Lake Forest College: Single Audit Reports and Findings
Lake Forest College filed 10 single audits between 2016 and 2025; the most recently observed auditor is RSM US LLP (2025), and the 2025 report lists 13 findings. Data as of 2026-09-18.
Data as of Sep 18, 2026 · Source: Federal Audit Clearinghouse (public data)
Single audits by year
One row per audit year as the Federal Audit Clearinghouse accepted it. The auditor named is the one observed on that filing; Lake Forest College is recorded in LAKE FOREST, Illinois under EIN 362167770, and the Clearinghouse records it as a higher education institution.
| Audit year | Fiscal year end | Federal expended | Threshold applied | Auditor observed | Findings | MW / SD | FAC report |
|---|---|---|---|---|---|---|---|
| 2025 | 2025-05-31 | $13,663,838 | $750,000 | RSM US LLP | 13 | SD | 2025-05-GSAFAC-0000385089 |
| 2024 | 2024-05-31 | $12,645,324 | $750,000 | RSM US LLP | 5 | SD | 2024-05-GSAFAC-0000357729 |
| 2023 | 2023-05-31 | $14,102,796 | $750,000 | RSM US LLP | 1 | — | 2023-05-GSAFAC-0000004237 |
| 2022 | 2022-05-31 | $14,630,530 | $750,000 | RSM US LLP | 0 | — | 2022-05-CENSUS-0000048333 |
| 2021 | 2021-05-31 | $17,876,998 | $750,000 | CROWE LLP | 0 | — | 2021-05-CENSUS-0000048333 |
| 2020 | 2020-05-31 | $15,992,020 | $750,000 | CROWE LLP | 0 | — | 2020-05-CENSUS-0000048333 |
| 2019 | 2019-05-31 | $15,346,152 | $750,000 | CROWE LLP | 0 | — | 2019-05-CENSUS-0000048333 |
| 2018 | 2018-05-31 | $16,657,124 | $750,000 | CROWE LLP | 0 | — | 2018-05-CENSUS-0000048333 |
| 2017 | 2017-05-31 | $17,465,030 | $750,000 | CROWE LLP | 0 | — | 2017-05-CENSUS-0000048333 |
| 2016 | 2016-05-31 | $17,598,294 | $750,000 | CROWE LLP | 0 | — | 2016-05-CENSUS-0000048333 |
Which federal programs did this organization report?
From the most recent accepted report. "Major" is the designation the auditor made under 2 CFR 200.518, not ours.
| ALN | Program | Expended | Major |
|---|---|---|---|
| 84.268 | FEDERAL DIRECT STUDENT LOANS | $7,894,949 | Yes |
| 84.063 | FEDERAL PELL GRANT PROGRAM | $3,974,714 | Yes |
| 84.038 | FEDERAL PERKINS LOAN PROGRAM | $570,085 | Yes |
| 84.007 | FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS | $477,510 | Yes |
| 84.033 | FEDERAL WORK-STUDY PROGRAM | $298,829 | Yes |
| 47.074 | BIOLOGICAL SCIENCES | $209,513 | Yes |
| 93.855 | ALLERGY AND INFECTIOUS DISEASES RESEARCH | $99,020 | Yes |
| 47.074 | BIOLOGICAL SCIENCES | $79,610 | Yes |
| 47.074 | BIOLOGICAL SCIENCES | $36,350 | Yes |
| 47.049 | MATHEMATICAL AND PHYSICAL SCIENCES | $16,799 | Yes |
| 47.075 | SOCIAL, BEHAVIORAL, AND ECONOMIC SCIENCES | $8,290 | Yes |
| 97.036 | DISASTER GRANTS - PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) | $-1,831 | No |
What findings did the auditor report?
The reference and the requirement letter are the ones the auditor used. The finding text itself is not reproduced here; the FAC report linked above carries it in full.
| Reference | Requirement | Severity | Repeat |
|---|---|---|---|
| 2025-001 | I | Material weakness | No |
| 2025-002 | I | Material weakness | No |
| 2025-003 | C | Significant deficiency / Questioned costs | No |
| 2025-004 | N | Significant deficiency | No |
Form 990 and IRS registration
Form 990 "accounting fees" (Part IX line 11c) cover all accounting services reported by the organization and are not the price of an audit engagement.
- Total revenue
- $165,068,732
- Total assets
- $287,159,838
- NTEE code
- B420
- Exempt under
- 501(c)(3)
- Ruling year
- 1934
- BMF release
- 2026-09-17
Read next
- CPA firms that audit Illinois nonprofits
- Illinois single audit statistics
- Illinois nonprofit audit requirements
How we computed this
Every row comes from the Federal Audit Clearinghouse record named beside it, one report per audit year, with a resubmission superseding the filing it replaces. The auditor is the one named on that filing — it is not a statement about who audits Lake Forest College now. Form 990 figures come from the IRS e-filed return named by its object id. This page exists because the organization filed at least two single audits, or one with a finding.
Cite this page
AuditRadar. “Lake Forest College Single Audits and Findings (IL).” https://getauditradar.com/single-audits/il/lake-forest-college-362167770/. Data as of 2026-09-18.