Civic Intelligence

Chicago Development Fund

990 • Fiscal year 2017 • EIN 20-3295327

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 09, 2018

Organization ProfileWWW.CHICAGODEVELOPMENTFUND.ORG
121 North Lasalle Street No 1006Chicago, IL 60602

(312) 744-0771

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

24th percentile

0.02x

Higher debt load relative to assets than 24% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

48th percentile

0.16x

Higher debt load relative to revenue than 48% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

78th percentile

20%

Higher net margin than 78% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

71st percentile

$175,020

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 22.4% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

51st percentile

4.1%

Faster asset growth than 51% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

86th percentile

45%

Faster revenue growth than 86% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets24th percentile

Assets

Up

$5,112,791

Up $201,444 (+4.1%) from 2016

Net Assets

Up

$4,990,463

Up $158,583 (+3.3%) from 2016

Liabilities

Up

$122,328

Up $42,861 (+54%) from 2016

Revenue And Expenses
Liabilities / Revenue48th percentileNet Margin78th percentile

Revenue

Up

$782,520

Up $242,247 (+45%) from 2016

Expenses

Up

$623,937

Up $104,635 (+20%) from 2016

Net Income

Up

$158,583

Up $137,612 (+656%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth51st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2010: $1,886,129Liabilities 2010: $21,823Net Assets 2010: $1,864,3062010Assets 2011: $2,295,418Liabilities 2011: $27,154Net Assets 2011: $2,268,2642011Assets 2012: $3,118,022Liabilities 2012: $69,273Net Assets 2012: $3,048,7492012Assets 2013: $3,873,004Liabilities 2013: $81,064Net Assets 2013: $3,791,9402013Assets 2014: $4,265,875Liabilities 2014: $135,283Net Assets 2014: $4,130,5922014Assets 2015: $4,974,715Liabilities 2015: $163,806Net Assets 2015: $4,810,9092015Assets 2016: $4,911,347Liabilities 2016: $79,467Net Assets 2016: $4,831,8802016Assets 2017: $5,112,791Liabilities 2017: $122,328Net Assets 2017: $4,990,4632017Assets 2018: $5,774,063Liabilities 2018: $93,841Net Assets 2018: $5,680,2222018Assets 2019: $5,762,999Liabilities 2019: $81,824Net Assets 2019: $5,681,1752019Assets 2020: $5,845,989Liabilities 2020: $160,710Net Assets 2020: $5,685,2792020Assets 2021: $6,133,057Liabilities 2021: $152,850Net Assets 2021: $5,980,2072021Assets 2022: $6,455,249Liabilities 2022: $211,270Net Assets 2022: $6,243,9792022Assets 2023: $6,953,276Liabilities 2023: $225,773Net Assets 2023: $6,727,5032023Assets 2024: $8,121,607Liabilities 2024: $200,438Net Assets 2024: $7,921,1692024

Highlighted filing

2017

Assets$5,112,791
Liabilities$122,328
Net Assets$4,990,463
Open 2017 Filing

Operations Trend

Revenue Growth86th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.5M$1.0M$500K$0Revenue 2010: $1,218,058Expenses 2010: $462,296Net Income 2010: $755,7622010Revenue 2011: $816,512Expenses 2011: $412,554Net Income 2011: $403,9582011Revenue 2012: $1,350,561Expenses 2012: $570,076Net Income 2012: $780,4852012Revenue 2013: $1,359,402Expenses 2013: $616,211Net Income 2013: $743,1912013Revenue 2014: $1,038,400Expenses 2014: $699,748Net Income 2014: $338,6522014Revenue 2015: $1,322,875Expenses 2015: $642,558Net Income 2015: $680,3172015Revenue 2016: $540,273Expenses 2016: $519,302Net Income 2016: $20,9712016Revenue 2017: $782,520Expenses 2017: $623,937Net Income 2017: $158,5832017Revenue 2018: $1,362,225Expenses 2018: $672,466Net Income 2018: $689,7592018Revenue 2019: $702,101Expenses 2019: $701,148Net Income 2019: $9532019Revenue 2020: $574,784Expenses 2020: $570,680Net Income 2020: $4,1042020Revenue 2021: $871,107Expenses 2021: $576,179Net Income 2021: $294,9282021Revenue 2022: $941,101Expenses 2022: $677,329Net Income 2022: $263,7722022Revenue 2023: $1,205,691Expenses 2023: $722,167Net Income 2023: $483,5242023Revenue 2024: $1,876,806Expenses 2024: $683,140Net Income 2024: $1,193,6662024

