2026-07-14T14:24:55+00:00 2025-08-31 331498605 Plante & Moran PLLC 10 SOUTH RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2024-09-01 362374224 MUSIC INSTITUTE OF CHICAGO MUSI 8479051500 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 SHALISA KLINE UGAZ PRESIDENT AND CEO 2026-07-14 true true LU ANN TRAPP P01506476 3122071040 2026-07-13 2024 2025-03-06 01:10:19Z SHALISA KLINE UGAZ 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 11577868 false X WWW.MUSICINST.ORG X 1939 IL PROVIDE THE HIGHEST QUALITY MUSIC EDUCATION. REACH INDIVIDUALS WHERE OPPORTUNITIES ARE LIMITED. 22 22 201 70 0 2191690 5200890 4795309 4766884 25417 234453 43523 59145 7055939 10261372 499026 459639 0 0 5050548 5046704 0 0 570156 2057372 2083182 7606946 7589525 -551007 2671847 10817414 13549507 2450687 2536636 8366727 11012871 THE MUSIC INSTITUTE OF CHICAGO ("MUSIC INSTITUTE") LEADS PEOPLE TOWARD A LIFELONG ENGAGEMENT WITH MUSIC, BY PROVIDING WIDELY ACCESSIBLE RESOURCES FOR HIGH-QUALITY MUSIC TEACHING, PERFORMING, AND SERVICE ACTIVITIES. false false 5929869 459639 4766884 THE MUSIC INSTITUTE OFFERS QUALITY MUSIC INSTRUCTION FOR NEARLY 2,000 STUDENTS OF ALL AGES, INSTRUMENTS, AND LEVELS OF EXPERIENCE, THROUGH PRIVATE INSTRUCTION -- TRADITIONAL AND SUZUKI METHOD -- GROUP CLASSES, AND ENSEMBLES, UTILIZING CLASSICAL, JAZZ, AND AMERICAN ROOTS MUSIC GENRES, INCLUDING THE ACADEMY PROGRAM, AN ELITE TRAINING CENTER FOR PRE-COLLEGE MUSICIANS WHO HAVE PROFESSIONAL ASPIRATIONS. NICHOLS CONCERT HALL IS A PREMIER PERFORMANCE VENUE WHICH PRESENTS PROFESSIONAL AND NON-PROFESSIONAL CONCERTS AND OFFERS AMPLE RECITAL OPPORTUNITIES FOR MUSIC INSTITUTE STUDENTS. THE MUSIC INSTITUTE ALSO OFFERS NUMEROUS SERVICE ACTIVITIES FOR FACULTY AND STUDENTS, BRINGING MUSIC AND MUSIC EDUCATION TO COMMUNITIES WHO OTHERWISE MIGHT NOT HAVE ACCESS. 5929869 true true false false false false false false false true true true false true true false true false true false false false false true true false false false true true false false false false false false false false false false true false false false false false false false false false true 60 0 true 201 true false false false false false true true false false false false false false X 22 22 false false false false false false false true true false false false true true true true true true true false false false IL X MARCIA RUBIN 8479051500 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 ALEXANDRA C NICHOLS CHAIR EMERITA 1.0 0.0 X X 0 0 0 BARBARA SEREDA SECRETARY 1.0 0.0 X X 0 0 0 LEE ANNE STODDART VICE CHAIR 1.0 0.0 X X 0 0 0 SCOTT VERSCHOOR CHAIR 1.0 0.0 X X 0 0 0 TIM PATENODE TREASURER 1.0 0.0 X X 0 0 0 AUDRA WILSON DIRECTOR 1.0 0.0 X 0 0 0 CARLOS CARDENAS DIRECTOR 1.0 0.0 X 0 0 0 COURTNEY HOLOHAN DIRECTOR 1.0 0.0 X 0 0 0 DANIEL HAHN DIRECTOR 1.0 0.0 X 0 0 0 DR YANA NEDVETSKY DIRECTOR 1.0 0.0 X 0 0 0 FLORIAN ZETTELMEYER DIRECTOR 1.0 0.0 X 0 0 0 HANS J GERMANN DIRECTOR 1.0 0.0 X 0 0 0 JAMES STONE DIRECTOR 1.0 0.0 X 0 0 0 KAY MABIE DIRECTOR 1.0 0.0 X 0 0 0 PAUL BROURMAN DIRECTOR 1.0 0.0 X 0 0 0 RENEE PARQUETTE DIRECTOR 1.0 0.0 X 0 0 0 ROSS UPDEGRAFF DIRECTOR 1.0 0.0 X 0 0 0 SAURAB BHARGAVA DIRECTOR 1.0 0.0 X 0 0 0 SHIRAZ KOTTE DIRECTOR 1.0 0.0 X 0 0 0 TAO ZHU DIRECTOR 1.0 0.0 X 0 0 0 VAKRAM RAGHAVAN DIRECTOR 1.0 0.0 X 0 0 0 ZALMAN USISKIN DIRECTOR 1.0 0.0 X 0 0 0 DR MARK GEORGE PRESIDENT & CEO - THRU 1/31/2025 40.0 0.0 X 194563 0 22856 EMILY ABRAHAM VP ACADEMIC AFFAIRS 40.0 0.0 X 90414 0 16932 JENNIFER BIENEMANN VP & CDO 40.0 0.0 X 165000 0 306 JENNIFER HANSON VP & CMO 