2012-04-11T16:12:24-07:00 2011-05-31 990 2010-06-01 362167770 LAKE FOREST COLLEGE LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 60045 Leslie Chapman 8477355030 2012-04-11 2010 2016-02-24 21:20:13Z Stephen Schutt 555 N Sheridan Rd Lake Forest IL 60045 83877865 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. 19 18 1451 1100 278681 0 7638483 10543435 55418774 59412612 -685575 2546250 1342587 1365384 63714269 73867681 24093642 26225854 0 0 26364605 26050816 0 0 1813932 17917222 21567282 68375469 73843952 -4661200 23729 143787014 153075356 39973330 39106530 103813684 113968826 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 1,406 full time equivalent students in the undergraduate level with 114 full time equivalent faculty. 309 Bachelor of Arts degrees were conferred during the year. The College had approximately 1,100 resident students in residence halls. 0 0 42116197 26225854 49233706 Academic Programs served 1406 full time equivalent students in a primarily liberal arts undergraduate program. Bachelor of Arts degrees were awarded to 309 students, Masters Degrees to 5 students. Program costs include academic departments and the faculty salaries and benefits. 4867760 0 15354 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). 10564913 0 1079360 Student services includes 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. 8472359 0 9372532 Auxiliary services are primarily the cost of providing housing to the students. 80% of the students live on campus. Students come from 47 states and 78 countries. Other auxiliary programs include costs for faculty housing, printing services, summer conferences, and other services not directly related to the instruction of students. 8472359 0 9372532 66021229 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 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 0 1 216 0 1 1451 1 1 1 1 FR GR 0 0 0 1 1 0 0 0 0 X 19 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X Lori Sundberg 8477355034 555 N Sheridan Rd Lake Forest IL 60045 John Ballantine 1 X 0 0 0 Judith Bishop 1 X 0 0 0 Charles Brennan 1 X 0 0 0 William Brown 1 X 0 0 0 John D Carruthers 1 X 0 0 0 David Gorter 1 X 0 0 0 Richard Gould III 1 X 0 0 0 Samuel Henry 1 X 0 0 0 James Hunter 1 X 0 0 0 Robert Krebs 1 X X 0 0 0 William Lowry 1 X X 0 0 0 Charles Mitchell Jr 1 X 0 0 0 Dennis Nyren 1 X 0 0 0 Stephen Strelsin 1 X 0 0 0 William Parfet 1 X X 0 0 0 James W Moeller 1 X 0 0 0 Joanne M Storkan 1 X 0 0 0 Christopher Wilson 1 X 0 0 0 Stephen Schutt 50 X X 251550 0 179761 Rich Bartolozzi 50 X 120240 0 31464 Leslie Chapman 50 X 150459 0 27998 William Motzer 50 X 140942 0 22621 Janet McCracken 50 X 160904 0 21791 Robert A Flot 50 X 119109 0 18777 James Cubit 50 X 124029 0 21727 Jacqueline Slaats 50 X 133014 0 19011 William Martin 40 X 107935 0 16263 Richard Mallette 50 X 119408 0 17489 Sergio Guglielmi 40 X 111766 0 19045 1539356 0 395947 20 0 1 0 ARAMARK 24818 Network Place Chicago IL 60673 Services 469988 Pepper Construction Group LLC 643 North Orleans Street Chicago IL 606543608 Construction oversight 7502049 Starks Blacktopping 11125 West 33rd St Beach Park IL 60099 Blacktopping 163434 Northshore University Health System Highland Park Hospital 777 Park Avenue West Highland Park IL 60035 Healthcare clinic service 150290 Michael Fiore Landscaping 719 Burchell Avenue Highland Park IL 60035 Landscaping and grounds maintenance 112286 6 0 0 0 0 1460873 9082562 1225302 10543435 Tuition and Fees 611310 48583539 48583539 0 0 Room and Board Revenue 611310 9372532 9372532 0 0 Other Program Service Revenue 611310 1456541 1456541 0 0 0 0 0 0 59412612 1183480 0 0 1183480 0 0 0 0 0 0 0 0 1086703 0 0 0 1086703 0 1086703 288340 0 798363 11372954 0 10010184 0 1362770 0 1362770 0 0 1362770 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glen Rowan Alumni House 721000 97351 0 97351 0 Ice Rink Rental 713900 104205 0 104205 0 Printing Services 323100 77125 0 77125 0 0 0 0 0 278681 73867681 59700952 278681 3344613 0 0 26225854 26225854 0 0 0 0 1232635 502726 590982 138927 0 0 0 0 19355452 16410537 2025195 919720 1564999 1237860 231068 96071 2509991 2059530 301255 149206 1387739 1093792 217435 76512 0 0 0 0 64682 10580 54102 0 87564 0 87564 0 0 0 0 0 0 0 312586 0 312586 0 5409448 5330971 68490 9987 52939 36370 8860 7709 2913004 2159099 534528 219377 428741 203051 225690 0 0 0 0 0 3413148 3357486 51378 4284 724729 659717 23749 41263 0 0 0 0 480786 324911 41919 113956 1183457 1090664 92793 0 0 0 0 0 2994170 2824614 169556 0 611292 315065 286232 9995 Equipment purchases 921650 870756 50894 Other miscellaneous 937423 275983 