The Chicago Bar Foundation

“Pursuant to the bylaws of the foundation, the members of the board of managers of the chicago bar association are the members of the foundation ("members").”

“Under the Chicago Bar Foundation's bylaws, the members of the Chicago Bar Association's Board of Managers elect the directors of the Chicago Bar Foundation.”

“The members have the right to elect 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 a vote of the members 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.”

“Each board member and staff person has to submit a conflict of interest statement before each grant making cycle. Anyone with a conflict would be asked to recuse themselves from any decision making process. The conflict of interest policy is monitored periodically throughout the year.”

“The executive committee reviews the complete compensation package for the executive director annually. Every few years the cbf also obtains an external compensation review (both a consultant and a survey) for both the executive director and the remainder of the staff to make sure that the cbf is reasonable in its compensation package. A compensation study was completed in fiscal year 2013. The process to determine the compensation was recorded in the minutes of the executive committee.”

“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”

“The Foundation has grown tremendously over the past 15 years in every way, and its core base of donors and supporters continue to grow today. In 2014, however, a formerly stable revenue source that had been responsible for about $1 million annually and about 20 percent of its overall budget, cy pres awards, declined significantly. When it became clear that cy pres was not likely to return as a significant revenue source and the Foundation would not be able to close the gap through other growth in the short term, the Foundation made a number of adjustments in its fiscal year 2017 budget to account for that reality. The adjustments involved a mix of reductions to grants, and other program and operating expenses, as well as the use of more conservative revenue targets. The Foundation recently adopted a new strategic plan that it believes positions the organization for continued growth and impact.”