2013-05-15T15:02:16-05:00 2012-06-30 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2011-07-01 363662985 Lawrence E & Nancy S Glick Foundation LAWR 3123574790 30 South Wells Street No 4049 Chicago IL 60606 David S Rosen 3123574790 2013-05-15 1 David Faje P00031371 3126343400 2011 2016-02-25 16:41:14Z Lawrence E Glick 30 South Wells Street No 4049 Chicago IL 60606 213083 0 X N/A X 1989 IL The Foundation was organized to foster, promote, support, develop, encourage and maintain the broad charitable, educational, and/or religious purposes of The Jewish Federation of Metropolitan Chicago and the foundation as authorized in their by-laws. 5 4 0 6 0 0 0 0 0 0 321113 213071 0 12 321113 213083 501000 500000 0 0 0 0 0 0 0 5270 4750 506270 504750 -185157 -291667 6462541 5723657 2818250 2579750 3644291 3143907 The Foundation was organized to foster, promote, support, develop, encourage and maintain the specific charitable, educational, or religious purposes or functions, or as authorized in the charter of the Jewish Federation of Metropolitan Chicago. 0 0 500000 500000 The Foundation makes grants to charitable organizations, all of which are tax-exempt under the IRC Section 501(c)(3) and meet the guidelines of its by-laws and those of the Jewish Federation of Metropolitan Chicago. 500000 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 1 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 IL X Peter Chiswick 3124442814 30 S Wells Suite 4049 Chicago IL 60606 Lawrence E Glick 0.30 X X 0 0 0 Nancy S Glick 0.30 X X 0 0 0 Charles H Goodman 0.30 X X 0 0 0 Steven B Nasatir 0.30 X X 0 74402 15485 Richard Wexler 0.30 X 0 0 0 Andrew Glick 0.30 X 0 0 0 Jonathan Glick 0.30 X 0 0 0 David S Rosen 0.30 X 0 290817 122131 James Pinkston 0.30 X 0 23158 2722 Michael Tarnoff 0.30 X 0 120639 10263 0 509016 150601 0 0 1 0 0 47610 47610 165461 0 165461 165461 165461 12 12 12 213083 0 0 213083 500000 500000 4750 4750 504750 500000 4750 0 9725 100243 6452816 5623414 6462541 5723657 4750 4750 2153500 2020000 660000 555000 2818250 2579750 X 0 0 0 0 3644291 3143907 3644291 3143907 6462541 5723657 X -291667 -208717 X 0 1 1 X 0 X X X 0 0 0 Jewish Federation of Metropolitan Chicago 362167761 7 1 0 1 0 0 Jewish Federation of Metropolitan Chicago Pooled Investment Fund 5623414 F 5623414 Due to Jewish Federation of Metropolitan Chicago 555000 555000 Description of Uncertain Tax Positions Under FIN 48: Part X: Lawrence E. & Nancy S. Glick Foundation (the Foundation) is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law. 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 Foundation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. 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, 2012 and 2011, there were no unrecognized tax benefits identified or recorded as liabilities. The Foundation files Form 990 in the U.S. federal jurisdiction and the State of Illinois. The Foundation is generally no longer subject to examination by the Internal Revenue Service for years before 2009. 1 Jewish United Fund of Metropolitan Chicago 30 South Wells Suite 4049 Chicago IL 60606 362167034 501(C)(3) 500000 General operating support 1 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Foundation staff perform due diligence on all organizations seeking grants from the Foundation and review grant compliance each year. 0 1 0 0 0 0 0 0 0 David S Rosen 0 278152 0 0 0 12665 0 114632 0 8276 0 413725 0 0 Part I, Line 4b Part I, Line 4b: Michael Tarnoff: The Jewish Federation has an agreement with Michael Tarnoff which provides for annual payments of $30,000 per year that began in 2009 and will end in 2019. In addition, the Jewish Federation has agreed to provide Michael Tarnoff with a split dollar $800,000 insured death benefit. The insurance is designed so that upon Michael Tarnoff's death, the Federation will receive a benefit equal to all of the premiums paid. The life insurance benefit is provided tax free to Michael Tarnoff so there is an additional cash payment to Michael Tarnoff each year to cover the taxes on the PS58 costs as well as the taxes grossed up. Steven B. Nasatir: In 1999 the Jewish Federation entered into an agreement with Steven Nasatir that was contingent upon 5 more years of service as president and CEO and would result in annual payments of $50,000 per year (net of tax) beginning at age 64 and lasting throughout his lifetime. Dr. Nasatir began receiving payments under this agreement in 2009. The $50,000 per year amount is to be adjusted annually in accordance with the CPI index. This benefit is payable to him only for as long as he lives. There is no guaranteed payment amount and no survivor benefit at his death. In addition, the Jewish Federation has agreed to provide Steven Nasatir with a split dollar $1,000,000 insured death benefit. The insurance is designed so that upon Steven Nasatir's death, the Federation will receive a benefit equal to all of the premiums paid. The life insurance benefit is provided tax free to Steven Nasatir so there is an additional cash payment to Steven Nasatir each year to cover the taxes on the PS58 costs as well as the taxes grossed up. David Rosen: The Jewish Federation has an agreement with David Rosen which provides for annual payments of $25,000 per year beginning in 2018 and lasting for ten years. Form 990, Part VI, Section A, line 2 Lawrence E. Glick, Nancy S. Glick, Jonathan Glick and Andrew Glick have a family relationship. Form 990, Part VI, Section A, line 2 Steven Nasatir and Michael Tarnoff have a business relationship. Form 990, Part VI, Section A, line 6 The by-laws stipulate that members of the Foundation are divided into two classes: the donor member and the publicly supported organization member, which is the Jewish Federation of Metropolitan Chicago. Form 990, Part VI, Section A, line 7a The Board of Directors consists of 5 total persons, 2 of whom are elected by the donor member and 3 of whom are elected by the publicly supported organization member pursuant to its established procedures. Form 990, Part VI, Section B, line 11 A board member or officer appointed by the Jewish Federation of Metropolitan Chicago reviewed the Form 990 prior to filing. Form 990, Part VI, Section B, line 12c A conflict of interest questionnaire is circulated to all Board Members on an annual basis. This process is managed by the Foundation's Secretary who ensures all questionnaires are completed. The complete questionnaires are reviewed and any conflicts are disclosed to the Board of Directors. If a Director does have a conflict or business relationship, he or she is required to abstain from any votes related to that matter. Form 990, Part VI, Section C, line 19 Upon request. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -208,717. Jewish Federation of Metropolitan Chicago 30 S Wells Suite 4049 Chicago IL 60606 362167761 Social welfare institution IL 501(C)(3) 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0