2021-02-16T11:30:50-06:00 2020-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2019-07-01 300748997 The Economic Club of Chicago ECON 3127261628 33 N Dearborn St 1700 CHICAGO IL 60602 David Snyder PRESIDENT/CEO 2021-02-16 true NICOLE BENCIK P00756195 3128997000 2019 2022-09-23 18:48:47Z David Snyder 33 N Dearborn St 1700 CHICAGO IL 60602 3976089 false X WWW.ECONCLUBCHI.ORG X 2012 IL The Economic Club of Chicago fosters meaningful connections among Chicago leaders to encourage dialogue on important economic and social issues and to cultivate the next generation of civic leadership. 47 46 14 262 0 0 0 0 3827400 3830604 122427 131437 0 0 3949827 3962041 0 0 0 0 1847088 2056371 0 0 0 2095133 1868565 3942221 3924936 7606 37105 6703153 6918499 2276605 2244289 4426548 4674210 The Economic Club of Chicago fosters meaningful connections among Chicago leaders to encourage dialogue on important economic and social issues and to cultivate the next generation of civic leadership. false false 3396962 0 3830604 THE ECONOMIC CLUB OF CHICAGO HELD FORTY-FIVE EDUCATIONAL PROGRAMS DURING THE 2019-2020 PROGRAM YEAR. TOTAL ATTENDANCE AT THESE PROGRAMS WAS 10,982 MEMBERS AND GUESTS, AND VIDEOS OF THESE PROGRAMS ARE POSTED ON THE CLUB'S YOUTUBE CHANNEL FOR VIEWING BY THE GENERAL PUBLIC. THESE EDUCATIONAL PROGRAMS INCLUDED CONVERSATIONS WITH ACCLAIMED AUTHORS, ENTREPRENEURS, GOVERNMENT OFFICIALS, AND CEOS OF PUBLIC AND PRIVATE COMPANIES. SELECTED SPEAKERS FROM THE 2019-2020 FISCAL YEAR INCLUDED THE HONORABLE JB PRITZKER, GOVERNOR OF ILLINOIS, LORI LIGHTFOOT, MAYOR OF THE CITY OF CHICAGO, DAVID CORDANI, President & CEO of Cigna Corporation, DIRK VAN DE PUT, Chairman & CEO of Mondelz International, ROZ BREWER, Chief Operating Officer of Starbucks, AND ADAM SILVER, Commissioner of the National Basketball Association. 3396962 true false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 11 0 true 14 true false false false false false false false false false false false false X 47 46 true false false false false false false true true false false true true true true true true true false false IL X David Snyder 3127261628 33 N Dearborn St Suite 1700 CHICAGO IL 60602 DEBRA CAFARO CHAIR & EXECUTIVE COMMITTEE MEMBER 2.0 X X 0 0 0 DONNA F ZARCONE PRESIDENT AND CEO 40.0 X X 506250 0 13137 Mary Louise Gorno SECOND VICE CHAIR OF FORUMS & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 Mohan Rao TREASURER & EXECUTIVE COMMITTEE MEMBER 2.0 X X 0 0 0 Sid Bala SECRETARY & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 TED SOUDER FIRST VICE CHAIR OF PROGRAMS & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 ANIL KUMAR BOARD MEMBER 0.2 X 0 0 0 BRIAN D FABES BOARD MEMBER 0.2 X 0 0 0 BRIDGET O'KEEFE BOARD MEMBER 0.2 X 0 0 0 CHARLES L EVANS BOARD MEMBER 0.2 X 0 0 0 Charles R Matthews BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 DAVID SNYDER BOARD MEMBER 0.2 X 0 0 0 DEAN M HARRISON BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 DESIREE ROGERS BOARD MEMBER 0.2 X 0 0 0 GAVIN HATTERSLEY BOARD MEMBER 0.2 X 0 0 0 GREG D SMITH BOARD MEMBER 0.2 X 0 0 0 GREGORY D WASSON BOARD MEMBER 0.2 X 0 0 0 Helene D Gayle BOARD MEMBER 0.2 X 0 0 0 JAMES P KOLAR BOARD MEMBER 0.2 X 0 0 0 JAMES REYNOLDS BOARD MEMBER 0.2 X 0 0 0 JEANNE GANG BOARD MEMBER 0.2 X 0 0 0 Jennifer Scanlon BOARD MEMBER 0.2 X 0 0 0 John A Challenger BOARD MEMBER 0.2 X 0 0 0 John Holmes BOARD MEMBER 0.2 X 0 0 0 JUAN R LUCIANO BOARD MEMBER 0.2 X 0 0 0 KEITH CARDOZA BOARD MEMBER 0.2 X 0 0 0 KYM M HUBBARD BOARD MEMBER 0.2 X 0 0 0 MANUEL SANCHEZ BOARD MEMBER 0.2 X 0 0 0 MARY DILLON BOARD MEMBER 0.2 X 0 0 0 MELLODY HOBSON EX OFFICIO & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 MICHAEL