2026-05-11T18:47:24-05:00 2025-06-30 PwC US Tax LLP 655 NEW YORK AVE NW STE 1100 WASHINGTON DC 20001 990 2024-07-01 362167725 THE ART INSTITUTE OF CHICAGO % ALEXANDRA HOLT ARTI 3124433600 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 ALEXANDRA HOLT EXEC VP, FIN & ADMIN 3124994265 2026-05-07 true true TRAVIS L PATTON P00369623 2024141000 2026-05-06 2024 2025-03-06 01:10:19Z ALEXANDRA HOLT 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 773297676 false X WWW.ARTIC.EDU AND WWW.SAIC.EDU X 1879 IL THE ART INSTITUTE OF CHICAGO, A NOT-FOR-PROFIT CORPORATION, IS BOTH A MUSEUM AND AN INSTITUTION OF HIGHER EDUCATION THAT EXISTS TO PROVIDE APPRECIATION AND EDUCATION IN VISUAL FINE ARTS AND DESIGN. 58 58 3643 193 4259873 0 106739363 80549211 255278479 250412128 123720828 124857058 8062323 8574733 493800993 464393130 54763306 59195780 0 0 151502975 163341870 811944 734253 11250708 141082158 158645491 348160383 381917394 145640610 82475736 2070527457 2194246798 245300480 240155369 1825226977 1954091429 X SEE SCHEDULE O. false false 199849177 59175780 204081263 THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC} IS AN ACCREDITED COLLEGE OF ART AND DESIGN OFFERING UNDERGRADUATE, GRADUATE, AND POST-BACCALAUREATE DEGREE PROGRAMS FOR STUDIO ARTISTS, ART EDUCATORS, ART THERAPISTS, DESIGNERS, WRITERS, AND ART HISTORIANS. SAIC'S FINE ARTS GRADUATE PROGRAM IS RANKED NUMBER TWO IN THE NATION BY U.S. NEWS AND WORLD REPORT, AND THE SCHOOL OFFERS WORLD-CLASS RESOURCES INCLUDING THE ART INSTITUTE OF CHICAGO MUSEUM, ON-CAMPUS GALLERIES, AND STATE-OF-THE-ART FACILITIES. IN FISCAL YEAR 2025, AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 3,323 WITH INTERNATIONAL STUDENTS FROM 80 COUNTRIES. 140328620 20000 51562627 THE ART INSTITUTE OF CHICAGO SHARES ITS SINGULAR COLLECTIONS WITH OUR CITY AND THE WORLD. WE COLLECT, CARE FOR, AND INTERPRET WORKS OF ART ACROSS TIME, CULTURES, GEOGRAPHIES, AND IDENTITIES, CENTERING THE VISION OF ARTISTS AND MAKERS. WE RECOGNIZE THAT ALL ART IS MADE IN A PARTICULAR CONTEXT, DEMANDING CONTINUAL, DYNAMIC RECONSIDERATION IN THE PRESENT. WE ARE A PLACE OF GATHERING; WE FOSTER THE EXCHANGE OF IDEAS AND INSPIRE AN EXPANSIVE, INCLUSIVE UNDERSTANDING OF HUMAN CREATIVITY. THE MUSEUM ACHIEVES THIS THROUGH BUILDING AND STEWARDING ITS RENOWNED PERMANENT COLLECTION, PRODUCING EDUCATIONAL PROGRAMMING AROUND THE COLLECTION, AND PRESENTING WORLD CLASS EXHIBITIONS HIGHLIGHTING BOTH ITS COLLECTION AND OBJECTS LOANED FROM OTHER INSTITUTIONS. IN FY25, FEATURED EXHIBITIONS INCLUDED "GEORGIA O'KEEFFE: MY NEW YORKS,""MYTH AND MARBLE: ANCIENT ROMAN SCULPTURE FROM THE TORLONIA COLLECTION,"FRIDA KAHLO'S MONTH IN PARIS: A FRIENDSHIP WITH MARY REYNOLDS." 340177797 true true false true false false false true false true true true false false true true true true true false true false true true true false false false true true true false false false false false false false false true false true true false false true true true false false false true 4139 0 true 3643 true true true false false false false true true false false false false false false X 58 58 true false false false false false false true true false false false true true true true true true true false AL AK CA IL KS KY MD MA MI MS NH NJ NY ND OK OR SC VA WI X X ALEXANDRA HOLT 3124994265 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 X JAMES RONDEAU PRESIDENT, MUSEUM 40.0 1.0 X 1024393 0 138751 ELISSA TENNY PRESIDENT, SAIC ENDED 07/2024 40.0 0.0 X 753076 0 63745 ALEXANDRA HOLT EVP FOR FINANCE AND ADMIN 40.0 1.0 X 511868 0 54389 EUGENE ADAMS CHIEF INFORMATION OFFICER 40.0 0.0 X 256998 0 213026 LESLIE DARLING EVP, GENERAL CSL & SECRETARY 40.0 0.0 X 416960 0 50830 SARAH GUERNSEY DEPUTY DIR & SR VP CUR AFFAIRS 40.0 0.0 X 357259 0 106123 AMY ALLEN SENIOR VP, ENGAGEMENT, MUSEUM 40.0 0.0 X 344764 0 102963 MARTIN BERGER PROVOST & SR VP ACAD AFFAIRS 40.0 0.0 X 394834 0 41968 DAVID NACOL SENIOR VP, PHILANTHROPY 40.0 0.0 X 372790 0 57053 JISEON LEE ISBARA PRESIDENT, SCHOOL 40.0 0.0 X 354039 0 32755 THOMAS BUECHELE VP, CAMPUS OPERATIONS, SCHOOL 40.0 0.0 X 253337 0 112019 DENISE BANKS CHIEF HR OFFICER 40.0 0.0 X 311123 0 33632 ROSE MILKOWSKI VP, ENROLLMENT MANAGEMENT 40.0 0.0 X 315330 0 29129 KATHRYN RAHN SR VP, MARKETING & COMMS 40.0 0.0 X 286317 0 50885 MATTHEW NORRIS VP, ENTERPRISE SOFTWARE ANALYT 40.0 0.0 X 252595 0 73024 EVELYN JEFFERS FORMER COO, MUSEUM 0.0 0.0 X 301728 0 22367 ANN GOLDSTEIN DEPUTY DIR & SR CURATOR AT LG 40.0 0.0 X 283659 0 39159 CAMILLE MARTIN-THOMSEN DEAN OF FACULTY & VP ACAD 40.0 0.0 X 278518 0 43491 EMILY BENEDICT VP, CAMPUS OPERATIONS, MUSEUM 40.0 0.0 X 268680 0 48057 ANTOINETTE MURRIL DEPUTY CHIEF HR OFFICER 40.0 