2016-05-12T13:19:40-07:00 2015-06-30 DELOITTE TAX LLP 111 SOUTH WACKER DRIVE CHICAGO IL 606064301 990 2014-07-01 362167725 The Art Institute of Chicago ARTI 3124433600 111 South Michigan Avenue Chicago IL 60603 Alison Sowden CFO 2016-05-12 true DELOITTE TAX LLP P00855604 3124861000 2014 2016-08-17 19:52:53Z 406324533 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. 51 51 3676 700 3200905 81911392 70334380 183269958 183444132 37657861 46616207 12502616 12400511 315341827 312795230 35470652 38464886 0 104927088 111542626 126228 159161 7953437 128743586 134463834 269267554 284630507 46074273 28164723 1542543535 1504588725 349184034 320631101 1193359501 1183957624 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 145464862 38464886 160890742 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 2015 average academic year full-time-equivalent enrollment of degree-seeking students was 3,126 including international students from 54 countries. 105439895 26969324 The Museum provides a variety of educational programs focusing on the collection, conservation, research, publication, exhibition, and interpretation of the museum's internationally significant permanent collection of art. The museum also presents temporary exhibitions of international importance, which include loaned objects from other collections. Among the exhibitions included in our fiscal year 2015 program were the following: Magritte: The Mystery of the Ordinary; Josef Koudelka: Nationality Doubtful; Heaven and Earth: Art of Byzantium from Greek Collections; and Ireland: Crossroads of Art and Design, 1690-1840. During fiscal year 2015, the museum served 1.5 million visitors. 250904757 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 false false false false false false false false false false true true false false true true true true false false true X 871 16 true 3676 true true true false false false false true true false 0 false false false false false false false false false false X 51 51 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 Todd C Brown Trustee 1.00 0.00 X 0 0 0 Lisa Buonanno 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 Janet Duchossois Trustee 1.00 0.00 X 0 0 0 Fred Eychaner 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 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 Trustee 1.00 0.00 X 0 0 0 Eric Lefkofsky Trustee 1.00 0.00 X 0 0 0 Lawrence Levy Trustee 1.00 0.00 X 0 0 0 Robert M Levy Chairman, new 1.00 0.00 X X 0 0 0 Timothy P Maloney Trustee 1.00 0.00 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 Nancy McDougal 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 Dustin O'Regan 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 Chairman,former 1.00 0.00 X 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 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 Byron D Trott 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 Treasurer 1.00 0.00 X X 0 0 0 Douglas Druick Pres & Dir, Mus 40.00 0.00 X 637169 0 742044 Julia Getzels EVP & Gen Couns 40.00 0.00 X 390559 0 141785 Alison Sowden EVP & CFO 40.00 0.00 X 238363 0 42447 Walter Massey President, Sch 40.00 0.00 X 565713 0 23915 David Thurm COO Museum 40.00 0.00 X 476153 0 46365 Elissa Tenny Provost/SVP Acad Affairs 40.00 0.00 X 317999 0 75078 Elizabeth Grainer VP of Aux Ops 40.00 0.00 X 194012 0 153584 Lisa Wainwright Faculty Dean/VP Acad Admin 40.00 0.00 X 234970 0 42879 Rose Milkowski VP for Enrollment Mgmt 40.00 0.00 X 195756 0 20882 Brian Esker VP of Finance and Admin SAIC 40.00 0.00 X 212501 0 86284 Tom Buechele VP for Campus Operations 40.00 0.00 X 183495 0 87705 Martha Tedeschi Deputy Director for Art & Research 40.00 0.00 X 197585 0 192125 Michael Nicolai VP for Human Resources 40.00 0.00 X 209551 0 71334 Eve Jeffers VP for Museum Development 40.00 0.00 X 422745 0 45865 Gordon Montgomery VP of Marketing 40.00 0.00 X 271657 0 49809 Eugene Adams VP of IS/CIO 40.00 0.00 X 206252 0 123759 Judith Kirshner Dpty Dir, Educ 40.00 0.00 X 207628 0 16532 Patricia Lawson Controller 