2022-05-12T15:08:48-05:00 2021-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2020-07-01 362167725 The Art Institute of Chicago ARTI 3124433600 111 South Michigan Avenue Chicago IL 60603 Alexandra Holt Exec VP, Finance & Administration 2022-05-12 true Alexandra Holt 999009999 NICOLE BENCIK P00756195 3128997000 2020 2022-09-23 18:48:47Z Alexandra Holt 111 South Michigan Avenue Chicago IL 60603 450661347 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. 69 68 3640 110 1629586 0 93682754 61766491 214772101 190847455 36532049 69518226 6785184 2588199 351772088 324720371 50505202 48549602 0 144851854 126639886 372328 357554 9572250 121089481 115157897 316818865 290704939 34953223 34015432 1665671481 2023763079 252152008 270531431 1413519473 1753231648 See Schedule O false false 159905638 48529602 162157337 FOR MORE THAN 150 YEARS, THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC) HAS BEEN A LEADER IN EDUCATING THE WORLD'S MOST INFLUENTIAL ARTISTS, DESIGNERS, AND SCHOLARS. SAIC IS AN ACCREDITED COLLEGE OF ART AND DESIGN OFFERING UNDERGRADUATE, GRADUATE, AND POST-BACCALAUREATE DEGREE PROGRAMS FOR STUDIO ARTISTS, ART EDUCATORS, ART THERAPISTS, ARCHITECTS, DESIGNERS, WRITERS, AND ART HISTORIANS. SAIC'S FINE ARTS GRADUATE PROGRAM RANKS 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 2021, THE AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 2,638 INCLUDING INTERNATIONAL STUDENTS FROM 79 COUNTRIES. 98502500 20000 30557224 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, gallery tours, lectures, readings, and other special events, and presenting world class exhibitions highlighting both its collection and objects loaned from other institutions. In FY21, because of the global COVID-19 pandemic, some of this work moved online, but our presentation and interpretation of the collection continued unabated. Exhibitions featured within FY21 included Monet and Chicago, Bisa Butler: Portraits exhibition, and El Greco: Ambition and Defiance. 258408138 true true false true false false true false true true true false false true true true false true false true false false true false false false false true true true false false false false false false true false true false true true false false true true true true false false true 4053 0 true 3640 true true true false false false false true true false false false false false false X 69 68 true false true 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 UT 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 Vice Chair 1.0 0.0 X X 0 0 0 Frederick H 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 Robert M Levy 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 A Steven Crown Trustee 1.0 0.0 X 0 0 0 Adnaan Hamid Trustee 1.0 0.0 X 0 0 0 Alexandra C Nichols Trustee 1.0 0.0 X 0 0 0 Amina Dickerson Trustee-AS OF 1/1/21 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 Ann E Grube Trustee-Ended 1/20/21 1.0 0.0 X 0 0 0 Anne Reyes Trustee 1.0 0.0 X 0 0 0 Anne Searle Bent Trustee 1.0 0.0 X 0 0 0 Anstiss Hammond Krueck Trustee-Ended 11/10/20 1.0 0.0 X 0 0 0 Arjun Aggarwal Trustee 1.0 0.0 X 0 0 0 Barbara Bluhm-Kaul Trustee-Ended 11/10/20 1.0 0.0 X 0 0 0 Barbara Levy Kipper Trustee 1.0 0.0 X 0 0 0 Bob Rennie Trustee 1.0 0.0 X 0 0 0 Carlette McMullan Trustee-AS OF 2/9/21 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-AS OF 6/8/21 1.0 0.0 X 0 0 0 Darrel Hackett Trustee 1.0 0.0 X 0 0 0 Ellen Sandor Trustee 1.0 0.0 X 0 0 0 Eric Lefkofsky Trustee 1.0 0.0 X 0 0 0 Eric T McKissack Trustee 1.0 0.0 X 0 0 0 Fred Eychaner Trustee 1.0 0.0 X 0 0 0 Harriet Horwitz Meyer Trustee-Ended 4/19/21 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 1.0 0.0 X 0 0 0 Janet Duchossois Trustee 1.0 0.0 X 0 0 0 Jay Franke Trustee 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 John S Chapman Trustee-Ended 11/10/20 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 Kenneth C Griffin Trustee 1.0 0.0 X 0 0 0 Lawrence F Levy Trustee 1.0 0.0 X 0 0 0 Leslie Buchbinder Trustee- AS OF 11/10/20 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-AS OF 4/13/21 1.0 0.0 X 0 0 0 