0.0 X 252948 0 30002 LISA WAINWRIGHT FORMER FAC DEAN/VP ACAD DEAN 40.0 0.0 X 210983 0 38290 COURTNEY ROWE VP FOR ADV, SAIC ENDED 08/2024 40.0 0.0 X 175444 0 21841 ERIC P LEFKOFSKY CHAIR 1.0 0.0 X X 0 0 0 DARREL HACKETT VICE CHAIR 1.0 0.0 X X 0 0 0 SAMUEL M MENCOFF VICE CHAIR 1.0 0.0 X X 0 0 0 SYLVIA M NEIL VICE CHAIR 1.0 0.0 X X 0 0 0 MICHAEL J SACKS VICE CHAIR 1.0 0.0 X X 0 0 0 DAVID J VITALE VICE CHAIR 1.0 0.0 X X 0 0 0 PAUL J CARBONE TREASURER 1.0 0.0 X X 0 0 0 ARJUN AGGARWAL TRUSTEE 1.0 0.0 X 0 0 0 FRANCES BEATTY TRUSTEE 1.0 0.0 X 0 0 0 ANNE SEARLE BENT TRUSTEE 1.0 0.0 X 0 0 0 HEIJI CHOY BLACK TRUSTEE 1.0 0.0 X 0 0 0 ANITA BLANCHARD TRUSTEE 1.0 0.0 X 0 0 0 MICHELLE BOONE TRUSTEE 1.0 0.0 X 0 0 0 LESLIE BUCHBINDER TRUSTEE 1.0 0.0 X 0 0 0 JACOLYN BUCKSBAUM TRUSTEE - AS OF 11/12/24 1.0 0.0 X 0 0 0 ROBERT J BUFORD TRUSTEE 1.0 0.0 X 0 0 0 LINDA SMITH BUONANNO TRUSTEE 1.0 0.0 X 0 0 0 SCOTT CANEL TRUSTEE 1.0 0.0 X 0 0 0 HONGHONG CHEN TRUSTEE 1.0 0.0 X 0 0 0 LESTER N CONEY TRUSTEE 1.0 0.0 X 0 0 0 RITA SOLA COOK TRUSTEE 1.0 0.0 X 0 0 0 A STEVEN CROWN TRUSTEE 1.0 0.0 X 0 0 0 JILL DELANEY TRUSTEE 1.0 0.0 X 0 0 0 SHAWN M DONNELLEY TRUSTEE 1.0 0.0 X 0 0 0 JANET DUCHOSSOIS TRUSTEE - ENDED 11/12/24 1.0 0.0 X 0 0 0 FRED EYCHANER TRUSTEE - ENDED 11/12/24 1.0 0.0 X 0 0 0 LORI GRAY FAVERSHAM TRUSTEE 1.0 0.0 X 0 0 0 STEPHANIE SKESTOS GABRIELE TRUSTEE 1.0 0.0 X 0 0 0 DENISE B GARDNER TRUSTEE 1.0 0.0 X 0 0 0 SARAH N GARVEY TRUSTEE 1.0 0.0 X 0 0 0 KAREN Z GRAY-KREHBIEL TRUSTEE 1.0 0.0 X 0 0 0 JOSEPH P GROMACKI TRUSTEE 1.0 0.0 X 0 0 0 ADNAAN HAMID TRUSTEE 1.0 0.0 X 0 0 0 CARYN HARRIS TRUSTEE 1.0 0.0 X 0 0 0 CAROL HORVITZ TRUSTEE 1.0 0.0 X 0 0 0 PAMELA JOYNER TRUSTEE - ENDED 5/9/25 1.0 0.0 X 0 0 0 CHRISTOPHER KEOGH TRUSTEE 1.0 0.0 X 0 0 0 KIP KIRKPATRICK TRUSTEE 1.0 0.0 X 0 0 0 JAY FREDERICK KREHBIEL TRUSTEE 1.0 0.0 X 0 0 0 JOSEF LAKONISHOK TRUSTEE 1.0 0.0 X 0 0 0 LAWRENCE F LEVY TRUSTEE - ENDED 11/12/24 1.0 0.0 X 0 0 0 ROBERT M LEVY TRUSTEE 1.0 0.0 X 0 0 0 JOHN F MANLEY TRUSTEE 1.0 0.0 X 0 0 0 JOE MANSUETO TRUSTEE 1.0 0.0 X 0 0 0 HOWARD M MCCUE III TRUSTEE 1.0 0.0 X 0 0 0 ERIC T MCKISSACK TRUSTEE 1.0 0.0 X 0 0 0 CARY D MCMILLAN TRUSTEE 1.0 0.0 X 0 0 0 USHA MITTAL TRUSTEE 1.0 0.0 X 0 0 0 KRISTIN REY TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL POLSKY TRUSTEE 1.0 0.0 X 0 0 0 ANNE REYES TRUSTEE 1.0 0.0 X 0 0 0 LINDA JOHNSON RICE TRUSTEE 1.0 0.0 X 0 0 0 ANDREW M ROSENFIELD TRUSTEE 1.0 0.0 X 0 0 0 E SCOTT SANTI TRUSTEE 1.0 0.0 X 0 0 0 MAMADOU-ABOU SARR TRUSTEE - ENDED 6/11/25 1.0 0.0 X 0 0 0 ANITA K SINHA TRUSTEE 1.0 0.0 X 0 0 0 MAURICE SMITH TRUSTEE 1.0 0.0 X 0 0 0 ALEXANDER STUART TRUSTEE 1.0 0.0 X 0 0 0 MARILYNN THOMA TRUSTEE 1.0 0.0 X 0 0 0 JOHN VANDERLINDEN TRUSTEE 1.0 0.0 X 0 0 0 FREDERICK H WADDELL TRUSTEE 1.0 0.0 X 0 0 0 ALEX WASHINGTON TRUSTEE 1.0 0.0 X 0 0 0 REEVE B WAUD TRUSTEE 1.0 0.0 X 0 0 0 7977643 0 1403499 223 true true false ALLIED UNIVERSAL SECURITY 161 Washington St 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 8684539 THE STONE GROUP 228 N WASHTENAW CHICAGO IL 60612 ENGINEERING SERVICES 6798494 GDI SERVICES INC 4952 W 128TH PLACE ALSIP IL 60803 CLEANING SERVICES 3508173 MA MORTENSON COMPANY 300 PARK BOULEVARD SUITE 100 ITASCA IL 60143 CONSTRUCTION SERVICE 2748715 FOOD FOR THOUGHT ENTERPRISES INC 7001 RIDGEWAY AVE LINCOLNWOOD IL 60712 CATERING 1523780 90 14575416 164700 6471615 59337480 8570183 80549211 TUITION AND FEES 611600 199653092 199653092 MUSEUM ADMISSIONS 900099 22553085 22553085 MISC PROGRAM REV 900099 1421931 1421931 MUSEUM RESTAURANT COMMISSIONS 722513 4169596 4169596 EXHIBITION LOAN AND PARTICIPANT FEES 900099 1277072 1277072 21337352 21337352 250412128 21649742 3205308 18444434 0 47535 47535 1572206 1572206 0 1572206 33869 1538337 406889104 166820 303839506 9102 103049598 157718 103207316 103049598 15300 164700 3000 12300 12300 0 0 0 11289786 5052938 6236848 5231762 1005086 OTHER REVENUE 900099 705844 15610 690234 705844 464393130 255643890 4259873 123782438 0 59130092 59130092 65688 65688 0 5593735 3974227 1233379 386129 217485 217485 118799390 99013863 13036099 6749428 1028000 698973 206504 122523 29306675 23637394 3800238 1869043 8396585 6912664 983390 500531 0 1919071 1919071 366155 366155 4053 4053 734253 734253 2851825 2851825 23226753 21477159 1567380 182214 2269343 2253689 6613 9041 8560618 8079292 227357 253969 5421719 2993870 2375717 52132 197302 197302 32413562 31661559 606355 145648 4317604 4089775 54341 173488 0 395628 254776 120627 20225 4272700 3391745 880955 0 23253347 23054057 199290 0 1230417 1230417 ACCESSIONS/BOOKS 37727786 37727786 OTHER FF&E AND REL MAINT. 