Lake Forest College

“The Executive Committee shall consist of the Chairman and Vice-Chairman of the Board of Trustees, 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.”

“In cases where the governing body delegated broad authority to the Executive or other committee, adequate documentation was prepared and reported.”

“The College makes the Form 990 available to Board of Trustees on a limited, and secure website. It makes the form available others upon request. Also the form is available for public information through external websites.”

“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 reports 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 of Finance and Controller collects and reviews the forms which are not Board Members or Senior Administrators. Compliance is checked by the VP of Finance and Controller, 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 V. P. for Finance and Planning and Controller 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, 2015 through May 31, 2016, and calendar year 2015. 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 Finance and Planning, Provost and Dean of the Faculty, Dean of Student Affairs, VP of Enrollment) and some non-officers (Director of Communications and Marketing and 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, 2015 through May 31, 2016, and calendar year 2015. During fiscal year 2015-2016 the Compensation Task Committee with advisory council from Trustee members, reviewed salaries of faculty and staff members. The Compensation Task Force Committee was charged to benchmark salaries to independent data from like institutions.”

“The College makes Form 990 available to Board of Trustees by providing a secure link through email, and makes Form 990 available to others upon request. Also the form is available for public information through specific external websites.”

“Documents are available on the College's internal website, and available upon request if intranet access is not granted.”

“Collections (historic treasures and similar treasures held as part of collections) which were acquired through purchases of contributions since the College's inception are not reflected in the Statement of Financial Position. As of May 31, 2016 and May 31, 2015, the insured value of these items was approximately $4,600,000 and $4,500,000, respectively. As of May 31, 2016, the College has a Life Estate Interest in artwork and museum furnishings valued at approximately $4,400,000.”

“Subcontracted expenses for meal plan and custodial.”

“Change in Beneficial Interest in trusts held by others and change in Split Interest Agreements was --$367,132. Change in Post Retirement/ Post Employment Liability -$249,586. Change in Swap value of 2014 Debt was -$243,352.”