Lake Forest Academy: FY2024 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 · $27.2M · in their own filed words · FY2023

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.

$27.2Mprogram 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 FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$38.1M

Ln 12

Fees for servicesLn 2g$28.7M

Gifts and grantsLn 1h$4.8M

Investment incomeLn 3$2.4M

Money outPt IX

$36.3M

Ln 25

Programscol B$27.2M

Managementcol C$7.3M

Fundraisingcol D$1.8M

Owns and owesPt X

$86.5M

net assets · Ln 32

Cash and savingsLn 1–2$12.7M

Total assetsLn 16$139.2M

LiabilitiesLn 26$52.7M

PeoplePt VI, VII

43

listed · VII A

PaidVII A9

Voting boardVI 1a34

IndependentVI 1b32

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$4.8M

Noncash giftsLn 1g$883K

Fundraising eventsLn 1c$887K

Fees for servicesLn 2g$28.7M

Investment incomeLn 3$2.4M

Other incomeLn 4–11$2.2M

Gains on assetsLn 7$790K

Total revenueLn 12$38.1M

Assets in detailPt X, end of year

CashLn 1$8.4M

SavingsLn 2$4.2M

Cash and savings togetherLn 1–2$12.7M

InvestmentsLn 11–13$64.7M

Land, buildings, equipmentLn 10c$53.3M

Other assetsLn 15$884K

Total assetsLn 16$139.2M

LiabilitiesLn 26$52.7M

Net assetsLn 32$86.5M

OperationsPt I, VI

EmployeesI 5295

VolunteersI 6190

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3More from this return

BondsSch K, Pt X

Tax-exempt bond debt owedX 20$26.9M

Bond issues listedSch K Pt I2

Raised by those issuesSch K Pt I$27.4M

Abroad and in kindSch F, M

Noncash gifts receivedSch M Pt I$883K

EndowmentSch D · Pt V

Line	FY24	FY23	FY22	FY21	FY20
End of yearLn 1g	$69.0M	$62.2M	$59.1M	$57.9M	$43.3M
Given inLn 1b	$935K	$1.4M	$2.0M	$1.4M	$2.6M
SpentLn 1d–1f	$588K	$2.3M	$450K	$1.1M	$1.1M

4Year over year

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

Line	Start FY24	End FY24
Cash and savingsLn 1–2	$10.6M	$12.7M
InvestmentsLn 11–13	$58.4M	$64.7M
Land, buildings, equipmentLn 10c	$42.7M	$53.3M
Total assetsLn 16	$119.5M	$139.2M
LiabilitiesLn 26	$39.0M	$52.7M
Net assetsLn 32	$80.5M	$86.5M

5Every 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	$1.3M		$1.0M	$260K
Other salaries and wagesLn 7	$10.7M	$8.1M	$1.9M	$760K
Pension plan contributionsLn 8	$1.0M	$793K	$147K	$84K
Other employee benefitsLn 9	$2.1M	$1.5M	$405K	$155K
Payroll taxesLn 10	$776K	$599K	$124K	$54K
Management feesLn 11a	$54K		$54K
Legal feesLn 11b	$80K		$80K
Accounting feesLn 11c	$83K		$83K
Investment management feesLn 11f	$181K		$181K
Other fees for servicesLn 11g	$63K		$63K
Advertising and promotionLn 12	$43K		$43K
Office expensesLn 13	$1.1M	$763K	$194K	$115K
OccupancyLn 16	$890K	$762K	$115K	$14K
TravelLn 17	$529K	$483K	$14K	$31K
InterestLn 20	$861K	$647K	$171K	$43K
Depreciation, depletion and amortizationLn 22	$2.9M	$2.5M	$374K	$45K
InsuranceLn 23	$338K	$289K	$44K	$5K
Other expenses (24a–d)Ln 24	$6.2M	$3.8M	$2.2M	$200K
All other expensesLn 24e	$854K	$660K	$179K	$15K
Total functional expensesLn 25	$36.3M	$27.2M	$7.3M	$1.8M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 LatestFiled with the IRS May 12, 2026	$48.6M	$39.2M	$9.4M	$93.1M	990 PDF
FY2024 ViewingFiled with the IRS May 15, 2025	$38.1M	$36.3M	$1.7M	$86.5M	990 PDF
FY2023Filed with the IRS Apr 24, 2024	$36.4M	$34.7M	$1.7M	$80.5M	990 PDF
FY2022Filed with the IRS Mar 16, 2023	$34.8M	$34.1M	$685K	$75.3M	990 PDF
FY2021Filed with the IRS Feb 7, 2022	$32.9M	$33.0M	−$81K	$76.8M	990 PDF
FY2020Filed with the IRS Feb 26, 2021	$32.4M	$31.5M	$881K	$63.4M	990 PDF

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 FY2024 990 (6 parts)

Part I · Summary $38,073,971 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $6,290,510$4,752,119

I-9 Program service revenuePrior year $26,899,973$28,655,394

I-10 Investment incomePrior year $1,149,334$2,433,319

I-11 Other revenuePrior year $2,093,521$2,233,139

I-12 Total revenuePrior year $36,433,338$38,073,971

I-13 Grants and similar amounts paidPrior year $5,774,596$6,310,131

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

I-15 Salaries and benefitsPrior year $14,093,195$15,905,088

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $14,845,291$14,120,752

I-18 Total expensesPrior year $34,713,082$36,335,971

I-19 Revenue less expensesPrior year $1,720,256$1,738,000

Part VI · Governance 32 of 34 board members independent, no flags

VI-1a Voting members of the governing body34

VI-1b Independent voting members32

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 $38,073,971 across 11 lines filed

Lines not itemized here account for $23,997 of total revenue; see the IRS return.

