Shedd Aquarium Society

“The executive committee of the board of trustees has the power and authority of the board of trustees and may act on behalf of the board of trustees between meetings of the board, subject to certain limitations. Under the terms of the organization's bylaws, the executive committee is made up of five to ten members of the board of trustees elected by the board at its annual meeting; in addition, the chairperson of the board serves as an ex officio member with a vote.”

“Trustees h. John gilbertson and john holmes have a business relationship. Trustees h. John gilbertson and rich tobin have a business relationship. Trustees lloyd semple jr. And paul carbone have a business relationship. Trustees david foulkes and jane warner have a business relationship. Trustee mary smith is married to lifetime trustee steve smith.”

“The organization contracts with sodexo america, llc and event network, inc. To manage and operate food services and gift shops, respectively, at the aquarium.”

“The completed form 990, including schedules, was made available to the board of trustees. Trustee were requested to review the final form 990, including schedules. Any questions or comments were directed to the organization's chief financial officer.”

“Annually, trustees and senior management are asked to review the organization's code of ethics and complete a code of ethics statement and questionnaire, which includes their agreement to report promptly any reportable matters. Such statements are reviewed and evaluated by the board chairman, or their designee, for any conflict.”

“The human capital committee (the committee) of the board of trustees is responsible for the annual review of the compensation of the officers and key employees of the organization. All members of the committee are independent. In determining the compensation of the president/ceo, the committee evaluates her performance against previously agreed upon criteria, considers comparable market data, then debates and documents its recommendation of reasonable compensation. In determining the compensation of other officers and key employees, the same procedures are performed; however, the committee considers the ceo's evaluation of the staffs' performance. The recommendations are then taken to the executive committee of the board for final review and action.”

“Certain of the organization's governing documents are made available upon request. Its audited financial statements and public-disclosure copies of its form 990 are included on its web site.”

“On march 11, 2020, the world health organization declared the outbreak of a respiratory disease caused by a new coronavirus 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. In order to comply with state and city mandates enacted to limit the spread of the pandemic, shedd experienced a month-long closure in january, followed by capacity limits that extended through mid-june. Consequently, shedd experienced losses in various revenue categories including admissions, food services, retail stores, on-site learning programs and membership dues. In response to these challenges, shedd continued to follow the cost saving measures implemented in 2020. Shedd also developed various on-line learning programs as well as virtual animal encounters to help offset reductions in revenue and maintain engagement with a diverse audience that includes a broad learning community, individual patrons and corporate programs.”

“Other contractual services: program service expenses 5,897,857. Management and general expenses 411,992. Fundraising expenses 131,564. Total expenses 6,441,413. 401k admin service fee: program service expenses 0. Management and general expenses 2,129. Fundraising expenses 0. Total expenses 2,129. Outside contractors: program service expenses 37,883. Management and general expenses 310. Fundraising expenses 0. Total expenses 38,193.”

“Actuarial gain related to retirees medical plan 99,000. Rounding -4.”