2017-05-10T09:34:33-07:00 2016-06-30 Deloitte Tax LLP 111 SOUTH WACKER DRIVE CHICAGO IL 60606 990 2015-07-01 362167725 The Art Institute of Chicago ARTI 3124433600 111 South Michigan Avenue Chicago IL 60603 Alison Sowden CFO 2017-05-10 true DELOITTE TAX LLP P00143920 3124861000 2015 2021-01-29 14:40:06Z 408858285 false false X www.artic.edu and www.saic.edu X 1879 IL To found, build, maintain and operate museums, schools, and libraries of art and theatres. 50 50 3881 812 3633411 70334380 112018613 183444132 193030377 46616207 35771449 12400511 10520134 312795230 351340573 38464886 40251612 0 111542626 122058323 159161 158833 9359810 134463834 132624158 284630507 295092926 28164723 56247647 1504588725 1489564148 320631101 318053660 1183957624 1171510488 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 theatres; 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 false false 156243893 40251612 164166036 The School of the Art Institute is an accredited post-secondary institution of higher learning which provides both graduate and undergraduate study. This curriculum provides for the preparation of visual artists, teachers of art, designers, and others in areas that include written, spoken, and media formats. In fiscal year 2016 average academic year full-time-equivalent enrollment of degree-seeking students was 3,072 including international students from 50 countries. 102363700 32700145 The Museums mission is to collect, preserve, and interpret works of art of the highest quality from across the globe for the inspiration and education of its visitors. The Museum achieves this through building and stewarding its permanent collection, producing educational programming around the collection, and mounting temporary exhibitions using both its collection and loaned objects from other institutions. Among the exhibitions included in our fiscal year 2016 program were the following: Van Goghs Bedrooms; Gates of the Lord; Martin Puryear; and Making Place: The Architecture of David Adjaye. During fiscal year 2016, the museum served over 1.7 million visitors. 258607593 true true false true false false false true false true true true false false true true true false true false true false false true true true false false true true true true false false false false false false false true false true true false false true true true true false false true X 940 11 true 3881 true true true false false false false true true false 0 false false false false false false false false false false X 50 50 true false false false false false false true true false false false true true true true true true true true true AK AL CA CO DC IL KS KY MA MD MI MS ND NH NJ NY OH OK OR SC UT VA WA WI X X X Alison Sowden 3124994263 111 South Michigan Avenue Chicago IL 60603 X James N Bay Trustee 1.00 0.00 X 0 0 0 Anne Searle Bent Vice Chairman 1.00 0.00 X X 0 0 0 Lisa Buonanno Trustee 1.00 0.00 X 0 0 0 Toni Canada Trustee 1.00 0.00 X 0 0 0 Lester Coney Trustee 1.00 0.00 X 0 0 0 A Steven Crown Trustee 1.00 0.00 X 0 0 0 William M Daley Trustee 1.00 0.00 X 0 0 0 Shawn M Donnelley Trustee 1.00 0.00 X 0 0 0 Rebecca Ford Terry Trustee 1.00 0.00 X 0 0 0 Jay Franke Trustee 1.00 0.00 X 0 0 0 Denise B Gardner Trustee 1.00 0.00 X 0 0 0 Sarah Nava Garvey Trustee 1.00 0.00 X 0 0 0 Matthew R Gibson Trustee 1.00 0.00 X 0 0 0 James A Gordon Trustee 1.00 0.00 X 0 0 0 Kenneth C Griffin Trustee 1.00 0.00 X 0 0 0 Joseph Gromacki Trustee 1.00 0.00 X 0 0 0 Ann E Grube Trustee 1.00 0.00 X 0 0 0 Darrel Hackett Trustee 1.00 0.00 X 0 0 0 Caryn Harris Trustee 1.00 0.00 X 0 0 0 Stephanie Field Harris Trustee 1.00 0.00 X 0 0 0 John W Jordan II Trustee 1.00 0.00 X 0 0 0 Pamela Joyner Trustee 1.00 0.00 X 0 0 0 Rita Knox Trustee 1.00 0.00 X 0 0 0 Jay Krehbiel Treasurer 1.00 0.00 X X 0 0 0 Paul Lambert Trustee 1.00 0.00 X 0 0 0 Eric Lefkofsky Trustee 1.00 0.00 X 0 0 0 Robert M Levy Chairman 1.00 0.00 