2024-05-03T14:59:32+00:00 2023-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2022-07-01 362167725 The Art Institute of Chicago ARTI 3124433600 111 South Michigan Avenue Chicago IL 60603 Alexandra Holt Exec VP, Finance & Administration 2024-05-03 true Alexandra Holt 999009999 NICOLE BENCIK P00756195 3128997000 2022 2023-04-26 12:10:37Z Alexandra Holt 111 South Michigan Avenue Chicago IL 60603 616356424 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. 63 63 3517 147 11822698 0 66913952 51858370 210988332 217491387 130592120 83255283 6399587 6904562 414893991 359509602 54779428 54554069 0 132768051 140493296 564975 727497 10034719 111799224 144184661 299911678 339959523 114982313 19550079 1830546900 1886077791 277511101 259594451 1553035799 1626483340 See Schedule O. false false 183623015 54534069 198882114 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 2023, AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 3,402 WITH INTERNATIONAL STUDENTS FROM 86 COUNTRIES 118376148 20000 22007934 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 WITH PERFORMANCES, AND OTHER SPECIAL EVENTS, AND PRESENTING WORLD CLASS EXHIBITIONS HIGHLIGHTING BOTH ITS COLLECTION AND OBJECTS LOANED FROM OTHER INSTITUTIONS. IN FY23, FEATURED EXHIBITIONS INCLUDED "DAVID HOCKNEY: THE ARRIVAL OF SPRING, NORMANDY, 2020", "THE LANGUAGE OF BEAUTY IN AFRICAN ART", "SALVADOR DALI: THE IMAGE DISAPPEARS", AND "GIO SWABY: FRESH UP". 301999163 true true false true false false true false true true true false false true true true false 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 4679 0 true 3517 true true true false false false false true true false false false false false false X 63 63 true false false false false false false true true false false false true true true true true true true false CA AL IL KS KY AK 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 David J Vitale Vice Chair 1.0 0.0 X X 0 0 0 Denise B Gardner Chair 1.0 0.0 X X 0 0 0 Eric P Lefkofsky Vice Chair 1.0 0.0 X X 0 0 0 Frederick Waddell Vice Chair 1.0 0.0 X X 0 0 0 Jay Frederick Krehbiel Treasurer 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 A Steven Crown Trustee 1.0 0.0 X 0 0 0 Adnaan Hamid Trustee 1.0 0.0 X 0 0 0 Alex Washington Trustee 1.0 0.0 X 0 0 0 Amina Dickerson Trustee - Ended 12/31/2022 1.0 0.0 X 0 0 0 Andrew M Rosenfield Trustee 1.0 0.0 X 0 0 0 Anita Blanchard Trustee 1.0 0.0 X 0 0 0 Anita Sinha Trustee 1.0 0.0 X 0 0 0 Anne Searle Bent Trustee 1.0 0.0 X 0 0 0 Anne Reyes Trustee 1.0 0.0 X 0 0 0 Arjun Aggarwal Trustee 1.0 0.0 X 0 0 0 Barbara Levy Kipper Trustee - Ended 11/8/2022 1.0 0.0 X 0 0 0 Bob Rennie Trustee 1.0 0.0 X 0 0 0 Cary D McMillan Trustee 1.0 0.0 X 0 0 0 Caryn Harris Trustee 1.0 0.0 X 0 0 0 Chris Keogh Trustee 1.0 0.0 X 0 0 0 Darrel Hackett Trustee 1.0 0.0 X 0 0 0 E Scott Santi Trustee 1.0 0.0 X 0 0 0 Ellen Sandor Trustee - Ended 11/8/2022 1.0 0.0 X 0 0 0 Eric T McKissack Trustee 1.0 0.0 X 0 0 0 Frances Beatty Trustee - As of 11/8/2022 1.0 0.0 X 0 0 0 Fred Eychaner Trustee 1.0 0.0 X 0 0 0 Heiji Choy Black Tustee 1.0 0.0 X 0 0 0 Honghong Chen Trustee 1.0 0.0 X 0 0 0 Howard M McCue III Trustee 1.0 0.0 X 0 0 0 James A Gordon Trustee- Ended 12/31/2022 1.0 0.0 X 0 0 0 Janet Duchossois Trustee 1.0 0.0 X 0 0 0 Jill Delaney Trustee - As of 9/1/2022 1.0 0.0 X 0 0 0 Joe Mansueto Trustee 1.0 0.0 X 0 0 0 John F Manley Trustee 1.0 0.0 X 0 0 0 Josef Lakonishok Trustee 1.0 0.0 X 0 0 0 Joseph Gromacki Trustee 1.0 0.0 X 0 0 0 Karen Frank Trustee 1.0 0.0 X 0 0 0 Karen Gray-Krehbiel Trustee 1.0 0.0 X 0 0 0 Kristin Rey Trustee - As of 9/13/2022 1.0 0.0 X 0 0 0 Lawrence F Levy Trustee 1.0 0.0 X 0 0 0 Leslie Buchbinder Trustee 1.0 0.0 X 0 0 0 Lester N Coney Trustee 1.0 0.0 X 0 0 0 Linda