2021-05-17T09:01:23-05:00 2020-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2019-07-01 362167725 The Art Institute of Chicago ARTI 3124433600 111 South Michigan Avenue Chicago IL 60603 Alexandra Holt Exec VP, Finance & Administration 2021-05-17 true NICOLE BENCIK P00756195 3128997000 2019 2022-09-23 18:48:47Z Alexandra Holt 111 South Michigan Avenue Chicago IL 60603 450811532 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. 70 69 4119 825 1640484 0 97739224 93682754 225444444 214772101 45649286 36532049 7610030 6785184 376442984 351772088 48782843 50505202 0 138345137 144851854 485410 372328 10967758 136905769 121089481 324519159 316818865 51923825 34953223 1652785035 1665671481 259393022 252152008 1393392013 1413519473 See Schedule O false false 181001666 50485202 191957484 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 2020, AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 3,132 WITH INTERNATIONAL STUDENTS FROM 79 COUNTRIES. 98266702 20000 25350438 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 FY20, because of the global COVID-19 pandemic, some of this work moved online, but our presentation and interpretation of the collection continued unabated. Before the closure, exhibitions featured within FY20 included Andy Warhol-From A to B and Back Again, El Greco: Ambition and Defiance, The People Shall Govern! Medu Art Ensemble and the Anti-Apartheid Poster, and In a Cloud, In a Wall, In a Chair: Six Modernists in Mexico at Midcentury. Attendance for FY20 exceeded 1.09 million visits. 279268368 true true false true false false true false true true true false false true true true false true false true false false true true 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 X 4724 2 true 4119 true true true false false false false true true false false false false false false X 70 69 true false false true 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 Aaron Fleischman Trustee - (Ended as of 11/12/19) 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 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 1.0 0.0 X 0 0 0 Anne Pramaggiore Trustee - (Ended as of 9/24/19) 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 1.0 0.0 X 0 0 0 Arjun Aggarwal Trustee 1.0 0.0 X 0 0 0 Barbara Bluhm-Kaul Trustee 1.0 0.0 X 0 0 0 Barbara Levy Kipper Trustee 1.0 0.0 X 0 0 0 Betty B Harris Trustee - (Ended as of 11/12/19) 1.0 0.0 X 0 0 0 Bob Rennie Trustee 1.0 0.0 X 0 0 0 Brenda M Shapiro Trustee (Ended as of 11/12/19) 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 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 Gordon Segal Trustee - (Ended as of 11/12/19) 1.0 0.0 X 0 0 0 Harriet Horwitz Meyer Trustee 1.0 0.0 X 0 0 0 Honghong Chen Trustee - (As of 9/10/19) 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 James N Bay Trustee -(Ended as of 4/5/20) 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 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 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 Marilynn Thoma Trustee 1.0 0.0 X 0 0 0 Matthew Pettinelli Trustee- (Ended as of 6/30/20) 1.0 0.0 X 0 0 0 Matthew R Gibson 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 - (As of 6/22/20) 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 - (As of 7/1/19) 1.0 0.0 X 0 0 0 Shawn M Donnelley Trustee 1.0 0.0 X 0 0 0 Shirley Welsh Ryan Trustee - (Ended as of 11/12/19) 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 424917 0 39736 Elissa Tenny President, School 40.0 0.0 X 686911 0 43542 James Rondeau President, Museum 40.0 0.0 X 976528 0 96705 Leslie Darling EVP, General Counsel, & Secretary (as of 1/06/20) 40.0 0.0 X 0 0 0 Andrew Simnick Sr VP for Finance, Strategy, & Ops 40.0 0.0 X 341713 0 51650 Brian Esker VP of Finance & Admin, School 40.0 0.0 X 259151 0 112705 Emily Benedict AVP, Capital Programs 40.0 0.0 X 218555 0 38314 Evelyn Jeffers VP for Museum Development 40.0 0.0 X 601106 0 41449 Kirstie Lytwynec VP and General Manager, Retail 0.0 0.0 X 262875 0 34323 Lisa Wainwright Dean of Faculty/VP Acad Admin (Ended as of 8/16/19) 0.0 0.0 X 220992 0 38381 Martin Berger Provost & Sr VP Academic Affairs 40.0 0.0 X 322753 0 39018 Michael Nicolai Chief Human Resources Officer 40.0 0.0 X 245323 0 85004 Rose Milkowski VP for Enrollment Management 40.0 0.0 X 249076 0 26092 Russell Collett VP of Operations 0.0 0.0 X 211554 0 20198 Sarah Guernsey Deputy Director, Curatorial Affairs 40.0 0.0 X 276219 0 109612 Thomas Buechele VP for Campus Operations, School 40.0 0.0 X 224073 0 122631 Ann Goldstein Deputy Director, Chair & Curator Modern & Contemporary