40.00 0.00 X 254358 0 67764 Dorothy Schroeder VP, Exhibitions 40.00 0.00 X 211036 0 333154 5627502 2363310 108 false true false Twin Eagle Management 8847 S Sam Houston Parkway N Houston TX 77040 Environmental Servic 2162076 US Equities Asset Mgmt 20 N Michigan Ave 400 Chicago IL 60602 Bldg Maint Services 1051250 Eagle Capital Management LLC 499 Park Ave 17 New York NY 10022 Financial Services 390578 Ragnar Benson 250 S Northwest Hwy Park Ridge IL 60068 Construction Service 331550 DevBridge Group LLC 1659 W Hubbard Chicago IL 60622 Technology Consult 328557 17 13138729 3554239 6055722 47585690 11634941 70334380 Member Program Revenues 900099 1473089 1473089 Museum Admissions 900099 14842471 14842471 Other Restricted Prog Rev 900099 1824533 1824533 Proceeds from Sale of Art 900099 3435927 3435927 Tuition and Fees 611600 157659929 157659929 4208183 4208183 183444132 6559507 6559507 0 157270 157270 3176637 1073402 2103235 2103235 98844 2004391 123549269 83492569 40056700 40056700 40056700 667829 3554239 1783826 -1115997 -1164975 26045 65136 -39091 -39091 14632364 7114370 7517994 4415933 3102061 Other Invest. Inc (Loss) 900099 3777100 3777100 3777100 312795230 187860065 3200905 51350902 0 38464886 38464886 0 0 6270902 3871730 1929643 469529 0 83467176 70639159 9253656 3574361 531093 281232 126536 123325 15302963 12604090 1994807 704066 5970492 4986214 726563 257715 0 742064 742064 531784 531784 13560 13560 159161 159161 2560693 2560693 15152119 13130683 855177 1166259 2776990 2755472 21518 10543728 9195678 475730 872320 2836775 1851636 952233 32906 187561 187561 21489830 20680128 698020 111682 3880085 3639537 69711 170837 0 336439 237785 66229 32425 11594595 8488268 3106327 18980 18980 27196166 26163948 1032218 1442037 1442037 Accessions/Books/Other Art 15711636 15711636 Other Nonoperating Expenditure 8000000 8000000 Other FF&E and Related Maint 4516445 4096688 398238 21519 Exhibition Related Expenses 1947661 1947661 2984686 2496188 252684 235814 284630507 250904757 25772313 7953437 0 16188728 17014990 51574077 51275171 5577598 4722661 0 0 3932311 3915727 5480491 4870445 5676841 6088693 705696974 238352874 454132724 467344100 585728113 546595234 412296150 400770806 0 0 1956502 1990898 1542543535 1504588725 32846583 40948024 20993964 20389928 282999736 230139601 12343751 29153548 349184034 320631101 X 183571905 176898403 658670382 640541298 351117214 366517923 1193359501 1183957624 1542543535 1504588725 X 28164723 -17779818 -19786782 X false true X true true true X Support Schedule: Other Income Explanation Fundraising events and gaming activities not included elsewhere Support Schedule: Additional Supplemental 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) 73,773,796; (b) 56,738,216; (c) 46,154,437; (d) 76,297,506; (e) 64,644,760; (f) 317,608,715Line 2 - column: (a) 6,137,801; (b) 5,537,103; (c) 5,575,830; (d) 5,613,886; (e) 5,689,620; (f) 28,554,240Line 4 - column: (a) 79,911,597; (b) 62,275,319; (c) 51,730,267; (d) 81,911,392; (e) 70,334,380; (f) 346,162,955Line 5 - column: (f) 16,214,697Line 6 - column: (f) 329,948,258Line 7 - column: (a) 79,911,597; (b) 62,275,319; (c) 51,730,267; (d) 81,911,392; (e) 70,334,380; (f) 346,162,955Line 8 - column: (a) 9,224,506; (b) 10,658,164; (c) 10,073,071; (d) 9,602,085; (e) 9,794,570; (f) 49,352,396Line 10 - column: (a) 764,224; (b) 820,392; (c) 902,527; (d) 754,785; (e) 693,874; (f) 3,935,802Line 11 - column: (f) 399,451,153Line 12 - column: (f) 959,044,821Line 14: 82.60%Line 15: 82.13%Line 16a: X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true false true 14394 14394 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 ($13,560) and a good faith estimate of the percentage of membership dues paid to the National Association of Independent Colleges and Universities ($834) that supported lobbying. X X X X false 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 663913585 67894964 151400848 3082178 35698555 1838522 842590142 0.34000 0.38000 0.28000 true false false 35057096 35057096 58517837 25557195 