2717763 2663738 23843 30182 EXHIBITION RELATED 3626122 3626122 BAD DEBT EXPENSE 1484797 1484797 2388926 2337274 29750 21902 381917394 340177797 30488889 11250708 0 0 52680354 68782731 57256596 58614803 7143878 8716932 0 0 0 0 438585 5108 2387015 2576544 3309890 3029352 830384918 467870219 353549828 362514699 936301337 1021729730 619214959 634294888 0 0 0 0 38245015 33982011 2070527457 2194246798 40971060 46072952 0 0 13393382 13985825 35250000 34250000 0 0 0 0 0 0 105877319 101834995 49808719 44011597 245300480 240155369 X 703741338 762619864 1121485639 1191471565 1825226977 1954091429 2070527457 2194246798 X 82475736 45678569 710147 X false true X true true true X 56595397 61041179 46026049 101440640 75933374 341036639 5171094 5872773 5832321 5298722 4615837 26790747 0 61766491 66913952 51858370 106739362 80549211 367827386 49724968 318102418 7940344 9764342 12900264 9496032 23235614 63336596 0 365938 2006750 2175256 1039256 705534 6292734 437456716 1158907614 0.72716 0.69170 X SCHEDULE A, PART I, LINE 2 THE ART INSTITUTE OF CHICAGO IS EXEMPT UNDER TWO CATEGORIES LISTED IN PART I, BOX 2 WHICH DESCRIBES A SCHOOL, SECTION 170(B)(1)(A)(II) AND BOX 7 WHICH DESCRIBES AN ORGANIZATION THAT NORMALLY RECEIVES A SUBSTANTIAL PART OF ITS SUPPORT FROM A GOVERNMENTAL UNIT OR FROM THE GENERAL PUBLIC, SECTION 170(B)(1)(A)(VI). THE ART INSTITUTE OF CHICAGO HAS SELECTED BOX 2, BECAUSE PER INSTRUCTIONS ONLY ONE APPLICABLE BOX SHOULD BE CHECKED. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 0 false true 4053 4053 false 0 SCHEDULE C, PART 11-B, LINE 1 THE AMOUNT IN LINE 1I REPRESENTS THE ART INSTITUTE OF CHICAGO'S PORTION OF FUNDS UTILIZED BY MUSEUMS IN THE PARK FOR LOBBYING ACTIVITIES ($2,812), CHOOSE CHICAGO ESTIMATE ALLOCATED TO LOBBYING ACTIVITIES ($34). ($45) ALLOCATED TO OMBUDS ASSOCIATION, ($76) ALLOCATED TO AICPA AND ($1,086) ALLOCATED TO NATIONAL ASSOCIATION IS A GOOD-FAITH ESTIMATE OF THE LOBBYING FEES ASSOCIATED WITH INDIVIDUAL EMPLOYEE MEMBERSHIPS IN PROFESSIONAL ORGANIZATIONS AND IS NOT DIRECTLY RELATED TO LOBBYING ON BEHALF OF THE ART INSTITUTE OF CHICAGO. MUSEUMS IN THE PARK WORKS WITH THE CHICAGO PARK DISTRICT, CHICAGO PUBLIC SCHOOLS, THE CITY OF CHICAGO, THE STATE OF ILLINOIS AND OTHER ENTITIES TO BUILD GREATER AWARENESS OF THE INTRINSIC VALUE OF MUSEUMS. LINE 1G IS CHECKED YES BECAUSE THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC) HAD CONTACT WITH VARIOUS LOCAL ELECTED OFFICIALS THROUGH LETTER WRITING INITIATIVES. THE PURPOSE OF THESE CONTACTS IS TO EDUCATE LOCAL ELECTED OFFICIALS ABOUT SAIC PROGRAMS AND INITIATIVES TAKING PLACE IN THEIR DISTRICTS AND TO ENCOURAGE SUPPORT FOR THE LOCAL ARTS COMMUNITY. THERE WERE NO COSTS ASSOCIATED WITH THESE CONTACTS IN FY25. X X X X true 1568005576 47384303 167234424 5694034 103932393 2765574 1670232302 1394110396 86611319 166528107 5569259 70516379 3158608 1568005576 1285082402 62584444 125386409 5257866 70719432 2965561 1394110396 1467278742 83767175 -182897412 4955769 75629320 2481014 1285082402 1140478439 63155109 326587212 4792826 55336674 2812518 1467278742 0.39120 0.34740 0.26140 false false 33322096 33322096 227726920 154019174 73707745 533998473 284892695 249105779 35337429 28958350 6379079 362514699 HEDGE FUNDS 200756521 F VENTURE CAPITAL/PRIVATE EQUITY 233652547 F REAL ASSETS 69413279 F PRIVATE CREDIT 130472541 F 634294888 0 PENSION LIABILITY 3732001 REFUNDABLE ADVANCES 821545 OPERATING LEASE LIABILITY 39458051 44011597 X 513486278 45678569 500318 0 710147 46889034 466597244 2851825 -5055939 -2204114 464393130 384621826 500318 0 0 5055939 5556257 379065569 2851825 2851825 381917394 SCHEDULE D, PART XI, LINE 2(D) PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS - 710,147 SCHEDULE D, PART XI, LINE 4(B) COST OF GOODS SOLD - (5,052,939) SPECIAL EVENT EXPENSE - (3,000) SCHEDULE D, PART XII, LINE 2(D) COST OF GOODS SOLD - 5,052,939 SPECIAL EVENT EXPENSE - 3,000 SCHEDULE D, PART III, LINE 1A FROM THE INSTITUTE'S AUDITED FINANCIAL STATEMENTS: "THE VALUE OF THE ART OBJECTS IN THE PERMANENT COLLECTION, AND THE HOLDINGS OF THE LIBRARIES, ARE EXCLUDED FROM THE STATEMENTS OF FINANCIAL POSITION. ADDITIONS TO THE PERMANENT COLLECTION ARE MADE EITHER BY GIFTS, BEQUESTS, OR THROUGH PURCHASES USING INSTITUTE ACQUISITION FUNDS. INSTITUTE ACQUISITION FUNDS MAY BE CLASSIFIED AS WITH DONOR RESTRICTIONS, IN WHICH EITHER (I) THE PRINCIPAL BALANCE IS TO BE HELD IN PERPETUITY AND ONLY THE INCOME EARNED ON PRINCIPAL BALANCES MAY BE USED FOR ACQUISITIONS, OR (II) BOTH THE PRINCIPAL AND EARNED INCOME MAY BE USED FOR ACQUISITIONS; OR WITHOUT DONOR RESTRICTIONS, REPRESENTING FUNDS DESIGNATED BY THE BOARD TO BE USED FOR ACQUISITIONS. THE WITHDRAWAL OF WORKS OF ART FROM THE COLLECTION OF THE INSTITUTE IS PERFORMED IN ACCORDANCE WITH A FORMAL