Lake Forest College
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Educates students in a residential liberal arts setting. For fiscal year 2025 it reported $165.1M in revenue, $155.5M in expenses, and $231.7M in net assets.Pt I
Summary of the Filing
Where the work happens
Instruction and research includes expenses for all activities that are part of the instructional program and for activities specifically organized to produce research.
Student services are considered programmatic and include activities that contribute to student emotional and physical well-being and intellectual, cultural and social development outside the formal instructional program.
Auxiliary enterprises include expenses relating to the operation of the auxiliary activities such as housing, dining services, and parking.
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Identity & Classification
Governance & Policies
Officers, Directors & Key Employees
Jill Baren’s $710K as President (until 12/10/24) is at the 61st percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Jill Baren | $709,690 | $546,029 | $243,855 | — | — | — |
| Stephen D Schutt | — | — | — | — | $474,234 | $448,691 |
| Stephen D Schutt | — | $230,413 | $413,403 | $433,036 | — | — |
| Shawn Vogen | — | $297,655 | $227,458 | — | — | — |
| Lori Sundberg | $281,169 | $268,939 | $212,887 | $201,492 | — | — |
| Katie Sue Spieth | $240,525 | $122,768 | — | — | — | — |
| Christopher Ellertson | $239,646 | $231,552 | $222,629 | $215,324 | — | — |
| Christopher Ellertson | — | — | — | — | $213,529 | $210,939 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Statement of Revenue
Statement of Functional Expenses
Balance Sheet
Financial Metrics
Same NTEE category, revenue band, and state where available. Descriptive — not a grade.
| Metric | This org | Peer median | Percentile |
|---|---|---|---|
| Program ratio | 90% | — | — |
| Overhead ratio | 9% | — | — |
| Fundraising cost ratio | 6% | — | — |
| Revenue growth | 17% | — | — |
| Investment management fee ratio | 0% | — | — |
| Legal fee ratio | 0% | — | — |
| Accounting fee ratio | 0% | — | — |
Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.
Grants
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Filings & Schedule Manifest
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Sources
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