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        <NamePerson>Lawrence F Levy</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
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        <NamePerson>Kenneth C Griffin</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
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        <NamePerson>Karen Savage Martin</NamePerson>
        <Title>Print Media Chair</Title>
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        <NamePerson>Karen Frank</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>Julia E Getzels</NamePerson>
        <Title>Vice President</Title>
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        <NamePerson>John W Rowe</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>John W Jordan II</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>John Manley</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>John A Edwardson</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>Janet Duchossois</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>James Cuno</NamePerson>
        <Title>President</Title>
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        <NamePerson>James A Gordon</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>J Christopher Reyes</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>Isabel Carter Stewart</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>Gordon Segal</NamePerson>
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        <NamePerson>Gilda Buchbinder</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>Fredrick H Waddell</NamePerson>
        <Title>Trustee</Title>
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        <NamePerson>Francie Comer</NamePerson>
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        <NamePerson>Eugene Adams</NamePerson>
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        <NamePerson>Eric T McKissack</NamePerson>
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        <NamePerson>Eric P Lefkofsky</NamePerson>
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        <NamePerson>Eric Anyah</NamePerson>
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        <NamePerson>Elizabeth Souder Louis</NamePerson>
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        <NamePerson>Elizabeth Grainer</NamePerson>
        <Title>VP of Auxiliary Ops</Title>
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        <NamePerson>Edward McNulty</NamePerson>
        <Title>SVP/Planning/COO SAIC</Title>
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        <NamePerson>Edward Byron Smith Jr</NamePerson>
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        <NamePerson>Denise Gardner</NamePerson>
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        <NamePerson>David J Vitale</NamePerson>
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        <NamePerson>Cynthia Perucca</NamePerson>
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        <NamePerson>Caryn Harris</NamePerson>
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        <NamePerson>Cary D McMillan</NamePerson>
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        <NamePerson>Byron D Trott</NamePerson>
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        <NamePerson>Barbara E Franke</NamePerson>
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        <NamePerson>Barbara Bluhm-Kaul</NamePerson>
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        <NamePerson>Anthony Jones</NamePerson>
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        <NamePerson>Anstiss Hammond Krueck</NamePerson>
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        <NamePerson>Anne Searle Bent</NamePerson>
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        <NamePerson>Ann Grube</NamePerson>
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        <NamePerson>Andrew M Rosenfield</NamePerson>
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        <NamePerson>Alexandra C Nichols</NamePerson>
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            <AddressLine1>300 Barr Harbor Dr</AddressLine1>
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            <State>PA</State>
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            <BusinessNameLine1>Hinshaw &amp; Culbertson LLP</BusinessNameLine1>
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            <BusinessNameLine1>Deloitte &amp; Touche LLP</BusinessNameLine1>
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        <Explanation>The amount represents the Art Institute of Chicago's portion of funds utilized by Museums in the Park for lobbying activities.</Explanation>
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        <CompReportPrior990FilingOrg>12932</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Anthony Jones</NamePerson>
        <BaseCompensationFilingOrg>258407</BaseCompensationFilingOrg>
        <OtherCompensationFilingOrg>162961</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>161786</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>19871</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>603025</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>108713</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>Sch J, Part I, Line 8</Identifier>
        <ReturnReference>Part I, Line 8: Amounts reported on 990 VII pursuant to initial contract exemption described in Regs</ReturnReference>
