Navy Pier Inc.

“Members or stakeholders who may elect under the lease agreement between navy pier inc. 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, inc.'s board of directors.”

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

“Conflict of interest policy navy pier inc. 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 inc. 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 most recent compenstaion survey was conducted in 2021. 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. To help limit costs during covid-19 related closures, navy pier inc.'s president & ceo marilynn gardner's base salary was reduced by 25% as of may 2020 and was restored upon navy pier's re-opening, april 30, 2021. Chief operating officer brian murphy and chief financial officer jeff brown's base salaries were reduced by 20% in may 2020 and restored in april 2021. The board of directors provided a one-time incentive payment in november 2021 for ms. Gardner, mr. Murphy and mr. Brown to bring 2021 total cash compensation to 2019 levels. Other full-time administrative staff salaries were reduced as of july 2020 and effectively restored january 2021.”

“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 2,364,026. Total expenses 2,364,026. Housekeeping: program service expenses 2,303,257. Total expenses 2,303,257. Other fees: program service expenses 2,004,287. Management and general expenses 469,761. Fundraising expenses 141,946. Total expenses 2,615,994. Donation cultivating services/advocacy: management and general expenses 139,500. Total expenses 139,500.”

“Change in value of interest rate swap 871,380.”

“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, navy pier inc.(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, 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 and are detailed in note h. The board of npi engaged in a "save the pier" 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, and relief was extended into 2022 for all tenants. Npi received the proceeds of a paycheck protection program term note ("ppp loan") in the amount of $2,489,500 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 was granted by the small business administration ("sba") on september 9, 2021 using a 12-week covered period for salaries, employee benefits, and utility expenses. Npi received the proceeds of a second ppp loan in the amount of $1,910,005 through its primary lender on march 23, 2021. Forgiveness was granted by the sba on september 28, 2021 using a 13-week covered period for salaries, employee benefits and utility expenses. Upon securing each ppp loan, npi recorded the amounts as bond and loan liabilities on the statement of financial position; upon forgiveness, npi converted the amounts of the two ppp loans into covid-19 relief revenues. The cares act provides an employee retention tax credit ("ertc"), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The tax credit is equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through december 31, 2020. Additional relief provisions were passed b”