2017-12-19T11:13:51-06:00 2017-06-30 GRANT THORNTON LLP 171 N CLARK ST SUITE 200 CHICAGO IL 60601 990 2016-07-01 363406446 The Commercial Club Foundation % MS CORDELIA C MEYER COMM 3128531200 21 S Clark Street Suite 4301 Chicago IL 60603 CORDELIA C MEYER EXECUTIVE VP 3128531200 2017-12-18 true DANIEL ROMANO P00504182 3128560200 38.69.39.117 36941220173535000000 2017-12-19 P A99DF14B0DF8FF8327C2CC5437795DB9886F52F8 41914840F4E15E9E9B073D3B501193633E1CC56C 2016 2018-03-14 21:41:22Z CORDELIA C MEYER 21 S Clark Street Suite 4301 Chicago IL 60603 9129450 false X www.commercialclubchicago.org X 1985 IL THE FOUNDATION WAS ORGANIZED TO ASSIST IN FUNDING ACTIVITIES OF THE CIVIC COMMITTEE AND ITS AFFILIATED AND RELATED ENTITIES IN THEIR MISSION TO IMPROVE THE CHICAGO REGION. 3 2 5 4 0 3987500 4135000 0 0 29870 111945 0 0 4017370 4246945 4348415 4754545 0 0 124910 75301 0 0 75205 154662 134959 4627987 4964805 -610617 -717860 5133423 4698939 245783 443637 4887640 4255302 X SEE NOTE O false false 4754545 4754545 The foundation funds activities of the Civic Committee of the Commercial Club of Chicago and its affiliated and related entities in their mission to improve the Chicago region as a place to live, work and conduct business. 88800 The foundation supports legislative efforts on behalf of the Civic Committee and affiliated and related organizations pertaining to education in the City of Chicago and the State of Illinois. 4843345 true true false true false false false true false false true false false false true true true false false false false false false false false false false true false true false false false false false false false false false false false false false true false true false true 0 0 true 5 true false false false false false false false false false false X 3 2 false false false false false false false true false false true true true true true true true true false false false IL X MS CORDELIA C MEYER 3128531200 21 S CLARK STREET SUITE 4301 Chicago IL 60603 E Scott Santi Director/Chairman 1.0 3.0 X X 0 0 0 Tyrone C Fahner Director/President (THRU 3/17) 4.0 36.0 X X 45455 409098 34375 Kelly R Welsh Director/President (from 4/17) 2.0 38.0 X X 0 0 0 Frederick H Waddell Director/VICE CHAIRMAN 1.0 3.0 X 0 0 0 James Reynolds Jr Secretary 1.0 3.0 X 0 0 0 SCOTT SWANSON TREASURER 1.0 3.0 X 0 0 0 Cordelia C Meyer Executive Vice President 2.0 38.0 X 16604 315470 31059 Suzanne Fisher VP, Finance & Admin 1.0 31.0 X 4889 117322 32228 66948 841890 97662 0 false true false 0 4135000 4135000 0 81250 81250 0 0 143076 143076 0 0 0 4770124 4739429 30695 30695 30695 0 0 0 0 0 0 0 0 0 0 4246945 111945 4754545 4754545 0 0 0 60317 60317 0 9832 82 9750 313 4 309 1578 6 1572 3261 4 3257 0 0 19555 19555 88800 88800 0 0 0 0 17028 17028 0 0 0 0 0 0 0 0 0 7985 7985 . 0 . 0 . 0 . 