2026-05-14T14:48:11+00:00 2025-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2024-07-01 237013253 Lake Forest Graduate School of Management LAKE 8472345005 100 S Saunders Road Suite 150 Lake Forest IL 60045 Andrew Hild Finance Director 8475745188 2026-05-14 true Jennifer Burke P01342224 3128997000 2026-05-14 2024 2025-03-06 01:10:19Z X Carrie Buchwald 100 S Saunders Road Suite 150 Lake Forest IL 60045 8045405 false X HTTPS://LFGSM.EDU/ X 1946 IL Lake Forest Graduate School of Management's mission is to bring the real world to business education and leadership development. 5 4 119 25 0 7356 1055575 6642562 5104618 218757 -3160637 8585 10158 6877260 3009714 463872 439812 0 0 6880793 5390480 0 0 0 2015282 1535719 9359947 7366011 -2482687 -4356297 14575816 10192025 1135921 594602 13439895 9597423 Lake Forest Graduate School of Management's mission is to bring the real world to business education and leadership development. false false 3018817 0 2700004 LAKE FOREST CENTER FOR LEADERSHIP (C4L) IS A PART OF LAKE FOREST GRADUATE SCHOOL WHICH PROVIDES INTERRELATED FORMAL CLASSROOM BUSINESS EDUCATION INSTRUCTION IN THE FORM OF CERTIFICATE PROGRAMS AND SHORT-TERM WORKSHOPS IN SUBJECTS SUCH AS STRATEGIC EXECUTION, FINANCE, COMMUNICATION, LEADERSHIP DEVELOPMENT, NEGOTIATIONS, PROJECT MANAGEMENT, MANAGING CHANGE, AND SALES. C4L PROVIDES THESE PROGRAMS TO CORPORATIONS, PRIMARILY IN THE CHICAGO AREA. C4L DEVELOPS CURRICULA, WHICH WHEN DELIVERED THROUGH FORMAL CLASSROOM INSTRUCTION, ENABLE EMPLOYEES OF THOSE ORGANIZATIONS TO BROADEN THEIR BUSINESS KNOWLEDGE, AND TO HELP THEM MOVE FROM INDIVIDUAL CONTRIBUTOR TO ORGANIZATIONAL CONTRIBUTORS. THIS IS ACCOMPLISHED BY TAILORING CURRICULA, CONTENT, AND PROGRAMS TO MEET SPECIFIC NEEDS OF THE EMPLOYEES OF THE CORPORATIONS. 2326929 439812 2414772 LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT COMBINES TRADITIONAL AND LEADING-EDGE ACADEMICS WITH A PRACTITIONER FACULTY THAT PROVIDES A DYNAMIC CONNECTION WITH THE REAL WORLD OF BUSINESS. THIS DISTINCTIVE APPROACH RESPONDS DIRECTLY TO THE RESULTS-ORIENTED DEMANDS OF TODAY'S BUSINESS ENVIRONMENT WHILE SATISFYING ACADEMIC RIGOR. OUR FACULTY MEMBERS OFFER DIVERSE PERSPECTIVES AND REPRESENT A WIDE ARRAY OF ORGANIZATIONS, INDUSTRIES, AND FUNCTIONS. THEY BLEND SOLID BUSINESS THEORY WITH PRACTICAL EXPERIENCE, SO STUDENTS RECEIVE A HANDS-ON EDUCATION THAT IS UNMATCHED. ALL OF OUR FACULTY MEMBERS HAVE EXTENSIVE PRACTICAL EXPERIENCE IN THE SUBJECT AREAS THEY TEACH. BUILDING ON THE SKILLS STUDENTS BRING TO THE PROGRAM, OUR COURSES SHARPEN THEIR ANALYTICAL ABILITIES BY COMBINING COURSE WORK WITH DAY-TO-DAY PROFESSIONAL EXPERIENCES. OUR GENERAL MBA PROGRAM OFFERS A BROAD KNOWLEDGE BASE IN EVERY AREA NEEDED FOR SUCCESS IN TODAY'S BUSINESS WORLD. INTERACTIVE AND PERSONAL, OUR FACULTY MEMBERS INCORPORATE A WIDE RANGE OF TEACHING METHODOLOGIES, INCLUDING FACILITATED DISCUSSION ON ISSUES AND RESPONSIBILITIES FACING MANAGEMENT TODAY. 5345746 true true false false false false false false false true true false false false false true true false true false false false false false false false false false true true false false false false false false false false false false false false false false false false false false false false true 250 0 true 119 true false false false false false false false false false false false false X 5 4 false false true false false false false true false false false false true true true true true false true true false false IL X ANDREW HILD 8475745168 1905 W FIELD COURT LAKE FOREST IL 60045 Frank Pasquesi TRUSTEE / VICE BOARD CHAIR 1.0 X X 0 0 0 Jeffrey Anderson President & CEO 38.0 X X 193625 0 0 David Lee DIRECTOR 1.0 X 0 0 0 Gary Conrad DIRECTOR / FACULTY 1.0 X 48375 0 0 John Anderson DIRECTOR 1.0 X 0 0 0 Carrie Buchwald Sr VP Center for Leadership 38.0 X 296732 0 40718 Thomas Perozzi VP Finance & CFO (Through 8/31/24) 38.0 X 252638 0 22798 Carolyn Brune Sr Director, Marketing Operations 38.0 X 144235 0 2942 Natalia San Jose Business Dev Director 38.0 X 209162 0 34856 Roger Rotunno Information Technology Director 38.0 X 123198 0 30890 Susan Wynne Bus Dev Director 38.0 X 284138 0 36720 Todd Brockway Vice President, Business Development & Operations/Business Faculty Leader 38.0 X 241198 0 33685 1793301 0 202609 15 false true false 0 0 0 0 0 0 1055575 0 1055575 MBA PROGRAM TUITION 611310 2404614 