2015-01-20T17:00:03-06:00 2014-06-30 CROWE HORWATH LLP 225 WEST WACKER DRIVE SUITE 2600 CHICAGO IL 606061224 990 2013-07-01 361022340 THE ECONOMIC CLUB OF CHICAGO ECON 3127261628 177 N STATE STREET CHICAGO IL 60601 DONNA F ZARCONE PRESIDENT/CEO 2015-01-20 true NICOLE BENCIK P00756195 3128997000 2013 2016-03-07 17:11:31Z DONNA F ZARCONE 177 N STATE STREET CHICAGO IL 60601 3218810 false X WWW.ECONCLUBCHI.ORG X 1927 IL THE ECONOMIC CLUB OF CHICAGO FOSTERS MEANINGFUL CONNECTIONS AMONG CHICAGO LEADERS TO ENCOURAGE DIALOGUE ON IMPORTANT ECONOMIC AND SOCIAL ISSUES AND TO CULTIVATE THE NEXT GENERATION OF CIVIC LEADERSHIP. 46 45 10 45 0 0 1704953 1839559 985917 1079158 133178 170481 0 0 2824048 3089198 0 0 0 0 1005035 1206259 0 0 0 1425624 1645942 2430659 2852201 393389 236997 4304421 5000677 1923216 1906084 2381205 3094593 THE ECONOMIC CLUB OF CHICAGO FOSTERS MEANINGFUL CONNECTIONS AMONG CHICAGO LEADERS TO ENCOURAGE DIALOGUE ON IMPORTANT ECONOMIC AND SOCIAL ISSUES AND TO CULTIVATE THE NEXT GENERATION OF CIVIC LEADERSHIP. false false THE ECONOMIC CLUB OF CHICAGO HELD FOUR DINNER MEETINGS DURING THE 2013-2014 PROGRAM YEAR. EACH DINNER HOSTED ONE OR MORE GUEST SPEAKERS WHICH INCLUDED: TOM RICKETTS, CHAIRMAN OF THE CHICAGO CUBS, THEO EPSTEIN, PRESIDENT OF BASEBALL OPERATIONS FOR THE CHICAGO CUBS, ARNE DUNCAN, SECRETARY OF EDUCATION FOR THE US DEPARTMENT OF EDUCATION, WENDY KOPP, FOUNDER & CHAIR OF TEACH FOR AMERICA, SIR MARTIN SORRELL, GROUP CEO OF WPP PLC, AND W. JAMES MCNERNEY, JR., CHAIRMAN, PRESIDENT, AND CEO OF THE BOEING COMPANY. TOTAL ATTENDANCE AT THESE FOUR MEETINGS WAS 3,608 MEMBERS AND GUESTS. VIDEOS OF THESE PROGRAMS ARE POSTED ON THE CLUB'S WEBSITE FOR VIEWING BY THE GENERAL PUBLIC. THE ECONOMIC CLUB OF CHICAGO HELD THREE FORUM MEETINGS DURING THE 2013-2014 PROGRAM YEAR. EACH FORUM HOSTED PANELISTS OR A GUEST SPEAKER WHICH INCLUDED: MICHAEL FERTIK, FOUNDER & CEO OF REPUTATION.COM, MATTHEW MALONEY, CEO OF GRUBHUB SEAMLESS, VICTORIA RANSOM, CO-FOUNDER & CEO OF WILDFIRE, CHRIS CHRISTIE, GOVERNOR OF THE STATE OF NEW JERSEY, AND GENERAL MICHAEL HAYDEN, PRINCIPAL OF THE CHERTOFF GROUP. TOTAL ATTENDANCE AT THESE THREE MEETINGS WAS 2,309 MEMBERS AND GUESTS. VIDEOS OF THESE PROGRAMS ARE POSTED ON THE CLUB'S WEBSITE FOR VIEWING BY THE GENERAL PUBLIC. IN ADDITION TO THE ANNUAL DINNER AND FORUM MEETINGS, THE CLUB HOSTS OTHER PROGRAMS DURING THE YEAR. THESE ADDITIONAL MEETINGS AND PROGRAMS INCLUDED: A LUNCHEON MEETING WITH BRIAN T. MOYNIHAN, CEO OF BANK OF AMERICA, A DISCUSSION SERIES ON ABRAHAM LINCOLN AS A LEADER, A CONSUL GENERAL LUNCHEON WITH TONI PRECKWINKLE, COOK COUNTY BOARD PRESIDENT, A CHICAGO AUTO SHOW LUNCHEON WITH JOSEPH R. HINRICHS, EVP & PRESIDENT OF FORD