2023-12-18T11:14:40-06:00 2023-06-30 366055558 GRANT THORNTON LLP 171 N CLARK ST SUITE 200 CHICAGO IL 60601 990 2022-07-01 363406446 THE COMMERCIAL CLUB FOUNDATION COMM 3128531200 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 CORDELIA C MEYER EXECUTIVE VICE PRESIDENT 3128531200 2023-12-18 1 CORDELIA MEYER XXX-XX-XXXX 0 DANIEL ROMANO P00504182 3128560200 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CORDELIA C MEYER 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 8915826 0 X WWW.COMMERCIALCLUBCHICAGO.ORG X 1985 IL SEE SCHEDULE OTHE FOUNDATION WAS ORGANIZED TO FUND ACTIVITIES OF THE CIVIC COMMITTEE & ITS AFFILIATED ORGS IN THEIR MISSIONS TO MAKE CHICAGO A BETTER PLACE FOR EVERYONE TO LIVE, WORK, & DO BUSINESS. 3 2 5 4 0 0 4686750 6026500 0 0 117498 177325 -20506 -20821 4783742 6183004 5217924 5186665 0 0 58941 206432 0 0 207685 193891 222771 5470756 5615868 -687014 567136 3172793 3639028 309870 258039 2862923 3380989 X SEE SCHEDULE O 0 0 5186665 5186665 THE FOUNDATION FUNDS ACTIVITIES OF THE CIVIC COMMITTEE OF THE COMMERCIAL CLUB OF CHICAGO AND ITS RELATED AND AFFILIATED ORGANIZATIONS IN THEIR MISSION TO MAKE THE CHICAGO REGION A BETTER PLACE FOR EVERYONE TO LIVE, WORK, AND DO BUSINESS. 150068 THE FOUNDATION PURSUES LEGISLATIVE ACTIONS ON BEHALF OF THE AFFILIATED ORGANIZATIONS IN THE CITY OF CHICAGO AND THE STATE OF ILLINOIS. 5336733 1 1 0 1 0 0 0 1 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 1 1 1 0 0 0 IL X MS CORDELIA C MEYER 3128531200 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 KELLY R WELSH THRU 0722 DIRECTOR/PRESIDENT 1.00 39.00 X X 6673 327009 29099 MICHAEL O'GRADY DIRECTOR/CHAIRMAN 1.00 3.00 X X 0 0 0 JENNIFER SCANLON DIRECTOR/VICE CHAIRMAN 1.00 3.00 X X 0 0 0 DEREK RB DOUGLAS DIRECTOR/PRESIDENT (AS OF 08/22) 4.00 36.00 X X 57403 516626 75922 SCOTT SWANSON TREASURER 1.00 3.00 X 0 0 0 JAY L HENDERSON SECRETARY 1.00 3.00 X 0 0 0 CORDELIA C MEYER EXECUTIVE VICE PRESIDENT 3.00 37.00 X 30645 377961 37292 SUZANNE FISHER VP, FINANCE & ADMIN 2.00 30.00 X 17215 154941 37227 111936 1376537 179540 0 0 1 0 MATTHEW O'SHEA CONSULTING INC 123 E OGDEN AVE STE 101A HINSDALE IL 60521 LEGISLATIVE SUPPORT 147996 1 6026500 6026500 91496 91496 249629 270450 -20821 -20821 -20821 2548201 2462372 85829 85829 85829 6183004 0 0 156504 5186665 5186665 168565 22875 145690 21726 1646 502 19578 1570 82 1488 5747 112 1537 4098 8824 78 1174 7572 25279 25279 147996 147996 7411 15 6001 1395 14076 127 1803 12146 17141 2 2351 14788 8398 8398 MISCELLANEOUS EXPENSE 2470 10 1530 930 5615868 5336733 71450 207685 6807 5196 484003 733137 51705 568 862 50638 235198 225198 9946 10000 2374223 2763023 245247 76466 3172793 3639028 22935 47932 286935 210107 309870 258039 X 2862923 2901472 479517 2862923 3380989 3172793 3639028 567136 -49070 0 X 0 1 X 1 0 X 4216500 4276000 4344750 4686750 6026500 23550500 4216500 4276000 4344750 4686750 6026500 23550500 193224 23357276 325462 327199 315523 299901 341125 1609210 25159710 0.92840 