2025-03-06T09:21:30+00:00 2024-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-07-01 300748997 The Economic Club of Chicago ECON 3127261628 33 N Dearborn St 1700 CHICAGO IL 60602 David Snyder PRESIDENT/CEO 2025-03-06 true Mallory Fairless P10321579 3128997000 2025-03-06 2023 2025-03-06 01:10:19Z David Snyder 33 N Dearborn St 1700 CHICAGO IL 60602 6932784 false X WWW.ECONCLUBCHI.ORG X 2012 IL The Economic Club of Chicago connects global leaders across generations and from all backgrounds to foster independent dialogue on the most important issues facing the world. 46 45 20 240 0 0 0 0 4825677 4986560 152280 208163 750755 0 5728712 5194723 0 0 0 0 2769639 2916478 0 0 0 2260097 2532206 5029736 5448684 698976 -253961 7653231 8034592 1582897 1654123 6070334 6380469 The Economic Club of Chicago connects global leaders across generations and from all backgrounds to foster independent dialogue on the most important issues facing the world. false false 5005723 4986560 THE ECONOMIC CLUB OF CHICAGO HELD 127 EDUCATIONAL PROGRAMS DURING THE 2023-2024 PROGRAM YEAR. TOTAL ATTENDANCE AT THESE PROGRAMS WAS 14,537 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. SELECT SPEAKERS FROM THE 2023-2024 FISCAL YEAR INCLUDED MAYOR BRANDON JOHNSON, WALTER ISAACSON, JANET YELLEN, LARRY SNELLING, YNON KREIZ, THASUNDA BROWN DUCKETT, AND DAVID BROOKS. 5005723 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 20 true false false false false false false false false false false false false X 46 45 true false false false false false false true true false false true true true true true true true true false IL X David Snyder 3127261628 33 N Dearborn St Suite 1700 CHICAGO IL 60602 CLAIRE BABINEAUX-FONTENOT FIRST VICE CHAIR, PROGRAMS & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 DAVID SNYDER PRESIDENT AND CEO 40.0 X X 478095 0 47401 JANET MALZONE BOARD TREASURER & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 OLIVIA BEDI SECRETARY & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 SEAN M CONNOLLY CHAIR & EXECUTIVE COMMITTE MEMBER 2.0 X X 0 0 0 SUZANNE YOON SECOND VICE CHAIR, FORUMS & EXECUTIVE COMMITTEE MEMBER 1.0 X X 0 0 0 A PAUL ALIVISATOS BOARD MEMBER 0.2 X 0 0 0 AAMER BAIG BOARD MEMBER 0.2 X 0 0 0 ANDREA SAENZ BOARD MEMBER 0.2 X 0 0 0 ANDREA ZOPP BOARD MEMBER 0.2 X 0 0 0 BRETT HART BOARD MEMBER 0.2 X 0 0 0 BRIDGET C COUGHLIN BOARD MEMBER 0.2 X 0 0 0 BRIDGET O'KEEFE BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 CALVIN BUTLER BOARD MEMBER 0.2 X 0 0 0 Charles R Matthews BOARD MEMBER 0.2 X 0 0 0 CHEVY HUMPHRY BOARD MEMBER 0.2 X 0 0 0 CHRISTINE LEAHY BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 Christopher T Bertschy BOARD MEMBER 0.2 X 0 0 0 DORRI MCWHORTER BOARD MEMBER 0.2 X 0 0 0 E SCOTT SANTI BOARD MEMBER 0.2 X 0 0 0 EILEEN MITCHELL BOARD MEMBER 0.2 X 0 0 0 ERIC SMITH BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 ERIC WEINHEIMER BOARD MEMBER 0.2 X 0 0 0 Jennifer Scanlon BOARD MEMBER 0.2 X 0 0 0 JESSE RUIZ BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 John Holmes BOARD MEMBER 0.2 X 0 0 0 KAREN SAUDER BOARD MEMBER 0.2 X 0 0 0 KOULA BERLIN BOARD & FINANCE COMMITTEE MEMBER 1.0 X 0 0 0 KUNAL KAPOOR BOARD MEMBER 0.2 X 0 0 0 LISA M MADIGAN BOARD MEMBER 0.2 X 0 0 0 LISA WARDELL BOARD MEMBER 0.2 X 0 0 0 MARY DILLON BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 MARY LOUISE GORNO BOARD MEMBER 0.2 X 0 0 0 MAURICE SMITH BOARD MEMBER 0.2 X 0 0 0 Michael O'Grady BOARD & EXECUTIVE COMMITTEE MEMBER 1.0 X 0 0 0 Michelle Collins BOARD MEMBER 0.2 X 0 0 0 Mohan Rao BOARD MEMBER 0.2 X 0 0 0 PIETRO SATRIANO BOARD MEMBER 0.2 X 0 0 0 Ryan Ruskin BOARD MEMBER 0.2 X 0 0 0 SANDRA CORDOVA MICEK BOARD MEMBER 0.2 X 0 0 0 Scott Swanson BOARD MEMBER 0.2 X 0 0 0 SID BALA BOARD MEMBER 0.2 X 0 0 0 SIDNEY DILLARD BOARD MEMBER 0.2 X 0 0 0 Valerie Jarrett BOARD MEMBER 0.2 X 0 0 0 WANJI WALCOTT BOARD MEMBER 0.2 X 0 0 0 ZALDWAYNAKA D SCOTT BOARD MEMBER 0.2 X 0 0 0 Andrew M Leasure Vice President & Chief Financial Officer 40.0 X 233201 0 22847 KATIE ESPOSITO VICE PRESIDENT & CHIEF PROGRAMS OFFICER 40.0 X 221834 0 20717 LISA EMERICK VICE PRESIDENT, CHIEF MARKETING & ENGAGEMENT OFFICER 40.0 X 217809 0 22436 ANTHONY VENA DIRECTOR OF TECHNOLOGY 40.0 X 159651 0 19870 EMILY WHELCHEL VICE PRESIDENT, MEMBERSHIP 40.0 X 162050 0 19972 1472640 0 153243 6 false true false 0 0 0 0 0 0 0 0 0 MEMBERSHIP DUES 900099 3313115 3313115 0 0 PROGRAMS & EVENTS 900099 1673445 