The Economic Club of Chicago: Form 990, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- The Economic Club of Chicago (EIN 36-1022340)
- Tax period
- 2012-07-01 to 2013-06-30
- Filed
- 2014-01-15
- IRS object ID
- 201430179349300443
- Schema version
- 2012v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2014-01-15T16:07:22-06:00 | Timestamp |
| Tax Period End Date | 2013-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 420714325 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MCGLADREY LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 S WACKER DRIVE STE 800 | AddressLine1 |
| City | CHICAGO | City |
| State | IL | State |
| ZIP Code | 60606 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2012-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 361022340 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | The Economic Club of Chicago | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | ECON | NameControl |
| Phone | 3127261628 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 177 N State Street No 404 | AddressLine1 |
| City | Chicago | City |
| State | IL | State |
| ZIP Code | 60601 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Donna F Zarcone | Name |
| Title | President/CEO | Title |
| Phone | 3127261628 | Phone |
| Date Signed | 2014-01-15 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Wayne Harder | Name |
| PTIN | P00294296 | PTIN |
| Phone | 3126343400 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2015-11-30 17:44:51Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Amended Return | X | AmendedReturn |
| Name Of Principal Officer Person | Donna F Zarcone | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 177 N State Street No 404 | AddressLine1 |
| City | Chicago | City |
| State | IL | State |
| ZIP Code | 60601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 3001888 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | www.econclubchi.org | WebSite |
| Type Of Organization Association | X | TypeOfOrganizationAssociation |
| Year Formation | 1927 | YearFormation |
| State Legal Domicile | IL | StateLegalDomicile |
| Activity Or Mission Description | 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. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 46 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 45 | NbrIndependentVotingMembers |
| Total Nbr Employees | 8 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 1600859 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 1704953 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 902895 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 985917 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 151325 | InvestmentIncomePriorYear |
| Investment Income Current Year | 133178 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 29348 | OtherRevenuePriorYear |
| Other Revenue Current Year | 0 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 2684427 | TotalRevenuePriorYear |
| Total Revenue Current Year | 2824048 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 1224903 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 1005036 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 1725151 | OtherExpensePriorYear |
| Other Expenses Current Year | 1425624 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 2950054 | TotalExpensesPriorYear |
| Total Expenses Current Year | 2430660 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | -265627 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 393388 | RevenuesLessExpensesCY |
| Total Assets BOY | 4239121 | TotalAssetsBOY |
| Total Assets EOY | 4304421 | TotalAssetsEOY |
| Total Liabilities BOY | 2504702 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 1923216 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 1734419 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 2381205 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | During The Economic Club of Chicago's 2012-13 program year, the Club held three Dinner Meetings. Each dinner hosted a guest speaker for the evening as follows: Doug Oberhelmen, Chairman and CEO of Caterpillar, Inc.; Roger Goodell, Commissioner of the National Football League; Kenneth C. Griffin, CEO of Citadel LLC. Total attendance for the Dinner Meetings was 3,105 members and guests. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Forums for the 2012-13: Forum 1 - Dick Costolo, CEO of Twitter; Forum 2 - Discussion on the Plan for Economic Growth and Jobs; Forum 3 - Media and the Digital Revolution. Total attendance for the 2012-13 Forums was 1,001 members and guests. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | In addition to the annual dinners and forums, the Club hosts other meetings and discussions during the year. The 2012-13 program year included, a breakfast meeting with the Honorable Michael R. Bloomberg, Mayor of New York City and the Honorable William M. Daley, Former Commerce Secretary and Former White House Chief of Staff, the Eleventh Annual Leadership Dinners hosted by the members of the Club, a luncheon meeting with John Mackey, Co-CEO and Co-Founder of Whole Foods Market, a luncheon meeting with Sheryl Sandberg, CEO of Facebook, 2013 Chicago Auto Show Luncheon, Joint Forum on Youth Violence with Michelle Obama, a member's dinner meeting discussing author Ayn Rand, an evening at the Art Institute "Picasso and Chicago", a breakfast meeting with Eric Schmidt, Executive Chairman, Google, Inc. and Jared Cohen, Director of Google Ideas, Google, Inc., and Young Leadership Forums (YLF): YLF with Kevin Willer at 1871, YLF with Michael J. Sacks, YLF with Craig Duchossois and Lawrence Levy, and YLF with Margo Georgiadis. Total attendance for the other meetings was 4,165 members and guests. | Description |
Activity Other ActivityOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Membership Meetings, Directors Dinner, Program Planning Meetings | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 1 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 15 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 8 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 46 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 45 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 1 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Donna F Zarcone | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 3127261628 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 177 N State Street Suite 404 | AddressLine1 |
| City | Chicago | City |
| State | IL | State |
| ZIP Code | 60601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | X | InfoInScheduleOPartVII |
Form990 Part VII Section A Form990PartVIISectionA (49 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | FormerFormer |
|---|---|---|---|---|---|---|---|
| Donna F Zarcone | |||||||
| President and CEO | 40.00 | X | X | 343957 | 0 | 8714 | |
| John A Canning Jr | |||||||
| Chairman | 0.00 | X | X | 0 | 0 | 0 | |
| Michael W Ferro Jr | |||||||
| 1st Vice Chairman, Programs | 0.00 | X | X | 0 | 0 | 0 | |
| Andrea L Zopp | |||||||
| 2nd Vice Chairman, Forums | 0.00 | X | X | 0 | 0 | 0 | |
| John R Ettelson | |||||||
| Treasurer | 0.00 | X | X | 0 | 0 | 0 | |