POLICY INITIALLY ADOPTED IN 1975 AND LAST REVISED IN FISCAL YEAR 2025. THE OBJECTS ARE GENERALLY OFFERED FOR SALE AT A PUBLIC AUCTION AND THE PROCEEDS FROM SUCH DISPOSITIONS ARE CLASSIFIED AS WITH DONOR RESTRICTIONS. PROCEEDS FROM THE SALE OF COLLECTION ITEMS ARE USED TO PURCHASE OR COMMISSION WORKS OF ART FOR THE PERMANENT COLLECTION OR FOR THE DIRECT CARE OF OBJECTS WITHIN ITS PERMANENT COLLECTION. DIRECT CARE OF THE COLLECTION MEANS INVESTING IN OBJECTS IN THE MUSEUM'S PERMANENT COLLECTION BY ENHANCING THEIR LIFE, USEFULNESS, OR QUALITY, THEREBY ENSURING THEY WILL CONTINUE TO BENEFIT THE PUBLIC. DIRECT CARE INCLUDES, BUT IS NOT LIMITED TO, MAINTENANCE AND PROTECTION, CONSERVATION, AND MANAGEMENT OF THE COLLECTION. ALL WORKS OF ART AND CERTAIN LIBRARY COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH; THEY ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR, AND PRESERVED, AND ARE SUBJECT TO STRICT ORGANIZATIONAL POLICIES GOVERNING THEIR USE. THE VALUE OF THE INSTITUTE'S PERMANENT COLLECTION IS NOT SUBJECT TO REASONABLE ESTIMATION. THEREFORE, IT IS NOT INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION." SCHEDULE D, PART III, LINE 4 THE INSTITUTE'S PERMANENT COLLECTION CONSISTS OF ART OBJECTS AS WELL AS THE HOLDINGS OF THE LIBRARIES. ALL WORKS OF ART AND CERTAIN LIBRARY COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF THE INSTITUTE'S EXEMPT PURPOSE. SCHEDULE D, PART V, LINE 4 THE INSTITUTE ESTABLISHES ENDOWMENT FUNDS FOR THE PURPOSE OF INVESTING ASSETS IN A MANNER THAT PRESERVES THE REAL VALUE OF THE ENDOWMENT PRINCIPAL AND PROVIDES SPENDABLE FUNDS THAT CAN BE USED TO FULFILL THE PURPOSES FOR WHICH THE ENDOWMENTS WERE ESTABLISHED. THE INSTITUTE'S EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES DETERMINES THE METHOD TO BE USED TO APPROPRIATE ENDOWMENT FUNDS FOR EXPENDITURE. THE INSTITUTE'S SPENDABLE ENDOWMENT PAYOUT IS CALCULATED 20 PERCENT BASED ON THE 12 QUARTER MOVING AVERAGE OF THE ENDOWMENT MARKET VALUE AND 80 PERCENT ON THE PRIOR YEAR'S SPENDABLE ENDOWMENT PAYOUT INFLATED BY THE GROWTH IN THE CONSUMER PRICE INDEX ("CPI-U"). DEPENDING UPON MARKET CONDITIONS AND THE NEEDS AND AVAILABLE RESOURCES OF THE INSTITUTE, APPROPRIATIONS FOR EXPENDITURE FROM INDIVIDUAL ENDOWMENTS MAY BE TEMPORARILY SUSPENDED TO FACILITATE PRESERVATION OF THE ENDOWMENT OR MAY BE IN EXCESS OF THE SPENDING POLICY AS DEEMED PRUDENT BY THE EXECUTIVE COMMITTEE. SCHEDULE D, PART X, LINE 2 FROM THE INSTITUTE'S AUDITED FINANCIAL STATEMENTS: "THE INSTITUTE IS A NOT-FOR-PROFIT CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3); THE INSTITUTE IS SIMILARLY EXEMPT FROM STATE INCOME TAXES. DESPITE THE GENERAL EXEMPTION FROM INCOME TAXATION, THE INSTITUTE IS SUBJECT TO FEDERAL AND STATE INCOME TAX AT CORPORATE RATES ON ITS UNRELATED BUSINESS INCOME. THE FINANCIAL ACCOUNTING STANDARDS BOARD GUIDANCE REQUIRES TAX EFFECTS FROM UNCERTAIN TAX POSITIONS TO BE RECOGNIZED ONLY IF iHE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN POSITIONS THAT REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. NO PROVISION WAS NECESSARY FOR THE INSTITUTE FOR UNRELATED BUSINESS INCOME TAXES AS THE ORGANIZATION HAS A NET OPERATING LOSS CARRYFORWARD TO COVER ANY CURRENT YEAR TAX LIABILITY." THE FINANCIAL STATEMENTS DID NOT REPORT UNCERTAIN TAX POSITIONS. true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATORY POLICY IS PUBLICIZED IN A VARIETY OF MATERIALS, INCLUDING THE STUDENT BULLETIN, THE GENERAL REGISTRATION INFORMATION ISSUED EACH SEMESTER, INITIAL MARKETING MATERIALS, THE STUDENT HANDBOOK, AND ON A PUBLICLY ACCESSIBLE INTERNET PAGE (LINK:www.SAIC.edu). SCHEDULE E, PART I, LINE 6(A) THE INSTITUTE RECEIVES FEDERAL FINANCIAL AID FUNDING FROM THE DEPARTMENT OF EDUCATION. true Central America and the Caribbean 0 0 Program Services CONFERENCES, LECTURES, 769 Central America and the Caribbean 0 5 Program Services EXHIBITIONS 5489 Central America and the Caribbean 0 0 Program Services MEMBER TRAVEL 2160 Central America and the Caribbean 0 0 Program Services RECRUITING 1867 Central America and the Caribbean 0 0 Program Services RESEARCH 877 East Asia and the Pacific 0 1 Program Services CONFERENCES, LECTURES, 27615 East Asia and the Pacific 0 41 Program Services EXHIBITIONS 121362 East Asia and the Pacific 0 1 Program Services MARKETING/ PUBLIC RELA 50330 East Asia and the Pacific 0 0 Program Services MEMBER TRAVEL 44432 East Asia and the Pacific 0 5 Program Services RECRUITING 128519 East Asia and the Pacific 0 3 Program Services RESEARCH 11289 Europe (Including Iceland and Greenland) 0 4 Program Services CONFERENCES, LECTURES, 165945 Europe (Including Iceland and Greenland) 0 192 Program Services