Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $11,188,146

• 2a · Program service revenue: CIRCULATION REVENUE

  total $19,101,825 · related or exempt $19,101,825

• 2b · Program service revenue: PRINT & DIGITAL ADVERTISING

  total $8,468,387 · unrelated business $8,468,387

• 2c · Program service revenue: WIRE SERVICE REVENUE

  total $372,589 · related or exempt $372,589

• 3 · Investment income

  total $28,131 · excluded $28,131

• 5 · Royalties

  total $183,091 · related or exempt $183,091

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

  other assets $6,389

• 7c · Gain or loss

  other assets -$6,389

• 7d · Net gain or loss

  total -$6,389 · excluded -$6,389

• 11a · Other revenue: OTHER REVENUE

  total $123,808 · excluded $123,808

• 11e · Other revenue, total

  $123,808

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $3,112,513 · program services $1,382,386 · management and general $1,127,528 · fundraising $602,599

• 7 · Other salaries and wages

  total $13,631,954 · program services $10,802,369 · management and general $1,744,893 · fundraising $1,084,692

• 8 · Pension plan contributions

  total $179,223 · program services $145,740 · management and general $20,354 · fundraising $13,129

• 9 · Other employee benefits

  total $1,543,331 · program services $1,283,480 · management and general $98,912 · fundraising $160,939

• 10 · Payroll taxes

  total $961,756 · program services $764,580 · management and general $112,063 · fundraising $85,113

• 11b · Fees: legal

  total $121,334 · program services $71,173 · management and general $50,161

• 11c · Fees: accounting

  total $108,325 · program services $69,174 · management and general $39,151

• 11g · Fees: other

  total $6,814,883 · program services $5,729,249 · management and general $401,015 · fundraising $684,619

• 12 · Advertising and promotion

  total $459,385 · program services $236,535 · fundraising $222,850

• 13 · Office expenses

  total $270,662 · program services $144,901 · management and general $48,278 · fundraising $77,483

• 14 · Information technology

  total $1,510,711 · program services $882,600 · management and general $329,977 · fundraising $298,134

• 16 · Occupancy

  total $957,701 · program services $761,356 · management and general $111,590 · fundraising $84,755

• 17 · Travel

  total $385,581 · program services $373,775 · management and general $8,553 · fundraising $3,253

• 19 · Conferences, conventions and meetings

  total $72,669 · program services $47,904 · management and general $24,745 · fundraising $20

• 22 · Depreciation, depletion and amortization

  total $90,411 · program services $71,875 · management and general $10,535 · fundraising $8,001

• 23 · Insurance

  total $321,272 · program services $255,406 · management and general $37,434 · fundraising $28,432

• 24a · Other expenses: PRINTING & DISTRIBUTION

  total $7,148,157 · program services $7,058,264 · fundraising $89,893

• 24e · All other expenses

  total $2,897,452 · program services $1,986,888 · management and general $36,130 · fundraising $874,434

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,083,485 · end of year $6,563,112

• 3 · Pledges and grants receivable

  beginning of year $12,871,158 · end of year $11,901,177

• 4 · Accounts receivable

  beginning of year $1,284,389 · end of year $1,216,377

• 9 · Prepaid expenses and deferred charges

  beginning of year $419,979 · end of year $533,946

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

  $634,726

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

  $313,127

• 10c · Land, buildings and equipment, net

  beginning of year $360,926 · end of year $321,599

• 15 · Other assets

  beginning of year $9,927,005 · end of year $11,554,761

• 17 · Accounts payable and accrued expenses

  beginning of year $2,084,343 · end of year $2,572,350

• 19 · Deferred revenue

  beginning of year $3,172,834 · end of year $2,956,591

• 27 · Net assets without donor restrictions

  beginning of year $8,626,262 · end of year $10,401,838

• 28 · Net assets with donor restrictions

  beginning of year $19,063,503 · end of year $16,160,193

The filer's explanations (Part III)

PART I, LINE 3

ACCORDING TO THE BYLAWS OF CHICAGO SUN-TIMES MEDIA, INC., ("CSTM") THE CEO OF CHICAGO PUBLIC MEDIA ("CPM") SERVES EX OFFICIO AS THE PRESIDENT OF CSTM. THE PRESIDENT IS PAID BY CPM AND COMPENSATION WAS DETERMINED BY THE CPM COMPENSATION COMMITTEE. THE CSTM BOARD DID NOT REVIEW OR APPROVE THE PRESIDENT'S COMPENSATION. THE CSTM BOARD OF DIRECTORS, COMPRISED OF INDEPENDENT DIRECTORS, REVIEWED AND APPROVED THE ADEQUACY AND REASONABLENESS OF THE COMPENSATION OF SENIOR EXECUTIVES OF CSTM. THE PROCESS INCLUDED REVIEW OF A REPORT PREPARED BY AN INDEPENDENT CONSULTANT ANALYZING COMPENSATION DATA FROM COMPARABLE ORGANIZATIONS. THE ORGANIZATION HIRES AN INDEPENDENT COMPENSATION CONSULTANT TO PREPARE THE ABOVE MENTIONED REPORT EVERY TWO TO THREE YEARS. THE REPORT IS UPDATED ANNUALLY. THE DELIBERATIONS AND DECISIONS OF THE BOARD REGARDING COMPENSATION ARE DOCUMENTED IN THE BOARD'S MEETING MINUTES. THE BOARD MET IN AUGUST 2024 TO REVIEW COMPENSATION OF SENIOR EXECUTIVES.

PART I, LINE 4A

THE PRIOR CEO RECEIVED INSTALLMENT PAYMENTS FROM FEBRUARY 2023 THROUGH FEBRUARY 2024 PURSUANT TO AN AGREEMENT APPROVED BY THE CHICAGO SUN-TIMES MEDIA INC. BOARD. THE TOTAL AMOUNT WAS REPORTED AS DEFERRED COMPENSATION ON THE PRIOR FORM 990 FOR FYE 6/30/23. 2023 PAYMENTS, WHICH WERE RECEIVED DURING 2023 AND REPORTED ON THE 2023 FORM W-2, ARE REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III) AND ALSO COLUMN (F) SINCE THE AMOUNTS WERE ALSO REPORTED ON THE PRIOR FORM 990 AS DEFERRED COMP. THE PRIOR VP OF ADVERTISING RECEIVED SEVERANCE PAYMENTS. THIS AMOUNT IS INCLUDED ON SCHEDULE J, PART II, COLUMN (B)(III) AS OTHER REPORTABLE COMPENSATION. THE TOTAL AMOUNT OF SEVERANCE PAID BY DECEMBER 2023 WAS $36,000.

PART I, LINE 7

AS INDICATED IN SCHEDULE J, PART II, THE VP OF ADVERTISING RECEIVED DISCRETIONARY COMMISSIONS BASED ON THE PERFORMANCE OF THE ADVERTISING TEAM.