Art 40.0 0.0 X 315422 0 35521 Cheryl Jessogne Vice President, Institutional Advancement 40.0 0.0 X 242942 0 7282 Jennifer Sostaric Senior Associate General Counsel 40.0 0.0 X 233870 0 80885 Maria Simon Senior Associate General Counsel 40.0 0.0 X 243448 0 84554 Paul Coffey Vice Provost 40.0 0.0 X 262558 0 134936 Julia Getzels Former EVP & General Counsel-(ended as of 6/19) 0.0 0.0 X 372160 0 5297 7192146 0 1247835 168 true true false Securitas Security Services USA Inc 4330 Park Terrace Drive Westlake Village CA 91361 Security Services 6418273 Able Engineering Services Inc 868 Folsom Street San Francisco CA 94107 Engineering Services 5008504 ABM Onsite Services- Midwest 180 N LaSalle St 1700 Chicago IL 60601 Janitorial Service 2933125 Food For Thought 7001 Ridgeway Ave Lincolnwood IL 60712 Catering Services 2282542 Allied Universal Security 161 Washington St 600 Conshohocken PA 19428 Security Services 1542039 67 15637704 819129 7528554 69697367 26740783 93682754 Tuition and Fees 611600 189300726 189300726 Museum Admissions 900099 13566365 13566365 Proceeds from Sale of Art 900099 6448020 6448020 Member Program Revenues 900099 672956 672956 Other Restricted Prog Rev 900099 2059897 2059897 2724137 2724137 0 0 214772101 10595207 427725 10167482 75626 75626 2864309 1185137 1679172 0 1679172 15064 1664108 120013079 94076237 25936842 0 25936842 25936842 105690 819129 291560 -185870 -185870 7192426 3486510 3705916 2535821 1170095 Other Revenue 900099 1510340 27600 1482740 0 0 0 0 1510340 351772088 217307922 1640484 39140928 50505202 50505202 5761926 4482196 721569 558161 43500 43500 104655831 88163054 11068269 5424508 2652026 1801124 592660 258242 24186309 20137407 2529536 1519366 7552262 6324164 811636 416462 776576 776576 480522 480522 12269 12269 372328 372328 3207880 3207880 12445527 9444591 1591891 1409045 2249526 2189489 2173 57864 8255653 7456117 479154 320382 3853174 2500205 1303772 49197 119962 119962 26160675 25495204 610227 55244 2736428 2560611 55419 120398 394236 224751 132560 36925 6009817 4257780 1752037 17440 17440 25433317 25069040 364277 2718677 2718677 Accessions/Books 17152760 17152760 Exhibition related 4604565 4604565 Other FF&E and related maintenance 1716395 1701298 12680 2417 Bad Debt Expense 1331184 1331184 1412898 999278 46401 367219 316818865 279268368 26582739 10967758 31374048 39555043 83736423 88617336 5432988 7417779 0 0 0 0 3517385 3086355 3856773 4097592 2579893 2123091 773716080 367837783 421223717 405878297 696187399 737648532 403898793 376269840 0 977616 977616 1652785035 1665671481 40999380 34734677 15568650 12355657 120971094 40914043 0 0 44000000 113306328 37853898 50841303 259393022 252152008 X 491925190 479697891 901466823 933821582 1393392013 1413519473 1652785035 1665671481 X 34953223 231483 -15057246 X false true X true true true X 106285789 55429565 65578847 92396397 88049953 407740551 5732824 5644223 5438365 5342827 5632801 27791040 0 0 0 0 0 0 112018613 61073788 71017212 97739224 93682754 435531591 46989297 388542294 10339909 11138842 11993785 14170463 13107417 60750416 0 0 0 0 0 0 762813 506695 662212 206885 1588430 3727035 500009042 1079692266 0.7771 0.8144 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 - FUNDRAISING EVENTS & GAMING ACTIVITIES NOT INCLUDED ELSEWHERE, COLUMN A - 762813.0, COLUMN B - 506695.0, COLUMN C - 662212.0, COLUMN D - 206885.0, COLUMN E - 105690.0, COLUMN F - 2244295.0; DESCRIPTION - OTHER MISC. INCOME, COLUMN A - , COLUMN B - , COLUMN C - , COLUMN D - , COLUMN E - 1482740.0, COLUMN F - 1482740.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true false true 12269 12269 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 ($10,929), ACA International estimate of support of lobbying activities on behalf of its members ($122), lobbying portion of State and National dues of the American Institute of Architects ($83), Choose Chicago estimate allocated to lobbying activities ($43) and a good-faith estimate of dues paid to the National Association of Independent Colleges and Universities that relate to lobbying ($1,092). 