EXHIBITIONS 1022821 Europe (Including Iceland and Greenland) 0 1 Program Services MARKETING/ PUBLIC RELA 19654 Europe (Including Iceland and Greenland) 0 0 Program Services MEMBER TRAVEL 230861 Europe (Including Iceland and Greenland) 0 10 Program Services RECRUITING 401079 Europe (Including Iceland and Greenland) 0 101 Program Services RESEARCH 284596 Europe (Including Iceland and Greenland) 0 0 Program Services STUDY TRIPS 37997 Middle East and North Africa 0 1 Program Services CONFERENCES, LECTURES, 14667 Middle East and North Africa 0 6 Program Services EXHIBITIONS 10028 Middle East and North Africa 0 0 Program Services MEMBER TRAVEL 6021 Middle East and North Africa 0 0 Program Services RECRUITING 7651 Middle East and North Africa 0 0 Program Services RESEARCH 10644 North America 0 0 Program Services CONFERENCES, LECTURES, 12529 North America 0 36 Program Services EXHIBITIONS 71795 North America 0 0 Program Services MEMBER TRAVEL 2253 North America 0 0 Program Services RECRUITING 43531 North America 0 5 Program Services RESEARCH 25194 South America 0 0 Program Services CONFERENCES, LECTURES, 2047 South America 0 12 Program Services EXHIBITIONS 30804 South America 0 0 Program Services MEMBER TRAVEL 1652 South America 0 0 Program Services RECRUITING 15655 South America 0 2 Program Services RESEARCH 5972 South America 0 0 Program Services STUDY TRIPS 3661 South Asia 0 0 Program Services CONFERENCES, LECTURES, 1990 South Asia 0 26 Program Services EXHIBITIONS 88217 South Asia 0 0 Program Services MEMBER TRAVEL 10855 South Asia 0 3 Program Services RECRUITING 45383 South Asia 0 0 Program Services RESEARCH 8916 South Asia 0 0 Program Services STUDY TRIPS 2226 Sub-Saharan Africa 0 12 Program Services EXHIBITIONS 19985 Sub-Saharan Africa 0 0 Program Services MEMBER TRAVEL 853 Sub-Saharan Africa 0 0 Program Services RECRUITING 3962 Sub-Saharan Africa 0 0 Program Services RESEARCH 18934 Central America and the Caribbean 0 0 Investments 272084561 North America 0 0 Investments 10659880 East Asia and the Pacific 0 0 Grantmaking 41354 Middle East and North Africa 0 0 Grantmaking 17334 North America 0 0 Grantmaking 7000 0 364 0 103 0 467 2519665 283313551 285833216 STUDENT SCHOLARSHIPS AND GRANTS East Asia and the Pacific 6 41354 CREDIT TO ST STUDENT SCHOLARSHIPS AND GRANTS Middle East and North Africa 1 17334 CREDIT TO ST STUDENT SCHOLARSHIPS AND GRANTS North America 1 7000 CREDIT TO ST true false true true true true SCHEDULE F, PART I, LINE 2 SCHOLARSHIPS AND STIPENDS ARE AVAILABLE TO UNDERGRADUATE STUDENTS AND GRADUATE STUDENTS THROUGH THE ADMISSIONS PROCESS. ONCE AWARDED, DEPENDING ON THE TYPE OF AID, PAYMENT IS CREDITED TO EITHER THE STUDENT ACCOUNT OR DIRECTLY TO THE STUDENT. ALL PAYMENTS ARE MONITORED AND APPROVED BY THE FINANCIAL SERVICES DEPARTMENT BEFORE PAYMENT IS APPLIED OR PAID TO THE STUDENT. ALL STUDENTS RECEIVING SCHOLARSHIPS AND STIPENDS HAVE BEEN SELECTED ON A NON-DISCRIMINATORY BASIS. SCHEDULE F, PART I AND PART III THE ORGANIZATION USES THE ACCRUAL METHOD OF ACCOUNTING FOR REPORTINGEXPENSES AND INVESTMENTS ON SCHEDULE F, PART I, AND GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS OUTSIDE OF THE UNITED STATES ON SCHEDULE F, PART III. X X X X X X X true LUKENS COMPANY 2800 SHIRLINGTON RD 9TH FLOOR ARLINGTON VA 22206 DIRECT MAIL false 1154264 734253 420011 1154264 734253 420011 AL AK AR CA CO CT FL GA HI IL KS KY ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WV WI WOMEN'S BOARD 180000 164700 15300 3000 0 180000 164700 15300 3000 3000 12300 SCHEDULE G, PART I, LINE 2B AIC PAYS FUNDRAISING CONSULTANT FEES AT A STATED RATE PER CONTRACT AND COSTS SUCH AS POSTAGE AND PRINTING. HOSTING FEES WERE $750, PROFESSIONAL SERVICES FEES WERE $180,128, DIGITAL SUPPORT FEES WERE $39,306 AND POSTAGE AND PRINTING COSTS WERE $514,069. true FACULTY ENRICHMENT GRANTS 47 148000 STUDENT SCHOLARSHIPS AND STIPENDS 4078 58982092 SCHEDULE I, PART I, LINE 2 SCHOLARSHIPS AND STIPENDS ARE AVAILABLE TO UNDERGRADUATE STUDENTS AND GRADUATE STUDENTS THROUGH THE ADMISSIONS PROCESS. ONCE AWARDED, DEPENDING ON THE TYPE OF AID, PAYMENT IS CREDITED TO EITHER THE STUDENT ACCOUNT OR DIRECTLY TO THE STUDENT. ALL PAYMENTS ARE MONITORED AND APPROVED BY THE FINANCIAL SERVICES DEPARTMENT BEFORE PAYMENT IS APPLIED OR PAID TO THE STUDENT. ALL STUDENTS RECEIVING SCHOLARSHIPS AND STIPENDS HAVE BEEN SELECTED ON A NON-DISCRIMINATORY BASIS. FACULTY ENRICHMENT GRANT OPPORTUNITIES ARE AVAILABLE TO FULL-TIME AND PART-TIME FACULTY TEACHING IN A DEGREE PROGRAM. SELECTIONS ARE BASED ON THE MERIT OF THE PROPOSAL AND REVIEWED BY MEMBERS OF A SELECTION COMMITTEE. PAYMENTS ARE MONITORED BY THE DEAN'S OFFICE AND ALL PAYMENTS ARE APPROVED