Lake Forest Academy: FY2021 Nonprofit Profile & Form 990 (EIN 36-2216167)

Christopher O Tennyson’s $355K as Head of School is at the 74th percentile of top reported officer pay among 3683 $10–100M 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
John Strudwick	—	—	—	$549,219	—	$479,370
Jose M De Jesus	—	—	$203,415	$547,109	$499,041	$228,420
Christopher O Tennyson	$354,780	$400,138	$314,235	$168,615	$139,752	$131,078
Michael J Reidy	$248,078	$239,418	$231,312	$221,450	$209,031	$200,397
Jotham Thomas Johnson	$223,410	$136,522	$127,132	$123,820	—	—
Robert J Buckla	—	—	$218,131	$207,294	$200,481	$196,772
Darrin Madeley	$203,991	$194,256	$181,453	$156,903	$131,688	$137,469
Garry Sloan	$203,250	$202,125	$150,925	$143,425	$128,631	$126,185

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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Prepares students for college through an independent preparatory school program.

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1 program · $24.1M · in their own filed words · FY2020

01

Lake forest academy 'lfa" was established in 1857 as the boys' preparatory department of lind university. The girls' preparatory department, ferry hall, was added 1869. In 1925, lfa and ferry hall legally separated from the university to become secondary educational institutions.

$24.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

The Ayco Charitable FoundationFY2025$15K

James L Garard JR Charitable TrustFY2025$5K

Karen & John M Krzynowck Chr TrFY2025$2K

Total grants receivedfrom 3 funders$22K

See all 3 funders →

Grants paid · 6 grants · $188K · 2019–2024

Unitemized GrantFY2024$49,155

Unitemized GrantFY2023$30,918

Unitemized GrantFY2022$46,419

Unitemized GrantFY2021$40,924

Unitemized GrantFY2020$8,508

Unitemized GrantFY2019$12,217

By the numbers

The FY2021 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$32.9M

Ln 12

Fees for servicesLn 2g$23.6M

Gifts and grantsLn 1h$7.2M

Investment incomeLn 3$1.6M

Money outPt IX

$33.0M

Ln 25

Programscol B$24.1M

Managementcol C$7.3M

Fundraisingcol D$1.7M

Owns and owesPt X

$76.8M

net assets · Ln 32

Cash and savingsLn 1–2$22.4M

Total assetsLn 16$116.1M

LiabilitiesLn 26$39.2M

PeoplePt VI, VII

37

listed · VII A

PaidVII A8

Voting boardVI 1a29

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7.2M

Government grantsLn 1e$2.3M

Noncash giftsLn 1g$337K

Fundraising eventsLn 1c$9K

Fees for servicesLn 2g$23.6M

Investment incomeLn 3$1.6M

Other incomeLn 4–11$476K

Gains on assetsLn 7$833K

Total revenueLn 12$32.9M

Assets in detailPt X, end of year

CashLn 1$3.9M

SavingsLn 2$18.4M

Cash and savings togetherLn 1–2$22.4M

InvestmentsLn 11–13$39.4M

Land, buildings, equipmentLn 10c$45.3M

Other assetsLn 15$595K

Total assetsLn 16$116.1M

LiabilitiesLn 26$39.2M

Net assetsLn 32$76.8M

OperationsPt I, VI

EmployeesI 5295

VolunteersI 6190

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$6.1M	$22.4M
InvestmentsLn 11–13	$39.4M	$39.4M
Land, buildings, equipmentLn 10c	$46.6M	$45.3M
Total assetsLn 16	$104.3M	$116.1M
LiabilitiesLn 26	$40.9M	$39.2M
Net assetsLn 32	$63.4M	$76.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$6.3M	$6.3M
Pay of current officers, directors and key staffLn 5	$1.1M		$839K	$249K
Other salaries and wagesLn 7	$8.8M	$6.4M	$1.6M	$833K
Pension plan contributionsLn 8	$856K	$616K	$171K	$69K
Other employee benefitsLn 9	$1.5M	$1.0M	$330K	$173K
Payroll taxesLn 10	$650K	$466K	$128K	$56K
Legal feesLn 11b	$97K		$97K
Accounting feesLn 11c	$71K		$71K
Investment management feesLn 11f	$128K		$128K
Other fees for servicesLn 11g	$38K		$38K
Advertising and promotionLn 12	$57K		$57K
Office expensesLn 13	$964K	$616K	$232K	$115K
OccupancyLn 16	$677K	$611K	$57K	$9K
InterestLn 20	$555K	$405K	$145K	$5K
Depreciation, depletion and amortizationLn 22	$3.0M	$2.7M	$254K	$39K
InsuranceLn 23	$269K	$243K	$23K	$3K
Other expenses (24a–d)Ln 24	$7.2M	$4.1M	$3.0M	$114K
All other expensesLn 24e	$745K	$620K	$114K	$12K
Total functional expensesLn 25	$33.0M	$24.1M	$7.3M	$1.7M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$48.6M	$39.2M	$9.4M	$93.1M	990 PDF
FY2024	$38.1M	$36.3M	$1.7M	$86.5M	990 PDF
FY2023	$36.4M	$34.7M	$1.7M	$80.5M	990 PDF
FY2022	$34.8M	$34.1M	$685K	$75.3M	990 PDF
FY2021 Viewing	$32.9M	$33.0M	−$81K	$76.8M	990 PDF
FY2020	$32.4M	$31.5M	$881K	$63.4M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2021 990 (6 parts)

Part I · Summary $32,908,168 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $5,107,413$7,217,647