MOTOR COMPANY AMERICAS, THE TWELFTH ANNUAL LEADERSHIP DINNERS AND THE CIVIC LEADERSHIP DINNERS HOSTED BY THE MEMBERS OF THE CLUB, THE ANNUAL NEW MEMBER LUNCHEON, THE ANNUAL DIRECTORS DINNER, AN EVENING AT THE LYRIC OPERA OF CHICAGO, YOUNG LEADERSHIP FORUMS WITH JOHN R. ETTELSON, CHAIRMAN AND CEO OF WILLIAM BLAIR & COMPANY, FREDERICK HENDERSON, CHAIRMAN AND CEO OF SUNCOKE ENERGY, DR. RICHARD LARIVIERE, PRESIDENT AND CEO OF THE FIELD MUSEUM OF NATURAL HISTORY, AND TOM MENDOZA, VICE CHAIRMAN OF NETAPP, AND ROUNDTABLE DISCUSSIONS WITH WIM ELFRINK, EVP OF INDUSTRY SOLUTIONS AND CHIEF GLOBALIZATION OFFICER OF CISCO, DR. RAMANATHAN RAJU, CEO OF COOK COUNTY HEALTH AND HOSPITAL SYSTEM, AND AARON HURST, CEO OF IMPERATIVE. TOTAL ATTENDANCE FOR THE OTHER MEETINGS WAS 2,381 MEMBERS AND GUESTS. false false false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false true false false false true 11 0 true 10 true false false false false false false X 46 45 false false false false true true true true true false false true true true true true true true false false X DONNA F ZARCONE 3127261628 177 N STATE STREET STE 404 CHICAGO IL 60601 DONNA F ZARCONE PRESIDENT AND CEO 40.00 X X 400070 0 14006 ELIZABETH REESE TREASURER 2.00 X X 0 0 0 JAMES DEZELLAR SECRETARY 1.00 X X 0 0 0 JB PRITZKER FIRST VICE CHAIRMAN, PROGRAMS 1.00 X X 0 0 0 JOHN A CANNING JR EX OFFICIO 1.00 X X 0 0 0 JOHN R ETTELSON CHAIRMAN 2.00 X X 0 0 0 PHYLLIS LOCKETT SECOND VICE CHAIRMAN, FORUMS 1.00 X X 0 0 0 ALEJANDRO SILVA BOARD MEMBER 0.20 X 0 0 0 ANDREA L ZOPP BOARD MEMBER 0.20 X 0 0 0 ANNE PRAMAGGIORE BOARD MEMBER 0.20 X 0 0 0 ANTONIO J GRACIAS BOARD MEMBER 0.20 X 0 0 0 BRUCE W WHITE BOARD MEMBER 0.20 X 0 0 0 CAROL L BERNICK BOARD MEMBER 0.20 X 0 0 0 CHARLES L EVANS BOARD MEMBER 0.20 X 0 0 0 CRAIG J DUCHOSSOIS BOARD MEMBER 0.20 X 0 0 0 DAVID B WEINBERG BOARD MEMBER 1.00 X 0 0 0 DAVID G HERRO BOARD MEMBER 0.20 X 0 0 0 DEBRA CAFARO BOARD MEMBER 0.20 X 0 0 0 DONALD THOMPSON BOARD MEMBER 0.20 X 0 0 0 ELLEN S ALBERDING BOARD MEMBER 0.20 X 0 0 0 ERIC E WHITAKER MD BOARD MEMBER 0.20 X 0 0 0 FREDRICK H WADDELL BOARD MEMBER 0.20 X 0 0 0 GLENN TILTON BOARD MEMBER 0.20 X 0 0 0 GREGORY BROWN BOARD MEMBER 0.20 X 0 0 0 ILENE S GORDON BOARD MEMBER 1.00 X 0 0 0 JACK HARTMAN BOARD MEMBER 1.00 X 0 0 0 JEFFREY S ARONIN BOARD MEMBER 0.20 X 0 0 0 JIM GRAY BOARD MEMBER 0.20 X 0 0 0 JOE MANSUETO BOARD MEMBER 0.20 X 0 0 0 JOHN A CHALLENGER BOARD MEMBER 0.20 X 0 0 0 KENNETH C GRIFFIN BOARD MEMBER 0.20 X 0 0 0 KEVIN W WILLER BOARD MEMBER 1.00 X 0 0 0 LARRY D RICHMAN BOARD MEMBER 1.00 X 0 0 0 LINDA JOHNSON RICE BOARD MEMBER 0.20 X 0 0 0 MARGO GEORGIADIS BOARD MEMBER 0.20 X 0 0 0 MARTIN NESBITT BOARD MEMBER 0.20 X 0 0 0 MICHAEL J SACKS