2026-04-15T12:25:40-05:00 2025-05-31 420714325 RSM US LLP 30 South Wacker Dr Suite 3300 Chicago IL 606063392 990 2024-06-01 362167770 Lake Forest College LAKE 8472343100 555 N Sheridan Rd Lake Forest IL 600452399 Randy Barfield Interim VP of Finance 8472343100 2026-01-23 1 0 Rebekuh Eley P01247672 3126343400 2026-04-13 2024 2025-03-06 01:10:19Z Michael Sosulski 555 N Sheridan Rd Lake Forest IL 600452399 173326190 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. 34 34 1510 1000 714896 0 22610505 40623915 114819018 121312303 2625487 1718121 1490393 1414393 141545403 165068732 72158053 77727961 0 0 35944995 38573531 0 0 2377231 36404448 39157932 144507496 155459424 -2962093 9609308 269045907 287159838 57413941 55480077 211631966 231679761 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 1,814 undergraduate students and 23 graduate students with 144 full time faculty. Bachelor of arts degrees conferred were 434 during the year, with 14 master's degrees conferred. The College had approximately 1,250 resident students in the residence halls. 0 0 104214280 73672656 103179830 Instruction and research includes expenses for all activities that are part of the instructional program and for activities specifically organized to produce research. 19326851 0 18353929 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. 16118352 4055305 0 Auxiliary enterprises include expenses relating to the operation of the auxiliary activities such as housing, dining services, and parking. 139659483 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 1 0 0 1 0 0 0 0 1 0 0 0 1 2296 0 1 1510 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 34 34 0 0 1 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 Jill Baren President (until 12/10/24) 50.00 X X 709690 0 26330 William A Lowry '84 Chairman 1.00 X X 0 0 0 Robert D Krebs Interim President 50.00 X X 0 0 0 Marisue Lacher P '22 Vice Chairman 1.00 X X 0 0 0 Earl J Barnes II '86 P '24 Secretary 1.00 X X 0 0 0 Michael Abello Trustee 1.00 X 0 0 0 M Mercedes Badia-Tavas Trustee 1.00 X 0 0 0 Charles M Brennan III p '90 '92, Trustee 1.00 X 0 0 0 William G Brown Trustee 1.00 X 0 0 0 Devon C Bruce Trustee 1.00 X 0 0 0 John D Carruthers '78 Trustee 1.00 X 0 0 0 Jessica Q Coleman '89 Trustee 1.00 X 0 0 0 William Connell M '17 Trustee 1.00 X 0 0 0 Robert Crawford Jr Trustee 1.00 X 0 0 0 Geoffrey M Curtis '97 Trustee 1.00 X 0 0 0 Susan DuMont '07 Trustee 1.00 X 0 0 0 Doni Fordyce-Urfirer '81 Trustee 1.00 X 0 0 0 Karen F Frost '88 Trustee 1.00 X 0 0 0 David F Gorter '80 Trustee 1.00 X 0 0 0 Vicki Angel Hagan '88 Trustee 1.00 X 0 0 0 Cristen Kogl '88 Trustee 1.00 X 0 0 0 Randall S Lauer '81 P '19 Trustee 1.00 X 0 0 0 Dr Shao-Lee Lin Trustee 1.00 X 0 0 0 K Scott Meloun '81 Trustee 1.00 X 0 0 0 Diana Moore Trustee 1.00 X 0 0 0 Martino R Moore '99 Trustee 1.00 X 0 0 0 Robert S Murley Trustee 1.00 X 0 0 0 Craig Omtvedt Trustee 1.00 X 0 0 0 Dr Angelique L Richard '85 Trustee 1.00 X 0 0 0 Mark W Shadle '84 Trustee 1.00 X 0 0 0 Lisa Smith P'23 Trustee 1.00 X 0 0 0 Joanne Storkan P '10 Trustee 1.00 X 0 0 0 Stephen C Strelsin Trustee (until 5/31/25) 1.00 X 0 0 0 Alexander D Stuart Trustee 1.00 X 0 0 0 Sean W Thomas '81 Trustee 1.00 X 0 0 0 Claudia Wyatt-Johnson '69 Trustee 1.00 X 0 0 0 Lori Sundberg VP for Finance/Planning; Treasurer 50.00 X 281169 0 14371 Christopher Ellertson Vice President for Campus Life 50.00 X 239646 0 28854 Jacqueline Slaats VP for Career Advancement/Athletics 50.00 X 196406 0 25307 Ravikant Agarwal Chief Information Officer 50.00 X 184936 0 21561 Jacqueline Hoefler VP for Marketing and Communication 50.00 X 149033 0 32243 Katie Sue Spieth VP for Advancement and Secretary 50.00 X 240525 0 12021 Edward Whipple Interim VP & Dean of Students (until 5/31/25) 50.00 X 0 0 0 Tara Natarajan Provost and Dean of Faculty 50.00 X 185474 0 44159 Kevin Howley VP for Finance and Institution (until 5/23/25) 50.00 X 58750 0 1300 Davis Schneiderman Exec Dir of the Krebs Center for Humanities 50.00 X 207868 0 43649 Richard Bartolozzi Senior Director of Gift Planning 50.00 X 164900 0 25108 Dejuran Richardson Professor of Mathematics 50.00 X 140027 0 15846 Janet McCracken Professor of Philosophy 50.00 X 143840 0 23591 Gerard Cebrzynski Senior Associate VP of Finance 50.00 X 137804 0 23191 3040068 0 337531 45 0 1 0 Parkhurst Dining PO Box 644091 Pittsburgh PA 15264 Campus Food Services 7360333 Aramark Services Inc 27310 Network Place Chicago IL 60673 Custodial