2024-04-12T15:52:55-05:00 2023-05-31 420714325 RSM US LLP 30 S Wacker Drive Ste 3300 Chicago IL 60606 990 2022-06-01 362167770 Lake Forest College LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 600452399 Lori Sundberg VP of Finance and Planning 8472343100 2024-04-12 1 Lori Sundberg XXX-XX-XXXX 1 Rebekuh Eley P01247672 3126343400 2024-04-12 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Jill Baren 555 N Sheridan Rd Lake Forest IL 600452399 143216758 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. 35 34 1429 1000 622930 0 25347306 30574130 101314846 108498403 -291531 16611 1198689 1411980 127569310 140501124 61291693 66135576 0 0 32230934 35510946 0 0 1778235 29971343 32292319 123493970 133938841 4075340 6562283 244551905 261948018 50221816 59135797 194330089 202812221 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 63 educational and support buildings. The College is accredited by the Higher Learning Commission, and had 1,727 undergraduate students and 26 graduate students with 137 full time faculty. Bachelor of arts degrees conferred were 360 during the year, with 19 master's degrees conferred. The College had approximately 1,191 resident students in the residence halls. 0 0 90024828 63627884 91719776 Instruction and research includes expenses for all activities that are part of the instructional program and for activities specifically organized to produce research. 15245788 16998327 Student services are considered programmatic and include activities that contribute to student emotional and physical well-being and intellectual, cultural and social development outside the formal instructional program. 13198650 2507692 Auxiliary enterprises include expenses relating to the operation of the auxiliary activities such as housing, dining services, and parking. 118469266 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 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 2324 0 1 1429 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO MA MD MI OH SC WA X Alton J Rodino 8477355039 555 N Sheridan Rd Lake Forest IL 600452399 Stephen D Schutt President (until 7/5/22) 50.00 X X 413403 0 104688 Jill Baren President 50.00 X X 243855 0 19071 William A Lowry Chairman 1.00 X X 0 0 0 Marisue Lacher Vice Chairmain 1.00 X X 0 0 0 Stephen C Strelsin Secretary 1.00 X X 0 0 0 Alexander D Stuart Trustee 1.00 X 0 0 0 Charles M Brennan III Trustee 1.00 X 0 0 0 Claudia Wyatt-Johnson '69 Trustee 1.00 X 0 0 0 Craig Omtvedt Trustee 1.00 X 0 0 0 Cristen Kogl '88 Trustee 1.00 X 0 0 0 David A Castagnettis '84 Trustee (until 10/1/22) 1.00 X 0 0 0 David F Gorter '80 Trustee 1.00 X 0 0 0 Devon C Bruce Trustee 1.00 X 0 0 0 Diana Moore Trustee 1.00 X 0 0 0 Doni Fordyce-Urfirer '81 Trustee 1.00 X 0 0 0 Dr Angelique L Richard '85 Trustee 1.00 X 0 0 0 Dr Shao-Lee Lin Trustee 1.00 X 0 0 0 Earl J Barnes II '86 Trustee 1.00 X 0 0 0 Geoffrey M Curtis '97 Trustee 1.00 X 0 0 0 Jessica Q Coleman '89 Trustee 1.00 X 0 0 0 Joanne Storkan Trustee 1.00 X 0 0 0 John D Carruthers '78 Trustee 1.00 X 0 0 0 Joseph D McCarthy '78 Trustee (until 6/30/22) 1.00 X 0 0 0 Karen F Frost '88 Trustee 1.00 X 0 0 0 K Scott Meloun '81 Trustee 1.00 X 0 0 0 Lisa Smith P'23 Trustee 1.00 X 0 0 0 Mark W Shadle '84 Trustee 1.00 X 0 0 0 Martino R Moore '99 Trustee 1.00 X 0 0 0 Michael Abello Trustee 1.00 X 0 0 0 M Mercedes Badia-Tavas Trustee 1.00 X 0 0 0 Randall S Lauer '81 Trustee 1.00 X 0 0 0 Robert D Krebs Trustee 1.00 X 0 0 0 Robert W Crawford Jr Trustee 1.00 X 0 0 0 Robert S Murley Trustee 1.00 X 0 0 0 Sean W Thomas '81 Trustee 1.00 X 0 0 0 Vicki Angel Hagan '88 Trustee 1.00 X 0 0 0 William Connell Trustee 1.00 X 0 0 0 William G Brown Trustee 1.00 X 0 0 0 Davis Schneiderman Provost and Dean of Faculty 50.00 X 209942 0 45491 Christopher Ellertson Vice President for Enrollment 50.00 X 222629 0 30488 Shawn Vogen VP for Advancement & Secretary 50.00 X 227458 0 18410 Lori Sundberg VP for Finance/Planning; Treasurer 50.00 X 212887 0 26338 Ravikant