2022-02-07T13:39:38-06:00 2021-06-30 381357951 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2020-07-01 362216167 LAKE FOREST ACADEMY LAKE 8476153213 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 MICHAEL J REIDY CHIEF FINANCIAL OFFICER 8476153213 2022-02-03 1 MICHAEL REIDY 999009999 KIMBERLY A HAUMANN P00546491 3122071040 2022-02-03 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z CHRIS TENNYSON 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 37298646 0 X WWW.LFANET.ORG X 1857 IL EDUCATIONAL PROGRAM - INDEPENDENT COLLEGE PREPARATORY SCHOOL. 29 27 174 274 430381 0 5107413 7217647 25055850 23607249 1211724 1607696 978518 475576 32353505 32908168 5545612 6262098 0 0 13118128 12934833 18400 0 1678142 12790170 13792501 31472310 32989432 881195 -81264 104282622 116077407 40910105 39236275 63372517 76841132 X LAKE FOREST ACADEMY STRIVES TO EMBODY IN ITS PRACTICES - AND TO CULTIVATE IN ITS STUDENTS - EXCELLENCE OF CHARACTER, SCHOLARSHIP, CITIZENSHIP, AND RESPONSIBILITY. 0 0 24053862 6262098 23619602 LAKE FOREST ACADEMY 'LFA" WAS ESTABLISHED IN 1857 AS THE BOYS' PREPARATORY DEPARTMENT OF LIND UNIVERSITY. THE GIRLS' PREPARATORY DEPARTMENT, FERRY HALL, WAS ADDED 1869. IN 1925, LFA AND FERRY HALL LEGALLY SEPARATED FROM THE UNIVERSITY TO BECOME SECONDARY EDUCATIONAL INSTITUTIONS. IN 1974, THE TWO SCHOOLS MERGED INTO A CO-EDUCATIONAL INDEPENDENT SCHOOL. TODAY'S LFA IS HOME TO 435 STUDENTS FROM 15 STATES AND 40 COUNTRIES WHERE 47% ARE BOARDERS. LFA OPERATES AS A BOARDING SCHOOL WITH 71% OF THE FACULTY RESIDING ON CAMPUS. LFA'S 150-ACRE CAMPUS IS ON THE FORMER ESTATE OF J. OGDEN ARMOUR AND NOW CONSISTS OF A COMPLEMENTARY MIX OF HISTORICAL AND MODERN BUILDINGS.LFA'S 2019 STRATEGIC PLAN, "MIDWESTERN HEART. GLOBAL MIND.", FOCUSES ON PROGRAM SERVICE ACCOMPLISHMENTS: DEVELOPING GLOBAL CITIZENS THROUGH UNIQUE EDUCATIONAL EXPERIENCES WITHIN A DIVERSE AND CARING COMMUNITY. THE ADMINISTRATION AND FACULTY ARE FOCUSED ON WORKING WITHIN THE FOUR MAIN INITIATIVES - EDUCATIONAL EXPERIENCE, MULTICULTURALISM, MARKETING, AND FINANCIAL STRENGTH.FOR 164 YEARS, LFA HAS STAYED TRUE TO ITS CORE VALUES OF EDUCATING THE INNOVATIVE MINDS OF THE NEXT GENERATION. THE INSTITUTION AND ITS PEOPLE ARE POISED TO ACHIEVE HIGHER LEVELS OF SUCCESS AND LOOK ENTHUSIASTICALLY TOWARD A NEW CHAPTER IN LFA'S HISTORY. 24053862 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 1 37 0 1 174 1 0 0 0 0 0 0 0 0 0 0 0 0 X 29 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X MICHAEL J REIDY 8476153213 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 JOHN S MARLATT CHAIR / TRUSTEE 1.00 0.00 X X 0 0 0 JIM C COWART VICE CHAIR / TRUSTEE 1.00 0.00 X X 0 0 0 JESSICA P DOUGLAS SECRETARY / TRUSTEE 1.00 0.00 X X 0 0 0 CHARLES T COOPER TREASURER / TRUSTEE 1.00 0.00 X X 0 0 0 TODD E ALTOUNIAN TRUSTEE 1.00 0.00 X 0 0 0 BRUCE W ANDERSON TRUSTEE 1.00 0.00 X 0 0 0 SYLVIA BARROS TRUSTEE 1.00 0.00 X 0 0 0 MOLLY PEARSON CAMPBELL TRUSTEE 1.00 0.00 X 0 0 0 PATRICK J CARROLL TRUSTEE 1.00 0.00 X 0 0 0 J PATRICK CORSIGLIA TRUSTEE 1.00 0.00 X 0 0 0 AHMED FARAG TRUSTEE 1.00 0.00 X 0 0 0 GREGORY P GLASS TRUSTEE 1.00 0.00 X 0 0 0 HAJI L GLOVER TRUSTEE 1.00 