2020-02-13T10:00:43-06:00 2019-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2018-07-01 300748997 The Economic Club of Chicago ECON 3127261628 33 N Dearborn St 1700 CHICAGO IL 60602 DONNA F ZARCONE PRESIDENT/CEO 2020-02-13 true NICOLE BENCIK P00756195 3128997000 2018 2020-11-06 18:47:13Z DONNA F ZARCONE 33 N Dearborn St 1700 CHICAGO IL 60602 3966976 false X WWW.ECONCLUBCHI.ORG X 2012 IL The Economic Club of Chicago fosters meaningful connections among Chicago leaders to encourage dialogue on important economic and social issues and to cultivate the next generation of civic leadership. 47 46 15 274 0 0 0 3939359 3827400 122756 122427 0 4062115 3949827 2120 0 0 1699837 1847088 0 0 2223261 2095133 3925218 3942221 136897 7606 6648725 6703153 2455906 2276605 4192819 4426548 The Economic Club of Chicago fosters meaningful connections among Chicago leaders to encourage dialogue on important economic and social issues and to cultivate the next generation of civic leadership. false false 3494698 0 3827400 THE ECONOMIC CLUB OF CHICAGO HELD THIRTY-FOUR EDUCATIONAL PROGRAMS DURING THE 2018-2019 PROGRAM YEAR. TOTAL ATTENDANCE AT THESE PROGRAMS WAS 9,081 MEMBERS AND GUESTS, AND VIDEOS OF THESE PROGRAMS ARE POSTED ON THE CLUB'S YOUTUBE CHANNEL FOR VIEWING BY THE GENERAL PUBLIC. THESE EDUCATIONAL PROGRAMS INCLUDED CONVERSATIONS WITH ACCLAIMED AUTHORS, ENTREPRENEURS, GOVERNMENT OFFICIALS, AND CEOS OF PUBLIC AND PRIVATE COMPANIES. SELECTED SPEAKERS FROM THE 2018-2019 FISCAL YEAR INCLUDED THE HONORABLE RAHM EMANUEL, FORMER MAYOR THE CITY OF CHICAGO, SATYA NADELLA, CHIEF EXECUTIVE OFFICER OF MICROSOFT, THE HONORABLE LARRY KUDLOW, DIRECTOR OF THE NATIONAL ECONOMIC COUNCIL, BONO, U2 MEMBER AND CO-FOUNDER OF ONE AND (RED), AND DAN GILBERT, FOUNDER AND & CHAIRMAN OF QUICKEN LOANS AND ROCK VENTURES AND CHAIRMAN OF THE CLEVELAND CAVALIERS. 3494698 true false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 12 0 true 15 true true true false false false false false true false false false false false X 47 46 true false false false false false false true true false false true true true true true true true false false IL X DONNA F ZARCONE 3127261628 33 N Dearborn St Suite 1700 CHICAGO IL 60602 MELLODY HOBSON CHAIR 2.0 X X 0 0 0 REEVE B WAUD FIRST VICE CHAIR, PROGRAMS 1.0 X X 0 0 0 DAVID SNYDER SECOND VICE CHAIR, FORUMS 1.0 X X 0 0 0 JAMES P KOLAR TREASURER 2.0 X X 0 0 0 BRIDGET O'KEEFE SECRETARY 1.0 X X 0 0 0 DONNA F ZARCONE PRESIDENT AND CEO 40.0 X X 466870 0 12759 DEBRA CAFARO BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 MANUEL SANCHEZ BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 ROXANNE M MARTINO BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 TED SOUDER BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 Ilene S Gordon BOARD MEMBER & EX OFFICIO 0.2 X 0 0 0 JAMES A DEZELLAR BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 KYM M HUBBARD BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 SUZANNE S BETTMAN BOARD MEMBER 0.2 X 0 0 0 Sally Blount BOARD MEMBER 0.2 X 0 0 0 GREGORY BROWN BOARD MEMBER 0.2 X 0 0 0 KEITH CARDOZA BOARD MEMBER 0.2 X 0 0 0 John A Challenger BOARD MEMBER 0.2 X 0 0 0 SEAN M CONNOLLY BOARD MEMBER 0.2 X 0 0 0 MARY DILLON BOARD MEMBER 0.2 X 0 0 0 THEODORE L DYSART BOARD MEMBER 0.2 X 0 0 0 CHARLES L EVANS BOARD MEMBER 0.2 X 0 0 0 BRIAN D FABES BOARD MEMBER 0.2 X 0 0 0 JEANNE GANG BOARD MEMBER 0.2 X 0 0 0 MARGO GEORGIADIS BOARD MEMBER 0.2 X 0 0 0 DEAN M HARRISON BOARD MEMBER 0.2 X 0 0 0 GAVIN HATTERSLEY BOARD MEMBER 0.2 X 0 0 0 Valerie Jarrett BOARD MEMBER 0.2 X 0 0 0 MICHAEL C KRAUSS BOARD MEMBER 1.0 X 0 0 0 ANIL KUMAR BOARD MEMBER 0.2 X 0 0 0 M PHYLLIS LOCKETT BOARD MEMBER 0.2 X 0 0 0 JUAN R LUCIANO BOARD MEMBER 0.2 X 0 0 0 PATRICK M MAGOON BOARD MEMBER 0.2 X 0 0 0 Charles R Matthews BOARD MEMBER 0.2 X 0 0 0 OSCAR MUNOZ BOARD MEMBER 0.2 X 0 0 0 MARTIN H NESBITT BOARD MEMBER 0.2 X 0 0 0 ANNE R PRAMAGGIORE BOARD MEMBER 0.2 X 0 0 0 MICHAEL