Johnson Rice Trustee 1.0 0.0 X 0 0 0 Linda Smith Buonanno Trustee 1.0 0.0 X 0 0 0 Lori Gray Faversham Trustee 1.0 0.0 X 0 0 0 Mamadou-Abou Sarr Trustee 1.0 0.0 X 0 0 0 Marilynn Thoma Trustee 1.0 0.0 X 0 0 0 Maurice Smith Trustee 1.0 0.0 X 0 0 0 Michael Polsky Trustee 1.0 0.0 X 0 0 0 Michael Sacks Trustee 1.0 0.0 X 0 0 0 Pamela Joyner Trustee 1.0 0.0 X 0 0 0 Paul Carbone Trustee 1.0 0.0 X 0 0 0 Prabhakant Sinha Trustee 1.0 0.0 X 0 0 0 Reeve B Waud Trustee 1.0 0.0 X 0 0 0 Rita Knox Trustee 1.0 0.0 X 0 0 0 Rita Sola Cook Trustee 1.0 0.0 X 0 0 0 Robert Buford Trustee 1.0 0.0 X 0 0 0 Robert M Levy Trustee 1.0 0.0 X 0 0 0 Roger L Weston Trustee 1.0 0.0 X 0 0 0 Sarah Nava Garvey Trustee 1.0 0.0 X 0 0 0 Scott Canel Trustee 1.0 0.0 X 0 0 0 Shawn M Donnelley Trustee 1.0 0.0 X 0 0 0 Sophia Shaw Trustee 1.0 0.0 X 0 0 0 Stephanie Skestos Gabriele Trustee 1.0 0.0 X 0 0 0 Thomas J Pritzker Trustee - Ended 9/23/2022 1.0 0.0 X 0 0 0 Usha Mittal Trustee 1.0 0.0 X 0 0 0 Alexandra Holt EVP, Finance & Admin 40.0 0.0 X 483590 0 41052 Elissa Tenny President, School 40.0 0.0 X 702703 0 42150 James Rondeau President, Museum 40.0 0.0 X 1009815 0 64161 Leslie Darling EVP, General Counsel, & Secretary 40.0 0.0 X 391318 0 28245 Amy Allen VP, Engagement, Museum 40.0 0.0 X 323686 0 67347 Courtney Rowe Vice President for Advancement, SAIC 40.0 0.0 X 206961 0 20303 David Nacol Vice President, Philanthropy, Museum 40.0 0.0 X 271701 0 31819 Denise Banks Chief Human Resources Officer 40.0 0.0 X 179428 0 12956 Emily Benedict AVP, Capital Programs 40.0 0.0 X 224247 0 39700 Evelyn Jeffers Chief Operating Officer, Museum 40.0 0.0 X 628680 0 42414 Martin Berger Provost & Sr VP Academic Affairs 40.0 0.0 X 347240 0 41192 Rose Milkowski VP for Enrollment Management 40.0 0.0 X 267834 0 24948 Sarah Guernsey Deputy Director, Curatorial Affairs 40.0 0.0 X 338860 0 53899 Thomas Buechele VP for Campus Operations, School 40.0 0.0 X 240957 0 76911 Ann Goldstein Dep Dir and Chair & Curator Mod & Contemp 40.0 0.0 X 319221 0 37502 Eugene Adams Chief Information Officer 40.0 0.0 X 244548 0 150915 Kathryn Rahn Vice President, Marketing and Communications, Museum 40.0 0.0 X 239142 0 42048 Norissa Bailey Senior VP for People and Culture 40.0 0.0 X 295363 0 47073 Veronica Stein Woman's Board Exec Director, Museum 40.0 0.0 X 249426 0 6157 Brian Esker Former VP of Finance & Admin, School 0.0 0.0 X 247070 0 12765 Lisa Wainwright Former Dean of Faculty/VP Acad Admin 0.0 0.0 X 202608 0 25290 Michael Nicolai Former Chief Human Resources Officer 0.0 0.0 X 327500 0 32000 7741898 0 940847 184 true true false Allied Universal Security 161 Washington St 600 Conshohocken PA 19428 Security Services 6803135 Able Engineering Services Inc 868 Folsom Street San Francisco CA 94107 Engineering Services 4673059 ABM OnSite Services- Midwest Inc PO Box 74008829 CHICAGO IL 606748829 Janitorial Services 2462521 Masterpiece International Ltd 1699 Wall St 725 Mt Prospect IL 60056 Exhibit Transport 2081118 Food For Thought Enterprises Inc 7001 RIDGEWAY AVE LINCOLNWOOD IL 60712 Catering 1967311 70 0 14111880 425357 0 7471701 29849432 2243692 51858370 Tuition and Fees 611600 196179875 196179875 Museum Admissions 900099 16706104 16706104 Other Restricted Prog Rev 900099 1781935 1781935 Museum Restaurant Commissions 722513 913308 913308 Exhibition Loan and Participant Fees 900099 512902 512902 1397263 1397263 0 0 217491387 21945605 10439168 11506437 71744 71744 1362794 1205026 157768 0 157768 40711 117057 313197208 251887530 61309678 0 61309678 61309678 560546 425357 241686 318860 318860 0 0 8238995 3512580 4726415 3398661 1327754 Insurance Recovery 900099 914415 914415 Other Revenue 900099 715360 15065 700295 0 0 0 0 1629775 359509602 220890048 