BOARD MEMBER 0.20 X 0 0 0 MICHAEL TANG BOARD MEMBER 1.00 X 0 0 0 MICHAEL W FERRO JR BOARD MEMBER 1.00 X 0 0 0 PATRICIA H BESSER BOARD MEMBER 0.20 X 0 0 0 PATRICIA HEMINGWAY HALL BOARD MEMBER 0.20 X 0 0 0 ROBERT A LIVINGSTON BOARD MEMBER 0.20 X 0 0 0 SIDDHARTH N MEHTA BOARD MEMBER 0.20 X 0 0 0 THOMAS J WILSON BOARD MEMBER 0.20 X 0 0 0 THOMAS S RICKETTS BOARD MEMBER 0.20 X 0 0 0 WILLIAM WRIGLEY JR BOARD MEMBER 0.20 X 0 0 0 GRACE BARRY RETIRED PRESIDENT X 72220 0 95565 472290 0 109571 2 true true false 0 1839559 1839559 DINNERS 900099 636226 636226 OTHER MEETINGS 900099 213027 213027 FORUMS 900099 229905 229905 0 0 0 0 0 0 1079158 100093 100093 0 0 0 0 0 200000 129612 70388 0 70388 70388 0 0 0 0 0 0 0 0 0 0 0 3089198 1079158 0 170481 0 0 0 0 388500 0 542243 150472 59863 65181 0 0 35909 0 0 14824 41307 0 155079 202422 0 62010 9331 0 13686 0 0 15572 17229 MEALS 830216 FACILITY 238290 10067 2852201 0 0 0 683799 300924 35666 20319 0 0 0 0 17800 29483 541382 349050 35690 192332 3531466 4457619 0 0 0 0 0 4304421 5000677 168516 195374 1100 0 0 1753600 1710710 1923216 1906084 X 2381205 3094593 2381205 3094593 4304421 5000677 236997 470496 5895 0 X false true X true false 0 0 0 0 541382 349050 192332 192332 0 DEFERRED COMPENSATION FOR RETIRED PRESIDENT 1710710 1710710 X 3639094 470496 79400 0 549896 3089198 0 0 3089198 2925706 73505 0 73505 2852201 0 0 2852201 SCHEDULE D, PART X, DEFERRED COMPENSATION AGREEMENT THE CLUB ORIGINALLY ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH THE RETIRED PRESIDENT IN JANUARY OF 1998. THE LIABILITY REFLECTS THE CONTRACTUAL OBLIGATIONS UNDER THAT AGREEMENT INCLUDING AMENDMENTS THERETO. THE CLUB CURRENTLY HAS A QUALIFIED 401(K) PLAN AVAILABLE TO ALL EMPLOYEES AND HAS NOT OFFERED AND HAS NO PLANS TO OFFER OTHER RETIREMENT PLANS TO ANY EMPLOYEE. Schedule D, Part X, Line 2, FIN 48 (ASC 740) footnote THE CLUB (AN ILLINOIS NOT-FOR-PROFIT ORGANIZATION) IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE LAW. ACCORDINGLY, NO PROVISION FOR SUCH TAXES HAS BEEN RECOGNIZED IN THESE FINANCIAL STATEMENTS. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE CLUB MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE THAN LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX EXEMPT STATUS OF THE CLUB AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50 PERCENT LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. AT JUNE 30, 2014 AND 2013, THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES. THE CLUB FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION. DUE TO ITS TAX-EXEMPT STATUS THE CLUB IS NOT SUBJECT TO U.S. FEDERAL INCOME TAX OR STATE INCOME TAX. THE CLUB IS NO LONGER SUBJECT TO EXAMINATION BY U.S. FEDERAL TAXING