634515 26925 Off-campus educational programs 337810 337810 0 0 Library acquisitions 407221 407221 0 0 Bad debt expense for student receivables 286632 286632 0 0 73843952 66021229 6008791 1813932 857009 3407078 1986167 408349 6804549 6193060 1473737 2039330 0 0 2809335 2707580 64067 62301 388029 439946 111725474 47380432 64768354 64345042 32497756 37921603 28314014 31581098 3823997 3969969 143787014 153075356 6476865 6525907 2379928 2338401 1016214 953537 27464618 26764726 940000 625000 1695705 1898959 39973330 39106530 X 25124320 25280907 15798742 22105567 62890622 66582352 103813684 113968826 143787014 153075356 X 23729 10131413 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X Use in teaching 0 60146007 3692574 11537377 1438197 3030585 0 70907176 53881647 1979682 8794927 1386421 3123828 0 60146007 76800930 1692745 -19625720 1669734 3316574 0 53881647 0.01 0.98 0.01 1 0 0 2257533 2257533 1989211 101867757 43901103 59955865 0 0 0 0 0 4638629 3479329 1159300 0 972344 0 972344 64345042 0 0 Hedge Funds 5044874 F Real Estate 5310930 F Partnerships 19651623 F Commodities 12427 F Mortgages held on faculty houses 1561244 F 31581098 0 Annuities 663129 Post-retirement / post-employment benefits 1235830 1898959 73867681 73843952 23729 9617715 0 0 0 513698 10131413 10155142 57460654 9617715 0 0 0 9617715 47842939 312586 25712156 26024742 73867681 47021904 0 0 0 -26225854 -26225854 73247758 312586 283608 596194 73843952 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Line 1a. Collections (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, 2011 and 2010, the insured value of these items was approximately $3,300,000 in both years (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 2011 and 2010. The College adopted guidance issued by the FASB with respect to accounting for uncertainty in income taxes as of June 1, 2007. 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 position not meeting the "more likely than not" test, no tax benefit is recorded. The adoption had no effect on the College's financial statements. The College recognizes interests 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, 2011. 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 position for which the statute of limitations remains open. The tax years open to examination by tax authorizes under the statute of limitations include fiscal 2007 through 2010. The College has determined that its tax provisions satisfy the more likely than not criterion and that no provision for income taxes is required at May 31, 2011. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in beneficial interest in trusts held by others and change in split interest agreements, $513,698; change in post-retirement/ post-employment liability, -$283,609 SchD_P12_S00_L04b Schedule D, Part XII, Line 4b -26,225,854 Scholarships awarded and shown net of revenue on the audit. 513,698 change in split interest agreements and change in beneficial interest in trusts held by others. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d $26,225,854 Scholarships applied to tuition. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Change in post-retirement / post-employment liability. 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 customarily draw a substantial percentage (50%) of its students from outside of Illinois, nationwide and world-wide, and follows a racially nondiscriminatory policy. Admissions and recruiting efforts are the best way to make this information known. Our policy is on the College Website and the Online Catalog and on the Admission application page. Lake Forest College does not discriminate against any persons because of race, color, sex, religion or national or ethnic origin. In order to demonstrate that we are following our policy we point to our current enrollment of racial minority students which stands at about 27%; we feel this is a meaningful number to qualify for the publicity notice exemption proivded by Section 4.03(2)(b) of Rev. Proc. 75-50. 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, Supplemental Educational Opportunity Grant Program, Federal Perkins Loan Program, Federal Family Education Loan Program, Federal Work-Study Program. The College also has received grants from the National Science Foundation and Health and Human Services (National Institute of Health). Europe (including Iceland and Greenland) 1 1 Program Services Academic Program in Paris: one office and one director. About 15 students per year live in Paris in the fall, stay with families in the Paris area, work in internships in French language offices and take classes. Also Academic Program in Greece in the spring which involves travel aroiund the country. No office is maintained in Greece; a faculty member travels with our students. Greece program has about 15 students. 