        <Explanation>The payments reported in Form 990, Part VII for the President of the School of the Art Institute, were paid pursuant to a contract that was subject to the initial contract exception described in Regs. Section 53.4958-4(a)(3). The initial contract exception applies because the payments were made pursuant to a written contract and, as a new hire with no previous connection to the organization, Mr. Reiter was not a disqualified person immediately prior to entering the contract. The payments were fixed payments as defined under Regs. Section 53.4958-4(a)(3)(ii). Although the initial contract exception applies to these payments, the Executive Committee of the Board of Trustees reviewed compensation survey data prepared by the Institute's outside compensation expert and considered other relevant factors to determine the appropriate initial offer. One member of the Executive Committee, an independent Trustee, then oversaw the ensuing contract negotiations. The Institute's outside compensation expert was consulted during the course of the negotiations to assure that the compensation under discussion was competitively reasonable. The final terms were reviewed by the compensation expert, who determined that the total remuneration was competitively reasonable, and then approved by the independent Trustee in consultation with the Chairman of the Board of Trustees. The Board of Trustees received a description of the terms of the compensation package before voting to hire Mr. Reiter.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Sch J, Part I, Line 1a</Identifier>
        <ReturnReference>Part I, Line 1a: Relevant information in regards to selections on 1a.</ReturnReference>
        <Explanation>The Presidents of the Museum and the School are allowed to have their spouses accompany them on business related trips with certain limitations outlined in the employment contracts. The spousal travel is reported as base compensation. During calendar year 2009 no spousal travel occurred for the President of the Museum. The President of the School had $8,374 of spousal travel during calendar year 2009 which was reported as base compensation.The President of the School received a housing stipend. Additionally, this housing stipend was grossed-up for applicable taxes. The stipend and gross-up were both addressed in the President's employment contract.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK.1" softwareId="09000047" softwareVersion="2009v1.3">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>IL Finance Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>861091967</IssuerEIN>
        <CUSIPNumber>45200F3B3</CUSIPNumber>
        <DateIssued>2010-05-20</DateIssued>
        <IssuePrice>55941880</IssuePrice>
        <DescriptionOfPurpose>Ref. 3/26/2009 2009B Bonds</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>IL Finance Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>861091967</IssuerEIN>
        <CUSIPNumber>45200F3N7</CUSIPNumber>
        <DateIssued>2010-06-09</DateIssued>
        <IssuePrice>113537854</IssuePrice>
        <DescriptionOfPurpose>See Schedule O</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>IL Finance Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>861091967</IssuerEIN>
        <CUSIPNumber>45200FVM8</CUSIPNumber>
        <DateIssued>2009-03-26</DateIssued>
        <IssuePrice>139158000</IssuePrice>
        <DescriptionOfPurpose>Constr./Renov. Museum Facil.</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>IL Educ Facil Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>521297563</IssuerEIN>
        <CUSIPNumber>4520015W6</CUSIPNumber>
        <DateIssued>2003-07-09</DateIssued>
        <IssuePrice>18737797</IssuePrice>
        <DescriptionOfPurpose>Refund 6/16/1993 Bonds</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>55941880</TotalProceeds>
        <YearOfSubstCompletion>2002</YearOfSubstCompletion>
        <CurrentRefunding>true</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>113537854</TotalProceeds>
        <AmountDefeased>36731866</AmountDefeased>
        <YearOfSubstCompletion>2002</YearOfSubstCompletion>
        <CurrentRefunding>true</CurrentRefunding>
        <AdvanceRefunding>true</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>139158000</TotalProceeds>
        <CapitalExpenditures>139158000</CapitalExpenditures>
        <YearOfSubstCompletion>2009</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>18750756</TotalProceeds>
        <IssuanceCostsFromProceeds>219546</IssuanceCostsFromProceeds>
        <WorkingCapitalExpenditures>30148</WorkingCapitalExpenditures>
        <YearOfSubstCompletion>1988</YearOfSubstCompletion>
        <CurrentRefunding>true</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>true</BondCounselRoutinelyEngaged>
        <PrcntgePrvtBusinessUseByOthers>0.00000</PrcntgePrvtBusinessUseByOthers>
        <PercentageOfPrvtBusinessReUBI>0.00000</PercentageOfPrvtBusinessReUBI>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>true</BondCounselRoutinelyEngaged>
        <PrcntgePrvtBusinessUseByOthers>0.00000</PrcntgePrvtBusinessUseByOthers>
        <PercentageOfPrvtBusinessReUBI>0.00000</PercentageOfPrvtBusinessReUBI>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>true</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>true</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>true</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="IRS990ScheduleL" softwareId="09000047" softwareVersion="2009v1.3">
      <LoanTable>
        <NamePerson>James Cuno</NamePerson>
        <PurposeOfLoan>Mortgage Loan</PurposeOfLoan>
        <LoanFromOrganization>X</LoanFromOrganization>
        <OriginalPrincipalAmount>200000</OriginalPrincipalAmount>
        <BalanceDue>171250</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <TotalBalanceDue>171250</TotalBalanceDue>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>S Ryan Spouse AON Chairman</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee</Relationship>
        <AmountOfTransaction>386375</AmountOfTransaction>
        <DescriptionOfTransaction>Insurance Serv/Consult.</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>F Waddell Nthrn Trst PresCEO</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee</Relationship>
        <AmountOfTransaction>668850</AmountOfTransaction>
        <DescriptionOfTransaction>Inv.Custody/Perf Serv.</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>J Rowe Nthrn Trst Board Memb</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee</Relationship>
        <AmountOfTransaction>668850</AmountOfTransaction>
        <DescriptionOfTransaction>Inv.Custody/Perf Serv.</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>J Rowe Exelon CEODirector</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee</Relationship>