Marilynn Thoma Trustee 1.0 0.0 X 0 0 0 Matthew R Gibson Trustee-Ended 3/19/21 1.0 0.0 X 0 0 0 Maurice Smith Trustee-AS OF 6/8/21 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 Paul Lambert 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 Robert Buford 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 Scott Santi Trustee 1.0 0.0 X 0 0 0 Sharon Fairley 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 Steven Hunter Trustee 1.0 0.0 X 0 0 0 Thomas J Pritzker Trustee 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 411533 0 43750 Elissa Tenny President, School 40.0 0.0 X 630788 0 50696 James Rondeau President, Museum 40.0 0.0 X 807467 0 97503 Leslie Darling EVP, General Counsel, & Secretary 40.0 0.0 X 347476 0 20945 Amy Allen VP, Engagement, Museum 40.0 0.0 X 211251 0 9842 Andrew Simnick Sr VP for Finance, Strategy, & Ops 40.0 0.0 X 322881 0 43586 Brian Esker VP of Finance & Admin, School 40.0 0.0 X 247215 0 103520 Emily Benedict AVP, Capital Programs 40.0 0.0 X 208184 0 45233 Evelyn Jeffers VP for Museum Development 40.0 0.0 X 566472 0 44773 Martin Berger Provost & Sr VP Academic Affairs 40.0 0.0 X 295689 0 44836 Michael Nicolai Chief Human Resources Officer 40.0 0.0 X 232520 0 90823 Rose Milkowski VP for Enrollment Management 40.0 0.0 X 237817 0 22570 Sarah Guernsey Deputy Director, Curatorial Affairs 40.0 0.0 X 292955 0 124729 Thomas Buechele VP for Campus Operations, School 40.0 0.0 X 212995 0 94380 Ann Goldstein Deputy Director, Chair & Curator Modern & Contemporary Art 40.0 0.0 X 294429 0 40240 Eugene Adams Chief Information Officer 40.0 0.0 X 224052 0 118738 Jennifer Sostaric Senior Associate General Counsel 40.0 0.0 X 210860 0 79581 Maria Simon Senior Associate General Counsel 40.0 0.0 X 332263 0 105076 Matthew Witkovsky Chair & VP for Strategic,Photography and Media 40.0 0.0 X 208490 0 41019 Kirstie Lytwynec Former VP and General Manager, Retail 0.0 0.0 X 167841 0 15972 Lisa Wainwright Former Dean of Faculty/VP Acad Admin 0.0 0.0 X 185781 0 33661 Russell Collett Former VP of Operations 0.0 0.0 X 147099 0 9659 6796058 0 1281132 160 true true false Able Engineering Services Inc 868 Folsom Street San Francisco CA 94107 Engineering Services 4318737 Allied Universal Security 161 Washington St 600 Conshohocken PA 19428 Security Services 3041974 ABM OnSite Services - Midwest Inc PO Box 74008829 Chicago IL 606748829 Janitorial Services 2347374 Securitas Security Services USA Inc 4330 Park Terace Drive WestLake Village CA 91361 Security Services 2147142 Transact Campus Inc 22601 N 19th Ave 130 Phoenix AZ 85027 Software Services 1655729 58 0 14194969 0 0 11417445 36154077 9563198 61766491 Tuition and Fees 611600 159903014 159903014 Proceeds from Sale of Art 900099 22743652 22743652 Museum Admissions 900099 5244965 5244965 Other Restricted Prog Rev 900099 1919558 1919558 Member Program Revenues 900099 92403 92403 943863 943863 0 0 190847455 8088154 952509 7135645 88110 88110 716589 1126621 -410032 0 -410032 -410032 172625635 11805616 123001179 49624456 11805616 61430072 61430072 4351103 1813176 2537927 1867106 670821 Other Revenue 900099 372194 6256 365938 0 0 0 0 372194 324720371 192714561 1629586 68609733 48549602 48549602 5413677 3736811 1105459 571407 304589 304589 92821124 76531880 10221795 6067449 2531019 1631316 592414 307289 18807911 14880364 2481601 1445946 6761566 5494430 804541 462595 446364 446364 354343 354343 4686 4686 357554 357554 2812518 2812518 7001801 5985918 943482 72401 1585204 1585204 5371476 4921687 309225 140564 4138031 2617187 1468354 52490 128043 128043 24530392 24166952 305805 57635 135157 131089 1761 2307 162101 71687 69617 20797 4414549 4018688 395861 24054750 23675927 378823 1197016 1197016 Accessions/Books 31584456 31584456 Exhibition related 2691304 2691304 OTHER FF&E AND RELATED MAINTENANCE 1833445 1823757 2288 7400 Bad debt expense 537918 537918 2174343 2137627 30300 6416 290704939 258408138 22724551 9572250 0 0 39555043 59302425 88617336 63118254 7417779 6831704 0 0 0 0 3086355 1497828 4097592 3198139 2123091 2010059 765114784 382091492 405878297 383023292 737648532 947629352 