0 1591 1591 4964805 4843345 46255 75205 4990 5490 383469 295783 0 0 5773 3064 0 0 0 0 0 0 0 0 763 658 138966 75591 59380 63375 4665865 4306404 0 0 0 0 0 0 13183 24165 5133423 4698939 7000 18328 0 0 0 0 0 0 0 0 0 0 0 0 0 0 238783 425309 245783 443637 X 4887640 4255302 0 0 0 0 4887640 4255302 5133423 4698939 -717860 85522 X false true X true false X 3899500 4129500 3914500 3987500 4135000 20066000 0 0 3899500 4129500 3914500 3987500 4135000 20066000 225764 19840236 229245 349782 187854 180061 224326 1171268 0 0 0 21237268 0.93422 0.93822 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 88800 88800 4876005 4964805 398240 99560 false 355853 367547 381399 398240 1503039 2254559 86400 72000 108000 88800 355200 88963 91887 95350 99560 375760 563640 10000 X false 107681 57755 49926 31285 17836 13449 0 0 63375 0 DUE TO AFFILIATE: CIVIC COMMITTEE 321833 DEFERRED RENT 103476 425309 X 4501434 85522 25891 143076 254489 4246945 4246945 5133772 25891 143076 168967 4964805 4964805 SCHEDULE D, PART III, LINE 4 DONATED ARTWORK THE ORGANIZATION HAS ONE PIECE OF FINE ARTWORK DONATED TO THE ORGANIZATION. THIS PIECE WAS CREATED AS PART OF THE ESTABLISHMENT OF CHICAGO METROPOLIS 2020 - FORMERLY A RELATED ORGANIZATION. THE ARTWORK IS HUNG IN THE OFFICE FOR OFFICE AESTHETICS. DONATED FINE ART WAS VALUED BASED ON THE DONORS APPRAISAL AND IS NOT BEING DEPRECIATED, SINCE THE ITEM HAS NO DETERMINABLE USEFUL LIFE. Schedule D, Part X, Line 2 FIN 48 (ASC 740) FOOTNOTE THE FOUNDATION WAS ORGANIZED AND INCORPORATED IN ILLINOIS AS A NOT-FOR-PROFIT ORGANIZATION IN 1985. THE ORGANIZATION HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE (IRS) STATING THAT IT IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) OF 1986, AS AMENDED, EXCEPT FOR INCOME TAXES PERTAINING TO UNRELATED BUSINESS INCOME. THE FINANCIAL ACCOUNTING STANDARDS BOARD ISSUED GUIDANCE THAT REQUIRES TAX EFFECTS FROM UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE TAX POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO PROVISION FOR INCOME TAXES IS REFLECTED IN THESE FINANCIAL STATEMENTS, AND THERE IS NO INTEREST OR PENALTIES RECOGNIZED IN THE STATEMENTS OF FINANCIAL POSITION OR STATEMENTS OF ACTIVITIES. SCHEDULE D, PART XI, LINE 2D OTHER RENTAL INCOME $143,076 SCHEDULE D, PART XII, LINE 2D OTHER RENTAL EXPENSE $143,076 true The Commercial Club of chicago 21 S Clark St Ste 4301 Chicago IL 60603 362197847 501(c)(4) 1669661 General Support Civic Consulting Alliance 21 S Clark St Ste 4301 Chicago IL 60603 450467524 501(c)(3) 1405432 General Support New Schools for Chicago 21 S Clark St Ste 4301 Chicago IL 60603 830399727 501(c)(3) 643076 General Support Illinois is Broke 21 S Clark St Ste 4301 Chicago IL 60603 453617415 501(c)(4) 1001376 General Support The Civic Federation 177 N State St Chicago IL 60601 362170124 501(c)(4) 25000 General Support Illinois Fiscal Policy Council 430 East Vine St Springfield IL 62703 371107086 501(c)(3) 10000 General Support 3 3 SCHEDULE I, PART I, LINE 2 PROCESS FOR MONITORING GRANT FUNDS THE FOUNDATION GIVES PRIMARILY TO AFFILIATED AND RELATED ORGANIZATIONS. THE FOUNDATION REVIEWS THE ACTIVITIES AND FINANCIAL STATEMENTS OF THESE ORGANIZATIONS ON A PERIODIC BASIS, BUT NO LESS THAN MONTHLY. false false false false false false false false false Tyrone C Fahner Director/President (THRU 3/17) 44689 402201 0 0 766 6897 1397 12572 