Services 2164365 Hill Mechanical Corp 11045 Gage Ave Franklin Park IL 60131 Construction and Maintenance Services 1801846 Wellington Homes Inc 228 Bluff Ct Barrington IL 60010 General Contractor 1577954 Blackhawk Electronical Construction LLC PO Box 861 New Lenox IL 60451 Electrical Contracting Services 737060 46 4093266 36530649 9847934 40623915 Tuition and Fees 611310 102798811 102798811 Residence Hall and Board Plan 611310 17239441 17239441 Other Sources 611310 893032 893032 Graduate Program 611310 381019 381019 121312303 279532 260309 19223 955331 0 955331 955331 221456 733875 9659166 8120203 100374 1538963 -100374 1438589 1438589 41356 36881 4475 4475 Ice Rink and Sports Center 713990 365765 365765 Glen Rowan Guest House 721000 77260 77260 Print Shop 323100 11562 11562 454587 165068732 121533759 714896 2196162 77727961 77727961 2410613 829394 1175794 405425 28070104 23324373 3989200 756531 1653794 1310513 280237 63044 4361922 3456508 739133 166281 2077098 1645950 351967 79181 313296 313296 111167 111167 15850 15850 661428 661428 11244225 9555320 1273828 415077 34017 18480 14876 661 1745765 1298882 339804 107079 1055786 260686 680731 114369 9915204 8195406 1688218 31580 1389148 1317466 11964 59718 693284 511532 61558 120194 2389291 2226081 163210 7053341 6848066 205275 1086125 148500 937625 Equipment and Leases 1420291 984365 377835 58091 UBI Taxes 29714 29714 155459424 139659483 13422710 2377231 1751714 1080359 85000 15512615 2165634 1850068 8502265 4575647 381947 220523 49415 49397 1740278 1933282 238482425 100232011 137255594 138250414 70954 0 114702177 121331987 2060095 2158819 280834 196727 269045907 287159838 5249998 7474924 368748 224359 3949410 3493392 42604091 42119403 3000000 0 2241694 2167999 57413941 55480077 X 96343797 102351544 115288169 129328217 211631966 231679761 269045907 287159838 X 9609308 10411009 27478 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 340 0 0 1 15255 1 255 0 15850 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 $7,278 and $17,011 in fiscal year 2024-2025, and only 7% and 2%, respectively, of these fees were allocated to lobbying efforts. The College also paid an additional vendor $15,000 for assistance with lobbying the State of Illinois for Capital Grants and 100% of these fees were allocated to lobbying efforts. X X X Teaching 0 123504020 9559119 11287513 2887122 5712379 135751151 112193194 3891195 13419317 2014283 3985403 123504020 105290305 11340810 1560611 2013896 3984636 112193194 104553727 11824099 -5687521 1892031 3507969 105290305 84192908 4256321 21775477 1914390 3756589 104553727 0.14800 0.84900 0.00300 0 0 3700287 3700287 2336077 225069353 96595065 130810365 4425288 3636946 788342 2951420 2951420 138250414 Liquid Market Fund 15302468 F Second Mortgages for Employees 306483 C Alternative Investments 105723036 F 121331987 Annuities 650630 Post-Retirement and Post-Employment Benefits 1320642 Operating Lease Liabilities 196727 2167999 X 97088116 10411009 -77730197 -67319188 164407304 661428 661428 165068732 77040321 0 77040321 661428 77757675 78419103 155459424 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, 2025 and 2024, the insured value of these items was approximately $4,500,000. In addition, as of May 31, 2025 and 2024, the College has a Life Estate interest in artwork and museum furnishings valued at approximately $4,400,000. The collections are subject to the College's policy that requires proceeds from their sales to be used for direct care of collections or acquire other items for collection. There were no amounts realized for deaccession of collections for the year ended May 31, 2025 and 2024. 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, 2025. 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 23,774. Change in Post-Retirement / Post-Employment Liability 3,704. Scholarships -77,727,961. UBI Taxes -29,714. Part XII, Line 4b - Other Adjustments: Scholarships 77,727,961. UBI Taxes 29,714. 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. 