Art Institute Of Chicago
- Assets
- $2.0b
- Revenue
- $324.7m
- Investments
- $510.6m
- Employees
- 3,640
- Location
- Chicago, IL
- Founding
- 08/1925
- Data as of
- 06/2021
- EIN
- 36-2167725
Organization Overview
Art Institute Of Chicago is located in Chicago, IL. The organization was established in 1925. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 06/2021, Art Institute Of Chicago employed 3,640 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Art Institute Of Chicago is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Art Institute Of Chicago generated $324.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $290.7m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ART INSTITUTE OF CHICAGO, A NOT-FOR-PROFIT CORPORATION, IS BOTH A MUSEUM AND AN INSTITUTION OF HIGHER EDUCATION THAT EXISTS TO PROVIDE APPRECIATION AND EDUCATION IN VISUAL FINE ARTS AND DESIGN.
Describe the Organization's Program Activity:
FOR MORE THAN 150 YEARS, THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC) HAS BEEN A LEADER IN EDUCATING THE WORLD'S MOST INFLUENTIAL ARTISTS, DESIGNERS, AND SCHOLARS. SAIC IS AN ACCREDITED COLLEGE OF ART AND DESIGN OFFERING UNDERGRADUATE, GRADUATE, AND POST-BACCALAUREATE DEGREE PROGRAMS FOR STUDIO ARTISTS, ART EDUCATORS, ART THERAPISTS, ARCHITECTS, DESIGNERS, WRITERS, AND ART HISTORIANS. SAIC'S FINE ARTS GRADUATE PROGRAM RANKS NUMBER TWO IN THE NATION BY U.S. NEWS AND WORLD REPORT, AND THE SCHOOL OFFERS WORLD-CLASS RESOURCES INCLUDING THE ART INSTITUTE OF CHICAGO MUSEUM, ON-CAMPUS GALLERIES, AND STATE-OF-THE-ART FACILITIES. IN FISCAL YEAR 2021, THE AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 2,638 INCLUDING INTERNATIONAL STUDENTS FROM 79 COUNTRIES.
THE ART INSTITUTE OF CHICAGO SHARES ITS SINGULAR COLLECTIONS WITH OUR CITY AND THE WORLD. WE COLLECT, CARE FOR, AND INTERPRET WORKS OF ART ACROSS TIME, CULTURES, GEOGRAPHIES, AND IDENTITIES, CENTERING THE VISION OF ARTISTS AND MAKERS. WE RECOGNIZE THAT ALL ART IS MADE IN A PARTICULAR CONTEXT, DEMANDING CONTINUAL, DYNAMIC RECONSIDERATION IN THE PRESENT. WE ARE A PLACE OF GATHERING; WE FOSTER THE EXCHANGE OF IDEAS AND INSPIRE AN EXPANSIVE, INCLUSIVE UNDERSTANDING OF HUMAN CREATIVITY. THE MUSEUM ACHIEVES THIS THROUGH BUILDING AND STEWARDING ITS RENOWNED PERMANENT COLLECTION, PRODUCING EDUCATIONAL PROGRAMMING AROUND THE COLLECTION WITH PERFORMANCES, GALLERY TOURS, LECTURES, READINGS, AND OTHER SPECIAL EVENTS, AND PRESENTING WORLD CLASS EXHIBITIONS HIGHLIGHTING BOTH ITS COLLECTION AND OBJECTS LOANED FROM OTHER INSTITUTIONS. IN FY21, BECAUSE OF THE GLOBAL COVID-19 PANDEMIC, SOME OF THIS WORK MOVED ONLINE, BUT OUR PRESENTATION AND INTERPRETATION OF THE COLLECTION CONTINUED UNABATED. EXHIBITIONS FEATURED WITHIN FY21 INCLUDED MONET AND CHICAGO, BISA BUTLER: PORTRAITS EXHIBITION, AND EL GRECO: AMBITION AND DEFIANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Able Engineering Services Inc Engineering Services | 6/29/21 | $4,318,737 |
Allied Universal Security Security Services | 6/29/21 | $3,041,974 |
Abm Onsite Services - Midwest Inc Janitorial Services | 6/29/21 | $2,347,374 |
Securitas Security Services Usa Inc Security Services | 6/29/21 | $2,147,142 |
Transact Campus Inc Software Services | 6/29/21 | $1,655,729 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $14,194,969 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,417,445 |
| All other contributions, gifts, grants, and similar amounts not included above | $36,154,077 |
| Noncash contributions included in lines 1a–1f | $9,563,198 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $61,766,491 |
| Total Program Service Revenue | $190,847,455 |
| Investment income | $8,088,154 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $88,110 |
| Net Rental Income | -$410,032 |
| Net Gain/Loss on Asset Sales | $61,430,072 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,537,927 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $324,720,371 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $48,549,602 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,413,677 |
