2019-02-25T09:10:20-06:00 2018-06-30 381357951 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2017-07-01 362216167 LAKE FOREST ACADEMY LAKE 8476153213 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 MICHAEL J REIDY CHIEF FINANCIAL OFFICER 8476153213 2019-02-20 1 KIMBERLY A HAUMANN P00546491 3122071040 2019-02-20 67.59.56.30 2019-02-20 14:34:00 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4F551198EC90A92CA2ED3AE42C89D47A164E6F16 2017 2019-02-21 02:37:17Z JOHN A STRUDWICK 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 36646979 0 X WWW.LFANET.ORG X 1857 IL EDUCATIONAL PROGRAM - INDEPENDENT COLLEGE PREPARATORY SCHOOL. 35 34 218 246 1591363 0 4643055 4873599 22439191 23880685 946847 2200332 1529283 1679674 29558376 32634290 5028864 5158946 0 0 10566219 11055741 0 18400 1883069 13075838 13607914 28670921 29841001 887455 2793289 100363364 102585333 41086656 39601274 59276708 62984059 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 22224836 5158946 23970656 LFA WAS ESTABLISHED IN 1857 AS THE BOYS' PREPARATORY DEPARTMENT OF LIND UNIVERSITY. THE GIRLS' PREPARATORY DEPARTMENT, FERRY HALL, WAS ADDED IN 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 434 STUDENTS FROM 16 STATES AND 33 COUNTRIES WHERE 49% ARE BOARDERS. LFA OPERATES AS A BOARDING SCHOOL WITH 69% 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 2018 STRATEGIC PLAN, MIDWESTERN HEART. GLOBAL MIND., FOCUSES ON 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 OVER 161 YEARS, THE ACADEMY 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. 22224836 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 37 0 1 218 1 1 1 0 0 0 0 1 1 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 IL X MICHAEL J REIDY 8476153213 1500 WEST KENNEDY ROAD LAKE FOREST IL 60045 MAKOLA M ABDULLAH VICE CHAIR/TRUSTEE 1.00 X X 0 0 0 CHRISTOPHER E FREEBURG TREASURER/TRUSTEE 1.00 X X 0 0 0 J MICHAEL SCHELL CHAIR/TRUSTEE 1.00 X X 0 0 0 RICHARD L ZHAO SECRETARY/TRUSTEE 1.00 X X 0 0 0 SAMUEL E ADAM JR TRUSTEE 1.00 X 0 0 0 TODD E ALTOUNIAN TRUSTEE 1.00 X 0 0 0 BRUCE W ANDERSON TRUSTEE 1.00 X 0 0 0 SYLVIA BARROS TRUSTEE 1.00 X 0 0 0 MOLLY PEARSON CAMPBELL TRUSTEE 1.00 X 0 0 0 PATRICK J CARROLL II TRUSTEE 1.00 X 0 0 0 CHARLES T COOPER TRUSTEE 1.00 X 0 0 0 J PATRICK CORSIGLIA TRUSTEE 1.00 X 0 0 0 JIM C COWART TRUSTEE 1.00 X 0 0 0 ANN DANNER TRUSTEE 1.00 X 0 0 0 WILLIAM J HAYES TRUSTEE 1.00 X 0 0 0 MICHELE MARSH IHLANFELDT TRUSTEE 1.00 X 0 0 0 DUANE C JACKSON TRUSTEE 1.00 X 0 0 0 NED JESSEN TRUSTEE 1.00 X 0 0 0 GREGORY K JONES TRUSTEE 1.00 X 0 0 0 THOMAS B KELLEY TRUSTEE 1.00 X 0 0 0 ERIK S KIMBLE TRUSTEE 1.00 X 0 0 0 RUMI KULI TRUSTEE 1.00 X 0 0 0 BEN MALEK TRUSTEE 1.00 X 0 0 0 WILLIAM F MARKEY TRUSTEE 1.00 X 0 0 0 JOHN S MARLATT TRUSTEE 1.00 X 0 0 0 PATRICK M MCCARTHY TRUSTEE 1.00 X 0 0 0 BETHANN MORITZ TRUSTEE 1.00 X 0 0 0 O KEITH OWEN III TRUSTEE 1.00 X 0 0 0 KATHERINE GRAY POLLOCK TRUSTEE 1.00 X 0 0 0 JUDITH REID-ANDERSON TRUSTEE 1.00 X 0 0 0 EMILY SAMMON TRUSTEE 1.00 X 0 0 0 RAMONA SEQUEIRA TRUSTEE 1.00 X 0 0 0 AMISH S SHAH TRUSTEE 1.00 X 0 0 0 MARIANNE SILVER TRUSTEE 1.00 X 0 0 0 MARK S STEVENS TRUSTEE 1.00 X 0 0 0 JOHN STRUDWICK HEAD OF SCHOOL 60.00 X 429481 0 131873 MICHAEL REIDY CHIEF FINANCIAL OFFICER 40.00 X 184539 0 36083 ROBERT J BUCKLA VICE PRESIDENT FOR ADVANCEMENT 40.00 X 125734 0 23958 WILLIAM B DOLBEE ASSOCIATE HEAD OF SCHOOL, TEACHER 40.00 X 119153 0 29607 PATRICK FINNESSY DR. RAY BIRD JR. MASTER CHAIR IN ENGLISH 40.00 X 121724 0 27305 GARRY SLOAN DIRECTOR OF INDIVIDUAL PHILANTHROPY 