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Nonprofiteer
← LAKE FOREST COLLEGE

Form 990 for tax year 2024

Filed by LAKE FOREST COLLEGE.

Totals

Total revenue
$165,068,732
Total expenses
$155,459,424
Contributions and grants received
$40,623,915
Grants paid
$77,727,961
Program service revenue
$121,312,303
Investment income
$1,718,121
Other revenue
$1,414,393
Total assets, end of year
$287,159,838
Total liabilities, end of year
$55,480,077
Net assets or fund balances, end of year
$231,679,761
Program services expenses (Part IX)
$139,659,483
Management and general expenses
$13,422,710
Fundraising expenses
$2,377,231
Program service expenses (Part III)
$139,659,483

Program services were 89.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • Jill Baren

    President (until 12/10/24)

    Total calculated
    $736,020
    From this org
    $709,690
    From related orgs
    $0
    Other
    $26,330
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $491,052
    Bonus
    $50,000
    Other
    $168,638
    Deferred
    $21,438
    Nontaxable benefits
    $4,892
    Filer's total
    $736,020

  • William A Lowry '84

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Robert D Krebs

    Interim President

    Total calculated
    $0
    Hours/week
    50

  • Marisue Lacher P '22

    Vice Chairman

    Total calculated
    $0
    Hours/week
    1

  • Earl J Barnes II '86 P '24

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Michael Abello

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • M Mercedes Badia-Tavas

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Charles M Brennan III p '90

    '92, Trustee

    Total calculated
    $0
    Hours/week
    1

  • William G Brown

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Devon C Bruce

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • John D Carruthers '78

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jessica Q Coleman '89

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • William Connell M '17

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert Crawford Jr

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Geoffrey M Curtis '97

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Susan DuMont '07

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Doni Fordyce-Urfirer '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Karen F Frost '88

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David F Gorter '80

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Vicki Angel Hagan '88

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Cristen Kogl '88

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Randall S Lauer '81 P '19

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Dr Shao-Lee Lin

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • K Scott Meloun '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Diana Moore

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Martino R Moore '99

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert S Murley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Craig Omtvedt

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Dr Angelique L Richard '85

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Mark W Shadle '84

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Lisa Smith P'23

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Joanne Storkan P '10

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Stephen C Strelsin

    Trustee (until 5/31/25)

    Total calculated
    $0
    Hours/week
    1

  • Alexander D Stuart

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Sean W Thomas '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Claudia Wyatt-Johnson '69

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Lori Sundberg

    VP for Finance/Planning; Treasurer

    Total calculated
    $295,540
    From this org
    $281,169
    From related orgs
    $0
    Other
    $14,371
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,015
    Bonus
    $0
    Other
    $165,154
    Deferred
    $8,250
    Nontaxable benefits
    $6,121
    Filer's total
    $295,540

  • Christopher Ellertson

    Vice President for Campus Life

    Total calculated
    $268,500
    From this org
    $239,646
    From related orgs
    $0
    Other
    $28,854
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $236,153
    Bonus
    $0
    Other
    $3,493
    Deferred
    $16,833
    Nontaxable benefits
    $12,021
    Filer's total
    $268,500

  • Jacqueline Slaats

    VP for Career Advancement/Athletics

    Total calculated
    $221,713
    From this org
    $196,406
    From related orgs
    $0
    Other
    $25,307
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $194,670
    Bonus
    $0
    Other
    $1,736
    Deferred
    $13,919
    Nontaxable benefits
    $11,388
    Filer's total
    $221,713

  • Ravikant Agarwal

    Chief Information Officer

    Total calculated
    $206,497
    From this org
    $184,936
    From related orgs
    $0
    Other
    $21,561
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,210
    Bonus
    $0
    Other
    $1,726
    Deferred
    $17,061
    Nontaxable benefits
    $4,500
    Filer's total
    $206,497

  • Jacqueline Hoefler

    VP for Marketing and Communication

    Total calculated
    $181,276
    From this org
    $149,033
    From related orgs
    $0
    Other
    $32,243
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,863
    Bonus
    $0
    Other
    $170
    Deferred
    $12,024
    Nontaxable benefits
    $20,219
    Filer's total
    $181,276

  • Katie Sue Spieth

    VP for Advancement and Secretary

    Total calculated
    $252,546
    From this org
    $240,525
    From related orgs
    $0
    Other
    $12,021
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $224,842
    Bonus
    $7,500
    Other
    $8,183
    Deferred
    $0
    Nontaxable benefits
    $12,021
    Filer's total
    $252,546

  • Edward Whipple Interim VP

    & Dean of Students (until 5/31/25)

    Total calculated
    $0
    Hours/week
    50

  • Tara Natarajan

    Provost and Dean of Faculty

    Total calculated
    $229,633
    From this org
    $185,474
    From related orgs
    $0
    Other
    $44,159
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $184,841
    Bonus
    $0
    Other
    $633
    Deferred
    $14,105
    Nontaxable benefits
    $30,054
    Filer's total
    $229,633

  • Kevin Howley VP for Finance

    and Institution (until 5/23/25)

    Total calculated
    $60,050
    From this org
    $58,750
    From related orgs
    $0
    Other
    $1,300
    Hours/week
    50

  • Davis Schneiderman Exec Dir

    of the Krebs Center for Humanities

    Total calculated
    $251,517
    From this org
    $207,868
    From related orgs
    $0
    Other
    $43,649
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,406
    Bonus
    $0
    Other
    $71,462
    Deferred
    $12,115
    Nontaxable benefits
    $31,534
    Filer's total
    $251,517

  • Richard Bartolozzi

    Senior Director of Gift Planning

    Total calculated
    $190,008
    From this org
    $164,900
    From related orgs
    $0
    Other
    $25,108
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,501
    Bonus
    $0
    Other
    $1,399
    Deferred
    $13,329
    Nontaxable benefits
    $11,779
    Filer's total
    $190,008

  • Dejuran Richardson

    Professor of Mathematics

    Total calculated
    $155,873
    From this org
    $140,027
    From related orgs
    $0
    Other
    $15,846
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $44,326
    Bonus
    $46,240
    Other
    $49,461
    Deferred
    $7,399
    Nontaxable benefits
    $8,447
    Filer's total
    $155,873

  • Janet McCracken

    Professor of Philosophy

    Total calculated
    $167,431
    From this org
    $143,840
    From related orgs
    $0
    Other
    $23,591
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,479
    Bonus
    $0
    Other
    $7,361
    Deferred
    $11,191
    Nontaxable benefits
    $12,400
    Filer's total
    $167,431

  • Gerard Cebrzynski

    Senior Associate VP of Finance

    Total calculated
    $160,995
    From this org
    $137,804
    From related orgs
    $0
    Other
    $23,191
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,657
    Bonus
    $0
    Other
    $1,147
    Deferred
    $11,170
    Nontaxable benefits
    $12,021
    Filer's total
    $160,995

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Charitable Remainder Trusts (4)

    T · Trusts · IL

Provenance

Return type
form_990
Tax year
2024
Filed
23 January 2026
IRS schema version
2024v5.5
Source object
202631059349301713

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