Nonprofit · EIN 23-7013253
LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT
Tax-exempt · LAKE FOREST, IL 60045
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $3,009,714 | $7,366,011 | -$4,356,297 | $10,192,025 | $594,602 | $9,597,423 |
| June 30, 2024 | 990 | $6,877,260 | $9,359,947 | -$2,482,687 | $14,575,816 | $1,135,921 | $13,439,895 |
| June 30, 2023 | 990 | $7,958,625 | $9,311,440 | -$1,352,815 | $15,516,941 | $1,119,240 | $14,397,701 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,055,575
- Program service revenue
- $5,104,618
- Investment income
- -$3,160,637
- Net gain from sales of assets
- -$3,475,090
- Other revenue
- $10,158
Expenses
- Grants and similar amounts paid
- $439,812
- Compensation of officers, directors and key employees
- $854,886
- Other salaries and wages
- $3,734,273
- Salaries, compensation and benefits (total)
- $5,390,480
- Professional fundraising fees
- $0
- Legal fees
- $4,715
- Accounting fees
- $71,737
- Occupancy
- $17,496
- Travel
- $14,343
- Depreciation
- $298,048
- Program services (functional)
- $5,345,746
- Management and general (functional)
- $2,020,265
Balance sheet and other
- Total assets, start of year
- $14,575,816
- Total assets, end of year
- $10,192,025
- Total liabilities, end of year
- $594,602
- Net assets, end of year
- $9,597,423
- Land, buildings and equipment
- $16,034
- Publicly traded securities
- $7,063,391
- Net assets without donor restrictions
- $8,034,826
- Net assets with donor restrictions
- $1,562,597
- Gross receipts
- $8,045,405
- Employees
- 119
- Volunteers
- 25
- Year formed
- 1946
- State of legal domicile
- IL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Carrie Buchwald | Sr VP Center for Leadership Officer | 38 | $296,732 | $40,718 |
| Susan Wynne | Bus Dev Director Highest-paid employee | 38 | $284,138 | $36,720 |
| Thomas Perozzi | VP Finance & CFO (Through 8/31/24) Officer | 38 | $252,638 | $22,798 |
| Todd Brockway | Vice President, Business Development & Operations/Business Faculty Leader Highest-paid employee | 38 | $241,198 | $33,685 |
| Natalia San Jose | Business Dev Director Highest-paid employee | 38 | $209,162 | $34,856 |
| Jeffrey Anderson | President & CEO Trustee or director, Officer | 38 | $193,625 | $0 |
| Roger Rotunno | Information Technology Director Highest-paid employee | 38 | $123,198 | $30,890 |
| Carolyn Brune | Sr Director, Marketing Operations Highest-paid employee | 38 | $144,235 | $2,942 |
| Gary Conrad | DIRECTOR / FACULTY Trustee or director | 1 | $48,375 | $0 |
| Frank Pasquesi | TRUSTEE / VICE BOARD CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| David Lee | DIRECTOR Trustee or director | 1 | $0 | $0 |
| John Anderson | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2024: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Jeffrey Anderson | President & CEO Trustee or director, Officer | 38 | $319,179 | $24,428 |
| Susan Wynne | Bus Dev Director Highest-paid employee | 38 | $276,670 | $35,164 |
| Carrie Buchwald | Sr VP Center for Leadership Officer | 38 | $238,916 | $40,037 |
| Todd Brockway | Vice President, Business Development & Operations/Business Faculty Leader Highest-paid employee | 38 | $245,525 | $29,586 |
| Natalia San Jose | Business Dev Director Highest-paid employee | 38 | $236,180 | $34,091 |
| Thomas Perozzi | VP Finance & CFO Officer | 38 | $215,310 | $31,991 |
| Michelle Humes | Director Leadership Solutions Highest-paid employee | 38 | $136,209 | $14,833 |
| Carolyn Brune | Sr Director, Marketing Operations Highest-paid employee | 38 | $140,844 | $5,382 |
| Gary Conrad | DIRECTOR / FACULTY Trustee or director | 1 | $61,150 | $0 |
| Patricia Coffey | TRUSTEE / BOARD CHAIR / FACULTY Trustee or director, Officer | 1 | $500 | $0 |
| Frank Pasquesi | TRUSTEE / VICE BOARD CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| Christopher Kempa | DIRECTOR Trustee or director | 1 | $0 | $0 |
| David Lee | DIRECTOR Trustee or director | 1 | $0 | $0 |
| Edward Carney | DIRECTOR Trustee or director | 1 | $0 | $0 |
| James Sandy Stevenson | DIRECTOR Trustee or director | 1 | $0 | $0 |
| John Anderson | DIRECTOR Trustee or director | 1 | $0 | $0 |
