2025-04-30T12:24:09+00:00 2024-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-07-01 362167725 The Art Institute of Chicago ARTI 3124433600 111 South Michigan Avenue Chicago IL 60603 Alexandra Holt Exec VP, Finance & Administration 2025-04-30 true JENNIFER BURKE P01342224 3128997000 2025-04-30 2023 2025-03-06 01:10:19Z Alexandra Holt 111 South Michigan Avenue Chicago IL 60603 828023466 false X www.artic.edu and www.saic.edu X 1879 IL The Art Institute of Chicago, a not-for-profit corporation, is both a museum and an institution of higher education that exists to provide appreciation and education in visual fine arts and design. 61 60 3590 170 11569888 0 51858370 106739363 217491387 255278479 83255283 123720828 6904562 8062323 359509602 493800993 54554069 54763306 0 140493296 151502975 727497 811944 12037252 144184661 141082158 339959523 348160383 19550079 145640610 1886077791 2070527457 259594451 245300480 1626483340 1825226977 See Schedule O. false false 188333950 54743306 193085857 THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC) IS AN ACCREDITED COLLEGE OF ART AND DESIGN OFFERING UNDERGRADUATE, GRADUATE, AND POST-BACCALAUREATE DEGREE PROGRAMS FOR STUDIO ARTISTS, ART EDUCATORS, ART THERAPISTS, DESIGNERS, WRITERS, AND ART HISTORIANS. SAIC'S FINE ARTS GRADUATE PROGRAM IS RANKED NUMBER TWO IN THE NATION BY U.S. NEWS AND WORLD REPORT, AND THE SCHOOL OFFERS WORLD-CLASS RESOURCES INCLUDING THE ART INSTITUTE OF CHICAGO MUSEUM, ON-CAMPUS GALLERIES, AND STATE-OF-THE-ART FACILITIES. IN FISCAL YEAR 2024, AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 3,395 WITH INTERNATIONAL STUDENTS FROM 82 COUNTRIES. 118208820 20000 66983386 THE ART INSTITUTE OF CHICAGO SHARES ITS SINGULAR COLLECTIONS WITH OUR CITY AND THE WORLD. WE COLLECT, CARE FOR, AND INTERPRET WORKS OF ART ACROSS TIME, CULTURES, GEOGRAPHIES, AND IDENTITIES, CENTERING THE VISION OF ARTISTS AND MAKERS. WE RECOGNIZE THAT ALL ART IS MADE IN A PARTICULAR CONTEXT, DEMANDING CONTINUAL, DYNAMIC RECONSIDERATION IN THE PRESENT. WE ARE A PLACE OF GATHERING; WE FOSTER THE EXCHANGE OF IDEAS AND INSPIRE AN EXPANSIVE, INCLUSIVE UNDERSTANDING OF HUMAN CREATIVITY. THE MUSEUM ACHIEVES THIS THROUGH BUILDING AND STEWARDING ITS RENOWNED PERMANENT COLLECTION, PRODUCING EDUCATIONAL PROGRAMMING AROUND THE COLLECTION, AND PRESENTING WORLD CLASS EXHIBITIONS HIGHLIGHTING BOTH ITS COLLECTION AND OBJECTS LOANED FROM OTHER INSTITUTIONS. IN FY24, FEATURED EXHIBITIONS INCLUDED "VAN GOGH AND THE AVANT GARDE: THE MODERN LANDSCAPE," "REMEDIOS VARO: SCIENCE FICTIONS," "CAMILLE CLAUDEL, "RADICAL CLAY: CONTEMPORARY WOMEN ARTISTS FROM JAPAN." 306542770 true true false true false false true false true true true false false true true true false true false true false true true true false false false true true true false false false false false false false false true false true true false false true true true false false false true 4172 0 true 3590 true true true false false false false true true false false false false false false X 61 60 true false false false false false false true true false false false true true true true true true true false CA AL IL KS KY AK MD MA MI MS NH NJ NY ND OK OR SC VA WI X X Alexandra Holt 3124994265 111 South Michigan Avenue Chicago IL 60603 Darrel Hackett Vice Chair 1.0 0.0 X X 0 0 0 David J Vitale Vice Chair 1.0 0.0 X X 0 0 0 Denise B Gardner Chair 1.0 0.0 X X 0 0 0 Eric P Lefkofsky Vice Chair 1.0 0.0 X X 0 0 0 Jay Frederick Krehbiel Treasurer 1.0 0.0 X X 0 0 0 Samuel M Mencoff Vice Chair 1.0 0.0 X X 0 0 0 Sylvia M Neil Vice Chair 1.0 0.0 X X 0 0 0 A Steven Crown Trustee 1.0 0.0 X 0 0 0 Adnaan Hamid Trustee 1.0 0.0 X 0 0 0 Alex Washington Trustee 1.0 0.0 X 0 0 0 Alexander Stuart Trustee - as of 6/11/24 1.0 0.0 X 0 0 0 Andrew M Rosenfield Trustee 1.0 0.0 X 0 0 0 Anita Blanchard Trustee 1.0 0.0 X 0 0 0 Anita Sinha Trustee 1.0 0.0 X 0 0 0 Anne Reyes Trustee 1.0 0.0 X 0 0 0 Anne Searle Bent Trustee 1.0 0.0 X 0 0 0 Arjun Aggarwal Trustee 1.0 0.0 X 0 0 0 Bob Rennie Trustee - ended 3/19/24 1.0 0.0 X 0 0 0 Carol Horvitz Trustee - as of 6/11/24 1.0 0.0 X 0 0 0 Cary D Mcmillan Trustee 1.0 0.0 X 0 0 0 Caryn Harris Trustee 1.0 0.0 X 0 0 0 Chris Keogh Trustee 1.0 0.0 X 0 0 0 E Scott Santi Trustee 1.0 0.0 X 0 0 0 Eric T McKissack Trustee 1.0 0.0 X 0 0 0 Frances Beatty Trustee 1.0 0.0 X 0 0 0 Fred Eychaner Trustee 1.0 0.0 X 0 0 0 Frederick Waddell Trustee 1.0 0.0 X 0 0 0 Harreld Kirkpatrick Trustee - as of 6/11/24 1.0 0.0 X 0 0 0 Heiji Choy Black Trustee 1.0 0.0 X 0 0 0 Honghong Chen Trustee 1.0 0.0 X 0 0 0 Howard M McCue III Trustee 1.0 0.0 X 0 0 0 Janet Duchossois Trustee 1.0 0.0 X 0 0 0 Jill Delaney Trustee 1.0 0.0 X 0 0 0 Joe Mansueto Trustee 1.0 0.0 X 0 0 0 John F Manley Trustee 1.0 0.0 X 0 0 0 John VanderLinden Trustee - as of 4/9/24 1.0 0.0 X 0 0 0 Josef Lakonishok Trustee 1.0 0.0 X 0 0 0 Joseph Gromacki Trustee 1.0 0.0 X 0 0 0 Karen Frank Trustee - ended 11/14/23 1.0 0.0 X 0 0 0 Karen Gray-Krehbiel Trustee 1.0 0.0 X 0 0 0 Kristin Rey Trustee 1.0 0.0 X 0 0 0 Lawrence F Levy Trustee 1.0 0.0 X 0 0 0 Leslie Buchbinder Trustee 1.0 0.0 X 0 0 0 Lester N Coney Trustee 1.0 0.0 X 0 0 0 Linda Johnson Rice Trustee 1.0 0.0 X 0 0 0 Linda Smith Buonanno Trustee 1.0 0.0 X 0 0 0 Lori Gray Faversham Trustee 1.0 0.0 X 0 0 0 Mamadou-Abou Sarr Trustee 1.0 