Lake Forest College

“The Executive Committee shall consist of the Chairman and Vice-Chairman of the Board, Secretary of the Board, President of the College, Office of the Alumni Association Board, and Chairmen of Standing Committees. The Executive Committee shall have power to act and to exercise authority vested in the Board. The Executive Committee shall assist the Chairman of the Board and the President with their joint responsibility to help the Board function effectively and efficiently.”

“Form 990 is given to the trustee members of the Budget and Audit Committee for review and comment prior to filing. Review was done via email since a regularly scheduled meeting would not have met the filing deadline. Prior to the meeting, Form 990 was reviewed by the President, Vice President of Finance and Planning, and an independent auditor. After Budget and Audit Committee reviews the tax form and prior to filing, Form 990 is made available to the full Board of Trustees via email.”

“All Interested Persons are required to disclose conflicts annually. Forms are sent to Board Members, Senior Administrators, and all Department Managers. The Secretary of the College accumulates all disclosure statements for Board Members and furnishes them to the Chairman of the Board. The Secretary of the College will report to the Chairman of the Board those individuals who fail to furnish an annual statement. Board Members and Senior Administrators who have declared a conflict of interest, or who have been found to have a conflict of interest, shall refrain from participating in any proposed transactions involving outside interest held by the Board Member or Senior Administrator. This includes consideration of the transaction or voting, unless the Board or Administration requests information or interpretation for special reasons that are stated on the record or in writing. Should a determination regarding the existence of a conflict of interest matter required an Executive Committee or Board vote to resolve, those concerned shall not be present at the time of the vote. The VP for Business Affairs collects and reviews the forms which are not Board Members or Senior Administrators. Compliance is checked in the VP's office and conflicts are resolved with the review of the President. Noncompliance is a performance issue and appropriate actions are taken.”

“The College has written Compensation Guidelines for the President of the College. The President's salary is reviewed and set annually by a compensation committee of the Board of Trustees, and a letter is sent to the VP for Business Affairs with the salary information. The President's salary is documented by the Chair of the Board. The President's salary is benchmarked to that of peer colleges in the Associated Colleges of the Midwest and the Great Lakes Colleges Association. The President's salary is also reviewed with information about level of reward at other national Carnegie IIB colleges, and salary and tax form data published in The Chronicle of Higher Education. These procedures were undertaken in our fiscal year which was June 1, 2013 through May 31, 2014, and calendar year 2013. Line 15b: The College has written Compensation Guidelines for Officers of the College. The policy has guidelines for positions reporting to the President; those positions include all Officers (VP of Development, VP for Business Affairs, Dean of the Faculty, Dean of Students, VP of Admissions) and some non-officers (Director of Communications and Marketing, Associate VP of Planning, Athletics Director). Compensation for each is benchmarked to that of peer colleges in the Associated Colleges of the Midwest and the Great Lakes Colleges Association. Information about level of reward at other national Carnegie IIB colleges is reviewed. Data published in The Chronicle of Higher Education on salaries from tax forms is also reviewed. Salary data is reviewed and set annually by the President for positions reporting to the President, which is then reviewed with the Chair and Vice Chair of the Board of Trustees. These procedures were undertaken in our fiscal year which was June 1, 2013 through May 31, 2014, and calendar year 2013.”

“Documents are available upon request in the College's Office of Business Affairs.”

“Subcontracted expenses for meal plan and custodial.”

“Change in Beneficial Interest in trusts held by others and change in Split Interest Agreements, $218,912. Change in Post Retirement/ Post Employment Liability -$161,899.”