2023-12-18T11:14:39-06:00 2023-06-30 366055558 GRANT THORNTON LLP 171 N CLARK ST SUITE 200 CHICAGO IL 60601 990 2022-07-01 362197847 THE COMMERCIAL CLUB OF CHICAGO 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 7195419 0 X WWW.COMMERCIALCLUBCHICAGO.ORG X 1877 IL SEE SCHEDULE OTHE PURPOSE OF THE COMMERCIAL CLUB OF CHICAGO IS TO PROMOTE THE SOCIAL AND ECONOMIC VITALITY OF THE METROPOLITAN AREA OF CHICAGO. 11 10 15 123 0 0 0 0 4075494 3995973 84735 140704 1486 26850 4161715 4163527 0 0 0 0 2535221 3196387 0 0 0 1915953 1834461 4451174 5030848 -289459 -867321 3716814 2465781 979001 629086 2737813 1836695 X SEE SCHEDULE O 0 0 2959375 3021948 POLICY INITIATIVES - THE CIVIC COMMITTEE ESTABLISHES TASK FORCES AND COMMITTEES TO UNDERTAKE STUDIES AND DEVELOPS RECOMMENDATIONS TO ADDRESS KEY POLICY ISSUES CONFRONTING THE CHICAGO REGION. IN FISCAL 2023, KEY INITIATIVES INCLUDED: PUBLIC SAFETY TASK FORCE, STATE FINANCE AND TAX POLICY TASK FORCE, TRANSPORTATION TASK FORCE, BUSINESS DIVERSITY TASK FORCE, EDUCATIONAL REFORM, VETERANS WORKING GROUP, AND OTHER INITIATIVES. 762392 974025 THE CLUB HOLDS MEETINGS AND EVENTS THROUGHOUT THE YEAR TO DISCUSS ITS PROGRAMS AND TO HEAR SPEAKERS DISCUSS KEY POLICY ISSUES THAT IMPACT THE CHICAGO REGION AND THE NATION. 3721767 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 9 0 1 15 1 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 0 X MS CORDELIA C MEYER 3128531200 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 KELLY R WELSH PRESIDENT (THRU 07/22) 38.00 2.00 X X 327009 6673 29099 DEREK R B DOUGLAS PRESIDENT (AS OF 08/22) 36.00 4.00 X X 516626 57403 75922 MICHAEL O'GRADY CHAIRMAN 1.00 3.00 X X 0 0 0 JENNIFER SCANLON DIRECTOR/VICE CHAIRMAN 1.00 3.00 X X 0 0 0 SCOTT SWANSON DIRECTOR/TREASURER 1.00 3.00 X X 0 0 0 JAY L HENDERSON DIRECTOR/SECRETARY 1.00 3.00 X X 0 0 0 HUBERT L ALLEN DIRECTOR 1.00 0.00 X 0 0 0 ERIC SMITH DIRECTOR 1.00 0.00 X 0 0 0 KISHAN KHEMANI DIRECTOR 1.00 0.00 X 0 0 0 STEVE KOCH DIRECTOR 1.00 0.00 X 0 0 0 WALTER E MASSEY DIRECTOR 1.00 0.00 X 0 0 0 JENNIFER W STEANS DIRECTOR 1.00 0.00 X 0 0 0 CORDELIA C MEYER EXECUTIVE VICE PRESIDENT 38.00 2.00 X 377961 30645 37292 TOM KOTARAC VP, TRANSPORT/INFRASTRUCT 40.00 0.00 X 286938 0 19601 SUZANNE FISHER VP, FINANCE & ADMIN 30.00 2.00 X 154941 17215 37227 MARY WAGONER POLICY MANAGER 40.00 0.00 X 104792 0 19681 1768267 111936 218822 6 0 1 0 RUSSELL REYNOLDS ASSOCIATES 155 N WACKER DR 4100 CHICAGO CHICAGO IL 60606 CONSULTING 306500 SDI PRESENCE LLC 200 E RANDOLPH ST SUITE 3550 CHICAGO IL 60601 IT CONSULTING 242128 2 RELATED ORG PROG SUPPORT 900099 3021948 3021948 NONDEDUCTIBLE DUES 900099 974025 974025 3995973 77862 77862 3094734 3031892 62842 62842 62842 GUEST FEES 900099 26850 26850 26850 4163527 3995973 0 167554 X 1559361 1472965 86396 1276204 691335 584869 56955 35735 21220 166340 111493 54847 137527 105855 31672 52484 3570 48914 549643 352582 197061 86554 27975 58579 399822 348034 51788 205800 154695 51105 11916 6712 5204 311584 298094 13490 67 17 50 106160 75547 30613 25984 25984 MEMBERSHIP DIRECTORY 25134 25134 MEMBERSHIP DUES 19343 9900 9443 39970 2124 37846 5030848 3721767 1309081 0 6753 0 1392854 692553 4270 10264 14205 2311 501301 429576 181203 71725 1905788 1482130 211741 206798 3716814 2465781 720739 