Navy Pier Inc.

“Members or stakeholders who may elect under the lease agreement between navy pier and the metropolitan pier and exposition authority (mpea), the chair of the board, the secretary-treasurer and the chief executive officer of mpea are required to be voting members of navy pier's board of directors.”

“Form 990 review process the form 990 is prepared by navy pier inc.'s cfo, controller and an outside cpa firm. The form 990 is reviewed by npi's president and ceo, general counsel and finance committee prior to final approval of the board of directors prior to filing.”

“Conflict of interest policy navy pier maintains a conflict of interest policy covering director, officer, member of a committee of the board of directors of navy pier,inc., or key employee (as defined by the irs in instructions for from 990) which requires disclosure of financial interests that present a potential conflict of interest as defined in the policy. Annual attestations are required as well as immediate disclosure if a potential conflict arises. The board of directors adjudicates if a conflict exists and if the transaction should proceed based upon the best interest of the company. Navy pier also maintains a whistleblower policy that includes the ability to provide anonymous information via a hotline. Such information is reported to the vp of people and culture, or if this person is not available or is the subject of the information, to the general counsel. This person makes a record of the complaint, conducts an investigation, makes findings and recommends or implements corrective action if appropriate.”

“Process of determining compensation the executive committee reviews the goals and performance of the president and ceo and senior management. The committee also retains an independent consultant who conducts an independent evaluation using compensation data of the comparable key employees at local and national peer institutions. The executive committee reviews the information provided by the independent consultant and approves recommendations from the president and ceo for compensation of key employees. The evaluations, reviews, comments and decisions are documented in the minutes of the executive committee. The president and ceo reviews the goals and performance of senior staff and reviews the compensation data of the comparable key employees of which recommendations are reviewed, modified and approved by the executive committee. Short term incentive payments were earned in 2019 and were paid in february 2020, before the covid-19 pandemic occurred. To help limit costs during covid-19 closures, navy pier president & ceo marilynn gardner's base salary was reduced by 25% as of may, 2020. Other executive leadership team members' base salaries were also reduced by 20% at that time. Short-term incentive compensation to executive team members was eliminated in 2020. Other full-time administrative staff salaries were reduced as of july, 2020.”

“How documents are made available to the public governing documents, the conflict of interest policy, and the financial statements are available to the public upon request.”

“Security: program service expenses 1,832,773. Total expenses 1,832,773. Housekeeping: program service expenses 1,654,931. Total expenses 1,654,931. Other fees: program service expenses 1,175,298. Fundraising expenses 1,160. Total expenses 1,176,458.”

“Change in value of swap -741,152.”

“On march 11, 2020, the world health organization declared the outbreak of a respiratory disease caused by a new coronavirus as a "pandemic". First identified in late 2019 and known now as covid-19, the outbreak has impacted millions of individuals worldwide. In response, many countries have implemented measures to combat the outbreak which have impacted global business operations. Out of concern for the safety and health of its guests and employees, npi temporarily closed the pier on march 16, 2020. Illinois governor j.b. Pritzker issued executive order 2020-10 on march 20, 2020 which required non-essential businesses to temporarily cease operations. Approximately 80 staff were furloughed or laid-off after march 27, 2020. Npi was able to secure a paycheck protection program term note (ppp loan) through its primary lender on april 20, 2020, allowing furloughed and laid-off staff to return to work in order to prepare for the upcoming summer season. (forgiveness of the ppp loan was granted in september 2021 using a 12-week covered period for salaries, employee benefits, and utility expenses.) the pier remained closed to the public until june 10, 2020, when it reopened per the terms of executive order 2020-38. Pursuant to state of illinois restrictions, npi was not able to operate pier park amusements, or its convention and meeting facilities after march 16, 2020. Due to the anticipated drop in attendance, each tenant was offered a rent-relief package in order to ensure the tenants' long-term survival; agreements for rent relief were reached with all but three tenants by the end of 2020. The operating restrictions and decreased attendance negatively impacted npi's revenues, liquidity, and net assets without donor restrictions. Npi moved to mitigate the impact by reducing its workforce, reducing salaries, reducing contracted services, delaying capital expenditures, reducing advertising costs and other discretionary spending, and actively managing cash disbursements, which has allowed npi to meet its obligations as they become due. Npi's debt obligations were renegotiated with its primary lender. The volunteer board and staff leadership of npi engaged in a fundraising campaign to allow the pier to re-open, replenish cash reserves and continue to offer rent relief to its tenant partners. Despite these proactive measures, attendance during summer 2020 was approximately 15% of that from the prior year. In an effort to preserve its liquidity, npi decided to close the pier to the general public after labor day, and re-opened april 30, 2021. Tenant leases were again modified during this closure period.”