Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $14,111,880

• 1c · Fundraising events

  $425,357

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $7,471,701

• 1f · All other contributions, gifts and grants

  $29,849,432

• 1g · Noncash contributions included above

  $2,243,692

• 2a · Program service revenue: Tuition and Fees

  total $196,179,875 · related or exempt $196,179,875

• 2b · Program service revenue: Museum Admissions

  total $16,706,104 · related or exempt $16,706,104

• 2c · Program service revenue: Other Restricted Prog Rev

  total $1,781,935 · related or exempt $1,781,935

• 2d · Program service revenue: Museum Restaurant Commissions

  total $913,308 · related or exempt $913,308

• 2e · Program service revenue: Exhibition Loan and Participant Fees

  total $512,902 · related or exempt $512,902

• 2f · All other program service revenue

  total $1,397,263 · related or exempt $1,397,263 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $21,945,605 · unrelated business $10,439,168 · excluded $11,506,437

• 5 · Royalties

  total $71,744 · excluded $71,744

• 6a · Gross rents

  real property $1,362,794

• 6b · Less rental expenses

  real property $1,205,026

• 6c · Rental income or loss

  real property $157,768 · personal property $0

• 6d · Net rental income or loss

  total $157,768 · unrelated business $40,711 · excluded $117,057

• 7a · Gross sales of assets other than inventory

  securities $313,197,208

• 7b · Less cost or other basis and sales expenses

  securities $251,887,530

• 7c · Gain or loss

  securities $61,309,678 · other assets $0

• 7d · Net gain or loss

  total $61,309,678 · excluded $61,309,678

• 8a · Fundraising events: gross income

  $560,546

• 8a · Fundraising events: contributions included on line 1c

  $425,357

• 8b · Fundraising events: direct expenses

  $241,686

• 8c · Net income from fundraising events

  total $318,860 · excluded $318,860

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 10a · Gross sales of inventory

  $8,238,995

• 10b · Cost of goods sold

  $3,512,580

• 10c · Net income from sales of inventory

  total $4,726,415 · related or exempt $3,398,661 · unrelated business $1,327,754

• 11a · Other revenue: Insurance Recovery

  total $914,415 · excluded $914,415

• 11b · Other revenue: Other Revenue

  total $715,360 · unrelated business $15,065 · excluded $700,295

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $1,629,775

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $54,374,062 · program services $54,374,062

• 3 · Grants to foreign organizations and individuals

  total $180,007 · program services $180,007

• 5 · Compensation of officers, directors and key employees

  total $5,928,988 · program services $4,420,102 · management and general $1,170,494 · fundraising $338,392

• 6 · Compensation of disqualified persons

  total $308,910 · program services $308,910

• 7 · Other salaries and wages

  total $102,428,776 · program services $84,092,601 · management and general $12,309,820 · fundraising $6,026,355

• 8 · Pension plan contributions

  total $1,609,899 · program services $999,409 · management and general $445,138 · fundraising $165,352

• 9 · Other employee benefits

  total $22,892,873 · program services $18,239,254 · management and general $3,202,090 · fundraising $1,451,529

• 10 · Payroll taxes

  total $7,323,850 · program services $5,921,781 · management and general $957,678 · fundraising $444,391

• 11b · Fees: legal

  total $942,447 · management and general $942,447

• 11c · Fees: accounting

  total $335,485 · management and general $335,485

• 11d · Fees: lobbying

  total $4,705 · program services $4,705

• 11e · Fees: professional fundraising services

  total $727,497 · fundraising $727,497

• 11f · Fees: investment management

  total $3,194,775 · management and general $3,194,775

• 11g · Fees: other

  total $16,324,626 · program services $14,675,482 · management and general $1,528,234 · fundraising $120,910

• 12 · Advertising and promotion

  total $2,674,795 · program services $2,651,744 · management and general $8,063 · fundraising $14,988

• 13 · Office expenses

  total $8,270,891 · program services $7,755,960 · management and general $304,665 · fundraising $210,266

• 14 · Information technology

  total $5,043,799 · program services $2,988,964 · management and general $1,986,441 · fundraising $68,394

• 15 · Royalties

  total $189,282 · program services $189,282 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $28,876,071 · program services $28,200,386 · management and general $553,480 · fundraising $122,205

• 17 · Travel

  total $3,541,857 · program services $3,305,197 · management and general $54,377 · fundraising $182,283

• 19 · Conferences, conventions and meetings

  total $359,268 · program services $175,011 · management and general $148,186 · fundraising $36,071

• 20 · Interest

  total $4,482,611 · program services $3,772,278 · management and general $710,333

• 22 · Depreciation, depletion and amortization

  total $22,668,379 · program services $22,662,136 · management and general $6,243

• 23 · Insurance

  total $1,667,036 · program services $1,667,036

• 24a · Other expenses: Accessions/Books

  total $35,548,709 · program services $35,548,459 · fundraising $250

• 24b · Other expenses: Exhibition related

  total $2,909,084 · program services $2,909,084 · management and general $0 · fundraising $0

• 24c · Other expenses: Other FF&E and related maintenance

  total $4,418,892 · program services $4,332,670 · management and general $30,206 · fundraising $56,016

• 24d · Other expenses: Bad debt expense

  total $1,288,554 · program services $1,288,554

• 24e · All other expenses

  total $1,443,395 · program services $1,336,089 · management and general $37,486 · fundraising $69,820

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $84,460,885 · end of year $50,991,655