0.92100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 150068 150068 5258115 5408183 420409 105102 0 0 396435 384239 420195 420409 1621278 2431917 122907 130490 147996 150068 551461 99109 96060 105049 105102 405320 607980 10000 X 0 172660 172660 0 52538 52538 0 10000 10000 10000 DUE TO RELATED ORGANIZATION: CIVIC 159322 OPERATING LEASE LIABILITY 50785 210107 X 6607711 -49070 203327 270450 424707 6183004 0 6183004 6089645 203327 270450 473777 5615868 0 5615868 PART X, LINE 2: SCHEDULE D, PART X, LINE 2 FASB ASC 740 FOOTNOTE - LIABILITY FOR UNCERTAIN TAX POSITION THE FOUNDATION WAS ORGANIZED AND INCORPORATED IN ILLINOIS AS A NOT-FOR-PROFIT ORGANIZATION IN 1985. THE ORGANIZATION HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE (IRS) STATING THAT IT IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, EXCEPT FOR INCOME TAXES PERTAINING TO UNRELATED BUSINESS INCOME. THE FINANCIAL ACCOUNTING STANDARDS BOARD ISSUED GUIDANCE THAT REQUIRES TAX EFFECTS FROM UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE TAX POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO PROVISION FOR INCOME TAXES IS REFLECTED IN THESE FINANCIAL STATEMENTS, AND THERE IS NO INTEREST OR PENALTIES RECOGNIZED IN THE STATEMENTS OF FINANCIAL POSITION OR STATEMENTS OF ACTIVITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 270,450. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 270,450. SCHEDULE D, PART III, LINE 4 DONATED ARTWORK THE ORGANIZATION HAS ONE PIECE OF FINE ARTWORK DONATED TO THE ORGANIZATION IN A PRIOR YEAR. THIS PIECE WAS CREATED AS PART OF THE ESTABLISHMENT OF CHICAGO METROPOLIS 2020 - FORMERLY AN AFFILIATED ORGANIZATION. THE ARTWORK IS HUNG IN THE OFFICE FOR OFFICE AESTHETICS. DONATED FINE ART WAS VALUED BASED ON THE DONOR'S APPRAISAL AND IS NOT BEING DEPRECIATED, SINCE THE ITEM HAS NO DETERMINABLE USEFUL LIFE. 1 THE COMMERCIAL CLUB OF CHICAGO 21 S CLARK ST STE 4301 CHICAGO IL 60603 362197847 501 (C) (4) 3021948 0 GENERAL SUPPORT CIVIC CONSULTING ALLIANCE 21 S CLARK ST STE 4301 CHICAGO IL 60603 450467524 501 (C) (3) 1597160 0 GENERAL SUPPORT P33 21 S CLARK ST STE 4301 CHICAGO IL 60603 832851368 501 (C) (3) 300000 0 GENERAL SUPPORT KIDS FIRST CHICAGO FOR EDUCATION 21 S CLARK ST STE 4301 CHICAGO IL 60603 830399727 501 (C) (3) 223876 0 GENERAL SUPPORT THE CIVIC FEDERATION 10 N DEARBORN CHICAGO IL 60602 362170124 501 (C) (3) 15000 0 GENERAL SUPPORT CIVIC COMMITTEE ACTION 21 S CLARK ST STE 4301 CHICAGO IL 60603 453617415 501 (C) (4) 11608 0 GENERAL SUPPORT UNITED WAY OF METROPOLITAN CHICAGO-UNITED WAY TOCQUEVILLE SOCIETY 560 W LAKE ST SPRINGFIELD IL 60661 300200478 501 (C) (3) 10000 0 GENERAL SUPPORT 5 2 SCHEDULE I, PART I, LINE 2 PROCESS FOR MONITORING GRANT FUNDS THE FOUNDATION GIVES PRIMARILY TO RELATED AND AFFILIATED ORGANIZATIONS. THE FOUNDATION REVIEWS THE ACTIVITIES AND FINANCIAL STATEMENTS OF THESE ORGANIZATIONS ON A PERIODIC BASIS, BUT NO LESS THAN MONTHLY. 