        <AmountOfTransaction>1054391</AmountOfTransaction>
        <DescriptionOfTransaction>ComEd Electrical Serv.</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>A Jones Spouse Patty Carroll</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Chanc/Prev Officer</Relationship>
        <AmountOfTransaction>14440</AmountOfTransaction>
        <DescriptionOfTransaction>Employee Compensation</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>W Daley JPMorganChase Officer</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee</Relationship>
        <AmountOfTransaction>818675</AmountOfTransaction>
        <DescriptionOfTransaction>LOC/Banking Serv.</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="09000047" softwareVersion="2009v1.3">
      <WorksOfArt>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>388</NumberOfContributions>
        <NoncashContribsRptdF990>1</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>See Part II</MethodOfDeterminingRevenues>
      </WorksOfArt>
      <ArtFractionalInterest>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>71</NumberOfContributions>
        <MethodOfDeterminingRevenues>See Part II</MethodOfDeterminingRevenues>
      </ArtFractionalInterest>
      <BooksAndPublications>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NoncashContribsRptdF990>4060</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </BooksAndPublications>
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>117</NumberOfContributions>
        <NoncashContribsRptdF990>7873022</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>Airfare</Description>
        <NumberOfContributions>255</NumberOfContributions>
        <NoncashContribsRptdF990>178877</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>Equipment</Description>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>33700</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>Special Events</Description>
        <NumberOfContributions>193</NumberOfContributions>
        <NoncashContribsRptdF990>274698</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <NumberOf8283Received>22</NumberOf8283Received>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>Part I, Line 33, Revenues Not Reported</Identifier>
        <Explanation>The Institute does not capitalize its collection items nor report contributions of collection items as revenue as permitted under generally accepted accounting principles.</Explanation>
      </Form990ScheduleMPartII>
      <Form990ScheduleMPartII>
        <Identifier>Part I, Line 32, Hire and Use of Third Parties</Identifier>
        <Explanation>The Institute utilizes its investment custodian Northern Trust to receive and sell stock gifts made to the organization.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="09000047" softwareVersion="2009v1.3">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>The Institute's governing documents are available to the public through applicable governmental agencies and via written request to the Institute. The Institute's financial statements are available to the public via the Institute's own website, via the Illinois Attorney General's website and upon written request. The conflict of interest policy is available to the public upon written request to the Institute.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>The Institute's Executive Committee, composed entirely of independent Trustees, approves compensation for the President &amp; Director of the Museum and for the President of the School. The Institute's Compensation Committee, composed entirely of independent Trustees and Life Trustees, approves compensation for other employed officers and for certain key employees. The two committees use the following process in considering compensation. The Institute's outside compensation expert prepares a written compensation analysis report for each person whose compensation is to be presented to either the Executive Committee or the Compensation Committee. That report includes information such as a valuation of the proposed total remuneration, comparison data on total remuneration provided by similar institutions for similar services, an analysis of how the proposed remuneration compares to competitive practice, and conclusions on the competitive reasonableness of the proposed compensation. The report is provided to the Committee in advance of the meeting. The Committee may also receive other written materials relevant to compensation, such as performance evaluations.At the meeting, the compensation expert and/or the Institute's Vice President for Human Resources reviews the compensation analysis report with the Committee. The Committee also receives input from officers and Trustees on the performance of the persons being reviewed. Committee deliberations and decisions on compensation are documented in contemporaneous meeting minutes. In the case of the President &amp; Director of the Museum and the President of the School, the decisions may be reflected in employment contracts as well.For key employees' whose compensation is not reviewed and approved by the Compensation Committee, their compensation is based on independent salary surveys maintained by the Institute's Human Resources Department and is decided by the employee's supervisor based on factors such as experience and performance.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>All members of the Board of Trustees, Board of Governors, and Standing and Advisory Committees, and all officers and assistant officers of the Institute (collectively known as Related Parties) must act in the best interests of the Institute, without regard to their business, family, or personal activities and concerns. If a Related Party believes he or she has an actual or potential financial conflict of interest, the Related Party shall immediately disclose such conflict to the Chairman of the Board and to the Institutes General Counsel. The Related Party may not vote on, approve, or recommend any action or matter in which he or she has an actual or potential conflict of interest. The Related Party shall not be counted for purposes of determining whether there is a quorum. Financial interests or other activities that would constitute a conflict of interest if undertaken by a Related Party also constitute a conflict of interest if undertaken by an immediate family member of the Related Party and must be disclosed by the Related Party. All Related Parties, other than members of the curatorial and library Advisory Committees, are required to attest annually to their familiarity with this policy and to provide any information the Institute deems relevant concerning any possible conflicts of interest. The annual conflict of interest replies are logged and monitored by the Institutes General Counsel's office.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>The Form 990 is reviewed by the Institute's Audit Committee before filing with the Internal Revenue Service. The Board of Trustees are provided a copy of the Form 990.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 6</Identifier>