203256 South America 0 0 Investments 82841 Europe (including Iceland and Greenland) 0 0 Investments 12278945 North America (including Canada and Mexico, but not the United States) 0 0 Investments 19161079 1 1 31726121 0 0 0 0 0 0 1 Scholarships for tuition expense at Lake Forest College. Scholarships for financial need are determined by the Financial Aid Office. Scholarships for merit are determined by the Admissions Office. 1338 26225854 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 students' tuition account. Scholarships for financial need are determined by the Financial Aid Office. Scholarships for merit are determined by the Admissions Office. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Stephen Schutt 197490 0 0 0 54059 0 110423 0 69338 0 431310 0 0 0 Leslie Chapman 126883 0 0 0 23576 0 15881 0 12117 0 178457 0 0 0 Janet McCracken 160365 0 0 0 539 0 16183 0 5608 0 182695 0 0 0 William Motzer 128334 0 0 0 12607 0 14780 0 7841 0 163562 0 0 0 Robert A Flot 118648 0 0 0 461 0 12150 0 6627 0 137886 0 0 0 Rich Bartolozzi 103471 0 0 0 16769 0 12090 0 19374 0 151704 0 0 0 Jacqueline Slaats 133014 0 0 0 0 0 13409 0 5602 0 152025 0 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. 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 Lakes Colleges Association. Information about level of reward at other national Carnegie IIB colleges is reviewed. Data from the Chronicle of Higher Education on president salaries is also reviewed. The Board of Trustees sets annual goals, objectives and strategic initiatives for the President. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The President has a 457f plan. During the year, $XXXXXXX was added to the plan. Illinois Finance Authority 861091967 45200FMP1 2008-08-21 6000000 Construct recreational facility 0 0 0 0 0 6044822 0 0 0 138011 0 0 5907416 0 0 2010 0 0 1 1 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 X 1 0 na X 66 1225302 FMV 6 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 number of items. The number of gifts of securities publicly traded is counted by individual donors and type of stock. Gifts of publicly traded securities are valued by averaging the high and low market prices as of the date of the gift. 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 at a formal meeting of the Committee on April 11th, 2012. Prior to the meeting, the form was reviewed individually by the VP of Business Affairs, the President, and a paid tax preparer. The form was made available to all Trustees prior to filing. 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 failing to furnish an annual statement. Board Members or 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 transaction involving the outside interest held by the Board Member or Senior Administrator including 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 Business Affairs collects and revews the forms which are not Board Members or Senior Administrators. Compliance is checked in her office and conflicts are resolved with the review of the President. Noncompliance is a performance issue. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The College has written Compensation Guidelines for the President and 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 peers at 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. The President reviews these salaries with the Chair and Vice Chair of the Board of Truestees. The President's salary is reviewed and set annually by a compensation committee in the Board of Trustees and a letter is sent to the VP of Business Affairs with the salary information. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Documents available upon request in the Business Office. F990_P11_S00_L05 Form 990, Part XI, Line 5 $9,617,715 unrealized gains. $513,698 gains on split interest agreements and trusts held by others. Chapman Charitable Remainder Trust 1090 W Fork Dr Lake Forest IL 600453533 207173299 Trust IL N/A T 0 42980 1 Edwin N Asmann Trust Under Will C/O US Bank 1026 Ogden Avenue-2nd Flr Lisle IL 60532 366964808 Trust IL N/A T 0 1069582 1 Gescheidle Charitable Remainder Unitrust Northern Trust 755 Beachland Blvd Vero Beach FL 32963 367280610 Trust FL N/A T 0 79855 1 Frances A Brickman CRT 3620 Lansing Loop Unit 201 Estero FL 339283314 367357770 Trust FL N/A T 0 267543 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0