376269840 510569653 0 0 0 977616 46582373 1665671481 2023763079 34734677 47931083 0 0 12355657 12942838 40914043 40410187 0 0 0 0 0 0 113306328 101500000 50841303 67747323 252152008 270531431 X 479697891 632736112 933821582 1120495536 0 0 0 0 0 0 1413519473 1753231648 1665671481 2023763079 X 34015432 270060676 35636067 X false true X true true true X 55429565 65578847 92396397 88049953 56595397 358050159 5644223 5438365 5342827 5632801 5171094 27229310 0 0 0 0 0 0 61073788 71017212 97739224 93682754 61766491 385279469 47404576 337874893 11138842 11993785 14170463 13107417 7940344 58350851 0 0 0 0 0 0 506695 662212 206885 1588430 365938 3330160 446960480 1071939960 0.7559 0.7771 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 - 506695.0, COLUMN B - 662212.0, COLUMN C - 206885.0, COLUMN D - 105690.0, COLUMN E - 0.0, COLUMN F - 1481482.0; DESCRIPTION - OTHER MISC. INCOME, COLUMN A - , COLUMN B - , COLUMN C - , COLUMN D - 1482740.0, COLUMN E - 365938.0, COLUMN F - 1848678.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true false true 4686 4686 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 ($4,084), lobbying portion of State and National dues of the American Industrial Hygiene Association ($13), 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 ($555). 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 FY21. X X X X false 1140478439 63155109 326587212 4792826 55336674 2812518 1467278742 1127378971 50167005 37152584 4559023 66453218 3207880 1140478439 1122602753 33464447 54161973 4209172 76036105 2604925 1127378971 1056571840 33947333 98729220 4298834 59869079 2477727 1122602753 970926874 24548779 126227068 4021698 57793486 3315697 1056571840 0.34 0.35 0.31 false false 34972096 34972096 199798173 126720318 73077855 495537877 230353200 265184677 34806638 25017974 9788664 383023292 Hedge Funds 305410093 F Venture Capital /Private Equity 143417714 F Real Assets 61741846 F 510569653 Pension Liability 13969311 Refundable Advances 3361039 Operating Lease Liability 50416973 67747323 X 630797224 270060676 252831 35636067 305949574 324847650 2812518 -2939797 -127279 324720371 291085049 252831 2939797 3192628 287892421 2812518 0 2812518 290704939 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 2020. 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 - 35636067 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements COST OF GOODS SOLD - -1813176 RENTAL EXPENSE - -1126621 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 COST OF GOODS SOLD - 1813176 RENTAL EXPENSE - 1126621 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. East Asia and the Pacific 0 4 Program Services Exhibitions 65011 Europe (Including Iceland and Greenland) 0 0 Program Services CONFERENCES, LECTURES, AND OTHER EDUCATIONAL 31156 Europe (Including Iceland and Greenland) 0 10 Program Services Exhibitions 181185 Europe (Including Iceland and Greenland) 0 0 Program Services Marketing, Public Relations 18458 Europe (Including Iceland and Greenland) 0 0 Program Services Recruiting 10080 North America (Canada & Mexico only) 0 5 Program Services Exhibitions 34066 Sub-Saharan Africa 0 4 Program Services Exhibitions 11441 Central America and the Caribbean 0 0 Investments 372138097 North America (Canada & Mexico only) 0 0 Investments 7264098 Central America and the Caribbean 0 1 Program Services EXHIBITIONS 300 East Asia and the Pacific 0 0 Program Services CONFERENCES, LECTURES, AND OTHER EDUCATIONAL 3582 East Asia and the Pacific 0 0 Program Services RECRUITING 7077 Europe (Including Iceland and Greenland) 0 0 Program Services MEMBER TRAVEL 3247 Europe (Including Iceland and Greenland) 0 0 Program Services RESEARCH 7390 Europe (Including Iceland and Greenland) 0 0 Program Services STUDY TRIPS 1881 Middle East and North Africa 0 1 Program Services EXHIBITIONS 300 North America (Canada & Mexico only) 0 0 Program Services CONFERENCES, LECTURES, AND OTHER EDUCATIONAL 1415 North America (Canada & Mexico only) 0 0 Program Services MARKETING, PUBLIC RELATIONS 155 North America (Canada & Mexico only) 0 0 Program Services RESEARCH 3545 South