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) hosted a state elected official in November of 2019 for a site visit. In addition, SAIC has also had contact with various state elected officials through letter writing initiatives. The purpose of these contacts is to educate state elected officials about SAIC programs and initiatives taking place in their districts. There were no costs associated with these contacts in FY20. X X X X false 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 962156186 85880530 -15202998 3803429 55602314 2501101 970926874 0.31 0.43 0.26 false false 34972096 34972096 208016040 124949448 83066592 496628437 217953041 278675396 34099507 24935294 9164213 405878297 Hedge Funds 241107549 F Venture Capital /Private Equity 93458233 F Real Assets 41704058 F 376269840 Pension Liability 46661358 Refundable Advances 4179945 50841303 X 354295925 231483 537027 0 768510 353527415 3207880 -4963207 -1755327 351772088 334168465 537027 20020453 20557480 313610985 3207880 0 3207880 316818865 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's 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. In June 2020, the Institute early adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2019-03, Updating the Definition of Collections. Accordingly, 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 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 as the organization has a net operating loss carryforward to cover any current year tax liability. There are no interest or penalties recognized in the financial statements." The financial statements did not report uncertain tax positions. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Cost of Goods Sold - -3486510 Special Events - -291560 Rental Expense - -1185137 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS - 15057246 Cost of Goods Sold - 3486510 Special Events - 291560 Rental Expense - 1185137 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, and the student handbook. 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 under the following programs: Federal Pell Grant Program Federal Supplemental Educational Opportunity Grants Program Federal Work Study Program East Asia and the Pacific 0 0 Program Services Conf, Lectures, Other Education 14343 Europe (Including Iceland and Greenland) 0 0 Program Services Conf, Lectures, Other Education 269196 North America (Canada & Mexico only) 0 0 Program Services Conf, Lectures, Other Education 10643 South Asia 0 0 Program Services Conf, Lectures, Other Education 7115 South America 0 0 Program Services Conf, Lectures, Other Education 347 Sub-Saharan Africa 0 0 Program Services Conf, Lectures, Other Education 2713 North America (Canada & Mexico only) 0 0 Program Services STUDY TRIPS 26031 North America (Canada & Mexico only) 0 3 Program Services Exhibitions 79976 South America 0 1 Program Services Exhibitions 500 Sub-Saharan Africa 0 8 Program Services Exhibitions 15032 Europe (Including Iceland and Greenland) 0 0 Program Services Marketing/Public Relations 16040 North America (Canada & Mexico only) 0 0 Program Services Marketing/Public Relations 875 East Asia and the Pacific 0 3 Program Services EXHIBITIONS 122133 Europe (Including Iceland and Greenland) 0 0 Program Services Member Travel 35862 North America (Canada & Mexico only) 0 0 Program Services Member Travel 1193 Sub-Saharan Africa 0 0 Program Services Member Travel 5672 Central America and the Caribbean 0 0 Program Services Recruiting 192 East Asia and the Pacific 0 0 Program Services Recruiting 84282 Europe (Including Iceland and Greenland) 0 0 Program Services Recruiting 23759 Middle East and North Africa 0 0 Program Services Recruiting 3471 North America (Canada & Mexico only) 0 0 Program Services Recruiting 25932 South Asia 0 0 Program Services Recruiting 27746 South America 0 0 Program Services Recruiting 5061 East Asia and the Pacific 0 0 Program Services Research 11671 Europe (Including Iceland and Greenland) 0 0 Program Services Research 91116 North America (Canada & Mexico only) 0 0 Program Services Research 7163 Central America and the Caribbean 0 0 Program Services CONF, LECTURES, OTHER EDUCATION 2263 Sub-Saharan Africa 0 0 Program Services Research 13097 East Asia and the Pacific 0 0 Program Services Study Trips 58560 Europe (Including Iceland and Greenland) 0 0 Program Services Study Trips 207439 South Asia 0 0 Program Services Study Trips 6508 Central America and the Caribbean 0 0 ,Passive Investments N/A 274988934 Europe (Including Iceland and Greenland) 0 0 ,Passive Investments N/A 1912918 Middle East and North Africa 0 0 Program Services CONF, LECTURES, OTHER EDUCATION 2873 Middle East and North Africa 0 0 Program Services RESEARCH 1189 East Asia and the Pacific 0 0 Program Services Marketing/Public Relations 2701 East Asia and the Pacific 0 0 Program Services MEMBER TRAVEL 16203 South America 0 0 Program Services RESEARCH 1055 South Asia 0 3 Program Services Exhibitions 2000 South Asia 0 0 Program Services RESEARCH 97 North America (Canada & Mexico only) 0 0 ,PASSIVE INVESTMENTS