32960642 587493161 193010193 394482968 23400756 18563367 4837389 1228124 1222119 6005 467344100 400770806 Pension Liability 25403490 Refundable Advances 3750058 29153548 X 283586161 -17779818 881492 -9750050 -26648376 310234537 2560693 2560693 312795230 292988038 881492 10036732 10918224 282069814 2560693 2560693 284630507 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 acquisition funds. Institute 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; 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 $7.8 million for tax periods through June 30, 2014. The Institute does not have the ability to estimate the NOL through June 30, 2015, 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 2025 and 2033. The Institute has not recorded a tax benefit for these NOLs for the years ended June 30, 2015 and 2014, 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 $7114370 Rental Expenses $1073401 Direct Expenses - Special Events $1783825 Direct Expenses - Raffles $65136 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 487860 NORTH AMERICA 0 0 PROGRAM SERVICES EXHIBITIONS 76026 SOUTH ASIA 0 0 PROGRAM SERVICES EXHIBITIONS 119064 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES EXHIBITIONS 5158 RUSSIA AND THE NEWLY INDEPEND 0 0 PROGRAM SERVICES EXHIBITIONS 5235 SOUTH AMERICA 0 0 PROGRAM SERVICES EXHIBITIONS 5602 EUROPE 0 0 PROGRAM SERVICES RESEARCH 225669 NORTH AMERICA 0 0 PROGRAM SERVICES RESEARCH 5003 SOUT ASIA 0 0 PROGRAM SERVICES RESEARCH 44540 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES RESEARCH 7255 RUSSIA AND THE NEWLY INDEPEND 0 0 PROGRAM SERVICES RESEARCH 1221 SOUTH AMERICA 0 0 PROGRAM SERVICES RESEARCH 9946 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES RESEARCH 5583 EUROPE 0 0 PROGRAM SERVICES STUDY TRIPS 175810 NORTH AMERICA 0 0 PROGRAM SERVICES STUDY TRIPS 23224 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY TRIPS 30948 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY TRIPS 38002 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY TRIPS 400 CENTRAL AMERICA & CARIBBEAN 0 0 PROGRAM SERVICES STUDY TRIPS 1485 EUROPE 0 0 PROGRAM SERVICES RECRUITING 14956 NORTH AMERICA 0 0 PROGRAM SERVICES RECRUITING 15353 SOUTH ASIA 0 0 PROGRAM SERVICES RECRUITING 11970 EAST ASIA AND THE PACFIC 0 0 PROGRAM SERVICES RECRUITING 98901 SOUTH AMERICA 0 0 PROGRAM SERVICES RECRUITING 11692 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES RECRUITING 2057 EUROPE 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 54019 NORTH AMERICA 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 21237 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 18722 RUSSIA AND THE NEWLY INDEPEND 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 178 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 335 CENTRAL AMERICA & CARIBBEAN 0 0 PROGRAM SERVICES CONF, LECTURES, OTHER EDUCAT 4468 EUROPE 0 0 PROGRAM SERVICES SAIC EXHIBITIONS 19329 SOUTH ASIA 0 0 PROGRAM SERVICES SAIC EXHIBITIONS 4681 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES SAIC EXHIBITIONS 12558 EUROPE 0 0 PROGRAM SERVICES MEMBER TRAVEL 21436 NORTH AMERICA 0 0 PROGRAM SERVICES MEMBER TRAVEL 5735 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES MEMBER TRAVEL 5220 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES MEMBER TRAVEL 1913 EUROPE 0 0 PROGRAM SERVICES MARKETING/PUBLIC RELATIONS 3432 NORTH AMERICA 0 0 PROGRAM SERVICES MARKETING/PUBLIC RELATIONS 420 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES MARKETING/PUBLIC RELATIONS 3628 CENTRAL AMERICA & CARIBBEAN 0 0 PASSIVE INVESTMENTS N/A 321452642 EUROPE 0 0 PASSIVE INVESTMENTS N/A 663994 1266146 322450761 323716907 true false true true true false X X X X X X X true SD&A Teleservs 5757 W Century Los Angele CA 90045 Telemarketing false 212127 159161 52966 212127 159161 52966 IL AL AK CA CO DC FL KS KY MD MA MI MS NH NV NJ NY ND OH OK OR SC UT VA WI WA Women's Board Irish Gala 1750505 1671530 78975 406431 The Walk 632655 514645 118010 609613 10 1838908 1368064 470844 767782 4222068 