World Business Chicago

“The World Business Chicago Audit Committee reviews and recommends approval of the Form 990 to the Executive Committee. The Executive Committee gives the final approval and a copy is distributed to all board members prior to its filing.”

“The Conflict of Interest Policy affects both WBC directors or employees. If any director or employee becomes aware of any existing or proposed transaction with an entity that has a "substantial connection" with a immediate family member of the director or employee or one that would reasonably create the perception that the individual has a substantial bias in favor of the entity, then the director or employee shall promptly notify the WBC Vice Chairman or designee on the EC if he is conflicted that there is a potential conflict and disclose the circumstances. The WBC Vice Chairman or his designee shall determine whether Executive Committee approval of the action is required based on whether the connection between the entity and the WBC director or employee is sufficiently significant to create a conflict of interest or the appearance of a conflict of interest. The Vice Chairman's or his designee's determination and reasons shall be documented.”

“During 2009, a member of the executive committee researched the salaries at organizations with similar size and scope to determine if current salaries are reasonable. In future compensation adjustments, the president will review and approve the salaries of all staff members. In 2016, the organization conducted a compensation study to determine if current salaries for all positions other than the president and the president reviewed and made adjustments accordingly. The executive committee reviewed and approved any adjustments to the president's salary.”

“World Business Chicago (WBC) adopted a transparency policy which states that annually, 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. The WBC website provides access to WBC's ethics policies (transparency/disclosure policy, conflict of interest policy, policy on advocacy). WBC also publishes an annual report on its website which contains financial information.”

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

“Strategic Planning: Program service expenses 0. Management and general expenses 242,000. Fundraising expenses 0. Total expenses 242,000. Other: Program service expenses 36,648. Management and general expenses 27,864. Fundraising expenses 58,198. Total expenses 122,710. IT: Program service expenses 27,600. Management and general expenses 53,593. Fundraising expenses 0. Total expenses 81,193. Events: Program service expenses 101,631. Management and general expenses 0. Fundraising expenses 0. Total expenses 101,631. Programming: Program service expenses 813,590. Management and general expenses 0. Fundraising expenses 0. Total expenses 813,590. Marketing & PR: Program service expenses 319,762. Management and general expenses 0. Fundraising expenses 0. Total expenses 319,762. Development: Program service expenses 0. Management and general expenses 0. Fundraising expenses 65,756. Total expenses 65,756.”

“Rounding -1.”

“The organization did not changed either its oversight process or selection process during the tax year.”