40.00 X 119908 0 30893 CHRISTOPHER O TENNYSON ASST HOS, STUD & ACAD DEAN, AND TEACHER 40.00 X 122847 0 15893 1223386 0 295612 11 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 152516170 FACILITY, CAFETERIA AND CATERING MANAGEM 3315944 CHICAGO TITLE & TRUST- ALTOUNIAN CONSTRU 13110 WEST HIGHWAY 176 SUITE ONE LAKE BLUFF IL 60044 CONSTRUCTION 482538 TEC ELECTRIC INC 1243 RAND ROAD DES PLAINES IL 60016 ELECTRICAL 444428 MERIDIAN IT INC PO BOX 33950 CHICAGO IL 606943950 COMPUTER HARDWARE & SOFTWARE 344710 FIRST POINT MECHANICAL SERVICES LLC 1625 WINNETKA CIRCLE ROLLING MEADOWS IL 60008 HVAC 265604 6 697070 4176529 144576 4873599 TUITION 611600 22800238 22800238 FACILITY RENTAL 531390 869121 869121 ACADEMIC FEES & SALES 611600 172589 172589 STUDENT FEES 611600 38737 38737 23880685 567790 567790 32842 0 32842 32842 32842 5433120 3800578 1632542 1632542 1632542 7500 697070 42002 -34502 -34502 222781 170109 52672 52672 CATERED EVENTS 722320 1591363 1591363 MISCELLANEOUS 900099 37299 37299 1628662 32634290 23970656 1591363 2198672 5158946 5158946 786010 556927 142779 86304 7611708 5393272 1382672 835764 840585 595596 152693 92296 1224631 867712 222455 134464 592807 420033 107684 65090 84053 84053 45175 45175 18400 18400 108608 108608 339194 310214 28963 17 64633 64633 801830 534924 160379 106527 704921 474613 138693 91615 474290 446470 27820 2986969 2389575 597394 258560 193920 64640 CATERING AND CAFETERIA 2458096 893696 1312720 251680 FACILITIES CONTRACT 2397059 1797794 599265 SERVICES 1236014 972407 207115 56492 FEES & SUBSCRIPTIONS 440781 358036 58106 24639 1207731 796068 291882 119781 29841001 22224836 5733096 1883069 5888231 4985390 1461368 2470915 5815037 5716178 3344151 3631096 128692 133738 316720 387764 84674078 35114455 50916913 49559623 14874947 18293304 16986427 16473664 630878 933661 100363364 102585333 1604782 1046516 17399626 17865520 16251433 16256247 4843363 3874690 987452 558301 41086656 39601274 X 41590203 44538817 6288686 6445031 11397819 12000211 59276708 62984059 100363364 102585333 X 2793289 914065 -3 X 0 1 X 1 0 X 33322743 2240095 2325045 650000 37237883 30186259 486080 3150404 500000 33322743 30167672 2197196 -212019 1966590 30186259 29271615 588790 465450 158183 30167672 25570757 1914423 3923870 2137435 29271615 0.70610 0.25660 0.03730 1 0 79267 79267 52198042 14729580 37468462 17693596 10879559 6814037 9013798 5833152 3180646 5689375 3672164 2017211 49559623 BANK COMMON TRUST FUNDS 11098478 F PRIVATE EQUITY LIMITED PARTNERSHIPS 5375186 F 16473664 CAPITAL LEASE OBLIGATION 10088 SWAP 548213 558301 28487448 914065 212111 1126176 27361272 108608 5164410 5273018 32634290 24780097 212114 212114 24567983 108608 5164410 5273018 29841001 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: FUNDRAISING EXPENSES NETTED AGAINST REVENUE 42,002. COGS 170,109. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,158,946. WITHHOLDING TAX 5,464. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES NETTED AGAINST REVENUE 42,002. COGS 170,109. ROUNDING 3. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,158,946. WITHHOLDING TAX 5,464. 