Art Institute Of Chicago in Chicago, Illinois (IL)

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Art Institute Of Chicago
Employer Identification Number (EIN)362167725
Name of OrganizationArt Institute Of Chicago
In Care of NameNorthern Trust Co Ttee
Address111 S Michigan Ave, Chicago, IL 60603-6110
ActivitiesOther cultural or historical activities, Cafeteria, restaurant, snack bar, food services, etc., School, college, trade school, etc.
SubsectionCharitable Organization, Educational Organization
Ruling Date08/1925
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2013
Assets$50,000,000 to greater
Income$50,000,000 to greater
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,404,559,396
Amount of Income$322,753,936
Form 990 Revenue Amount$253,332,003
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Higher Education Institutions


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Amount of income in 2013: $322,753,936
Art Institute Of Chicago: 

 $322,753,936
Other organizations performing similar types of work: 

 $15,095,865

Assets in 2013: $1,404,559,396
Art Institute Of Chicago: 

 $1,404,559,396
Other organizations performing similar types of work: 

 $19,642,267

Expenses in 2013: $270,250,707
This organization: 

 $270,250,707
Other organizations performing similar types of work: 

 $11,737,001

Income to expenses ratio in 2013: 1.2
This organization: 

 1.2
Other organizations performing similar types of work: 

 1.2

Expenses allocated to program services in 2007: 86.6%
Art Institute Of Chicago: 

 86.6%
Other organizations performing similar types of work: 

 82.5%

Number of employees in 2013: 3,407
This organization: 

 3,407
Other organizations performing similar types of work: 

 219

Employees paid over $100,000 in 2013: 3.0%
Art Institute Of Chicago: 

 3.0%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2013: 20.4%
Art Institute Of Chicago: 

 20.4%
Other organizations performing similar types of work: 