C KRAUSS BOARD MEMBER 1.0 X 0 0 0 MICHAEL J WALKER BOARD MEMBER 0.2 X 0 0 0 Michael O'Grady BOARD MEMBER 0.2 X 0 0 0 MICHAEL REINSDORF BOARD MEMBER 0.2 X 0 0 0 Michelle Collins BOARD MEMBER 0.2 X 0 0 0 OSCAR MUNOZ BOARD MEMBER 0.2 X 0 0 0 PATRICK M MAGOON BOARD MEMBER 0.2 X 0 0 0 Pietro Satriano BOARD MEMBER 0.2 X 0 0 0 REEVE B WAUD BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 ROXANNE M MARTINO BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 Sally Blount BOARD MEMBER 0.2 X 0 0 0 Sally Grimes BOARD MEMBER 0.2 X 0 0 0 SCOTT SANTI BOARD MEMBER 0.2 X 0 0 0 SEAN M CONNOLLY BOARD & EXECUTIVE COMMITTEE MEMBER 0.2 X 0 0 0 SUZANNE S BETTMAN BOARD MEMBER 0.2 X 0 0 0 THEODORE L DYSART BOARD MEMBER 0.2 X 0 0 0 Valerie Jarrett BOARD MEMBER 0.2 X 0 0 0 Amy Harris DIRECTOR OF MEMBERSHIP & ACCOUNTS 40.0 X 118516 0 22881 Andrew M Leasure Vice President & Chief Financial Officer 40.0 X 136660 0 26575 Anthony Vena IT MANAGER 40.0 X 109703 0 14932 KATIE ESPOSITO VICE PRESIDENT & CHIEF PROGRAMS OFFICER 40.0 X 144388 0 23657 1015517 0 101182 5 false true false 0 0 MEMBERSHIP DUES 900099 2913411 2913411 PROGRAMS & EVENTS 900099 917193 917193 0 0 0 0 3830604 131437 131437 0 0 14048 14048 0 0 0 0 0 0 0 3962041 3830604 0 131437 494800 429277 65523 1189445 1031934 157511 161956 50216 111740 103570 89855 13715 106600 92484 14116 32450 32450 14048 14048 262321 224785 37536 0 205187 192103 13084 122321 106123 16198 174606 151907 22699 6648 6553 95 887753 885746 2007 146362 127335 19027 16869 8644 8225 0 0 0 0 3924936 3396962 527974 0 333984 358854 0 0 0 0 6890 3180 0 0 0 0 0 0 0 0 62984 55281 1177574 658430 645201 519144 5654094 5982040 0 0 0 0 0 0 6703153 6918499 792310 823704 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1484295 1420585 2276605 2244289 X 4426548 4674210 0 0 0 0 0 0 0 0 4426548 4674210 6703153 6918499 37105 210557 0 X false true X true false X 2110084 2104045 2416114 2478585 2913411 12022239 982278 1246748 1523245 1348815 917193 6018279 0 0 0 3092362 3350793 3939359 3827400 3830604 18040518 86395 107515 130445 124155 103436 551946 2787 0 0 0 0 2787 89182 107515 130445 124155 103436 554733 17485785 150865 150467 122756 122427 131437 677952 0 150865 150467 122756 122427 131437 677952 0 0 0 0 0 0 0 3243227 3501260 4062115 3949827 3962041 18718470 0.9341 0.0 0.0362 0.0 X 605774 237262 368512 238842 149460 89382 332958 271708 61250 519144 DEFERRED COMPENSATION LIABILITY 1420585 1420585 X 4221865 210557 63315 -14048 259824 3962041 0 0 3962041 3974203 63315 0 63315 3910888 14048 0 14048 3924936 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Club (an Illinois not-for-profit corporation) is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code (IRC) and applicable state law. Accordingly, no provision for such taxes has been recognized in these financial statements. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Club may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Club and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. At June 30, 2020 and 2019, there were no unrecognized tax benefits or liabilities identified. The Club files Form 990 in the U.S. federal jurisdiction. Due to its tax-exempt status, the Club is not subject to U.S. federal income tax or state income tax. The Club does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Club recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The Club did not have any amounts accrued for penalties or interest at June 30, 2020 and 2019. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 INVESTMENT FEES - -14048 X X X X false false false false false false false false false DONNA F ZARCONE PRESIDENT AND CEO 406250 0 100000 0 0 0 11200 0 1937 0 519387 0 0 0 KATIE ESPOSITO VICE PRESIDENT & CHIEF PROGRAMS OFFICER 128388 0 16000 0 0 0 5018 0 18639 0 168045 0 0 0 Andrew M Leasure Vice President & Chief Financial Officer 113660 0 23000 0 0 0 5892 0 20683 0 163235 0 0 0 Form 990, Part I, Line 6 Volunteers THE CLUB HAS MEMBER BASED COMMITTEES THAT PROVIDE OVERSIGHT AND GOVERNANCE AND SUPPORT OUR MEMBERSHIP AND PROGRAM SERVICE OFFERINGS. DURING THE 2019-2020 PROGRAM YEAR THE CLUB HAD A TOTAL OF 262 MEMBERS VOLUNTEER TO SERVE ON ONE OR MORE OF THESE COMMITTEES. Form 990, Part VI, Line 15b OFFICER COMPENSATION THE CLUB DOES NOT COMPENSATE ANY OTHER OFFICERS OR KEY EMPLOYEES. PER THE INSTRUCTIONS, THIS QUESTION HAS ACCORDINGLY BEEN ANSWERED 'NO'. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Club's Executive Committee represents the Board of Directors and assists in fulfilling oversight and governance responsibilities surrounding the organization's strategy, programs, membership base, internal committees, and general operations. The Executive Committee consisted of twelve Board Directors. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Dr. Helene Gayle, Michael O'Grady, SCOTT SANTI, AND CHARLES EVANS - Business relationship, MARY DILLON, Michelle Collins, AND SALLY BLOUNT - Business relationship, MARY DILLON AND MELLODY HOBSON - Business relationship, ROXANNE MARTINO AND DEBRA CAFARO - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body At the end of the fiscal year, the Club engages an outside auditor to review its financials and perform an audit. Once the audit is completed, an outside accountant assists in the preparation of the Form 990. The Club's Finance Committee meets to review and approve the audit report and the Form 990. Subsequent to the Finance Committee's review, a copy of the audit report and Form 990 are sent to the Executive Committee for review and approval. Finally, the Form 990 is distributed to the full Board of Directors before the return is filed. Form 990, Part VI, Line 12c Conflict of interest policy The Economic Club has a conflict of interest policy that is reviewed annually by our Finance Committee, Executive Committee, and Board of Directors. Members of Finance Committee, Executive Committee, and Board of Directors are required to sign an annual disclosure statement which indicates whether or not they are aware of any conflicts or potential conflicts. In accordance with our conflict of interest policy, the Club's Board of Directors also must notify the Club Chair if any conflicts or potential conflicts arise between the Club's annual independence affirmations. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Finance Committee benchmarks the Club's compensation levels for the President and CEO and for all Club employees annually. The Club utilizes data from local and national businesses, civic organizations, and not-for-profit organizations. The Finance Committee specifically reviews data from organizations with similar revenues, similar scope of operations, and organizations with a high caliber reputation. This process is then documented within the Finance and Executive Committees' meeting minutes. Additionally, every three years the Board of Directors engages an independent compensation consultant to review our compensation philosophy, competitive pay levels for all employees, and reasonableness of executive compensation. THIS INDEPENDENT CONSULTATION WAS LAST UNDERTAKEN DURING THE FISCAL YEAR ENDED JUNE 30, 2018. Form 990, Part VI, Line 19 Required documents available to the public Financial Statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Service Code (IRC) Section 6104. These documents are not available to the public at this time.