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Nonprofiteer
← LAKE FOREST COLLEGE

Form 990 for tax year 2022

Filed by LAKE FOREST COLLEGE.

Totals

Total revenue
$140,501,124
Total expenses
$133,938,841
Contributions and grants received
$30,574,130
Grants paid
$66,135,576
Program service revenue
$108,498,403
Investment income
$16,611
Other revenue
$1,411,980
Total assets, end of year
$261,948,018
Total liabilities, end of year
$59,135,797
Net assets or fund balances, end of year
$202,812,221
Program services expenses (Part IX)
$118,469,266
Management and general expenses
$13,691,340
Fundraising expenses
$1,778,235
Program service expenses (Part III)
$118,469,266

Program services were 88.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $1,364,685

  • 1f · All other contributions, gifts and grants

    $29,209,445

  • 1g · Noncash contributions included above

    $4,876,955

  • 2a · Program service revenue: Tuition and Fees

    total $91,332,248 · related or exempt $91,332,248

  • 2b · Program service revenue: Residence Hall and Board Plan

    total $15,712,247 · related or exempt $15,712,247

  • 2c · Program service revenue: Other Sources

    total $1,066,380 · related or exempt $1,066,380

  • 2d · Program service revenue: Graduate Program

    total $387,528 · related or exempt $387,528

  • 3 · Investment income

    total $163,576 · unrelated business $154,396 · excluded $9,180

  • 6a · Gross rents

    real property $927,728

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $927,728

  • 6d · Net rental income or loss

    total $927,728 · related or exempt $219,700 · excluded $708,028

  • 7a · Gross sales of assets other than inventory

    securities $2,517,743

  • 7b · Less cost or other basis and sales expenses

    securities $2,324,234 · other assets $340,474

  • 7c · Gain or loss

    securities $193,509 · other assets -$340,474

  • 7d · Net gain or loss

    total -$146,965 · excluded -$146,965

  • 10a · Gross sales of inventory

    $66,644

  • 10b · Cost of goods sold

    $50,926

  • 10c · Net income from sales of inventory

    total $15,718 · excluded $15,718

  • 11a · Other revenue: Ice Rink and Sports Center

    total $377,416 · unrelated business $377,416

  • 11b · Other revenue: Glen Rowan Guest House

    total $83,486 · unrelated business $83,486

  • 11c · Other revenue: Print Shop

    total $7,632 · unrelated business $7,632

  • 11e · Other revenue, total

    $468,534

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $66,135,576 · program services $66,135,576

  • 5 · Compensation of officers, directors and key employees

    total $2,371,878 · program services $943,331 · management and general $1,035,768 · fundraising $392,779

  • 7 · Other salaries and wages

    total $26,057,382 · program services $20,562,317 · management and general $4,761,925 · fundraising $733,140

  • 8 · Pension plan contributions

    total $1,560,677 · program services $1,231,556 · management and general $285,210 · fundraising $43,911

  • 9 · Other employee benefits

    total $3,665,201 · program services $2,892,271 · management and general $669,807 · fundraising $103,123

  • 10 · Payroll taxes

    total $1,855,808 · program services $1,464,449 · management and general $339,145 · fundraising $52,214

  • 11b · Fees: legal

    total $268,178 · management and general $268,178

  • 11c · Fees: accounting

    total $120,286 · management and general $120,286

  • 11d · Fees: lobbying

    total $810 · management and general $810

  • 11f · Fees: investment management

    total $821,907 · management and general $821,907

  • 11g · Fees: other

    total $9,084,818 · program services $8,212,280 · management and general $806,452 · fundraising $66,086

  • 12 · Advertising and promotion

    total $271,487 · program services $106,134 · management and general $164,975 · fundraising $378

  • 13 · Office expenses

    total $2,485,991 · program services $1,884,386 · management and general $478,523 · fundraising $123,082

  • 14 · Information technology

    total $916,841 · program services $267,675 · management and general $528,851 · fundraising $120,315

  • 16 · Occupancy

    total $3,878,245 · program services $2,373,486 · management and general $1,500,493 · fundraising $4,266

  • 17 · Travel

    total $1,123,656 · program services $1,026,970 · management and general $51,481 · fundraising $45,205

  • 19 · Conferences, conventions and meetings

    total $627,872 · program services $447,553 · management and general $90,816 · fundraising $89,503

  • 20 · Interest

    total $2,511,297 · program services $2,378,160 · management and general $133,137

  • 22 · Depreciation, depletion and amortization

    total $6,748,540 · program services $6,686,123 · management and general $62,417

  • 23 · Insurance

    total $945,435 · program services $139,184 · management and general $802,568 · fundraising $3,683