| Patricia H Besser | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Ellen S Alberding | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Jeffrey S Aronin | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Carol L Bernick | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| John A Challenger | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Craig J Duchossois | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Charles L Evans | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Christopher B Galvin | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Ilene S Gordon | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Antonio J Gracias | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Jim Gray | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Kenneth C Griffin | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| David G Herro | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Gary E Holdren | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Joe Mansueto | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| James J O'Connor Jr | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| JB Pritzker | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Penny Pritzker | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Linda Johnson Rice | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Larry D Richman | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Thomas S Ricketts | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Irene B Rosenfield | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| John B Rowe | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Michael J Sacks | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Adele Smith Simmons | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Russ M Strobel | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Michael Tang | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Charles A Tribbett III | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Fredrick H Waddell | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| David B Weinberg | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Eric E Whitaker MD | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Bruce W White | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Kevin W Willer | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Thomas J Wilson | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Patricia A Woertz | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| William Wrigley Jr | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Jack Hartman | |||||||
| Secretary | 0.00 | X | X | 0 | 0 | 0 | |
| Robert A Livingston | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Siddharth N Mehta | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Alejandro Silva | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| Donald Thompson | |||||||
| Board Member | 0.00 | X | 0 | 0 | 0 | ||
| John W Rogers Jr | |||||||
| Ex-Officio Member | 0.00 | X | 0 | 0 | 0 | ||
| David B Speer | |||||||
| Ex-Officio Member | 0.00 | X | 0 | 0 | 0 | ||
| Grace Barry Retired | |||||||
| Retired President | 0.00 | 251694 | 0 | 3649 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 595651 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 12363 | TotalOtherCompensation |
| Number Individuals GT100 K | 2 | NumberIndividualsGT100K |
| Formers Listed | 1 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
| Number Of Contractors GT100 K | 0 | NumberOfContractorsGT100K |
| Membership Dues | 1704953 | MembershipDues |
| Total Contributions | 1704953 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| Dinners | 900099 | 507027 | 507027 |
| Other Meetings | 900099 | 382135 | 382135 |
| Forums | 900099 | 96755 | 96755 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 985917 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 109860 | TotalRevenueColumn |
| Exclusion | $109,860 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 201158 | Securities |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 177840 | Securities |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 23318 | Securities |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 23318 | TotalRevenueColumn |
| Exclusion | $23,318 | ExclusionAmount |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 2824048 | TotalRevenueColumn |
| Related Or Exempt Function Income | 985917 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $133,178 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 325000 | Total |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 350880 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 74115 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 156498 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 50408 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 48135 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 24225 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 39775 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 40673 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 114995 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 65660 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 62232 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 14131 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 11231 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 9753 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 15729 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| Meals | 773988 |
| Facility | 210550 |
| Other Program Costs | 27664 |
| Printing and Postage Co | 15018 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2430660 | Total |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 769418 | BOY |
| EOY | 683799 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 271116 | BOY |
| EOY | 35666 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19763 | BOY |
| EOY | 17800 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 372988 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 337298 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 33933 | BOY |
| EOY | 35690 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3144891 | BOY |
| EOY | 3531466 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4239121 | BOY |
| EOY | 4304421 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 164987 | BOY |
| EOY | 168516 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 545275 | BOY |
| EOY | 1100 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1794440 | BOY |
| EOY | 1753600 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2504702 | BOY |
| EOY | 1923216 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1734419 | BOY |
| EOY | 2381205 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1734419 | BOY |
| EOY | 2381205 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4239121 | BOY |
| EOY | 4304421 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expenses | 393388 | ReconcilationRevenueExpenses |
| Reconciliation Unrealized Invest | 253398 | ReconciliationUnrealizedInvest |
| Reconcilation Other Changes | 0 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
FS Audited Basis FSAuditedBasis
| Field | Value | IRS element (for citing) |
|---|---|---|
| Financial Statement Separate | X | FinancialStatementSeparate |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | 1 | AuditCommittee |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 372988 | OtherCostOrOtherBasis |
| Depreciation | 337298 | Depreciation |