11822698 74938486 54374062 54374062 180007 180007 5928988 4420102 1170494 338392 308910 308910 102428776 84092601 12309820 6026355 1609899 999409 445138 165352 22892873 18239254 3202090 1451529 7323850 5921781 957678 444391 942447 942447 335485 335485 4705 4705 727497 727497 3194775 3194775 16324626 14675482 1528234 120910 2674795 2651744 8063 14988 8270891 7755960 304665 210266 5043799 2988964 1986441 68394 189282 189282 0 0 28876071 28200386 553480 122205 3541857 3305197 54377 182283 359268 175011 148186 36071 4482611 3772278 710333 22668379 22662136 6243 1667036 1667036 Accessions/Books 35548709 35548459 250 Exhibition related 2909084 2909084 0 0 Other FF&E and related maintenance 4418892 4332670 30206 56016 Bad debt expense 1288554 1288554 1443395 1336089 37486 69820 339959523 301999163 27925641 10034719 84460885 50991655 48813745 38000756 8209953 5819189 0 0 0 0 1226864 751622 2766424 2809730 2518549 3417005 787597494 427051278 367419643 360546216 733400477 790478297 534391809 591120642 0 47338551 42142679 1830546900 1886077791 35487032 35206095 13518529 14754042 54085473 36250000 0 0 101500000 114789007 72920067 58595307 277511101 259594451 588537158 641981369 964498641 984501971 1553035799 1626483340 1830546900 1886077791 X 19550079 44634430 9263032 X false true X true true true X 92396397 88049953 56595397 61041179 46026049 344108975 5342827 5632801 5171094 5872773 5832321 27851816 0 0 0 0 0 0 97739224 93682754 61766491 66913952 51858370 371960791 45529632 326431159 14170463 13107417 7940344 9764342 12900264 57882830 0 0 0 0 0 0 206885 1588430 365938 2006750 2175256 6343259 436186880 1087150659 0.7484 0.7640 X Schedule A, Part I, Line 2 Reason for Public Charity Status 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. Schedule A, Part II, Line 10 Other Income DESCRIPTION - GROSS RECEIPTS FROM FUNDRAISING AND GAMING ACTIVITIES, COLUMN A - 206885.0, COLUMN B - 105690.0, COLUMN C - , COLUMN D - 95890.0, COLUMN E - 560546.0, COLUMN F - 969011.0; DESCRIPTION - OTHER MISC. INCOME, COLUMN A - , COLUMN B - 1482740.0, COLUMN C - 365938.0, COLUMN D - 610801.0, COLUMN E - 700295.0, COLUMN F - 3159774.0; DESCRIPTION - INSURANCE RECOVERY, COLUMN A - , COLUMN B - , COLUMN C - , COLUMN D - 1300059.0, COLUMN E - 914415.0, COLUMN F - 2214474.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 0 false true 4705 4705 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY The amount in line 1i represents the Art Institute of Chicago's portion of funds utilized by Museums in the Park for lobbying activities ($3,514), Choose Chicago estimate allocated to lobbying activities ($34) and a good-faith estimate of dues paid to the National Association of Independent Colleges and Universities that relate to lobbying ($1,157). 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 FY23. X X X X true 1285082402 62584444 125386409 5257866 70719432 2965561 1394110396 1467278742 83767175 -182897412 4955769 75629320 2481014 1285082402 1140478439 63155109 326587212 4792826 55336674 2812518 1467278742 1127378971 50167005 37152584 4559023 66453218 3207880 1140478439 1122602753 33464447 54161973 4209172 76036105 2604925 1127378971 0.3839 0.3715 0.2446 false false 34972096 34972096 213972680 141141081 72831599 505376500 257457656 247918844 33276218 28452541 4823677 360546216 Hedge Funds 262633931 F Venture Capital /Private Equity 178533904 F Real Assets 93920742 F Private Credit 56032065 F 591120642 Pension Liability 9439439 Refundable Advances 1677160 Operating Lease Liability 47478708 58595307 X 415364129 44634430 192548 9263032 54090010 361274119 3194775 -4959292 -1764517 359509602 341916588 192548 4959292 5151840 336764748 3194775 0 3194775 339959523 Schedule D, Part III, Line 1a Collections of art - financial statement footnote 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 2023. 