Highlighted filing

2017

Revenue$782,520
Expenses$623,937
Net Income$158,583
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 9, 2018
Return Version
2017v2.3
Gross Receipts
$782,520
Mission and Program Overview

Mission

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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$3,910,523$3,884,291▼ $26,232
Cash and Non-Interest-Bearing Accounts$940,795$1,183,602▲ $242,807
Investments Program Related$21,561$18,872▼ $2,689
Accounts Receivable$29,895$18,677▼ $11,218
Prepaid Expenses and Deferred Charges$8,573$7,349▼ $1,224
Total Assets$4,911,347$5,112,791▲ $201,444
Liabilities
Other Liabilities$0$75,000▲ $75,000
Accounts Payable and Accrued Expenses$79,467$23,828▼ $55,639
Deferred Revenue-$23,500-
Total Liabilities$79,467$122,328▲ $42,861
Net Assets / Fund Balance
Unrestricted Net Assets$4,831,880$4,990,463▲ $158,583
Total Net Assets Fund Balance$4,831,880$4,990,463▲ $158,583
Total Liabilities and Net Assets / Fund Balance$4,911,347$5,112,791▲ $201,444
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleOtherTotal
Aarti KotakDirector, Vice President & Secretary - Treasurer$145,476$145,476
Kurt SummersDirector$133,545$133,545
Carrie AustinDirector$117,833$117,833
Procco J Moreno IiiDirector$115,560$115,560
Bryan EsenbergAssitant Treasurer$112,284$112,284
Edward BurkeDirector$108,942$108,942

Board Members and Trustees

NameTitle
David ReifmanDirector, President
Carole BrownDirector
Rafael LeonDirector
Samantha FieldsDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
S B Friedman & CompanyConsulting221 N LASALLE STREET, Chicago, IL 60625$445,162
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$770,874
Investment Income
$11,646
Other Revenue
$0
Change in Net Assets
$158,583

Audited Revenue Reconciliation

Revenue per Audited Statements
$781,756
Revenue Not Reported on Financial Statements
$764
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$764
Total Revenue per Audited Statements
$781,756
Total Revenue per Form 990
$782,520
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$623,937
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$460,281--$460,281
Fees for Services Accounting$89,075--$89,075
Fees for Services Legal$43,698--$43,698
Insurance-$30,619-$30,619
Other Expenses-$264-$264
Total Functional Expenses$593,054$30,883$0$623,937

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$623,937
Total Expenses per Form 990$623,937
Total Expenses per Audited Statements$623,173
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-764
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Reserve Deposits$75,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

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

Form 990, Part VI, Section B, Line 11B

“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.”

Form 990, Part VI, Section B, Line 12C

“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.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Chicago Development Fund
EIN
20-3295327
Phone
3127440771
Address
121 NORTH LASALLE STREET NO 1006, CHICAGO, IL 60602

Signing Officer

Name
Aarti Kotak
Title
Vice President
Phone
3127449777
Signed
2018-10-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ms Aarti Kotak
Formed
2005
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
500 EAST PRATT STREET 4TH FLOOR, BALTIMORE, MD 21202
Preparer
Philip H Cornblatt
Phone
4107834900
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consulting fees: program service expenses 445,162. Management and general expenses 0. Fundraising expenses 0. Total expenses 445,162. Other fees: program service expenses 15,119. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,119.”