0 0 0 0 0 0 0 0 1 1 DEREK RB DOUGLAS DIRECTOR/PRESIDENT (AS OF 08/22) 30932 278386 16123 145107 10348 93133 7500 67500 92 830 64995 584956 0 0 CORDELIA C MEYER EXECUTIVE VICE PRESIDENT 29723 366584 0 0 922 11377 1088 13413 1709 21082 33442 412456 0 0 KELLY R WELSH THRU 0722 DIRECTOR/PRESIDENT 6542 320581 0 0 131 6428 290 14210 292 14307 7255 355526 0 0 SUZANNE FISHER VP, FINANCE & ADMIN 17046 153416 0 0 169 1525 1025 9228 2697 24277 20937 188446 0 0 SCHEDULE J, PART I, LINE 3 ESTABLISH COMPENSATION THE FOUNDATION EMPLOYEES ARE COMPENSATED THROUGH A COMMON PAYMASTER BY A RELATED ORGANIZATION. THE FOUNDATION REIMBURSES THE RELATED ORGANIZATION FOR ITS ALLOCATED SALARY EXPENSE. THE RELATED ORGANIZATION USED THE FOLLOWING TO ESTABLISH COMPENSATION FOR ALL EMPLOYEES: A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE. SCHEDULE J, PART I, LINE 8 FIXED PAYMENTS ASSOCIATED WITH THE CONTRACT ENTERED INTO WITH THE PRESIDENT ARE SUBJECT TO THE INITIAL CONTRACT EXCEPTION. THE TERMS OF THE CONTRACT WERE NEGOTIATED AT AN ARM'S LENGTH AND THE PRESIDENT WAS NOT A DISQUALIFIED PERSON IMMEDIATELY PRIOR TO ENTERING INTO THE INITIAL CONTRACT. PART III, LINE 1, ORGANIZATION'S MISSION STATEMENT THE COMMERCIAL CLUB FOUNDATION (FOUNDATION) WAS INCORPORATED IN 1985. THE FOUNDATION WAS ORGANIZED TO ASSIST IN FUNDING CERTAIN ACTIVITIES OF THE COMMERCIAL CLUB OF CHICAGO (CLUB), CIVIC COMMITTEE OF THE COMMERCIAL CLUB OF CHICAGO (CIVIC COMMITTEE) AND ITS AFFILIATED ORGANIZATIONS IN THEIR MISSIONS TO MAKE OUR REGION A BETTER PLACE FOR EVERYONE TO LIVE, WORK, AND DO BUSINESS. AT THE PRESENT TIME, THE RELATED AND AFFILIATED ORGANIZATIONS INCLUDE CIVIC CONSULTING ALLIANCE, CIVIC COMMITTEE ACTION, KIDS FIRST CHICAGO FOR EDUCATION (K1C), AND P33. THE FOUNDATION PURSUES LEGISLATIVE ACTIONS ON BEHALF OF THE AFFILIATED ORGANIZATIONS IN THE CITY OF CHICAGO AND THE STATE OF ILLINOIS. FORM 990, PART V, LINE 2A NUMBER OF EMPLOYEES ON FORM W-3 THE NUMBER OF EMPLOYEES REPORTED (4) CORRESPONDS TO THE FOUNDATION EMPLOYEES THAT ARE COMPENSATED THROUGH A COMMON PAYMASTER BY A RELATED ORGANIZATION WHICH PROVIDES ALL WAGE/W-3 REPORTING. THE FOUNDATION REIMBURSES THE RELATED ORGANIZATION FOR ITS ALLOCATED SALARY EXPENSE. FORM 990, PART VI, SECTION A, LINE 1A COMMITTEES OF THE GOVERNING BODY THE BOARD OF DIRECTORS, BY RESOLUTION ADOPTED BY A MAJORITY OF THE DIRECTORS IN OFFICE, MAY DESIGNATE AND APPOINT ONE OR MORE COMMITTEES EACH OF WHICH SHALL CONSIST OF TWO OR MORE DIRECTORS, WHICH COMMITTEES, TO THE EXTENT PROVIDED IN SUCH RESOLUTION, SHALL HAVE AND EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE CORPORATION. THE DESIGNATION AND APPOINTMENT OF ANY SUCH COMMITTEE AND THE DELEGATION THERETO OF AUTHORITY SHALL NOT OPERATE TO RELIEVE THE BOARD OF DIRECTORS, OR ANY INDIVIDUAL DIRECTOR, OF ANY RESPONSIBILITY IMPOSED BY LAW. FORM 990, PART VI, SECTION A, LINE 8B COMMITTEES THERE WERE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 11B REVIEW OF FORM 990 THE FORM 990 WAS PREPARED BY A NATIONAL PUBLIC ACCOUNTING FIRM IN CONJUNCTION WITH MANAGEMENT AND STAFF OF THE ORGANIZATION. A DRAFT WAS THEN PROVIDED TO