40.0 0.0 X 97551 0 14990 MARCIA RUBIN VP & CFO 40.0 0.0 X 125441 0 2162 SHALISA KLINE UGAZ PRESIDENT & CEO - BEGIN 7/7/2025 40.0 0.0 X 0 0 0 SUE POLUTNIK VP & COO 40.0 0.0 X 106822 0 10033 779791 0 67279 4 false true false NTIVA 801 OAK CREEK DRIVE LOMBARD IL 60148 IT SUPPORT SERVICES 115811 1 731012 4469878 27695 5200890 TUITION 611600 4756056 4756056 TICKET SALES 611600 10828 10828 0 0 0 0 4766884 235448 235448 169367 0 169367 0 169367 169367 1139959 0 1090969 49985 48990 -49985 -995 -995 57153 731012 175542 -118389 -118389 MISCELLANEOUS INCOME 900099 8167 8167 0 0 0 0 8167 10261372 4766884 0 293598 459639 459639 847069 220128 363797 263144 3553812 3322028 109069 122715 29861 21182 7366 1313 305011 225691 59742 19578 310951 251878 31958 27115 49296 49296 31663 31663 103128 75837 24589 2702 111892 88569 3497 19826 99257 88566 9636 1055 67290 67290 423363 330398 88905 4060 156953 119904 27175 9874 288884 258908 29976 84021 67309 16712 OTHER ACADEMIC PROGRAMS 400798 217234 138217 45347 DUES & SUBSCRIPTIONS 66705 23420 23413 19872 REPAIRS & MAINTENANCE 166377 159178 7199 OTHER FUNDRAISING 33555 33555 0 0 0 0 7589525 5929869 1089500 570156 65960 118076 112500 1990688 41378 55422 0 0 0 0 153456 87475 11014428 6088906 5108039 4925522 4078531 5563499 0 1257550 808825 10817414 13549507 253162 354422 1052698 1029342 0 0 350158 225064 794669 927808 2450687 2536636 X 4664208 3990394 3702519 7022477 8366727 11012871 10817414 13549507 2671847 -25703 0 X X false true true false X 2252279 3362160 1529888 2191690 5200890 14536907 0 0 2252279 3362160 1529888 2191690 5200890 14536907 4466717 10070190 106912 253553 192722 247791 404815 1205793 0 19492 28859 22002 11494 8167 90014 15832714 23969078 0.63604 0.70575 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - OTHER INCOME, COLUMN A - 19492.0, COLUMN B - 28859.0, COLUMN C - 22002.0, COLUMN D - 11494.0, COLUMN E - 8167.0, COLUMN F - 90014.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3438552 1028058 147206 182123 4431693 2882691 233363 322498 3438552 2632680 200000 50011 2882691 2645018 230000 -242338 2632680 2189289 219902 235827 2645018 0.0 0.896 0.104 false false 1580000 1580000 4889447 2668056 2221391 1640184 1027603 612581 2904797 2393247 511550 4925522 Closely-held equity interests Financial derivatives MERRILL LYNCH INVESTMENTS 5563499 F 5563499 EMPLOYEE RETENTION CREDIT RECEIVABLE 56108 RIGHT-OF-USE OPERATING LEASE ASSETS 736162 FINANCE LEASE ASSETS 16555 808825 Federal Income Taxes LEASE LIABILITIES - OPERATING 910427 LEASE LIABILITIES - FINANCE 17381 927808 9919909 -25703 175542 149839 9770070 31663 459639 491302 10261372 7273765 175542 175542 7098223 31663 459639 491302 7589525 Schedule D, Part V, Line 4 Intended uses of endowment funds THE INSTITUTE'S ENDOWMENT CONSISTS OF 16 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT CONSISTS ENTIRELY OF DONOR-RESTRICTED ENDOWMENT FUNDS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 EVENT EXPENSES - 175542 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements SCHOLARSHIPS NETTED AGAINST REVENUE ON AUDIT - 459639 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 EVENT EXPENSES - 175542 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements SCHOLARSHIPS NETTED AGAINST REVENUE ON AUDIT - 459639 true true true true true true true false false false false false false false false false false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY STUDENT SOLICITATION OCCURS MAINLY THROUGH THE WEBSITE WHERE THE POLICY IS CLEARLY DISCLOSED. X X X X X X X true Patricia