544567 15000 5525 243262 78994 979001 629086 X 2737813 1836695 2737813 1836695 3716814 2465781 -867321 -33797 0 X 0 1 X 1 0 0 1 0 337973 293701 44272 123665 116596 7069 39663 19279 20384 71725 DUE FROM RELATED ORGS/AFFILS 169838 OPERATING RIGHT OF USE ASSET 36960 206798 OPERATING LEASE LIABILITY 49358 FINANCE LEASE LIABILITY 23910 DUE TO AFFILIATE 5726 78994 X 4359304 -33797 229574 195777 4163527 0 4163527 5260422 229574 229574 5030848 0 5030848 PART X, LINE 2: FASB ASC 740 FOOTNOTE - LIABILITY FOR UNCERTAIN TAX POSITION THE CLUB WAS ORGANIZED AND INCORPORATED IN ILLINOIS AS A NOT-FOR-PROFIT ORGANIZATION IN 1877. THE CLUB 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)(4) 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. X X X X X 0 0 0 0 0 0 0 0 1 1 DEREK R B DOUGLAS PRESIDENT (AS OF 08/22) 278386 30932 145107 16123 93133 10348 67500 7500 830 92 584956 64995 0 0 CORDELIA C MEYER EXECUTIVE VICE PRESIDENT 366584 29723 0 0 11377 922 13413 1088 21082 1709 412456 33442 0 0 KELLY R WELSH PRESIDENT (THRU 07/22) 320581 6542 0 0 6428 131 14210 290 14307 292 355526 7255 0 0 TOM KOTARAC VP, TRANSPORT/INFRASTRUCT 284046 0 0 0 2892 0 13875 0 5726 0 306539 0 0 0 SUZANNE FISHER VP, FINANCE & ADMIN 153416 17046 0 0 1525 169 9228 1025 24277 2697 188446 20937 0 0 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. FORM 990, PART III, LINE 1: ORGANIZATION'S MISSION THE COMMERCIAL CLUB OF CHICAGO (CLUB) WAS FOUNDED IN 1877 TO PROMOTE THE SOCIAL AND ECONOMIC VITALITY OF THE METROPOLITAN AREA OF CHICAGO. ORIGINALLY FOUNDED BY A GROUP OF 17 BUSINESS LEADERS WHO BELIEVED CHICAGO NEEDED A STRONG AND COHESIVE CIVIC FORCE TO HELP SHAPE THE COURSE OF THE CITY'S DEVELOPMENT, TODAY THE CLUB IS AN ORGANIZATION COMPRISED OF APPROXIMATELY 500 ACTIVE AND LIFE SENIOR BUSINESS, EDUCATIONAL, CIVIC, AND CULTURAL LEADERS WHO SEEK TO ADDRESS SOCIAL AND ECONOMIC ISSUES OF IMPORTANCE TO THE CHICAGO REGION. THE CLUB HOLDS AT LEAST 10 MEETINGS DURING THE YEAR TO HEAR SPEAKERS DISCUSS KEY ISSUES THAT IMPACT THE CHICAGO REGION. IN 1983, THE CLUB COMMISSIONED A STUDY OF THE ECONOMIC WELL-BEING OF THE CHICAGO METROPOLITAN AREA. THE STUDY CONCLUDED THAT CHICAGO WAS EXPERIENCING A GRADUAL EROSION OF ITS ECONOMIC VITALITY. IN RESPONSE, THE CLUB FORMED ITS CIVIC COMMITTEE TO UNDERTAKE PROJECTS TO BOLSTER CORE INDUSTRIES AND PURSUE NEW ECONOMIC OPPORTUNITIES FOR THE REGION. THE CIVIC COMMITTEE IS COMPRISED OF APPROXIMATELY 90 SENIOR EXECUTIVES OF THE CHICAGO REGION'S LEADING PRIVATE EMPLOYERS. ITS MISSION IS TO MAKE THE CHICAGO REGION A BETTER PLACE FOR EVERYONE TO LIVE, WORK, AND DO BUSINESS. THE CIVIC COMMITTEE ESTABLISHES TASK FORCES AND COMMITTEES TO UNDERTAKE STUDIES AND DEVELOPS RECOMMENDATIONS TO ADDRESS KEY POLICY ISSUES CONFRONTING THE CHICAGO REGION; AND HOLDS MEETINGS AND EVENTS THROUGHOUT THE YEAR TO DISCUSS ITS PROGRAMS AND TO HEAR FROM SPEAKERS ON KEY POLICY ISSUES. IN ADDITION, THE CLUB AND CIVIC COMMITTEE SUPPORT AFFILIATED ORGANIZATIONS TO DEVELOP AND IMPLEMENT IMPROVEMENTS IN POLICY AND OPERATIONS OF THE CITY OF CHICAGO, THE SURROUNDING REGION, AND THE STATE OF ILLINOIS. AT THE PRESENT TIME, THESE ORGANIZATIONS INCLUDE CIVIC CONSULTING ALLIANCE, KIDS FIRST CHICAGO FOR EDUCATION (K1C), AND P33. THE CLUB'S FINANCIAL STATEMENTS INCLUDE THE ACTIVITIES OF THE COMMERCIAL CLUB OF CHICAGO AND CIVIC COMMITTEE, WHICH COMPRISE ONE LEGAL ENTITY. