2014-04-10T19:50:37-07:00 2013-05-31 990 2012-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Leslie Chapman 8477355035 2014-04-14 2012 2015-11-30 17:44:51Z Stephen Schutt 555 N Sheridan Road Lake Forest IL 60045 100114745 0 X X 1857 IL Lake Forest College is a national residential liberal arts college, accredited by the North Central Association of Colleges and Schools. 24 23 1462 1100 332949 0 10164204 8230508 65487599 69539160 3198592 3860807 1767420 1376216 80617815 83006691 30010570 32119333 0 0 26554334 26800934 0 0 1894869 22305224 24007100 78870128 82927367 1747687 79324 152756128 177717523 40993964 59803772 111762164 117913751 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 1,540 full time equivalent students in the undergraduate level with 118 full time equivalent faculty. Bachelor of Arts degrees conferred were 324 during the year, with 6 Master's degrees were conferred. The College had approximately 1,100 resident students in the residence halls. 0 0 49063801 32119333 58122605 Academic programs served 1,540 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees conferred 324 during the year, with 6 Master's degrees conferred. Program costs include academic departments and the faculty salaries and benefits. 5133828 0 21640 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). 11414759 0 1255937 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 living on campus. 9478353 0 10438897 Auxiliary services are primarily the cost of providing housing to the students. 72% of the students lived on campus. Students come from 47 states and 79 countries. Other auxiliary programs include costs for faculty housing, printing services, summer conferences, and other services not directly related to the instruction of students. 9478353 0 10438897 75090741 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 1 2005 0 1 1462 1 1 1 1 FR GR 0 0 0 1 1 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X Doris Dumas 8477355039 555 N Sheridan Rd Business Office Lake Forest IL 60045 Marsha K Anderson 1 X 0 0 0 Earl J Barnes II 1 X 0 0 0 Judith Heisley Bishop 1 X 0 0 0 Charles M Brennan III 1 X 0 0 0 William G Brown 1 X 0 0 0 John D Carruthers 1 X 0 0 0 David A Castagnetti 1 X 0 0 0 James R Donnelley 1 X 0 0 0 David F Gorter 1 X 0 0 0 Mark W Helderman 1 X 0 0 0 James M Hunter 1 X 0 0 0 Robert D Krebs 1 X 0 0 0 William A Lowry 1 X 0 0 0 Charles JB Mitchell 1 X 0 0 0 James W Moeller 1 X 0 0 0 Mark A Nagle 1 X 0 0 0 William Parfet 1 X 0 0 0 Lorna Pfaelzer 1 X 0 0 0 Joanne M Storkan 1 X 0 0 0 Stephen C Strelsin 1 X 0 0 0 Richard Uihlein 1 X 0 0 0 Claudia Wyatt-Johnson 1 X 0 0 0 Daniel D Dolan 1 X 0 0 0 Stephen D Schutt 50 X X 318625 0 140293 Leslie T Chapman 50 X 164970 0 39554 Michael T Orr 50 X 164764 0 52470 William G Motzer 50 X 148765 0 33575 Richard J Bartolozzi 50 X 145342 0 37371 Robert A Flot 50 X 126306 0 21215 Jacqueline Slaats 50 X 140369 0 22268 James Cubit 50 X 128919 0 31745 Rand W Smith 50 X 124395 0 20220 Richard Mallette 50 X 122671 0 20651 Janet McCracken 40 X 122622 0 20331 1707748 0 439693 18 0 1 0 ARAMARK CORP 24818 Network Place Chicago IL 60673 Food Services 1513845 DRINKER BIDDLE & REATH LLP One Logan Square Philadelphia PA 19103 Legal Services 189695 NORTHSHORE UNIV HEALTH HP Hospital 777 Park Ave West Highland Park IL 60035 Healthcare Clinic Services 158182 TRUE COLORS DECORATING 1701 S Fairview Park Ridge IL 60068 Painting services 128000 CROWE HORWATH LLP 70 W Madison Ste 700 Chicago IL 60602 Audit and Attestation Serv 125575 8 0 0 0 0 1433302 6797206 735763 8230508 Tuition and Fees 611310 57335500 57335500 0 0 Room and Board Revenue 611310 10438896 10438896 0 0 Greece and Paris Revenue 611310 138100 138100 0 0 Student Fee Revenue 611310 342180 342180 0 0 Other Sources 611310 1284484 1284484 0 0 0 0 0 0 69539160 1215077 0 0 1215077 0 0 0 0 0 0 0 0 1043267 0 0 0 1043267 0 1043267 299918 0 743349 19753784 0 17108054 0 2645730 0 2645730 0 0 2645730 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ice Rink rental 713900 130923 0 130923 0 Alumni House Rental 721000 107485 0 107485 0 Printing Services 323100 94541 0 94541 0 0 0 0 0 332949 83006691 69839078 332949 4604156 X 0 0 32119333 32119333 0 0 0 0 1414502 578979 658042 177481 0 0 0 0 19820602 16737184 2168183 915235 1482263 1202174 201152 78937 2729104 2208238 358269 162597 1354463 1083737 196328 74398 0 0 0 0 216467 1894 201495 13078 75495 0 75495 0 0 0 0 0 0 0 316800 0 316800 0 6268368 6198744 57803 11821 61032 43885 5615 11532 3035909 2241452 524087 270370 411874 160510 251364 0 0 0 0 0 4828859 4594844 225268 8747 789962 723994 20425 45543 0 0 0 0 542325 409050 47301 85974 1084117 1016750 67367 0 0 0 0 0 3206621 3019340 187281 0 660245 333356 314743 12146 Other expenses 1917158 1878168 11980 27010 Equipment 591868 539109 52759 0 82927367 75090741 5941757 1894869 6428828 5309262 319111 583321 4318559 1451475 3283420 1353866 0 0 0 0 2751948 2679924 62928 53492 521678 539317 130316359 53169841 66469220 77146518 35956246 47637329 28775709 28669822 0 0 3868481 4638631 0 7654566 152756128 177717523 5418957 9058866 2316486 2275811 4860123 4521863 26028321 41629884 0 0 0 0 0 0 250000 0 2120077 2317348 40993964 59803772 X 35936717 40284092 17170759 17868591 58654688 59761068 111762164 117913751 152756128 177717523 X 79324 8535019 