0.0 X 0 0 0 Marilynn Thoma Trustee 1.0 0.0 X 0 0 0 Maurice Smith Trustee 1.0 0.0 X 0 0 0 Michael J Sacks Trustee 1.0 0.0 X 0 0 0 Michael Polsky Trustee 1.0 0.0 X 0 0 0 Pamela Joyner Trustee 1.0 0.0 X 0 0 0 Paul Carbone Trustee 1.0 0.0 X 0 0 0 Prabhakant Sinha Trustee - ended 4/1/24 1.0 0.0 X 0 0 0 Reeve B Waud Trustee 1.0 0.0 X 0 0 0 Rita Knox Trustee - ended 11/5/23 1.0 0.0 X 0 0 0 Rita Sola Cook Trustee 1.0 0.0 X 0 0 0 Robert Buford Trustee 1.0 0.0 X 0 0 0 Robert M Levy Trustee 1.0 0.0 X 0 0 0 Roger L Weston Trustee - ended 11/14/23 1.0 0.0 X 0 0 0 Sarah Nava Garvey Trustee 1.0 0.0 X 0 0 0 Scott Canel Trustee 1.0 0.0 X 0 0 0 Shawn M Donnelley Trustee 1.0 0.0 X 0 0 0 Sophia Shaw Trustee - ended 8/9/23 1.0 0.0 X 0 0 0 Stephanie Skestos Gabriele Trustee 1.0 0.0 X 0 0 0 Usha Mittal Trustee 1.0 0.0 X 0 0 0 Alexandra Holt EVP for Finance and Administration 40.0 0.0 X 492364 0 44603 Elissa Tenny President, School 40.0 0.0 X 738265 0 45680 James Rondeau President, Museum 40.0 0.0 X 1037561 0 103927 Leslie Darling EVP, General Counsel, & Secretary 40.0 0.0 X 401073 0 30506 Amy Allen VP, Engagement, Museum 40.0 0.0 X 341728 0 83089 Camille Martin-Thomsen Dean of Faculty and Vice President of Academic Affairs 40.0 0.0 X 279930 0 38403 Courtney Rowe Vice President for Advancement, SAIC 40.0 0.0 X 261760 0 32853 David Nacol Senior VP, Philanthropy 40.0 0.0 X 339414 0 50432 Denise Banks Chief Human Resources Officer 40.0 0.0 X 302086 0 32023 Emily Benedict Vice President, Campus Operations, Museum 40.0 0.0 X 229592 0 41983 Evelyn Jeffers COO, Museum - Ended 4/12/24 40.0 0.0 X 657639 0 46025 Martin Berger Provost & Sr VP Academic Affairs 40.0 0.0 X 360547 0 41985 Rose Milkowski VP for Enrollment Management 40.0 0.0 X 304362 0 28638 Sarah Guernsey Deputy Director and Senior VP, Curatorial Affairs 40.0 0.0 X 354276 0 84659 Thomas Buechele VP for Campus Operations, School 40.0 0.0 X 245365 0 99672 Ann Goldstein Deputy Director and Senior Curator at Large 40.0 0.0 X 291658 0 37891 Eugene Adams Chief Information Officer 40.0 0.0 X 250593 0 181681 Felice Dublon Vice President and Dean of Student Affairs 40.0 0.0 X 265622 0 32410 Kathryn Rahn Senior VP, Marketing and Communications 40.0 0.0 X 249718 0 44927 Norissa Bailey Senior VP for People and Culture 40.0 0.0 X 264698 0 40838 Lisa Wainwright Former Dean of Faculty/VP Acad Admin 0.0 0.0 X 221770 0 16715 7890021 0 1158940 188 true true false Allied Universal Security 161 Washington St 600 Conshohocken PA 19428 Security Services 7984761 The Stone Group 228 N Washtenaw Chicago IL 60612 Engineering Services 6024308 MA Mortenson Company 300 Park Boulevard Suite 100 Itasca IL 60143 Construction Services 5481106 Food For Thought Enterprises Inc 7001 RIDGEWAY AVE LINCOLNWOOD IL 60712 Catering 2410131 GDI Services Inc 4952 W 128th Place Alsip IL 60803 Cleaning Services 1853205 83 0 14076386 429819 0 6531770 85701388 7864380 106739363 Tuition and Fees 611600 190511985 190511985 Museum Admissions 900099 20314739 20314739 Other Restricted Prog Rev 900099 1221762 1221762 Museum Restaurant Commissions 722513 3353474 3353474 Exhibition Loan and Participant Fees 900099 735317 735317 39141202 39141202 0 0 255278479 18712117 10689976 8022141 151037 151037 1366966 1366966 0 1366966 44112 1322854 430392236 4139257 329522782 100869454 4139257 105008711 105008711 38332 429819 121500 -83168 -83168 10189110 4578191 5610919 4790764 820155 Other Revenue 900099 716569 15645 700924 Insurance Recovery 900099 300000 300000 0 0 0 0 1016569 493800993 260069243 11569888 115422499 54540691 54540691 222615 222615 6424297 4843035 1223491 357771 222943 222943 110522385 90876242 12700234 6945909 1176575 699673 338295 138607 25258356 19996597 3469766 1791993 7898419 6399936 991011 507472 3244063 3244063 339806 339806 3637 3637 811944 811944 2775142 2775142 18028481 16667668 556606 804207 2463849 2434455 20874 8520 8373926 7835477 319395 219054 5268564 3344203 1873557 50804 158740 158740 31511619 30782296 593936 135387 4075772 3856424 49146 170202 397753 230860 148712 18181 4607600 3856898 750702 22737404 22631515 105889 1717069 1717069 Accessions/Books 26880262 26880262 Other FF&E and related maintenance 3755797 3691887 17122 46788 Exhibition related 2609924 2609924 Other 788907 727725 43844 17338 1343843 1311998 18770 13075 348160383 306542770 29580361 12037252 50991655 52680354 38000756 57256596 5819189 7143878 0 0 0 0 751622 438585 2809730 2387015 3417005 3309890 801385693 447835865 360546216 353549828 790478297 936301337 591120642 619214959 0 42142679 38245015 1886077791 2070527457 35206095 40971060 14754042 13393382 36250000 35250000 0 0 114789007 105877319 58595307 49808719 259594451 245300480 X 641981369 703741338 984501971 1121485639 0 0 1626483340 1825226977 1886077791 2070527457 X 145640610 49146161 3956866 X false true X true true true X 88049953 56595397 61041179 46026049 101440641 353153219 5632801 5171094 5872773 5832321 5298722 27807711 0 0 0 0 0 0 93682754 61766491 66913952 51858370 106739363 380960930 75699962 305260968 13107417 7940344 9764342 12900264 9496032 53208399 0 0 0 0 0 0 1588430 365938 2006750 2175256 1039256 7175630 441344959 1118822595 0.6917 0.7484 X Schedule A, Part I, Line 2 Reason for Public Charity Status The Art Institute of Chicago is exempt under two categories