Financial Statement Notes

PART X, LINE 2:

“Fin 48 the company is exempt from federal income taxes, except for unrelated income, if any, under the provisions of section 501(c)(3) of the irc. For the years ended december 31, 2017 and 2016, the company did not have any unrelated business income. Accordingly, no provision for income taxes has been included in the accompanying consolidated financial statements. The subsidiaries have elected to be treated as pass-through entities for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by their owners on their respective income tax returns. The subsidiaries' federal tax status as pass-through entities is based on their legal status as limited liability companies. Accordingly, the subsidiaries are not required to take any tax positions in order to qualify as a pass-through entity. Accordingly, these consolidated financial statements do not reflect a provision for income taxes and the subsidiaries have no other tax positions which must be considered for disclosure. For income tax purposes, the company and subsidiaries report on a calendar year basis. Income tax returns filed by the company and subsidiaries are subject to examination by the internal revenue service for a period of three years. While no income tax returns are currently being examined by the internal revenue service, tax years since 2014 remain open.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss from unwind of investments in limited liability companies”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Loss from unwind of investments in limited liability companies”

Raw XML AppendixShowing 400 of 1,049 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0SEE SCHEDULE OTHE ORGANIZATION PROMOTES ECONOMIC DEVELOPMENT IN THE CITY OF CHICAGO'S LOW INCOME COMMUNITIES BY PROVIDING INVESTMENT CAPITAL THROUGH THE UTILIZATION OF THE NEW MARKETS TAX CREDIT PROGRAM FOR INDUSTRIAL BUSINESS EXPANSION/RETENTION, COMMUNITY FACILITY DEVELOPMENT, AND ADDING RETAIL IN UNDER-SERVED AREAS . THE ORGANIZATION HAS BEEN AWARDED $356 MILLION OF FEDERAL NEW MARKETS TAX CREDIT ALLOCATION AND THROUGH 2017 HAS UTILIZED OVER $296 MILLION OF THE ALLOCATION TO IN TURN GENERATE BELOW-MARKET LOANS. THE ORGANIZATION HAS MADE ALL OF THESE LOANS TO BUSINESSES LOCATED IN AREAS QUALIFIED AS HIGHER DISTRESS. THESE LOANS HAVE RESULTED IN THE RECIPIENT BUSINESSES AND ORGANIZATIONS BEING ABLE TO PRESERVE OR CREATE OVER 3,500 JOBS AT FULL OPERATION. SUPPORTED PROJECTS WILL ALSO PROVIDE VITAL EDUCATION, HEALTHCARE, JOB TRAINING, AND OTHER COMMUNITY SERVICES TO OVER 195,000 INDIVIDUALS EACH YEAR AT FULL OPERATION.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR, VICE PRESIDENT & SECRETARY - TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR, PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
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IRS990/InsuranceGrp/TotalAmt030619
IRS990/InvestmentIncomeGrp/ExclusionAmt010882
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt010882
IRS990/InvestmentInJointVentureInd01
IRS990/InvestmentsProgramRelatedGrp/BOYAmt021561
IRS990/InvestmentsProgramRelatedGrp/EOYAmt018872
IRS990/IRPDocumentCnt03
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0IL
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt00
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THIS 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt04831880
IRS990/NetAssetsOrFundBalancesEOYAmt04990463
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0764
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0764
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0BANK FEES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0264
IRS990/OtherExpensesGrp/TotalAmt0264
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt075000
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt08573
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt07349
IRS990/PrincipalOfficerNm0MS AARTI KOTAK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0525990
IRS990/ProgramServiceRevenueGrp/BusinessCd1525990
IRS990/ProgramServiceRevenueGrp/BusinessCd2525990
IRS990/ProgramServiceRevenueGrp/BusinessCd3525990
IRS990/ProgramServiceRevenueGrp/Desc0MANAGEMENT FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc2REIMBURSEMENT INCOME
IRS990/ProgramServiceRevenueGrp/Desc3INCOME FROM INVESTMENT
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0437887
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1310000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt222889
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt398
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0437887
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1310000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt222889
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt398
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt06946
IRS990/PYOtherExpensesAmt0519302
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0533327
IRS990/PYRevenuesLessExpensesAmt020971
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0519302
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0540273
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0158583
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0770874
