2016-11-15T12:11:45-06:00 2015-12-31 Baker Tilly Virchow Krause LLP 205 N Michigan Ave 28th Floor Chicago IL 606015927 990 2015-01-01 364313685 World Business Chicago % DENNIS CRAIG COO WORL 3125330500 177 North State Street Suite 500 CHICAGO IL 60601 JEFF MALEHORN PRESIDENT & CEO 3125530500 2016-11-11 true Mark Heroux P00959793 3127298000 2015 2017-02-10 21:41:12Z JEFF MALEHORN 177 N State Street Ste 500 CHICAGO IL 60601 9966670 false X WWW.WORLDBUSINESSCHICAGO.COM X 1999 IL WORLD BUSINESS CHICAGO IS A PUBLIC-PRIVATE ORGANIZATION CHARGED WITH DRIVING INCLUSIVE ECONOMIC GROWTH BY INCREASING JOBS, SUPPORTING BUSINESS AND (SEE SCH O) 81 80 45 1020 0 7535601 9849684 300000 25300 182 301 186079 -194836 8021862 9680449 700000 209044 0 0 3559130 4094068 0 0 358159 4010378 4184113 8269508 8487225 -247646 1193224 8969936 10353459 680734 871033 8289202 9482426 X WORLD BUSINESS CHICAGO IS A PUBLIC-PRIVATE, NOT-FOR-PROFIT ORGANIZATION CHARGED WITH DRIVING INCLUSIVE ECONOMIC GROWTH BY INCREASING JOBS, SUPPORTING BUSINESS AND PROPELLING CHICAGO TO BE A LEADING GLOBAL CITY. false false 5001269 25300 WORLD BUSINESS CHICAGO (WBC) DRIVES ECONOMIC GROWTH THROUGH THREE MAIN AREAS: BUSINESS ATTRACTION AND RETENTION, STRATEGIC PLAN ECONOMIC GROWTH AND JOBS, INTERNATIONAL STRATEGIC INITIATIVES AND CULTURAL EXCHANGE THROUGH THE CHICAGO SISTER CITIES PROGRAM. 5001269 true true false false false false false false false true false false false true true true false false true false false false false true false false false false true false false false false false true false false false false false false false false false false false true 23 0 45 true false false false false false true true false false false false X 81 80 false false true false false false false true true false false true true true true true true true true false IL X X DENNIS CRAIG COO 3125530500 177 N STATE ST SUITE 500 CHICAGO IL 60601 RAHM EMANUEL CHAIRMAN 1.0 0.0 X 0 0 0 MICHAEL SACKS VICE CHAIRMAN 1.0 0.0 X 0 0 0 JIM ABRAMS DIRECTOR 1.0 0.0 X 0 0 0 ANTHONY K ANDERSON DIRECTOR 1.0 0.0 X 0 0 0 ANDREW APPEL DIRECTOR 1.0 0.0 X 0 0 0 JEFF ARONIN DIRECTOR 1.0 0.0 X 0 0 0 RITA ATHAS DIRECTOR 1.0 0.0 X 60000 0 0 MELISSA BEAN DIRECTOR 1.0 0.0 X 0 0 0 TONY BOUCHARD DIRECTOR 1.0 0.0 X 0 0 0 BILL BRODSKY DIRECTOR 1.0 0.0 X 0 0 0 GREGG Q BROWN DIRECTOR 1.0 0.0 X 0 0 0 JOHN BUCK DIRECTOR 1.0 0.0 X 0 0 0 MARTIN CABRERA DIRECTOR 1.0 0.0 X 0 0 0 DEBRA CAFARO DIRECTOR 1.0 0.0 X 0 0 0 PATRICK CANNING DIRECTOR 1.0 0.0 X 0 0 0 GREGG CASE Director 1.0 0.0 X 0 0 0 DAVID CASPER DIRECTOR 1.0 0.0 X 0 0 0 STEPHEN