listed in Part I, box 2 which describes a school, Section 170 (b) (1) (A) (ii) and box 7 which describes an organization that normally receives a substantial part of its support from a governmental unit or from the general public, Section 170 (b) (1) (A) (vi). The Art Institute of Chicago has selected box 2, because per instructions only one applicable box should be checked. Schedule A, Part II, Line 10 Other Income DESCRIPTION - GROSS RECEIPTS FROM FUNDRAISING AND GAMING ACTIVITIES, COLUMN A - 105690.0, COLUMN B - 0.0, COLUMN C - 95890.0, COLUMN D - 560546.0, COLUMN E - 38332.0, COLUMN F - 800458.0; DESCRIPTION - OTHER MISC. INCOME, COLUMN A - 1482740.0, COLUMN B - 365938.0, COLUMN C - 610801.0, COLUMN D - 700295.0, COLUMN E - 700924.0, COLUMN F - 3860698.0; DESCRIPTION - INSURANCE RECOVERY, COLUMN A - 0.0, COLUMN B - 0.0, COLUMN C - 1300059.0, COLUMN D - 914415.0, COLUMN E - 300000.0, COLUMN F - 2514474.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 0 false true 3637 3637 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY The amount in line 1i represents the Art Institute of Chicago's portion of funds utilized by Museums in the Park for lobbying activities ($3,515), Choose Chicago estimate allocated to lobbying activities ($34). ($38) allocated to OMBUDS Association and ($50) allocated to AICPA is a good-faith estimate of the lobbying fees associated with individual employee memberships in professional organizations and is not directly related to lobbying on behalf of The Art Institute of Chicago. Museums in the Park works with the Chicago Park District, Chicago Public Schools, the City of Chicago, the State of Illinois and other entities to build greater awareness of the intrinsic value of museums. LINE 1G IS CHECKED YES BECAUSE THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC) HAD CONTACT WITH VARIOUS LOCAL ELECTED OFFICIALS THROUGH LETTER WRITING INITIATIVES. THE PURPOSE OF THESE CONTACTS IS TO EDUCATE LOCAL ELECTED OFFICIALS ABOUT SAIC PROGRAMS AND INITIATIVES TAKING PLACE IN THEIR DISTRICTS AND TO ENCOURAGE SUPPORT FOR THE LOCAL ARTS COMMUNITY. THERE WERE NO COSTS ASSOCIATED WITH THESE CONTACTS IN FY24. X X X X true 1394110396 86611319 166528107 5569259 70516379 3158608 1568005576 1285082402 62584444 125386409 5257866 70719432 2965561 1394110396 1467278742 83767175 -182897412 4955769 75629320 2481014 1285082402 1140478439 63155109 326587212 4792826 55336674 2812518 1467278742 1127378971 50167005 37152584 4559023 66453218 3207880 1140478439 0.3946 0.3578 0.2476 false false 33322096 33322096 219213186 146557841 72655345 514560183 271402489 243157694 34290228 29875535 4414693 353549828 Hedge Funds 222132462 F Venture Capital /Private Equity 195317487 F Real Assets 96506976 F Private Credit 105258034 F 619214959 Pension Liability 4992148 Refundable Advances 1282335 Operating Lease Liability 43534236 49808719 X 548989863 49146161 161294 3956866 53264321 495725542 2775142 -4699691 -1924549 493800993 350246226 161294 4699691 4860985 345385241 2775142 0 2775142 348160383 Schedule D, Part III, Line 1a Collections of art - financial statement footnote From the Institute's audited financial statements: "The value of the art objects in the permanent collection, and the holdings of the libraries, are excluded from the statements of financial position. Additions to the permanent collection are made either by gifts, bequests, or through purchases using Institute acquisition funds. Institute acquisition funds may be classified as with donor restrictions, in which either (i) the principal balance is to be held in perpetuity and only the income earned on principal balances may be used for acquisitions, or (ii) both the principal and earned income may be used for acquisitions; or without donor restrictions, representing funds designated by the Board to be used for acquisitions. The withdrawal of works of art from the collection of the Institute is performed in accordance with a formal policy initially adopted in 1975 and last revised in fiscal year 2023. The objects are generally offered for sale at a public auction and the proceeds from such dispositions are classified as with donor restrictions. Proceeds from the sale of collection items are used to purchase or commission works of art for the permanent collection or for the direct care of objects within its permanent collection. Direct care of the collection means investing in objects in the Museum's permanent collection by enhancing their life, usefulness, or quality, thereby ensuring they will continue to benefit the public. Direct care includes, but is not limited to, maintenance and protection, conservation, and management of the collection. All works of art and certain library collections are held for public exhibition, education, or research; they are protected, kept unencumbered, cared for, and preserved, and are subject to strict organizational policies governing their use. The value of the Institute's permanent collection is not subject to reasonable estimation. Therefore, it is not included in the statements of financial position." Schedule D, Part III, Line 4 Collections of art - description of collections The Institute's permanent collection consists of art objects as well as the holdings of the libraries. All works of art