Civic Intelligence

Millennium Park Foundation

990 • Fiscal year 2014 • EIN 36-4244167

Jan 01, 2014 to Dec 31, 2014 • Filed on Jun 10, 2015

201 East RandolphChicago, IL 60601

(312) 744-2053

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

13th percentile

0.06x

Higher debt load relative to revenue than 13% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

80th percentile

24%

Higher net margin than 80% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

57th percentile

5.9%

Faster asset growth than 57% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2012 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$39,553,637

Up $4,289,612 (+12%) from 2012

Net Assets

Up

$39,388,510

Up $4,205,259 (+12%) from 2012

Liabilities

Up

$165,127

Up $84,353 (+104%) from 2012

Revenue

$2,936,846

No earlier filing loaded for comparison.

Expenses

Up

$2,235,536

Up $1,088,687 (+95%) from 2012

Net Income

$701,310

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2012: $35,264,025Liabilities 2012: $80,774Net Assets 2012: $35,183,2512012Assets 2014: $39,553,637Liabilities 2014: $165,127Net Assets 2014: $39,388,5102014Assets 2015: $39,354,470Liabilities 2015: $144,346Net Assets 2015: $39,210,1242015Assets 2016: $42,191,596Liabilities 2016: $1,250,665Net Assets 2016: $40,940,9312016Assets 2017: $45,312,212Liabilities 2017: $377,884Net Assets 2017: $44,934,3282017Assets 2018: $41,309,790Liabilities 2018: $1,249,704Net Assets 2018: $40,060,0862018Assets 2019: $42,132,826Liabilities 2019: $359,562Net Assets 2019: $41,773,2642019Assets 2020: $43,116,069Liabilities 2020: $94,678Net Assets 2020: $43,021,3912020Assets 2021: $52,901,717Liabilities 2021: $239,457Net Assets 2021: $52,662,2602021Assets 2022: $44,371,110Liabilities 2022: $61,661Net Assets 2022: $44,309,4492022Assets 2023: $49,650,509Liabilities 2023: $75,259Net Assets 2023: $49,575,2502023Assets 2024: $51,941,307Liabilities 2024: $44,417Net Assets 2024: $51,896,8902024

Highlighted filing

2014

Assets$39,553,637
Liabilities$165,127
Net Assets$39,388,510

Operations Trend

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

$15M$10M$5.0M$0-$5.0MExpenses 2012: $1,146,8492012Revenue 2014: $2,936,846Expenses 2014: $2,235,536Net Income 2014: $701,3102014Revenue 2015: $3,199,156Expenses 2015: $1,750,005Net Income 2015: $1,449,1512015Revenue 2016: $3,527,958Expenses 2016: $2,968,013Net Income 2016: $559,9452016Revenue 2017: $4,211,030Expenses 2017: $4,808,031Net Income 2017: -$597,0012017Revenue 2018: $895,992Expenses 2018: $3,767,016Net Income 2018: -$2,871,0242018Revenue 2019: $2,089,013Expenses 2019: $5,037,019Net Income 2019: -$2,948,0062019Revenue 2020: $1,469,297Expenses 2020: $1,964,334Net Income 2020: -$495,0372020Revenue 2021: $12,169,207Expenses 2021: $2,530,664Net Income 2021: $9,638,5432021Revenue 2022: $2,026,396Expenses 2022: $2,125,666Net Income 2022: -$99,2702022Revenue 2023: $2,522,653Expenses 2023: $1,792,211Net Income 2023: $730,4422023Revenue 2024: $3,938,896Expenses 2024: $3,452,791Net Income 2024: $486,1052024

Highlighted filing

2014

Revenue$2,936,846
Expenses$2,235,536
Net Income$701,310
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jun 10, 2015
Return Version
2014v5.0
Gross Receipts
$2,936,846
Mission and Program Overview

Mission

The organization's mission is to provide support to the city of chicago in its operation and programming of millennium park, and serve as the park's curators.