2404614 NON-DEGREE BUSINESS PROGRAMS 611410 2700004 2700004 0 0 0 0 5104618 314453 314453 0 0 1560601 5035691 0 -3475090 -3475090 -3475090 Miscellaneous Revenue 900099 10158 10158 0 0 0 0 10158 3009714 5114776 0 -3160637 439812 439812 854886 354818 500068 0 3734273 3166478 567795 19372 16510 2862 421076 320351 100725 360873 278468 82405 4715 4715 71737 71737 0 0 0 0 105437 98891 6546 36801 21364 15437 185627 697 184930 17496 17496 14343 9380 4963 4479 4117 362 298048 198798 99250 46224 30831 15393 Student Services and Institutional Support 427630 143159 284471 Program Services 154079 154079 Operations and Maintenance 169103 90497 78606 0 0 0 0 7366011 5345746 2020265 0 545359 50000 286115 1508578 1083277 594524 863263 701014 0 0 0 0 0 0 138432 251117 1293677 1277643 5331406 16034 6327964 7063391 0 0 7367 0 0 14575816 10192025 992271 532002 0 143650 62600 0 0 0 0 0 0 0 0 1135921 594602 X 12939398 8034826 500497 1562597 0 0 0 13439895 9597423 14575816 10192025 -4356297 513825 0 X false true true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 500497 1050000 55697 43597 0 0 1562597 485950 0 44645 30098 0 0 500497 492384 0 26703 33137 0 0 485950 610573 0 -61474 56715 0 0 492384 516288 0 101261 6976 0 0 610573 0.0 0.77 0.23 false false 1293677 1277643 16034 16034 0 X 6558817 513825 3475090 3988915 2569902 439812 439812 3009714 10401289 3475090 3475090 6926199 439812 439812 7366011 Schedule D, Part V, Line 4 Intended uses of endowment funds The Yomine Endowment Fund, Kaule Endowment Fund, and Charmm'd Fund are used to provide scholarships to MBA students. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The School has received a determination letter from the Internal Revenue Service indicating that it is a not-for-profit entity as described in Section 501(c)(3) of the Internal Revenue Code ("IRC") and is exempt from federal income taxes on related income pursuant to Section 501(a) of the IRC, except for taxes pertaining to unrelated business income. The School follows guidance with respect to accounting for uncertain tax positions. No provision has been made for income taxes in the accompanying financial statements, as the School has had no significant unrelated business income. If the School incurs interest and penalties, the School recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The School has no amounts accrued for interest or penalties as of June 30, 2025. The School has not been examined by any tax jurisdiction. The School does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 DISPOSAL OF ASSETS - 3475090 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements SCHOLARSHIPS - 439812 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 DISPOSAL OF ASSETS - 3475090 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements SCHOLARSHIPS - 439812 true true true true true true true false false false false false false false false false false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY POLICIES ARE INCLUDED IN ALL STUDENT, STAFF, AND FACULTY PUBLICATIONS INCLUDING HANDBOOKS, CATALOGS, AND PERIODICALLY IN MEDIA ADVERTISEMENTS AND OTHER SCHOOL PUBLICATIONS. true SCHOLARSHIPS 175 439812 0 N/A N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds All grants are in the form of scholarships and are applied toward the cost of tuition only. X true false false true false false false false false Jeffrey Anderson President & CEO 159063 0 33331 0 1231 0 0 0 0 0 193625 0 0 0 Thomas Perozzi VP Finance & CFO (Through 8/31/24) 184027 0 0 0 68611 0 4250 0 18548 0 275436 0 0 0 Carrie Buchwald Sr VP Center for Leadership 280544 0 15000 0 1188 0 5862 0 34856 0 337450 0 0 0 Susan Wynne Bus Dev Director 262922 0 20777 0 439 0 1864 0 34856 0 320858 0 0 0 Todd Brockway Vice President, Business Development & Operations/Business Faculty Leader 223924 0 16500 0 774 0 4569 0 29116 0 274883 0 0 0 Natalia San Jose Business Dev Director 93284 0 115321 0 557 0 2100 0 32756 0 244018 0 0 0 Roger Rotunno Information Technology Director 122058 0 0 0 1140 0 2684 0 28206 0 154088 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment Thomas Perozzi left employment in August 2024. He received a severance payment of $67,788.45 and no additional amounts accrued after separation. Schedule J, Part I, Line 5a Compensation contingent on revenues of the organization Susan Wynne and Natalia San Jose are paid on a tiered commission plan based on billed Corporate Learning Solutions revenue. Carrie Buchwald and Todd Brockway also have a tier based compensation plan based on billed Corporate Learning Solutions revenue levels. Form 990, Part VI, Line 1a DELEGATE BROAD AUTHORITY TO A COMMITTEE THE PURPOSE OF THE EXECUTIVE COMMITTEE IS THREEFOLD: 1. IT SHALL SERVE AT THE PLEASURE OF THE BOARD AS ITS AGENT IN HELPING THE PRESIDENT TO ADDRESS ESSENTIAL BUSINESS ISSUES BETWEEN REGULAR BOARD MEETINGS. 