2013-11-12T18:03:19-06:00 2013-06-30 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2012-07-01 361022340 The Economic Club of Chicago ECON 3127261628 177 N State Street No 404 Chicago IL 60601 Donna F Zarcone 3127261628 2013-11-12 1 Wayne Harder P00294296 3126343400 2012 2016-02-24 21:20:13Z Donna F Zarcone 177 N State Street No 404 Chicago IL 60601 2824048 0 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 8 0 0 0 1600859 1704953 902895 985917 151325 133178 29348 0 2684427 2824048 0 0 0 0 1224903 1005035 0 0 0 1725151 1425624 2950054 2430659 -265627 393389 4239121 4304421 2504703 1923216 1734418 2381205 X 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. 0 0 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 Citadell LLC. Total attendance for the Dinner Meetings was 3,105 members and guests. 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. 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. Membership Meetings, Directors Dinner, Program Planning Meetings 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 15 0 1 8 1 0 0 0 0 0 0 0 0 X 46 45 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Donna F Zarcone 3127261628 177 N State Street Suite 404 Chicago IL 60601 Donna F Zarcone 40.00 X X 369384 0 8714 John A Canning Jr 0.00 X X 0 0 0 Michael W Ferro Jr 0.00 X X 0 0 0 John R Ettelson 0.00 X X 0 0 0 Patricia H Besser 0.00 X 0 0 0 Ellen S Alberding 0.00 X 0 0 0 Jeffrey S Aronin 0.00 X 0 0 0 Carol L Bernick 0.00 X 0 0 0 John A Challenger 0.00 X 0 0 0 Craig J Duchossois 0.00 X 0 0 0 Charles L Evans 0.00 X 0 0 0 Christopher B Galvin 0.00 X 0 0 0 Ilene S Gordon 0.00 X 0 0 0 Antonio J Gracias 0.00 X 0 0 0 Jim Gray 0.00 X 0 0 0 Kenneth C Griffin 0.00 X 0 0 0 David G Herro 0.00 X 0 0 0 Gary E Holdren 0.00 X 0 0 0 Joe Mansueto 0.00 X 0 0 0 James J O'Connor Jr 0.00 X 0 0 0 JB Pritzker 0.00 X 0 0 0 Penny Pritzker 0.00 X 0 0 0 Linda Johnson Rice 0.00 X 0 0 0 Larry D Richman 0.00 X 0 0 0 Thomas S Ricketts 0.00 X 0 0 0 John W Rogers Jr 0.00 X 0 0 0 Irene B Rosenfield 0.00 X 0 0 0 John B Rowe 0.00 X 0 0 0 Michael J Sacks 0.00 X 0 0 0 Adele Smith Simmons 0.00 X 0 0 0 David B Speer 0.00 X 0 0 0 Russ M Strobel 0.00 X 0 0 0 Michael Tang 0.00 X 0 0 0 Charles A Tribbett III 0.00 X 0 0 0 Fredrick H Waddell 0.00 X 0 0 0 David B Weinberg 0.00 X 0 0 0 Eric E Whitaker MD 0.00 X 0 0 0 Bruce W White 0.00 X 0 0 0 Kevin W Willer 0.00 X 0 0 0 Thomas J Wilson 0.00 X 0 0 0 Patricia A Woertz 0.00 X 0 0 0 William Wrigley Jr 0.00 X 0 0 0 Jack Hartman 0.00 X X 0 0 0 Robert A Livingston 0.00 X 0 0 0 Siddharth N Mehta 0.00 X 0 0 0 Alejandro Silva 0.00 X 0 0 0 Donald Thompson 0.00 X 0 0 0 Andrea L Zopp 0.00 X 0 0 0 369384 0 8714 1 0 1 0 0 1704953 1704953 Dinners 900099 507027 507027 Forums 900099 382135 382135 Other Meetings 900099 96755 96755 985917 109860 109860 23318 0 23318 23318 23318 2824048 985917 0 133178 325000 350879 74115 156498 50408 48135 24225 39775 40673 114995 65660 62232 14131 11231 9753 15729 Meals 773988 Facility 210550 Other Program Costs 27664 Printing and Postage Co 15018 2430659 769418 683799 271116 35666 19763 17800 372988 337298 33933 35690 3144891 3531466 4239121 4304421 164988 168516 545275 1100 1794440 1753600 2504703 1923216 X 1734418 2381205 1734418 2381205 4239121 4304421 393389 253398 0 X 0 1 X 1 0 372988 337298 35690 35690 Vanguard Investments 3531466 F 3531466 Deferred Compensation for Retired President 1753600 1753600 X 4035780 253398 958334 1211732 2824048 0 2824048 3388993 958334 958334 2430659 0 2430659 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 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 years before 2009. 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. X X X X 0 0 0 Donna F Zarcone 369234 0 0 0 150 0 7583 0 1131 0 378098 0 0 0 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 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 Tax 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. 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. 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. 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.