Civic Intelligence

World Business Chicago

EIN 36-4313685 • 501(c)3 • Chicago, IL

Profile

World business chicago (wbc) drives regional economic growth. Wbc collaborates to create jobs, cultivate talent, and put chicago at the forefront of the global economy. A unique public-private partnership, wbc engages business and community leaders to advance chicago's plan for economic growth and jobs.

Refreshing map…

180 North Lasalle Street 2505Chicago, IL 60601

www.worldbusinesschicago.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

62nd percentile

0.30x

Higher debt load relative to assets than 62% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

60th percentile

0.34x

Higher debt load relative to revenue than 60% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

26th percentile

-3.7%

Higher net margin than 26% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

91st percentile

$507,934

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

89th percentile

37%

Faster asset growth than 89% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

64th percentile

14%

Faster revenue growth than 64% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Up

$12,703,057

Up $3,400,265 (+37%) from 2021

Liabilities

Up

$3,840,602

Up $3,385,110 (+743%) from 2021

Net Assets

Up

$8,862,455

Up $15,155 (+0.2%) from 2021

Revenue

Up

$11,317,735

Up $1,375,654 (+14%) from 2021

Expenses

Up

$11,739,073

Up $2,805,529 (+31%) from 2021

Net Income

Down

-$421,338

Down $1,429,875 (-142%) from 2021

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2010: $7,557,843Liabilities 2010: $173,441Net Assets 2010: $7,384,4022010Assets 2011: $24,080,319Liabilities 2011: $122,166Net Assets 2011: $23,958,1532011Assets 2012: $18,161,899Liabilities 2012: $686,623Net Assets 2012: $17,475,2762012Assets 2014: $8,969,936Liabilities 2014: $680,734Net Assets 2014: $8,289,2022014Assets 2015: $10,353,459Liabilities 2015: $871,033Net Assets 2015: $9,482,4262015Assets 2016: $12,565,502Liabilities 2016: $1,008,710Net Assets 2016: $11,556,7922016Assets 2017: $12,077,345Liabilities 2017: $1,964,507Net Assets 2017: $10,112,8382017Assets 2018: $10,793,677Liabilities 2018: $1,507,439Net Assets 2018: $9,286,2382018Assets 2019: $9,646,324Liabilities 2019: $741,968Net Assets 2019: $8,904,3562019Assets 2020: $8,111,466Liabilities 2020: $239,859Net Assets 2020: $7,871,6072020Assets 2021: $9,302,792Liabilities 2021: $455,492Net Assets 2021: $8,847,3002021Assets 2022: $12,703,057Liabilities 2022: $3,840,602Net Assets 2022: $8,862,4552022

Highlighted filing

2022

Assets$12,703,057
Liabilities$3,840,602
Net Assets$8,862,455

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0-$10MExpenses 2010: $6,529,6472010Expenses 2011: $7,340,3472011Expenses 2012: $25,182,2632012Revenue 2014: $8,021,862Expenses 2014: $8,269,508Net Income 2014: -$247,6462014Revenue 2015: $9,680,449Expenses 2015: $8,487,225Net Income 2015: $1,193,2242015Revenue 2016: $12,917,979Expenses 2016: $10,843,612Net Income 2016: $2,074,3672016Revenue 2017: $10,562,226Expenses 2017: $12,006,180Net Income 2017: -$1,443,9542017Revenue 2018: $9,208,666Expenses 2018: $10,035,266Net Income 2018: -$826,6002018Revenue 2019: $6,631,146Expenses 2019: $7,013,028Net Income 2019: -$381,8822019Revenue 2020: $6,232,116Expenses 2020: $7,314,865Net Income 2020: -$1,082,7492020Revenue 2021: $9,942,081Expenses 2021: $8,933,544Net Income 2021: $1,008,5372021Revenue 2022: $11,317,735Expenses 2022: $11,739,073Net Income 2022: -$421,3382022