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 Collections of art - description of collections 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 Intended uses of endowment funds 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 formula is a controlled growth distribution formula. 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 in excess of the spending policy as deemed prudent by the Executive Committee. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote 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 ("FASB") guidance requires tax effects from uncertain tax positions to be recognized only if the 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. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS - 9263032 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements COST OF GOODS SOLD - -3512580 RENTAL EXPENSE - -1205026 SPECIAL EVENT EXPENSE - -241686 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 COST OF GOODS SOLD - 3512580 RENTAL EXPENSE - 1205026 SPECIAL EVENT EXPENSE - 241686 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY 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: https://www.saic.edu/about/mission-and-governance/non-discrimination-statement/#saic). Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT The Institute receives federal financial aid funding from the Department of Education. Central America and the Caribbean 0 0 Program Services Recruiting 4107 Central America and the Caribbean 0 0 Program Services Member Travel 4063 East Asia and the Pacific 0 7 Program Services Conferences, Lectures, and Other Educational 13385 East Asia and the Pacific 0 36 Program Services Exhibitions 71199 East Asia and the Pacific 0 0 Program Services Member Travel 7620 East Asia and the Pacific 0 1 Program Services Recruiting 157642 East Asia and the Pacific 0 0 Program Services Research 4703 Europe (Including Iceland and Greenland) 0 1 Program Services Conferences, Lectures, and Other Educational 113403 Europe (Including Iceland and Greenland) 0 159 Program Services Exhibitions 635845 Europe (Including Iceland and Greenland) 0 0 Program Services Marketing/ Public Relations 40768 Europe (Including Iceland and Greenland) 0 0 Program Services Member Travel 90374 Europe (Including Iceland and Greenland) 0 2 Program Services Recruiting 90817 Europe (Including Iceland and Greenland) 0 0 Program Services Research 131537 Europe (Including Iceland and Greenland) 0 0 Program Services Study Trips 20779 Middle East and North Africa 0 0 Program Services Conferences, Lectures, and Other Educational 30 Middle East and North Africa 0 39 Program Services Exhibitions 44874 Middle East and North Africa 0 0 Program Services Member Travel 23 Middle East and North Africa 0 0 Program Services Recruiting 9640 Middle East and North Africa 0 0 Program Services Research 1244 North America (Canada & Mexico only) 0 3 Program Services Conferences, Lectures, and Other Educational 18796 North America (Canada & Mexico only) 0 56 Program Services Exhibitions 107876 North America (Canada & Mexico only) 0 2 Program Services Marketing/ Public Relations 7966 North America (Canada & Mexico only) 0 0 Program Services Member Travel 814 North America (Canada & Mexico only) 0 1 Program Services Recruiting 32787 North America (Canada & Mexico only) 0 0 Program Services Research 4553 South America 0 1 Program Services Conferences, Lectures, and Other Educational 834 South America 0 4 Program Services Exhibitions 3901 South America 0 0 Program Services Member Travel 1134 South America 0 0 Program Services Recruiting 26957 South America 