2. IT SHALL ASSIST THE CHAIR AND THE PRESIDENT IN THEIR JOINT RESPONSIBILITY TO HELP THE BOARD FUNCTION EFFECTIVELY AND EFFICIENTLY BY SUGGESTING BOARD MEETING AGENDA ITEMS AND PERIODICALLY ASSESSING THE QUALITY OF COMMITTEE WORK. 3. IT SHALL ASSIGN AND / OR NEGOTIATE COMMITTEE GOALS, PRIORITIES, AND SPECIAL ASSIGNMENTS TO SOME OR ALL STANDING COMMITTEES OR TASK FORCES. Form 990, Part VI, Line 4 Significant changes to organizational documents The bylaws were amended during the fiscal year to revise the number of voting board members. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. ACCORDINGLY, THE ORGANIZATION HAS ANSWERED "NO" ON LINE 8B. Form 990, Part VI, Line 11b Review of form 990 by governing body The completed draft of Form 990 is emailed to all current Board members for review and approval prior to final issuance. Form 990, Part VI, Line 12c Conflict of interest policy All sitting Board Members and Officers are required annually to complete and sign a conflict of interest questionnaire which is reviewed by the Finance Director and any discrepancies are discussed with the board. Board members and Officers are requested to complete 11 questions that cover various possible conflicts of interest, including those required to be disclosed in the Form 990. This process is facilitated by an on-line software tool by our independent auditors, Crowe LLP. All disclosed conflicts are reviewed by management and, if necessary professional tax preparer, to ensure an appropriate response on the Form 990. If a conflict of interest is identified, the Finance Director and other involved parties involved will discuss the issue and will: a. Document the controls that will be followed to achieve compliance, or b. Terminate the arrangement if sufficient controls cannot be put into place to achieve compliance. The signed agreement will be placed in the employee's personnel file. Employees who improperly use or disclose confidential business information or who fail to disclose a conflict of interest from which he/she or a member of his/her family as defined above could gain substantial benefit will be subject to corrective action, up to and including immediate termination of employment, even if they do not actually benefit from disclosure of the information or lack of disclosure of a conflict of interest. Board and committee members who have a conflict of interest which cannot be mitigated, will be reviewed for possible replacement from the Board. Form 990, Part VI, Line 15a Process to establish compensation of top management official The President/CEO compensation is based on regional market comparisons and subject to board approval. LFGSM PERIODICALLY CONDUCTS AN EXTERNAL INDEPENDENT REVIEW OF COMPENSATION AND BENEFITS. THE LAST REVIEW OF COMPENSATION USING EXTERNAL SOURCES TOOK PLACE IN JUNE of 2025. Form 990, Part VI, Line 15b Process to establish compensation of other employees LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT'S (LFGSM) FINANCE DIRECTOR AND HUMAN RESOURCES MANAGER CONDUCT AN ANNUAL SALARY REVIEW FOR ALL EMPLOYEES IN MARCH OF EACH FISCAL YEAR. THIS REVIEW INCLUDES USING THIRD PARTY MARKET SALARY DATA FROM FORM 990'S OF OTHER NOT FOR PROFIT ENTITIES, CUPA, AJILON AND OTHER THIRD PARTY RESOURCES. RECOMMENDED SALARY INCREASES FOR THE LEADERSHIP TEAM AND ALL OTHER EMPLOYEES. THE LAST REVIEW OF COMPENSATION TOOK PLACE IN JUNE OF 2025. Form 990, Part VI, Line 19 Required documents available to the public Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104. These documents are not available to the public at this time. Form 990, Part VII, Section A, Line 1a Compensation paid to Officers, Directors, Key Employees, etc Compensation paid to board members is provided in exchange for services as faculty members. These persons are not compensated in their position as board members.