Highlighted filing

2022

Revenue$11,317,735
Expenses$11,739,073
Net Income-$421,338

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.7$3.84$8.86$11.3$11.7$0.42
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.30$0.46$8.85$9.94$8.93$1.01
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.11$0.24$7.87$6.23$7.31$1.08
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.65$0.74$8.90$6.63$7.01$0.38
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.8$1.51$9.29$9.21$10.0$0.83
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.1$1.96$10.1$10.6$12.0$1.44
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.6$1.01$11.6$12.9$10.8$2.07
2015Detailed filing. Detailed filing data is available for this year.$10.4$0.87$9.48$9.68$8.49$1.19
2014Detailed filing. Detailed filing data is available for this year.$8.97$0.68$8.29$8.02$8.27$0.25
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.2$0.69$17.5$25.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.1$0.12$24.0$7.34
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.56$0.17$7.38$6.53
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$11,613,833
Mission and Program Overview

Mission

World business chicago is the city of chicago's public-private economic development agency. Our mission is to drive inclusive economic growth and job creation, support business, and promote chicago as a leading global city.

World business chicago is the city of chicago's public-private economic development agency. Our mission is to drive inclusive economic growth and job creation, support business, and promote chicago as a leading global city. Our vision is to ensure that all chicagoans prosper. We drive growth through business recruitment, expansion, and retention assistance and connecting businesses to resources and opportunities. We champion chicago as a world-class city through building strategic industry partnerships, convening policy makers and leaders, and advancing opportunities for multicultural engagement. We unite leaders to advance growth in chicago's neighborhoods through talent development, procurement, and investment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$4,602,896$6,193,181▲ $1,590,285
Cash and Non-Interest-Bearing Accounts$3,570,541$2,418,366▼ $1,152,175
Savings and Temporary Cash Investments$525,518$527,620▲ $2,102
Prepaid Expenses and Deferred Charges$333,974$278,779▼ $55,195
Land, Buildings, and Equipment, Net$88,956$81,669▼ $7,287
Total Assets$9,302,792$12,703,057▲ $3,400,265
Other Assets Total$180,907$3,203,442▲ $3,022,535
Liabilities
Other Liabilities$0$2,891,809▲ $2,891,809
Accounts Payable and Accrued Expenses$455,492$923,793▲ $468,301
Grants Payable-$25,000-
Total Liabilities$455,492$3,840,602▲ $3,385,110
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,508,653$8,785,608▲ $276,955
Net Assets With Donor Restrictions$338,647$76,847▼ $261,800
Total Net Assets Fund Balance$8,847,300$8,862,455▲ $15,155
Total Liabilities and Net Assets / Fund Balance$9,302,792$12,703,057▲ $3,400,265

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$81,669$49,489$131,158
Other Assets Org$2,843,836--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael FassnachtPresident & CEOFT$380,586$127,348$507,934
Carrie SimmonsVice President of OperatioFT$141,487$27,683$169,170
Laforce BakerVice President of Community ImpactFT$135,390$24,963$160,353
Lisa DziekanSenior Vice President of BFT$131,076$28,983$160,059
Abin KuriakoseEvp, Innovation & VentureFT$129,605$27,613$157,218
Adrienne TongateEvp, Global Strategic InitFT$130,138$23,180$153,318