0.00 X 0 0 0 DUANE C JACKSON TRUSTEE 1.00 0.00 X 0 0 0 NED JESSEN TRUSTEE 1.00 0.00 X 0 0 0 SCOTT W KAESER TRUSTEE 1.00 0.00 X 0 0 0 ALLAN M KAPLAN TRUSTEE 1.00 0.00 X 0 0 0 THOMAS B KELLEY TRUSTEE 1.00 0.00 X 0 0 0 TED KOVAS TRUSTEE 1.00 0.00 X 0 0 0 RUMI KULI TRUSTEE 1.00 0.00 X 0 0 0 SCOTT MELOUN TRUSTEE 1.00 0.00 X 0 0 0 BETHANN MORITZ TRUSTEE 1.00 0.00 X 0 0 0 KATHERINE GRAY POLLOCK TRUSTEE 1.00 0.00 X 0 0 0 TATYANA I PRAMATAROVA TRUSTEE 1.00 0.00 X 0 0 0 EMILY SAMMON TRUSTEE 1.00 0.00 X 0 0 0 RAMONA SEQUEIRA TRUSTEE 1.00 0.00 X 0 0 0 AMISH S SHAH TRUSTEE 1.00 0.00 X 0 0 0 MARIANNE SILVER TRUSTEE 1.00 0.00 X 0 0 0 XIONG YIN TRUSTEE 1.00 0.00 X 0 0 0 JOSE M DE JESUS HEAD OF SCHOOL 40.00 0.00 X 499041 0 74731 MICHAEL J REIDY CHIEF FINANCIAL OFFICER 40.00 0.00 X 209031 0 41341 ROBERT J BUCKLA VP FOR ADVANCEMENT 40.00 0.00 X 200481 0 35723 CHRISTOPHER O TENNYSON ASSISTANT HEAD OF SCHOOL 40.00 0.00 X 139752 0 28080 DARRIN MADELEY ATHLETIC DIRECTOR 40.00 0.00 X 131688 0 20833 GARRY SLOAN PLANNED & MAJOR GIFTS OFFI 40.00 0.00 X 128631 0 33565 SARAH J HILL EXEC ASST TO THE HOS 40.00 0.00 X 117831 0 12908 RUTH A KEYSO DIR OF ALUMNI RELATIONS 40.00 0.00 X 116130 0 23694 1542585 0 270875 15 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 152516170 FACILITY MANAGEMENT & CATERING 3778552 ALTOUNIAN CONSTRUCTION 13110 ROCKLAND RD LAKE BLUFF IL 600441468 CONSTRUCTION 1529911 FIRST POINT MECHANICAL LLC 1625 WINNETKA CIRCLE ROLLING MEADOWS IL 60008 HVAC 177661 WITMER AND ASSOCIATES 1000 N WESTERN AVE LAKE FOREST IL 60045 ARCHITECTS 137683 NORTHERN TRUST 50 SOUTH LASALLE STREET B-3 CHICAGOI IL 60603 INVESTMENTS 125996 7 8532 2275587 4933528 336701 7217647 TUITION 611600 22794826 22794826 FACILITY RENTAL 531390 741506 741506 ACADEMIC FEES & SALES 611600 42477 42477 STUDENT FEES 611600 28440 28440 23607249 774870 774870 32842 0 32842 32842 32842 5144726 5700 4307830 9770 836896 -4070 832826 832826 0 8532 15986 -15986 -15986 62651 56892 5759 5759 CATERED EVENTS 722320 430381 430381 MISCELLANEOUS 900099 22580 22580 452961 32908168 23635588 430381 1624552 6262098 6262098 1088640 839149 249491 8832963 6432017 1568352 832594 856269 616237 170760 69272 1506543 1003556 330387 172600 650418 466290 127967 56161 96802 96802 70800 70800 128340 128340 38161 38161 57423 57423 963559 616063 232245 115251 676931 611269 56862 8800 554515 404965 144505 5045 3019496 2726605 253638 39253 269053 242955 22600 3498 FACILITIES CONTRACT 2253980 2035344 189334 29302 SERVICES 1695758 943314 683577 68867 CATERING AND CAFETERIA 1643938 1073497 554212 16229 BAD DEBT 1578604 1578604 745141 619652 113710 11779 32989432 24053862 7257428 1678142 2203737 3919428 3910697 18440735 5812235 3501236 5088346 4458262 73081 58560 640006 411735 86506481 41256018 46595224 45250463 18760502 18760502 20681239 20681239 517555 595247 104282622 116077407 1834942 1769247 17082783 18129250 16250440 16262972 3812932 1968673 1929008 1106133 40910105 39236275 X 40345351 50013110 23027166 26828022 63372517 76841132 104282622 116077407 -81264 13549879 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 43345568 1410573 14187788 1050000 57893929 41861257 2627303 -92992 