2017-11-15T16:40:18-06:00 2016-12-31 390859910 Baker Tilly Virchow Krause LLP 205 N Michigan Ave 2800 Chicago IL 606015927 990 2016-01-01 364313685 World Business Chicago WORL 3125330500 177 North State Street No 500 CHICAGO IL 60601 Andrea Zopp PRESIDENT & CEO 3125330500 2017-11-15 1 Mark Heroux P00959793 3127298000 2017-11-15 38.88.202.179 2017-11-15 16:37:07 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 BC09F685FDE84DB8310813647ED41DA63C0BAAFA 2016 2021-01-29 14:40:06Z Andrea Zopp 177 N State St Ste 500 CHICAGO IL 60601 13196056 0 X WWW.WORLDBUSINESSCHICAGO.COM X 1999 IL WORLD BUSINESS CHICAGO IS A PUBLIC-PRIVATE, non-profit partnership that drives (see schedule o) inclusive economic growth and job creation, supports business, and promotes Chicago as a leading global city. 76 75 55 1118 0 0 9849684 12986237 25300 0 301 1329 -194836 -69587 9680449 12917979 209044 1183908 0 0 4094068 5467907 0 0 762286 4184113 4191797 8487225 10843612 1193224 2074367 10353459 12565502 871033 1008710 9482426 11556792 WORLD BUSINESS CHICAGO IS A PUBLIC-PRIVATE, NON-PROFIT PARTNERSHIP THAT DRIVES INCLUSIVE ECONOMIC GROWTH AND JOB CREATION, SUPPORTS BUSINESS, AND PROMOTES CHICAGO AS A LEADING GLOBAL CITY. 0 0 6713590 1183909 WORLD BUSINESS CHICAGO (WBC) DRIVES ECONOMIC GROWTH THROUGH THREEMAIN AREAS: BUSINESS ATTRACTION AND RETENTION, STRATEGIC PLANECONOMIC GROWTH AND JOBS, INTERNATIONAL STRATEGIC INITIATIVES ANDCULTURAL EXCHANGE THROUGH THE CHICAGO SISTER CITIES PROGRAM. 6713590 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 1 0 0 1 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 46 0 1 55 1 0 0 0 0 0 1 1 0 0 0 0 X 76 75 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X X DENNIS CRAIG COO 3125530500 177 N STATE ST SUITE 500 CHICAGO IL 60601 RAHM EMANUEL CHAIRMAN 1.00 X 0 0 0 MICHAEL SACKS VICE CHAIRMAN 1.00 X 0 0 0 JIM ABRAMS DIRECTOR 1.00 X 0 0 0 ANTHONY K ANDERSON DIRECTOR 1.00 X 0 0 0 ANDREW APPEL DIRECTOR 1.00 X 0 0 0 JEFF ARONIN DIRECTOR 1.00 X 0 0 0 RITA ATHAS DIRECTOR 1.00 X 0 0 0 MELISSA BEAN DIRECTOR 1.00 X 0 0 0 JIM BRADY DIRECTOR 1.00 X 0 0 0 BILL BRODSKY DIRECTOR 1.00 X 0 0 0 GREG Q BROWN DIRECTOR 1.00 X 0 0 0 JOHN BUCK DIRECTOR 1.00 X 0 0 0 MARTIN CABRERA DIRECTOR 1.00 X 0 0 0 DEBRA A CAFARO DIRECTOR 1.00 X 0 0 0 PATRICK CANNING DIRECTOR 1.00 X 0 0 0 GREGORY C CASE DIRECTOR 1.00 X 0 0 0 DAVID CASPER DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CRANE DIRECTOR 1.00 X 0 0 0 JAMES S CROWN DIRECTOR 1.00 X 0 0 0 DEBORAH DEHAAS DIRECTOR 1.00 X 0 0 0 MARY DILLON DIRECTOR 1.00 X 0 0 0 CRAIG J DUCHOSSOIS DIRECTOR 1.00 X 0 0 0 DONALD EDWARDS DIRECTOR 1.00 X 0 0 0 MIKE ENGLEHART DIRECTOR 1.00 X 0 0 0 JOHN FLANNERY DIRECTOR 1.00 X 0 0 0 MARK FURLONG DIRECTOR 1.00 X 0 0 0 MARGO GEORGIADIS DIRECTOR 1.00 X 0 0 0 MATTHEW GIBSON DIRECTOR 1.00 X 0 0 0 ILENE GORDON DIRECTOR 1.00 X 0 0 0 ALEX GOURLAY DIRECTOR 1.00 X 0 0 0 ANTHONIO GRACIAS DIRECTOR 1.00 X 0 0 0 DEAN HARRISON DIRECTOR 1.00 X 0 0 0 LORI HEALEY DIRECTOR 1.00 X 0 0 0 MARK S HOPLAMAZIAN DIRECTOR 1.00 X 0 0 0 LAMAR A JOHNSON DIRECTOR 1.00 X 0 0 0 STEVE KERSTEN DIRECTOR 1.00 X 0 0 0 JAMES P KOLAR DIRECTOR 1.00 X 0 0 0 MITCHELL J KREBS DIRECTOR 1.00 X 0 0 0 ERIC LEFKOFSKY DIRECTOR 1.00 X 0 0 0 DAN'L LEWIN DIRECTOR 1.00 X 0 0 0 AYLWIN