Asia 0 0 Program Services CONFERENCES, LECTURES, AND OTHER EDUCATIONAL 636 South Asia 0 2 Program Services EXHIBITIONS 2050 South Asia 0 0 Program Services RECRUITING 3000 South Asia 0 0 Program Services RESEARCH 3501 Sub-Saharan Africa 0 0 Program Services CONFERENCES, LECTURES, AND OTHER EDUCATIONAL 289 Sub-Saharan Africa 0 0 Program Services RESEARCH 101 East Asia and the Pacific 0 0 Program Services RESEARCH 7046 0 25 0 2 0 27 379777369 21738 379799107 true false true true true true X X X X X X true Lukens Company 2800 Shirlington Rd 9TH Floor Arlington VA 22206 Direct Mail false 1119197 365931 753266 1119197 365931 753266 CA 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 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 $80,726 AND POSTAGE AND PRINTING COSTS WERE $285,205. true Faculty Enrichment Grants 43 149946 N/A N/A Student Scholarships and Stipends 3692 48399656 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 true true X X X X true true false false false false false true true true James Rondeau President, Museum 633791 0 0 0 173676 0 87000 0 10503 0 904970 0 0 0 Elissa Tenny President, School 513019 0 0 0 117769 0 25650 0 25046 0 681484 0 0 0 Alexandra Holt EVP, Finance & Admin 403707 0 0 0 7826 0 24953 0 18797 0 455283 0 0 0 Leslie Darling EVP, General Counsel, & Secretary 346988 0 0 0 488 0 20409 0 536 0 368421 0 0 0 Evelyn Jeffers VP for Museum Development 515718 0 0 0 50754 0 25650 0 19123 0 611245 0 0 0 Sarah Guernsey Deputy Director, Curatorial Affairs 287972 0 0 0 4983 0 99000 0 25729 0 417684 0 0 0 Andrew Simnick Sr VP for Finance, Strategy, & Ops 315946 0 0 0 6935 0 18765 0 24821 0 366467 0 0 0 Brian Esker VP of Finance & Admin, School 226554 0 0 0 20661 0 92000 0 11520 0 350735 0 0 0 Martin Berger Provost & Sr VP Academic Affairs 272745 0 0 0 22944 0 25650 0 19186 0 340525 0 0 0 Michael Nicolai Chief Human Resources Officer 213483 0 0 0 19037 0 65000 0 25823 0 323343 0 0 0 Thomas Buechele VP for Campus Operations, School 212995 0 0 0 0 0 70000 0 24380 0 307375 0 0 0 Rose Milkowski VP for Enrollment Management 237244 0 0 0 573 0 21412 0 1158 0 260387 0 0 0 Emily Benedict AVP, Capital Programs 207967 0 0 0 217 0 19459 0 25774 0 253417 0 0 0 Amy Allen VP, Engagement, Museum 210931 0 0 0 320 0 0 0 9842 0 221093 0 0 0 Maria Simon Senior Associate General Counsel 231680 0 100000 0 583 0 82000 0 23076 0 437339 0 0 0 Eugene Adams Chief Information Officer 202976 0 0 0 21076 0 99000 0 19738 0 342790 0 0 0 Ann Goldstein Deputy Director, Chair & Curator Modern & Contemporary Art 290664 0 0 0 3765 0 21421 0 18819 0 334669 0 0 0 Jennifer Sostaric Senior Associate General Counsel 210359 0 0 0 501 0 61000 0 18581 0 290441 0 0 0 Matthew Witkovsky Chair & VP for Strategic,Photography and Media 197180 0 0 0 11310 0 19459 0 21560 0 249509 0 0 0 Lisa Wainwright Former Dean of Faculty/VP Acad Admin 184538 0 0 0 1243 0 8775 0 24886 0 219442 0 0 0 Kirstie Lytwynec Former VP and General Manager, Retail 125793 0 0 0 42048 0 10231 0 5741 0 183813 0 0 0 Russell Collett Former VP of Operations 105253 0 0 0 41846 0 8554 0 1105 0 156758 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 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 2020 the Organization made a severance payment to Kirstie Lytwynec in the amount of $41,742 that was treated as taxable and is included in Schedule J, Part II, Column (b)(iii). During calendar year 2020 the Organization made a severance payment to Russell Collett in the amount of $41,419 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 2020 of $150,000 Elissa Tenny amount paid in calendar year 2020 of $27,120 Alexandra Holt amount paid in calendar year 2020 of $6,750 Eve Jeffers amount paid in calendar year 2020 of $26,981 Andrew Simnick amount paid in calendar year 2020 of $6,600 Ann Goldstein amount paid in calendar year 2020 of $1,608 Sarah Guernsey amount paid in calendar year 2020 of $4,488 Martin Berger amount paid in calendar year 2020 of $2,025 Schedule J, Part I, Line 7 Non-fixed payments ALL BONUSES REPORTED ON SCHEDULE J, PART II ARE DISCRETIONARY IN NATURE. 