J Hurley & Associates Inc 205 W WACKER DRIVE 1400 CHICAGO IL 60606 EVENT PLANNING CONSULTANT false 674444 75031 599413 674444 75031 599413 IL GALA 674444 617291 57153 83691 87076 FALL FUNDRAISER 113721 113721 0 4775 0 788165 731012 57153 83691 91851 175542 -118389 true SCHOLARSHIPS 724 0 459639 FAIR MARKET VALUE REDUCTION OF TUITION FEES Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds SCHOLARSHIPS ARE AWARDED BASED ON FAMILY FINANCIAL NEED OR STUDENT MERIT. THESE AWARDS ARE REVIEWED EVERY SEMESTER. X X true false false false false false false false false DR MARK GEORGE PRESIDENT & CEO - THRU 1/31/2025 194563 0 0 0 0 0 3175 0 19681 0 217419 0 0 0 JENNIFER BIENEMANN VP & CDO 165000 0 0 0 0 0 0 0 306 0 165306 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment Mark George - Received a severance payment of $17,500 on 6/30/2025. X MUSICAL INSTRUMENTS AND EQUIPMENT 5 27695 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Other - MUSICAL INSTRUMENTS AND EQUIPMENT - THE NUMBER OF CONTRIBUTIONS COLUMN REPRESENTS THE NUMBER OF SEPARATE CONTRIBUTIONS RECEIVED DURING THE YEAR. Form 990, Part VI, Line 18 Requirements for Public Inspection A COPY OF THE ORGANIZATION'S FORM 990 IS MAINTAINED AT ITS PRINCIPAL OFFICE AND IS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FINANCIAL INFORMATION IS DISCLOSED IN THE ORGANIZATION'S ANNUAL AUDIT AND ANNUAL REPORT. THE ANNUAL REPORT IS DISTRIBUTED TO INTERESTED PARTIES AND POSTED ON GUIDESTAR.ORG. Form 990, Part VI, Line 11b Review of form 990 by governing body THE INFORMATION FOR FORM 990 IS PREPARED BY THE CFO BEFORE SUBMISSION TO THE INDEPENDENT TAX PREPARER. WHEN A DRAFT OF THE TAX RETURN IS SENT BACK TO THE ORGANIZATION BY THE TAX PREPARER, IT IS REVIEWED BY THE CEO, CFO, AND THE CHAIRPERSON OF THE FINANCE AND INVESTMENT COMMITTEE. A COPY OF THE RETURN IS GIVEN TO EACH VOTING MEMBER OF THE BOARD OF DIRECTORS BEFORE THE RETURN IS FINALIZED WITH THE INTERNAL REVENUE SERVICE (IRS). IT IS REPORTED IN THE MINUTES OF A BOARD MEETING THAT THE FORM 990 HAS BEEN REVIEWED. Form 990, Part VI, Line 12c Conflict of interest policy COMPLIANCE WITH THE CONFLICT-OF-INTEREST POLICY IS MONITORED AND ENFORCED REGULARLY AND CONSISTENTLY. THE POLICY IS BASED UPON FULL DISCLOSURE AND WHEN NECESSARY, A MANAGEMENT PLAN IS DEVELOPED TO ADDRESS ANY POSSIBLE CONFLICT OF INTEREST. IF ANY ARRANGEMENTS SHOULD ARISE SUBSEQUENT TO FILING, ALL ARE REQUIRED TO UPDATE THE DISCLOSURES. ALL DISCLOSURES WITH THE POTENTIAL FOR CONFLICT ARE REVIEWED BY APPROPRIATE COMMITTEE WHERE THEY ARE CAREFULLY EVALUATED AND IF NECESSARY, A PLAN IS DEVELOPED TO MANAGE THE POTENTIAL CONFLICT. Form 990, Part VI, Line 15a Process to establish compensation of top management official A committee consisting of independent members of MIC's board of trustees were responsible for hiring the current Chief Executive Officer into the position as of July 7, 2025. The committee's decision was confirmed by a vote of the full board. The compensation MIC agreed to pay the current CEO was set in an arm's length transaction with the CEO, and MIC had the guidance of a search firm with knowledge of the national market for candidates in comparable positions. Form 990, Part VI, Line 19 Required documents available to the public AVAILABLE UPON REQUEST FROM THE OFFICE IN EITHER HARD COPY OR IN ELECTRONIC FORMAT. Form 990, Part XII, Line 2c Change of oversight process or selection process THE INSTITUTE HAS A FINANCE AND INVESTMENT COMMITTEE, WHICH ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.