LEWIS DIRECTOR 1.00 X 0 0 0 CHARLES MATTHEWS DIRECTOR 1.00 X 0 0 0 SAM MENCOFF DIRECTOR 1.00 X 0 0 0 JAMIE MILLER DIRECTOR 1.00 X 0 0 0 MICHAEL H MOSKOW DIRECTOR 1.00 X 0 0 0 OSCAR MUNOZ DIRECTOR 1.00 X 0 0 0 PIN NI DIRECTOR 1.00 X 0 0 0 WILLIAM A OSBORN DIRECTOR 1.00 X 0 0 0 HENRY M PAULSON JR DIRECTOR 1.00 X 0 0 0 JOSE LUIS PRADO DIRECTOR 1.00 X 0 0 0 JOHN PRATT DIRECTOR 1.00 X 0 0 0 RICHARD PRICE DIRECTOR 1.00 X 0 0 0 JB PRITZKER DIRECTOR 1.00 X 0 0 0 FRANK PTAK DIRECTOR 1.00 X 0 0 0 JOHN RAU DIRECTOR 1.00 X 0 0 0 JIM REYNOLDS DIRECTOR 1.00 X 0 0 0 LARRY RICHMAN DIRECTOR 1.00 X 0 0 0 ROBBIE ROBINSON DIRECTOR 1.00 X 0 0 0 DESIREE ROGERS DIRECTOR 1.00 X 0 0 0 PAT RYAN JR DIRECTOR 1.00 X 0 0 0 DIANA SANDS DIRECTOR 1.00 X 0 0 0 MUNEER A SATTER DIRECTOR 1.00 X 0 0 0 SAMUEL SCOTT DIRECTOR 1.00 X 0 0 0 KIMBERLY SIMIOS DIRECTOR 1.00 X 0 0 0 VIRGINIA SIMMONS DIRECTOR 1.00 X 0 0 0 JAMES SKOGSBERGH DIRECTOR 1.00 X 0 0 0 J DOUGLAS SPARKMAN DIRECTOR 1.00 X 0 0 0 PAULA STEINER DIRECTOR 1.00 X 0 0 0 HUGH SULLIVAN DIRECTOR 1.00 X 0 0 0 ROBERT SULLIVAN DIRECTOR 1.00 X 0 0 0 DONALD THOMPSON DIRECTOR 1.00 X 0 0 0 GLENN F TILTON DIRECTOR 1.00 X 0 0 0 TIMOTHY WALBERT DIRECTOR 1.00 X 0 0 0 KEITH WILLIAMS DIRECTOR 1.00 X 127006 0 0 JEFF MALEHORN PRESIDENT & CEO 45.00 X 482653 0 37006 DENNIS VICCHIARELLI TREASURER/MANAGING DIRECTO 40.00 X 157658 0 13353 CARRIE SIMMONS SECRETARY/DIR OF OPERATION 40.00 X 120759 0 21345 CAROLYN PHILLIPS DIR OF STRATEGIC INITIATIV 40.00 X 171351 0 16469 LORI BUSH DIR OF ECONOMIC DEVELOPMEN 40.00 X 138281 0 11929 WENDI TAYLOR NATION CHIEF MARKETING OFFICER 40.00 X 190890 0 24432 JOHN RAMIREZ PLAN DIRECTOR 40.00 X 142535 0 15234 THOMAS BARTKOSKI DIR OF INT'L BUS. DEVELOPM 40.00 X 138487 0 18617 LEROY ALLALA DIR OF SISTER CITIES INTER'L 40.00 0.00 X 125655 0 0 DENNIS CRAIG CHIEF OPERATING OFFICER 40.00 0.00 X 132561 0 2490 1927836 0 160875 11 0 1 0 Hill & Knowlton Strategies 222 Merchandise Mart Plz Ste 275 Chicago IL 60654 Marketing and P/R mgmt 220000 DAVID BOUL 177 N STATE STREET STE 500 CHICAGO IL 60601 STRATEGIC MANAGEMENT 182000 Next Street Financial 135 S LaSalle St Suite 2120 Chicago IL 60603 STRATEGIC PLANNING 180000 U3 Advisory 230 W 41st Street Suite 1103 New York NY 10036 STRATEGIC PLANNING 135415 Hubbard Galbraith LLC 211 East Ohio Street Suite 2618 CHICAGO IL 60611 Consulting Services 100025 5 867410 1620075 10498752 12986237 1329 1329 57590 867410 278077 -220487 -220487 OTHER INCOME 900099 150900 150900 150900 12917979 0 0 -68258 X 1130262 1130262 53646 53646 1455549 478848 752354 224347 3607847 2344809 986582 276456 113595 63348 39012 11235 290916 162232 99910 28774 127889 127889 1746642 1299231 323457 123954 238404 93002 132232 13170 324561 138696 174493 11372 484493 10469 473008 1016 284982 228113 47871 8998 488148 439419 48729 106528 106528 74310 74310 CHICAGO SISTER CITIES I 208859 208842 17 Professional Developmen 63481 40023 15090 8368 Bad Debt 43500 22650 15000 5850 10843612 6713590 3367736 762286 6657430 6223997 1286899 500000 1941775 5369602 715 15301 79573 149925 1080439 773762 387067 306677 10353459 12565502 685344 888396 45693 139996 120314 871033 1008710 X 8006685 7268554 1475741 4288238 9482426 11556792 10353459 12565502 X 2074367 -1 X X 0 1 X 1 0 X 22533196 4343521 