2024-03-04T09:34:39+00:00 2023-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2022-07-01 237013253 Lake Forest Graduate School of Management LAKE 8472345005 1905 W Field Court Lake Forest IL 60045 Thomas J Perozzi Chief Financial Officer 2024-03-04 true Thomas Perozzi 999009999 Jennifer Burke P01342224 3128997000 2022 2023-04-26 12:10:37Z Jeffrey J Anderson 1905 W Field Court Lake Forest IL 60045 7958625 false X www.lakeforestmba.edu X 1946 IL Lake Forest Graduate School of Management's mission is to bring the real world to business education and leadership development. 12 10 154 50 0 0 383162 676729 7423917 7049803 242948 232093 0 8050027 7958625 740160 448231 0 6356494 7058440 0 0 1814218 1804769 8910872 9311440 -860845 -1352815 16763450 15516941 1251422 1119240 15512028 14397701 Lake Forest Graduate School of Management's mission is to bring the real world to business education and leadership development. false false 4029341 3703350 LAKE FOREST CENTER FOR LEADERSHIP (C4L) IS A PART OF LAKE FOREST GRADUATE SCHOOL WHICH PROVIDES INTERRELATED FORMAL CLASSROOM BUSINESS EDUCATION INSTRUCTION IN THE FORM OF CERTIFICATE PROGRAMS AND SHORT-TERM WORKSHOPS IN SUBJECTS SUCH AS STRATEGIC EXECUTION, FINANCE, COMMUNICATION, LEADERSHIP DEVELOPMENT, NEGOTIATIONS, PROJECT MANAGEMENT, MANAGING CHANGE, AND SALES. C4L PROVIDES THESE PROGRAMS TO CORPORATIONS, PRIMARILY IN THE CHICAGO AREA. C4L DEVELOPS CURRICULA, WHICH WHEN DELIVERED THROUGH FORMAL CLASSROOM INSTRUCTION, ENABLE EMPLOYEES OF THOSE ORGANIZATIONS TO BROADEN THEIR BUSINESS KNOWLEDGE, AND TO HELP THEM MOVE FROM INDIVIDUAL CONTRIBUTOR TO ORGANIZATIONAL CONTRIBUTORS. THIS IS ACCOMPLISHED BY TAILORING CURRICULA, CONTENT, AND PROGRAMS TO MEET SPECIFIC NEEDS OF THE EMPLOYEES OF THE CORPORATIONS. 2844278 448231 3346453 LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT COMBINES TRADITIONAL AND LEADING-EDGE ACADEMICS WITH A PRACTITIONER FACULTY THAT PROVIDES A DYNAMIC CONNECTION WITH THE REAL WORLD OF BUSINESS. THIS DISTINCTIVE APPROACH RESPONDS DIRECTLY TO THE RESULTS-ORIENTED DEMANDS OF TODAY'S BUSINESS ENVIRONMENT WHILE SATISFYING ACADEMIC RIGOR. OUR FACULTY MEMBERS OFFER DIVERSE PERSPECTIVES AND REPRESENT A WIDE ARRAY OF ORGANIZATIONS, INDUSTRIES, AND FUNCTIONS. THEY BLEND SOLID BUSINESS THEORY WITH PRACTICAL EXPERIENCE, SO STUDENTS RECEIVE A HANDS-ON EDUCATION THAT IS UNMATCHED. ALL OF OUR FACULTY MEMBERS HAVE EXTENSIVE PRACTICAL EXPERIENCE IN THE SUBJECT AREAS THEY TEACH. BUILDING ON THE SKILLS STUDENTS BRING TO THE PROGRAM, OUR COURSES SHARPEN THEIR ANALYTICAL ABILITIES BY COMBINING COURSE WORK WITH DAY-TO-DAY PROFESSIONAL EXPERIENCES. OUR GENERAL MBA PROGRAM OFFERS A BROAD KNOWLEDGE BASE IN EVERY AREA NEEDED FOR SUCCESS IN TODAY'S BUSINESS WORLD. INTERACTIVE AND PERSONAL, OUR FACULTY MEMBERS INCORPORATE A WIDE RANGE OF TEACHING METHODOLOGIES, INCLUDING FACILITATED DISCUSSION ON ISSUES AND RESPONSIBILITIES FACING MANAGEMENT TODAY. 6873619 true true false false false false false false true true false false false false true true false true false false false false false false false false false true true false false false false false false false false false false false false false false false false false true 374 0 true 154 true false false false false false false false false false false false false X 12 10 false false false false false false false true true false false true true true true true false true true false X THOMAS J PEROZZI 8475745168 1905 W FIELD COURT LAKE FOREST IL 60045 Frank Pasquesi TRUSTEE / VICE BOARD CHAIR 1.0 X X 0 0 0 Jeffrey Anderson President & CEO 38.0 X X 366580 0 35516 Patricia Coffey TRUSTEE / BOARD CHAIR / FACULTY 1.0 X X 5100 0 0 Christopher Kempa DIRECTOR 1.0 X 0 0 0 David Lee DIRECTOR 1.0 X 0 0 0 Edward Carney DIRECTOR 1.0 X 0 0 0 Gary Conrad DIRECTOR / FACULTY 1.0 X 70035 0 0 James (Sandy) Stevenson DIRECTOR 1.0 X 0 0 0 John Anderson DIRECTOR 1.0 X 0 0 0 John Pappas DIRECTOR / FACULTY 1.0 X 5600 0 0 Leanna Walther DIRECTOR 1.0 X 0 0 0 Todd Litzsinger DIRECTOR 1.0 X 0 0 0 Carrie Buchwald Sr VP Center for Leadership 38.0 X 241941 0 39865 Thomas Perozzi VP Finance & CFO 38.0 X 226013 0 32342 Carolyn Brune Sr Director, Marketing Operations 38.0 X 135632 0 3729 Michelle Humes Director Leadership Solutions 38.0 X 131740 0 14850 Natalia San Jose Business Dev Director 38.0 X 240648 0 26822 Roger Rotunno Information Technology Director 38.0 X 119188 0 31336 Susan Wynne Bus Dev Director 38.0 X 218184 0 35934 1760661 0 220394 10 false true false 0 0 0 0 0 0 676729 0 676729 MBA PROGRAM TUITION 611310 3346453 3346453 NON-DEGREE BUSINESS PROGRAMS 611410 3703350 3703350 0 0 0 0 7049803 232093 232093 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7958625 7049803 0 232093 448231 448231 1022993 491718 531275 5146995 4309340 837655 61199 52216 8983 416481 328968 