Civic Intelligence

Society for Contemporary Art C-O the Art Institute of Chicago

990 • Fiscal year 2014 • EIN 36-6055526

Jul 01, 2013 to Jun 30, 2014 • Filed on Jan 12, 2015

111 S Michigan Avenue60603-6404

(312) 443-3630

Siviq Scores

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

Liabilities / Assets

40th percentile

0.02x

Higher debt load relative to assets than 40% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

42nd percentile

0.02x

Higher debt load relative to revenue than 42% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Net Margin

92nd percentile

52%

Higher net margin than 92% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

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

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Asset Growth

93rd percentile

74%

Faster asset growth than 93% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 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

$946,768

Up $402,067 (+74%) from 2013

Net Assets

Up

$930,046

Up $385,597 (+71%) from 2013

Liabilities

Up

$16,722

Up $16,470 (+6536%) from 2013

Revenue

$746,120

No earlier filing loaded for comparison.

Expenses

Down

$360,523

Down $88,577 (-20%) from 2013

Net Income

$385,597

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.

$1.5M$1.0M$500K$0Assets 2011: $550,269Liabilities 2011: $20,787Net Assets 2011: $529,4822011Assets 2012: $791,477Liabilities 2012: $10,586Net Assets 2012: $780,8912012Assets 2013: $544,701Liabilities 2013: $252Net Assets 2013: $544,4492013Assets 2014: $946,768Liabilities 2014: $16,722Net Assets 2014: $930,0462014Assets 2015: $788,109Liabilities 2015: $1,362Net Assets 2015: $786,7472015Assets 2016: $1,181,792Liabilities 2016: $25,852Net Assets 2016: $1,155,9402016Assets 2019: $1,009,514Liabilities 2019: $109,682Net Assets 2019: $899,8322019Assets 2020: $924,799Liabilities 2020: $61,390Net Assets 2020: $863,4092020Assets 2021: $871,301Liabilities 2021: $89,049Net Assets 2021: $782,2522021Assets 2022: $998,937Liabilities 2022: $91,685Net Assets 2022: $907,2522022

Highlighted filing

2014

Assets$946,768
Liabilities$16,722
Net Assets$930,046

Operations Trend

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

$1.0M$500K$0-$500KExpenses 2011: $336,4082011Expenses 2012: $560,8872012Expenses 2013: $449,1002013Revenue 2014: $746,120Expenses 2014: $360,523Net Income 2014: $385,5972014Revenue 2015: $284,597Expenses 2015: $427,896Net Income 2015: -$143,2992015Revenue 2016: $627,652Expenses 2016: $258,459Net Income 2016: $369,1932016Revenue 2019: $364,181Expenses 2019: $522,317Net Income 2019: -$158,1362019Revenue 2020: $678,236Expenses 2020: $714,659Net Income 2020: -$36,4232020Revenue 2021: $247,722Expenses 2021: $328,879Net Income 2021: -$81,1572021Revenue 2022: $615,622Expenses 2022: $490,622Net Income 2022: $125,0002022

Highlighted filing

2014

Revenue$746,120
Expenses$360,523
Net Income$385,597
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Jan 12, 2015
Return Version
2013v4.0
Gross Receipts
$986,211
Mission and Program Overview

Mission

To support the Art Institute of Chicago by engaging the community in a dialogue about the art of our time and acquiring works that enrich the museums collection.

To foster interest in contemporary art in the chicago area by acquiring contemporary art for presentation to the art institute of chicago

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$515,020$709,287▲ $194,267
Cash and Non-Interest-Bearing Accounts$27,181$142,204▲ $115,023
Accounts Receivable-$20,277-
Pledges and Grants Receivable$2,500--
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$544,701$946,768▲ $402,067
Other Assets Total$0$75,000▲ $75,000
Liabilities
Accounts Payable and Accrued Expenses$252$16,722▲ $16,470
Total Liabilities$252$16,722▲ $16,470
Net Assets / Fund Balance
Unrestricted Net Assets$544,449$930,046▲ $385,597
Total Net Assets Fund Balance$544,449$930,046▲ $385,597
Total Liabilities and Net Assets / Fund Balance$544,701$946,768▲ $402,067

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$2,758$2,758
Other Assets Org$75,000--
Other Securities$709,287--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Dirk DenisonChair, Nominating/by-laws
Michelle EdwardsPresident
Stephanie Skestos GabrieleVice President-acquisitions
Scott HunterVice President-programming
Eszter BorvendegHospitality
Betty HarrisMember at Large
Bohdan GorczynskiMember at Large
Deborah LovelyMember at Large
Deone JackmanMember at Large
Forrest NashMember at Large
Kate NeisserMember at Large
Larry AntonatosMember at Large
Naomi ResseMember at Large
Paul RehderMember at Large
Paula MolnerMember at Large
Patty SternbergMembership
Victoria LautmanMembership
David EgelandSecretary
Jay DandyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$606,533
Program Service Revenue
$138,566
Investment Income
$1,021
Other Revenue
$0
All Other Contributions
$37,483
Change in Net Assets
$385,597

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Works of Art7$234,000Auction Prices and Fma
Total Noncash Contributions7$234,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$746,120
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$240,091
Total Revenue per Audited Statements
$986,211
Total Revenue per Form 990
$746,120
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$295,711
Salaries, Compensation, and Employee Benefits$64,812
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$64,812--$64,812
Other Expenses$16,200--$16,200
All Other Expenses$9,152--$9,152
Fees for Services Accounting$8,000--$8,000
Office Expenses$4,769--$4,769
Insurance$2,233--$2,233
Fees for Services Other$25--$25
Total Functional Expenses$360,523$0$0$360,523

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$600,614
Expenses per Audited Statements$360,523
Total Expenses per Form 990$360,523
Expenses Not Reported on Form 990$240,091
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$240,091
Fundraising Gross Income$240,091
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$703,144$240,091$240,091$0
Total Events$703,144$240,091$240,091$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
Audit committee
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The program director manages the daily operations of the organization and he reports to the board of directors

Form 990, Part VI, Section A, Line 6

The organization has members

Form 990, Part VI, Section A, Line 7A

There is an annual meeting of members that is held to vote on the officers, officers are elected by popular vote.