| Book Value | 35690 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 35690 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Vanguard Investments | Description |
| Book Value | 3531466 | BookValue |
| Method Of Valuation | F | MethodOfValuation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 3531466 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Deferred Compensation for Retired President | Description |
| Amount | $1,753,600 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 1753600 | TotalOfAmounts |
| Footnote In Part XIII | X | FootnoteInPartXIII |
| Tot Revenue Etc Audited Fincl Stmt | 4035780 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 253397 | NetUnrealizedGainsInvestments |
| Donated Srvc And Use Of Facilities | 958335 | DonatedSrvcAndUseOfFacilities |
| Revenue Not Rptd F990 | 1211732 | RevenueNotRptdF990 |
| Revenue Subtotal | 2824048 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 2824048 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 3388995 | TotExpensesEtcAuditedFinclStmt |
| Donated Services Use Of Facilities | 958335 | DonatedServicesUseOfFacilities |
| Expenses Not Rptd F990 | 958335 | ExpensesNotRptdF990 |
| Expenses Subtotal | 2430660 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 2430660 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIII Form990ScheduleDPartXIII (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Description of Uncertain Tax Positions Under FIN 48: | Part X, Line 2: | 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. During 2013 and 2012, the Club did not have any significant income subject to unrelated business income taxes. The following text is provided in Footnote 1 of the Organization's audited financial statements to report the liability for uncertain tax positions under ASC 740: 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 (UBTI). 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, 2013 and 2012, there were no unrecognized tax benefits identified or recorded as liabilities. The Club files Form 990 in the U.S. federal jurisdiction. The Club is generally no longer subject to examination by the Internal Revenue Service for fiscal years ended before June 30, 2010. |
| Part X: 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 J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | X | IndependentConsultant |
| Form990 Of Other Organizations | X | Form990OfOtherOrganizations |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 1 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (2 entries)
| TitleTitle | Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Donna F Zarcone | ||||||||||||||
| President and CEO | 343807 | 0 | 0 | 0 | 150 | 0 | 7583 | 0 | 1131 | 0 | 352671 | 0 | 0 | 0 |
| Grace Barry Retired | ||||||||||||||
| Retired President | 83909 | 0 | 0 | 0 | 167785 | 0 | 0 | 0 | 3649 | 0 | 255343 | 0 | 167785 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Reference | Part I, Line 4b | ReturnReference |
| Explanation | Grace Barry, Retired President, received a pay out from her non-qualified supplemental retirement plan in the amount of $167,785. | Explanation |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (9 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| Form 990, Part VI, Section A, line 2 | J.B. Pritzker and Penny Pritzker are brother and sister. |
| Form 990, Part VI, Section A, line 6 | The Economic Club of Chicago is comprised of members who pay annual membership dues. |
| Form 990, Part VI, Section A, line 7a | During the annual meeting held in April of each year, the members of the Club elect members into the positions of director, officer, or member of the Executive Committee as they need to be filled. |
| Form 990, Part VI, Section A, line 7b | The governing body is elected each year by the members of the Club. The Executive Committee is responsible for making certain decisions on behalf of the Board of Directors. |
| Form 990, Part VI, Section B, line 11 | 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 prepares the Tax Form 990. The Club's Finance Committee meets to review the audit reports and the Form 990. Upon review by the Finance Committee a copy of the Form 990 is sent to the Executive Committee for final review before the tax return is filed. The initial Form 990 for the fiscal year ending June 30, 2013 was inadvertently filed by McGladrey, LLP, preparer accounting firm, prior to the review and approval from the Finance Committee and Executive Committee. This amended filing however, is made following proper review and approval from the Finance Committee and Executive Committee. |
| Form 990, Part VI, Section B, line 12c | The Economic Club has a conflict of interest policy which was reviewed and approved by the Executive Committee on June 6, 2011. All directors review and 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 Director's 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, Section B, line 15 | The Club engaged an outside consultant to complete a review of compensation of the staff and key employees of the organization. Compensation benchmarking was performed. The compensation findings were first presented to the Finance Committee for a detailed review and then presented to the Executive Committee and approved. |
| Form 990, Part VI, Section C, line 19 | The Economic Club's Form 990 is available upon request. |
| Form 990, Part VII, Section A | The Board of Directors is comprised of Directors and Officers, with select Directors and Officers also serving on the Executive Committee and Finance Committee. The Board of Directors meets twice a year, while the Executive Committee and Finance Committee each meet four times a year. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | The Economic Club of Chicago | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 177 N State St Ste 404 | AddressLine1 |
| City | Chicago | City |
| State | IL | State |
| ZIP Code | 60601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 300748997 | EIN |
| Primary Activities | Economic Development/Education | PrimaryActivities |
| Legal Domicile State | IL | LegalDomicileState |
| Exempt Code Section | 501(c)(3) | ExemptCodeSection |
| Public Charity Status | Line 9 | PublicCharityStatus |
| Controlled Org | 0 | ControlledOrg |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | 0 | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | 0 | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | 0 | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | 0 | LoansOrGuaranteesFromOtherOrg |
| Dividends Related Organization | 0 | DividendsRelatedOrganization |
| Sale Of Assets To Other Org | 0 | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | 0 | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | 0 | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | 0 | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | 0 | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | 0 | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | 0 | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | 0 | SharingOfFacilities |
| Sharing Of Paid Employees | 0 | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | 0 | OtherTransferToOtherOrg |
| Other Transfer From Other Org | 0 | OtherTransferFromOtherOrg |
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