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, AND VIEWBOOKS, AND IN ALL JOB POSTINGS AND FACULTY RECRUITMENT MATERIALS. SOUTH AMERICA 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 1646 NORTH AMERICA 0 0 PROGRAM SERVICES ATHLETICS 12216 CENTRAL AMERICA 0 0 PROGRAM SERVICES CONFERENCE 976 CENTRAL AMERICA 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 756 EAST ASIA/ PACIFIC 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 6120 EAST ASIA/ PACIFIC 0 0 PROGRAM SERVICES CONFERENCE 13816 EAST ASIA/ PACIFIC 0 0 PROGRAM SERVICES FUNDRAISING & STUDENT RECRUITMENT 15161 EAST ASIA/ PACIFIC 0 0 PROGRAM SERVICES EDUCATIONAL TRIP 22668 EUROPE 0 0 PROGRAM SERVICES CONFERENCE 4713 EUROPE 0 0 PROGRAM SERVICES EDUCATIONAL TRIP 2345 EUROPE 0 0 PROGRAM SERVICES FUNDRAISING & STUDENT RECRUITMENT 6125 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICES FUNDRAISING & STUDENT RECRUITMENT 6306 0 0 0 0 0 0 73359 19489 92848 1 0 0 0 0 0 X X X X X X 1 RUFFALO NOEL LEVITZ 1025 KIRKWOOD PKWY SW CEDAR RAPIDS IA 52404 PHONE CALL SOLICITATION 0 19021 0 18400 19021 18400 AZ CA CO FL GA IA ID IL IN MA MI MT NE NY OH SD TX VA VT WA WI WY GALA AUCTION 704570 697070 7500 42002 704570 697070 7500 42002 42002 -34502 1 FINANCIAL AID 127 16685 4287155 FMV FREE OR DISCOUNTED TUITION & A STIPEND FOR BOOKS & EDUCATIONAL SUPPLIES MERIT AID 14 98000 FMV DISCOUNTED TUITION TUITION REMISSION 17 733550 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 ADMISSIONS REQUIREMENTS TO QUALIFY. X X X 1 1 X X X X 0 1 0 0 0 0 0 1 0 JOHN STRUDWICK HEAD OF SCHOOL 328339 0 100000 0 1142 0 54309 0 77324 0 561114 0 0 0 MICHAEL REIDY CHIEF FINANCIAL OFFICER 184539 0 0 0 0 0 19031 0 17052 0 220622 0 0 0 GARRY SLOAN DIRECTOR OF INDIVIDUAL PHILANTHROPY 119908 0 0 0 0 0 12941 0 17952 0 150801 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE HEAD OF SCHOOL - PER EMPLOYMENT CONTRACT - RESIDENCE IS ON PREMISES. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES HEAD OF SCHOOL REIMBURSABLE BUSINESS EXPENSE PER HEAD OF SCHOOL EMPLOYMENT CONTRACT PERSONAL SERVICES HEAD OF SCHOOL - IN RECOGNITION OF BUSINESS USE OF PERSONAL RESIDENCE OF HEAD OF SCHOOL AND AUTHORIZED BY COMPENSATION COMMITTEE ALL THE ABOVE BENEFITS, EXCEPT HOUSING, WERE CONSIDERED TAXABLE COMPENSATION AND WERE INCLUDED IN WAGES. PART I, LINE 4B HEAD OF SCHOOL, 457F EMPLOYER CONTRIBUTIONS - THE HEAD OF SCHOOL IS COVERED BY A NONQUALIFIED DEFERRED COMPENSATION PLAN. UNDER THE PLAN, PARTICIPANTS UNVESTED ACCOUNT BALANCES ARE CREDITED AT THE DISCRETION OF THE ORGANIZATION. PARTICIPANT BALANCES VEST PERIODICALLY OVER A TERM OF SEVERAL YEARS OR UPON THE DEATH OR DISABILITY OF A PARTICIPANT. NO AMOUNTS WERE PAID TO ANY PARTICIPANTS DURING THE CURRENT YEAR. $14,909 WERE CREDITED TO PARTICIPANT ACCOUNTS DURING THE CURRENT YEAR. PART I, LINE 7 THE COMPENSATION COMMITTEE OF THE BOARD APPROVED A ONE TIME BONUS PAYMENT OF $100,000 FOR THIS YEAR. THIS INCORPORATED A $50,000 BONUS IN RECOGNITION OF EXTRAORDINARY PERFORMANCE ACROSS ALL LEVELS OF SCHOOL ACTIVITIES AND PERSONNEL AND A SPECIAL NON-RECURRING BONUS PAYMENT OF $50,000. THIS WAS BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. A ILLINOIS DEVELOPMENT FINANCE AUTHORITY VARIABLE RATE DEMAND REVENUE BONDS 861091967 2016-06-21 16415000 SEE PART VI 0 0 0 A 16415000 168500 14464588 1781912 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. LORING STRUDWICK WIFE OF THE HEAD OF SCHOOL 102269 EMPLOYMENT AT LAKE FOREST ACADEMY AS AN INSTRUCTOR OF MATHEMATICS. 0 TODD E ALTOUNIAN TRUSTEE 380636 LFA CONSTRUCTION CONTRACT FOR NEW STUDENT UNION BUILDING; TRUSTEE IS AFFILIATED BY FAMILY MEMBERSHIP WITH CONTRACTOR'S OWNERSHIP. 0 X 21 144576 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 ANY OTHER BUSINESS AT THE FALL BOARD OF TRUSTEES MEETING. FORMS ARE DISTRIBUTED TO TRUSTEES AT THAT TIME 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. FORM 990, PART XI, LINE 9: ROUNDING -3.