AUTHORITIES AND FOR ALL STATE INCOME TAXES THROUGH 2011. THE CLUB DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS TO SIGNIFICANTLY CHANGE IN THE NEXT 12 MONTHS. THE CLUB RECOGNIZES INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST AND INCOME TAX EXPENSE, RESPECTIVELY. THE CLUB DID NOT HAVE ANY AMOUNTS ACCRUED FOR PENALTIES OR INTEREST AT JUNE 30, 2014 AND 2013. X X X X X X false true false DONNA F ZARCONE PRESIDENT AND CEO 350070 0 50000 0 0 0 10200 0 3806 0 414076 0 0 0 GRACE BARRY RETIRED PRESIDENT 72220 0 0 0 0 0 95565 0 0 0 167785 0 167785 0 Schedule J, Part I, Line 4b, Supplemental nonqualified retirement plan GRACE BARRY, RETIRED PRESIDENT, RECEIVED A PAY OUT FROM HER NON-QUALIFIED SUPPLEMENTAL RETIREMENT PLAN IN THE AMOUNT OF $167,785. Form 990, Part VI, Sec A, Line 1a, Delegate broad authority to a committee THE CLUB HAS AN EXECUTIVE COMMITTEE THAT REPRESENTS AND ASSISTS THE BOARD OF DIRECTORS IN FULFILLING ITS OVERSIGHT AND GOVERNANCE OF THE ORGANIZATION'S STRATEGY, PROGRAMS, MEMBERSHIP BASE, INTERNAL COMMITTEES, AND GENERAL OPERATIONS. THE EXECUTIVE COMMITTEE CONSISTS OF SIX BOARD DIRECTORS AND FIVE AT-LARGE MEMBERS OF THE ECC. THE CLUB ADDITIONALLY HAS A FINANCE COMMITTEE WHICH PROVIDES OVERSIGHT OF ECC'S FINANCIAL MANAGEMENT TO DETERMINE OPERATIONAL VIABILITY AND FINANCIAL SUSTAINABILITY. THE FINANCE COMMITTEE ALSO SERVES AS THE CLUB'S INVESTMENT COMMITTEE AND THE COMPENSATION COMMITTEE FOR THE ECC BOARD OF DIRECTORS (BOARD). THE FINANCE COMMITTEE REPRESENTS AND ASSISTS THE BOARD IN FULFILLING ITS OVERSIGHT RESPONSIBILITY REGARDING THE ECC'S INTERNAL CONTROLS, FINANCIAL REPORTING AND INDEPENDENT AUDITING PROCESSES. Form 990, Part VI, Sec A, Line 6, Classes of members or stockholders THE ECONOMIC CLUB IS A MEMBERSHIP ORGANIZATION AND ITS MEMBERS ARE EXPECTED TO HAVE AN ACTIVE ROLE THEREIN. UPON AND AFTER THE APPOINTMENT OF THE FULL BOARD, THE DIRECTORS SHALL BE DIVIDED INTO THREE CLASSES, DESIGNATED CLASS I, CLASS II AND CLASS III. EACH CLASS SHALL CONSIST, AS NEARLY AS MAY BE POSSIBLE, OF ONE-THIRD OF THE TOTAL NUMBER OF DIRECTORS CONSTITUTING THE ENTIRE BOARD OF DIRECTORS. CLASS I DIRECTORS SHALL BE ELECTED INITIALLY FOR A ONE-YEAR TERM, CLASS II DIRECTORS INITIALLY FOR A TWO YEAR TERM AND CLASS III DIRECTORS INITIALLY FOR A THREE-YEAR TERM. Form 990, Part VI, Sec A, Line 7a, Members or stockholders electing members of governing body THE EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS ELECTS MEMBERS INTO THE POSITIONS OF DIRECTOR, OFFICER, OR MEMBER OF THE EXECUTIVE COMMITTEE AS THEY NEED TO BE FILLED. DURING THE ANNUAL MEETING HELD IN APRIL OF EACH YEAR, MEMBERS APPROVE THE ELECTED GOVERNING BODY VIA A MAJORITY VOTE. Form 