and certain library collections are held for public exhibition, education, or research in furtherance of the Institute's exempt purpose. Schedule D, Part V, Line 4 Intended uses of endowment funds The Institute establishes endowment funds for the purpose of investing assets in a manner that preserves the real value of the endowment principal and provides spendable funds that can be used to fulfill the purposes for which the endowments were established. The Institute's Executive Committee of the Board of Trustees determines the method to be used to appropriate endowment funds for expenditure. The Institute's spendable endowment payout formula is a controlled growth distribution formula. Depending upon market conditions and the needs and available resources of the Institute, appropriations for expenditure from individual endowments may be temporarily suspended to facilitate preservation of the endowment or in excess of the spending policy as deemed prudent by the Executive Committee. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote From the Institute's audited financial statements: "The Institute is a not-for-profit corporation exempt from federal income tax under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3); the Institute is similarly exempt from state income taxes. Despite the general exemption from income taxation, the Institute is subject to federal and state income tax at corporate rates on its unrelated business income. The Financial Accounting Standards Board ("FASB") guidance requires tax effects from uncertain tax positions to be recognized only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. Management has determined there are no material uncertain positions that require recognition in the financial statements. No provision was necessary for the Institute for unrelated business income taxes as the organization has a net operating loss carryforward to cover any current year tax liability." The financial statements did not report uncertain tax positions. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS - 3956866 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements COST OF GOODS SOLD - -4578191 SPECIAL EVENT EXPENSE - -121500 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 COST OF GOODS SOLD - 4578191 SPECIAL EVENT EXPENSE - 121500 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY The nondiscriminatory policy is publicized in a variety of materials, including the student bulletin, the general registration information issued each semester, initial marketing materials, the student handbook, and on a publicly accessible internet page (Link: https://www.saic.edu/about/mission-and-governance/non-discrimination-statement/#saic). Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT The Institute receives federal financial aid funding from the Department of Education. Central America and the Caribbean 0 0 Program Services Recruiting 418 East Asia and the Pacific 0 6 Program Services Conferences, Lectures, and Other Educational 17958 East Asia and the Pacific 0 47 Program Services Exhibitions 94856 East Asia and the Pacific 0 0 Program Services Member Travel 13483 East Asia and the Pacific 0 1 Program Services Recruiting 85428 East Asia and the Pacific 0 0 Program Services Research 6810 Europe (Including Iceland and Greenland) 0 3 Program Services Conferences, Lectures, and Other Educational 250569 Europe (Including Iceland and Greenland) 0 136 Program Services Exhibitions 860743 Europe (Including Iceland and Greenland) 0 0 Program Services Marketing/ Public Relations 461566 Europe (Including Iceland and Greenland) 0 0 Program Services Member Travel 63746 Europe (Including Iceland and Greenland) 0 0 Program Services Recruiting 42631 Europe (Including Iceland and Greenland) 0 3 Program Services Research 194974 Europe (Including Iceland and Greenland) 0 0 Program Services Study Trips 41501 Middle East and North Africa 0 0 Program Services Conferences, Lectures, and Other Educational 6802 Middle East and North Africa 0 25 Program Services Exhibitions 17226 Middle East and North Africa 0 0 Program Services Recruiting 9511 Middle East and North Africa 0 0 Program Services Research 1643 North America (Canada & Mexico only) 0 0 Program Services Conferences, Lectures, and Other Educational 15918 North America (Canada & Mexico only) 0 31 Program Services Exhibitions 81691 North America (Canada & Mexico only) 0 0 Program Services Marketing/ Public Relations 342 North America (Canada & Mexico only) 0 0 Program Services Study Trips 542 North America (Canada & Mexico only) 0 0 Program Services Recruiting 20228 North America (Canada & Mexico only) 0 0 Program Services Research 6134 South America 0 0 Program Services Conferences, Lectures, and Other Educational 5311 South America 0 22 Program Services Exhibitions 26916 South America 0 0 Program Services Marketing Public Relations 1210 South America 0 1 Program Services Recruiting 8225 South America 0 0 Program Services Research 391 South Asia 0 6 Program Services Exhibitions 10971 South Asia 0 0 Program Services Marketing/ Public Relations 253 South Asia 5 Program Services RECRUITING 37376 Russia and Neighboring States 0 1 Program Services Exhibitions 650 Sub-Saharan Africa 0 0 Program Services Conferences, Lectures, and