2013-05-15T12:53:41-05:00 2012-06-30 381357951 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2011-07-01 208411320 CHICAGOLAND ENTREPRENEURIAL CENTER CHIC 3127752320 222 MERCHANDISE MART PLAZA NO 1212 CHICAGO IL 60654 KEVIN WILLER 3127752320 2013-05-15 1 LU ANN TRAPP P01506476 3122071040 2013-05-15 2011 2016-02-25 16:41:14Z KEVIN WILLER 222 MERCHANDISE MART PLAZA NO 1212 CHICAGO IL 60654 4119505 0 X WWW.CHICAGOLANDEC.ORG X 2006 IL THE CENTER PROMOTES AND GROWS CHICAGO'S ENTREPRENEURIAL COMMUNITY. 8 7 3 170 0 0 1069420 3772787 0 162122 63 294 10475 -48702 1079958 3886501 0 259990 0 0 635524 566618 50000 0 21224 379094 1024673 1064618 1851281 15340 2035220 333180 2778641 310815 721056 22365 2057585 X THE CENTER SEEKS TO MAKE A PERCEPTIBLE AND LASTING ECONOMIC IMPACT ON THE CHICAGO REGION BY HELPING ENTREPRENEURS AND HIGH-GROWTH BUSINESSES BUILD VIABLE, SUSTAINABLE AND PROFITABLE ENTERPRISES. 1 1 1392255 162122 IN FISCAL YEAR 2012, THE CENTER LAUNCHED ITS NEW FLAGSHIP PROGRAM, 1871. THE PROGRAM STARTED IN APRIL 2012 WITH THE OPENING OF ITS 50,000 SQUARE FOOT STATE-OF-THE-ART FACILITY DESIGNATED TO SUPPORT THE FOLLOWING PURPOSES: (1) PROVIDE AFFORDABLE, FLEXIBLE SPACE FOR EARLY-STAGE STARTUP COMPANIES AND ENTREPRENEURS "MEMBERS" WHO ARE BUILDING DIGITAL BUSINESS; (2) PROVIDE EVENTS, MENTORSHIP, CLASSES, AND PROGRAMS THAT ARE RELEVANT TO ENTREPRENEURS' BUILDING DIGITAL BUSINESS; AND (3) PROVIDE OTHER SERVICES AND SUPPORT FOR DIGITAL BUSINESSES AND THE CHICAGO STARTUP COMMUNITY. 259990 259990 FUTURE FOUNDERS PROGRAM - THE PURPOSE IS TO EXPAND ENTREPRENEURSHIP AND CAREER EXPLORATION PROGRAMS FOR UNDERSERVED STUDENTS IN THE CHICAGOLAND AREA. 1652245 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 1 3 1 0 0 0 0 0 1 1 0 0 0 0 X 8 7 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X KEVIN WILLER 3127752320 222 W MERCHANDISE MART PLAZA SUITE CHICAGO IL 60654 KEVIN WILLER 40.00 X X 155077 0 10632 BRYANT KEIL 0.10 X X 0 0 0 JIM O'CONNOR JR 0.10 X X 0 0 0 HANK ADAMS 0.10 X 0 0 0 JOHN AIELLO 0.10 X 0 0 0 LAURA ANDERSON 0.10 X 0 0 0 LESLIE ANDERSON 0.10 X 0 0 0 JEFFREY ARONIN 0.10 X 0 0 0 DAVID BAKER 0.10 X 0 0 0 ROBERT BLACKWELL JR 0.10 X 0 0 0 MATT BROWN 0.10 X 0 0 0 LON CHOW 0.10 X 0 0 0 MICHAEL COLE 0.10 X 0 0 0 STEVE COLLENS 0.10 X 0 0 0 LINDA DARRAGH 0.10 X 0 0 0 DEAN DEBIASE 0.10 X 0 0 0 JIM DUGAN 0.10 X 0 0 0 LARRY EPPLEY 0.10 X 0 0 0 MICHAEL FERRO JR 0.10 X 0 0 0 CHRIS GLADWIN 0.10 X 0 0 0 JAMES GRAY 0.10 X 0 0 0 