0 0 Program Services Research 2849 South Asia 0 0 Program Services Conferences, Lectures, and Other Educational 6217 South Asia 0 14 Program Services Exhibitions 6610 South Asia 0 0 Program Services Marketing/ Public Relations 838 South Asia 0 0 Program Services Member Travel 1825 South Asia 2 Program Services RECRUITING 76211 South Asia 0 0 Program Services Research 4556 Sub-Saharan Africa 0 0 Program Services Conferences, Lectures, and Other Educational 3287 Sub-Saharan Africa 0 3 Program Services Exhibitions 13382 Sub-Saharan Africa 0 0 Program Services Member Travel 14311 Sub-Saharan Africa 0 0 Program Services Research 2646 Central America and the Caribbean 0 0 Investments 367532083 North America (Canada & Mexico only) 0 0 Investments 6172899 0 245 0 86 0 331 1431146 374054239 375485385 Student scholarships and grants East Asia and the Pacific 19 69210 CREDIT TO STUDENT ACCOUNT OR WIRE Student scholarships and grants North America (Canada & Mexico only) 1 27900 CREDIT TO STUDENT ACCOUNT OR WIRE Student scholarships and grants Europe (Including Iceland and Greenland) 1 82897 CREDIT TO STUDENT ACCOUNT OR WIRE true false true true true true Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; MIDDLE EAST AND NORTH AFRICA-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual; SUB-SAHARAN AFRICA-Accrual Schedule F, Part III Method used to account for expenditures on org's financial statements EAST ASIA AND THE PACIFIC -Accrual EUROPE (INCLUDING ICELAND AND GREENLAND) -Accrual NORTH AMERICA (CANADA & MEXICO ONLY) -Accrual X X X X X X X true Lukens Company 2800 Shirlington Rd 9TH Floor Arlington VA 22206 Direct Mail false 1313192 727497 585695 1313192 727497 585695 CA CO CT FL GA AL HI IL KS KY ME AK MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA AR WV WI Women's Board Luncheon 414942 395837 19105 58087 56283 Art Happening 570961 29520 541441 1500 125816 0 985903 425357 560546 59587 182099 241686 318860 Schedule G, Part I, Line 2b PAYMENT OF FEES OR PAYMENT OF EXPENSES AIC PAYS FUNDRAISING CONSULTANT FEES AT A STATED RATE PER CONTRACT AND COSTS SUCH AS POSTAGE AND PRINTING. PROFESSIONAL SERVICES FEES WERE $78,145 AND POSTAGE AND PRINTING COSTS WERE $649,352. true Faculty Enrichment Grants 45 147634 N/A N/A Student Scholarships and Stipends 3949 54226428 N/A N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. 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. Payment 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 true true false false false false false false true true James Rondeau President, Museum 837383 0 0 0 172432 0 55000 0 9161 0 1073976 0 0 0 Elissa Tenny President, School 599193 0 0 0 103510 0 27450 0 14700 0 744853 0 0 0 Alexandra Holt EVP, Finance & Admin 433528 0 0 0 50062 0 26256 0 14796 0 524642 0 0 0 Leslie Darling EVP, General Counsel, & Secretary 381718 0 0 0 9600 0 27450 0 795 0 419563 0 0 0 Evelyn Jeffers Chief Operating Officer, Museum 581084 0 0 0 47596 0 27450 0 14964 0 671094 0 0 0 Sarah Guernsey Deputy Director, Curatorial Affairs 322310 0 0 0 16550 0 35000 0 18899 0 392759 0 0 0 Amy Allen VP, Engagement, Museum 302419 0 0 0 21267 0 59000 0 8347 0 391033 0 0 0 Martin Berger Provost & Sr VP Academic Affairs 319172 0 0 0 28068 0 25921 0 15271 0 388432 0 0 0 Thomas Buechele VP for Campus Operations, School 238686 0 0 0 2271 0 57000 0 19911 0 317868 0 0 0 David Nacol Vice President, Philanthropy, Museum 271466 0 0 0 235 0 17648 0 14171 0 303520 0 0 0 Rose Milkowski VP for Enrollment Management 266711 0 0 0 1123 0 24080 0 868 0 292782 0 0 0 Emily Benedict AVP, Capital Programs 223750 0 0 0 497 0 20929 0 18771 0 263947 0 0 0 Courtney Rowe Vice President for Advancement, SAIC 182037 0 0 0 24924 0 14854 0 5449 0 227264 