7535601 9849684 12986237 57248239 22533196 4343521 7535601 9849684 12986237 57248239 4284746 52963493 2715 362 182 301 1329 4889 57253128 476200 0.92510 0.89060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 78496 39068 39428 462293 348700 113593 539650 385994 153656 306677 DEFERRED RENT - LT 106106 DEFERRED RENT - ST 14208 120314 X 15351208 2433229 2433229 12917979 0 12917979 13276842 2433229 1 2433230 10843612 0 10843612 Part X, Line 2: WBC has adopted the requirements for accounting for uncertain tax positions and management has determined that WBC was not required to record a liability related to uncertain tax positions as of December 31, 2016 and 2015. Federal and state tax and/or information returns of WBC are subject to examinations by the Internal Revenue Service and state taxing authorities, generally for three years after the returns were filed. Part XII, Line 2d - Other Adjustments: Rounding 1 Europe (Including Iceland & Greenland) 0 0 GRANT AWARD ASSIST WITH REFUGEE CRISIS TO SISTER CITY 8000 Middle East and North Africa 0 0 GRANT AWARD WEBSITE DEVELOPMENT FOR EXCHANGE OF INFO TO PROVIDE CULTURAL UNDERSTANDING 45467 0 0 0 0 0 0 53467 0 53467 Europe (Including Iceland & Greenland) 8000 wire Middle East and North Africa 45647 wire 0 0 0 0 0 0 Gala 925000 867410 57590 4341 98972 51828 122936 925000 867410 57590 4341 98972 51828 122936 278077 -220487 1 PINCH PROVISIONS 1515 CARMEN Elk Grove IL 60007 999999999 501(c)(3) 10000 Assistance to small and medium sized companies to maximize exporting potential. CURRENT INNOVATIONS NFP 177 N State St Suite 500 Chicago IL 60601 812620127 501(c)(3) 600000 To use for programming and administrative expenses, specifically to advance the Chicago water industry to leverege its strengths for global environmental and economic impact. MHUB 965 W Chicago Ave Chicago IL 60642 463388438 501(c)(3) 336692 To use for programming and administrative expenses, specifically to further develop mHub as Chicago's innovation center for physical product development and manufacturing 3 0 PART I, LINE 2: BOARD OF DIRECTORS AT WORLD BUSINESS CHICAGO. 1 X X X X 0 0 0 0 0 0 0 0 0 JEFF MALEHORN PRESIDENT & CEO 392653 0 90000 0 0 0 13125 0 23881 0 519659 0 0 0 DENNIS VICCHIARELLI TREASURER/MANAGING DIRECTO 157658 0 0 0 0 0 4861 0 8492 0 171011 0 0 0 CAROLYN PHILLIPS DIR OF STRATEGIC INITIATIV 171351 0 0 0 0 0 5209 0 11260 0 187820 0 0 0 LORI BUSH DIR OF ECONOMIC DEVELOPMEN 138281 0 0 0 0 0 4891 0 7038 0 150210 0 0 0 WENDI TAYLOR NATION CHIEF MARKETING OFFICER 190890 0 0 0 0 0 6341 0 18091 0 215322 0 0 0 JOHN RAMIREZ PLAN DIRECTOR 142535 0 0 0 0 0 3887 0 11347 0 157769 0 0 0 THOMAS BARTKOSKI DIR OF INT'L BUS. DEVELOPM 138487 0 0 0 0 0 3328 0 15289 0 157104 0 0 0 Rita Athas Board member 60000 consulting 0 Form 990, Part VI, Section B, line 11b The World Business Chicago Audit Committee reviews and recommends approval of the Form 990 to the Executive Committee. The Executive Committee gives the final approval and a copy is distributed to all board members prior to its filing. Form 990, Part VI, Section B, line 12c The Conflict of Interest Policy affects both WBC directors or employees. If any director or employee becomes aware of any existing or proposed transaction with an entity