SAM GUREN 0.10 X 0 0 0 TROY HENIKOFF 0.10 X 0 0 0 WARREN HOLTSBERG 0.10 X 0 0 0 GREGG KAPLAN 0.10 X 0 0 0 TALIA MASHIACH 0.10 X 0 0 0 BRET MAXWELL 0.10 X 0 0 0 MATT MCCALL 0.10 X 0 0 0 RJ MELMAN 0.10 X 0 0 0 MAURA O'HARA 0.10 X 0 0 0 JB PRITZKER RESIGNED 12012 0.10 X 0 0 0 ERIC REEVES 0.10 X 0 0 0 GERALD ROPER 0.10 X 0 0 0 DANNY ROSENBURG 0.10 X 0 0 0 ELLEN RUDNICK 0.10 X 0 0 0 PATRICK RYAN JR 0.10 X 0 0 0 JOE SHENTON 0.10 X 0 0 0 ANDY SKOGLUND 0.10 X 0 0 0 JUERGEN STARK 0.10 X 0 0 0 TIM STOJKA 0.10 X 0 0 0 SCOTT SWANSON 0.10 X 0 0 0 RANDALL TAVIERNE 0.10 X 0 0 0 GENEVIEVE THIERS 0.10 X 0 0 0 LB THOMPSON 0.10 X 0 0 0 DAVID TOLMIE 0.10 X 0 0 0 JASON TYLER 0.10 X 0 0 0 SAM YAGAN 0.10 X 0 0 0 SCOTT ISSEN 40.00 X 71178 0 4430 226255 0 15062 1 0 1 0 0 737200 2355757 679830 99475 3772787 TENANT RENT 900099 82718 82718 MEMBER RENT 900099 71611 71611 EVENTS INCOME 900099 7793 7793 162122 294 294 184302 737200 233004 -48702 -48702 3886501 162122 0 -48408 259990 259990 154269 126969 27300 353528 253847 78457 21224 15475 15475 43346 43346 5605 5605 308900 308900 45863 19221 26642 9095 9095 554340 516122 38218 34665 34665 37261 37261 1590 1590 OTHER PROGRAM SPONSORSH 27200 27200 MISCELLANEOUS 154 154 1851281 1652245 177812 21224 55214 51524 136610 4521 123399 258764 69794 15663 7952 2423024 36938 2294 2386086 333180 2778641 65329 136259 56250 0 189236 584797 310815 721056 X -88017 1957585 110382 100000 22365 2057585 333180 2778641 2035220 0 X 0 1 1 X 0 X 245983 684409 505970 1069420 3772787 6278569 245983 684409 505970 1069420 3772787 6278569 313014 5965555 3089 1075 63 294 4521 6283090 346424 0.94950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2267731 31940 2235791 145693 4464 141229 9600 534 9066 2386086 DEFERRED RENT 492897 REFUNDABLE DEPOSITS 91900 584797 3886501 1851281 2035220 2035220 3886501 0 3886501 0 3886501 1851281 0 1851281 0 1851281 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CENTER AND RECOGNIZE A TAX LIABILITY IF THE CENTER HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITION TAKEN BY THE CENTER HAS CONCLUDED THAT AS OF JUNE 30, 2012 AND 2011, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CENTER IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2009. X X X X X X X 1 PJH ASSOCIATES 205 W WACKER DRIVE CHICAGO IL 60606 CONSULTANT FOR MOMENTUM DINNER 0 921502 32778 888724 921502 32778 888724 IL MOMENTUM AWARDS DINNER 921502 737200 184302 233004 921502 737200 184302 233004 233004 -48702 