2013-02-13T08:43:02-06:00 2012-06-30 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2011-07-01 361022340 The Economic Club of Chicago ECON 3127261628 177 N State Street No 404 Chicago IL 60601 Donna F Zarcone 3127261628 2013-02-13 1 Wayne Harder P00294296 3126343400 2011 2016-03-07 17:11:31Z Donna F Zarcone 177 N State Street No 404 Chicago IL 60601 3821492 0 X www.econclubchi.org X 1927 IL The Economic Club of Chicago ("the Club") was established "to aid in the creation and expression of enlightened public opinion on the important economic and social questions of the day". 46 45 7 0 0 0 1450946 1600859 878034 902895 247883 151325 3540 29348 2580403 2684427 0 0 0 0 1024263 1224903 0 0 0 1469340 1725151 2493603 2950054 86800 -265627 4540800 4239121 2413773 2504703 2127027 1734418 X "To aid in the creation and expression of an enlightened public opinion on the important economic and social questions of the day." 0 0 During The Economic Club of Chicago's 2011-12 program year, The Club held four Dinner Meetings. Each dinner hosted a guest speaker for the evening as follows: Dinner 1 - James A. Skinner CEO of McDonalds; Dinner 2 - Mayor Rahm Emanuel; Dinner 3 - Muhtar Kent President and CEO of the Coca Cola Company; Dinner 4 - Elon Musk CEO and Chief Designer SpaceX. Total attendance for the Dinner Meetings was 4,186 members and guests. Forums for the 2011-12: Forum 1 - The Global Economy - "Unprecedented" presented a panel of Chicago executives and an economist offering insights on the barriers experienced while attempting to improve the economy; Forum 2 - John Rowe CEO of Exelon looking back on his 28 years as a Utility CEO and sharing his insights on the industry; Forum 3 - The Future of Urban Education in Chicago presented a panel of local experts in education discussing their ambitious visions for schooling in Chicago and their strategies for achieving them. Total attendance for the Forums was 1,165 members and guests. In addition to the annual dinners and forums, The Club hosts other special meetings and discussions during the year. The 2011-12 program year included the Tenth Annual Leadership Dinners hosted by members of the club, a breakfast meeting with Secretary Timothy Geithner, a member's discussion and dinner meeting on the topic of Albert Einstein, a luncheon meeting with General Martin E. Dempsey, a luncheon meeting with Robert Dudley, a Young Leadership Meeting featuring John A. Canning Jr., a young Leadership Meeting with Charles Evans, the 2012 Chicago Auto Show Luncheon, a breakfast meeting with guest speaker Lloyd C. Blankfein, and an evening at the Shakespeare Theatre to attend Barbara Gaines' production of "Timon of Athens". Total attendance for the Special Meetings was 2,557 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 0 1 23 0 1 7 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 33333 0 0 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 Besser 0.00 X 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 Gregory C Case 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 Dennis H Holtschneider 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 Glen F Tilton 0.00 X 0 0 0 Charles A Tribbett III 0.00 X 0 0 0 Byron D Trott 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 Grace Barry Retired 40.00 X 589627 0 24569 Christopher P Valenti 0.00 X 0 0 0 622960 0 24569 2 0 1 0 0 1600859 1600859 Dinners 900099 617895 617895 Other Meetings 900099 197300 197300 Forums 900099 87700 87700 902895 111055 111055 1177335 1137065 40270 40270 40270 2010-11 Refund 900099 26358 26358 Misc. Income 900099 2990 2990 29348 2684427 932243 0 151325 380440 297918 231876 198663 73704 42302 91964 12274 120796 287580 103197 46154 67981 10237 8609 49788 Meals 698975 Facility 176592 Dues and subscriptions 17710 Bad debt expense 8148 25146 2950054 669547 769418 51625 271116 26244 19763 361478 327545 72837 33933 3720547 3144891 4540800 4239121 117776 164988 539075 545275 1756922 1794440 2413773 2504703 X 2127027 1734418 2127027 1734418 4540800 4239121 X -265627 -126982 X 0 1 1 X 0 361478 327545 33933 33933 Vanguard Investments 3144891 F 3144891 Deferred Compensation for Retired President 1794440 1794440 2684427 2950054 -265627 -126982 -126982 -392609 3100822 -126982 543377 416395 2684427 0 2684427 3493431 543377 543377 2950054 0 2950054 Description of Uncertain Tax Positions Under FIN 48: Part X: 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 2012 and 2011, 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 (UBIT). 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 Club files Forms 990 in the U.S. federal jurisdiction. The Club is generally no longer subject to examination by the Internal Revenue Service for years before 2008. Part X: The Club originally entered into a deferred compensation agreement with the Retired President in July of 1989. 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 1 1 0 Grace Barry Retired 392235 0 0 0 197392 0 9800 0 14769 0 614196 0 0 0 Part I, Lines 4a-b Grace Barry, Retired President, received a contribution to her non-qualified supplemental retirement plan in the amount of $13,982. Grace Barry, Retired President, received a lump sum payment of $80,000 upon her retirement. 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 needed 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 has been 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -126,982.