2024-07-11T15:57:22-05:00 2023-08-31 381357951 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2022-09-01 362374224 MUSIC INSTITUTE OF CHICAGO MUSI 8479051500 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 DR MARK GEORGE PRESIDENT AND CEO 8479051500 2024-07-09 1 DR MARK GEORGE 999009999 1 LU ANN TRAPP P01506476 3122071040 2024-07-09 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X DR MARK GEORGE 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 8759551 0 X WWW.MUSICINST.ORG X 1939 IL PROVIDE THE HIGHEST QUALITY MUSIC EDUCATION. REACH INDIVIDUALS WHERE OPPORTUNITIES ARE LIMITED. 18 18 218 90 0 0 3388710 1509288 4849441 5046863 6457 149599 90632 -23914 8335240 6681836 512063 551761 0 0 4728661 5249881 29793 60150 569102 1947059 2196914 7217576 8058706 1117664 -1376870 11160030 10500371 1224357 1988413 9935673 8511958 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. 0 0 5865729 551761 5046863 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 A PROFESSIONAL CONCERT SERIES 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. 5865729 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 66 0 1 218 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 IL X MARCIA RUBIN 8479051500 622 DAVIS ST 4TH FLOOR EVANSTON IL 60201 SCOTT VERSCHOOR CHAIR 1.00 0.00 X X 0 0 0 LEE ANNE STODDART VICE CHAIR 1.00 0.00 X X 0 0 0 ALEXANDRA C NICHOLS CHAIR EMERITA 1.00 0.00 X X 0 0 0 BARBARA SEREDA SECRETARY 1.00 0.00 X X 0 0 0 TIM PATENODE TREASURER - BEG 7/23 1.00 0.00 X X 0 0 0 THOMAS LEDDY TREASURER - THRU 6/23 1.00 0.00 X X 0 0 0 CARLOS CARDENAS DIRECTOR 1.00 0.00 X 0 0 0 HANS J GERMANN DIRECTOR 1.00 0.00 X 0 0 0 DANIEL HAHN DIRECTOR 1.00 0.00 X 0 0 0 COURTNEY HOLOHAN DIRECTOR 1.00 0.00 X 0 0 0 KAY MABIE DIRECTOR 1.00 0.00 X 0 0 0 DRYANA NEDVETSKY DIRECTOR 1.00 0.00 X 0 0 0 RENEE PARQUETTE DIRECTOR 1.00 0.00 X 0 0 0 JAMES STONE DIRECTOR 1.00 0.00 X 0 0 0 ROSS UPDEGRAFF DIRECTOR 1.00 0.00 X 0 0 0 ZALMAN USISKIN DIRECTOR 1.00 0.00 X 0 0 0 AUDRA WILSON DIRECTOR 1.00 0.00 X 0 0 0 DAVID ZAMPA DIRECTOR 1.00 0.00 X 0 0 0 FLORIAN ZETTELMEYER DIRECTOR 1.00 0.00 X 0 0 0 DR MARK GEORGE PRESIDENT & CEO 40.00 0.00 X 198026 0 33485 MARCIA RUBIN VP & CFO 40.00 0.00 X 126478 0 2172 SUE POLUTNIK VP & COO 40.00 0.00 X 103968 0 12402 EMILY ABRAHAM VP ACADEMIC AFFAIRS 40.00 0.00 X 89112 0 20882 WILLIAM RODI VP & CMO - BEG 9/22 THRU 10/22 40.00 0.00 X 17249 0 0 JENNIFER HANSON VP & CMO - BEG 11/22 40.00 0.00 X 16195 0 0 JENNIFER BIENEMANN VP & CDO - BEG 12/22 40.00 0.00 X 6250 0 0 557278 0 68941 3 0 1 0 1 1004492 20600 484196 26600 1509288 TUITION 611600 5003103 5003103 TICKET SALES 611600 43760 43760 5046863 134107 134107 58615 0 58615 58615 58615 1947236 1931744 15492 15492 15492 62040 1004492 145971 -83931 -83931 MISCELLANEOUS INCOME 900099 1402 1402 1402 6681836 5046863 0 125685 551761 551761 675719 226058 289732 159929 3946733 3311928 382427 252378 29526 20487 9039 268386 207450 34266 26670 329517 252122 47898 29497 58539 58539 60150 60150 27389 27389 204619 164104 6286 34229 100223 68433 30733 1057 203002 203002 490781 346249 144252 280 39984 17002 21654 1328 163146 110 163036 305831 229373 76458 62752 99 62653 OTHER ACADEMIC PROGRAMS 392141 385502 6393 246 DUES & SUBSCRIPTIONS 74673 41522 29813 3338 REPAIRS & MAINTENANCE 73834 43529 30305 8058706 5865729 1623875 569102 181777 94273 473888 197832 40619 39131 33549 155253 11052919 5976990 5245523 5075929 3966992 3565728 1217682 1372225 11160030 10500371 224638 236499 968021 1004106 31698 747808 1224357 1988413 X 6601468 