 8.3%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?NoNo
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?NoNo
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?YesYes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?NoYes
Was the organization included in consolidated, independent audited financial statements for the tax year?YesNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?YesYes
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?YesYes
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?YesYes
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?YesYes
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?YesYes
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?YesYes
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?YesNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?YesNo
A family member of a current or former officer, director, trustee, or key employee?YesNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?YesYes
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?YesYes
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?YesYes
Was the organization related to any tax-exempt or taxable entity?YesNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?YesNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201120122013
The number reported in Box 3 of Form 1096857819
The number of Forms W-2G10
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return3,2373,407
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesYes
Has it filed a Form 990-T for this year?YesNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYes
Did the organization notify the donor of the value of the goods or services provided?YesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$5,060,355$4,786,977
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$621,341$730,253
Total number of individuals who received more than $100,000 of reportable compensation from the organization7987
Total number of independent contractors who received more than $100,000 of compensation from the organization715
Statement of Revenue
201120122013
Total revenue$397,084,961$242,355,755$253,332,003
Contributions, Gifts, Grants and Other Similar Amounts$79,911,597$62,275,319$51,730,267
Program Service Revenue$214,444,567$154,790,347$160,195,800
611600$128,598,123$134,639,828
900099$9,701,901$6,585,929
900099$1,661,963$1,570,355
900099$9,568,375$11,813,338
900099$1,104,446$1,139,000
All other program service revenue$4,155,539$4,447,350
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$6,547,074$7,981,987$7,311,570
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$179,133$206,719$209,963
Net rental income$1,532,731$1,602,124$1,596,278
Gross rents (Real / Personal)$2,563,399 / $0$2,653,588 / $0$2,678,168 / $0
Less: rental expenses (Real / Personal)$1,030,668 / $0$1,051,464 / $0$1,081,890 / $0
Rental income or (loss) (Real / Personal)$1,532,731 / $0$1,602,124 / $0$1,596,278 / $0
Net gain/loss from sales of assets other than inventory$87,577,596$3,904,536$22,881,986
Gross amount from sales of assets other than inventory (Securities / Other)$494,718,039 / $0$317,485,316 / $0$80,637,415 / $0
Less: cost or other basis and sales expenses (Securities / Other)$407,140,443 / $0$313,580,780 / $0$57,755,429 / $0
Gain or (loss) (Securities / Other)$87,577,596 / $0$3,904,536 / $0$22,881,986 / $0
Net income/loss from fundraising events$-1,455,635$-863,647$-1,281,714
Gross income from fundraising events$719,410$801,132$875,892
Less: direct expenses$2,175,045$1,664,779$2,157,606
Net income/loss from gaming activities$2,390$-6,713$-9,906
Gross income from gaming activities$44,814$19,260$26,635
Less: direct expenses$42,424$25,973$36,541
Net income/loss from sales of inventory$7,139,412$7,506,360$8,583,015
Gross sales of inventory, less returns and allowances$14,368,229$15,261,431$16,973,482
Less: cost of goods sold$7,228,817$7,755,071$8,390,467
Miscellaneous Revenue$1,206,096$4,958,723$2,114,744
900099$2,458,723$2,114,744
All other revenue$0$0
Statement of Functional Expenses
201120122013
Total functional expenses$312,911,433$243,138,473$270,250,707
Grants and other assistance to domestic organizations and domestic governments$62,458$79,813
Grants and other assistance to domestic individuals$31,509,350$33,663,003
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$3,907,511$3,634,198$4,335,534
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$66,586,556$71,480,950$74,017,436
Pension plan accruals and contributions$5,390,954$6,422,973
Other employee benefits$12,113,313$20,324,469
Payroll taxes$4,787,621$5,186,369$5,412,728
Fees for services (non-employees)
Management$0$0
Legal$1,011,759$445,117
Accounting$369,068$437,555
Lobbying$15,375$15,630
Professional fundraising services$252,414$152,059$181,458
Investment management fees$2,651,750$2,643,470
Other$15,601,791$16,392,239
Advertising and promotion$1,942,305$2,830,719
Office expenses$10,136,842$10,882,009
Information technology$1,519,052$2,132,064
Royalties$154,564$157,780
Occupancy$18,105,217$18,068,866
Travel$2,966,396$2,902,950
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$269,082$303,246
Interest$12,099,822$12,005,488
Payments to affiliates$10,748$21,714
Depreciation, depletion, and amortization$25,985,819$27,225,145
Insurance$989,692$787,471