The organization's mission is to provide funding and operational support to oversee certain aspects of the design, restoration, maintenance and preservation of millennium park.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$26,087,523$29,586,564▲ $3,499,041
Pledges and Grants Receivable$7,560,158$5,814,367▼ $1,745,791
Savings and Temporary Cash Investments$4,661,162$3,347,255▼ $1,313,907
Land, Buildings, and Equipment, Net$644,263$546,609▼ $97,654
Accounts Receivable$40,000$30,716▼ $9,284
Prepaid Expenses and Deferred Charges$7,757$8,711▲ $954
Cash and Non-Interest-Bearing Accounts$2--
Total Assets$39,220,928$39,553,637▲ $332,709
Other Assets Total$220,063$219,415▼ $648
Liabilities
Accounts Payable and Accrued Expenses$238,288$165,127▼ $73,161
Total Liabilities$238,288$165,127▼ $73,161
Net Assets / Fund Balance
Permanently Rstr Net Assets$18,175,000$18,175,000→ $0
Unrestricted Net Assets$10,601,273$12,310,272▲ $1,708,999
Temporarily Rstr Net Assets$10,206,367$8,903,238▼ $1,303,129
Total Net Assets Fund Balance$38,982,640$39,388,510▲ $405,870
Total Liabilities and Net Assets / Fund Balance$39,220,928$39,553,637▲ $332,709

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$546,609$163,944$710,553

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$20,753,909$1,000,000▲ $1,473,716$977,016$22,250,609
2013$18,283,604-▲ $3,479,969$1,009,664$20,753,909
2012$16,645,433-▲ $2,875,587$1,237,416$18,283,604
2011$17,741,496-▼ $221,363$874,700$16,645,433
2010$16,938,372-▲ $1,704,722$901,598$17,741,496
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Uhlir Consulting LLCConsulting2117 NORTH RACINE, Chicago, IL 60614$169,424
Revenue and Support

Revenue Composition

Contributions and Grants
$727,216
Program Service Revenue
$18,998
Investment Income
$2,190,632
Other Revenue
$0
All Other Contributions
$714,001
Change in Net Assets
$701,310

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,936,846
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-295,440
Total Revenue per Audited Statements
$2,641,406
Total Revenue per Form 990
$2,936,846
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,235,536
Total Fundraising Expense$72,294
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$522,366--$522,366
Fees for Services Management$135,466$87,576$43,788$266,830
Fees for Services Other$235,232$1,496$928$237,656
Other Expenses$188,299$5,470$9,223$188,299
Depreciation Depletion$100,084--$100,084
Fees for Services Accounting$33,500$21,657$10,829$65,986
Office Expenses$21,174$10,495$4,606$36,275
Travel$4,239$2,169$1,085$7,493
Insurance$3,002$1,941$971$5,914
Information Technology$3,478$1,164$582$5,224
Conferences and Meetings$2,155$564$282$3,001
Total Functional Expenses$2,030,710$132,532$72,294$2,235,536

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,235,536
Total Expenses per Audited Statements$2,235,536
Total Expenses per Form 990$2,235,536
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Millennium park delegated management duties to uhlir consulting, llc., which oversees the consultants and reports to the board.

Form 990, Part VI, Section B, Line 11

The audit committee sends a copy of the return to all board members before it is filed. The audit committee will schedule a meeting with the tax preparer to review the returns before signing and mailing out.

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

Any potential conflict of interest transactions are referred to the audit committee for review. Since mpf does not have any employees, the board only monitors conflicts at the board level and with respect to any consultants. To the extent a board member has a conflict of interest, the board member is required to recuse themself from any deliberation and decision regarding the matter.

Form 990, Part VI, Section C, Line 18

The organization's 990 is available on guidestar's website and it and other requested documents are also available upon requests made directly to mpf.

Form 990, Part VI, Section C, Line 19

The organization makes all public documents available to the public upon specific requests.