BY THE VICE PROVOST AND SCHOOL FINANCE DEPARTMENT BEFORE PAYMENT IS MADE. X X X X true true X X X X false true false false false false false false true true JAMES RONDEAU PRESIDENT, MUSEUM 895860 0 0 0 128533 0 128000 0 10751 0 1163144 0 0 0 ELISSA TENNY PRESIDENT, SAIC ENDED 07/2024 652642 0 0 0 100434 0 46000 0 17745 0 816821 0 0 0 ALEXANDRA HOLT EVP FOR FINANCE AND ADMIN 475217 0 0 0 36651 0 36492 0 17897 0 566257 0 0 0 EUGENE ADAMS CHIEF INFORMATION OFFICER 231899 0 0 0 25099 0 189000 0 24026 0 470024 0 0 0 LESLIE DARLING EVP, GENERAL CSL & SECRETARY 386489 0 0 0 30471 0 35843 0 14987 0 467790 0 0 0 SARAH GUERNSEY DEPUTY DIR & SR VP CUR AFFAIRS 343696 0 0 0 13563 0 83000 0 23123 0 463382 0 0 0 AMY ALLEN SENIOR VP, ENGAGEMENT, MUSEUM 318736 0 0 0 26028 0 93000 0 9963 0 447727 0 0 0 MARTIN BERGER PROVOST & SR VP ACAD AFFAIRS 369158 0 0 0 25676 0 31557 0 10411 0 436802 0 0 0 DAVID NACOL SENIOR VP, PHILANTHROPY 371807 0 0 0 983 0 33905 0 23148 0 429843 0 0 0 JISEON LEE ISBARA PRESIDENT, SCHOOL 279186 0 0 0 74853 0 22500 0 10255 0 386794 0 0 0 THOMAS BUECHELE VP, CAMPUS OPERATIONS, SCHOOL 246340 0 0 0 6997 0 88000 0 24019 0 365356 0 0 0 DENISE BANKS CHIEF HR OFFICER 311123 0 0 0 0 0 23407 0 10225 0 344755 0 0 0 ROSE MILKOWSKI VP, ENROLLMENT MANAGEMENT 292330 0 0 0 23000 0 28350 0 779 0 344459 0 0 0 KATHRYN RAHN SR VP, MARKETING & COMMS 285252 0 0 0 1065 0 26835 0 24050 0 337202 0 0 0 MATTHEW NORRIS VP, ENTERPRISE SOFTWARE ANALYT 238270 0 0 0 14325 0 49000 0 24024 0 325619 0 0 0 EVELYN JEFFERS FORMER COO, MUSEUM 251597 0 0 0 50131 0 16685 0 5682 0 324095 0 0 0 ANN GOLDSTEIN DEPUTY DIR & SR CURATOR AT LG 283659 0 0 0 0 0 21553 0 17606 0 322818 0 0 0 CAMILLE MARTIN-THOMSEN DEAN OF FACULTY & VP ACAD 278518 0 0 0 0 0 25004 0 18487 0 322009 0 0 0 EMILY BENEDICT VP, CAMPUS OPERATIONS, MUSEUM 268211 0 0 0 469 0 25010 0 23047 0 316737 0 0 0 ANTOINETTE MURRIL DEPUTY CHIEF HR OFFICER 252948 0 0 0 0 0 11580 0 18422 0 282950 0 0 0 LISA WAINWRIGHT FORMER FAC DEAN/VP ACAD DEAN 210983 0 0 0 0 0 19883 0 18407 0 249273 0 0 0 COURTNEY ROWE VP FOR ADV, SAIC ENDED 08/2024 160046 0 0 0 15398 0 15398 0 6443 0 197285 0 0 0 SCHEDULE J, PART I, LINE 1A FIRST CLASS TRAVEL FIRST CLASS TRAVEL IS ALLOWED UNDER LIMITED CIRCUMSTANCES AS SET FORTH IN THE TRAVEL POLICY. TRAVEL FOR COMPANIONS THE FORMER PRESIDENT OF THE SCHOOL RECEIVED SPOUSAL TRAVEL IN CALENDAR YEAR 2024 WHICH WAS TREATED AS TAXABLE COMPENSATION. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE THE PRESIDENT OF THE SCHOOL IS PAID A HOUSING ALLOWANCE OF $4,000 PER MONTH WHICH IS TREATED AS TAXABLE COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES ATHLETIC, SOCIAL, OR OTHER CLUB FEES INCURRED BY THE PRESIDENT OF THE SCHOOL AND THE PRESIDENT OF THE MUSEUM ARE REIMBURSED TO THE EXTENT THEY ARE USED FOR BUSINESS PURPOSES. IN ADDITION, THE EMPLOYMENT CONTRACT FOR THE PRESIDENT OF THE SCHOOL ALLOWS FOR REIMBURSEMENT FOR UP TO $5,000 ANNUALLY FOR FEES AND MEMBERSHIP DUES FOR ATHLETIC, SOCIAL, OR OTHER CLUBS USED FOR PERSONAL, NON-BUSINESS PURPOSES. THE ANNUAL AMOUNTS REIMBURSED ARE REPORTED AS TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 4B AS NOTED IN THE AUDITED FINANCIAL STATEMENTS, A SUPPLEMENTAL NON QUALIFIED RETIREMENT PLAN EXISTS FOR THE BENEFIT OF A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES WHOSE BENEFITS UNDER OTHER INSTITUTE QUALIFIED RETIREMENT PLANS ARE LIMITED BY THE IRS. EMPLOYEES ARE ELIGIBLE IF THEIR COMPENSATION FOR A PLAN YEAR IS IN EXCESS OF THE IRS LIMITS UNDER CODE SECTION 401(A){17), IF THEY RECEIVED A BENEFIT ACCRUAL OR EMPLOYER CONTRIBUTION UNDER OTHER INSTITUTE QUALIFIED PLANS, AND IF THEY HAVE NOT VOLUNTARILY TERMINATED EMPLOYMENT PRIOR TO THE FIRST BUSINESS DAY FOLLOWING THE PLAN YEAR. BENEFITS ARE CALCULATED BASED ON THE EXCESS OF BENEFITS THAT WOULD BE PROVIDED UNDER INSTITUTE QUALIFIED PLANS IF IRS COMPENSATION LIMITS DID NOT EXIST. THE FOLLOWING INDIVIDUALS RECEIVED PAYMENTS UNDER THE SUPPLEMENTAL RETIREMENT PLAN: JAMES RONDEAU AMOUNT PAID IN CALENDAR YEAR 2024 OF $105,533 ELISSA TENNY AMOUNT PAID IN CALENDAR YEAR 2024 OF $29,434 LESLIE DARLING AMOUNT PAID IN CALENDAR YEAR 2024 OF $14,705 ALEXANDRA HOLT AMOUNT PAID IN CALENDAR YEAR 2024 OF $13,651 EVELYN JEFFERS AMOUNT PAID IN CALENDAR YEAR 2024 OF $27,131 SARAH GUERNSEY AMOUNT PAID IN CALENDAR YEAR 2024 OF $11,633 MARTIN BERGER AMOUNT PAID IN CALENDAR YEAR 2024 OF $2,676 AMY ALLEN AMOUNT PAID IN CALENDAR YEAR 2024 OF $3,028 DAVID NACOL AMOUNT PAID IN CALENDAR YEAR 2024 OF $983 SCHEDULE J, PART I, LINE 8 THE PRESIDENT OF THE MUSEUM AND THE PROVOST WERE PAID THEIR SALARIES UNDER CONTRACTS THAT WERE SUBJECT TO THE INITIAL CONTRACT EXCEPTION. A ILLINOIS