The Chicago Bar Foundation

“The foundation's bylaws were amended by the board on 9/19/2024. The significant changes were to article iii concerning membership of the foundation and article iv pertaining to nomination and election of the board of directors. The changes to article iii have been reflected in the explanations to lines 6 and 7a of part vi of the form 990.”

“Pusuant to the bylaws of the foundation, the foundation shall have a single member, and such member shall be the chicago bar association (the "cba or "member").”

“The cba may, in the cba's sole discretion, appoint in writing one or more additional or successor members. If the cba ceases to act without having appointed any additional or successor members, then the foundation shall have no members and instead be governed and managed exclusively by the foundation's board of directors.”

“The member has the right to appoint the directors of the foundation, to approve amendments to the bylaws and to vote on all other matters pertaining to the affairs of the foundation on which an approval of the member is deemed desirable by the board of directors of the foundation”

“Form 990 was reviewed and approved by the finance committee and submitted to the full governing board for its review before filing.”

“The conflict of interest policy is monitored periodically throughout the year. Each board member and staff person has to submit a conflict of interest statement before the board approves grants. Any board member disclosing a conflict would be asked to recuse themselves from voting on any matter impacting the organization where a conflict is present.”

“The executive committee reviews the complete compensation package for the executive director annually. In years when compensation increases have been awarded to the executive director, the executive committee has reviewed the complete compensation package and considered comparable external data, including data collected by an independent consultant, when deemed necessary. The process to determine the compensation was recorded in the minutes of the executive committee. In years when compensation increases have been awarded to key employees, the executive director has followed a similar process to determine their compensation package.”

“The chicago bar foundation makes its governing documents, conflict of interest policy, and financial statements available to the public upon request for the same period of disclosure as set forth in section 6104(d). The financial statements are also available online through the organization's website - www.chicagobarfoundation.org”

“There were no changes to the audit selection process from the prior year.”