REINSDORF BOARD MEMBER 0.2 X 0 0 0 JAMES REYNOLDS BOARD MEMBER 0.2 X 0 0 0 DESIREE ROGERS BOARD MEMBER 0.2 X 0 0 0 SCOTT SANTI BOARD MEMBER 0.2 X 0 0 0 Jennifer Scanlon BOARD MEMBER 0.2 X 0 0 0 GREG D SMITH BOARD MEMBER 0.2 X 0 0 0 GLENN TILTON BOARD MEMBER 0.2 X 0 0 0 SHERIDAN TURNER BOARD MEMBER 0.2 X 0 0 0 MICHAEL J WALKER BOARD MEMBER 0.2 X 0 0 0 GREGORY D WASSON BOARD MEMBER 0.2 X 0 0 0 KATIE ESPOSITO DIRECTOR OF PROGRAMS 40.0 X 132397 0 24914 Amy Harris DIRECTOR OF MEMBERSHIP & ACCOUNTS 40.0 X 114536 0 22728 Andrew M Leasure DIRECTOR OF FINANCE & ADMINISTRATION 40.0 X 117573 0 25668 Anthony Vena IT MANAGER 40.0 X 102386 0 15628 933762 0 101697 5 false true false 0 0 MEMBERSHIP DUES 900099 2478585 2478585 PROGRAMS & EVENTS 900099 1348815 1348815 0 0 0 0 3827400 122427 122427 0 0 17149 17149 0 0 0 0 0 0 0 3949827 3827400 0 122427 500200 436571 63629 1006208 878210 127998 154080 42800 111280 105094 91725 13369 81506 71138 10368 23095 23095 13249 13249 65447 59836 5611 0 199874 189168 10706 121141 105731 15410 176745 153768 22977 9020 8868 152 1328333 1325492 2841 142964 124379 18585 15265 7012 8253 0 0 0 0 3942221 3494698 447523 0 518367 333984 23695 6890 0 0 0 54102 62984 1170511 525310 729868 645201 5322693 5654094 0 0 0 0 6648725 6703153 908868 792310 0 1547038 1484295 2455906 2276605 X 4192819 4426548 4192819 4426548 6648725 6703153 7606 226123 0 X false true X true false X 1846750 2110084 2104045 2416114 2478585 10955578 1131935 982278 1246748 1523245 1348815 6233021 0 0 0 2978685 3092362 3350793 3939359 3827400 17188599 74590 86395 107515 130445 124155 523100 0 2787 0 0 0 2787 74590 89182 107515 130445 124155 525887 16662712 166676 150865 150467 122756 122427 713191 0 166676 150865 150467 122756 122427 713191 0 0 0 0 0 0 0 3145361 3243227 3501260 4062115 3949827 17901790 X 605774 176684 429090 231156 128034 103122 333581 220592 112989 645201 DEFERRED COMPENSATION FOR RETIRED PRESIDENT 1484295 1484295 X 4198470 226123 35769 -13249 248643 3949827 0 0 3949827 3964741 35769 0 35769 3928972 13249 0 13249 3942221 Schedule D, Part X Deferred Compensation Agreement The Club originally entered into a deferred compensation agreement with the Retired President in January of 1998. The liability reflects the contractual obligations under that agreement including amendments thereto. The Club currently has a qualified 401(k) plan available to all employees and has not offered (and has no plans to offer) other retirement plans to any employee. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Club (an Illinois not-for-profit corporation) is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code (IRC) and applicable state law. Accordingly, no provision for such taxes has been recognized in these financial statements. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Club may recognize the tax benefit from an uncertain tax position only if it is more than likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax exempt status of the Club and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. At June 30, 2019 and 2018, there were no unrecognized tax benefits or liabilities identified. The Club files Form 990 in the U.S. federal jurisdiction. Due to its tax-exempt status the Club is not subject to U.S. federal income tax or state income tax. The Club does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Club recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The Club did not have any amounts accrued for penalties or interest at June 30, 2019 and 2018. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 INVESTMENT FEES - -13249 X X X X false false false false false false false false false DONNA F ZARCONE PRESIDENT AND CEO 390650 0 76220 0 0 0 11000 0 1759 0 479629 0 0 0 KATIE ESPOSITO DIRECTOR OF PROGRAMS 132397 0 0 0 0 0 5670 0 19244 0 157311 0 0 0 Form 990, Part I, Line 6 Volunteers THE CLUB HAS MEMBER BASED COMMITTEES THAT PROVIDE OVERSIGHT AND GOVERNANCE AND SUPPORT OUR MEMBERSHIP AND PROGRAM SERVICE OFFERINGS. DURING THE 2018-2019 PROGRAM YEAR THE CLUB HAD A TOTAL OF 274 MEMBERS VOLUNTEER TO SERVE ON ONE OR MORE OF THESE COMMITTEES. Form 990, Part VI, Line 15b OFFICER COMPENSATION THE CLUB DOES NOT COMPENSATE ANY OTHER OFFICERS OR KEY EMPLOYEES. PER THE INSTRUCTIONS, THIS QUESTION HAS ACCORDINGLY BEEN ANSWERED 'NO'. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Club's Executive Committee represents the Board of Directors and assists in fulfilling oversight and governance responsibilities surrounding the organization's strategy, programs, membership base, internal committees, and general operations. The Executive Committee consisted of twelve Board Directors. Additionally, the Club's Finance Committee represents the Board of Directors and assists in fulfilling its oversight and governance responsibilities surrounding the organization's financial sustainability, internal controls, financial reporting, and independent auditing process. The Finance Committee also serves as the Club's Investment Committee and the Compensation Committee for the ECC Board of Directors. The Finance Committee consisted of four Board Directors and two At-large Members of the ECC. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons ANNE PRAMAGGIORE, SCOTT SANTI, AND CHARLES EVANS - Business relationship, MARY DILLON AND SALLY BLOUNT - Business relationship, SALLY BLOUNT AND GLEN TILTON - Business relationship, MARY DILLON AND MELLODY HOBSON - Business relationship, GREG BROWN AND ANNE PRAMAGGIORE - Business relationship, ROXANNE MARTINO AND DEBRA CAFARO - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body At the end of the fiscal year, the Club engages an outside auditor to review its financials and perform an audit. Once the audit is completed, an outside accountant assists in the preparation of the Tax Form 990. The Club's Finance Committee meets to review and approve the audit report and the Form 990. Subsequent to the Finance Committee's review, a copy of the audit report and Form 990 are sent to the Executive Committee for review and approval. Finally, the Form 990 is distributed to the full Board of Directors before the tax return is filed. Form 990, Part VI, Line 12c Conflict of interest policy The Economic Club has a conflict of interest policy that is reviewed annually by our Finance Committee, Executive Committee, and Board of Directors. Members of Finance Committee, Executive Committee, and Board of Directors are required to sign an annual disclosure statement which indicates whether or not they are aware of any conflicts or potential conflicts. In accordance with our conflict of interest policy, the Club's Board of Directors also must notify the Club Chair if any conflicts or potential conflicts arise between the Club's annual independence affirmations. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Finance Committee benchmarks the Club's compensation levels for the President and CEO and for all Club employees annually. The Club utilizes data from local and national businesses, civic organizations, and nonprofit organizations. The Finance Committee specifically reviews data from organizations with similar revenues, similar scope of operations, and organizations with a high caliber reputation. This process is then documented within the Finance and Executive Committees' meeting minutes. Additionally, every three years the Board of Directors engages an independent compensation consultant to review our compensation philosophy, competitive pay levels for all employees, and reasonableness of executive compensation. THIS INDEPENDENT CONSULTATION WAS LAST UNDERTAKEN DURING THE FISCAL YEAR ENDED JUNE 30, 2018. Form 990, Part VI, Line 19 Required documents available to the public Financial Statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Service Code (IRC) Section 6104. These documents are not available to the public at this time.