1 Scholarships 1904 77727961 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 student's 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 1 0 Jill Baren President (until 12/10/24) 491052 0 50000 0 168638 0 21438 0 4892 0 736020 0 0 0 Lori Sundberg VP for Finance/Planning; Treasurer 116015 0 0 0 165154 0 8250 0 6121 0 295540 0 0 0 Christopher Ellertson Vice President for Campus Life 236153 0 0 0 3493 0 16833 0 12021 0 268500 0 0 0 Katie Sue Spieth VP for Advancement and Secretary 224842 0 7500 0 8183 0 0 0 12021 0 252546 0 0 0 Davis Schneiderman Exec Dir of the Krebs Center for Humanities 136406 0 0 0 71462 0 12115 0 31534 0 251517 0 0 0 Tara Natarajan Provost and Dean of Faculty 184841 0 0 0 633 0 14105 0 30054 0 229633 0 0 0 Jacqueline Slaats VP for Career Advancement/Athletics 194670 0 0 0 1736 0 13919 0 11388 0 221713 0 0 0 Ravikant Agarwal Chief Information Officer 183210 0 0 0 1726 0 17061 0 4500 0 206497 0 0 0 Richard Bartolozzi Senior Director of Gift Planning 163501 0 0 0 1399 0 13329 0 11779 0 190008 0 0 0 Jacqueline Hoefler VP for Marketing and Communication 148863 0 0 0 170 0 12024 0 20219 0 181276 0 0 0 Janet McCracken Professor of Philosophy 136479 0 0 0 7361 0 11191 0 12400 0 167431 0 0 0 Gerard Cebrzynski Senior Associate VP of Finance 136657 0 0 0 1147 0 11170 0 12021 0 160995 0 0 0 Dejuran Richardson Professor of Mathematics 44326 0 46240 0 49461 0 7399 0 8447 0 155873 0 0 0 Part I, Line 1a 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 off-campus housing due to hosting college sponsored events at this location. The services are non-taxable. Part I, Line 7 Beginning with the 2023-2024 fiscal year, the President will be able to participate in an annual Short-Term Incentive Plan (STIP) sponsored by the College. The President is eligible for awards ranging from zero to 20% of their annual base salary based on a variety of factors that the Compensation Committee considers in their decision. The Chair of the Compensation Committee of the Board established the performance goals and objectives. Incentive compensation payable under the STIP with respect to the fiscal year, if any, shall be paid to the President as soon as administratively practicable following the end of the fiscal year after approval of the College's audited financial statements by the Financial Stewardship Committee. Beginning with the 2023-2024 fiscal year, Katie Sue Spieth will be eligible to receive incentive pay of 3% of base salary in addition to any cost-of-living salary increases based on performance. This will increase by 1-2% annually to a maximum of 10% in year 5 of employment with the College. Incentive pay increases will be determined by a variety of factors that the Compensation Committee considers in their decision. Dejuran Richardson received a nonfixed payment as part of tenure relinquishment offered to all tenured faculty. Tenure relinquishment applications are reviewed by the Dean of Faculty who then makes recommendations to the President. After the President's approval, Dejuran Richardson will be receiving a 25% payout of his base salary on an annual basis plus 1% of his base salary multiplied by his total number of years of service. 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 520000 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 Substantial Contributor Substantial Contributor 7375934 Independent Contractor Arrangement 0 X 20 9847934 FMV 0 0 1 0 Part I, Column (b): Reporting the number of contributions. 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 A, line 4 The Bylaws were updated in September of 2024 to ensure alignment with current Board practice, College Charter, applicable Illinois Statutes, and best practices. The updates included: - Clarifying powers of the Board, Officers, and Executive Committee - Renaming of Trustee categories - Increasing size of Board and Executive Committee - Implementing term limits - Clarifying voting rights - Enhancing transparency of process to nominate, elect, and remove an Officer - Increase quorum for non-supermajority actions to 3/5 - Requiring supermajority vote to amend Bylaws Form 990, Part VI, Section B, line 11b The Form 990 is reviewed by the VP for Finance and AVP for Business. RSM presents the Form 990 to the Financial Stewardship Committee to approve prior to filing. The College also 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, 2024 through May 31, 2025, and calendar year 2024. 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 as public information through external websites. Form 990, Part XI, line 9: Change in Value of Beneficial Interest / Split Interest Agreements 23,774. Change in Post-Retirement / Post-Employment Liability 3,704. LFC Investment Holdings LP 550 S Tryon St Suite 3500 Global En Charlotte NC 28202 364797996 Investments DE N/A Excluded 9813364 99723019 0 209243 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