Other expenses$853,733$1,512,058
Other expenses$3,340,677$3,347,671
Other expenses$4,302,074$6,205,644
Other expenses$11,283,056$17,496,457
Balance Sheet
201120122013
Total assets$1,414,483,069$1,351,684,071$1,404,559,396
Cash - non-interest-bearing$0$0
Savings and temporary cash investments$1,076,571$6,196,242
Pledges and grants receivable, net$48,350,135$34,817,097
Accounts receivable, net$5,494,197$4,961,081
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$3,824,138$3,954,579
Inventories for sale or use$5,564,485$5,662,325
Prepaid expenses and deferred charges$5,588,113$7,028,574
Land, buildings, and equipment: cost or other basis$472,712,941$463,512,779
Investments - publicly traded securities$431,959,462$522,552,860
Investments - other securities$371,306,876$351,388,352
Investments - program-related$0$0
Intangible assets$0$0
Other assets$5,807,153$4,485,507
Total liabilities$408,370,577$395,654,569$367,523,557
Accounts payable and accrued expenses$37,827,004$32,854,301
Grants payable$0$0
Deferred revenue$19,408,216$23,242,710
Tax-exempt bond liabilities$301,536,693$269,374,229$295,235,012
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$700,000$1,100,000$0
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$67,945,120$16,191,534
Total net assets or fund balances$1,006,112,492$956,029,502$1,037,035,839
Unrestricted net assets$75,797,147$127,764,209
Temporarily restricted net assets$560,060,837$581,898,045
Permanently restricted net assets$320,171,518$327,373,585
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:A school described in section 170(b)(1)(A)(ii)
Number of organizations supported0
Sum of amounts of support$0
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$164,606,945$278,530,334$180,257,344$197,463,876$188,526,407$259,127,321$261,713,811$342,990,715
Contributions, gifts, grants, and similar amounts received$66,571,010$65,530,821$58,651,536$60,774,833$40,031,515$90,093,903$74,654,895$105,237,344
Contributions to donor advised funds$0$0
Direct public support$35,295,577$44,995,765$31,586,361$49,800,602$30,533,490$80,926,950$66,209,086$97,223,916
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$31,275,433$20,535,056$27,065,175$10,974,231$9,498,025$9,166,953$8,445,809$8,013,428
Program service revenue including government fees and contracts$61,581,513$72,850,480$70,781,886$85,322,774$89,724,295$100,374,351$109,329,807$122,454,859
Membership dues and assessments$5,746,211$6,992,046$5,477,941$5,958,715$5,625,828$5,419,422$4,642,592$4,840,236
Interest on savings and temporary cash investments$807,103$487,308$467,963$460,159$1,181,897$3,212,643$3,241,724$1,903,100
Dividends and interest from securities$21,279,090$10,705,559$10,909,553$9,799,446$16,612,137$18,419,975$16,693,118$11,034,504
Net rental income or (loss)$3,137,584$3,031,831$2,894,864$1,438,236$1,387,301$732,040$1,126,532$1,136,024
Gross rents$3,593,232$3,605,682$3,580,008$3,217,405$3,181,061$2,103,412$2,690,122$2,742,810
Less: rental expenses$455,648$573,851$685,144$1,779,169$1,793,760$1,371,372$1,563,590$1,606,786
Other investment income$4,847,052$-92,446$0$0$0$0$6,468,632$2,890,788
Gain or (loss) from sales of assets other than inventory$-12,569,580$91,946,206$20,754,813$19,082,584$24,482,865$32,279,095$35,752,565$84,834,746
Gross amount from sales of assets other than inventory$435,423,788$344,581,942$721,057,000$265,234,488$231,281,927$224,952,390$209,127,100$279,137,054
Less: cost or other basis and sales expenses$447,993,368$252,635,736$700,302,187$246,151,904$206,799,062$192,673,295$173,374,535$194,302,308
Net income or (loss) from special events and activities$17,493$54,529$-122,594$-68,247$168,390$114,341$74,947$-84,951
Gross revenue$331,923$322,265$382,350$322,851$382,373$806,818$753,799$590,364
Less: direct expenses other than fundraising expenses$314,430$267,736$504,944$391,098$213,983$692,477$678,852$675,315
Gross profit or (loss) from sales of inventory$11,856,780$23,995,135$9,795,175$12,763,131$7,763,601$8,021,301$7,669,358$8,272,898
Gross sales of inventory, less returns and allowances$19,945,354$34,664,438$16,975,591$19,703,820$15,153,211$16,072,716$15,039,494$16,712,122
Less: cost of goods sold$8,088,574$10,669,303$7,180,416$6,940,689$7,389,610$8,051,415$7,370,136$8,439,224
Other revenue$1,332,689$3,028,865$646,207$1,932,245$1,548,578$460,250$2,059,641$471,167
Total expenses$175,139,590$182,256,820$196,278,105$161,934,065$165,685,722$170,183,175$187,779,151$204,427,879
Program services$126,087,237$126,112,634$150,495,096$119,529,286$124,205,684$144,017,997$160,848,520$176,940,855
Management and general$41,484,600$47,488,681$38,167,759$34,393,461$32,687,732$20,426,791$20,826,645$20,980,980
Fundraising$7,567,753$8,655,505$7,615,250$8,011,318$8,792,306$5,738,387$6,103,986$6,506,044
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$693,354,618$592,308,072$575,703,863$683,028,426$722,609,830$845,314,821$982,436,795$1,008,870,830
Excess or (deficit) for the year$-10,532,645$96,273,514$-16,020,761$35,529,811$22,840,685$88,944,146$73,934,660$138,562,836
Net assets or fund balances at beginning of year$726,532,027$693,354,618$592,308,072$575,703,863$683,028,426$722,609,830$845,314,821$982,436,795
Other changes in net assets or fund balances$-22,644,764$-197,320,060$-583,448$71,794,752$16,740,719$33,760,845$63,187,314$-112,128,801