Agarwal Chief Information Officer 50.00 X 165623 0 31204 Andrea Conner Vice President and Dean of Students 50.00 X 168927 0 25212 Jacqueline Slaats VP for Career Advancement/Athletics 50.00 X 185738 0 24491 Richard Bartolozzi Senior Director of Gift Planning 50.00 X 165321 0 24604 David Siebert Director of Facilities Management 50.00 X 134027 0 39396 Johnathon Briseno Asst Director of Facilities Mgmt 50.00 X 156095 0 10542 Janet McCracken Professor of Philosophy 40.00 X 138411 0 22983 Shubhik DebBurman Professor 50.00 X 128672 0 28341 2772988 0 451259 36 0 1 0 Parkhurst Dining PO Box 644091 Pittsburgh PA 15264 Campus Food Services 6513071 Hill Mechanical Service Inc 11045 Gage Ave Franklin Park IL 60131 Construction and Maintenance Services 3125546 Aramark Services Inc 27310 Network Place Chicago IL 60673 Custodial Services 1989576 Hartwig Mechanical Inc 20800 E Brink St Harvard IL 60033 Construction and Maintenance Services 680665 GrummanButkus Associates 820 Davis St Evanston IL 60201 Construction Services 394989 30 1364685 29209445 4876955 30574130 Tuition and Fees 611310 91332248 91332248 Residence Hall and Board Plan 611310 15712247 15712247 Other Sources 611310 1066380 1066380 Graduate Program 611310 387528 387528 108498403 163576 154396 9180 927728 0 927728 927728 219700 708028 2517743 2324234 340474 193509 -340474 -146965 -146965 66644 50926 15718 15718 Ice Rink and Sports Center 713990 377416 377416 Glen Rowan Guest House 721000 83486 83486 Print Shop 323100 7632 7632 468534 140501124 108718103 622930 585961 66135576 66135576 2371878 943331 1035768 392779 26057382 20562317 4761925 733140 1560677 1231556 285210 43911 3665201 2892271 669807 103123 1855808 1464449 339145 52214 268178 268178 120286 120286 810 810 821907 821907 9084818 8212280 806452 66086 271487 106134 164975 378 2485991 1884386 478523 123082 916841 267675 528851 120315 3878245 2373486 1500493 4266 1123656 1026970 51481 45205 627872 447553 90816 89503 2511297 2378160 133137 6748540 6686123 62417 945435 139184 802568 3683 Equipment and Leases 1163935 658613 505322 1323021 1059202 263269 550 133938841 118469266 13691340 1778235 1315564 440670 123926 123924 7716827 2573019 1741240 7858119 1230520 591447 73281 94173 961002 1498082 226464292 88231127 124743262 138233165 1789 1789 102418757 107157772 2871524 2542260 1354213 833598 244551905 261948018 5429033 6005187 1240639 608847 5242046 4381932 29995864 43064523 6000000 2500000 2314234 2575308 50221816 59135797 X 92288046 89402603 102042043 113409618 194330089 202812221 244551905 261948018 X 6562283 2254444 -334595 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 309 0 0 1 251 1 251 0 811 0 Part II-B, Line 1: Members of the College or Trustees may occasionally contact legislators to express the College's views on pending legislation which could affect costs or the students/ Students of the College have Rallied for specific legislative actions, and they have participated in volunteer efforts of laws and regulations. The College paid two vendors a total of $7,162 and $15,457 in fiscal year 2022-2023, and only 7% and 2%, respectively, of these fees were allocated to lobbying efforts. X X X Teaching 0 105290305 11340810 1560611 2013896 3984636 112193194 104553727 11824099 -5687521 1892031 3507969 105290305 84192908 4256321 21775477 1914390 3756589 104553727 87498703 1646426 -52221 1741168 3158832 84192908 90640225 852283 2321385 1674875 4640315 87498703 0.17780 0.81830 0.00390 0 0 3700287 3700287 2336076 214113693 84556294 131893475 4072315 3674833 397482 2241921 2241921 138233165 Liquid Market Fund 14511127 F Second Mortgages for Employees 414913 C Alternative Investments 92231732 F 107157772 Annuities 682984 Post-Retirement and Post-Employment Benefits 1279019 Operating Lease Liabilities 613305 2575308 X 75463490 2254444 -66470171 -64215727 139679217 821907 821907 140501124 66981358 0 66981358 821907 66135576 66957483 133938841 Part III, Line 1a: Collections and works of art: Collections (musical instruments, 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, 2023 and 2022, the insured value of these items was approximately $4,500,000. In addition, as of May 31, 2023 and 2022, the College has a Life Estate interest in artwork and museum furnishings valued at approximately $4,400,000. 