Lake Forest College

“The Executive Committee shall consist of the Chairperson of the Board, the Vice Chairpersons of the Board, the Secretary of the Board, the President of the College, the Chairperson and Vice-Chairperson of the Committee on Trustees, and such other Trustees as may be elected to the Executive Committee by the Board of Trustees. Only present Charter Trustees shall be entitled to vote or need be counted for purposes of a quorum at meetings of the Executive Committee. The Executive Committee shall serve at the pleasure of the Board of Trustees and shall have interim general charge of the affairs of the College. The Executive Committee shall have power to act and to exercise all authority vested in the Board between regular meetings of said Board, except for the following, which shall be reserved for the Board: presidential selection and termination; Trustee and Board-officer election; changes in institutional mission and purposes; changes to the Charter, Articles of Incorporation, and Bylaws; incurring of College indebtedness; sale of College assets or tangible property; adoption of the annual budget; and conferral of degrees. The Executive Committee shall assist the Chairperson of the Board and President with 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. The Committee shall report its actions at the next meeting of the Board of Trustees.”

“The standing committees were reduced and restructured into 6 committees: The Committee on Student Success, The Committee on Financial Stewardship, The Committee on Development and External Relations, The Committee on Admissions, The Committee on Post-Graduate Outcomes, and The Committee on Trustees.”

“The College makes the Form 990 available to Board of Trustees on a limited, and secure website. It makes the form available to 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 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 conforms to the approved total compensation policy. These procedures were undertaken in our fiscal year which was June 1, 2018 through May 31, 2019, and calendar year 2018.”

“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 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 Officers conforms to the approved total compensation policy. These procedures were undertaken in our fiscal year which was June 1, 2018 through May 31, 2019, and calendar year 2018.”

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

“(Expenses $ 4,994,718 including grants of $)(Revenue $ 16,220) Academic support includes the cost of the library (facilities, salaries, acquisitions), other types of academic support for students and the costs of administration in academics (e.g. administrative assistants, hiring expenses, personnel of Deans offices).”

“Change in Beneficial Interest in trusts held by others and change in Split Interest Agreements - -175623; Change in Post Retirement/ Post Employment Liability - -196913; Change in debt swap value - 341854;”