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$204,427,879$176,940,855$20,980,980$6,506,044
Grants paid from donor advised funds$0
Other grants and allocations$25,866,528
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$2,591,616$1,324,656$1,266,960$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$64,080,937$52,000,851$9,441,769$2,638,317
Pension plan contributions not included above$2,973,929$2,089,068$706,016$178,845
Employee benefits not included above$9,145,598$7,330,092$1,375,373$440,133
Payroll taxes$4,652,637$3,721,050$727,033$204,554
Professional fundraising fees$450,311$0$0$450,311
Accounting fees$422,587$4,725$417,862$0
Legal fees$295,040$0$295,040$0
Supplies$2,804,088$2,061,707$617,317$125,064
Telephone$933,148$570,167$280,716$82,265
Postage and shipping$1,712,207$1,443,191$68,242$200,774
Occupancy$15,570,735$14,684,014$703,112$183,609
Equipment rental and maintenance$1,453,092$634,371$815,782$2,939
Printing and publications$3,557,873$3,065,111$36,237$456,525
Travel$2,796,177$2,352,941$120,490$322,746
Conferences, conventions, and meetings$259,106$158,556$88,803$11,747
Interest$7,725,358$7,338,023$318,145$69,190
Depreciation, depletion, etc.$12,748,772$11,194,785$1,391,449$162,538
Other expenses not covered above$44,388,140$41,101,019$2,310,634$976,487
Balance Sheets
20002001200220032004200520062007
Total assets$979,686,661$912,530,932$887,449,188$972,732,325$1,007,585,896$1,120,301,841$1,282,776,825$1,360,497,897
Cash - non-interest-bearing$0$0$0$0$0$0$0$0
Savings and temporary cash investments$14,339,720$11,580,299$2,961,109$2,376,185$4,128,704$4,110,267$2,052,117$817,445
Accounts receivable less allowance for doubtful accounts$5,409,869$7,548,183$4,543,301$6,848,855$4,034,299$3,161,765$2,665,201$3,270,908
Pledges receivable less allowance for doubtful accounts$25,784,429$23,756,171$25,048,164$34,338,165$23,339,671$26,967,556$41,536,523$61,029,510
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$85,000$0$0$200,000$196,250$191,225$186,250$181,250
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$2,281,023$2,392,480$2,387,378$2,640,802$2,618,260$3,483,191$3,487,679$3,622,552
Inventories for sale or use$5,860,168$5,096,889$4,398,980$5,030,132$4,970,662$3,965,312$5,812,184$5,421,441
Prepaid expenses and deferred charges$12,023,161$3,335,675$3,706,586$4,814,176$4,840,191$3,999,247$5,752,852$6,367,245
Investments - publicly-traded securities$762,644,068$674,059,758
Investments - other securities$665,455,817$586,967,492$597,498,609$676,487,112$720,320,608$488,251,041$0$0
Investments - land, buildings, and equipment less accumulated depreciation$1,992,189$1,963,982$1,933,187$1,912,649$11,135,162$1,912,649$0$0
Investments - other$0$0$801,911$0$0$320,462,440$126,419,297$171,365,045
Land, buildings, and equipment less accumulated depreciation$244,076,685$267,631,514$242,547,210$236,632,662$230,196,202$252,004,555$319,142,570$423,011,593
Other assets, including program-related investments$2,378,600$2,258,247$1,622,753$1,451,587$1,805,887$11,792,593$13,078,084$11,351,150
Total liabilities$286,332,043$320,222,860$311,745,325$289,703,899$284,976,066$274,987,020$300,340,030$351,627,067
Accounts payable and accrued expenses$28,615,195$33,658,572$39,307,919$34,588,272$27,751,263$43,815,388$67,731,326$56,304,640
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$6,781,545$6,592,205$3,852,758$4,412,310$22,431,845$22,914,058$22,249,146$25,500,121
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$227,953,729$227,561,083$226,265,000$224,115,000$234,792,958$194,236,269$192,434,092$191,686,916
Mortgages and other notes payable$22,981,574$52,411,000$42,319,648$26,588,317$0$14,021,305$6,012,513$60,393,771
Other liabilities$0$0$0$0$0$0$11,912,953$17,741,619
Total liabilities and net assets/fund balances$979,686,661$912,530,932$887,449,188$972,732,325$1,007,585,896$1,120,301,841$1,282,776,825$1,360,497,897
Total net assets or fund balances$693,354,618$592,308,072$575,703,863$683,028,426$722,609,830$845,314,821$982,436,795$1,008,870,830
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$164,606,945$278,530,334$180,257,344$197,516,669$188,526,407$259,127,321$261,713,811$342,990,715
Total revenue, gains, and other support per audited financial statements$150,911,896$108,903,149$195,281,000$269,557,039$227,550,294$294,916,196$344,254,483$248,618,153
Other expenses$-13,695,049$-181,138,075$6,653,154$62,982,207$29,626,534$25,673,612$72,928,094$-105,093,887
Net unrealized gains on investments$-22,644,764$-181,181,018$6,617,810$62,899,416$29,540,592$25,429,879$67,556,953$-99,636,223
Donated services and use of facilities$91,063$42,943$35,344$82,791$85,942$243,733$271,363$247,881
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$8,858,652$0$0$0$0$0$5,099,778$-5,705,545
Other revenue$0$-11,510,890$-8,370,502$-9,058,163$-9,397,353$-10,115,263$-9,612,578$-10,721,325
Investment expenses$0$0$0$0$0$0$0$0
Other$0$-11,510,890$-8,370,502$-9,058,163$-9,397,353$-10,115,263$-9,612,578$-10,721,325
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$175,139,590$182,256,820$196,278,105$161,986,858$165,685,722$170,183,175$187,779,151$204,427,879
Total expenses and losses per audited financial statements$184,089,305$193,810,653$204,683,951$171,127,812$175,169,017$180,542,171$197,663,092$215,397,085