EXPLANATION OF FUNDRAISING PAYMENTS SCHEDULE G, PART I, LINE 2B, COLUMN (V) CONSULTANT FOR MOMENTUM FUNDRAISING DINNER 1 THE INNOVATION FOUNDATION 600 W CHICAGO AVE STE 700 CHICAGO IL 60654 451225075 501(C)(3) 259990 FUNDING FOR FUTURE FOUNDERS PROGRAM 1 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ORGANIZATION MADE A CONTRIBUTION TO ANOTHER 501(C)(3) ORGANIZATION WITH SIMILAR MISSION FOR THE GENERAL SUPPORT OF THE FUTURE FOUNDERS PROGRAM. SINCE THE FUNDS ARE TO BE USED FOR THE GENERAL SUPPORT OF THIS PROGRAM, WE DO NOT REQUIRE THIS ORGANIZATION TO SUBSTANTIATE THEIR EXPENDITURES RELATED TO THIS CONTRIBUTION. X X 0 0 0 0 0 0 0 0 0 KEVIN WILLER 155077 0 0 0 0 0 0 0 10632 0 165709 0 0 0 MIKE HUFFSTETLER NEPHEW OF BOARD CO-CHAIR, BRYANT KEIL 21224 EMPLOYEE COMPENSATION 0 JB PRITZKER FORMER BOARD MEMBER 495084 CEC SUB-LEASES THEIR CURRENT SPACE AT THE MERCHANDISE MART FROM TNDP, LLC OWNED BY FORMER CEC BOARD MEMBER J.B. PRITZKER. TNDP, LLC SIGNED THE MASTER LEASE FOR THE MERCHANDISE MART SPACE AND SUB-LEASES THIS SAME SPACE TO CEC AT THE SAME TERMS TNDP, LLC HAS NEGOTIATED WITH THE MERCHANDISE MART. PER THE TERMS OF THE LEASE NO RENTAL PAYMENTS WERE PAID TO TNDP, LLC DURING THE CURRENT YEAR, HOWEVER THE $495,084 RENTAL EXPENSE BEING REPORTED IS BASED ON THE STRAIGHT-LINED RENTAL EXPENSE OVER THE LIFE OF THE LEASE PER GAAP REPORTING REQUIREMENTS. J.B. PRITZKER RESIGNED FROM THE BOARD IN JANUARY 2012, PRIOR TO THIS TRANSACTION BEING NEGOTIATED. 0 X COMPUTERS/TECHNOLOGY EQUIPMENT 1 99475 FMV - RETAIL PRICE 0 0 0 NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 IN FISCAL YEAR 2012, THE CENTER LAUNCHED ITS NEW FLAGSHIP PROGRAM, 1871. THE PROGRAM STARTED IN APRIL 2012 WITH THE OPENING OF ITS 50,000 SQUARE FOOT STATE-OF-THE-ART FACILITY DESIGNATED TO SUPPORT THE FOLLOWING PURPOSES: (1) PROVIDE AFFORDABLE, FLEXIBLE SPACE FOR EARLY-STAGE STARTUP COMPANIES AND ENTREPRENEURS "MEMBERS" WHO ARE BUILDING DIGITAL BUSINESS; (2) PROVIDE EVENTS, MENTORSHIP, CLASSES, AND PROGRAMS THAT ARE RELEVANT TO ENTREPRENEURS' BUILDING DIGITAL BUSINESS; AND (3) PROVIDE OTHER SERVICES AND SUPPORT FOR DIGITAL BUSINESSES AND THE CHICAGO STARTUP COMMUNITY. CHANGES IN PROGRAM SERVICES FORM 990, PART III, LINE 3 DURING FISCAL YEAR 2012, THE CENTER SPUN OUT THE FUTURE FOUNDERS PROGRAM INTO A SEPARATE ENTITY CALLED THE FUTURE FOUNDERS FOUNDATION THAT IS SEPARATELY RUN AND GOVERNED. THE FUTURE FOUNDERS FOUNDATION WAS ESTABLISHED TO EXPAND ENTREPRENEURSHIP