FINANCE AUTHORITY 861091967 45204EHD3 2016-08-25 42808133 ADVANCE REFUND SERIES 2009A BONDS false false false A 0 0 42808133 0 0 0 4760 0 0 0 42803373 0 2009 true false true true A false false false false 0.00000 0.00000 0.00000 false false false true A false false false true false false 0 false 0 false true A true Schedule K, Part IV, Line 2C, Column A THE CALCULATION FOR COMPUTING NO REBATE DUE WAS PERFORMED ON 04/17/2024. PETER HARATONIK FAMILY MEMBER OF ELISSA TENNY, CURRENT OFFICER 18277 EMPLOYEE COMPENSATION false HENNING MARTIN-THOMSEN FAMILY MEMBER OF CAMILLE MARTIN-THOMSEN, CURRENT KEY EMPLOYEE 51090 EMPLOYEE COMPENSATION false X 1325 0 SEE PART II X 444237 MARKET VALUE X 2 MARKET VALUE X 105 8124916 MARKET VALUE X OTHER - FOOD 1 1028 MARKET VALUE 43 false true false SCHEDULE M, PART I BOOKS AND PUBLICATIONS - NUMBER OF CONTRIBUTIONS SECURITIES - PUBLICLY TRADED - NUMBER OF CONTRIBUTIONS RECEIVED OTHER - DEPARTMENTAL SUPPLIES - NUMBER OF ITEMS CONTRIBUTED ART - WORKS OF ART - NUMBER OF ITEMS CONTRIBUTED SCHEDULE M, PART I, LINE 1 THE INSTITUTE DOES NOT CAPITALIZE ITS COLLECTION ITEMS NOR REPORT CONTRIBUTIONS OF COLLECTION ITEMS AS REVENUE AS ALLOWED UNDER FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION 958-360-25 (ASC 958-360-25). FORM 990, PART III, LINE 1 THE PURPOSES FOR WHICH THE ART INSTITUTE OF CHICAGO IS FORMED ARE: TO FOUND, BUILD, MAINTAIN AND OPERATE MUSEUMS, SCHOOLS, AND LIBRARIES OF ART AND THEATERS; TO PROVIDE SUPPORT FACILITIES IN CONNECTION THEREWITH; TO CONDUCT APPROPRIATE ACTIVITIES CONDUCIVE TO THE ARTISTIC DEVELOPMENT OF THE REGION; AND TO CONDUCT AND PARTICIPATE IN ACTIVITIES OF NATIONAL AND INTERNATIONAL SIGNIFICANCE; TO FORM, CONSERVE, RESEARCH, PUBLISH, AND EXHIBIT A PERMANENT COLLECTION OF OBJECTS OF ART OF ALL KINDS, TO PRESENT TEMPORARY EXHIBITIONS INCLUDING LOANED OBJECTS OF ART OF ALL KINDS, AND TO CULTIVATE AND EXTEND THE ARTS BY APPROPRIATE MEANS; TO ESTABLISH AND CONDUCT COMPREHENSIVE PROGRAMS OF EDUCATION, INCLUDING PREPARATION OF VISUAL ARTISTS, TEACHERS OF ART, AND DESIGNERS; TO PROVIDE EDUCATION SERVICES IN WRITTEN, SPOKEN AND MEDIA FORMATS; TO PROVIDE LECTURES, INSTRUCTION AND ENTERTAINMENT, INCLUDING DRAMATIC, FILM AND MUSICAL PERFORMANCES OF ALL KINDS, WHICH COMPLEMENT AND FURTHER THE GENERAL PURPOSES OF THE INSTITUTE; TO RECEIVE IN TRUST PROPERTY OF ALL KINDS AND TO EXERCISE ALL NECESSARY POWERS AS TRUSTEE FOR SUCH TRUST ESTATES WHOSE OBJECTS ARE RELATED TO THE FURTHERANCE OF THE GENERAL PURPOSES OF THE INSTITUTE OR FOR THE ESTABLISHMENT OR MAINTENANCE OF WORKS OF ART. FORM 990, PART VI, LINE 1A AS PROVIDED IN THE BY-LAWS, DURING THE INTERVALS BETWEEN THE MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE SHALL POSSESS AND MAY EXERCISE, IN ALL CASES IN WHICH SPECIAL DIRECTIONS HAVE NOT BEEN GIVEN BY THE BOARD, ALL THE POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT AND DIRECTION OF THE ART INSTITUTE, AND IN RESPECT TO ALL OTHER BUSINESS AND AFFAIRS OF THE ART INSTITUTE, IN SUCH MANNER AS SHALL BE FOR ITS BEST INTEREST, EXCEPT THE FILLING OF ANY VACANCY ON THE BOARD OF TRUSTEES, THE AMENDMENT OF THE BYLAWS OR THE ARTICLES OF INCORPORATION, AND ALL OTHER POWERS AND AUTHORITIES, THE EXERCISE OF WHICH BY THE EXECUTIVE COMMITTEE IS PROHIBITED BY LAW. THE EXECUTIVE COMMITTEE SHALL CONSIST ONLY OF TRUSTEES. ITS MEMBERS SHALL BE THE CHAIRMAN OF THE BOARD OF TRUSTEES, THE CHAIRMEN OF THOSE STANDING COMMITTEES WITH RESPONSIBILITIES FOR BOTH THE MUSEUM AND THE SCHOOL, THE VICE CHAIRMEN OF THE BOARD OF TRUSTEES, AND THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE SCHOOL. IF ANY OF SUCH INDIVIDUALS IS NOT A TRUSTEE, HE OR SHE MAY BE INVITED TO ATTEND EXECUTIVE COMMITTEE MEETINGS FROM TIME TO TIME TO PROVIDE A REPORT FOR HIS OR HER COMMITTEE. FORM 990, PART VI, LINE 2 JAY FREDERICK KREHBIEL AND DAVID VITALE - BUSINESS RELATIONSHIP JAY FREDERICK KREHBIEL AND SAMUEL MENCOFF - BUSINESS RELATIONSHIP JAY FREDERICK KREHBIEL AND FREDERICK WADDELL - BUSINESS RELATIONSHIP A. STEVEN CROWN AND JANET DUCHOSSOIS - BUSINESS RELATIONSHIP FORM 990, PART VI, LINE 11B THE FORM 990 IS PREPARED INTERNALLY BY THE INSTITUTE'S ACCOUNTING OFFICE AND REVIEWED BY THE EVP FOR FINANCE AND ADMINISTRATION AND AN INDEPENDENT PROFESSIONAL ACCOUNTING FIRM. THE INSTITUTE'S MANAGEMENT CONFERS WITH LEGAL AND BOND COUNSEL AS NEEDED TO COMPLETE THE TAX FILING. A FULL VERSION OF THE FORM 990 IS PRESENTED TO AND REVIEWED BY THE INSTITUTE'S AUDIT AND RISK COMMITTEE FOR COMMENT, WITH THE SINGLE EXCEPTION THAT THE SCHEDULE B, SCHEDULE OF CONTRIBUTORS, IS REDACTED TO OMIT THE NAMES AND ADDRESSES OF THE INDIVIDUAL CONTRIBUTORS TO PRESERVE DONOR ANONYMITY. AN UNMODIFIED