Lake Forest Graduate School of Management

EIN: 237013253 501(c)(3)

Lake Forest, IL

Total Revenue
$7,958,625
Total Expenses
$9,311,440
Total Assets
$15,516,941
Net Assets
$14,397,701
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Financial Trends

Organization Details

Formation Year
1946
Legal Domicile
IL
Phone
8472345005
Tax Period
2022-07-01 to 2023-06-30

Lake Forest Graduate School of Management, founded in 1946, is a community nonprofit that reported $8.0M in total revenue in fiscal year 2022. Expenses of $9.3M exceeded revenue, resulting in a 17% operating deficit.

Mission

Lake Forest Graduate School of Management's mission is to bring the real world to business education and leadership development.

Program Service Accomplishments

Program 1
Expenses: $4,029,341 Revenue: $3,703,350

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...

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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.

Program 2
Expenses: $2,844,278 Revenue: $3,346,453

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...

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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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $676,729
Program Service Revenue $7,049,803
Investment Income $232,093
Other Revenue $0
TOTAL REVENUE $7,958,625

Expense Breakdown

Grants Paid $448,231
Salaries & Benefits $7,058,440
Fundraising Expenses $0
Program Expenses $6,873,619
Other Expenses $1,804,769
TOTAL EXPENSES $9,311,440

Year-over-Year Comparison

2022 2021 Change
Revenue $7,958,625 $8,050,027 0.0%
Expenses $9,311,440 $8,910,872 +0.0%
Net Income $-1,352,815 $-860,845 +0.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
10
Employees
154
Volunteers
50

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$947,357
Total Directors
12
$482,831
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
N/A TRUSTEE / VICE BOARD CHAIR 1.0
Officer Director
$0 $0 $0
N/A President & CEO 38.0
Officer Director
$366,580 $35,516 $402,096
N/A TRUSTEE / BOARD CHAIR / FACULTY 1.0
Officer Director
$5,100 $0 $5,100
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A DIRECTOR / FACULTY 1.0
Director
$70,035 $0 $70,035
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A DIRECTOR / FACULTY 1.0
Director
$5,600 $0 $5,600
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A DIRECTOR 1.0
Director
$0 $0 $0
N/A Sr VP Center for Leadership 38.0
Officer
$241,941 $39,865 $281,806
N/A VP Finance & CFO 38.0
Officer
$226,013 $32,342 $258,355
N/A Sr Director, Marketing Operations 38.0
Highest
$135,632 $3,729 $139,361
N/A Director Leadership Solutions 38.0
Highest
$131,740 $14,850 $146,590
N/A Business Dev Director 38.0
Highest
$240,648 $26,822 $267,470
N/A Information Technology Director 38.0
Highest
$119,188 $31,336 $150,524
N/A Bus Dev Director 38.0
Highest
$218,184 $35,934 $254,118
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $7,958,625 $9,311,440 $15,516,941 $-1,352,815
2022 $8,050,027 $8,910,872 $16,763,450 $-860,845
2021 $9,582,836 $9,093,192 $18,989,576 $489,644
2020 $9,369,913 $10,453,836 $18,614,761 $-1,083,923
2019 $10,232,238 $10,318,598 $17,778,173 $-86,360
2018 $10,367,499 $10,568,180 $17,701,853 $-200,681
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