990, Part VI, Sec A, Line 7b, Decisions requiring approval by members or stockholders THE GOVERNING BODY IS APPROVED EACH YEAR BY THE MEMBERS OF THE CLUB . ADDITIONALLY, THE FINANCE COMMITTEE AND THE EXECUTIVE COMMITTEE IS RESPONSIBLE FOR MAKING CERTAIN DECISIONS ON BEHALF OF THE BOARD OF DIRECTORS. Form 990, Part VI, Sec B, Line 11b, Review of form 990 by governing body AT THE END OF THE FISCAL YEAR, THE CLUB ENGAGES AN OUTSIDE AUDITOR TO REVIEW ITS FINANCIALS AND PERFORM AN AUDIT. ONCE THE AUDIT IS COMPLETED, AN OUTSIDE ACCOUNTANT ASSISTS IN THE PREPARATION OF THE TAX FORM 990. THE CLUB'S FINANCE COMMITTEE MEETS TO REVIEW AND APPROVE THE AUDIT REPORT AND THE FORM 990. SUBSEQUENT TO THE FINANCE COMMITTEE'S REVIEW, A COPY OF THE FORM 990 IS SENT TO THE EXECUTIVE COMMITTEE FOR REVIEW AND APPROVAL. FINALLY, THE FORM 990 IS DISTRIBUTED TO THE FULL BOARD OF DIRECTORS BEFORE THE TAX RETURN IS FILED. Form 990, Part VI, Sec B, Line 12c, Conflict of interest policy THE ECONOMIC CLUB HAS A CONFLICT OF INTEREST POLICY WHICH WAS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE ON SEPTEMBER 9, 2013 AND SEPTEMBER 8, 2014. DIRECTORS ARE ASKED TO SIGN AN ANNUAL DISCLOSURE STATEMENT INDICATING THEY ARE AWARE OF NO CONFLICTS. ADDITIONALLY, IN ORDER TO COMPLY WITH OUR CONFLICT OF INTEREST POLICY, THE CLUB'S BOARD OF DIRECTORS MUST NOTIFY THE CLUB IF THERE ARE ANY CONFLICTS NOT DISCLOSED PREVIOUSLY DURING THE ANNUAL INDEPENDENCE AFFIRMATION. PROVIDING THIS INFORMATION PROVIDES THE CLUB DISCLOSURE AND TRANSPARENCY TO ASSURE PROPER GOVERNANCE FOR THE CLUB. Form 990, Part VI, Sec B, Line 15a, Process to establish compensation of top management official THE COMPENSATION PAID TO THE PRESIDENT AND CEO WAS DETERMINED BY THE FINANCE COMMITTEE USING COMPARABLE COMPENSATION DATA FROM OTHER ORGANIZATIONS. THE COMPENSATION FOR THE PRESIDENT AND CEO IS FORMALLY APPROVED BY THE FINANCE COMMITTEE ON AN ANNUAL BASIS, AND THE EXECUTIVE COMMITTEE AND DOCUMENTED WITHIN EACH COMMITTEE'S MEETING MINUTES. FORM 990, PART VI, LINE 15B, OFFICER COMPENSATION THE CLUB DOES NOT COMPENSATE ANY OTHER OFFICERS OR KEY EMPLOYEES. PER THE INSTRUCTIONS, THIS QUESTION AS ACCORDINGLY BEEN ANSWERED 'NO'. Form 990, Part VI, Sec C, Line 19, Required documents available to the public FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICIES ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE SERVICE CODE (IRC) SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. THE ECONOMIC CLUB OF CHICAGO 177 N STATE ST STE 404 CHICAGO IL 60601 300748997 ECONOMIC DEVELOPMENT/EDUCATION IL 501(C)(3) 9 NA false false false false false false false false false false false false false false false false false false false false