Millennium Park Foundation
- Assets
- $44.4m
- Revenue
- $2.0m
- Investments
- $1.3m
- Employees
- 6
- Location
- Chicago, IL
- Founding
- 11/1998
- Data as of
- 12/2022
- EIN
- 36-4244167
Organization Overview
Millennium Park Foundation is located in Chicago, IL. The organization was established in 1998. According to its NTEE Classification (N32) the organization is classified as: Parks & Playgrounds, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, Millennium Park Foundation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Millennium Park Foundation 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 12/2022, Millennium Park Foundation generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. 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
THE ORGANIZATION'S MISSION IS TO PROVIDE SUPPORT TO THE CITY OF CHICAGO IN ITS OPERATION AND (SCH O) PROGRAMMING OF MILLENNIUM PARK, AND SERVE AS THE PARK'S CURATORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MILLENNIUM PARK FOUNDATION (MPF) PROVIDES SUPPORT TO THE CITY OF CHICAGO IN ITS OPERATION AND PROGRAMMING OF MILLENNIUM PARK. MPF PROVIDES ANNUAL SUPPORT IN MANY WAYS, INCLUDING CURATING AND MAINTAINING PUBLIC ART SUCH AS CLOUD GATE, THE CROWN FOUNTAIN, THE JAY PRITZKER PAVILION, CURATING AND MAINTAINING PUBLIC SCULPTURE EXHIBITIONS IN THE BOEING GALLERIES, MAINTAINING THE LURIE GARDEN, SUPPORTING SUMMER AND WINTER EXERCISE PROGRAMS, AND ENHANCING LANDSCAPE THROUGHOUT THE PARK. MPF SUPPORTS THE CITY OF CHICAGO WITH MANY OTHER FREE ARTS & CULTURE PROGRAMS AT THE PARK. THE SUPPORT PROVIDED BY MPF IS ESSENTIAL FOR THE PARK TO BE MAINTAINED AT THE HIGHEST STANDARDS AND RETAIN ITS STANDING AS ONE OF CHICAGO'S MOST POPULAR ATTRACTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donna Lapietra Chair & Acting President | OfficerTrustee | 1 | $0 |
Cary D Mcmillan Treasurer | OfficerTrustee | 1 | $0 |
Henry Kleeman Senior Counsel & Secretary | OfficerTrustee | 1 | $0 |
Steven Crown Director | Trustee | 1 | $0 |
James F Feldstein Director | Trustee | 1 | $0 |
Scott Hurwitz Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chicago Department Of Cultural Affairs Programming Services | 12/30/22 | $900,000 |
Mb Real Estate Management Services | 12/30/22 | $128,448 |
Northern Trust Investment Advisory Services | 12/30/22 | $106,144 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,044,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,044,000 |
| Total Program Service Revenue | $0 |
| Investment income | $1,133,881 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$151,485 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,026,396 |
| 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. | $76,025 |
| Compensation of current officers, directors, key employees. | $24,378 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $235,516 |
| Pension plan accruals and contributions | $9,909 |
| Other employee benefits | $26,186 |
| Payroll taxes | $29,743 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $78,273 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $106,144 |
| Fees for services: Other | $109,287 |
| Advertising and promotion | $0 |
| Office expenses | $47,126 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,891 |
| Travel | $24,169 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,175 |
| Insurance | $21,643 |
| All other expenses | $79,821 |
| Total functional expenses | $2,125,666 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,184,374 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $510,000 |
| Accounts receivable, net | $0 |
| 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 | $13,174 |
| Net Land, buildings, and equipment | $12,804 |
| Investments—publicly traded securities | $41,334,139 |
| Investments—other securities | $1,306,470 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,149 |
| Total assets | $44,371,110 |
| Accounts payable and accrued expenses | $51,512 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $10,149 |
| Total liabilities | $61,661 |
| Net assets without donor restrictions | $10,222,148 |
| Net assets with donor restrictions | $34,087,301 |
| 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 | $44,371,110 |