CHIPMAN DIRECTOR 1.0 0.0 X 0 0 0 CHRISTOPHER CRANE DIRECTOR 1.0 0.0 X 0 0 0 JAMES CROWN DIRECTOR 1.0 0.0 X 0 0 0 DEBORAH DEHAAS DIRECTOR 1.0 0.0 X 0 0 0 MARY DILLON DIRECTOR 1.0 0.0 X 0 0 0 CRAIG J DUCHOSSOIS DIRECTOR 1.0 0.0 X 0 0 0 DONALD EDWARDS DIRECTOR 1.0 0.0 X 0 0 0 BECKY FRANKIEWICZ DIRECTOR 1.0 0.0 X 0 0 0 MARK FURLONG DIRECTOR 1.0 0.0 X 0 0 0 MARGO GEORGIADIS DIRECTOR 1.0 0.0 X 0 0 0 MATTHEW GIBSON DIRECTOR 1.0 0.0 X 0 0 0 ILENE GORDON DIRECTOR 1.0 0.0 X 0 0 0 ALEX GOURLAY DIRECTOR 1.0 0.0 X 0 0 0 ANTHONY GRACIAS DIRECTOR 1.0 0.0 X 0 0 0 PATRICIA HEMINGWAY HALL DIRECTOR 1.0 0.0 X 0 0 0 DANIEL M HAMBURGER DIRECTOR 1.0 0.0 X 0 0 0 DEAN HARRISON DIRECTOR 1.0 0.0 X 0 0 0 BRETT HART DIRECTOR 1.0 0.0 X 0 0 0 LORI HEALEY DIRECTOR 1.0 0.0 X 0 0 0 MELLODY HOBSON DIRECTOR 1.0 0.0 X 0 0 0 MARK S HOPLAMAZIAN DIRECTOR 1.0 0.0 X 0 0 0 LAMAR A JOHNSON DIRECTOR 1.0 0.0 X 0 0 0 STEVE KERSTEN DIRECTOR 1.0 0.0 X 0 0 0 JAMES KOLAR DIRECTOR 1.0 0.0 X 0 0 0 MITCH KREBS DIRECTOR 1.0 0.0 X 0 0 0 ERIC LEFKOFSKY DIRECTOR 1.0 0.0 X 0 0 0 DAN'L LEWIN DIRECTOR 1.0 0.0 X 0 0 0 AYLWIN LEWIS DIRECTOR 1.0 0.0 X 0 0 0 SAM MENCOFF DIRECTOR 1.0 0.0 X 0 0 0 MICHAEL H MOSCOW DIRECTOR 1.0 0.0 X 0 0 0 THOMAS F MOTAMED DIRECTOR 1.0 0.0 X 0 0 0 PIN NI DIRECTOR 1.0 0.0 X 0 0 0 WILLIAM A OSBORN DIRECTOR 1.0 0.0 X 0 0 0 RICK OSTERLOH DIRECTOR 1.0 0.0 X 0 0 0 TONY PARASIDA DIRECTOR 1.0 0.0 X 0 0 0 HENRY M PAULSON JR DIRECTOR 1.0 0.0 X 0 0 0 JOSE LUIS PRADO DIRECTOR 1.0 0.0 X 0 0 0 JOHN PRATT DIRECTOR 1.0 0.0 X 0 0 0 RICHARD PRICE DIRECTOR 1.0 0.0 X 0 0 0 JB PRITZKER DIRECTOR 1.0 0.0 X 0 0 0 FRANK PTAK DIRECTOR 1.0 0.0 X 0 0 0 JOHN RAU DIRECTOR 1.0 0.0 X 0 0 0 JIM REYNOLDS DIRECTOR 1.0 0.0 X 0 0 0 LARRY RICHMAN DIRECTOR 1.0 0.0 X 0 0 0 DESIREE ROGERS DIRECTOR 1.0 0.0 X 0 0 0 PAT RYAN JR DIRECTOR 1.0 0.0 X 0 0 0 MUNEER A SATTER DIRECTOR 1.0 0.0 X 0 0 0 SAMUEL SCOTT DIRECTOR 1.0 0.0 X 0 0 0 KIMBERLY SIMIOS DIRECTOR 1.0 0.0 X 0 0 0 JAMES SKOGSBERGH DIRECTOR 1.0 0.0 X 0 0 0 JEFFREY SMISEK DIRECTOR 1.0 0.0 X 0 0 0 J DOUGLAS SPARKMAN DIRECTOR 1.0 0.0 X 0 0 0 BYRON SPRUELL DIRECTOR 1.0 0.0 X 0 0 0 RUSSELL STOKES DIRECTOR 1.0 0.0 X 0 0 0 HUGH SULLIVAN DIRECTOR 1.0 0.0 X 0 0 0 ROBERT SULLIVAN DIRECTOR 1.0 0.0 X 0 0 0 RICHARD SYKES DIRECTOR 1.0 0.0 X 0 0 0 DON THOMPSON DIRECTOR 1.0 0.0 X 0 0 0 GLENN TILTON DIRECTOR 1.0 0.0 X 0 0 0 BYRON TROTT DIRECTOR 1.0 0.0 X 0 0 0 TIMOTHY WALBERT DIRECTOR 1.0 0.0 X 0 0 0 GREGORY WASSON DIRECTOR 1.0 0.0 X 0 0 0 KEITH WILLIAMS DIRECTOR 1.0 0.0 X 0 0 0 PATRICIA WOERTZ DIRECTOR 1.0 0.0 X 0 0 0 JEFF MALEHORN PRESIDENT & CEO 45.0 0.0 X 445224 0 