X X 0 0 0 John F Manley Trustee 1.00 0.00 X 0 0 0 Joe Mansueto Trustee 1.00 0.00 X 0 0 0 Eric T McKissack Trustee 1.00 0.00 X 0 0 0 Cary D McMillan Vice Chairman 1.00 0.00 X X 0 0 0 Samuel Mencoff Trustee 1.00 0.00 X 0 0 0 Sylvia M Neil Trustee 1.00 0.00 X 0 0 0 Cynthia Perucca Trustee 1.00 0.00 X 0 0 0 Anne Pramaggiore Trustee 1.00 0.00 X 0 0 0 Thomas J Pritzker Trustee 1.00 0.00 X 0 0 0 Bob Rennie Trustee 1.00 0.00 X 0 0 0 J Christopher Reyes Trustee 1.00 0.00 X 0 0 0 Linda Johnson Rice Trustee 1.00 0.00 X 0 0 0 Andrew M Rosenfield Vice Chairman 1.00 0.00 X X 0 0 0 Michael Sacks Trustee 1.00 0.00 X 0 0 0 Scott Santi Trustee 1.00 0.00 X 0 0 0 Sophia Shaw Trustee 1.00 0.00 X 0 0 0 Stephanie Sick Trustee 1.00 0.00 X 0 0 0 Prabhakant Sinha Trustee 1.00 0.00 X 0 0 0 Marilynn Thoma Trustee 1.00 0.00 X 0 0 0 David J Vitale Vice Chairman 1.00 0.00 X X 0 0 0 Frederick H Waddell Vice Chairman 1.00 0.00 X X 0 0 0 Reeve Waud Trustee 1.00 0.00 X 0 0 0 Laura Werner Trustee 1.00 0.00 X 0 0 0 James Rondeau Pres (frm 2/16) 40.00 0.00 X 200356 0 42466 Douglas Druick see notes Pres (to 2/16) 40.00 0.00 X 655880 0 -247507 Julia Getzels EVP & Gen Couns 40.00 0.00 X 426237 0 110749 Alison Sowden EVP & CFO 40.00 0.00 X 353034 0 42663 Walter Massey President, Sch 40.00 0.00 X 598773 0 33715 David Thurm COO Museum 40.00 0.00 X 466991 0 47925 Elissa Tenny Provost/SVP Acad Affairs 40.00 0.00 X 444002 0 41015 Elizabeth Grainer VP of Aux Ops 40.00 0.00 X 198637 0 249497 Lisa Wainwright Faculty Dean/VP Acad Admin 40.00 0.00 X 239919 0 47677 Rose Milkowski VP for Enrollment Mgmt 40.00 0.00 X 204462 0 21315 Brian Esker VP of Finance & Admin SAIC 40.00 0.00 X 221598 0 69919 Tom Buechele VP for Campus Operations 40.00 0.00 X 187944 0 86815 Martha Tedeschi Deputy Director, Art&Rsch 40.00 0.00 X 219676 0 218219 Michael Nicolai VP for Human Resources 40.00 0.00 X 205689 0 66737 Eve Jeffers VP for Museum Development 40.00 0.00 X 442116 0 47425 Jeanne Ladd VP of Museum Finance 40.00 0.00 X 203333 0 127192 Gordon Montgomery VP of Marketing 40.00 0.00 X 279159 0 51458 Eugene Adams VP of IS/CIO 40.00 0.00 X 212025 0 100127 Judith Kirshner Dpty Dir, Educ 40.00 0.00 X 213305 0 83591 David Getsy Prof/Int Dean Grad 40.00 0.00 X 200332 0 27616 Felice Dublon VP/Dean St Affairs 40.00 0.00 X 192731 0 28855 6366199 1297469 124 false true false Securitas Security Services USA Inc 4330 Park Terrace Dr Westlake Village CA 91361 Security Service 5666794 Able Engineering Services 866 Folsom St San Francisco CA 94107 Engineering Services 3826443 MA Mortenson Company 25 Northwest Point BLVD 100 Elk Grove Village IL 60007 Construction Service 2586844 ABM Janitorial Midwest Inc 180 N LaSalle St 1700 Chicago IL 60601 Janitorial Services 2235754 Food For Thought 7001 Ridgeway Lincolnwood IL 60712 Catering Services 2033830 71 13645947 3722171 7180842 87469653 7285617 112018613 Member Program Revenues 900099 1723184 1723184 Museum Admissions 900099 20007495 20007495 Other Restricted Prog Rev 900099 1668755 1668755 Proceeds from Sale of Art 900099 4080798 4080798 Tuition and Fees 611600 161053380 161053380 4496765 4496765 193030377 6721755 6721755 0 177825 177825 3591840 1068196 2523644 2523644 138111 2385533 75707838 46658144 29049694 29049694 29049694 746653 3722171 1636133 -889480 -889480 16160 41358 -25198 -25198 15444985 8113881 7331104 3835804 3495300 Other Invest. Inc (Loss) 900099 1402239 1402239 1402239 351340573 196866181 3633411 38822368 0 40251612 40251612 0 0 6328099 3971239 1902134 454726 0 89194585 76131428 9314857 3748300 4884937 3647582 857739 379616 15314458 12517439 2082630 714389 6336244 5311610 753234 271400 0 391045 391045 369943 369943 14847 14847 158833 158833 2501101 2501101 16186563 13300368 1129674 1756521 2970106 2815546 154560 10779665 9392263 449635 937767 3156255 2103008 996521 56726 155940 155940 22114549 21311810 702170 100569 3939726 3704745 80566 154415 