1050000 43345568 37237883 2783330 2218124 378080 41861257 33322743 2240095 2325045 650000 37237883 30186259 486080 3150404 500000 33322743 0.62197 0.27278 0.10526 1 0 79267 79267 54054457 18441253 35613204 17269520 12155121 5114399 9168355 6772251 2396104 5934882 3887393 2047489 45250463 BANK COMMON TRUST FUNDS 11323867 F PRIVATE EQUITY LIMITED PARTNERSHIPS 9357372 F 20681239 SWAP 1106133 1106133 40124501 13549879 56892 13606771 26517730 128340 6262098 6390438 32908168 26655886 56892 56892 26598994 128340 6262098 6390438 32989432 PART V, LINE 4: THE ENDOWMENT FUND IS INVESTED TO PROVIDE A PREDICTABLE STREAM OF INCOME TO SUPPORT THE SCHOOL'S PROGRAMS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COGS 56,892. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,262,098. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS 56,892. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,262,098. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL COMMUNICATES ITS NON-DISCRIMINATION POLICY ON ITS WEBSITE, IN ALL ADMISSION MATERIALS, CATALOGS, VIEWBOOKS, AND IN ALL JOB POSTINGS AND FACULTY RECRUITMENT MATERIALS. 1 FINANCIAL AID 157 8508 5496790 FMV FREE OR DISCOUNTED TUITION & A STIPEND FOR BOOKS & EDUCATIONAL SUPPLIES TUITION REMISSION 16 756800 FMV FREE TUITION PROVIDED TO CHILDREN OF FACULTY & STAFF PART I, LINE 2: GRANTS TO STUDENTS ARE BASED ON FINANCIAL NEED WHICH IS DETERMINED BY THE SCHOOL SCHOLARSHIP SERVICE. SCHOLARSHIPS TO STUDENTS ARE BASED ON MERIT ONLY (ACADEMIC EXCELLENCE AND EXTRACURRICULAR INVOLVEMENT). CHILDREN OF FACULTY AND STAFF ARE AUTOMATICALLY ELIGIBLE FOR FULL SCHOLARSHIP, BUT MUST MEET THE ADMISSION REQUIREMENTS TO QUALIFY. X X X X 1 1 X X X 0 0 0 0 0 0 0 1 0 JOSE M DE JESUS HEAD OF SCHOOL 423041 0 76000 0 0 0 28500 0 46231 0 573772 0 0 0 MICHAEL J REIDY CHIEF FINANCIAL OFFICER 208031 0 1000 0 0 0 21500 0 19841 0 250372 0 0 0 ROBERT J BUCKLA VP FOR ADVANCEMENT 199481 0 1000 0 0 0 20125 0 15598 0 236204 0 0 0 CHRISTOPHER O TENNYSON ASSISTANT HEAD OF SCHOOL 138752 0 1000 0 0 0 14763 0 13317 0 167832 0 0 0 GARRY SLOAN PLANNED & MAJOR GIFTS OFFI 127631 0 1000 0 0 0 13925 0 19640 0 162196 0 0 0 DARRIN MADELEY ATHLETIC DIRECTOR 88668 0 43020 0 0 0 10860 0 9973 0 152521 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS HEAD OF SCHOOL - PER EMPLOYMENT CONTRACT (JOSE DE JESUS) HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE HEAD OF SCHOOL - PER EMPLOYMENT CONTRACT (JOSE DE JESUS) HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES HEAD OF SCHOOL REIMBURSABLE BUSINESS EXPENSE PER HEAD OF SCHOOL EMPLOYMENT CONTRACT (JOSE DE JESUS) PERSONAL SERVICES HEAD OF SCHOOL - IN RECOGNITION OF BUSINESS USE OF PERSONAL RESIDENCE OF HEAD OF SCHOOL AND AUTHORIZED BY COMPENSATION COMMITTEE (JOSE DE JESUS) ALL THE ABOVE BENEFITS, EXCEPT HOUSING, WERE CONSIDERED TAXABLE COMPENSATION AND WERE INCLUDED IN WAGES. PART I, LINE 7 THE COMPENSATION COMMITTEE OF THE BOARD APPROVED A ONE TIME BONUS PAYMENT OF $75,000 FOR THIS YEAR TO JOSE DE JESUS. THIS IS A SPECIAL NON-RECURRING BONUS PAYMENT BASED ON GRATITUDE FOR HIS DEDICATION TO THE ORGANIZATION AND EXCEPTIONAL PERFORMANCE. DARRIN MADELEY'S INCENTIVE