| John Pappas | DIRECTOR / FACULTY Trustee or director | 1 | $0 | $0 |
| Leanna Walther | DIRECTOR Trustee or director | 1 | $0 | $0 |
| Todd Litzsinger | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended June 30, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Jeffrey Anderson | President & CEO Trustee or director, Officer | 38 | $366,580 | $35,516 |
| Carrie Buchwald | Sr VP Center for Leadership Officer | 38 | $241,941 | $39,865 |
| Natalia San Jose | Business Dev Director Highest-paid employee | 38 | $240,648 | $26,822 |
| Thomas Perozzi | VP Finance & CFO Officer | 38 | $226,013 | $32,342 |
| Susan Wynne | Bus Dev Director Highest-paid employee | 38 | $218,184 | $35,934 |
| Roger Rotunno | Information Technology Director Highest-paid employee | 38 | $119,188 | $31,336 |
| Michelle Humes | Director Leadership Solutions Highest-paid employee | 38 | $131,740 | $14,850 |
| Carolyn Brune | Sr Director, Marketing Operations Highest-paid employee | 38 | $135,632 | $3,729 |
| Gary Conrad | DIRECTOR / FACULTY Trustee or director | 1 | $70,035 | $0 |
| John Pappas | DIRECTOR / FACULTY Trustee or director | 1 | $5,600 | $0 |
| Patricia Coffey | TRUSTEE / BOARD CHAIR / FACULTY Trustee or director, Officer | 1 | $5,100 | $0 |
| Frank Pasquesi | TRUSTEE / VICE BOARD CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| Christopher Kempa | DIRECTOR Trustee or director | 1 | $0 | $0 |
| David Lee | DIRECTOR Trustee or director | 1 | $0 | $0 |
| Edward Carney | DIRECTOR Trustee or director | 1 | $0 | $0 |
| James (Sandy) Stevenson | DIRECTOR Trustee or director | 1 | $0 | $0 |
| John Anderson | DIRECTOR Trustee or director | 1 | $0 | $0 |
| Leanna Walther | DIRECTOR Trustee or director | 1 | $0 | $0 |
| Todd Litzsinger | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 100 SAUNDERS RD STE 150, LAKE FOREST, IL 60045-2526
- Principal officer (990 for 2024)
- Carrie Buchwald, 100 S Saunders Road Suite 150, Lake Forest, IL 60045
- Signed the 990
- Andrew Hild, Finance Director
- Phone
- (847) 234-5005
- Website
- HTTPS://LFGSM.EDU/
- Return prepared by
- CROWE LLP
Mission
Lake Forest Graduate School of Management's mission is to bring the real world to business education and leadership development.
Program accomplishments
- 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.Expenses $3,018,817 · revenue $2,700,004
- 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.Expenses $2,326,929 · grants $439,812 · revenue $2,414,772
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 23-7013253
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- School
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1969
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $10,192,025
- Income (IRS master file)
- $8,045,405
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $3,009,714 | $7,366,011 | $10,192,025 | IRS |
| 990 | June 2024 | $6,877,260 | $9,359,947 | $14,575,816 | IRS |
| 990 | June 2023 | $7,958,625 | $9,311,440 | $15,516,941 | XML |
| 990 | June 2022 | $8,050,027 | $8,910,872 | $16,763,450 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-7013253).
Questions about LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT
- What is the EIN of LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT?
- The employer identification number (EIN) of LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT is 23-7013253.
- Is LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1969.
- Are donations to LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT?
- The 990 for the year ended June 30, 2025 names Carrie Buchwald.
- Who are the officers and directors of LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT?
- The 990 for the year ended June 30, 2025 lists 12 people; 9 received compensation from the organization, the highest $296,732 (Carrie Buchwald, Sr VP Center for Leadership).
- How much revenue does LAKE FOREST GRADUATE SCHOOL OF MANAGEMENT have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $3,009,714, expenses of $7,366,011 and total assets of $10,192,025 at year end.
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