that has a "substantial connection" with a immediate family member of the director or employee or one that would reasonably create the perception that the individual has a substantial bias in favor of the entity, then the director or employee shall promptly notify the WBC Vice Chairman or designee on the EC if he is conflicted that there is a potential conflict and disclose the circumstances. The WBC Vice Chairman or his designee shall determine whether Executive Committee approval of the action is required based on whether the connection between the entity and the WBC director or employee is sufficiently significant to create a conflict of interest or the appearance of a conflict of interest. The Vice Chairman's or his designee's determination and reasons shall be documented. Form 990, Part VI, Section B, line 15 During 2009, a member of the executive committee researched the salaries at organizations with similar size and scope to determine if current salaries are reasonable. In future compensation adjustments, the president will review and approve the salaries of all staff members. In 2016, the organization conducted a compensation study to determine if current salaries for all positions other than the president and the president reviewed and made adjustments accordingly. The executive committee reviewed and approved any adjustments to the president's salary. Form 990, Part VI, Section C, line 19 World Business Chicago (WBC) adopted a transparency policy which states that annually, WBC will make a copy of its audited GAAP financial statements available. WBC does not make its governing documents available to the public beyond the information disclosed on www.guidestar.org. The WBC website provides access to WBC's ethics policies (transparency/disclosure policy, conflict of interest policy, policy on advocacy). WBC also publishes an annual report on its website which contains financial information. FORM 990, PART VI, SECTION B, Line 13 & 14 - Policies: DOCUMENT RETENTION AND DESTRUCTION POLICY. IN 2015, THE ORGANIZATION IMPLEMENTED A WRITTEN WHISTLEBLOWER POLICY AND A DOCUMENT RETENTION AND DESTRUCTION POLICY. Form 990, Part IX, line 11g Strategic Planning: Program service expenses 0. Management and general expenses 242,000. Fundraising expenses 0. Total expenses 242,000. Other: Program service expenses 36,648. Management and general expenses 27,864. Fundraising expenses 58,198. Total expenses 122,710. IT: Program service expenses 27,600. Management and general expenses 53,593. Fundraising expenses 0. Total expenses 81,193. Events: Program service expenses 101,631. Management and general expenses 0. Fundraising expenses 0. Total expenses 101,631. Programming: Program service expenses 813,590. Management and general expenses 0. Fundraising expenses 0. Total expenses 813,590. Marketing & PR: Program service expenses 319,762. Management and general expenses 0. Fundraising expenses 0. Total expenses 319,762. Development: Program service expenses 0. Management and general expenses 0. Fundraising expenses 65,756. Total expenses 65,756. Form 990, Part XI, line 9: Rounding -1. Form 990, Part XII, Line 2c: The organization did not changed either its oversight process or selection process during the tax year.