IRS990/SavingsAndTempCashInvstGrp/BOYAmt03910523
IRS990/SavingsAndTempCashInvstGrp/EOYAmt03884291
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0366005820
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0CITY OF CHICAGO
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/ExpensesNotReportedAmt0-764
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0623937
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherExpensesIncludedAmt0-764
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt075000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0RESERVE DEPOSITS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0764
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0764
IRS990ScheduleD/RevenueSubtotalAmt0781756
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FIN 48 THE COMPANY IS EXEMPT FROM FEDERAL INCOME TAXES, EXCEPT FOR UNRELATED INCOME, IF ANY, UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE IRC. FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016, THE COMPANY DID NOT HAVE ANY UNRELATED BUSINESS INCOME. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. THE SUBSIDIARIES HAVE ELECTED TO BE TREATED AS PASS-THROUGH ENTITIES FOR INCOME TAX PURPOSES AND, AS SUCH, ARE NOT SUBJECT TO INCOME TAXES. RATHER, ALL ITEMS OF TAXABLE INCOME, DEDUCTIONS AND TAX CREDITS ARE PASSED THROUGH TO AND ARE REPORTED BY THEIR OWNERS ON THEIR RESPECTIVE INCOME TAX RETURNS. THE SUBSIDIARIES' FEDERAL TAX STATUS AS PASS-THROUGH ENTITIES IS BASED ON THEIR LEGAL STATUS AS LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE SUBSIDIARIES ARE NOT REQUIRED TO TAKE ANY TAX POSITIONS IN ORDER TO QUALIFY AS A PASS-THROUGH ENTITY. ACCORDINGLY, THESE CONSOLIDATED FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND THE SUBSIDIARIES HAVE NO OTHER TAX POSITIONS WHICH MUST BE CONSIDERED FOR DISCLOSURE. FOR INCOME TAX PURPOSES, THE COMPANY AND SUBSIDIARIES REPORT ON A CALENDAR YEAR BASIS. INCOME TAX RETURNS FILED BY THE COMPANY AND SUBSIDIARIES ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2014 REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS FROM UNWIND OF INVESTMENTS IN LIMITED LIABILITY COMPANIES
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS FROM UNWIND OF INVESTMENTS IN LIMITED LIABILITY COMPANIES
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0623937
IRS990ScheduleD/TotalLiabilityAmt075000
IRS990ScheduleD/TotalRevenuePerForm990Amt0782520
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0781756
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0623173
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0169992
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt1175020
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt2169992
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CAROLE BROWN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DAVID REIFMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2SAMANTHA FIELDS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1DIRECTOR, PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0169992
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1175020
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2169992
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SEVERAL OFFICERS AND DIRECTORS ARE FULL TIME EMPLOYEES OF THE CITY OF CHICAGO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CITY 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONSULTING FEES: PROGRAM SERVICE EXPENSES 445,162. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 445,162. OTHER FEES: PROGRAM SERVICE EXPENSES 15,119. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 15,119.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,112,791
Liabilities
$122,328
Net assets
$4,990,463
Revenue
$782,520
Expenses
$623,937
Net income
$158,583
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.12$0.20$7.92$1.88$0.68$1.19
2023Detailed filing. Detailed filing data is available for this year.$6.95$0.23$6.73$1.21$0.72$0.48
2022Detailed filing. Detailed filing data is available for this year.$6.46$0.21$6.24$0.94$0.68$0.26
2021Detailed filing. Detailed filing data is available for this year.$6.13$0.15$5.98$0.87$0.58$0.29
2020Detailed filing. Detailed filing data is available for this year.$5.85$0.16$5.69$0.57$0.57$0.00
2019Detailed filing. Detailed filing data is available for this year.$5.76$0.08$5.68$0.70$0.70$0.00
2018Detailed filing. Detailed filing data is available for this year.$5.77$0.09$5.68$1.36$0.67$0.69
2017Detailed filing. Detailed filing data is available for this year.$5.11$0.12$4.99$0.78$0.62$0.16
2016Detailed filing. Detailed filing data is available for this year.$4.91$0.08$4.83$0.54$0.52$0.02
2015Detailed filing. Detailed filing data is available for this year.$4.97$0.16$4.81$1.32$0.64$0.68
2014Detailed filing. Detailed filing data is available for this year.$4.27$0.14$4.13$1.04$0.70$0.34
2013Summary only. Only limited summary data is available for this year.$3.87$0.08$3.79$1.36$0.62$0.74
2012Summary only. Only limited summary data is available for this year.$3.12$0.07$3.05$1.35$0.57$0.78
2011Summary only. Only limited summary data is available for this year.$2.30$0.03$2.27$0.82$0.41$0.40
2010Summary only. Only limited summary data is available for this year.$1.89$0.02$1.86$1.22$0.46$0.76