Form 990, Part VI, Section A, Line 7B

At the annual meeting on members a vote takes place to approve the acquisition of art that is to be donated to the art institute of chicago.

Form 990, Part VI, Section B, Line 11

A copy of the form 990 is given to the president and the treasurer.

Form 990, Part VI, Section B, Line 15A

Program director's compensation is reviewed and approved by the society for contemporary art's board

Form 990, Part VI, Section C, Line 19

Documents are not available to the public, society of contemporary art's members can view the documents upon request.

Filing and Contact Details

Filer

EIN
36-6055526
Phone
3124433630

Signing Officer

Name
Michelle Edwards
Title
President
Phone
3124433630
Signed
2015-01-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Edwards
Formed
1967
Legal Domicile
Il
Voting Board Members
19
Independent Board Members
19
Employees
2
Volunteers
0

Preparer

Preparer
Odell Hicks Jr
Phone
3128610113
Supplemental Narrative

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

EVENT EXPENSES 240,091.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

EVENT EXPENSES 240,091.

Raw XML AppendixShowing 400 of 504 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/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO FOSTER INTEREST IN CONTEMPORARY ART IN THE CHICAGO AREA BY ACQUIRING CONTEMPORARY ART FOR PRESENTATION TO THE ART INSTITUTE OF CHICAGO
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0544449
IRS990/NetAssetsOrFundBalancesEOYAmt0930046
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NoncashContributionsAmt0234000
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ProgramServicesAmt04769
IRS990/OfficeExpensesGrp/TotalAmt04769
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt075000
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0DONATIONS TO THE ART IN
IRS990/OtherExpensesGrp/Desc1MEETINGS AND EVENTS
IRS990/OtherExpensesGrp/Desc2CONSULTANTS, STATIONARY
IRS990/OtherExpensesGrp/Desc3WEBSITE
IRS990/OtherExpensesGrp/ProgramServicesAmt0125000
IRS990/OtherExpensesGrp/ProgramServicesAmt1111274
IRS990/OtherExpensesGrp/ProgramServicesAmt219058
IRS990/OtherExpensesGrp/ProgramServicesAmt316200
IRS990/OtherExpensesGrp/TotalAmt0125000
IRS990/OtherExpensesGrp/TotalAmt1111274
IRS990/OtherExpensesGrp/TotalAmt219058
IRS990/OtherExpensesGrp/TotalAmt316200
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt064812
IRS990/OtherSalariesAndWagesGrp/TotalAmt064812
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt02500
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0MICHELLE EDWARDS
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0MEETINGS AND EVENTS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0138566
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0138566
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0146026
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0755
IRS990/PYOtherExpensesAmt0400283
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt065877
IRS990/PYRevenuesLessExpensesAmt0-236442
IRS990/PYSalariesCompEmpBnftPaidAmt048817
IRS990/PYTotalExpensesAmt0449100
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0212658
IRS990/QuidProQuoContributionsInd01
IRS990/QuidProQuoContriDisclInd01
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0385597
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0138566
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0606533
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0146026
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0120979
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0127725
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt095863
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01097126
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt01021
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0755
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt01114
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt013003
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt015879
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt031772
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01530357
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.87480
IRS990ScheduleA/PublicSupportPY170Pct00.84220
IRS990ScheduleA/PublicSupportTotal170Amt0987594
IRS990ScheduleA/SubstantialContributorsTotAmt0109532
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0606533
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0146026
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0120979
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0127725
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt095863
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01097126
IRS990ScheduleA/TotalSupportAmt01128898
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt0240091
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0360523
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt075000
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DONATED ARTWORK
IRS990ScheduleD/OtherExpensesIncludedAmt0240091
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt02758
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02758
IRS990ScheduleD/OtherRevenueAmt0240091
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0709287
IRS990ScheduleD/OtherSecuritiesGrp/Desc0WEALTH MANAGEMENT
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/RevenueNotReportedAmt0240091
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0746120
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0EVENT EXPENSES 240,091.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1EVENT EXPENSES 240,091.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt075000
IRS990ScheduleD/TotalBookValueSecuritiesAmt0709287
IRS990ScheduleD/TotalExpensesPerForm990Amt0360523
IRS990ScheduleD/TotalRevenuePerForm990Amt0746120
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0986211
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0600614
IRS990ScheduleG/FundraisingEventInformationGrp/CashPrizesEvent1Amt00
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt0463053
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt0463053
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt0240091
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0703144
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0703144
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt0240091
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt0240091
IRS990ScheduleG/FundraisingEventInformationGrp/NameOfEvent1Amt02014 BENEFIT
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt00
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesEvent1Amt00
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt0240091
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt0240091
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt00
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00

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