VERSION OF THE COMPLETE FORM 990 IS REVIEWED BY THE AUDIT AND RISK COMMITTEE CHAIR. ANY QUESTIONS OR CONCERNS IDENTIFIED BY THE AUDIT AND RISK COMMITTEE ARE ADDRESSED AND ALL APPROPRIATE CHANGES ARE INCORPORATED INTO THE FORM 990. AFTER ALL INPUT HAS BEEN ADDRESSED, THE FINAL PUBLIC DISCLOSURE VERSION OF THE FORM 990 IS DISTRIBUTED TO ALL VOTING MEMBERS OF THE INSTITUTE'S BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. AFTER THE FINAL VERSION OF THE FORM 990 HAS BEEN DISTRIBUTED AND TIME FOR COMMENTS HAS EXPIRED, MANAGEMENT AND STAFF FILE THE FINAL FORM 990 AS REQUIRED. FORM 990, PART VI, LINE 12C UNDER THE INSTITUTE'S CONFLICT OF INTEREST POLICY, ALL MEMBERS OF THE BOARD OF TRUSTEES, BOARD OF GOVERNORS, AND STANDING AND ADVISORY COMMITTEES, KEY EMPLOYEES 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 INSTITUTE'S 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. WHEN SUCH MATTERS ARE CONSIDERED, THE RELATED PARTY SHALL NOT BE COUNTED FOR PURPOSES OF DETERMINING WHETHER THERE IS A QUORUM. FINANCIAL INTEREST 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. THE POLICY IS DISTRIBUTED ANNUALLY TO ALL RELATED PARTIES. ALL VOTING TRUSTEES, MEMBERS OF THE BOARD OF GOVERNORS, MEMBERS OF STANDING COMMITTEES, KEY EMPLOYEES, OFFICERS, AND VICE PRESIDENTS ARE REQUIRED TO ATTEST ANNUALLY TO THEIR FAMILIARITY WITH THE 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 INSTITUTE'S GENERAL COUNSEL'S OFFICE. FORM 990, PART VI, LINE 15A THE INSTITUTE'S EXECUTIVE COMMITTEE, COMPOSED ENTIRELY OF INDEPENDENT TRUSTEES, APPROVES COMPENSATION FOR THE PRESIDENT AND DIRECTOR OF THE MUSEUM AND THE PRESIDENT OF THE SCHOOL. THE INSTITUTE'S COMPENSATION AND BENEFITS COMMITTEE, ALSO COMPOSED ENTIRELY OF INDEPENDENT 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 AND BENEFITS 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 RELEVANT 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 CHIEF HUMAN RESOURCES OFFICER 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 THE DECISIONS ON COMPENSATION ARE DOCUMENTED IN CONTEMPORANEOUS MEETING MINUTES. IN THE CASE OF THE PRESIDENT AND THE DIRECTOR OF THE MUSEUM, THE PRESIDENT OF THE SCHOOL, THE PROVOST, AND THE DEAN OF FACULTY OF THE SCHOOL, THE DECISIONS MAY BE REFLECTED IN EMPLOYMENT CONTRACTS AS WELL. THIS PROCESS IS UNDERTAKEN ANNUALLY. FORM 990, PART VI, LINE 15B IN ADDITION TO THE PROCESS DESCRIBED FOR LINE 15A, FOR KEY EMPLOYEES WHOSE COMPENSATION IS NOT REVIEWED AND APPROVED BY THE COMPENSATION AND BENEFITS COMMITTEE, THEIR COMPENSATION IS GENERALLY BASED ON CURRENT INDEPENDENT SALARY SURVEYS THAT ARE COMPILED BY AND MAINTAINED BY THE INSTITUTE'S HUMAN RESOURCES DEPARTMENT AND IS DECIDED BY THE EMPLOYEE'S SUPERVISOR BASED ON FACTORS SUCH AS EXPERIENCE AND PERFORMANCE. FORM 990, PART VI, LINE 19 THE INSTITUTE'S GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC VIA WRITTEN REQUEST TO THE INSTITUTE AND IN ADDITION, IN PART THROUGH APPLICABLE GOVERNMENTAL AGENCIES. 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. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (B) THE AMOUNT OF HOURS PER WEEK DEVOTED TO POSITION HAS BEEN NOTED AS 1 HOUR FOR ALL TRUSTEES. THE AMOUNT OF ACTUAL HOURS PER WEEK DEVOTED BY EACH TRUSTEE VARIES DEPENDING ON THE POSITION HELD AND THE COMMITTEES THE TRUSTEE DEVOTES TIME TO. FORM 990, PART XI, LINE 9 PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST - $710,147 AICCB LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 205052348 INVESTMENTS DE 6666 1 AIC AICGS LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 362167725 INVESTMENTS DE 41328 87461 AIC AICHP LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 362167725 INVESTMENTS DE 0 0 AIC AIC AA LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 362167725 INVESTMENTS DE 65321 19707 AIC AIC AX LLC 111 SOUTH MICHIGAN AVEUE CHICAGO IL 60603 362167725 INVESTMENTS DE 29592 2216 AIC AIC BLK LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 362167725 INVESTMENTS DE 5541 2761 AIC AIC MS SS LLC 111 SOUTH MICHIGAN AVEUNE CHICAGO IL 60603 362167725 INVESTMENTS DE 0 39244 AIC AIC GS MEZZ LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 362167725 INVESTMENTS DE 0 0 AIC AIC VENTURES LLC 111 SOUTH MICHIGAN AVENUE CHICAGO IL 60603 900708171 CONSULTING IL 0 0 AIC THE JEFFREY E HORVITZ TRUST FOR FRENCH A 111 S MICHIGAN AVE CHICAGO IL 60603 336551823 SUPPORT AIC IL 501(c)(3) 12I AIC true PERPETUAL TRUSTS HELD BY 3RD PARTIES (6) FUNDRAISING IL AIC TRUST 0 0 true CHARITABLE REMAINDER TRUST (1) FUNDRAISING IL AIC TRUST 0 0 true false false false false false false false false false false false false false false false true false true false