• 3 · Pledges and grants receivable

  beginning of year $48,813,745 · end of year $38,000,756

• 4 · Accounts receivable

  beginning of year $8,209,953 · end of year $5,819,189

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $1,226,864 · end of year $751,622

• 8 · Inventories for sale or use

  beginning of year $2,766,424 · end of year $2,809,730

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,518,549 · end of year $3,417,005

• 10a · Land, buildings and equipment: cost or other basis

  $787,597,494

• 10b · Land, buildings and equipment: accumulated depreciation

  $427,051,278

• 10c · Land, buildings and equipment, net

  beginning of year $367,419,643 · end of year $360,546,216

• 11 · Investments: publicly traded securities

  beginning of year $733,400,477 · end of year $790,478,297

• 12 · Investments: other securities

  beginning of year $534,391,809 · end of year $591,120,642

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $47,338,551 · end of year $42,142,679

• 17 · Accounts payable and accrued expenses

  beginning of year $35,487,032 · end of year $35,206,095

• 19 · Deferred revenue

  beginning of year $13,518,529 · end of year $14,754,042

• 20 · Tax-exempt bond liabilities

  beginning of year $54,085,473 · end of year $36,250,000

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $101,500,000 · end of year $114,789,007

• 25 · Other liabilities

  beginning of year $72,920,067 · end of year $58,595,307

• 27 · Net assets without donor restrictions

  beginning of year $588,537,158 · end of year $641,981,369

• 28 · Net assets with donor restrictions

  beginning of year $964,498,641 · end of year $984,501,971

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

First class travel is allowed under limited circumstances as set forth in the travel policy.

Schedule J, Part I, Line 1a Travel for companions

THE PRESIDENT OF THE SCHOOL RECEIVED SPOUSAL TRAVEL IN CALENDAR YEAR 2022 WHICH WAS TREATED AS TAXABLE COMPENSATION.

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

The President of the School is paid a housing allowance of $4,000 per month which is treated as taxable compensation.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

Athletic, social, or other club fees incurred by the President of the School and the President of the Museum are reimbursed to the extent they are used for business purposes. In addition, the employment contract for the President of the School allows for reimbursement for up to $5,000 annually for fees and membership dues for athletic, social, or other clubs used for personal, non-business purposes. The annual amounts reimbursed are reported as taxable compensation.

Schedule J, Part I, Line 4a Severance or change-of-control payment

During calendar year 2022 the Organization made a severance payment to Michael Nicolai in the amount of $327,500 that was treated as taxable and is included in Schedule J, Part II, Column (b)(iii).

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

As noted in the audited financial statements, a supplemental non qualified retirement plan exists for the benefit of a select group of management or highly compensated employees whose benefits under other Institute qualified retirement plans are limited by the IRS. Employees are eligible if their compensation for a plan year is in excess of the IRS limits under Code Section 401(a)(17), if they received a benefit accrual or employer contribution under other Institute qualified plans, and if they have not voluntarily terminated employment prior to the first business day following the plan year. Benefits are calculated based on the excess of benefits that would be provided under Institute qualified plans if IRS compensation limits did not exist. The following individuals received payments under the supplemental retirement plan: James Rondeau amount paid in calendar year 2022 of $150,000 Elissa Tenny amount paid in calendar year 2022 of $24,750 Leslie Darling amount paid in calendar year 2022 of $3,412 Alexandra Holt amount paid in calendar year 2022 of $27,467 Evelyn Jeffers amount paid in calendar year 2022 of $22,708 Ann Goldstein amount paid in calendar year 2022 of $506 Sarah Guernsey amount paid in calendar year 2022 of $13,736 Martin Berger amount paid in calendar year 2022 of $6,056

Schedule J, Part I, Line 8 Payments on contract that is subject to the initial contract exception

The President of the Museum and the Provost were paid their salaries under contracts that were subject to the initial contract exception.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• AICCB LLC

  Investments · DE · income $0 · assets $100,000

  Directly controlled by The Art Institute of Chicago

• AICGS LLC

  Investments · DE · income $59,939 · assets $161,872

  Directly controlled by The Art Institute of Chicago

• AICHP LLC

  Investments · DE · income $0 · assets $0

  Directly controlled by The Art Institute of Chicago

• AIC AA LLC

  Investments · DE · income $28,649 · assets $308,652

  Directly controlled by The Art Institute of Chicago

• AIC AX LLC

  Investments · DE · income $115,662 · assets $44,818

  Directly controlled by The Art Institute of Chicago

• AIC BLK LLC

  Investments · DE · income $53,001 · assets $136,319

  Directly controlled by The Art Institute of Chicago

• AIC MS SS LLC

  Investments · DE · income $0 · assets $73,754

  Directly controlled by The Art Institute of Chicago

• AIC GS MEZZ LLC

  Investments · DE · income $0 · assets $266

  Directly controlled by The Art Institute of Chicago

• AIC Ventures LLC

  Consulting · IL · income $0 · assets $0

  Directly controlled by The Art Institute of Chicago

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• AIC - PP INC

  C Corporation · Investments · CJ · 100% owned · share of income $0 · share of assets $1 · controlled entity

  Directly controlled by The Art Institute of Chicago

• Perpetual Trusts Held by Third Parties (6)

  Trust · Fundraising · IL · controlled entity

  Directly controlled by The Art Institute of Chicago

• Charitable Remainder Trust (1)

  Trust · Fundraising · IL · controlled entity

  Directly controlled by The Art Institute of Chicago