Chicago Development Fund

“All officers and directors are full time employees of the city of chicago.”

“The form 990 is prepared in draft form by third party consultants, it is then reviewed and executed by aarti kotak, vice president and secretary-treasurer for the chicago development fund.”

“City ordinance (s 2-156-150(a)) of the municipal code of chicago) requires that certain people file an annual statement of financial interests with the board of ethics. Required people include: every city elected official; every appointed official, except a member of an agency that is solely advisory in nature and has not authority to make binding decisions, enter into contracts, or make expenditures; each employee compensated for services or occupying a budgeted position at an annual rate that equals or exceeds the rate set by the board of ethics each year. The rate is based on the percentage changes in the consumer price index for urban wage earners; each employee whose total income per year exceeds the rate set by the board of ethics because he or she receives additional city compensation for professional services, or as an independent contractor for the city; any person that meets the above salary criteria because he or she is newly hired, receives a pay increase, or a job title change; and every person who qualifies as a candidate for elected office of city government. All directors, officers and employees of the corporation shall file annually with the corporation a record of all real estate in this state to which such person holds legal title or in which such person has any beneficial interest, including any interest in a land trust.”

“The organization's governing documents and policies are available for public inspection at the organization's office during regular business hours upon request.”

“Promoting the development or expansion of industrial businesses, community facilities and underserved-area retail in chicago through capital invested in low-income communities.”

“This corporation is formed exclusively for the benefit of, and to assist in carrying out the economic development program and objectives of, the city of chicago and to promote the development, establishment or expansion of industries, community facilities and underserved-area retail among other things, by generating private investment capital through the new markets tax credit program that can be made available for investments in low income communities.”

“CONSULTING FEES: Program service expenses 360,556. Management and general expenses 0. Fundraising expenses 0. Total expenses 360,556. OTHER FEES: Program service expenses 15,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,000.”