N/A 9091161 Sub-Saharan Africa 0 0 Program Services RECRUITING 3735 Europe (Including Iceland and Greenland) 0 17 Program Services EXHIBITIONS 398604 Russia and Neighboring States 0 0 Program Services CONFERENCES, LECTURES AND OTHER EDUCATION 153 0 15 0 20 0 35 607671 286989883 287597554 true false true true true true X X X X X X X true Lukens Company 2800 Shirlington Rd Arlington VA 22206 Direct Marketing false 943933 372328 571605 943933 372328 571605 AL AK CA CO FL IL KS KY MD MA MI MS NH NJ NY ND OH OK OR SC UT VA WA WV WI WOMAN'S BOARD Ed Ruscha Luncheon 414173 391878 22295 6082 138955 Auxiliary Board - Studio Party 192469 173523 18946 9090 60435 5 318177 253728 64449 12083 45357 200 19358 924819 819129 105690 12083 60529 200 218748 291560 -185870 Schedule G, Part I, Line 2b(v) payment of fees or payment of expenses LUKENS COMPANY-AIC PAYS FUNDRAISING CONSULTANT FEES AT A STATED RATE PER CONTRACT AND COSTS SUCH AS POSTAGE AND PRINTING. PROFESSIONAL SERVICES FEES WERE $372,328 AND POSTAGE AND PRINTING COSTS WERE $370,047; true Faculty Enrichment Grants 34 139459 N/A N/A Student Scholarships and Stipends 4351 50365743 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 true true true James Rondeau President, Museum 805126 0 0 0 171402 0 88000 0 8705 0 1073233 0 0 0 Elissa Tenny President, School 554135 0 0 0 132776 0 25200 0 18342 0 730453 0 0 0 Alexandra Holt EVP, Finance & Admin 423872 0 0 0 1045 0 24774 0 14962 0 464653 0 0 0 Evelyn Jeffers VP for Museum Development 554041 0 0 0 47065 0 25200 0 16249 0 642555 0 0 0 Andrew Simnick Sr VP for Finance, Strategy, & Ops 336775 0 0 0 4938 0 25256 0 26394 0 393363 0 0 0 Sarah Guernsey Deputy Director, Curatorial Affairs 274366 0 0 0 1853 0 89000 0 20612 0 385831 0 0 0 Brian Esker VP of Finance & Admin, School 239093 0 0 0 20058 0 99000 0 13705 0 371856 0 0 0 Martin Berger Provost & Sr VP Academic Affairs 267564 0 33333 0 21856 0 25200 0 13818 0 361771 0 0 0 Thomas Buechele VP for Campus Operations, School 211746 0 0 0 12327 0 100626 0 22005 0 346704 0 0 0 Michael Nicolai Chief Human Resources Officer 223316 0 0 0 22007 0 64000 0 21004 0 330327 0 0 0 Kirstie Lytwynec VP and General Manager, Retail 262275 0 0 0 600 0 24022 0 10301 0 297198 0 0 0 Rose Milkowski VP for Enrollment Management 248520 0 0 0 556 0 22626 0 3466 0 275168 0 0 0 Lisa Wainwright Dean of Faculty/VP Acad Admin (Ended as of 8/16/19) 220199 0 0 0 793 0 20564 0 17817 0 259373 0 0 0 Emily Benedict AVP, Capital Programs 218073 0 0 0 482 0 20419 0 17895 0 256869 0 0 0 Russell Collett VP of Operations 210717 0 0 0 837 0 19069 0 1129 0 231752 0 0 0 Paul Coffey Vice Provost 237799 0 20000 0 4759 0 117000 0 17936 0 397494 0 0 0 Ann Goldstein Deputy Director, Chair & Curator Modern & Contemporary Art 310407 0 0 0 5015 0 21659 0 13862 0 350943 0 0 0 Maria Simon Senior Associate General Counsel 241057 0 0 0 2391 0 64000 0 20554 0 328002 0 0 0 Jennifer Sostaric Senior Associate General Counsel 231513 0 0 0 2357 0 63000 0 17885 0 314755 0 0 0 Cheryl Jessogne Vice President, Institutional Advancement 115618 0 0 0 127324 0 -8000 0 15282 0 250224 0 0 0 Julia Getzels Former EVP & General Counsel-(ended as of 6/19) 233097 0 0 0 139063 0 -5000 0 10297 0 377457 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 Presidents of the Museum and the School are allowed to have their partners accompany them on business trips if their presence is necessary for a specific, bonafide purpose of the Institute. Schedule J, Part I, Line 1a Housing allowance or residence for personal use The President of the School is paid a housing allowance of $4000 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 2019 the Organization made a severance payment to Cheryl Jessogne in the amount of $127,000 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 2019 of $150,000 Julia E. Getzels amount paid in calendar year 2019 of $127,594 Elissa Tenny amount paid in calendar year 2019 of $25,410 Eve Jeffers amount paid in calendar year 2019 of $24,788 Andrew Simnick amount paid in calendar year 2019 of $3,750 Ann Goldstein amount paid in calendar year 2019 of $2,932 Schedule J, Part I, Line 7 Non-fixed payments All bonuses reported on Schedule J, Part II are discretionary and are reviewed and approved by the compensation and benefits committee of the Organization. Schedule J, Part I, Line 8 Payments on contract that is subject to the initial contract exception The President, 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 false true 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 25950 Tuition Remission