PAY WAS FOR RUNNING THE HOCKEY CAMPS FOR THE ACADEMY. EVERY EMPLOYEE RECEIVED A $1,000 BONUS SINCE SALARIES WERE FROZEN IN FY21. A ILLINOIS DEVELOPMENT FINANCE AUTHORITY VARIABLE RATE DEMAND REVENUE BONDS 861091967 2016-06-21 16415000 SEE PART VI 0 0 0 A 16415000 168500 16246500 2016 1 0 0 1 A 0 0 0 0 0 0 1 A 0 1 1 0 1 0 0 0 1 A 1 SCHEDULE K, PART I, BOND ISSUES, COLUMN (F): CONSTRUCTION AND RENOVATION OF CAMPUS FACILITIES AND PAY ISSUANCE COSTS AND REFUNDING OF ILLINOIS DEVELOPMENT FINANCE AUTHORITY VARIABLE RATE DEMAND REVENUE BONDS DATED DECEMBER 1994 AND JULY 2000. TRUSTEE TRUSTEE 23300 TUITION FINANCIAL AID/SCHOLARSHIP TUITION JOSE DE JESUS HEAD OF SCHOOL 47300 TUITION REMISSION TUITION ANDREA DE JESUS WIFE OF THE HEAD OF SCHOOL 17143 EMPLOYMENT AT LAKE FOREST ACADEMY AS AN INSTRUCTOR IN ENGLISH 0 TODD E ALTOUNIAN TRUSTEE 1307406 LFA CONSTRUCTION CONTRACT FOR BUILDING DORMITORY ADDITION; TRUSTEE IS AFFILIATED BY FAMILY MEMBERSHIP WITH CONTRACTOR'S OWNERSHIP. 0 X 10 336701 FMV AT DATE OF CONTRIBUT 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE NUMBER OF GIFTS AND PLEDGES RECEIVED DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES HAS DELEGATED THE RESPONSIBILITY FOR REVIEWING AND RECOMMENDING APPROVAL OF THE FORM 990 TO THE FINANCE AND EXECUTIVE COMMITTEES OF THE BOARD. FOLLOWING SUCH RECOMMENDATION AND PRIOR TO THE BOARD MEETING, THE BOARD IS NOTIFIED AND INFORMED OF ITS POSTING ON THE WEBSITE. IT IS ALSO MADE AVAILABLE AT THE BOARD MEETING AT WHICH THE 990 IS APPROVED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISCUSSED UNDER THE ANY OTHER BUSINESS AGENDA ITEM AT THE FALL BOARD OF TRUSTEES MEETING. FORMS ARE DISTRIBUTED TO TRUSTEES AT THAT MEETING AND AN ELECTRONIC VERSION IS ALSO AVAILABLE ON OUR WEBSITE PAGE FOR TRUSTEES. TRUSTEES ARE REQUIRED TO SIGN A FORM ANNUALLY THAT THEY UNDERSTAND AND AGREE TO FOLLOW THE CONFLICT OF INTEREST POLICY. ANY POTENTIAL CONFLICTS THAT ARISE DURING THE YEAR ARE ASSIGNED TO THE COMMITTEE OF TRUSTEES AND THE BOARD FOR DISCUSSION AND RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 THE BASE SALARY AND OTHER COMPENSATION PROVISIONS FOR THE HEAD OF SCHOOL ARE FIXED BY CONTRACT. THE CONTRACT AND COMPENSATION MATTERS ARE ADMINISTERED ON BEHALF OF THE BOARD BY AN AD HOC COMPENSATION COMMITTEE CONSISTING OF THE CHAIR OF THE BOARD AND CERTAIN MEMBERS OF THE EXECUTIVE COMMITTEE. THE COMPENSATION COMMITTEE CONDUCTS AN ANNUAL REVIEW OF THE HEAD OF SCHOOL'S PERFORMANCE BASED UPON GOALS ESTABLISHED AT THE BEGINNING OF THE YEAR AND DETERMINES WHETHER TO AWARD A PERFORMANCE BONUS AND, IF AWARDED, HOW MUCH. THE CONTRACT PROVISIONS WERE DEVELOPED AFTER TAKING INTO ACCOUNT COMPARATIVE COMPENSATION DATA FURNISHED BY AN OUTSIDE EXPERT, AMONG OTHER CRITERIA. THE HEAD OF SCHOOL USES NAIS DATA, ANNUAL EVALUATIONS, AND A SALARY SCALE TO DETERMINE THE COMPENSATION FOR OFFICERS AND OTHER KEY EMPLOYEES WITHIN THE CONSTRAINT OF A TOTAL COMPENSATION BUDGET SET BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 INFORMATION NOT OTHERWISE RESTRICTED IS MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST SUBMITTED TO THE EXECUTIVE ASSISTANT TO THE HEAD OF SCHOOL.