0 0 0 -2462756 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X X Teaching 0 69490549 865057 11820500 1493559 2891513 0 77791034 70907176 3827613 -853807 1454929 2935504 0 69490549 60146007 3692574 11537377 1438197 3030585 0 70907176 53881647 1979682 8794927 1386421 3123828 0 60146007 76800930 1692745 -19625720 1669734 3316574 0 53881647 0.15 0.73 0.12 0 0 0 2257533 2257533 2847204 106822898 49244388 60425714 0 0 0 0 0 5476681 3925453 1551228 0 12912043 0 12912043 77146518 0 0 Hedge Funds 1643810 F Real Estate 6738837 F Partnerships 19048837 F Mortgages on faculty houses 1227296 F Commodities 11042 F 28669822 0 Annuities 741886 Post-retirement post-employment benefits 1575462 2317348 X 59105577 8535019 0 0 -32119333 -23584314 82689891 316800 0 316800 83006691 50491234 0 0 0 0 0 50491234 316800 32119333 32436133 82927367 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 of contributions since the College's inception, are not reflected in the statements of financial position. As of May 31, 2013 and 2012, the insured value of these items was approximately $3,400,000 (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-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. 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_L02 Schedule D, 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. 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 2013 and 2012. The College follows guidance issued by the FASB with respect to accounting for uncertainty in income taxes. 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 College recognizes interest and penalties 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, 2013. 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 statute of limitations remains open. The tax years open to examination by tax authorities under the statue of limitations include fiscal 2010 through 2012. The College has determined that its tax provision satisfy the more likely than not criterion and that no provisions for income taxes is required at May 31, 2013. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d Scholarships awarded and shown net of revenue on the audit statement = -$32,119,333. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Scholarships applied to tuition revenue. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The College uses its website and its recruitment literature to advertise its nondiscrimination policy. At least 40% of the students come from outside the IL region, so this method is more effective than using newspaper or broadcast media. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The College receives funds from the Department of Education on behalf of students. Programs include Federal Pell Grant program, Federal Supplemental Opportunity Grant Program, Federal Perkins Loan Program, Federal Family Education Loan Program, and Federal Work-Study Program. The College also has received grants from the National Science Foundation. 1 Europe (including Iceland and Greenland) 1 1 Program Services Academic Programs study 210493 Europe (including Iceland and Greenland) 0 0 Investments 12243784 North America (including Canada and Mexico, but not the United States) 0 0 Investments 113496 Central America and the Caribbean 0 0 Investments 7739735 Central America and the Caribbean 0 0 Investments Wynnchurch Investments 527676 East Asia and the Pacific 0 0 Investments AACP Investment 813161 1 1 21648345 Scholarships Central America and the Caribbean 4 156150 applied to tuition statements 0 Scholarships East Asia and the Pacific 47 1142380 applied to tuition statements 0 Scholarships Europe (including Iceland and Greenland) 22 778050 applied to tuition statements 0 Scholarships Middle East and North Africa 8 246200 applied to tuition statements 0 Scholarships North America (including Canada and Mexico, but not the United States) 21 445750 applied to tuition statements Scholarships Russia and the newly independent States 1 25000 applied to tuition statements 0 Scholarships South America 8 227500 applied to tuition statements 0 Scholarships South Asia 18 554300 applied to tuition statements 0 Scholarships Sub-Saharan Africa 31 1212600 applied to tuition statements 0 1 0 1 0 1 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 Grants are only for scholarship and are substantiated in the Financial Aid Office on the basis of need or merit. The grants are applied directly to the tuition statements of the individual students. Only students enrolled at Lake Forest College receive grants. 1 Scholarships 1350 27331403 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. X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Stephen D Schutt 298589 0 0 0 20036 0 66094 0 74199 0 458918 0 0 Leslie T Chapman 161663 0 0 0 3307 0 17530 0 22024 0 204524 0 0 Michael T Orr 164157 0 0 0 607 0 17750 0 34720 0 217234 0 0 0 William G Motzer 147785 0 0 0 980 0 15732 0 17843 0 182340 0 0 Richard J Bartolozzi 145033 0 0 0 310 0 14650 0 22721 0 182714 0 0 0 Robert A Flot 126045 0 0 0 260 0 12820 0 8395 0 147520 0 0 0 Jacqueline Slaats 140072 0 0 0 297 0 14185 0 8083 0 162637 0 0 James Cubit 128104 0 0 0 815 0 13710 0 18035 0 160664 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. The College contracted with Sidney Services for cleaning of the President's home. 