Lake Forest Academy
- Assets
- $119.5m
- Revenue
- $36.4m
- Investments
- $25.3m
- Employees
- 210
- Location
- Lake Forest, IL
- Founding
- 05/1957
- Data as of
- 06/2023
- EIN
- 36-2216167
Organization Overview
Lake Forest Academy is located in Lake Forest, IL. The organization was established in 1957. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2023, Lake Forest Academy employed 210 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Forest Academy 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 06/2023, Lake Forest Academy generated $36.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $34.7m during the year ending 06/2023. While expenses have increased by 3.1% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL PROGRAM - INDEPENDENT COLLEGE PREPARATORY SCHOOL.
Describe the Organization's Program Activity:
LAKE FOREST ACADEMY "LFA" WAS ESTABLISHED IN 1857 AS THE BOYS' PREPARATORY DEPARTMENT OF LIND UNIVERSITY. THE GIRLS' PREPARATORY DEPARTMENT, FERRY HALL, WAS ADDED 1869. IN 1925, LFA AND FERRY HALL LEGALLY SEPARATED FROM THE UNIVERSITY TO BECOME SECONDARY EDUCATIONAL INSTITUTIONS. IN 1974, THE TWO SCHOOLS MERGED INTO A CO-EDUCATIONAL INDEPENDENT SCHOOL. TODAY'S LFA IS HOME TO 445 STUDENTS FROM 16 STATES AND 41 COUNTRIES WHERE 50% ARE BOARDERS. LFA OPERATES AS A BOARDING SCHOOL WITH 73% OF THE FACULTY RESIDING ON CAMPUS. LFA'S 150-ACRE CAMPUS IS ON THE FORMER ESTATE OF J. OGDEN ARMOUR AND NOW CONSISTS OF A COMPLEMENTARY MIX OF HISTORICAL AND MODERN BUILDINGS.LFA'S 2019 STRATEGIC PLAN, "MIDWESTERN HEART. GLOBAL MIND.", FOCUSES ON PROGRAM SERVICE ACCOMPLISHMENTS: DEVELOPING GLOBAL CITIZENS THROUGH UNIQUE EDUCATIONAL EXPERIENCES WITHIN A DIVERSE AND CARING COMMUNITY. THE ADMINISTRATION AND FACULTY ARE FOCUSED ON WORKING WITHIN THE FOUR MAIN INITIATIVES - EDUCATIONAL EXPERIENCE, MULTICULTURALISM, MARKETING, AND FINANCIAL STRENGTH.FOR 165 YEARS, LFA HAS STAYED TRUE TO ITS CORE VALUES OF EDUCATING THE INNOVATIVE MINDS OF THE NEXT GENERATION. THE INSTITUTION AND ITS PEOPLE ARE POISED TO ACHIEVE HIGHER LEVELS OF SUCCESS AND LOOK ENTHUSIASTICALLY TOWARD A NEW CHAPTER IN LFA'S HISTORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John S Marlatt Chair / Trustee | OfficerTrustee | 1 | $0 |
Jessica P Douglas Vice Chair / Trustee | OfficerTrustee | 1 | $0 |
Richard Zhao Secretary / Trustee | OfficerTrustee | 1 | $0 |
Charles T Cooper Treasurer / Trustee | OfficerTrustee | 1 | $0 |
Todd E Altounian Trustee | Trustee | 1 | $0 |
Bruce W Anderson Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Facility Management & Catering | 6/29/23 | $3,318,068 |
Rose Paving Llc Construction/paving | 6/29/23 | $134,836 |
Veracross Llc Software | 6/29/23 | $130,380 |
Northern Trust Investments | 6/29/23 | $129,015 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,213,856 |
| Related organizations | $0 |
| Government grants | $1,090,138 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,986,516 |
| Noncash contributions included in lines 1a–1f | $630,460 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,290,510 |
| Total Program Service Revenue | $26,899,973 |
| Investment income | $1,259,487 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $36,947 |
| Net Gain/Loss on Asset Sales | -$110,153 |
| Net Income from Fundraising Events | -$69,919 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $18,388 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,433,338 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,774,596 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $843,698 |
| Compensation of current officers, directors, key employees. | $696,593 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,673,593 |
| Pension plan accruals and contributions | $946,815 |
| Other employee benefits | $1,926,276 |
| Payroll taxes | $702,813 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $77,926 |
| Fees for services: Accounting | $82,163 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $191,608 |
| Fees for services: Other | $82,286 |
| Advertising and promotion | $29,627 |
| Office expenses | $944,609 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $843,723 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $782,469 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,047,430 |
| Insurance | $363,563 |
| All other expenses | $1,228,753 |
| Total functional expenses | $34,713,082 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,853,008 |
| Savings and temporary cash investments | $3,788,221 |
| Pledges and grants receivable | $2,455,416 |
| Accounts receivable, net | $4,169,116 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $86,617 |
| Prepaid expenses and deferred charges | $393,837 |
| Net Land, buildings, and equipment | $42,680,715 |
| Investments—publicly traded securities | $33,091,559 |
| Investments—other securities | $25,325,553 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $703,778 |
| Total assets | $119,547,820 |
| Accounts payable and accrued expenses | $1,229,561 |
| Grants payable | $0 |
| Deferred revenue | $20,636,059 |
| Tax-exempt bond liabilities | $16,264,140 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $714,286 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $179,822 |
| Total liabilities | $39,023,868 |
| Net assets without donor restrictions | $49,736,952 |
| Net assets with donor restrictions | $30,787,000 |
| 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 | $119,547,820 |