Other Educational 3548 Sub-Saharan Africa 0 7 Program Services Exhibitions 6883 Sub-Saharan Africa 0 0 Program Services Research 3086 Central America and the Caribbean 0 0 Investments 220858880 North America (Canada & Mexico only) 0 0 Investments 10176156 0 221 0 73 0 294 2168222 231266354 233434576 Student scholarships and grants Sub-Saharan Africa 1 21457 CREDIT TO STUDENT ACCOUNT OR WIRE Student scholarships and grants Central America and the Caribbean 1 8400 CREDIT TO STUDENT ACCOUNT OR WIRE Student scholarships and grants Europe (Including Iceland and Greenland) 14 181758 CREDIT TO STUDENT ACCOUNT OR WIRE Student scholarships and grants East Asia and the Pacific 5 11000 CREDIT TO STUDENT ACCOUNT OR WIRE true false true true true true Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; MIDDLE EAST AND NORTH AFRICA-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; RUSSIA AND NEIGHBORING STATES-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual; SUB-SAHARAN AFRICA-Accrual Schedule F, Part III Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN -Accrual EAST ASIA AND THE PACIFIC -Accrual EUROPE (INCLUDING ICELAND AND GREENLAND) -Accrual SUB-SAHARAN AFRICA -Accrual X X X X X X X true Lukens Company 2800 Shirlington Rd 9TH Floor Arlington VA 22206 Direct Mail false 1056110 811944 244166 1056110 811944 244166 CA CO CT FL GA AL HI IL KS KY ME AK MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA AR WV WI Women's Board Luncheon 468151 429819 38332 62679 58821 0 0 468151 429819 38332 62679 58821 121500 -83168 Schedule G, Part I, Line 2b PAYMENT OF FEES OR PAYMENT OF EXPENSES AIC PAYS FUNDRAISING CONSULTANT FEES AT A STATED RATE PER CONTRACT AND COSTS SUCH AS POSTAGE AND PRINTING. PROFESSIONAL SERVICES FEES WERE $120,322, DIGITAL SUPPORT FEES WERE $110,244 AND POSTAGE AND PRINTING COSTS WERE $581,378. true Faculty Enrichment Grants 41 148200 N/A N/A Student Scholarships and Stipends 3989 54392491 N/A N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. Scholarships and stipends are available to undergraduate students and graduate students through the admissions process. Once awarded, depending on the type of aid, payment is credited to either the student account or directly to the student. All payments are monitored and approved by the Financial Services department before payment is applied or paid to the student. All students receiving scholarships and stipends have been selected on a non-discriminatory basis. Faculty enrichment grant opportunities are available to full-time and part-time faculty teaching in a degree program. Selections are based on the merit of the proposal and reviewed by members of a selection committee. Payment are monitored by the Dean's office and all payments are approved by the Vice Provost and School Finance department before payment is made. X X X X true true X X X X false true false false false false false false true true James Rondeau President, Museum 864001 0 0 0 173560 0 94000 0 9927 0 1141488 0 0 0 Elissa Tenny President, School 627144 0 0 0 111121 0 29700 0 15980 0 783945 0 0 0 Alexandra Holt EVP for Finance and Administration 453784 0 0 0 38580 0 28449 0 16154 0 536967 0 0 0 Leslie Darling EVP, General Counsel, & Secretary 381278 0 0 0 19795 0 29700 0 806 0 431579 0 0 0 Lisa Wainwright Former Dean of Faculty/VP Acad Admin 220450 0 0 0 1320 0 0 0 16715 0 238485 0 0 0 Evelyn Jeffers COO, Museum - Ended 4/12/24 603389 0 0 0 54250 0 29700 0 16325 0 703664 0 0 0 Sarah Guernsey Deputy Director and Senior VP, Curatorial Affairs 332548 0 0 0 21728 0 64000 0 20659 0 438935 0 0 0 Amy Allen VP, Engagement, Museum 308433 0 0 0 33295 0 74000 0 9089 0 424817 0 0 0 Martin Berger Provost & Sr VP Academic Affairs 332923 0 0 0 27624 0 28449 0 13536 0 402532 0 0 0 David Nacol Senior VP, Philanthropy 339053 0 0 0 361 0 29700 0 20732 0 389846 0 0 0 Thomas Buechele VP for Campus Operations, School 244304 0 0 0 1061 0 78000 0 21672 0 345037 0 0 0 Denise Banks Chief Human Resources Officer 300784 0 0 0 1302 0 22725 0 9298 0 334109 0 0 0 Rose Milkowski VP for Enrollment Management 303058 0 0 0 1304 0 27402 0 1236 0 333000 0 0 0 Camille Martin-Thomsen Dean of Faculty and Vice President of Academic Affairs 279930 0 0 0 0 0 21559 0 16844 0 318333 0 0 0 Courtney Rowe Vice President for Advancement, SAIC 238697 0 0 0 23063 0 23845 0 9008 0 294613 0 0 0 Emily Benedict Vice President, Campus Operations, Museum 228832 0 0 0 760 0 21452 0 20531 0 271575 0 0 0 Eugene Adams Chief Information Officer 224352 0 0 0 26241 0 160000 0 21681 0 432274 0 0 0 Ann Goldstein Deputy Director and Senior Curator at Large 288792 0 0 0 2866 0 22077 0 15814 0 329549 0 0 0 Norissa Bailey Senior VP for People and Culture 263860 0 0 0 838 0 22950 0 17888 0 305536 0 0 0 Felice Dublon Vice President and Dean of Student Affairs 240785 0 0 0 24837 0 16641 0 15769 0 298032 0 0 0 Kathryn Rahn Senior VP, Marketing and Communications 248556 0 0 0 1162 0 23255 0 21672 0 294645 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel First class travel is allowed under limited circumstances as set forth in the travel policy. Schedule J, Part I, Line 1a Travel for companions THE PRESIDENT OF THE SCHOOL RECEIVED SPOUSAL TRAVEL IN CALENDAR YEAR 2023 WHICH WAS TREATED AS TAXABLE COMPENSATION. Schedule J, Part I, Line 1a Housing allowance or residence for personal use The President of the School is paid a housing allowance of $4,000 per month which is treated as taxable compensation. Schedule J, Part I, Line 1a Health or social club dues or initiation fees Athletic, social, or other club fees incurred by the President of the School and the President of the Museum are reimbursed to the extent they are used for business purposes. In addition, the employment contract for the President of the School allows for reimbursement for up to $5,000 annually for fees and membership dues for athletic, social, or other clubs used for personal, non-business purposes. The annual amounts reimbursed are reported as taxable compensation. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan As noted in the audited financial statements, a supplemental non qualified retirement plan exists for the benefit of a select group of management or highly compensated employees whose benefits under other Institute qualified retirement plans are limited by the IRS. Employees are eligible if their compensation for a plan year is in excess of the IRS limits under Code Section 401(a)(17), if they received a benefit accrual or employer contribution under other Institute qualified plans, and if they have not voluntarily terminated employment prior to the first business day following the plan year. Benefits are calculated based on the excess of benefits that would be provided under Institute qualified plans if IRS compensation limits did not exist. The following individuals received payments under the supplemental retirement plan: James Rondeau amount paid in calendar year 2023 of $149,128 Elissa Tenny amount paid in calendar year 2023 of $28,950 Leslie Darling amount paid in calendar year 2023 of $3,716 Alexandra Holt amount paid in calendar year 2023 of $13,860 Evelyn Jeffers amount paid in calendar year 2023 of $27,154 Ann Goldstein amount paid in calendar year 2023 of $705 Sarah Guernsey amount paid in calendar year 2023 of $19,033 Martin Berger amount paid in calendar year 2023 of $3,600 Amy Allen amount paid in calendar year 2023 $10,007 Schedule J, Part I, Line 8 Payments on contract that is subject to the initial contract exception The President of the Museum and the Provost were paid their salaries under contracts that were subject to the initial contract exception. A Illinois Finance Authority 861091967 45204EHD3 2016-08-25 42808133 Advance refund Series 2009A Bonds issued 3/26/2009. false false false A 42808133 4760 42803373 2009 true false true true A false false false false 0.0 0.0 0.0 false false true A false false false true false false false false true A true Schedule K, Part IV, Line 2c COLUMN A Issuer name: Illinois Finance Authority The calculation for computing no rebate due was performed on 04/17/2024 Peter Haratonik Family Member of Elissa Tenny, Current Officer 17919 Employee Compensation false Silvia Beltrametti Family Member of Jay Frederick Krehbiel, Current Trustee 18424 Employee Compensation false Henning Martin-Thomsen Family Member of Camille Martin-Thomsen, Current Key Employee 27300 Employee Compensation false X 998 0 Other - SEE PART II X 3738 Market value X 1615 Market value X 86 7852575 Market value X Departmental Supplies 5 6452 Market value 45 false true false Schedule M, Part I, Line 1 Method of determining noncash contribution amounts THE INSTITUTE DOES NOT CAPITALIZE ITS COLLECTION ITEMS NOR REPORT CONTRIBUTIONS OF COLLECTION ITEMS AS REVENUE AS ALLOWED UNDER FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION 958-360-25 (ASC 958-360-25). Schedule M, Part I Explanations of reporting method for number of contributions Books and publications - Number of contributions Securities - Publicly traded - Number of contributions received Other - Departmental Supplies - Number of items contributed Art - Works of art - Number of items contributed Form 990, Part III, Line 1 Organization Mission The purposes for which The Art Institute of Chicago is formed are: To found, build, maintain and operate museums, schools, and libraries of art and theaters; to provide support facilities in connection therewith; to conduct appropriate activities conducive to the artistic development of the region; and to conduct and participate in activities of national and international significance; To form, conserve, research, publish, and exhibit a permanent collection of objects of art of all kinds, to present temporary exhibitions including loaned objects of art of all kinds, and to cultivate and extend the arts by appropriate means; To establish and conduct comprehensive programs of education, including preparation of visual artists, teachers of art, and designers; to provide education services in written, spoken and media formats; To provide lectures, instruction and entertainment, including dramatic, film and musical performances of all kinds, which complement and further the general purposes of the Institute; To receive in trust property of all kinds and to exercise all necessary powers as trustee for such trust estates whose objects are related to the furtherance of the general purposes of the Institute or for the establishment or maintenance of works of art. Form 990, Part VI, Line 1a Delegate broad authority to a