28237 DENNIS VICCHIARELLI TREASURER/MANAGING DIRECTOR 40.0 0.0 X 135300 0 10374 CARRIE SIMMONS SECRETARY/DIR OF OPERATIONS 40.0 0.0 X 117081 0 20580 CAROLYN PHILLIPS DIR OF STRATEGIC INITIATIVES 40.0 0.0 X 147351 0 10857 LORI BUSH DIR OF ECONOMIC DEVELOPMENT 40.0 0.0 X 133960 0 10335 WENDI TAYLOR NATION CHIEF MARKETING OFFICER 40.0 0.0 X 175336 0 16989 JOHN RAMIREZ PLAN DIRECTOR 40.0 0.0 X 131294 0 15171 THOMAS BARTKOSKI DIR OF INT'L BUS. DEVELOPMENT 40.0 0.0 X 111516 0 14780 1457062 0 127323 8 false true false NEXT STREET FINANCIAL 184 DUDLEY ST STE 200 ROXBURY MA 02119 SUPPLIER DEVELOPMENT 490000 KPMG 200 EAST RANDOLPH STE 5500 CHICAGO IL 60601 FINANCIAL ANALYSIS 250633 DAVID BOUL 177 N STATE STREET STE 500 CHICAGO IL 60601 STRATEGIC MANAGEMENT 182000 TOM HULSEMAN 177 N STATE STREET STE 500 CHICAGO IL 60601 PROGRAM DEV & MGMT 147692 4 850050 1528643 7470991 5000 9849684 JOBS PLACEMENT 561300 1000 1000 PROGRAM FEES 900099 24300 24300 25300 301 301 0 0 0 0 0 0 64350 850050 286221 -221871 -221871 0 0 OTHER INCOME 900099 27035 27035 27035 9680449 25300 -194535 209044 209044 0 0 0 1482062 446141 888570 147351 0 2376444 1544223 747883 84338 0 0 235562 140291 92387 2884 0 0 63000 63000 0 0 0 2163391 1460922 625358 77111 219540 186556 32984 207209 68346 138863 22524 9010 13514 0 477334 304421 151299 21614 163726 111988 43554 8184 0 262343 141781 109781 10781 0 0 112211 71563 35567 5081 63265 11483 50967 815 BAD DEBT 51000 51000 CHICAGO SISTER CITIES INTERN'L 295500 295500 CHICAGO CHINA OFFICE 83070 83070 8487225 5001269 3127797 358159 5122631 6657430 836599 1286899 2605829 1941775 15192 715 0 0 0 0 0 0 0 0 47698 79573 1054301 667234 341987 387067 0 0 0 0 0 0 0 0 0 0 8969936 10353459 587609 685344 0 0 0 0 0 0 0 0 0 0 0 0 0 45693 93125 139996 680734 871033 X 3723078 8006685 4566124 1475741 0 0 8289202 9482426 8969936 10353459 1193224 X false true X true false X 27176924 22533196 4343521 7535601 9849684 71438926 0 0 27176924 22533196 4343521 7535601 9849684 71438926 8712182 62726744 2196 2715 362 182 301 5756 0 104250 99084 211468 186079 27035 627916 72072598 325300 0.87033 0.89060 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 71781 23570 48211 462295 287864 174431 520225 355800 164425 387067 0 DEFERRED RENT - LT 131055 DEFERRED RENT - ST 8941 139996 X 11746172 2065723 2065723 9680449 9680449 10552948 2065723 2065723 8487225 8487225 Schedule D, 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, 2015 and 2014. 