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 non-taxable. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 The College has written compensation guidelines for the President and Officers. 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 presidential salaries is also reviewed. Annual goals, objectives and strategic initiatives are set for the President by the Board of Trustees. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The Board of Trustees established a 457(F) Plan for the President of the College for the five-year period June 1, 2007 through June 1, 2011. The gross payout of $352,512.61 was paid June 17, 2011. Interest rate was average daily WSJ prime. The Board of Trustees established a second 457(f) Plan for President of the College for the period June 1, 2011 through June 1, 2014. Partial vesting occurs after June 1, 2013; full vesting occurs after June 1, 2014. Interest rate is average daily WSJ Prime. During calendar year 2012, $41,094 was accrued to the plan. A Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construction Recreational Facility 0 0 0 B Illinois Finance Authority 861091967 45203HJU7 2012-07-24 16375152 Construction of Residence Hall 0 0 0 A 0 0 6044822 0 0 0 138011 0 0 5906811 0 0 2010 0 0 1 1 B 0 0 16375152 1092612 793937 0 319200 0 0 14169403 0 0 2013 0 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 1 1 0 0.00006 0 0.00006 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 Not required Officers 26576 Tuition Benefit for Dependent per Employee Handbook Education X 2 0 0 X 41 735763 FMV 4 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. Number of contributions in column (B) refers to number of gifts and not the number of items. Gifts of Art include Holography Culture, Art and Information Technology; 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. F990_P06_S0A_L01a Form 990, Part VI, Section A, Line 1a The Executive Committee shall consist of the Chairman and Vice-Chairman of the Board, Secretary of the Board, President of the College, Officer of the Alumni Association Board, and Chairmen of Standing Committees. The Executive Committee shall have power to act and to exercise authority vested in the Board. The Executive Committee shall assist the Chairman of the Board and the President with their joint responsibility to help the Board function effectively and efficiently. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The form was given to the trustee members of the Budget & Audit Committee for review and comment prior to filing. Review was done via email since a regularly scheduled meeting would not have met the filing deadline. Prior to the meeting, the form was reviewed individually by the V.P. of Business Affairs, the President, and a paid preparer. After Budget and Audit Committee reviews the tax form and prior to filing, the form is made available to the full Board of Trustees via email. 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 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 required an Executive Committee or Board vote to resolve, those concerned shall not be present at the time of the vote. The V.P. for Business Affairs collects and reviews the forms which are not Board Members or Senior Administrators. Compliance is checked in the V.P.'s office and conflicts are resolved with the review of the President. Noncompliance is a performance issue and appropriate actions are taken. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The College has written compensation guidelines for the President of the College. The President's salary is reviewed and set annually by a compensation committee of the Board of Trustees, and a letter is sent to the V.P. of Business Affairs with the salary information. The President's salary is documented by the Chair of the Board. The President's salary is benchmarked to that of peer colleges in the Associated Colleges of the Midwest and the Great Lakes Colleges Association. The President's salary is also reviewed with level of reward at other national Carnegie IIB colleges, and salary and tax form data published in The Chronicle of Higher Education. These procedures were undertaken in our fiscal year which was June 1, 2012 through May 31, 2013, and calendar year 2012. Line 15b: The College has written compensation guidelines for 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 peer 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 reporting to the President, which is then reviewed with the Chair and Vice Chair of the Board of Trustees. These procedures were undertaken in our fiscal year which was June 1, 2012 through May 31, 2013, and calendar year 2012. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Documents are available upon request in the College's Business Office. F990_P09_S00_L11g Form 990, Part IX, Line 11g Subcontracted expenses for meal plan and custodial. F990_P11_S00_L09 Form 990, Part XI, Line 9 Change in beneficial interest in trusts held by others and change in split interest agreements, $349,860. Change in post retirement/ post employment liability -$201,147. Reduction in value of pledges receivable -$2,611,469 Charitable Remainder Trusts (4) 555 N Sheridan Rd Lake Forest IL 60045 Trust IL N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0