committee As provided in the By-Laws, during the intervals between the meetings of the Board of Trustees, the Executive Committee shall possess and may exercise, in all cases in which special directions have not been given by the Board, all the powers of the Board of Trustees in the management and direction of the Art Institute, and in respect to all other business and affairs of the Art Institute, in such manner as shall be for its best interest, except the filling of any vacancy on the Board of Trustees, the amendment of the bylaws or the articles of incorporation, and all other powers and authorities, the exercise of which by the Executive Committee is prohibited by law. The Executive Committee shall consist only of Trustees. Its members shall be the Chairman of the Board of Trustees, the Chairmen of those Standing Committees with responsibilities for both the Museum and the School, the Vice Chairmen of the Board of Trustees, and the Chairman of the Board of Governors of the School. If any of such individuals is not a Trustee, he or she may be invited to attend Executive Committee meetings from time to time to provide a report for his or her committee. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Jay Frederick Krehbiel and David Vitale - Business relationship, Anita Sinha and Prabhakant Sinha - Family relationship, Jay Frederick Krehbiel and Samuel Mencoff - Business relationship, Jay Frederick Krehbiel and Frederick Waddell - Business relationship, Anita Sinha and Prabhakant Sinha - Business relationship, A. Steven Crowne and Janet Duchossois - Business relationship, Anita Blanchard and Harreld Kirkpatrick - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body The 990 is prepared internally by the Institute's Accounting Office and reviewed by the EVP for Finance and Administration and an independent professional accounting firm. The Institute's management confers with legal and bond counsel as needed to complete the tax filing. A full version of the Form 990 is presented to and reviewed by the Institute's Audit and Risk Committee for comment, with the single exception that the Schedule B, Schedule of Contributors, is redacted to omit the names and addresses of the individual contributors to preserve donor anonymity. An unmodified version of the complete 990 is reviewed by the Audit and Risk Committee Chair. Any questions or concerns identified by the Audit and Risk Committee are addressed and all appropriate changes are incorporated into the Form 990. After all input has been addressed, the final public disclosure version of the 990 is distributed to all voting members of the Institute's board of Trustees prior to filing with the IRS. After the final version of the Form 990 has been distributed and time for comments has expired, management and staff file the final Form 990 as required. Form 990, Part VI, Line 12c Conflict of interest policy Under the Institute's Conflict of Interest Policy, all members of the Board of Trustees, Board of Governors, and Standing and Advisory Committees, and all officers and assistant officers of the Institute (collectively known as "Related Parties") must act in the best interests of the Institute, without regard to their business, family, or personal activities and concerns. If a Related Party believes he or she has an actual or potential financial conflict of interest, the Related Party shall immediately disclose such conflict to the Chairman of the Board and to the Institute's General Counsel. The Related Party may not vote on, approve, or recommend any action or matter in which he or she has an actual or potential conflict of interest. When such matters are considered, the Related Party shall not be counted for purposes of determining whether there is a quorum. Financial interest or other activities that would constitute a conflict of interest if undertaken by a Related Party also constitute a conflict of interest if undertaken by an immediate family member of the Related Party and must be disclosed by the Related Party. The policy is distributed annually to all Related Parties. All voting Trustees, members of the Board of Governors, members of standing committees, Officers, and Vice Presidents are required to attest annually to their familiarity with the policy and to provide any information the Institute deems relevant concerning any possible conflicts of interest. The annual conflict of interest replies are logged and monitored by the Institute's General Counsel's office. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Institute's Executive Committee, composed entirely of independent Trustees, approves compensation for the President and Director of the Museum and the President of the School. The Institute's Compensation and Benefits Committee, also composed entirely of independent Trustees, approves compensation for other employed officers and for certain key employees. The two committees use the following process in considering compensation. The Institute's outside compensation expert prepares a written compensation analysis report for each person whose compensation is to be presented to either the Executive Committee or the Compensation and Benefits Committee. That report includes information such as a valuation of the proposed total remuneration, comparison data on total remuneration provided by similar institutions for similar services, an analysis of how the proposed remuneration compares to competitive practice, and conclusions on the competitive reasonableness of the proposed compensation. The report is provided to the relevant Committee in advance of the meeting. The Committee may also receive other written materials relevant to compensation, such as performance evaluations. At the meeting, the compensation expert and/or the Institute's Chief Human Resources Officer reviews the compensation analysis report with the Committee. The Committee also receives input from officers and Trustees on the performance of the persons being reviewed. Committee deliberations and the decisions on compensation are documented in contemporaneous meeting minutes. In the case of the President and the Director of the Museum, the President of the School, the Provost, and the Dean of Faculty of the School, the decisions may be reflected in employment contracts as well. This process is undertaken annually. Form 990, Part VI, Line 15b Process to establish compensation of other employees In addition to the process described for Line 15A, for key employees whose compensation is not reviewed and approved by the Compensation and Benefits Committee, their compensation is generally based on current independent salary surveys that are compiled by and maintained by the Institute's Human Resources Department and is decided by the employee's supervisor based on factors such as experience and performance. Form 990, Part VI, Line 19 Required documents available to the public The Institute's governing documents are available to the public via written request to the Institute and in addition, in part through applicable governmental agencies. The Institute's financial statements are available to the public via the Institute's own website, via the Illinois Attorney General's website and upon written request. The conflict of interest policy is available to the public upon written request to the Institute. Form 990, Part VII, Section A, Line 1a, Column (B) Hours Per Week The amount of hours per week devoted to position has been noted as 1 hour for all Trustees. The amount of actual hours per week devoted by each Trustee varies depending on the position held and the committees the Trustee devotes time to. Form 990, Part VIII, Line 2f Other Program Service Revenue Cafeteria Rental Commissions - Total Revenue: 145972, Related or Exempt Function Revenue: 145972, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Film Center Admissions - Total Revenue: 574813, Related or Exempt Function Revenue: 574813, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Lecture Income - Total Revenue: 2576, Related or Exempt Function Revenue: 2576, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Member Program Revenues - Total Revenue: 1600, Related or Exempt Function Revenue: 1600, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Miscellaneous Other, Net - Total Revenue: 135193, Related or Exempt Function Revenue: 135193, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Proceeds from Sale of Art - Total Revenue: 37909333, Related or Exempt Function Revenue: 37909333, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Slide Production - Total Revenue: 9670, Related or Exempt Function Revenue: 9670, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Student Newspaper - Total Revenue: 21856, Related or Exempt Function Revenue: 21856, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Video Data Bank Rentals - Total Revenue: 222104, Related or Exempt Function Revenue: 222104, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Membership Dues and Assessments - Total Revenue: 118085, Related or Exempt Function Revenue: 118085, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST - 3956866; AICCB LLC 111 South Michigan Avenue Chicago IL 60603 205052348 Investments DE 36804 16500 The Art Institute of Chicago AICGS LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 39101 126591 The Art Institute of Chicago AICHP LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 0 0 The Art Institute of Chicago AIC AA LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 0 310735 The Art Institute of Chicago AIC AX LLC 111 South Michigan Aveue Chicago IL 60603 362167725 Investments DE 0 35820 The Art Institute of Chicago AIC BLK LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 115773 7219 The Art Institute of Chicago AIC MS SS LLC 111 South Michigan Aveune Chicago IL 60603 362167725 Investments DE 0 37100 The Art Institute of Chicago AIC GS MEZZ LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 0 0 The Art Institute of Chicago AIC Ventures LLC 111 South Michigan Avenue Chicago IL 60603 900708171 Consulting IL 0 0 The Art Institute of Chicago AIC - PP INC 190 Elgin Avenue George Town Grand Cayman CJ KY19005 980574645 Investments CJ The Art Institute of Chicago C Corporation 0 1 1 true Perpetual Trusts Held by Third Parties (6) Fundraising IL The Art Institute of Chicago Trust true Charitable Remainder Trust (1) Fundraising IL The Art Institute of Chicago Trust true false false false false false false false false false false false false false false false true false false false