| Compensation of current officers, directors, key employees. | $1,105,459 |
| Compensation to disqualified persons | $304,589 |
| Other salaries and wages | $92,821,124 |
| Pension plan accruals and contributions | $2,531,019 |
| Other employee benefits | $18,807,911 |
| Payroll taxes | $6,761,566 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $446,364 |
| Fees for services: Accounting | $354,343 |
| Fees for services: Lobbying | $4,686 |
| Fees for services: Fundraising | $357,554 |
| Fees for services: Investment Management | $2,812,518 |
| Fees for services: Other | $7,001,801 |
| Advertising and promotion | $1,585,204 |
| Office expenses | $5,371,476 |
| Information technology | $4,138,031 |
| Royalties | $128,043 |
| Occupancy | $24,530,392 |
| Travel | $135,157 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $162,101 |
| Interest | $4,414,549 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,054,750 |
| Insurance | $1,197,016 |
| All other expenses | $2,174,343 |
| Total functional expenses | $290,704,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $59,302,425 |
| Pledges and grants receivable | $63,118,254 |
| Accounts receivable, net | $6,831,704 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,497,828 |
| Inventories for sale or use | $3,198,139 |
| Prepaid expenses and deferred charges | $2,010,059 |
| Net Land, buildings, and equipment | $383,023,292 |
| Investments—publicly traded securities | $947,629,352 |
| Investments—other securities | $510,569,653 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $46,582,373 |
| Total assets | $2,023,763,079 |
| Accounts payable and accrued expenses | $47,931,083 |
| Grants payable | $0 |
| Deferred revenue | $12,942,838 |
| Tax-exempt bond liabilities | $40,410,187 |
| 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 | $101,500,000 |
| Other liabilities | $67,747,323 |
| Total liabilities | $270,531,431 |
| Net assets without donor restrictions | $632,736,112 |
| Net assets with donor restrictions | $1,120,495,536 |
| 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 | $2,023,763,079 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that Art Institute Of Chicago has recieved totaling $90,425.
| Awarding Organization | Amount |
|---|---|
Future Wanxiang Foundation Inc South Barrington, IL PURPOSE: GENERAL SUPPORT | $25,000 |
Sinha Kikeri Foundation Chicago, IL PURPOSE: EDUCATIONAL SUPPORT | $25,000 |
Benck Family Foundation Naperville, IL PURPOSE: GENERAL | $10,000 |
Berrien Community Foundation Inc St Joseph, MI PURPOSE: GENERAL SUPPORT | $10,000 |
Almeida Family Foundation Chicago, IL PURPOSE: GENERAL SUPPORT | $5,000 |
Allyn Foundation Incorporated A Delaware Corp Hinsdale, IL PURPOSE: MUSEUM PROGRAMS | $5,000 |
Endowment Analysis
| Beg. Balance | $1,140,478,439 |
| Earnings | $326,587,212 |
| Admin Expense | $2,812,518 |
| Net Contributions | $63,155,109 |
| Other Expense | $55,336,674 |
| Grants | $4,792,826 |
| Ending Balance | $1,467,278,742 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Art Institute Of Chicago Chicago, IL | $2,023,763,079 | $324,720,371 |
Herzing University Ltd Milwaukee, WI | $145,438,947 | $172,534,723 |
Lewis University Romeoville, IL | $241,611,224 | $165,657,993 |
Institute For The International Education Of Students Chicago, IL | $83,294,554 | $91,386,482 |
Kansas City Art Institute Kansas City, MO | $176,074,045 | $52,746,007 |
Christel House Academy Inc Indianapolis, IN | $13,789,684 | $29,066,462 |
Higher Learning Commission Chicago, IL | $30,215,357 | $14,566,348 |
Lincoln Christian University Lincoln, IL | $26,403,234 | $11,063,987 |
Wisconsin Association Of Independent Colleges And Universit Madison, WI | $20,602,047 | $4,896,137 |
Institute For American Universities Batavia, IL | $0 | $2,168,286 |
Ascendium Education Group Inc Madison, WI | $2,297,580,826 | $30,305,077 |
Kentucky Mountain Bible College Incorporated Jackson, KY | $9,330,725 | $2,960,534 |