The Magnificent Mile Association
- Assets
- $1.5m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 16
- Location
- Chicago, IL
- Founding
- 06/1951
- Data as of
- 12/2022
- EIN
- 36-2119989
Organization Overview
The Magnificent Mile Association is located in Chicago, IL. The organization was established in 1951. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Magnificent Mile Association employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnificent Mile Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Magnificent Mile Association generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $4.0m during the year ending 12/2022. While expenses have increased by 11.5% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER, PROMOTE, MAINTAIN AND ENCOURAGE THE CIVIC, SOCIAL, COMMERCIAL AND INDUSTRIAL WELFARE OF THE ONE MILE OF MICHIGAN AVENUE COMMONLY REFERRED TO AS THE MAGNIFICENT MILE AND THE CITY OF CHICAGO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAGNIFICENT MILE LIGHTS FESTIVAL BROUGHT SIGNIFICANT LOCAL, REGIONAL, AND NATIONAL PUBLICITY WHICH PROMOTED CHICAGO AS A PREMIERE HOLIDAY DESTINATION. IN ADDITION, IT DISPLAYED THE GOOD DEEDS, OFFERINGS AND SPECIAL ACTIVITIES TAKING PLACE ALONG THE MAGNIFICENT MILE FROM THE KICK-OFF OF THE LIGHTS FESTIVAL THROUGH THE HOLIDAY SEASON.
THROUGH STRATEGIC PARTNERSHIPS THE ASSOCIATION WORKED WITH MANY PARTNERS TO BRING ATTENTION TO THE DISTRICT AND CREATE MEANINGFUL EXPERIENCES FOR VISITORS. THE ASSOCIATION WORKED WITH SEVERAL CONSUMER BRANDS THROUGHOUT THE YEAR SHOWCASING ACTIVATIONS UP AND DOWN THE MAGNIFICENT MILE.
THROUGH THE ASSOCIATIONS WEBSITE AND SOCIAL MEDIA THE ASSOCIATION PROMOTES THE DISTRICT IN REAL TIME TO LOCAL, DOMESTIC, AND INTERNATIONAL VISITORS AND BUILDS POWERFUL BRAND AWARENESS YEAR-ROUND FOR THE MAGNIFICENT MILE AND THE CITY OF CHICAGO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Bares Presidentceo | OfficerTrustee | 40 | $217,010 |
Donald V Versen Sr Director | Trustee | 1 | $0 |
Vanessa Casciano Director | Trustee | 1 | $0 |
Gabriel Constantin Director | Trustee | 1 | $0 |
Ted Selogie Director | Trustee | 1 | $0 |
Gail Spreen Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $434,405 |
| Fundraising events | $434,900 |
| Related organizations | $0 |
| Government grants | $1,397,545 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,266,850 |
| Total Program Service Revenue | $2,013,040 |
| Investment income | $285 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,280,175 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $644,276 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $56,318 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,886 |
| Fees for services: Legal | $29,697 |
| Fees for services: Accounting | $14,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $19,275 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $98,677 |
| Travel | $80,829 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,197 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $46,295 |
| All other expenses | $192,334 |
| Total functional expenses | $4,017,783 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $233,818 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $942,926 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,865 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $330,116 |
| Total assets | $1,515,725 |
| Accounts payable and accrued expenses | $532,217 |
| Grants payable | $0 |
| Deferred revenue | $141,391 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $38,064 |
| Other liabilities | $0 |
| Total liabilities | $711,672 |
| Net assets without donor restrictions | $672,053 |
| Net assets with donor restrictions | $132,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,515,725 |