0 449204 314500 92843 41861 10190767 6676734 3514033 15710 15710 27981768 26823276 1158492 1018518 1018518 Accessions/Books/Other Art 18614577 18614577 Other FF&E and Related Maint 4659860 4237947 410037 11876 Exhibition Related Expenses 1877589 1877589 Other Program Costs 1422066 1304229 116837 1000 3814359 3095076 302032 417251 295092926 258607593 27125523 9359810 0 17014990 8222174 51275171 71228009 4722661 5549738 0 0 3915727 4013470 4870445 4481199 6088693 5207284 726687991 266843472 467344100 459844519 546595234 540607052 400770806 385580790 0 0 1990898 4829913 1504588725 1489564148 40948024 35112387 20389928 20100131 176139601 162038817 54000000 54000000 29153548 46802325 320631101 318053660 X 176898403 155717157 640541298 590045113 366517923 425748218 1183957624 1171510488 1504588725 1489564148 X 56247647 -51830051 -16864732 X false true X true true true X Part I: Additional Information Part I, Line 2 - 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 IIDetail for Schedule A, Part IILine 1 - column: (a) 56,738,216; (b) 46,154,437; (c) 76,297,506; (d) 64,644,760; (e) 106,285,789; (f) 350,120,708Line 2 - column: (a) 5,537,103; (b) 5,575,830; (c) 5,613,886; (d) 5,689,620; (e) 5,732,824; (f) 28,149,263Line 4 - column: (a) 62,275,319; (b) 51,730,267; (c) 81,911,392; (d) 70,334,380; (e) 112,018,613; (f) 378,269,971Line 5 - column: (f) 27,206,334Line 6 - column: (f) 351,063,637Line 7 - column: (a) 62,275,319; (b) 51,730,267; (c) 81,911,392; (d) 70,334,380; (e) 112,018,613; (f) 378,269,971Line 8 - column: (a) 10,658,164; (b) 10,073,071; (c) 9,602,085; (d) 9,794,570; (e) 10,339,909; (f) 50,467,799Line 10 - column: (a) 820,392; (b) 902,527; (c) 754,785; (d) 693,874; (e) 762,813;(f) 3,934,391 Line 11 - column: (f) 432,672,161Line 12 - column: (f) 933,999,178Line 14: 81.14%Line 15: 82.60%Line 16a: X Support Schedule: Other Income Explanation Other income consists of revenues from fundraising events and gaming activities not included elsewhere. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true false true 14847 14847 false false Part II-B, Line 1i - Other Activities Description Line 1g has been answered "yes" because two members of School administration participated in a private colleges meeting between members of the National Association of Independent Colleges and Universities and a U.S. Senator with the intention to seek continued support of private colleges. There were no expenditures made in relation to this meeting. The amount in line 1i represents the Art Institute of Chicago's portion of funds utilized by Museums in the Park for lobbying activities ($13,814) and a good faith estimate of the percentage of membership dues paid to the National Association of Independent Colleges and Universities ($840) and Chicagoland Chamber of Commerce ($193) that supported lobbying. 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. X X X X false 962156186 85880530 -15202998 3803429 55602314 2501101 970926874 39741238 32661422 3465407 108323033 2560693 962156186 870433675 30936999 149438324 3248116 40800273 2657950 1004102659 804735325 6403600 104193471 3098618 39156633 2643470 870433675 842590142 13042836 -7062856 2977788 38205259 2651750 804735325 0.32000 0.44000 0.24000 false true true 35057096 35057096 58517837 26849909 31667928 605363985 218086568 387277417 26551199 20709121 5842078 1197874 1197874 459844519 385580790 Pension Liability 42968560 Refundable Advances 3833765 46802325 X 292449581 -51830051 1447030 -16864732 -67247753 359697334 2501101 -10857862 -8356761 351340573 304896717 1447030 10857862 12304892 292591825 2501101 2501101 295092926 Part III, Line 1a: If organization elected under SFAS 116 to not report are, historical treasures, o From Page 8 of the Institute's Audited Financial Statements: "Art Objects and Library Collections - 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's acquisition funds. Institute's acquisition funds may be classified as permanently restricted, for which only the income earned on principal balances may be used for acquisitions; temporarily restricted, for which both the principal and earned income may be used for acquisitions; or unrestricted, 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 adopted in 1975 and last revised in fiscal year 2013. The objects are generally offered for sale at a public auction, and the proceeds from such dispositions are classified as temporarily restricted for the purchase of works of art. 