Board Members and Trustees

NameTitle
Lori E LightfootChair
Mellody HobsonVice Chair
Alanna CottonDirector
Brett HartDirector
Brian StantonDirector
Charles SmithDirector
Christopher CraneDirector
Clive ChristisonDirector
Craig MartinDirector
Curt R BaileyDirector
Dan RyanDirector
Dave DohnalekDirector
Dave KimbellDirector
David R CasperDirector
David ReifmanDirector
David SimasDirector
Dean HarrisonDirector
Desiree RogersDirector
Don WilsonDirector
Donald ThompsonDirector
Dr Opella ErnestDirector
Edward TillyDirector
Eric LefkofskyDirector
Fabiano LimaDirector
Frank PasquesiDirector
Glenn TullmanDirector
Grant C UhlirDirector
Greg BrownDirector
Greg HughesDirector
Greg KlamrzynskiDirector
Gregory C CaseDirector
Hardik BhattDirector
Jaime Lm JonesDirector
James MatankyDirector
James S CrownDirector
James TurnerDirector
Jason WortendykeDirector
Jeff ShapackDirector
Jeffrey S TorosianDirector
Jennifer ScanlonDirector
Jennifer SteansDirector
Jim ReynoldsDirector
Jim SkogsberghDirector
Joe ErlingerDirector
John BuckDirector
John C RobakDirector
John HolmesDirector
John KoudounisDirector
John R EttelsonDirector
John R WeissDirector
Jon ShulkinDirector
Jose Luis PradoDirector
Judy TolandDirector
Karen SauderDirector
Kathy SchererDirector
Kelly GravesDirector
Kevin ColeDirector
Kip KirkpatrickDirector
Kristen RossiDirector
Kyle DegiulioDirector
Laura ThonnDirector
Linda ImontiDirector
Lior RonDirector
Luke PetherbridgeDirector
Lynn OsmondDirector
MICHAEL O'GRADYDirector
Marc BaumannDirector
Marc F SperberDirector
Mark S HoplamazianDirector
Mark SullivanDirector
Mark TebbeDirector
Mark a HoppeDirector
Martin CabreraDirector
Martin H NesbittDirector
Matt RennerDirector
Matt SnyderDirector
Melissa WerneckDirector
Michael H MoskowDirector
Michael J SacksDirector
Michael ReinsdorfDirector
Paramita DasDirector
Paul HsuDirector
Pin NiDirector
Raj GuptaDirector
Richard S PriceDirector
Robbert RietbroekDirector
Robert BronsteinDirector
Roz BrewerDirector
Ryan SmithDirector
Scott C SwansonDirector
Shiv IyerDirector
Steve a KerstenDirector
Susan ArthurDirector
Thomas KilroyDirector
Thomas McelroyDirector
Tony MaggioreDirector
Torrence HintonDirector
Wendell DallasDirector
Andrea ZoppEx-officio Director
Jeff MalehornEx-officio Director
Rita AthasEx-officio Director
Michael MorkinSecretary
Peter ThompsonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Show Strategy INCPop-up Design & Installation222 MERCHANDISE MART PLZ STE 154, Chicago, IL 60654$1,402,476
Agency Ea LLCCreative & Design Services311 W WALTON ST, Chicago, IL 60610$361,405
Hubbard Galbraith LLCAccounting & Finance211 EAST OHIO STREET, Chicago, IL 60611$168,000
Revenue and Support

Revenue Composition

Contributions and Grants
$11,327,603
Program Service Revenue
$146,010
Investment Income
$6,420
Other Revenue
$-162,298
All Other Contributions
$5,188,739
Change in Net Assets
$-421,338

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,317,735
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$114,545
Total Revenue per Audited Statements
$11,432,280
Total Revenue per Form 990
$11,317,735
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,502,895
Salaries, Compensation, and Employee Benefits$4,821,378
Grants and Similar Amounts Paid$414,800
Total Fundraising Expense$319,625
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Conferences and Meetings$4,304,415--$4,304,415
Other Salaries and Wages$2,290,256$412,512$96,867$2,799,635
Current Officers, Directors, Trustees, and Key Employees$870,135$313,333$126,984$1,310,452
Occupancy$404,190$71,328$12,680$488,198
Grants to Domestic Orgs$403,800--$403,800
Advertising$372,351$22,885$194$395,430
Fees for Services Other$225,828$113,892$2,402$342,122
Payroll Taxes$252,603$50,888$12,232$315,723
Other Employee Benefits$250,165$47,170$2,332$299,667
Fees for Services Accounting$90,630$90,630$20,140$201,400
Office Expenses$65,094$99,504$1,457$166,055
Travel$87,612$22,454$15,842$125,908
Pension Plan Contributions$77,255$13,012$5,634$95,901
Insurance$65,651$11,585$2,060$79,296
Foreign Grants$11,000--$11,000
Depreciation Depletion$6,032$1,065$189$7,286
Other Expenses$38,565$11,539$6,927$6,927
Total Functional Expenses$10,070,549$1,348,899$319,625$11,739,073

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$11,839,073
Expenses per Audited Statements$11,739,073
Total Expenses per Form 990$11,739,073
Expenses Not Reported on Form 990$100,000
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Allies for Community Buisness IncChicago, IL501(c)(3)Economic Recovery Programming$261,800
Chicago Loop Alliance FoundationChicago, IL501(c)(3)Economic Recovery Programming$42,000
University of Illinois FoundationChicago, IL501(c)(3)Economic Recovery Programming$25,000
Chicago Blend Group IncChicago, IL501(c)(3)Dei in Venture Programming$12,500
Help Heroes of Ukraine IncCarol Stream, IL501(c)(3)Economic Recovery Programming$10,000
SocialworksLos Angeles, CA501(c)(3)Economic Recovery Programming$10,000
Revived Soldiers UkraineOrlando, FL501(c)(3)Economic Recovery Programming$7,500

