Lake Forest Graduate School of Management

“The Purpose of the Executive Committee is threefold: 1. It shall serve at the pleasure of the Board as its agent in helping the President to address essential business issues between regular Board meetings. 2. It shall assist the Chair and the President in 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. 3. It shall assign and / or negotiate committee goals, priorities, and special assignments to some or all standing committees or task forces.”

“The bylaws were updated for the number of minimum and maximum amount of board members as part of the board of directors.”

“The completed draft of Form 990 is emailed to all current Board members for review prior to final issuance. Retired board members as of 06/30/2024 will not review prior to final issuance.”

“All sitting Board Members and Officers are required annually to complete and sign a conflict of interest questionnaire which is reviewed by the CFO and any discrepancies are discussed with the President and the Finance and Audit Committee. Board members and Officers are requested to complete 11 questions that cover various possible conflicts of interest, including those required to be disclosed in the Form 990. This process is facilitated by an on-line software tool. All disclosed conflicts are reviewed by management and, if necessary professional tax preparer, to ensure an appropriate response on the Form 990. As a condition of hire, and annually thereafter, all full-time and part-time employees are required to read and sign a Confidentiality & Conflict of Interest Agreement. If a conflict of interest is identified, the V.P. - CFO and other involved parties involved will discuss the issue and will: a. Document the controls that will be followed to achieve compliance, or b. Terminate the arrangement if sufficient controls cannot be put into place to achieve compliance. The signed agreement will be placed in the employee's personnel file. Employees who improperly use or disclose confidential business information or who fail to disclose a conflict of interest from which he/she or a member of his/her family as defined above could gain substantial benefit will be subject to corrective action, up to and including immediate termination of employment, even if they do not actually benefit from disclosure of the information or lack of disclosure of a conflict of interest. Board and committee members who have a conflict of interest which cannot be mitigated, will be reviewed for possible replacement from the Board or Committee.”

“THE PRESIDENT/CEO IS GIVEN AN ANNUAL PERFORMANCE REVIEW BY THE EXECUTIVE COMMITTEE AND THE EXECUTIVE COMMITTEE DETERMINES IF A COMPENSATION ADJUSTMENT IS REQUIRED. LFGSM PERIODICALLY CONDUCTS AN EXTERNAL INDEPENDENT REVIEW OF COMPENSATION AND BENEFITS. THE LAST REVIEW OF COMPENSATION TOOK PLACE IN October of 2022.”

“Lake forest graduate school of management's (lfgsm) cfo and human resources manager conduct an annual salary review for all employees in march of each fiscal year. This review includes using third party market salary data from form 990's of other not for profit entities, cupa, ajilon and other third party resources. Recommended salary increases for the leadership team and all other employees are reviewed and approved by the ceo/president. After the ceo / president's review, the ceo/president reviews leadership team salary increases with the lfgsm executive committee. The last review of compensation took place in march of 2024.”

“Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104. These documents are not available to the public at this time.”

“Compensation paid to board members is provided in exchange for services as faculty members. These persons are not compensated in their position as board members.”