0 0 0 Denise Banks Chief Human Resources Officer 163890 0 0 0 15538 0 9375 0 3581 0 192384 0 0 0 Eugene Adams Chief Information Officer 220407 0 0 0 24141 0 131000 0 19915 0 395463 0 0 0 Ann Goldstein Dep Dir and Chair & Curator Mod & Contemp 315536 0 0 0 3685 0 22939 0 14563 0 356723 0 0 0 Norissa Bailey Senior VP for People and Culture 294371 0 0 0 992 0 27171 0 19902 0 342436 0 0 0 Kathryn Rahn Vice President, Marketing and Communications, Museum 237909 0 0 0 1233 0 22688 0 19360 0 281190 0 0 0 Veronica Stein Woman's Board Exec Director, Museum 49326 0 0 0 200100 0 3631 0 2526 0 255583 0 0 0 Michael Nicolai Former Chief Human Resources Officer 0 0 0 0 327500 0 32000 0 0 0 359500 0 0 0 Brian Esker Former VP of Finance & Admin, School 225039 0 0 0 22031 0 0 0 12765 0 259835 0 0 0 Lisa Wainwright Former Dean of Faculty/VP Acad Admin 201321 0 0 0 1287 0 9556 0 15734 0 227898 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel First class travel is allowed under limited circumstances as set forth in the travel policy. Schedule J, Part I, Line 1a Travel for companions THE PRESIDENT OF THE SCHOOL RECEIVED SPOUSAL TRAVEL IN CALENDAR YEAR 2022 WHICH WAS TREATED AS TAXABLE COMPENSATION. Schedule J, Part I, Line 1a 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. Schedule J, Part I, Line 1a 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 4a Severance or change-of-control payment During calendar year 2022 the Organization made a severance payment to Michael Nicolai in the amount of $327,500 that was treated as taxable and is included in Schedule J, Part II, Column (b)(iii). Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan 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 2022 of $150,000 Elissa Tenny amount paid in calendar year 2022 of $24,750 Leslie Darling amount paid in calendar year 2022 of $3,412 Alexandra Holt amount paid in calendar year 2022 of $27,467 Evelyn Jeffers amount paid in calendar year 2022 of $22,708 Ann Goldstein amount paid in calendar year 2022 of $506 Sarah Guernsey amount paid in calendar year 2022 of $13,736 Martin Berger amount paid in calendar year 2022 of $6,056 Schedule J, Part I, Line 8 Payments on contract that is subject to the initial contract exception 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 issued 3/26/2009. false false false A 42808133 4760 42803373 2009 true false true true A false false false false 0.0 0.0 0.0 false false true A false false false true false false false false true A true Schedule K, Part IV, Line 2c COLUMN A Issuer name: Illinois Finance Authority The calculation for computing no rebate due was performed on 05/15/2019 Peter Haratonik Family Member of Elissa Tenny, Current Officer 17567 Employee Compensation false X 4281 0 Other - SEE PART II X 2365 Market value X 124 2235025 Market value X Departmental Supplies 6 6302 Market value 28 false true false Schedule M, Part I, Line 1 Method of determining noncash contribution amounts 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). Schedule M, Part I Explanations of reporting method for number of contributions 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 Form 990, Part III, Line 1 Organization Mission 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 Delegate broad authority to a committee 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 Family/business relationships amongst interested persons Jay Frederick Krehbiel and David Vitale - Business relationship, Anita Sinha and Prabhakant Sinha - Family relationship, Sarah Garvey and Eric McKissack - Business relationship, Tom Pritzker and Cary Mcmillan - Business relationship, Jay Frederick Krehbiel and Samuel Mencoff - Business relationship, Jay Frederick