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. 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. 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. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the College may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the College and various positions related to the potential sources of unrelated business taxable income (UBIT). The College has no amounts accrued for interest or penalties as of May 31, 2023. There were no unrecognized tax benefits identified or recorded as liabilities for the reporting periods presented in these statements. Part XI, Line 2d - Other Adjustments: Change in Value of Beneficial Interests / Split Interest Agreements -196,169. Change in Post-Retirement / Post-Employment Liability 157,910. Loss on Relinquishment of Debt -296,336. Scholarships -66,135,576. Part XII, Line 4b - Other Adjustments: Scholarships 66,135,576. Schedule D, Part XI, Line 4(b) - Scholarships Scholarships awarded are shown net of revenue on the audited financial statements. 1 1 1 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 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 Direct Lending, and Federal Work-Study program. The College also receives grants from the National Science Foundation. During fiscal year 2023, the College received a FEMA grant due to covid exposure. 1 Scholarships 1836 66135576 Part I, Line 2: Scholarships are awarded to students on the basis of need and merit. The amount of the award is applied directly to the students account. All records and amounts are substantiated in the records of the financial aid office. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Stephen D Schutt President (until 7/5/22) 401216 0 0 0 12187 0 21350 0 83338 0 518091 0 0 0 Jill Baren President 211833 0 0 0 32022 0 15021 0 4050 0 262926 0 0 0 Davis Schneiderman Provost and Dean of Faculty 184810 0 0 0 25132 0 14306 0 31185 0 255433 0 0 0 Christopher Ellertson Vice President for Enrollment 220649 0 0 0 1980 0 15934 0 14554 0 253117 0 0 0 Shawn Vogen VP for Advancement & Secretary 225333 0 0 0 2125 0 15868 0 2542 0 245868 0 0 0 Lori Sundberg VP for Finance/Planning; Treasurer 210907 0 0 0 1980 0 15050 0 11288 0 239225 0 0 0 Jacqueline Slaats VP for Career Advancement/Athletics 184533 0 0 0 1205 0 13204 0 11287 0 210229 0 0 0 Ravikant Agarwal Chief Information Officer 165375 0 0 0 248 0 13702 0 17502 0 196827 0 0 0 Andrea Conner Vice President and Dean of Students 168548 0 0 0 379 0 12425 0 12787 0 194139 0 0 0 Richard Bartolozzi Senior Director of Gift Planning 159320 0 0 0 6001 0 12992 0 11612 0 189925 0 0 0 David Siebert Director of Facilities Management 131512 0 0 0 2515 0 11511 0 27885 0 173423 0 0 0 Johnathon Briseno Asst Director of Facilities Mgmt 63620 0 0 0 92475 0 0 0 10542 0 166637 0 0 0 Janet McCracken Professor of Philosophy 129823 0 0 0 8588 0 10653 0 12330 0 161394 0 0 0 Shubhik DebBurman Professor 97661 0 0 0 31011 0 8340 0 20001 0 157013 0 0 0 Part I, Line 1a On-campus housing was provided to the President (Steve Schutt) as a condition of employment and is nontaxable under IRC 119. Off-campus housing was provided to the President (Jill Baren) as a condition of employment and is nontaxable under IRC 119. The College purchases cleaning services for the President's on-campus/off-campus housing due to hosting college sponsored events at this location. The services are non-taxable. A Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construction of Residence Hall 0 0 0 B Illinois Finance Authority Revenue Refunding 861091967 000000000 2022-06-13 38150000 Construction and Refinance of 2012 and 2014 Bonds 0 0 0 