Other revenue$8,949,715$42,943$35,344$82,791$85,942$243,733$271,363$247,881
Donated services and use of facilities$91,063$42,943$35,344$82,791$85,942$243,733$271,363$247,881
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$8,858,652$0$0$0$0$0$0$0
Other expenses$0$-11,510,890$-8,370,502$-9,058,163$-9,397,353$-10,115,263$-9,612,578$-10,721,325
Investment expenses$0$0$0$0$0$0$0$0
Other$0$-11,510,890$-8,370,502$-9,058,163$-9,397,353$-10,115,263$-9,612,578$-10,721,325
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$153,851$10,902$0
40$209,672$25,596$0
40$228,545$63,371$0
40$275,240$65,924$0
40$370,354$28,258$0
40$370,761$162,907$0
40$500,060$126,175$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings45
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20062,434
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$1,957,566$100,239,353$135,556,452
Program service revenue
Program service revenue 1000000$000$0$100,201,485
Program service revenue 2000000$000$0$9,225,881
Program service revenue 3000000$000$0$6,910,809
Program service revenue 4000000$000$0$2,192,968
Program service revenue 5000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$1,094,820$2,828,896
$0$0$100,201,485
$0$0$44,123
$0$0$31,905
$03$30,153$0
$0$0$9,225,881
$0$0$2,192,968
$03$690,675$0
$0$0$6,910,809
$0$0$406,420
$0$0$1,016,568
$03$259,883$0
$0$0$119,555
$0$0$4,905
$0$0$410,660
$0$0$198,931
$03$9,338$0
$03$104,771$0
$0$0$256,959
$0$0$338,870
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$4,840,236
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,903,100$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$11,034,504$0
Net rental income or (loss) from real estate
debt-financed property000000$0Income exempt from debt-financed (section 514) provisions because at least 85% of the use of the property is for the organization's exempt purposes (Note: This code is only for income from the 15% or less non-exempt purpose use.) (section 514(b)(1)(A))$1,136,024$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment incomeOther financial vehicles$-266,77400$0$3,157,562
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$84,834,746$0
Net income or (loss) from special events000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$-84,951$0
Gross profit or (loss) from sales of inventoryGift, novelty, and souvenir stores$2,224,28300$0$6,048,615
Other revenueOther financial vehicles$57Royalty income excluded by section 512(b)(2)$321,110$150,000
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
362167725100%$0$4,677,689
362167725100%$0$3,425,899
362167725100%$0$2,576,108
362167725100%$0$2,451,662
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$237,363$26,450$0
$184,938$42,184$0
$187,209$30,489$0
$187,638$10,110$0
$175,396$12,941$0
Total number of other employees paid over $50,000336
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isSchool
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$19,575,661$0$1,957,566
Gross receipts or sales less returns and allowances$3,222,654$0$0
Cost of goods sold$13,125,931$0$0
Gross profit$1,910,061$0$1,910,061
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$266,774$0$266,774
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$314,279$0$314,279
Deductions Not Taken Elsewhere (for 2008)
Total deductions$2,426,437
Compensation of officers, directors, and trustees$0
Salaries and wages$886,740
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$72,422
Charitable contributions$0
Depreciation$158,078
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$1,309,197
Unrelated business taxable income$468,871
Unrelated business taxable income before net operating loss deduction$468,871
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$468,871
Specific deduction$1,000
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1Teach For America Inc, Tfa Inc25 Broadway Fl 12, New York, NY 10004-1056NY1993-06$524,829,910
2Art Institute Of Chicago111 S Michigan Ave, Chicago, IL 60603-6110IL1925-08$322,753,936
3Concordia College Corporation901 8th St S, Moorhead, MN 56562-0001MN1988-04$131,672,602
4Otis College Of Art And Design9045 Lincoln Blvd, Los Angeles, CA 90045-3505CA1979-11$99,461,387
5Institute For The International Education Of Students, The Northern Trust Company33 W Monroe St Ste 2300, Chicago, IL 60603-5405IL1960-11$90,168,783
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8Mennonite Board Of Educationand Colleges & SeminariesGoshen, IN 46528IN$59,151,668
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17Farrwest Theological Research Seminary College, Farrwest Theological Research Seminary Farrwest Theological Research Seminary405 South 22nd Street 405 South 22nd Street, Richmond, CA 94804CA2006-10$0
18Galilean Center Of Theological Studies For Hispanic-Anericans3874 West 134th Street, Cleveland, OH 44111OH2009-06$0
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Number of organizations performing similar types of work
Arizona1
California11
Florida2
Georgia1
Illinois3
Indiana1
Kansas1
Massachusetts3
Minnesota3
Missouri2
New Hampshire1
New York6
Ohio1
Oregon2
Pennsylvania2
Rhode Island2
Tennessee2
Texas1
Utah1
Virginia3
Total49

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