1673445 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4986560 208163 0 0 208163 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1738061 0 1738061 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5194723 4986560 0 208163 0 0 0 0 0 0 0 0 1202700 1074011 128689 1282142 1144953 137189 79781 71244 8537 191472 170985 20487 160383 143222 17161 38742 38742 18061 18061 101405 92758 8647 0 206268 198118 8150 122387 109292 13095 193913 168704 25209 11391 10991 400 2555 2282 273 77037 67022 10015 20534 18337 2197 PROGRAM MEALS 1115710 1109601 6109 PROGRAM FACILITY 624203 624203 0 0 0 0 5448684 5005723 442961 0 194004 652609 13425 23317 0 0 0 0 98782 171594 1187842 1049451 209152 138391 6720505 6754359 0 0 417363 294322 7653231 8034592 1099887 1023373 3550 630750 0 0 479460 0 1582897 1654123 X 6070334 6380469 6070334 6380469 7653231 8034592 -253961 564096 0 0 0 0 X false true X true false X 0 3830604 3274503 3580134 4825677 4986560 20497478 0 0 0 3830604 3274503 3580134 4825677 4986560 20497478 103436 90600 83750 155903 156410 590099 0 0 0 0 0 0 103436 90600 83750 155903 156410 590099 19907379 131437 127241 173299 152280 208163 792420 0 131437 127241 173299 152280 208163 792420 0 0 0 0 0 0 0 3962041 3401744 3753433 4977957 5194723 21289898 0.9351 0.9369 0.04 0.04 X 605773 479571 126202 254693 242504 12189 327376 327376 0 138391 DEFERRED COMPENSATION LIABILITY 0 X 5850643 564096 109885 0 673981 5176662 18061 0 18061 5194723 5540508 109885 0 109885 5430623 18061 0 18061 5448684 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote 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, 2024 and 2023. X X X X X false false false false false false false false false DAVID SNYDER PRESIDENT AND CEO 378095 0 100000 0 0 0 13200 0 34201 0 525496 0 0 0 Andrew M Leasure Vice President & Chief Financial Officer 194801 0 38400 0 0 0 9375 0 13472 0 256048 0 0 0 KATIE ESPOSITO VICE PRESIDENT & CHIEF PROGRAMS OFFICER 189034 0 32800 0 0 0 6477 0 14240 0 242551 0 0 0 LISA EMERICK VICE PRESIDENT, CHIEF MARKETING & ENGAGEMENT OFFICER 186309 0 31500 0 0 0 8760 0 13676 0 240245 0 0 0 EMILY WHELCHEL VICE PRESIDENT, MEMBERSHIP 147550 0 14500 0 0 0 6530 0 13442 0 182022 0 0 0 ANTHONY VENA DIRECTOR OF TECHNOLOGY 145351 0 14300 0 0 0 6434 0 13436 0 179521 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 2023-2024 PROGRAM YEAR THE CLUB HAD A TOTAL OF 240 MEMBERS VOLUNTEER TO SERVE ON ONE OR MORE OF THESE COMMITTEES. Form 990, Part I, Line 19 Revenue less expenses The Club's current year "Revenues less expenses" (Part I, Line 19) are in alignment with the Club's operating budget deficit for the current year, which was approved by the Club's Board of Directors. Additionally, while the Club's financials reflect a negative "Revenues less expenses", the Club's "Net assets" (Part I, Line 22 and Part X, Line 20) increased during the same period; driven primarily by unrealized gains to the Club's investment portfolio. This planned approach reflects a deliberate use of the Club's reserves to fund ongoing strategic initiatives approved by the Club's Board of Directors. Finally, note that a one-time gain ($750,755) from a deferred compensation settlement in the prior year, was classified under Part VIII, Line 11a "Other Revenues" on the 2022 Form 990. Excluding this one-time transaction, the organization's revenues have shown year-over-year growth as the Club has worked to increase service offerings while offsetting rising costs. 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 Maurice Smith, Michael O'Grady - Business relationship, Jesse Ruiz, Brett Hart, Michael O'Grady - Business relationship, Michael O'Grady, Christopher Bertschy - Business relationship, Zaldwaynaka Scott, Sidney Dillard - 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. Interested Persons 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 members, Committee members, Officers, and Key Employees must notify the Club Chair if any conflicts or potential conflicts arise between the Club's annual independence affirmations. Interested persons are required to abstain from any vote on, or consideration of, any matter related to the subject of the conflict of interest. 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 UNDERTAKEN DURING THE FISCAL YEAR ENDED JUNE 30, 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees SEE RESPONSE TO LINE 15A. 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.