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 a Total Compensation Philosophy which has been approved by the Compensation Committee of the Board of Trustees and has been communicated to all staff. Compensation for the President, Officers and Key Employees (President, VP of Development, VP for Finance and Planning, Provost and Dean of the Faculty, Dean of Student Affairs, VP of Enrollment, Athletics Director) is targeted at the median of the defined peer group. The peer group of colleges includes the Associated Colleges of the Midwest (ACM)and the Great Lakes Colleges Association (GLCA). The Compensation Committee periodically reviews IRS Form 990 filings from both groups as well as the ACM and GLCA and CUPA surveys to ensure that total compensation levels for the President and Officers conforms to the approved total compensation policy. These procedures were undertaken in our fiscal year which was June 1, 2016 through May 31, 2017, and calendar year 2016.”

“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.”

“Subcontracted expenses for meal plan and custodial.”

“Change in Beneficial Interest in trusts held by others and change in Split Interest Agreements was -$26,590. Change in Post Retirement/ Post Employment Liability -$191,541. Change in Swap value of 2014 Debt was $357,707.”