2025-07-15T12:30:27-05:00 2024-08-31 331498605 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2023-09-01 362374224 MUSIC INSTITUTE OF CHICAGO MUSI 8479051500 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 SHALISA KLINE UGAZ PRESIDENT AND CEO 8479051500 2025-07-10 1 1 LU ANN TRAPP P01506476 3122071040 2025-07-09 2023 2025-03-06 01:10:19Z SHALISA KLINE UGAZ 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 10237227 0 X WWW.MUSICINST.ORG X 1939 IL PROVIDE THE HIGHEST QUALITY MUSIC EDUCATION. REACH INDIVIDUALS WHERE OPPORTUNITIES ARE LIMITED. 18 18 209 50 0 0 1509288 2191690 5046863 4795309 149599 25417 -23914 43523 6681836 7055939 551761 499026 0 0 5249881 5050548 60150 0 443119 2196914 2057372 8058706 7606946 -1376870 -551007 10500371 10817414 1988413 2450687 8511958 8366727 THE MUSIC INSTITUTE OF CHICAGO ("MUSIC INSTITUTE") LEADS PEOPLE TOWARD A LIFELONG ENGAGEMENT WITH MUSIC, BY PROVIDING WIDELY ACCESSIBLE RESOURCES FOR HIGH QUALITY MUSIC TEACHING, PERFORMING, AND SERVICE ACTIVITIES. 0 0 5478534 499026 4795309 THE MUSIC INSTITUTE OFFERS QUALITY MUSIC INSTRUCTION FOR NEARLY 2,000 STUDENTS OF ALL AGES, INSTRUMENTS, AND LEVELS OF EXPERIENCE, THROUGH PRIVATE INSTRUCTION -- TRADITIONAL AND SUZUKI METHOD -- GROUP CLASSES, AND ENSEMBLES, UTILIZING CLASSICAL, JAZZ, AND AMERICAN ROOTS MUSIC GENRES, INCLUDING THE ACADEMY PROGRAM, AN ELITE TRAINING CENTER FOR PRE-COLLEGE MUSICIANS WHO HAVE PROFESSIONAL ASPIRATIONS. NICHOLS CONCERT HALL IS A PREMIER PERFORMANCE VENUE WHICH PRESENTS A PROFESSIONAL CONCERT SERIES AND OFFERS AMPLE RECITAL OPPORTUNITIES FOR MUSIC INSTITUTE STUDENTS. THE MUSIC INSTITUTE ALSO OFFERS NUMEROUS SERVICE ACTIVITIES FOR FACULTY AND STUDENTS, BRINGING MUSIC AND MUSIC EDUCATION TO COMMUNITIES WHO OTHERWISE MIGHT NOT HAVE ACCESS. 5478534 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 78 0 1 209 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 IL X MARCIA RUBIN 8479051500 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 SCOTT VERSCHOOR CHAIR 1.00 0.00 X X 0 0 0 LEE ANNE STODDART VICE CHAIR 1.00 0.00 X X 0 0 0 ALEXANDRA C NICHOLS CHAIR EMERITA 1.00 0.00 X X 0 0 0 BARBARA SEREDA SECRETARY 1.00 0.00 X X 0 0 0 TIM PATENODE TREASURER 1.00 0.00 X X 0 0 0 MR PAUL BROURMAN DIRECTOR 1.00 0.00 X 0 0 0 CARLOS CARDENAS DIRECTOR 1.00 0.00 X 0 0 0 HANS J GERMANN DIRECTOR 1.00 0.00 X 0 0 0 DANIEL HAHN DIRECTOR 1.00 0.00 X 0 0 0 COURTNEY HOLOHAN DIRECTOR 1.00 0.00 X 0 0 0 KAY MABIE DIRECTOR 1.00 0.00 X 0 0 0 DR YANA NEDVETSKY DIRECTOR 1.00 0.00 X 0 0 0 RENEE PARQUETTE DIRECTOR 1.00 0.00 X 0 0 0 JAMES STONE DIRECTOR 1.00 0.00 X 0 0 0 ROSS UPDEGRAFF DIRECTOR 1.00 0.00 X 0 0 0 ZALMAN USISKIN DIRECTOR 1.00 0.00 X 0 0 0 AUDRA WILSON DIRECTOR 1.00 0.00 X 0 0 0 DAVID ZAMPA DIRECTOR 1.00 0.00 X 0 0 0 FLORIAN ZETTELMEYER DIRECTOR 1.00 0.00 X 0 0 0 MR TAO ZHU DIRECTOR 1.00 0.00 X 0 0 0 DR MARK GEORGE PRESIDENT & CEO 40.00 0.00 X 193530 0 24238 MARCIA RUBIN VP & CFO 40.00 0.00 X 135465 0 2309 SUE POLUTNIK VP & COO 40.00 0.00 X 115857 0 10836 EMILY ABRAHAM VP