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS THE COMMERCIAL CLUB OF CHICAGO IS A MEMBERSHIP ORGANIZATION. MEMBERS NOMINATE AND VOTE ON THE ELECTION OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE EMPLOYS A PRESIDENT WHO THEN MANAGES THE DAY TO DAY OPERATIONS OF THE CLUB. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS WHO MAY ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY THE COMMERCIAL CLUB OF CHICAGO IS A MEMBERSHIP ORGANIZATION. MEMBERS NOMINATE AND VOTE ON THE ELECTION OF GOVERNING BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B GOVERNANCE DECISIONS BY PERSONS OTHER THAN THE GOVERNING BODY THE BYLAWS MAY BE ALTERED OR AMENDED AT ANY COMMERCIAL CLUB MEETING BY A MAJORITY VOTE OF THE ACTIVE AND LIFE MEMBERS PRESENT AT THE MEETING. 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 A DRAFT VERSION OF THE FORM 990. SUBSEQUENT TO THEIR REVIEW, MANAGEMENT AND THE TREASURER, ALONG WITH THE ORGANIZATION'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 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, SECTION B, 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 CLUB USES THE FOLLOWING TO ESTABLISH COMPENSATION FOR ALL EMPLOYEES: A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY, AND APPROVAL BY THE BOARD AND COMPENSATION COMMITTEE. COMPENSATION IS CONTEMPORANEOUSLY DOCUMENTED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE TO THE PUBLIC THE CLUB PROVIDES DOCUMENTS TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINES 7, 8, 9, AND 10: MANAGEMENT AND GENERAL LINES 7, 8, 9, AND 10 FOR OTHER SALARIES, PENSION PLAN ACCRUAL AND CONTRIBUTIONS, OTHER EMPLOYEE BENEFITS AND PAYROLL TAXES INCLUDE SERVICES DONATED TO RELATED AND AFFILIATED ORGANIZATIONS FOR ADMINISTRATIVE SUPPORT IN THE FOLLOWING AMOUNTS: CIVIC CONSULTING ALLIANCE $150,818 COMMERCIAL CLUB FOUNDATION $30,611 CIVIC COMMITTEE ACTION $13,582 KIC $133,609 P33 $28,622 ----------- TOTAL $357,242 FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 351,898. MANAGEMENT AND GENERAL EXPENSES 7,500. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 359,398. PROFESSIONAL FEES - TEMPORARY HELP: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 154,835. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 154,835. PROFESSIONAL FEES - OTHER: PROGRAM SERVICE EXPENSES 684. MANAGEMENT AND GENERAL EXPENSES 34,726. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 35,410. THE COMMERCIAL CLUB FOUNDATION 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 363406446 FUNDRAISING IL 501(C)(3) LINE 7 COM CLUB CHI 1 CIVIC CONSULTING ALLIANCE 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 450467524 PUBLIC POLICY IL 501(C)(3) LINE 7 COM CLUB CHI 1 CIVIC COMMITTEE ACTION 21 S CLARK STREET SUITE 4301 CHICAGO IL 60603 453617415 PUBLIC POLICY IL 501(C)(4) COM CLUB CHI 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 1 0 0 THE COMMERCIAL CLUB FOUNDATION C 3021948 COST THE COMMERCIAL CLUB FOUNDATION D 159322 COST THE COMMERCIAL CLUB FOUNDATION N 207563 COST THE COMMERCIAL CLUB FOUNDATION O 206432 COST THE COMMERCIAL CLUB FOUNDATION Q 544841 COST CIVIC CONSULTING ALLIANCE Q 877256 COST