        <ReturnReference>Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder</ReturnReference>
        <Explanation>Members of the Institute consist of 5 classes: Governing, Honorary Governing, Life, Honorary Life and Annual. All Governing, Honorary Governing and Honorary Life Members shall be elected by the Board of Trustees from among those persons who meet the qualifications as set forth below, except that all persons who are elected Benefactors shall become Honorary Governing Members and shall have the privileges of Governing Members. Governing Members, not to exceed 1,500, are elected from Members that have demonstrated a significant interest in the programs of the Institute and made a contribution to the unrestricted endowment fund in such sum as determined from time to time by the Board of Trustees. A donor at the Sustaining Fellow level automatically becomes a Governing Member after a third consecutive annual Fellows gift and serves as long as Fellow status is retained. Once a donor's cumulative giving totals $50,000, the donor becomes an Honorary Governing Member with all the rights and privileges of a Governing Member.Any person at least 18 years of age may become a Life Member upon the payment of such sum as may be fixed from time to time by the Board of Trustees, which sum shall be credited to an unrestricted endowment fund. Each Life Member shall be entitled to all the rights and privileges of Annual Members without payment of dues.Honorary Life Members shall be chosen from among persons who have rendered continuing financial support or performed continuing voluntary services for the Institute or have attained distinction as artists, patrons of art, or educators.Any person may become an Annual Member upon such terms as may be fixed from time to time by the Board of Trustees. The sole right of Governing Members and Honorary Governing Members is to elect Trustees at the annual Governing Members meeting.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 2</Identifier>
        <ReturnReference>Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et</ReturnReference>
        <Explanation>A family relationship exists between Trustees Robert Bergman and Andrew M. Rosenfield. Business relationship(s) exist between the following Trustees: Samuel M. Mencoff and John A. Edwardson; Thomas J. Pritzker and Byron Trott; Thomas J. Pritzker and Samuel M. Mencoff; Byron Trott and Janet Duchossois; Byron Trott and A. Steven Crown; John W. Rowe and Frederick H. Waddell; John W. Rowe and Marshall Field.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR" softwareId="09000047" softwareVersion="2009v1.3">
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AIC GS MEZZ LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <TotalIncome>653171</TotalIncome>
        <EOYAssets>3838381</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AIC MS SS LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <EOYAssets>1517278</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AIC BLK LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <EOYAssets>3097838</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AIC AX LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <EOYAssets>1613901</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AIC AA LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <TotalIncome>26794</TotalIncome>
        <EOYAssets>2885256</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AICHP LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <TotalIncome>10846</TotalIncome>
        <EOYAssets>863745</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AICGS LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>362167725</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <EOYAssets>2957178</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>AICCB LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>111 South Michigan Avenue</AddressLine1>
          <City>Chicago</City>
          <State>IL</State>
          <ZIPCode>60603</ZIPCode>
        </AddressUS>
        <EIN>205052348</EIN>
        <PrimaryActivities>Investments</PrimaryActivities>
        <LegalDomicileState>DE</LegalDomicileState>
        <TotalIncome>680</TotalIncome>
        <EOYAssets>5438765</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>Ox-Bow</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3435 Rupprecht Way</AddressLine1>
          <City>Saugatuck</City>
          <State>MI</State>
          <ZIPCode>49453</ZIPCode>
        </AddressUS>
        <EIN>381081760</EIN>
        <PrimaryActivities>Educational Institution</PrimaryActivities>
        <LegalDomicileState>MI</LegalDomicileState>
        <ExemptCodeSection>501(c)(3)</ExemptCodeSection>
        <PublicCharityStatus>2</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>true</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>true</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Ox-Bow</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>q</TransactionType>
        <AmountInvolved>466230</AmountInvolved>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Ox-Bow</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>b</TransactionType>
        <AmountInvolved>91800</AmountInvolved>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>