5250604 3334205 3261354 9935673 8511958 11160030 10500371 -1376870 -46845 0 X X 0 1 X 1 0 X 1373007 3175392 2252279 3362160 1529888 11692726 1373007 3175392 2252279 3362160 1529888 11692726 2607396 9085330 214833 166619 106912 253553 192722 934639 41749 5086 19492 28859 22002 117188 12744553 24758410 0.71290 0.68690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2632680 200000 50011 2882691 2645018 230000 -242338 2632680 2189289 219902 235827 2645018 1873265 215000 101024 2189289 1932890 -59625 1873265 0.00000 0.93993 0.06007 0 0 1580000 1580000 4909956 2417656 2492300 1802793 1311907 490886 2692550 2247427 445123 67620 67620 5075929 MERRILL LYNCH INVESTMENTS 3565728 F 3565728 EMPLOYEE RETENTION CREDIT RECEIVABLE 650252 RIGHT-OF-USE OPERATING LEASE ASSETS 691228 FINANCE LEASE ASSETS 30745 1372225 LEASE LIABILITIES - OPERATING 716689 LEASE LIABILITIES - FINANCE 31119 747808 6201812 -46845 145971 99126 6102686 27389 551761 579150 6681836 7625527 145971 145971 7479556 27389 551761 579150 8058706 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF 15 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT CONSISTS ENTIRELY OF DONOR-RESTRICTED ENDOWMENT FUNDS. PART XI, LINE 2D - OTHER ADJUSTMENTS: EVENT EXPENSES 145,971. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE ON AUDIT 551,761. PART XII, LINE 2D - OTHER ADJUSTMENTS: EVENT EXPENSES 145,971. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE ON AUDIT 551,761. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 STUDENT SOLICITATION OCCURS MAINLY THROUGH THE WEBSITE WHERE THE POLICY IS CLEARLY DISCLOSED. X X X X X X X 1 PATRICIA J HURLEY & ASSOCIATES INC 205 W WACKER DRIVE 1400 CHICAGO IL 60606 EVENT PLANNING CONSULTANT 0 1051277 60150 991127 1051277 60150 991127 IL GALA 1051277 989237 62040 63261 76844 FAMILIES IN CONCERT 15255 15255 5866 1066532 1004492 62040 63261 82710 145971 -83931 1 SCHOLARSHIPS 625 551761 FAIR MARKET VALUE REDUCTION OF TUITION FEES PART I, LINE 2: SCHOLARSHIPS ARE AWARDED BASED ON FAMILY FINANCIAL NEED OR STUDENT MERIT. THESE AWARDS ARE REVIEWED EVERY SEMESTER. X X 0 0 0 0 0 0 0 0 0 DR MARK GEORGE PRESIDENT & CEO 198026 0 0 0 0 0 3381 0 30104 0 231511 0 0 0 X DONATED INSTRUMENTS 4 26600 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS COLUMN REPRESENTS THE NUMBER OF SEPARATE CONTRIBUTIONS RECIEVED DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 11B 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 INTERNAL AFFAIRS 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, SECTION B, LINE 12C 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, SECTION B, LINE 15A A COMMITTEE COMPRISED OF INDEPENDENT MEMBERS OF THE MIC'S BOARD OF TRUSTEES IS RESPONSIBLE FOR HIRING THE CHIEF EXECUTIVE OFFICER AND FOR ANNUALLY REVIEWING AND APPROVING HIS/HER PERFORMANCE AND COMPENSATION. DATA FROM OTHER SIMILAR ORGANIZATIONS ACROSS THE COUNTRY ALONG WITH AVAILABLE INFORMATION ABOUT COMPARABLE POSITIONS IN THE CHICAGO AREA, COSTS OF LIVING, ETC. ARE USED WHEN CONSIDERING SIGNIFICANT CHANGES IN COMPENSATION DETERMINATIONS. THIS WAS LAST UTILIZED DURING THE 2022 FISCAL YEAR END. CONTEMPORANEOUS MINUTES OF THE MEETINGS OF THE COMMITTEE ARE MAINTAINED. FORM 990, PART VI, SECTION C, LINE 18 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, SECTION C, LINE 19 AVAILABLE UPON REQUEST FROM THE OFFICE IN EITHER HARD COPY OR IN ELECTRONIC FORMAT. FORM 990, PART XII, LINE 2C: THE INSTITUTE HAS AN INTERNAL AFFAIRS COMMITTEE, WHICH ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.