3554239 667829 1783826 1783826 -1115997 false false 26045 65136 true 1.00000 26045 65136 65136 -39091 IL true false true false 0.60000 0.40000 Alison Sowden 111 South Michigan Avenue Chicago IL 60603 false No employee is compensated as gaming mgr false true 0 0 Student Scholarships and Stipends 3332 38370282 N/A N/A Faculty Enrichment Grants 53 94604 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 true true false false false false false false false false Alison Sowden EVP & CFO 219733 18630 18375 24072 280810 Brian Esker VP of Finance and Admin SAIC 194541 17960 75000 11284 298785 David Thurm COO Museum 415695 60458 23400 22965 522518 Dorothy Schroeder VP, Exhibitions 126925 84111 325000 8154 544190 Douglas Druick Pres & Dir, Mus 504516 132653 722000 20044 1379213 Elissa Tenny Provost/SVP Acad Affairs 310274 7725 57686 17392 393077 Elizabeth Grainer VP of Aux Ops 192853 1159 144000 9584 347596 Eugene Adams VP of IS/CIO 205205 1047 98000 25759 330011 Eve Jeffers VP for Museum Development 407025 15720 23400 22465 468610 Gordon Montgomery VP of Marketing 270383 1274 23400 26409 321466 Judith Kirshner Dpty Dir, Educ 206305 1323 15519 1013 224160 Julia Getzels EVP & Gen Couns 368755 21804 117000 24785 532344 Lisa Wainwright Faculty Dean/VP Acad Admin 234442 528 21780 21099 277849 Martha Tedeschi Deputy Director for Art & Research 195836 1749 168000 24125 389710 Michael Nicolai VP for Human Resources 190111 19440 49000 22334 280885 Patricia Lawson Controller 186218 50000 18140 57000 10764 322122 37500 Rose Milkowski VP for Enrollment Mgmt 195489 267 17850 3032 216638 Tom Buechele VP for Campus Operations 182229 1266 65000 22705 271200 Walter Massey President, Sch 525433 40280 23903 12 589628 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. 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 24010000 66292422 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 false 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- 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, Columns B & C- This question is being answered without regard to yield-restricted advance refunding escrow financed with proceeds of the bonds. X 2804 See Part II X 5 See Part II X 15860 FMV X 185 11102623 FMV X Dept'l Supplies 22 54104 FMV X Special Events 225 382269 FMV X Airfare 163 80085 FMV 55 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 accounting principles. In fiscal year 2015, the School accepted a gift of 2270 works from the estate of a donor. 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, Kenneth Griffin, Andrew Rosenfield, and Byron Trott; Thomas J. Pritzker and Samuel M. Mencoff; Thomas J. Pritzker and Matthew Gibson; Thomas J. Pritzker and Cary D. McMillan; Thomas J. Pritzker and Byron Trott; Thomas J. Pritzker and William M. Daley; Samuel M. Mencoff and A. Steven Crown; Byron Trott and Joseph Mansueto; Kenneth C. Griffin and James A. Gordon; Anne R. Pramaggiore, Joseph P. Gromacki, and Caryn Harris; A. Steven Crown and Anne Pramaggiore; A. Steven Crown and Robert M. Levy; Jay Frederick Krehbiel and Frederick H. Waddell; Fred Eychaner and Byron Trott; Sarah Nava Garvey and Eric T. McKissack. Form 990, Part VI, Line 11b: Form 990 Review Process A full version of the Form 990 is reviewed in detail by the Institute's Audit Committee before filing with the Internal Revenue Service, including Schedule B-Schedule of Contributors. The Board of Trustees is provided a copy of the public disclosure version of the Form 990 before it is filed with the Internal Revenue Service. Schedule B is made available to the Board of Trustees upon request, however, a copy is not widely distributed. 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 = -$19786782 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 V, Line 7h Form 1098-C is not applicable to the Institute. 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 hours per week devoted by Trustees 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). 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