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 6 Columns A This question is being answered without regard to yield-restricted advance refunding escrow financed with proceeds of the bonds. 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 5190 Tuition Remission TUITION REMISSION FOR FAMILY MEMBER OF OFFICER Peter Haratonik Family Member of Elissa Tenny, Current Officer 31809 Employee Compensation false X 517 0 Other - SEE PART II X 22401 Market value X 95 9498472 Market value X Catalogue Subscriptions 1 21354 Market value X Departmental Supplies 15 20971 Market value 24 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 CONDIFICATION 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 - Catalogue Subscriptions Number of items contributed 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 theatres; 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 Matthew R. Gibson and Thomas Pritzker - Business relationship, Jay Frederick Krehbiel and David Vitale - Business relationship, Thomas Pritzker and Cary McMillan - Business relationship, Anita Sinha and Prabhakant Sinha - Family relationship, Sarah Garvey and Eric McKissack - Business relationship, Thomas Pritzker and Chris Keogh - Business relationship, Fred Eychaner and Jay Frederick Krehbiel - Business relationship, Prabha Sinha and Arjun Aggarwal - Business relationship Form 990, Part VI, Line 4 Significant changes to organizational documents The Institute's bylaws were amended on November 10, 2020. Material changes included revising the range of the number of elected voting trustees to no fewer than sixty-four to no more than sixty-nine. References to Life Trustees were removed, as all former Life Trustees have been reclassified to either a voting board member or Trustee Emeritus. The bylaws were also updated to reflect the dissolution of various museum support groups and their ex officio seats on the Board. The definition of Museum support groups was updated and are now referred to as Museum affiliate groups. Finally, the requirement of the President of the School to consult with the Board of Governors and the Board of Trustees on the selection of the Dean of Faculty was removed. 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 Exhibition Loan and Participant Fees - Total Revenue: 96519, Related or Exempt Function Revenue: 96519, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Film Center Admissions - Total Revenue: 52078, Related or Exempt Function Revenue: 52078, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Cafeteria Rental Commissions - Total Revenue: 40912, Related or Exempt Function Revenue: 40912, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Video Data Bank Rentals - Total Revenue: 278440, Related or Exempt Function Revenue: 278440, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Audio Tour Revenue - Total Revenue: 471, Related or Exempt Function Revenue: 471, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Slide Production - Total Revenue: 3449, Related or Exempt Function Revenue: 3449, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Student Newspaper - Total Revenue: 4503, Related or Exempt Function Revenue: 4503, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; MISC - Total Revenue: 467491, Related or Exempt Function Revenue: 467491, 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 - 35636067; Schedule B, 501(c)(3) Special Rule Explanation Special Rules, Box 1 The Art Institute of Chicago is exempt under two categories listed in Schedule A Part I: box 2, which describes a school under 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 under Section 170 (b) (1) (A) (vi). The Art Institute of Chicago has selected box 2, consistent with the instructions that only one applicable box should be checked. Since the Institute is also exempt under Schedule A, Part I box 7, Schedule B Parts I and II have been completed under the Special Rules Box 1 as the Institute has met the 33 1/3% support test of the regulations under sections 509 (a) (1) / 170 (b) (1) (A) (vi). 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