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. Management believes that WBC is no longer subject to income tax examinations by taxing authorities for years ended prior to December 31, 2012. IL Gala 914400 850050 64350 22972 93317 56506 113426 0 914400 850050 64350 22972 93317 56506 113426 286221 -221871 X X X X false false false false false false false false JEFF MALEHORN PRESIDENT & CEO 370224 75000 11250 16987 473461 CAROLYN PHILLIPS DIR OF STRATEGIC INITIATIVES 147351 4464 6393 158208 WENDI TAYLOR NATION CHIEF MARKETING OFFICER 175336 5256 11733 192325 Rita Athas Board member 60000 Consulting false FORM 990, PART 1, LINE 1: PROPELLING CHICAGO TO BE A LEADING GLOBAL CITY. FORM 990, PART VI, SECTION A, LINE 4: IN 2015, THE BOARD CREATED A FINANCE COMMITTEE TO ASSIST THE BOARD IN FULFILLING ITS OVERSIGHT RESPONSIBILITIES RELATING TO FISCAL MANAGEMENT AND NOMINATIONS COMMITTEE TO ASSIST THE BOARD ON MATTERS RELATED TO DIRECTOR NOMINATIONS AND EVALUATION AND OVERSIGHT OF DIRECTORS. 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 governs both WBC directors and employees. If any director or employee becomes aware of any existing or proposed transaction with an entity that has a "substantial connection" with an 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 Chairmans or his designees determination and reasons shall be documented. FORM 990, PART VI, SECTION B, Line 13 & 14 - Policies: IN 2015 THE ORGANIZATION IMPLEMENTED A WRITTEN WHISTLEBLOWER POLICY AND A DOCUMENT RETENTION AND DESTRUCTION POLICY. 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. THE EXECUTIVE COMMITTEE WILL REVIEW AND APPROVE ANY ADJUSTMENTS TO THE PRESIDENTS SALARY. FORM 990, PART VI, SECTION C, LINE 19: WORLD BUSINESS CHICAGO (WBC) ADOPTED A TRANSPARENCY POLICY WHICH STATES THAT ANNUALLY, WBC WILL MAKE PUBLIC A COPY OF ITS AUDITED GAAP FINANCIAL STATEMENTS. 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 WBCS ETHICS POLICIES (TRANSPARENCY/DISCLOSURE POLICY, CONFLICT OF INTEREST, POLICY ON ADVOCACY). WBC ALSO PUBLISHES AN ANNUAL REPORT ON ITS WEBSITE WHICH CONTAINS FINANCIAL INFORMATION. FORM 990 PART IX LINE 11G DESCRIPTION:STATEGIC PLANNING TOTAL FEES:242000 FORM 990 PART IX LINE 11G DESCRIPTION:FINANCIAL ANALYSIS TOTAL FEES:250633 FORM 990 PART IX LINE 11G DESCRIPTION:SUPPLIER DEVELOPMENT TOTAL FEES:490000 FORM 990 PART IX LINE 11G DESCRIPTION:MARKETING & PR TOTAL FEES:173600 FORM 990 PART IX LINE 11G DESCRIPTION:DEVELOPMENT TOTAL FEES:50547 FORM 990 PART IX LINE 11G DESCRIPTION:PROGRAMMING TOTAL FEES:778988 FORM 990 PART IX LINE 11G DESCRIPTION:AUDIT & TAX TOTAL FEES:55250 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER TOTAL FEES:122373