I-9 Program service revenuePrior year $25,055,850$23,607,249

I-10 Investment incomePrior year $1,211,724$1,607,696

I-11 Other revenuePrior year $978,518$475,576

I-12 Total revenuePrior year $32,353,505$32,908,168

I-13 Grants and similar amounts paidPrior year $5,545,612$6,262,098

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $13,118,128$12,934,833

I-16a Professional fundraising feesPrior year $18,400$0

I-17 Other expensesPrior year $12,790,170$13,792,501

I-18 Total expensesPrior year $31,472,310$32,989,432

I-19 Revenue less expensesPrior year $881,195−$81,264

Part VI · Governance 27 of 29 board members independent, no flags

VI-1a Voting members of the governing body29

VI-1b Independent voting members27

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $32,908,168 across 12 lines filed

Lines not itemized here account for $5,759 of total revenue; see the IRS return.

VIII-1c Fundraising events$8,532

VIII-1e Government grants$2,275,587

VIII-1f All other contributions, gifts and grants$4,933,528

VIII-1g Noncash contributions (included above)$336,701

VIII-1h Total contributions, gifts and grants$7,217,647

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $23,607,249$23,607,249

VIII-3 Investment incomeExcluded from tax $774,870$774,870

VIII-6 Net rental income or lossExcluded from tax $32,842$32,842

VIII-7 Net gain or loss on sales of assetsExcluded from tax $832,826$832,826

VIII-8 Net income from fundraising eventsExcluded from tax −$15,986−$15,986

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $22,580 · Unrelated business $430,381$452,961

VIII-12 Total revenueRelated to mission $23,635,588 · Unrelated business $430,381 · Excluded from tax $1,624,552$32,908,168

Part IX · Statement of functional expenses $32,989,432 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $6,262,098$6,262,098

IX-5 Pay of current officers, directors and key staffManagement $839,149 · Fundraising $249,491$1,088,640

IX-7 Other salaries and wagesPrograms $6,432,017 · Management $1,568,352 · Fundraising $832,594$8,832,963

IX-8 Pension plan contributionsPrograms $616,237 · Management $170,760 · Fundraising $69,272$856,269

IX-9 Other employee benefitsPrograms $1,003,556 · Management $330,387 · Fundraising $172,600$1,506,543

IX-10 Payroll taxesPrograms $466,290 · Management $127,967 · Fundraising $56,161$650,418

IX-11b Legal feesManagement $96,802$96,802

IX-11c Accounting feesManagement $70,800$70,800

IX-11f Investment management feesManagement $128,340$128,340

IX-11g Other fees for servicesManagement $38,161$38,161

IX-12 Advertising and promotionManagement $57,423$57,423

IX-13 Office expensesPrograms $616,063 · Management $232,245 · Fundraising $115,251$963,559

IX-16 OccupancyPrograms $611,269 · Management $56,862 · Fundraising $8,800$676,931

IX-20 InterestPrograms $404,965 · Management $144,505 · Fundraising $5,045$554,515

IX-22 Depreciation, depletion and amortizationPrograms $2,726,605 · Management $253,638 · Fundraising $39,253$3,019,496

IX-23 InsurancePrograms $242,955 · Management $22,600 · Fundraising $3,498$269,053

IX-24 Other expenses (24a–d)Programs $4,052,155 · Management $3,005,727 · Fundraising $114,398$7,172,280

IX-24e All other expensesPrograms $619,652 · Management $113,710 · Fundraising $11,779$745,141

IX-25 Total functional expensesPrograms $24,053,862 · Management $7,257,428 · Fundraising $1,678,142$32,989,432

Part X · Balance sheet $116,077,407 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $2,203,737$3,919,428

X-2 Savings and temporary cash investmentsStart of year $3,910,697$18,440,735

X-3 Pledges and grants receivableStart of year $5,812,235$3,501,236

X-4 Accounts receivableStart of year $5,088,346$4,458,262

X-8 Inventories for sale or useStart of year $73,081$58,560

X-9 Prepaid expenses and deferred chargesStart of year $640,006$411,735

X-10c Land, buildings and equipment, netStart of year $46,595,224$45,250,463

X-11 Publicly traded securitiesStart of year $18,760,502$18,760,502

X-12 Other securitiesStart of year $20,681,239$20,681,239

X-15 Other assetsStart of year $517,555$595,247

X-16 Total assetsStart of year $104,282,622$116,077,407

X-17 Accounts payable and accrued expensesStart of year $1,834,942$1,769,247

X-19 Deferred revenueStart of year $17,082,783$18,129,250

X-20 Tax-exempt bond liabilitiesStart of year $16,250,440$16,262,972

X-25 Other liabilitiesStart of year $1,929,008$1,106,133

X-26 Total liabilitiesStart of year $40,910,105$39,236,275

X-27 Net assets without donor restrictionsStart of year $40,345,351$50,013,110

X-28 Net assets with donor restrictionsStart of year $23,027,166$26,828,022

X-32 Total net assets or fund balancesStart of year $63,372,517$76,841,132

X-33 Total liabilities and net assetsStart of year $104,282,622$116,077,407

Part XI · Reconciliation of net assets $76,841,132 net assets at year end

XI-1 Total revenue$32,908,168

XI-2 Total expenses$32,989,432

XI-3 Revenue less expenses−$81,264

XI-4 Net assets at start of year$63,372,517

XI-5 Net unrealized gains (losses) on investments$13,549,879

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$76,841,132

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Lake Forest Academy FY2021 filing

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