87513 410772 324737 86035 26818 26818 128117 128117 28010 28010 0 0 0 0 163804 153575 10229 65891 30173 35718 136167 1864 134303 8549 7313 1236 2959 2809 150 441219 294293 146926 62568 41733 20835 Student Services and Institutional Support 367069 59890 307179 Program Services 232940 232940 Operations and Maintenance 140658 93819 46839 0 0 0 0 9311440 6873619 2437821 0 415799 543116 308719 246141 0 664933 1389790 1264133 0 0 0 0 0 0 229912 144418 14006061 8293529 6075277 5712532 8343953 6941668 0 0 0 0 0 0 16763450 15516941 989419 865637 0 0 262003 253603 0 0 0 0 0 0 0 0 0 0 0 0 1251422 1119240 X 14920470 13911751 591558 485950 0 0 0 0 0 0 15512028 14397701 16763450 15516941 -1352815 238488 0 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 492384 0 26703 33137 0 0 485950 610573 0 -61474 56715 0 0 492384 516288 0 101261 6976 0 0 610573 506310 0 17786 7808 0 0 516288 479362 0 32414 5466 0 0 506310 0.0 0.412 0.588 false false 2253006 2253006 8610322 5403207 3207115 708244 708244 0 2369089 2138745 230344 65400 43333 22067 5712532 0 X 7748882 238488 0 0 0 238488 7510394 448231 448231 7958625 8863209 0 0 0 0 8863209 448231 448231 9311440 Schedule D, Part V, Line 4 Intended uses of endowment funds The Yomine Endowment Fund and the Kaule Endowment Fund are used to provide scholarships to MBA students. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The School has received a determination letter from the Internal Revenue Service indicating that it is a not-for-profit entity as described in Section 501(c)(3) of the Internal Revenue Code ("IRC") and is exempt from federal income taxes on related income pursuant to Section 501(a) of the IRC, except for taxes pertaining to unrelated business income. The School follows guidance with respect to accounting for uncertain tax positions. No provision has been made for income taxes in the accompanying financial statements, as the School has had no significant unrelated business income. If the School incurs interest and penalties, the School recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The School has no amounts accrued for interest or penalties as of June 30, 2023 or 2022. The School has not been examined by any tax jurisdiction. The School does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Scholarships - 448231 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Scholarships - 448231 true true true true true true true false false false false false false false false false false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY POLICIES ARE INCLUDED IN ALL STUDENT, STAFF, AND FACULTY PUBLICATIONS INCLUDING HANDBOOKS, CATALOGS, AND PERIODICALLY IN MEDIA ADVERTISEMENTS AND OTHER SCHOOL PUBLICATIONS. true SCHOLARSHIPS 257 448231 0 FMV N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. All grants are in the form of scholarships and are applied toward the cost of tuition only. X X false false false true false false false false false Jeffrey Anderson President & CEO 315392 0 50000 0 1188 0 8949 0 26567 0 402096 0 0 0 Thomas Perozzi VP Finance & CFO 199825 0 25000 0 1188 0 5775 0 26567 0 258355 0 0 0 Carrie Buchwald Sr VP Center for Leadership 215753 0 25000 0 1188 0 6327 0 33538 0 281806 0 0 0 Susan Wynne Bus Dev Director 77744 0 140022 0 418 0 2396 0 33538 0 254118 0 0 0 Roger Rotunno Information Technology Director 118476 0 0 0 712 0 3448 0 27888 0 150524 0 0 0 Natalia San Jose Business Dev Director 93688 0 146669 0 291 0 2058 0 24764 0 267470 0 0 0 Schedule J, Part I, Line 5a Compensation contingent on revenues of the organization Susan Wynne and Natalia San Jose are paid on a tiered commission plan based on billed Corporate Learning Solutions revenue and gross margin. Form 990, Part VI, Line 1a Delegate broad authority to a committee 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. Form 990, Part VI, Line 11b Review of form 990 by governing body The completed draft of Form 990 is emailed to all Board members for review prior to final issuance. Form 990, Part VI, Line 12c Conflict of interest policy 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. Form 990, Part VI, Line 15a Process to establish compensation of top management official 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. Form 990, Part VI, Line 15b Process to establish compensation of other employees LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT'S (LFGSM) CFO AND HUMAN RESOURCES MANAGER CONDUCT AN ANNUAL SALARY REVIEW FOR ALL EMPLOYEES IN DECEMBER 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 2023. Form 990, Part VI, Line 19 Required documents available to the public 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. Form 990, Part VII, Section A, Line 1a Compensation paid to Officers, Directors, Key Employees, etc 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.