Tuition remission for family member of an Officer Peter Haratonik Family Member of Elissa Tenny, Current Officer 30549 Employee Compensation false Silvia Beltrametti Family Member of Jay Frederick Krehbiel, Current Trustee 12780 Employee Compensation false Hindman Auction House TRUSTEE JAY FREDERICK KREHBIEL IS Co-Chairman & Chief Executive Officer OF HINDMAN AUCTION HOUSE 183964 AUCTION SERVICES false X 588 0 Other - SEE PART II X 78766 Market value X 533 26600338 Market value X Departmental Supplies 28 39597 Market value X Special Events 8 12083 Market value X Equipment SAIC Instructional 1 9999 Market value 35 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 permitted under generally accepted accounting principles. Schedule M, Part I Explanations of reporting method for number of contributions Books and publications - Number of items contributed Securities - Publicly traded - Number of contributions received Other - Departmental Supplies Number of items contributed Other - Special Events 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 V, Line 7g Intellectual Property The Art Institute of Chicago is not required to file Form 8899. The Institute receives contributions of intellectual property from time to time; however, the type of property contributed does not meet the definition of "qualified intellectual property" for Form 8899 filing purposes. 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, Betsy Bergman Rosenfield and Andrew Rosenfield - Family relationship, Anita Sinha and Prabhakant Sinha - Family relationship, Gordon Segal and Eric Lefkofsky - Business relationship, Sarah Garvey and Eric McKissack - Business relationship, Reeve B. Waud and SHIRLEY WELSH RYAN - Business relationship Form 990, Part VI, Line 5 Diversion of organization assets In fiscal year 2020, during the implementation of new control procedures, management discovered a diversion of assets as defined in the Form 990 instructions, by a non-management staff member over a period of multiple years. The employee in question was dismissed upon discovery. The Art Institute commenced a forensic audit investigation and notified law enforcement, with whom the Art Institute has cooperated fully in an ongoing investigation. The amount diverted is under investigation and exceeds the Form 990 reporting threshold of $250,000. The relevant asset management procedures have been revised and more stringent controls implemented. The Institute anticipates the loss will be recoverable through insurance. The loss will not impact the Art Institute's operations. 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 Audio Tour Revenue - Total Revenue: 201651, Related or Exempt Function Revenue: 201651, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Exhibition Loan and Participant Fees - Total Revenue: 336938, Related or Exempt Function Revenue: 336938, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Museum Restaurant Commission - Total Revenue: 473513, Related or Exempt Function Revenue: 473513, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Student Newspaper - Total Revenue: 33193, Related or Exempt Function Revenue: 33193, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Teacher Workshop - Total Revenue: 1538, Related or Exempt Function Revenue: 1538, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Slide Production - Total Revenue: 6379, Related or Exempt Function Revenue: 6379, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Video Data Bank Rentals - Total Revenue: 303483, Related or Exempt Function Revenue: 303483, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; MISC - Total Revenue: 562715, Related or Exempt Function Revenue: 562715, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Locker/Checkroom Fees - Total Revenue: 211338, Related or Exempt Function Revenue: 211338, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Lecture Income - Total Revenue: 42245, Related or Exempt Function Revenue: 42245, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Cafeteria Rental Commissions - Total Revenue: 86796, Related or Exempt Function Revenue: 86796, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Copy Center Income - Total Revenue: 81, Related or Exempt Function Revenue: 81, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Film Center Admissions - Total Revenue: 464267, Related or Exempt Function Revenue: 464267, 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 - -15057246; 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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