VIII-1c Fundraising events$887,355

VIII-1f All other contributions, gifts and grants$3,864,764

VIII-1g Noncash contributions (included above)$882,694

VIII-1h Total contributions, gifts and grants$4,752,119

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $28,655,394$28,655,394

VIII-3 Investment incomeExcluded from tax $1,643,448$1,643,448

VIII-6 Net rental income or lossExcluded from tax $36,947$36,947

VIII-7 Net gain or loss on sales of assetsExcluded from tax $789,871$789,871

VIII-8 Net income from fundraising eventsExcluded from tax −$70,538−$70,538

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,910 · Unrelated business $2,236,823$2,242,733

VIII-12 Total revenueRelated to mission $28,685,301 · Unrelated business $2,236,823 · Excluded from tax $2,399,728$38,073,971

Part IX · Statement of functional expenses $36,335,971 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $6,310,131$6,310,131

IX-5 Pay of current officers, directors and key staffManagement $1,031,525 · Fundraising $259,962$1,291,487

IX-7 Other salaries and wagesPrograms $8,079,241 · Management $1,870,540 · Fundraising $759,963$10,709,744

IX-8 Pension plan contributionsPrograms $792,695 · Management $146,583 · Fundraising $84,055$1,023,333

IX-9 Other employee benefitsPrograms $1,544,207 · Management $404,996 · Fundraising $154,890$2,104,093

IX-10 Payroll taxesPrograms $598,710 · Management $124,111 · Fundraising $53,610$776,431

IX-11a Management feesManagement $54,000$54,000

IX-11b Legal feesManagement $80,244$80,244

IX-11c Accounting feesManagement $82,580$82,580

IX-11f Investment management feesManagement $180,917$180,917

IX-11g Other fees for servicesManagement $63,123$63,123

IX-12 Advertising and promotionManagement $42,580$42,580

IX-13 Office expensesPrograms $763,470 · Management $194,345 · Fundraising $115,013$1,072,828

IX-16 OccupancyPrograms $761,512 · Management $115,129 · Fundraising $13,814$890,455

IX-17 TravelPrograms $483,239 · Management $14,047 · Fundraising $31,337$528,623

IX-20 InterestPrograms $646,730 · Management $170,583 · Fundraising $43,200$860,513

IX-22 Depreciation, depletion and amortizationPrograms $2,473,530 · Management $373,960 · Fundraising $44,869$2,892,359

IX-23 InsurancePrograms $288,956 · Management $43,686 · Fundraising $5,242$337,884

IX-24 Other expenses (24a–d)Programs $3,822,528 · Management $2,158,011 · Fundraising $200,011$6,180,550

IX-24e All other expensesPrograms $659,694 · Management $179,295 · Fundraising $15,107$854,096

IX-25 Total functional expensesPrograms $27,224,643 · Management $7,330,255 · Fundraising $1,781,073$36,335,971

Part X · Balance sheet $139,215,832 assets, 20 lines filed

X-1 Cash, non-interest-bearingStart of year $6,853,008$8,446,062

X-2 Savings and temporary cash investmentsStart of year $3,788,221$4,248,834

X-3 Pledges and grants receivableStart of year $2,455,416$2,189,439

X-4 Accounts receivableStart of year $4,169,116$4,829,792

X-8 Inventories for sale or useStart of year $86,617$80,314

X-9 Prepaid expenses and deferred chargesStart of year $393,837$499,396

X-10c Land, buildings and equipment, netStart of year $42,680,715$53,305,660

X-11 Publicly traded securitiesStart of year $33,091,559$37,337,719

X-12 Other securitiesStart of year $25,325,553$27,394,958

X-15 Other assetsStart of year $703,778$883,658

X-16 Total assetsStart of year $119,547,820$139,215,832

X-17 Accounts payable and accrued expensesStart of year $1,229,561$2,703,394

X-19 Deferred revenueStart of year $20,636,059$22,368,797

X-20 Tax-exempt bond liabilitiesStart of year $16,264,140$26,894,255

X-25 Other liabilitiesStart of year $179,822$128,623

X-26 Total liabilitiesStart of year $39,023,868$52,666,498

X-27 Net assets without donor restrictionsStart of year $49,736,952$53,847,360

X-28 Net assets with donor restrictionsStart of year $30,787,000$32,701,974

X-32 Total net assets or fund balancesStart of year $80,523,952$86,549,334

X-33 Total liabilities and net assetsStart of year $119,547,820$139,215,832

Part XI · Reconciliation of net assets $86,549,334 net assets at year end

XI-1 Total revenue$38,073,971

XI-2 Total expenses$36,335,971

XI-3 Revenue less expenses$1,738,000

XI-4 Net assets at start of year$80,523,952

XI-5 Net unrealized gains (losses) on investments$4,287,382

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$86,549,334

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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Lake Forest Academy FY2024 filing

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