2041 18365 48893 440035 0 0 Cordelia C Meyer Executive Vice President 16319 310056 0 0 285 5414 663 12588 890 16918 18157 344976 0 0 Suzanne Fisher VP, Finance & Admin 4821 115702 0 0 68 1620 258 6199 1031 24740 6178 148261 0 0 SCHEDULE J, PART I, LINE 3 ESTABLISH COMPENSATION THE FOUNDATION EMPLOYEES ARE COMPENSATED THROUGH A COMMON PAYMASTER BY A RELATED ORGANIZATION. THE FOUNDATION REIMBURSES THE RELATED ORGANIZATION FOR ITS ALLOCATED SALARY EXPENSE. THE RELATED ORGANIZATION USED THE FOLLOWING TO ESTABLISH COMPENSATION FOR ALL EMPLOYEES: A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION The Commercial Club Foundation (the Foundation) was incorporated in 1985. The Foundation was organized to assist in funding certain activities of the Civic Committee of The Commercial Club of Chicago (the Civic Committee) and its affiliated and related entities in their missions to improve the Chicago region as a place to live, work and conduct business. The Foundation pursues legislative actions on behalf of the affiliated and related organizations pertaining to education reform in the City of Chicago and the State of Illinois. Form 990, Part V, Line 2a Number of Employees on Form W-3 The number of employees reported (5) corresponds to the Foundation employees that are compensated through a common paymaster by a related organization in who all wage/W-3 reporting is provided through. The Foundation reimburses the related organization for its allocated salary expense. FORM 990, PART VI, LINE 1A COMMITTEES OF THE GOVERNING BODY THE BOARD OF DIRECTORS, BY RESOLUTION ADOPTED BY A MAJORITY OF THE DIRECTORS IN OFFICE, MAY DESIGNATE AND APPOINT ONE OR MORE COMMITTEES EACH OF WHICH SHALL CONSIST OF TWO OR MORE DIRECTORS, WHICH COMMITTEES, TO THE EXTENT PROVIDED IN SUCH RESOLUTION, SHALL HAVE AND EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE CORPORATION. THE DESIGNATION AND APPOINTMENT OF ANY SUCH COMMITTEE AND THE DELEGATION THERETO OF AUTHORITY SHALL NOT OPERATE TO RELIEVE THE BOARD OF DIRECTORS, OR ANY INDIVIDUAL DIRECTOR, OF ANY RESPONSIBILITY IMPOSED BY LAW. FORM 990, PART VI, LINE 8B COMMITTEES THERE WERE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY DURING THE YEAR. FORM 990, PART VI, LINE 11B REVIEW OF FORM 990 THE FORM 990 WAS PREPARED BY A NATIONAL PUBLIC ACCOUNTING FIRM IN CONJUNCTION WITH MANAGEMENT AND STAFF OF THE ORGANIZATION. A DRAFT WAS THEN PROVIDED TO MANAGEMENT. MANAGEMENT AND THE TREASURER REVIEWED THE DRAFT VERSION OF THE FORM 990. SUBSEQUENT TO THEIR REVIEW, MANAGEMENT AND THE TREASURER, ALONG WITH THE COMMERCIAL CLUB'S VP, FINANCE & ADMIN DISCUSSED THE DRAFT VERSIONS WITH THE TAX PREPARERS INCLUDING ANY QUESTIONS OR NECESSARY REVISIONS. BASED ON FEEDBACK FROM THAT MEETING, THE FORM 990 WAS REVISED AS NECESSARY. THE BOARD OF DIRECTORS RECEIVED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, LINE 12B DIRECTOR CONFLICT OF INTEREST POLICY NO DIRECTOR OR MEMBER OF ANY COMMITTEE SHALL DERIVE ANY PERSONAL PROFIT OR GAIN, DIRECTLY OR INDIRECTLY, BY REASON OF HIS OR HER MEMBERSHIP ON THE BOARD OF DIRECTORS OR A