  • 24a · Other expenses: Equipment and Leases

    total $1,163,935 · program services $658,613 · management and general $505,322

  • 24e · All other expenses

    total $1,323,021 · program services $1,059,202 · management and general $263,269 · fundraising $550

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,315,564 · end of year $440,670

  • 2 · Savings and temporary cash investments

    beginning of year $123,926 · end of year $123,924

  • 3 · Pledges and grants receivable

    beginning of year $7,716,827 · end of year $2,573,019

  • 4 · Accounts receivable

    beginning of year $1,741,240 · end of year $7,858,119

  • 7 · Other notes and loans receivable

    beginning of year $1,230,520 · end of year $591,447

  • 8 · Inventories for sale or use

    beginning of year $73,281 · end of year $94,173

  • 9 · Prepaid expenses and deferred charges

    beginning of year $961,002 · end of year $1,498,082

  • 10a · Land, buildings and equipment: cost or other basis

    $226,464,292

  • 10b · Land, buildings and equipment: accumulated depreciation

    $88,231,127

  • 10c · Land, buildings and equipment, net

    beginning of year $124,743,262 · end of year $138,233,165

  • 11 · Investments: publicly traded securities

    beginning of year $1,789 · end of year $1,789

  • 12 · Investments: other securities

    beginning of year $102,418,757 · end of year $107,157,772

  • 14 · Intangible assets

    beginning of year $2,871,524 · end of year $2,542,260

  • 15 · Other assets

    beginning of year $1,354,213 · end of year $833,598

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,429,033 · end of year $6,005,187

  • 18 · Grants payable

    beginning of year $1,240,639 · end of year $608,847

  • 19 · Deferred revenue

    beginning of year $5,242,046 · end of year $4,381,932

  • 20 · Tax-exempt bond liabilities

    beginning of year $29,995,864 · end of year $43,064,523

  • 24 · Unsecured notes and loans payable

    beginning of year $6,000,000 · end of year $2,500,000

  • 25 · Other liabilities

    beginning of year $2,314,234 · end of year $2,575,308

  • 27 · Net assets without donor restrictions

    beginning of year $92,288,046 · end of year $89,402,603

  • 28 · Net assets with donor restrictions

    beginning of year $102,042,043 · end of year $113,409,618

Mission and programs · 2022

Mission

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 1,727 undergraduate students and 26 graduate students with 137 full time faculty. Bachelor of arts degrees conferred were 360 during the year, with 19 master's degrees conferred. The College had approximately 1,191 resident students in the residence halls.

Activities or mission (Part I)

Lake Forest College is a National Residential Liberal Arts College, accredited by the North Central Association of Colleges and Schools.

  • Instruction and research includes expenses for all activities that are part of the instructional program and for activities specifically organized to produce research.

    Expenses $90,024,828 · Grants $63,627,884 · Revenue $91,719,776

  • 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.

    Expenses $15,245,788 · Revenue $16,998,327

  • Auxiliary enterprises include expenses relating to the operation of the auxiliary activities such as housing, dining services, and parking.

    Expenses $13,198,650 · Grants $2,507,692

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stephen D Schutt

    President (until 7/5/22)

    Total calculated
    $518,091
    From this org
    $413,403
    From related orgs
    $0
    Other
    $104,688
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $401,216
    Bonus
    $0
    Other
    $12,187
    Deferred
    $21,350
    Nontaxable benefits
    $83,338
    Filer's total
    $518,091

  • Jill Baren

    President

    Total calculated
    $262,926
    From this org
    $243,855
    From related orgs
    $0
    Other
    $19,071
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $211,833
    Bonus
    $0
    Other
    $32,022
    Deferred
    $15,021
    Nontaxable benefits
    $4,050
    Filer's total
    $262,926

  • William A Lowry

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Marisue Lacher

    Vice Chairmain

    Total calculated
    $0
    Hours/week
    1

  • Stephen C Strelsin

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Alexander D Stuart

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Charles M Brennan III

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Claudia Wyatt-Johnson '69

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Craig Omtvedt

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Cristen Kogl '88

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David A Castagnettis '84

    Trustee (until 10/1/22)

    Total calculated
    $0
    Hours/week
    1

  • David F Gorter '80

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Devon C Bruce

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Diana Moore

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Doni Fordyce-Urfirer '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Dr Angelique L Richard '85

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Dr Shao-Lee Lin

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Earl J Barnes II '86

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Geoffrey M Curtis '97

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Jessica Q Coleman '89

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Joanne Storkan

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • John D Carruthers '78

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Joseph D McCarthy '78

    Trustee (until 6/30/22)

    Total calculated
    $0
    Hours/week
    1

  • Karen F Frost '88

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • K Scott Meloun '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Lisa Smith P'23