A 6044822 138011 5906811 2010 0 0 1 1 B 38902603 751010 13529424 24622169 2022 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: Illinois Finance Authority Date the Rebate Computation was Performed: 07/31/2018 X 15 None X 32 575871 FMV X 1 4287939 Appraisal X 1 None X Event Supplies 2 13145 Cost 0 0 1 0 Part I, Column (b): Art - works of art - the College is reporting the number of gifts. Securities - publicly traded - the College is reporting the number of contributions. Real Estate - residential - the College is reporting the number of contributions. Collectibles - the College is reporting the number of gifts. Event Supplies - the College is reporting the number of events, which included various noncash contributions such as food, drink and catering expenses. 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 VI, Section A, line 1a The executive committee shall consist of the chairperson of the board, the vice chairpersons of the board, the secretary of the board, the President of the College, and such other trustees as may be appointed to the executive committee by the board of trustees. Only present charter trustees shall be entitled to vote or need be counted for purposes of a quorum at meetings of the executive committee. The executive committee shall serve at the pleasure of the board of trustees and shall have interim general charge of the affairs of the College. The executive committee shall have power to act and to exercise all authority vested in the board between regular meetings of said board, except for the following, which shall be reserved for the board: presidential selection and termination; trustee and board-officer election; changes in institutional mission and purposes; changes to the charter, articles of incorporation, and bylaws; incurring of college indebtedness; sale of college assets or tangible property; adoption of the annual budget; and conferral of degrees. The executive committee shall assist the chairperson of the board and President with 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. The committee shall report its actions at the next meeting of the board of trustees. Form 990, Part VI, Section B, line 11b The College provides a copy of the form 990 to the board of trustees on a secure website prior to filing the form with the IRS. 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 require an executive committee or board vote to resolve, those concerned shall not be present at the time of the vote. The VP of Finance collects and reviews the forms which are not board members or senior administrators. Compliance is checked by the VP of Finance, 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 a total compensation philosophy which has been approved by the compensation committee of the board of trustees and has been communicated to all staff. Compensation for the President is targeted at the median of the defined peer group. The peer group of colleges includes the Associated Colleges of the Midwest (ACM) and the Great Lakes Colleges Association (GLCA). The compensation committee periodically reviews IRS Form 990 filings from both groups as well as the ACM and GLCA and CUPA surveys to ensure that total compensation levels for the President conforms to the approved total compensation policy. These procedures were undertaken in our fiscal year which was June 1, 2022 through May 31, 2023, and calendar year 2022. 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. Also the form is available for public information through external websites. Form 990, Part XI, line 9: Change in Value of Beneficial Interest / Split Interest Agreements -196,169. Change in Post-Retirement / Post-Employment Liability 157,910. Loss on Relinquishment of Debt -296,336. LFC Investment Holdings LP 550 S Tryon St Suite 3500 Global En Charlotte NC 28202 364797996 Investments DE N/A Excluded 905900 100315007 0 124845 0 1.00000 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 0 0 0