Filing and Contact Details

Filer

Filer Name
Millennium Park Foundation
EIN
36-4244167
Phone
3127442053
Address
201 EAST RANDOLPH, CHICAGO, IL 60601

Signing Officer

Name
Donna Lapietra
Title
Chair
Phone
3127442053
Signed
2015-06-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Donna Lapietra
Formed
1998
Legal Domicile
Il
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
76

Preparer

Firm
Washington Pittman and Mckeever LLC
Address
819 SOUTH WABASH AVENUE - SUITE 600, CHICAGO, IL 60605
Phone
3127860330
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Garden consultants: program service expenses 150,238. Management and general expenses 0. Fundraising expenses 0. Total expenses 150,238. Gallery consultants: program service expenses 1,413. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,413. Other: program service expenses 83,581. Management and general expenses 1,496. Fundraising expenses 928. Total expenses 86,005.

Form 990, Part IX, Line 24E

Anniversary celebration: program service expenses 145,264. Management and general expenses 0. Fundraising expenses 0. Total expenses 145,264. Program cost - grants to city of chicago: program service expenses 120,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 120,000. Park repairs & improvements-crown fountain mechanical & structure: program service expenses 92,957. Management and general expenses 0. Fundraising expenses 0. Total expenses 92,957. Program cost - movie night: program service expenses 69,404. Management and general expenses 0. Fundraising expenses 0. Total expenses 69,404. Program cost - lurie garden special events: program service expenses 47,099. Management and general expenses 0. Fundraising expenses 0. Total expenses 47,099. Program cost - cameras & screen: program service expenses 46,244. Management and general expenses 0. Fundraising expenses 0. Total expenses 46,244. Park repairs & improvements-lurie garden : program service expenses 1,398. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,398.

Financial Statement Notes

PART V, LINE 4:

The endowment funds are used to maintain the lurie garden, support exhibits in the boeing gallery, support fitness programs and support cultural presentations.

PART X, LINE 2:

The organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and applicable state law. Acccordingly, no provision for such taxes has been recognized in these financial statements. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubti). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. At december 31, 2012, there were no unrecognized tax benefits identified or recorded as liabilities. The organization files forms 990 and il990-ag in the u.s. Federal jurisdiction and the state of illinois, respectively. The organization is generally no longer subject to examination by the internal revenue service for years before 2009.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Net unrealized losses on investments

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IRS990/Desc0MILLENNIUM PARK FOUNDATION (MPF) SPONSORED MANY PROGRAMS THAT CONTRIBUTED TO MILLENNIUM PARK'S SUCCESS IN DELIVERING OVER 500 PROGRAMS DURING THE YEAR. MPF ANNUALLY SUPPORTS THE PARK IN MANY AREAS INCLUDING; CURATING AND UPGRADING THE CROWN FOUNTAIN, MAINTAINING CHICAGO'S SCULPTURAL ICON, CLOUD GATE, CURATING, INSTALLING AND MAINTAINING THE SCULPTURE EXHIBITIONS IN THE BOEING GALLERIES, MAINTAINING AND PROGRAMMING THE LURIE GARDEN, AND FUNDING AND MONITORING THE MCDONALD CYCLE CENTER AND WORKOUT PROGRAMS. MPF ASSISTS THE CITY WITH MANY OF THE FREE PROGRAMS AND THE CONTINUED IMPROVEMENTS AND MAINTENANCE OF THE PARK. THE SUPPORT MPF PROVIDES IS ESSENTIAL FOR THE PARK TO BE KEPT AT THE HIGHEST STANDARD AND TO RETAIN ITS PLACE AS ONE OF CHICAGO'S PRIMARY ATTRACTIONS FOR RESIDENTS AND VISITORS. MILLENNIUM PARK IS ONE OF THE MOST POPULAR TOURIST DESTINATIONS IN THE COUNTRY ATTRACTING NEARLY 5 MILLION VISITORS DURING 2013.
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