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, they are not included in the Statements of Financial Position." Part III, Line 4: Description of organization's collections and how it furthers its purpose. 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. Part V, Line 4: Intended uses of the endowment fund. 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. Part X : FIN48 Footnote From Page 11 of 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.Financial Accounting Standards Board Accounting Standards Codification ("ASC") 740, Income Taxes, prescribes a comprehensive model for how an institution should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the institution has taken or expects to take on a tax return. For federal purposes, the Institute has reported federal net operating losses (NOLs) of approximately $7.2 million for tax periods through June 30, 2015. The Institute does not have the ability to estimate the NOL through June 30, 2016, as the NOL calculation is reliant upon third-party information, which is not yet available. These NOLs will expire, if not utilized, between the years 2027 and 2033. The Institute has not recorded a tax benefit for these NOLs for the years ended June 30, 2016 and 2015, respectively, because it is unlikely that the Institute will be able to realize the benefit." The financial statements did not report uncertain tax positions. Part XII, Line 2d: Other expenses and losses per audited F/S Cost of Goods Sold $8113881 Rental Expenses $1068195 Special Events $1636133 Raffles $41358 Other Misc Adjustment $-1705 true true true true true true true false false false false false false false false true false true Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency Part I, Line 6a - The Institute receives federal financial aid funding from the Department of Education under the following programs:Federal Pell Grant ProgramFederal Supplemental Educational Opportunity Grants ProgramFederal Work Study Program Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized The nondiscriminatory policy is publicized in a variety of materials, including the student bulletin, the course schedule issued each semester, initial marketing material, and the student handbook. Schedule E, Line 4 - Explanation of Records and Materials Not Maintained Schedule E, Line 5 - Explanation of Organization Discrimination by Race EUROPE 0 0 PROGRAM SERVICES EXHIBITIONS 594661 NORTH AMERICA 0 0 PROGRAM SERVICES EXHIBITIONS 31881 SOUTH ASIA 0 0 PROGRAM SERVICES EXHIBITIONS 79231 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES EXHIBITIONS 130054 RUSSIA AND THE NEWLY INDEPEND 0 0 PROGRAM SERVICES EXHIBITIONS 2150 SOUTH AMERICA 0 0 PROGRAM SERVICES EXHIBITIONS 1539 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES EXHIBITIONS 645 NORTH AMERICA 0 0 PROGRAM SERVICES RESEARCH 1934 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES RESEARCH 26372 RUSSIA AND THE NEWLY INDEPEND 0 0 PROGRAM SERVICES RESEARCH 1036 SOUTH AMERICA 0 0 PROGRAM SERVICES RESEARCH 2536 EUROPE 0 0 PROGRAM SERVICES RESEARCH 87113 EUROPE 0 0 PROGRAM SERVICES STUDY TRIPS 244888 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY TRIPS 48238 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY TRIPS 10270 EUROPE 0 0 PROGRAM SERVICES RECRUITING 19968 NORTH AMERICA 0 0 PROGRAM