COMMITTEE. IF A DIRECTOR OR COMMITTEE MEMBER IS DIRECTLY OR INDIRECTLY A PARTY TO ANY TRANSACTION CONSIDERED BY THE BOARD OF DIRECTORS OR A COMMITTEE, THE DIRECTOR OR COMMITTEE MEMBER SHALL DISCLOSE THE MATERIAL FACTS OF THE TRANSACTION AND THE DIRECTOR'S INTEREST OR RELATIONSHIP PRIOR TO THE APPROVAL OR RATIFICATION OF THE TRANSACTION BY THE BOARD OF DIRECTORS OR COMMITTEE, AND SHALL NOT VOTE ON THE APPROVAL OR RATIFICATION OF THE TRANSACTION. FORM 990, PART VI, LINE 12C MONITORING CONFLICT OF INTEREST TRANSACTIONS THAT INVOLVE A BOARD MEMBER OR OFFICER ARE ASSESSED TO DETERMINE IF A CONFLICT OF INTEREST EXISTS. THE DECISIONS REGARDING IF A CONFLICT EXISTS IS DETERMINED BY THE GOVERNING COMMITTEE OF THE ORGANIZATION. IF A CONFLICT IS IDENTIFIED, THE MEMBER THAT IT RELATES TO IS ASKED TO ABSTAIN FROM THE CONVERSATION AND ANY RELATED DECISIONS MADE. ALTHOUGH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY DOES NOT REQUIRE AN ANNUAL COMPLETION OF A CONFLICT OF INTEREST STATEMENT, EACH OFFICER, DIRECTOR, AND KEY EMPLOYEE IS REQUIRED TO DISCLOSE ON A CONTEMPORANEOUS BASIS WHEN A CONFLICT ARISES. FORM 990, PART VI, LINES 15A AND 15B COMPENSATION APPROVAL THE FOUNDATION EMPLOYEES ARE COMPENSATED THROUGH A COMMON PAYMASTER BY A RELATED ORGANIZATION. THE FOUNDATION REIMBURSES THE RELATED ORGANIZATION FOR ITS ALLOCATED SALARY EXPENSE. THE RELATED ORGANIZATION USED THE FOLLOWING TO ESTABLISH COMPENSATION FOR ALL EMPLOYEES: A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE. COMPENSATION IS CONTEMPORANEOUSLY DOCUMENTED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, LINE 19 DOCUMENTS AVAILABLE TO THE PUBLIC THE FOUNDATION PROVIDES DOCUMENTS TO THE PUBLIC UPON REQUEST. The Commercial Club of Chicago 21 S Clark Street Suite 4301 Chicago IL 60603 362197847 Membership IL 501(c)(4) N/A false Civic Consulting Alliance 21 S Clark Street Suite 4301 Chicago IL 60603 450467524 Public Policy IL 501(c)(3) 7 Com Club Chi false Illinois is Broke 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 453617415 Public Policy IL 501(c)(4) Com Club Chi false New Schools for Chicago 21 S Clark Street suite 4301 chicago IL 60603 830399727 Public policy IL 501(c)(3) 7 NA false false true false true true false false false false false false false true true true true false false The Commercial Club of Chicago B 1669661 Cost The Commercial Club of Chicago E 321833 Cost The Commercial Club of Chicago N 276221 Cost The Commercial Club of Chicago O 101192 Cost The Commercial Club of Chicago P 233511 Cost Illinois is Broke B 1001376 Cost Illinois is Broke Q 69200 Cost related organizations Per the Instructions of the Form 990, New Schools for Chicago (NSC) is not considered a related organization to the Commercial Club of Chicago (the Club) and its related organizations for tax purposes due to insufficient board overlap. However, NSC does have a financial relationship and does share board members with the Commercial Club Foundation. The Commercial Club Foundation includes NSC in this schedule in order reflect the strong affiliation between the organizations.