AND CAREER EXPLORATION PROGRAMS FOR UNDERSERVED STUDENTS IN THE CHICAGOLAND AREA. ON NOVEMBER 1, 2011, THE CENTER GRANTED THE REMAINING BALANCE OF THE RESTRICTED CONTRIBUTIONS THAT WERE AVAILABLE AT THE TIME OF THE SPINOFF TO THE INNOVATION FOUNDATION, A 501(C)(3) ORGANIZATION THAT WOULD RUN THE FUTURE FOUNDERS PROGRAM UNTIL THE FUTURE FOUNDERS FOUNDATION BECAME ITS OWN 501(C)(3) ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 2 MATT MCCALL, BOARD MEMBER AND J.B. PRITZKER, FORMER BOARD MEMBER - BUSINESS RELATIONSHIP HANK ADAMS, BOARD MEMBER AND J.B. PRITZKER, FORMER BOARD MEMBER - BUSINESS RELATIONSHIP TALIA MASHIACH, BOARD MEMBER AND J.B. PRITZKER, FORMER BOARD MEMBER - BUSINESS RELATIONSHIP GENEVIEVE THIERS, BOARD MEMBER AND J.B. PRITZKER, FORMER BOARD MEMBER - BUSINESS RELATIONSHIP BRET MAXWELL, BOARD MEMBER AND TALIA MASHIACH, BOARD MEMBER - BUSINESS RELATIONSHIP JIM DUGAN, BOARD MEMBER AND CHRIS GLADWIN, BOARD MEMBER - BUSINESS RELATIONSHIP KEVIN WILLER,CEO; J.B. PRITZKER, FORMER BOARD MEMBER; AND TROY HENIKOFF, SAM YAGAN, JIM DUGAN, MICHAEL FERRO, BOARD MEMBERS - BUSINESS RELATIONSHIP DANNY ROSENBERG, BOARD MEMBER AND JOHN AIELLO, BOARD MEMBER - BUSINESS RELATIONSHIP JOHN AIELLO, BOARD MEMBER AND PATRICK RYAN, BOARD MEMBER - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED TO REFLECT THE FOLLOWING CHANGES: - GENERAL UPDATE OF BYLAWS TO REFLECT BUSINESS CHANGES - UPDATED BOARD OF DIRECTORS COUNT TO EIGHT AND ESTABLISHED ALL VOTING POWER WITH EXECUTIVE COMMITTEE ONLY - CREATED NONVOTING GROUP OF BOARD MEMBERS - CREATED INDEPENDENT SELECTION COMMITTEE FOR 1871 APPLICANTS FORM 990, PART VI, SECTION B, LINE 11 THE BOARD RETAINS THE SERVICES OF AN INDEPENDENT CPA FIRM TO PREPARE THE ORGANIZATION'S FORM 990. THE CFO, VP OF OPERATIONS AND CEO REVIEW THE COMPLETED FORM 990. A MEETING OR CONFERENCE CALL IS SCHEDULED FOR THE CPA FIRM AND ORGANIZATION MANAGEMENT TO DISCUSS THE FORM 990 WITH THE FINANCE AND AUDIT COMMITTEE. A FULL COPY OF THE 990 IS PROVIDED TO ALL VOTING MEMBERS OF THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CEC SENDS OUT ANNUAL REMINDERS TO THE BOARD ASKING FOR UPDATES TO THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO IS APPROVED BY THE CHAIRMAN OF THE ORGANIZATION. OTHER KEY EMPLOYEES' COMPENSATION IS APPROVED BY THE CEO. VARIOUS SURVEYS AND OTHER SOURCES CONTAINING SALARY INFORMATION ARE USED IN DETERMINING COMPENSATION FOR EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.