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Mark W Shadle '84

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Martino R Moore '99

    Trustee

    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

  • Randall S Lauer '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert D Krebs

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert W Crawford Jr

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Robert S Murley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Sean W Thomas '81

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Vicki Angel Hagan '88

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • William Connell

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • William G Brown

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Davis Schneiderman

    Provost and Dean of Faculty

    Total calculated
    $255,433
    From this org
    $209,942
    From related orgs
    $0
    Other
    $45,491
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $184,810
    Bonus
    $0
    Other
    $25,132
    Deferred
    $14,306
    Nontaxable benefits
    $31,185
    Filer's total
    $255,433

  • Christopher Ellertson

    Vice President for Enrollment

    Total calculated
    $253,117
    From this org
    $222,629
    From related orgs
    $0
    Other
    $30,488
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $220,649
    Bonus
    $0
    Other
    $1,980
    Deferred
    $15,934
    Nontaxable benefits
    $14,554
    Filer's total
    $253,117

  • Shawn Vogen

    VP for Advancement & Secretary

    Total calculated
    $245,868
    From this org
    $227,458
    From related orgs
    $0
    Other
    $18,410
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $225,333
    Bonus
    $0
    Other
    $2,125
    Deferred
    $15,868
    Nontaxable benefits
    $2,542
    Filer's total
    $245,868

  • Lori Sundberg

    VP for Finance/Planning; Treasurer

    Total calculated
    $239,225
    From this org
    $212,887
    From related orgs
    $0
    Other
    $26,338
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,907
    Bonus
    $0
    Other
    $1,980
    Deferred
    $15,050
    Nontaxable benefits
    $11,288
    Filer's total
    $239,225

  • Ravikant Agarwal

    Chief Information Officer

    Total calculated
    $196,827
    From this org
    $165,623
    From related orgs
    $0
    Other
    $31,204
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,375
    Bonus
    $0
    Other
    $248
    Deferred
    $13,702
    Nontaxable benefits
    $17,502
    Filer's total
    $196,827

  • Andrea Conner

    Vice President and Dean of Students

    Total calculated
    $194,139
    From this org
    $168,927
    From related orgs
    $0
    Other
    $25,212
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,548
    Bonus
    $0
    Other
    $379
    Deferred
    $12,425
    Nontaxable benefits
    $12,787
    Filer's total
    $194,139

  • Jacqueline Slaats

    VP for Career Advancement/Athletics

    Total calculated
    $210,229
    From this org
    $185,738
    From related orgs
    $0
    Other
    $24,491
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $184,533
    Bonus
    $0
    Other
    $1,205
    Deferred
    $13,204
    Nontaxable benefits
    $11,287
    Filer's total
    $210,229

  • Richard Bartolozzi

    Senior Director of Gift Planning

    Total calculated
    $189,925
    From this org
    $165,321
    From related orgs
    $0
    Other
    $24,604
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $159,320
    Bonus
    $0
    Other
    $6,001
    Deferred
    $12,992
    Nontaxable benefits
    $11,612
    Filer's total
    $189,925

  • David Siebert

    Director of Facilities Management

    Total calculated
    $173,423
    From this org
    $134,027
    From related orgs
    $0
    Other
    $39,396
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $131,512
    Bonus
    $0
    Other
    $2,515
    Deferred
    $11,511
    Nontaxable benefits
    $27,885
    Filer's total
    $173,423

  • Johnathon Briseno

    Asst Director of Facilities Mgmt

    Total calculated
    $166,637
    From this org
    $156,095
    From related orgs
    $0
    Other
    $10,542
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $63,620
    Bonus
    $0
    Other
    $92,475
    Deferred
    $0
    Nontaxable benefits
    $10,542
    Filer's total
    $166,637

  • Janet McCracken

    Professor of Philosophy

    Total calculated
    $161,394
    From this org
    $138,411
    From related orgs
    $0
    Other
    $22,983
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,823
    Bonus
    $0
    Other
    $8,588
    Deferred
    $10,653
    Nontaxable benefits
    $12,330
    Filer's total
    $161,394

  • Shubhik DebBurman

    Professor

    Total calculated
    $157,013
    From this org
    $128,672
    From related orgs
    $0
    Other
    $28,341
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $97,661
    Bonus
    $0
    Other
    $31,011
    Deferred
    $8,340
    Nontaxable benefits
    $20,001
    Filer's total
    $157,013

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

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 1a
On-campus housing was provided to the President (Steve Schutt) as a condition of employment and is nontaxable under IRC 119. 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 on-campus/off-campus housing due to hosting college sponsored events at this location. The services are non-taxable.

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
2022
Filed
12 April 2024
IRS schema version
2022v5.0
Source object
202401039349302050

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