Lake Forest College
- Assets
- $251.3m
- Revenue
- $111.5m
- Investments
- $101.0m
- Employees
- 1,240
- Location
- Lake Forest, IL
- Founding
- 02/1934
- Data as of
- 05/2021
- EIN
- 36-2167770
Organization Overview
Lake Forest College is located in Lake Forest, IL. The organization was established in 1934. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2022, Lake Forest College employed 1,240 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Forest College is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2021, Lake Forest College generated $111.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $109.1m during the year ending 05/2021. While expenses have increased by 2.7% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LAKE FOREST COLLEGE IS A NATIONAL RESIDENTIAL LIBERAL ARTS COLLEGE, ACCREDITED BY THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION AND RESEARCH INCLUDES EXPENSES FOR ALL ACTIVITIES THAT ARE PART OF THE INSTRUCTIONAL PROGRAM AND FOR ACTIVITIES SPECIFICALLY ORGANIZED TO PRODUCE RESEARCH.
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.
AUXILIARY ENTERPRISES INCLUDE EXPENSES RELATING TO THE OPERATION OF THE AUXILIARY ACTIVITIES SUCH AS HOUSING, DINING SERVICES, AND PARKING.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen D Schutt President | OfficerTrustee | 50 | $433,036 |
Christopher Ellertson Vice President For Enrollment | Officer | 50 | $215,324 |
Lori Sundberg VP For Finance/planning; Treasurer | Officer | 50 | $201,492 |
Davis Schneiderman Provost And Dean Of Faculty | Officer | 50 | $191,261 |
Jacqueline Slaats VP For Career Advancement/athletics | Officer | 50 | $178,808 |
Andrea Conner Vice President And Dean Of Students | Officer | 50 | $169,521 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Parkhurst Dining Campus Food Services | 5/30/22 | $6,221,123 |
Pepper Construction Inc Construction Services | 5/30/22 | $5,462,750 |
Aramark Custodial Corporation Custodial Services | 5/30/22 | $1,878,584 |
Air Con Refrigeration & Heating Construction And Maintenance Services | 5/30/22 | $518,693 |
Grummanbutkus Associates Construction Services | 5/30/22 | $341,640 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,528,017 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,246,451 |
| Noncash contributions included in lines 1a–1f | $7,952,625 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,774,468 |
| Total Program Service Revenue | $84,141,726 |
| Investment income | $79,411 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $487,881 |
| Net Gain/Loss on Asset Sales | $844,061 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $111,531,265 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $55,109,796 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,596,878 |
| Compensation of current officers, directors, key employees. | $682,565 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,858,014 |
| Pension plan accruals and contributions | $1,448,621 |
| Other employee benefits | $3,800,638 |
| Payroll taxes | $1,697,029 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $112,095 |
| Fees for services: Accounting | $84,924 |
| Fees for services: Lobbying | $751 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $598,454 |
| Fees for services: Other | $4,860,393 |
| Advertising and promotion | $251,170 |
| Office expenses | $1,706,996 |
| Information technology | $748,552 |
| Royalties | $0 |
| Occupancy | $3,546,705 |
| Travel | $263,112 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $210,180 |
| Interest | $1,375,291 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,561,933 |
| Insurance | $538,786 |
| All other expenses | $980,648 |
| Total functional expenses | $109,144,708 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,245,987 |
| Savings and temporary cash investments | $123,946 |
| Pledges and grants receivable | $9,955,727 |
| Accounts receivable, net | $1,350,458 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,525,889 |
| Inventories for sale or use | $23,721 |
| Prepaid expenses and deferred charges | $1,228,657 |
| Net Land, buildings, and equipment | $125,325,711 |
| Investments—publicly traded securities | $2,001,790 |
| Investments—other securities | $100,976,108 |
| Investments—program-related | $0 |
| Intangible assets | $3,090,178 |
| Other assets | $1,416,972 |
| Total assets | $251,265,144 |
| Accounts payable and accrued expenses | $9,277,687 |
| Grants payable | $1,493,877 |
| Deferred revenue | $5,883,459 |
| Tax-exempt bond liabilities | $31,443,228 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $5,500,000 |
| Other liabilities | $3,057,608 |
| Total liabilities | $56,655,859 |
| Net assets without donor restrictions | $78,351,728 |
| Net assets with donor restrictions | $116,257,557 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $251,265,144 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lake Forest College has recieved totaling $1,750.
| Awarding Organization | Amount |
|---|---|
Jean And Cameron Brown Foundation Lake Forest, IL PURPOSE: GENERAL SUPPORT | $1,500 |
Lubetkin Family Foundation Winnetka, IL PURPOSE: EDUCATION | $250 |
Endowment Analysis
| Beg. Balance | $104,553,727 |
| Earnings | -$5,687,521 |
| Net Contributions | $11,824,099 |
| Other Expense | $3,507,969 |
| Grants | $1,892,031 |
| Ending Balance | $105,290,305 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Columbia College Chicago Chicago, IL | $667,072,943 | $221,332,415 |
Indiana Wesleyan University Marion, IN | $535,078,455 | $212,201,058 |
Trustees Of Grinnell College Grinnell, IA | $3,450,447,819 | $273,975,826 |
Depauw University Greencastle, IN | $1,044,669,443 | $170,125,801 |
Concordia University Inc Mequon, WI | $163,946,113 | $168,516,078 |
Wheaton College Wheaton, IL | $1,105,725,018 | $280,776,360 |
Berea College Berea, KY | $1,637,313,850 | $205,202,087 |
Augustana College Rock Island, IL | $426,442,517 | $147,587,977 |
Marian University Indianapolis, IN | $323,995,376 | $176,218,802 |
Carroll University Inc Waukesha, WI | $261,882,162 | $140,965,442 |
Campbellsville University Inc Campbellsville, KY | $197,242,279 | $142,326,474 |
Luther College Decorah, IA | $330,055,480 | $125,968,312 |