SERVICES RECRUITING 18399 SOUTH ASIA 0 0 PROGRAM SERVICES RECRUITING 16948 EAST ASIA AND THE PACFIC 0 0 PROGRAM SERVICES RECRUITING 96772 SOUTH AMERICA 0 0 PROGRAM SERVICES RECRUITING 12638 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES RECRUITING 2145 EUROPE 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 208497 NORTH AMERICA 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 119628 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 60456 SOUTH ASIA 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 548 SOUTH AMERICA 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 1946 EUROPE 0 0 PROGRAM SERVICES MEMBER TRAVEL 8792 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES MEMBER TRAVEL 12129 SOUTH ASIA 0 0 PROGRAM SERVICES MEMBER TRAVEL 4208 EUROPE 0 0 PROGRAM SERVICES MARKETING/PUBLIC RELATIONS 2898 NORTH AMERICA 0 0 PROGRAM SERVICES MARKETING/PUBLIC RELATIONS 612 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES MARKETING/PUBLIC RELATIONS 2820 CENTRAL AMERICA & CARIBBEAN 0 0 PASSIVE INVESTMENTS N/A 291879917 EUROPE 0 0 PASSIVE INVESTMENTS N/A 466791 1300915 292897745 294198660 true false true true true false X X X X X X X true SD&A Teleservs 5757 W Century Los Angeles CA 90045 Telemarketing false 191803 158833 32970 191803 158833 32970 IL AL AK CA CO DC FL KS KY MD MA MI MS NH NJ NY ND OH OK OR SC UT VA WI WA SAIC 150th Gala 1141732 1039542 102190 7076 84719 174372 Photography SNAP Gala 920568 709738 210830 250000 2891 57260 68408 11 2406524 1972891 433633 88659 29243 408177 465328 4468824 3722171 746653 338659 39210 550156 708108 1636133 -889480 false false 16160 41358 true 1.00000 16160 41358 41358 -25198 IL true false true false 0.67000 0.33000 Alison Sowden 111 South Michigan Avenue Chicago IL 60603 false See Part IV false STM01 Part I, Line 2b(i)1(v):AIC pays fundraising consultant fees at a stated rate per contact and other administrative costs such as postage, printing, and office overhead. $98,476 was paid for professional services fees and $60,357 was paid for administrative costs.Part III, Line 16:No employee is compensated as gaming manager. Individuals listed as gaming manager on line 16 are responsible for the record-keeping of events that have a gaming component. true 0 0 Student Scholarships and Stipends 3373 40136732 N/A N/A Faculty Enrichment Grants 16 114880 N/A N/A Grantmaker's Description of How Grants are Used 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. Payments 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 X false true false false false false false false false false Alison Sowden EVP & CFO 333454 19580 23850 18813 395697 Brian Esker VP of Finance & Admin SAIC 203116 18482 59000 10919 291517 David Getsy Prof/Int Dean Grad 190800 9532 18156 9460 227948 David Thurm COO Museum 425095 41896 23850 24075 514916 Douglas Druick see notes Pres (to 2/16) 516338 139542 -269000 21493 408373 Elissa Tenny Provost/SVP Acad Affairs 300695 120000 23307 23850 17165 485017 85712 Elizabeth Grainer VP of Aux Ops 197437 1200 239000 10497 448134 Eugene Adams VP of IS/CIO 210014 2011 73000 27127 312152 Eve Jeffers VP for Museum Development 414509 27607 23850 23575 489541 Felice Dublon VP/Dean St Affairs 182737 9994 17463 11392 221586 Gordon Montgomery VP of Marketing 265832 13327 23850 27608 330617 James Rondeau Pres (frm 2/16) 200083 273 35000 7466 242822 Jeanne Ladd VP of Museum Finance 182508 20825 107000 20192 330525 Judith Kirshner Dpty Dir, Educ 202346 10959 82604 987 296896 Julia Getzels EVP & Gen Couns 361907 64330 84000 26749 536986 Lisa Wainwright Faculty Dean/VP Acad Admin 238899 1020 22324 25353 287596 Martha Tedeschi Deputy Director, Art&Rsch 217659 2017 193000 25219 437895 Michael Nicolai VP for Human Resources 185709 19980 40000 26737 272426 Rose Milkowski VP for Enrollment Mgmt 204180 282 18604 2711 225777 Tom Buechele VP for Campus Operations 186644 1300 63000 