ACADEMIC AFFAIRS 40.00 0.00 X 96958 0 18073 JENNIFER HANSON VP & CMO 40.00 0.00 X 107576 0 15007 JENNIFER BIENEMANN VP & CDO 40.00 0.00 X 168000 0 300 817386 0 70763 5 0 1 0 NTIVA 801 OAK CREEK DRIVE LOMBARD IL 60148 IT SUPPORT SERVICES 115409 WJ CONSTRUCTION 122 S GREENWOOD PARK RIDGE IL 60068 CONSTRUCTION SERVICES 104755 2 941314 1250376 153026 2191690 TUITION 611600 4746449 4746449 TICKET SALES 611600 48860 48860 4795309 119420 119420 128371 0 128371 128371 128371 2926638 2700 3023341 0 -96703 2700 -94003 -94003 61605 941314 157947 -96342 -96342 MISCELLANEOUS INCOME 900099 11494 11494 11494 7055939 4795309 0 68940 499026 499026 888150 232820 389034 266296 3541112 3207226 228179 105707 29339 19318 10021 276881 175276 99641 1964 315066 244622 43890 26554 67851 67851 45168 45168 29582 29582 133197 100084 18684 14429 155682 83633 70683 1366 217043 64407 151796 840 373550 272678 100872 34118 21214 12904 190023 505 189518 270058 197222 72836 64602 395 64207 OTHER ACADEMIC PROGRAMS 302676 298589 6582 -2495 DUES & SUBSCRIPTIONS 70666 22708 46352 1606 REPAIRS & MAINTENANCE 40348 38811 1537 OTHER FUNDRAISING 35303 8451 26852 27505 27505 7606946 5478534 1685293 443119 94273 65960 197832 112500 39131 41378 155253 153456 10933955 5825916 5075929 5108039 3565728 4078531 1372225 1257550 10500371 10817414 236499 253162 1004106 1052698 0 350158 747808 794669 1988413 2450687 X 5250604 4664208 3261354 3702519 8511958 8366727 10500371 10817414 -551007 405776 0 X X 0 1 X 1 0 X 3175392 2252279 3362160 1529888 2191690 12511409 3175392 2252279 3362160 1529888 2191690 12511409 2937220 9574189 166619 106912 253553 192722 247791 967597 5086 19492 28859 22002 11494 86933 13565939 24393186 0.70580 0.71290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2882691 233363 322498 3438552 2632680 200000 50011 2882691 2645018 230000 -242338 2632680 2189289 219902 235827 2645018 1873265 215000 101024 2189289 0.00000 0.85585 0.14415 0 0 1580000 1580000 4925706 2551749 2373957 1557131 958829 598302 2871118 2315338 555780 5108039 MERRILL LYNCH INVESTMENTS 4078531 F 4078531 EMPLOYEE RETENTION CREDIT RECEIVABLE 650252 RIGHT-OF-USE OPERATING LEASE ASSETS 583648 FINANCE LEASE ASSETS 23650 1257550 LEASE LIABILITIES - OPERATING 770291 LEASE LIABILITIES - FINANCE 24378 794669 7091054 405776 157947 563723 6527331 29582 499026 528608 7055939 7236285 157947 157947 7078338 29582 499026 528608 7606946 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF 15 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT CONSISTS ENTIRELY OF DONOR-RESTRICTED ENDOWMENT FUNDS. PART XI, LINE 2D - OTHER ADJUSTMENTS: EVENT EXPENSES 157,947. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE ON AUDIT 499,026. PART XII, LINE 2D - OTHER ADJUSTMENTS: EVENT EXPENSES 157,947. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE ON AUDIT 499,026. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 STUDENT SOLICITATION OCCURS MAINLY THROUGH THE WEBSITE WHERE THE POLICY IS CLEARLY DISCLOSED. X X X X X X X 1 PATRICIA J HURLEY & ASSOCIATES INC 205 W WACKER DRIVE 1400 CHICAGO IL 60606 EVENT PLANNING CONSULTANT 0 922595 60000 862595 922595 60000 862595 IL GALA 922595 860990 61605 56062 98958 FALL FUNDRIASER 80324 80324 2927 1002919 941314 61605 56062 101885 157947 -96342 1 SCHOLARSHIPS 696 499026 FAIR MARKET VALUE REDUCTION OF TUITION FEES PART I, LINE 2: SCHOLARSHIPS ARE AWARDED BASED ON FAMILY FINANCIAL NEED OR STUDENT MERIT. THESE AWARDS ARE REVIEWED EVERY SEMESTER. X X 0 0 0 0 0 0 0 0 0 DR MARK GEORGE PRESIDENT & CEO 193530 0 0 0 0 0 3170 0 21068 0 217768 0 0 0 JENNIFER BIENEMANN VP & CDO 168000 0 0 0 0 0 0 0 300 0 168300 0 0 0 X INSTRUMENTS 5 153026 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS COLUMN REPRESENTS THE NUMBER OF SEPARATE CONTRIBUTIONS RECIEVED DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION FOR FORM 990 IS PREPARED BY THE CFO BEFORE SUBMISSION TO THE INDEPENDENT TAX PREPARER. WHEN A DRAFT OF THE TAX RETURN IS SENT BACK TO THE ORGANIZATION BY THE TAX PREPARER, IT IS REVIEWED BY THE CEO, CFO, AND THE CHAIRPERSON OF THE INTERNAL AFFAIRS COMMITTEE. A COPY OF THE RETURN IS GIVEN TO EACH VOTING MEMBER OF THE BOARD OF DIRECTORS BEFORE THE RETURN IS FINALIZED WITH THE INTERNAL REVENUE SERVICE (IRS). IT IS REPORTED IN THE MINUTES OF A BOARD MEETING THAT THE FORM 990 HAS BEEN REVIEWED. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED AND ENFORCED REGULARLY AND CONSISTENTLY. THE POLICY IS BASED UPON FULL DISCLOSURE AND WHEN NECESSARY, A MANAGEMENT PLAN IS DEVELOPED TO ADDRESS ANY POSSIBLE CONFLICT OF INTEREST. IF ANY ARRANGEMENTS SHOULD ARISE SUBSEQUENT TO FILING, ALL ARE REQUIRED TO UPDATE THE DISCLOSURES. ALL DISCLOSURES WITH THE POTENTIAL FOR CONFLICT ARE REVIEWED BY APPROPRIATE COMMITTEE WHERE THEY ARE CAREFULLY EVALUATED AND IF NECESSARY, A PLAN IS DEVELOPED TO MANAGE THE POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A A COMMITTEE COMPRISED OF INDEPENDENT MEMBERS OF THE MIC'S BOARD OF TRUSTEES IS RESPONSIBLE FOR HIRING THE CHIEF EXECUTIVE OFFICER AND FOR ANNUALLY REVIEWING AND APPROVING HIS/HER PERFORMANCE AND COMPENSATION. DATA FROM OTHER SIMILAR ORGANIZATIONS ACROSS THE COUNTRY ALONG WITH AVAILABLE INFORMATION ABOUT COMPARABLE POSITIONS IN THE CHICAGO AREA, COSTS OF LIVING, ETC. ARE USED WHEN CONSIDERING SIGNIFICANT CHANGES IN COMPENSATION DETERMINATIONS. THIS WAS LAST UTILIZED DURING THE 2023 FISCAL YEAR END. CONTEMPORANEOUS MINUTES OF THE MEETINGS OF THE COMMITTEE ARE MAINTAINED. FORM 990, PART VI, SECTION C, LINE 18 A COPY OF THE ORGANIZATION'S FORM 990 IS MAINTAINED AT ITS PRINCIPAL OFFICE AND IS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FINANCIAL INFORMATION IS DISCLOSED IN THE ORGANIZATION'S ANNUAL AUDIT AND ANNUAL REPORT. THE ANNUAL REPORT IS DISTRIBUTED TO INTERESTED PARTIES AND POSTED ON GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST FROM THE OFFICE IN EITHER HARD COPY OR IN ELECTRONIC FORMAT. FORM 990, PART XII, LINE 2C: THE INSTITUTE HAS AN INTERNAL AFFAIRS COMMITTEE, WHICH ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.