MANAGEMENT. MANAGEMENT AND THE TREASURER REVIEWED THE DRAFT VERSION OF THE FORM 990. SUBSEQUENT TO THEIR REVIEW, MANAGEMENT AND THE TREASURER, ALONG WITH THE COMMERCIAL CLUB'S VP, FINANCE & ADMIN DISCUSSED THE DRAFT VERSIONS WITH THE TAX PREPARERS INCLUDING ANY QUESTIONS OR NECESSARY REVISIONS. BASED ON FEEDBACK FROM THAT MEETING, THE FORM 990 WAS REVISED AS NECESSARY. THE BOARD OF DIRECTORS RECEIVED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C FORM 990, PART VI, LINE 12B DIRECTOR CONFLICT OF INTEREST POLICY NO DIRECTOR OR MEMBER OF ANY COMMITTEE SHALL DERIVE ANY PERSONAL PROFIT OR GAIN, DIRECTLY OR INDIRECTLY, BY REASON OF HIS OR HER MEMBERSHIP ON THE BOARD OF DIRECTORS OR A COMMITTEE. IF A DIRECTOR OR COMMITTEE MEMBER IS DIRECTLY OR INDIRECTLY A PARTY TO ANY TRANSACTION CONSIDERED BY THE BOARD OF DIRECTORS OR A COMMITTEE, THE DIRECTOR OR COMMITTEE MEMBER SHALL DISCLOSE THE MATERIAL FACTS OF THE TRANSACTION AND THE DIRECTOR'S INTEREST OR RELATIONSHIP PRIOR TO THE APPROVAL OR RATIFICATION OF THE TRANSACTION BY THE BOARD OF DIRECTORS OR COMMITTEE, AND SHALL NOT VOTE ON THE APPROVAL OR RATIFICATION OF THE TRANSACTION. FORM 990, PART VI, LINE 12C MONITORING CONFLICT OF INTEREST TRANSACTIONS THAT INVOLVE A BOARD MEMBER OR OFFICER ARE ASSESSED TO DETERMINE IF A CONFLICT OF INTEREST EXISTS. THE DECISIONS REGARDING IF A CONFLICT EXISTS IS DETERMINED BY THE GOVERNING COMMITTEE OF THE ORGANIZATION. IF A CONFLICT IS IDENTIFIED, THE MEMBER THAT IT RELATES TO IS ASKED TO ABSTAIN FROM THE CONVERSATION AND ANY RELATED DECISIONS MADE. ALTHOUGH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY DOES NOT REQUIRE AN ANNUAL COMPLETION OF A CONFLICT OF INTEREST STATEMENT, EACH OFFICER, DIRECTOR, AND KEY EMPLOYEE IS REQUIRED TO DISCLOSE ON A CONTEMPORANEOUS BASIS WHEN A CONFLICT ARISES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION APPROVAL THE FOUNDATION EMPLOYEES ARE COMPENSATED THROUGH A COMMON PAYMASTER BY A RELATED ORGANIZATION. THE FOUNDATION REIMBURSES THE RELATED ORGANIZATION FOR ITS ALLOCATED SALARY EXPENSE. THE RELATED ORGANIZATION USED THE FOLLOWING TO ESTABLISH COMPENSATION FOR ALL EMPLOYEES: A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE. COMPENSATION DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE TO THE PUBLIC THE FOUNDATION PROVIDES DOCUMENTS TO THE PUBLIC UPON REQUEST. COMMERCIAL CLUB OF CHICAGO 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 362197847 MEMBERSHIP IL 501(C)(4) N/A 0 CIVIC CONSULTING ALLIANCE 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 450467524 PUBLIC POLICY IL 501(C)(3) LINE 7 COM CLUB CHI 0 CIVIC COMMITTEE ACTION 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 453617415 PUBLIC POLICY IL 501(C)(4) COM CLUB CHI 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 THE COMMERCIAL CLUB OF CHICAGO B 3021948 COST THE COMMERCIAL CLUB OF CHICAGO E 159322 COST THE COMMERCIAL CLUB OF CHICAGO N 207563 COST THE COMMERCIAL CLUB OF CHICAGO O 206432 COST THE COMMERCIAL CLUB OF CHICAGO P 544841 COST