International Summary

Offices
0
Employees
0
Spending
$247,645

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (including Iceland and Greenland)Program ServicesBusiness Development & Diplomatic00$161,085
North America (including Canada and Mexico, But Not the United States)Program ServicesBusiness Development & Diplomatic00$86,560
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$296,098
Fundraising Gross Income$133,800
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$1,126,750$133,800$99,476$34,324
Total Events$1,126,750$133,800$296,098$-162,298
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Board MemberEvent SponsorshipNo$10,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$2,891,809
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The return is prepared by external and internal accountants, reviewed by the president and other internal management before filing.

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

The employee conflict policy is outlined in the organization's employee handbook, which are provided to all employees when they start. If any employee becomes aware of any potential conflicts they would notify the director of human resources. The director of board relations circulates conflict statements to directors when they join the board and again annually. The completed statements are reviewed by the director of board relations.

Form 990, Part VI, Section B, Line 15

The director of human resources reviews the compensation grades and amounts on a regular basis and as necessary, gathers external reports to provide market information. The president monitors annually. The executive committee reviews and approves any changes to the president's compensation.

Form 990, Part VI, Section C, Line 19

World business chicago (wbc) adopted a transparency policy which states that wbc will make a copy of its audited gaap financial statements available. Wbc does not make its governing documents available to the public beyond the information disclosed on www.guidestar.org.

FORM 990, PART VI, SECTION B, LINE 13 & 14 - POLICIES:

Document retention and destruction policy. In 2015, the organization implemented a written whistleblower policy and a document retention and destruction policy.

Filing and Contact Details

Filer

Filer Name
World Business Chicago
EIN
36-4313685
Phone
3125530500
Address
180 NORTH LASALLE STREET 2505, CHICAGO, IL 60601

Signing Officer

Name
Michael Fassnacht
Title
President & CEO
Phone
3125530500
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Fassnacht
Formed
1999
Legal Domicile
Il
Voting Board Members
103
Independent Board Members
103
Employees
65
Volunteers
630

Preparer

Firm
Baker Tilly US Llp
Address
205 N MICHIGAN AVE 2800, CHICAGO, IL 60601-5927
Preparer
Mark Heroux
Phone
3127298000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Fundraising expense 296,098. Other adjustments 25,850.

FORM 990, PART XII, LINE 2C:

The organization neither changed its oversight process or selection process during the tax year.

Financial Statement Notes

PART X, LINE 2:

Wbc has adopted the requirements for accounting for uncertain tax positions and management has determined that wbc was not required to record a liability related to uncertain tax positions as of december 31, 2022 and 2021. Federal and state tax and/or information returns of wbc are subject to examinations by the internal revenue service and state taxing authorities, generally for three years after the returns were filed.

Raw XML AppendixShowing 400 of 1,435 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/ActivityOrMissionDesc0WORLD BUSINESS CHICAGO IS THE CITY OF CHICAGO'S PUBLIC-PRIVATE ECONOMIC DEVELOPMENT AGENCY. OUR MISSION IS TO DRIVE INCLUSIVE ECONOMIC GROWTH AND JOB CREATION, SUPPORT BUSINESS, AND PROMOTE CHICAGO AS A LEADING GLOBAL CITY. OUR VISION IS TO ENSURE THAT ALL CHICAGOANS PROSPER. WE DRIVE GROWTH THROUGH BUSINESS RECRUITMENT, EXPANSION, AND RETENTION ASSISTANCE AND CONNECTING BUSINESSES TO RESOURCES AND OPPORTUNITIES. WE CHAMPION CHICAGO AS A WORLD-CLASS CITY THROUGH BUILDING STRATEGIC INDUSTRY PARTNERSHIPS, CONVENING POLICY MAKERS AND LEADERS, AND ADVANCING OPPORTUNITIES FOR MULTICULTURAL ENGAGEMENT. WE UNITE LEADERS TO ADVANCE GROWTH IN CHICAGO'S NEIGHBORHOODS THROUGH TALENT DEVELOPMENT, PROCUREMENT, AND INVESTMENT.
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