Krehbiel and Frederick Waddell - Business relationship, Anita Sinha and Prabhakant Sinha - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body The 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 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 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 Conflict of interest policy Under the Institute's Conflict of Interest Policy, 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 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, 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 Process to establish compensation of top management official 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 Process to establish compensation of other employees 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 Required documents available to the public 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) Hours Per Week 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 VIII, Line 2f Other Program Service Revenue Cafeteria Rental Commissions - Total Revenue: 138681, Related or Exempt Function Revenue: 138681, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Film Center Admissions - Total Revenue: 494184, Related or Exempt Function Revenue: 494184, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Member Program Revenues - Total Revenue: 998, Related or Exempt Function Revenue: 998, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Miscellaneous Other - Total Revenue: 85510, Related or Exempt Function Revenue: 85510, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Proceeds from Sale of Art - Total Revenue: 278705, Related or Exempt Function Revenue: 278705, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Slide Production - Total Revenue: 7885, Related or Exempt Function Revenue: 7885, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Student Newspaper - Total Revenue: 25419, Related or Exempt Function Revenue: 25419, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Video Data Bank Rentals - Total Revenue: 259531, Related or Exempt Function Revenue: 259531, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Membership Dues and Assessments - Total Revenue: 106350, Related or Exempt Function Revenue: 106350, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST - 9263032; AICCB LLC 111 South Michigan Avenue Chicago IL 60603 205052348 Investments DE 0 100000 The Art Institute of Chicago AICGS LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 59939 161872 The Art Institute of Chicago AICHP LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 0 0 The Art Institute of Chicago AIC AA LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 28649 308652 The Art Institute of Chicago AIC AX LLC 111 South Michigan Aveue Chicago IL 60603 362167725 Investments DE 115662 44818 The Art Institute of Chicago AIC BLK LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 53001 136319 The Art Institute of Chicago AIC MS SS LLC 111 South Michigan Aveune Chicago IL 60603 362167725 Investments DE 0 73754 The Art Institute of Chicago AIC GS MEZZ LLC 111 South Michigan Avenue Chicago IL 60603 362167725 Investments DE 0 266 The Art Institute of Chicago AIC Ventures LLC 111 South Michigan Avenue Chicago IL 60603 900708171 Consulting IL 0 0 The Art Institute of Chicago AIC - PP INC 190 Elgin Avenue George Town Grand Cayman CJ KY19005 980574645 Investments CJ The Art Institute of Chicago C Corporation 0 1 1 true Perpetual Trusts Held by Third Parties (6) Fundraising IL The Art Institute of Chicago Trust true Charitable Remainder Trust (1) Fundraising IL The Art Institute of Chicago Trust true false false false false false false false false false false false false false false false true false false false