2019-01-30T13:00:07-06:00 2018-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2017-07-01 300748997 The Economic Club of Chicago ECON 3127261628 33 N Dearborn St 1700 CHICAGO IL 60602 DONNA F ZARCONE PRESIDENT/CEO 2019-01-30 true NICOLE BENCIK P00756195 3128997000 2017 2019-02-21 02:37:17Z DONNA F ZARCONE 33 N Dearborn St 1700 CHICAGO IL 60602 4078979 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 15 266 0 4892 0 3350793 3939359 151009 122756 0 3501802 4062115 2120 0 1504665 1699837 0 0 1994300 2223261 3498965 3925218 2837 136897 6353375 6648725 2541312 2455906 3812063 4192819 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 3469372 2120 3939359 THE ECONOMIC CLUB OF CHICAGO HELD THIRTY FOUR EDUCATIONAL PROGRAMS DURING THE 2017-2018 PROGRAM YEAR. TOTAL ATTENDANCE AT THESE PROGRAMS WAS 10,434 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 2017-2018 FISCAL YEAR INCLUDED MARY DILLON, CEO OF ULTA BEAUTY, GERARD BAKER, EDITOR-IN-CHIEF OF THE WALL STREET JOURNAL, JAMIE DIMON, CHAIRMAN & CEO OF JPMORGAN CHASE & CO, THE HONORABLE BARACK OBAMA, 44TH PRESIDENT OF THE UNITED STATES OF AMERICA, LAURENCE D. FINK, CHAIRMAN & CEO OF BLACKROCK, AND THE HONORABLE JEROME H. POWELL, CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 3469372 true false 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 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 ELIZABETH HARTIGAN CONNELLY SECOND VICE CHAIR, FORUMS 1.0 X X 0 0 0 JAMES P KOLAR TREASURER 2.0 X X 0 0 0 SHERIDAN TURNER SECRETARY 1.0 X X 0 0 0 DONNA F ZARCONE PRESIDENT AND CEO 40.0 X X 449550 0 12559 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 DEBRA CAFARO BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 KEITH CARDOZA BOARD MEMBER 0.2 X 0 0 0 John Challenger BOARD MEMBER 0.2 X 0 0 0 SEAN CONNOLLY BOARD MEMBER 0.2 X 0 0 0 JAMES DEZELLAR BOARD & FINANCE COMMITTEE MEMBER 1.0 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 MARGO GEORGIADIS BOARD MEMBER 0.2 X 0 0 0 JEANNE GANG BOARD MEMBER 0.2 X 0 0 0 DEAN HARRISON BOARD MEMBER 0.2 X 0 0 0 JACK HARTMAN BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 GAVIN HATTERSLEY BOARD MEMBER 0.2 X 0 0 0 KYM MARIE HUBBARD BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 MICHAEL C KRAUSS BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 ANIL KUMAR BOARD MEMBER 0.2 X 0 0 0 PHYLLIS LOCKETT BOARD MEMBER 0.2 X 0 0 0 ROBERT A LIVINGSTON BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 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 ROXANNE M MARTINO BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 OSCAR MUNOZ BOARD MEMBER 0.2 X 0 0 0 MARTIN NESBITT BOARD MEMBER 0.2 X 0 0 0 ANNE 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 MANUEL SANCHEZ BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 SCOTT SANTI BOARD MEMBER 0.2 X 0 0 0 ALEJANDRO SILVA BOARD MEMBER 0.2 X 0 0 0 GREG D SMITH BOARD MEMBER 0.2 X 0 0 0 TED SOUDER BOARD MEMBER 0.2 X 0 0 0 DONALD THOMPSON BOARD MEMBER 0.2 X 0 0 0 GLENN TILTON 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 ANDREA L ZOPP BOARD MEMBER 0.2 X 0 0 0 KATIE ESPOSITO DIRECTOR OF PROGRAMS 40.0 X 124921 0 13742 Andrew M Leasure DIRECTOR OF FINANCE & ADMINISTRATION 40.0 X 110056 0 13124 684527 0 39425 3 false true false 0 0 MEMBERSHIP DUES 900099 2416114 2416114 PROGRAMS & EVENTS 900099 1523245 1523245 0 0 0 0 3939359 122756 122756 0 0 16864 16864 0 0 0 0 0 0 0 4062115 3939359 0 122756 2120 2120 457320 399576 57744 0 899384 785822 113562 176628 42218 134410 92343 80683 11660 74162 64798 9364 31365 31365 16864 16864 90814 81509 9305 0 197749 185464 12285 56452 49324 7128 172840 150371 22469 10072 9707 365 15333 13129 2204 144135 125397 18738 14704 7269 7435 MEALS 1128363 1127774 589 PROGRAM FACILITY & AV 344570 344211 359 0 0 0 0 3925218 3469372 455846 0 433123 518367 14096 23695 0 0 0 96211 54102 1125621 395753 837003 729868 4972942 5322693 0 0 0 0 6353375 6648725 954798 908868 0 1586514 1547038 2541312 2455906 X 3812063 4192819 3812063 4192819 6353375 6648725 136897 243859 0 X false true X true false X 1846750 2110084 2104045 2416114 8476993 1131935 982278 1246748 1523245 4884206 0 0 0 0 2978685 3092362 3350793 3939359 13361199 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13361199 166676 150865 150467 122756 590764 0 0 166676 150865 150467 122756 590764 0 0 0 0 0 0 0 0 3145361 3243227 3501260 4062115 13951963 X 605774 116107 489667 240866 107142 133724 278981 172504 106477 729868 DEFERRED COMPENSATION FOR RETIRED PRESIDENT 1547038 1547038 X 4384011 243859 78037 0 321896 4062115 0 0 4062115 4003255 78037 0 78037 3925218 0 0 3925218 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, 2018 and 2017, 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, 2018 and 2017. X X X X X false false false false false false false false false DONNA F ZARCONE PRESIDENT AND CEO 375550 0 74000 0 0 0 10800 0 1759 0 462109 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 2017-2018 PROGRAM YEAR THE CLUB HAD A TOTAL OF 266 MEMBERS VOLUNTEER TO SERVE ON ONE OR MORE OF THESE COMMITTEES. Form 990, Part I, Line 7b Unrelated Business Income on Form 990-T The Economic Club does not conduct any trade or business which would be reportable on Form 990-T as unrelated business income. The amount reported on this line represents the organization's inclusion of its qualified transportation fringe benefits as an increase to unrelated business taxable income, per IRC Section 512(a)(7). 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 DONALD THOMPSON AND DEAN HARRISON - Business relationship, GREG BROWN, 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 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 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.