23815 274759 Walter Massey President, Sch 555121 43652 33703 12 632488 Part I, Line 1a: Relevant information in regards to selections on 1a. First class travel is allowed under limited circumstances as set forth in the travel policy. The Presidents of the Museum and the School are allowed to have their partners accompany them on business trips if their presence is necessary for a specific, bona fide purpose of the Institute. The President of the School's employment contract 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.The Provost/Senior Vice President for Academic Affairs received payment for tuition assistance. The tuition assistance was grossed-up for applicable taxes. The tuition assistance and gross-up were both addressed in the individual employment contract. Part III, Additional Information Part II, Line 2- The negative amount shown in Column C represents a decrease in the actuarial valuation of defined benefit pension plan benefits. The prior year calculation was based on assumptions derived from actuarial estimates. The current year calculation uses known factors for retirement date, method of payment, and other elections. The current known factors have resulted in a decrease in the previously calculated benefit. A IL Finance Authority 861091967 45200FVM8 2009-03-26 139158000 Constr./Renov. Museum Facil. false false false B IL Finance Authority 861091967 45200F3N7 2010-06-09 113537854 See Part VI false false false C IL Finance Authority 861091967 45203HMP4 2012-10-18 66292422 See Part VI false false false A 80000000 139158000 139158000 2009 false false true true B 60595000 113537854 5986 113531868 true true true true C 24955000 66292422 3545024 66292422 false true true true A false false false false 0.00000 0.00000 0.00000 false false true C false false false false 0.00000 0.00000 0.00000 false false true A false false true false false NA false NA false true B false false false true false NA false NA false true C false true false false false NA false NA true true A true B true C true Part VI Part I, Line B, Column(f)-Description of Purpose-Refund 10/15/1992 Bonds, Refund 2/23/1995 Bonds, Refund 3/27/1996 Bonds, and Advance Refund Portion of 2/9/2000 Series 2000A Bonds. Part I, Line C, Column(f)-Description of Purpose-Advance Refund Portions of 3/18/1998 Series 1998A Bonds, 2/9/2000 Series 2000A Bonds, 7/9/2003 Series 2003A Bonds, and 5/20/2010 Series 2010B Bonds.Part II, Lines 9 and 11, Column B - These amounts differ slightly from what was shown on the 8038 Form that was filed for the bonds. Part IV, Line 2c, Column B- Based on the rebate computation completed on 7/24/2015, no rebate is due.Part IV, Line 3, Column A- A portion of the Series 2009 Bonds were originally variable rate as shown on the 8038 Form; however, this variable rate portion has been refunded, so the remaining bonds are fixed rate.Part IV, Line 6, Column B - This question is being answered without regard to yield-restricted advance refunding escrow financed with proceeds of the bonds.Part IV, Line 6, Column C - Such amounts were appropriately yield-restricted. Peter Haratonik Family, Elissa Tenny 15076 Faculty Pay false X 476 See Part II X 1 See Part II X 10769 FMV X 121 6854161 FMV X Dept'l Supplies 18 40670 FMV X Special Events 241 380017 FMV 38 false true true Part I, Line 32, Hire and Use of Third Parties The Institute utilizes its investment custodian Northern Trust to receive and sell stock gifts made to the organization. Part I, Line 33, Revenues Not Reported The Institute does not capitalize its collection items nor report contributions of collection items as revenue as permitted under generally accepted accouting principles. Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et A business relationship exists between Officer Walter E. Massey and Trustee Cary D. McMillan. Business relationships exist between the following Trustees: Thomas J. Pritzker and Matthew Gibson; Thomas J. Pritzker and Cary D. McMillan; Kenneth C. Griffin and James A. Gordon; A. Steven Crown and Robert M. Levy; Jay Frederick Krehbiel and D. Vitale; Reeve Waud and Cary McMillan; S. Garvey and E. McKissack. A family relationship exists between Caryn Harris and Stephanie Field Harris. Form 990, Part VI, Line 11b: Form 990 Review Process The 990 is prepared internally by the Institute's Accounting Office and reviewed in detail by the CFO 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 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 Committee Chair. Any questions or concerns identified by the Audit 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, management and staff file the final Form 990 as required. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts 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 Institutes 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. The Related Party shall not be counted for purposes of determining whether there is a quorum. Financial interests 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 this 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 Institutes General Counsel's office. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees The Institute's Executive Committee, composed entirely of independent Trustees, approves compensation for the President and Director of the Museum and for 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 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 Vice President for Human Resources 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 decisions on compensation are documented in contemporaneous meeting minutes. In the case of the President and Director of the Museum and the President, the Provost, and the Dean of Faculty of the School, the decisions may be reflected in employment contracts as well.For key employees whose compensation is not reviewed and approved by the Compensation and Benefits Committee, their compensation is generally based on independent salary surveys typically conducted at the time of hire 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: Other Organization Documents Publicly Available 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. Other Changes In Net Assets Or Fund Balances - Other Decreases Pension Related Changes other than Net Periodic Pension Cost = -$16864732 Form 990, Part V, Line 7g The Institute is not required to file Form 8899. The Institute receives contributions of intellectual property from time to time, however, the type of property contributed does not meet the definition of "qualified intellectual property" for Form 8899 filing purposes. Form 990, Part VII Officers Compensation The negative amount shown in Column F represents a decrease in the actuarial valuation of defined benefit pension plan benefits. The prior year calculation was based on assumptions derived from actuarial estimates. The current year calculation uses known factors for retirement date, method of payment, and other elections. The current known factors have resulted in a decrease in the previously calculated benefit. Form 990, Part VII, Line 1a, Column B 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. Schedule B, Special Rules, Box 1 The Art Institute of Chicago is exempt under two categories listed in Schedule A 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. Because the Institute is also exempt under Schedule A Part I box 7, Schedule B Parts I and II have been completed under the Special Rules Box 1 as the Institute has met the 33 1/3% support test of the regulations under sections 509(a)(1)/170(b)(1)(A)(vi). Schedule L, Part IV, Business Transactions Involving Interested Person A family member of Key Employee Elissa Tenny was compensated $15,076 as a faculty member in fiscal year 2016. 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