375469 -4661200 9621821 0 0 0 681582 10303403 5642203 50119757 9621821 0 0 -23412060 -13790239 63909996 -195727 0 -195727 63714269 44086100 0 0 0 -24093642 -24093642 68179742 195727 0 195727 68375469 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, 2010 and 2009, the insured value of these items was approximately $3,300,000 and $2,900,000 (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-college 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_L00 Schedule D, Part X 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 2010 and 2009. The College adopted 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 adoption had no effect on the College's financial statements. the College recognizes interest and penalites 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, 2010. 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 statutue of limitations remains open. Tax years open to examination by tax authorities under the statue of limitations include fiscal 2006 through 2009. The College has determined that its tax provisions satisfy the more likely than not criterion and that no provision for income taxes is required as May 31, 2010. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in beneficial trusts held by others and change in split interest agreements, $681,582. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d -24,093,642 scholarships awarded and shown net of revenue on the audit. 681,582 change in split interest agreements and change in beneficial interest in trusts held by others. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d $24,093,642 Scholarships applied to tuition revenue. 1 1 0 The College customarily draws a substantial percentage (50%) of its students from outside Illinois, nationwide and world-wide, and follows a racially nondiscriminatory policy. Admissions and recruiting efforts are the best way to make this information known. Our policy is on the College Website, on the Online Catalog and on the Admissions application page. Lake Forest College does not discriminate against any persons because of race, color, sex, religion or national or ethnic origin. In order to demonstrate that we are following our policy, we point to our enrollment of racial minority students in 2009-2010 which was 16%; we feel this is a meaningful number to qualify for the publicity notice exemption proivded by Section 4.03(2)(b) of Rev. Proc. 75-50. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 The College receives funds from the Department of Education on behalf of students. Programs include Federal Pell Grant Program, Supplemental Educational 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 National Institute of Health. 1 Europe (including Iceland and Greenland) 1 1 Program Services Academic program in Paris. One office and one director. About 15 students per year live in Paris in the fall, stay with families in the Paris area, work in internships in French language offices and take classes. Also Academic Program in Greece in the spring which involves travel around the country. No office is maintained in Greece. Faculty member travels with our students. Greece program has about 15 students. 106086 Central America and the Caribbean 0 0 Investments 1 Europe (including Iceland and Greenland) 0 0 Investments 1 1 1 106088 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. Total grants were $24,093,642. Listed below are the number and total of grants > $5,000. 1257 23437334 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. SchI_P03_S00_L00 Schedule I, Part III Scholarships for tuition expense at Lake Forest College. All grants are applied directly to the students' tuition accounts. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 Stephen Schutt 194093 0 0 0 52546 0 109580 0 62445 0 418664 0 0 0 Pamela Gerard 152819 0 0 0 17066 0 16818 0 4406 0 191109 0 0 0 Leslie Chapman 134150 0 0 0 23519 0 16120 0 9622 0 183411 0 0 0 Janet McCracken 158710 0 0 0 525 0 16016 0 5624 0 180875 0 0 0 William Motzer 126379 0 0 0 12413 0 14560 0 7889 0 161241 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 not taxable. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 The College has written Compensation Guidelines for the President and Officers of the College. 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 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 President has a 457f plan. During the year, $86,630 was added to the plan. Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construct recreational facility 0 0 6044822 0 0 0 138011 0 5907416 2010 0 0 1 1 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 Leslie Chapman Computer loan per employee benefit policy X 1700 1200 0 0 1 1200 Robert Flot - tuition benefit Officer 22768 X 1 0 na X 77 2867480 FMV X 1 0 na X Piano 1 0 0 9 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. Other gifts are not reported as revenue on Form 990, Part VIII, line 1g because they were not material. Number of contributions in column (b) refers to number of gifts and not number of items. 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_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 The form was given to the trustee members of the Budget & Audit Committee for review and comment prior to filing. Review was done at a formal meeting of the Committee on April 8th, 2011. Prior to the meeting, the form was reviewed individually by the VP of Business Affairs, the President, and a paid tax preparer. The tax forms are made available to the full Board electronically. 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 reviews 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 reportingto 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. SchK_P02_S00_L05 Schedule K, Part II, Line 5 This number includes $119,542 paid for costs of issuance and $18,469 paid for credit enhancement fees.