World Business Chicago
- Assets
- $9.3m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 53
- Location
- Chicago, IL
- Founding
- 08/2000
- Data as of
- 12/2021
- EIN
- 36-4313685
Organization Overview
World Business Chicago is located in Chicago, IL. The organization was established in 2000. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, World Business Chicago employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. World Business 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 12/2021, World Business Chicago generated $9.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $8.9m during the year ending 12/2021. While expenses have increased by 0.7% per year over the past 7 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.
Since 2016, World Business Chicago has awarded 41 individual grants totaling $6,175,358. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WORLD BUSINESS CHICAGO IS THE CITY OF CHICAGO'S PUBLIC-PRIVATE ECONOMIC DEVELOPMENT AGENCY. OUR MISSION IS TO DRIVE INCLUSIVE ECONOMIC GROWTH AND JOB CREATION, SUPPORT BUSINESS, AND PROMOTE CHICAGO AS A LEADING GLOBAL CITY. OUR VISION IS TO ENSURE THAT ALL CHICAGOANS PROSPER. WE DRIVE GROWTH THROUGH BUSINESS RECRUITMENT, EXPANSION, AND RETENTION ASSISTANCE AND CONNECTING BUSINESSES TO RESOURCES AND OPPORTUNITIES. WE CHAMPION CHICAGO AS A WORLD-CLASS CITY THROUGH BUILDING STRATEGIC INDUSTRY PARTNERSHIPS, CONVENING POLICY MAKERS AND LEADERS, AND ADVANCING OPPORTUNITIES FOR MULTICULTURAL ENGAGEMENT. WE UNITE LEADERS TO ADVANCE GROWTH IN CHICAGO'S NEIGHBORHOODS THROUGH TALENT DEVELOPMENT, PROCUREMENT, AND INVESTMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORLD BUSINESS CHICAGO (WBC) DRIVES ECONOMIC GROWTH THROUGH THREE MAIN AREAS: BUSINESS ATTRACTION AND RETENTION, INCLUSIVE ECONOMIC GROWTH AND JOBS, INTERNATIONAL STRATEGIC INITIATIVES AND CULTURAL EXCHANGE THROUGH THE CHICAGO SISTER CITIES PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Fassnacht President & CEO | Officer | 50 | $420,988 |
Ogechi Harry Executive Vice President Of Strategy, Legal, And O | 40 | $186,076 | |
Carrie Simmons Vice President Of Operations And Hr | 40 | $142,654 | |
Lisa Dziekan Senior Vice President Of Business Development & Fd | 40 | $131,101 | |
Adrienne Tongate Evp, Global Strategic Initiatives | 40 | $130,660 | |
Abin Kuriakose Evp, Innovation & Venture Strategy | 40 | $129,662 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Madmaxmar Group Marketing, Design & Materials | 12/30/21 | $276,658 |
Hubbard Galbraith Llc Accounting & Finance | 12/30/21 | $182,000 |
Skill Scout Video Production | 12/30/21 | $151,790 |
Koya Leadership Partners Executive Recruitment | 12/30/21 | $124,998 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,007,618 |
| Related organizations | $0 |
| Government grants | $5,038,380 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,004,378 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,050,376 |
| Total Program Service Revenue | $0 |
| Investment income | $4,272 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$36,842 |
| Net Income from Fundraising Events | -$130,137 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,942,081 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,306,063 |
| 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. | $485,916 |
| Compensation of current officers, directors, key employees. | $121,479 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,984,949 |
| Pension plan accruals and contributions | $65,901 |
| Other employee benefits | $357,126 |
| Payroll taxes | $265,556 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,081 |
| Fees for services: Accounting | $168,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $660,797 |
| Advertising and promotion | $1,021,167 |
| Office expenses | $103,263 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $558,671 |
| Travel | $53,550 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $600 |
| Conferences, conventions, and meetings | $520,552 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,456 |
| Insurance | $77,577 |
| All other expenses | $0 |
| Total functional expenses | $8,933,544 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,570,541 |
| Savings and temporary cash investments | $525,518 |
| Pledges and grants receivable | $4,602,896 |
| 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 | $333,974 |
| Net Land, buildings, and equipment | $88,956 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $180,907 |
| Total assets | $9,302,792 |
| Accounts payable and accrued expenses | $455,492 |
| 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 | $0 |
| Total liabilities | $455,492 |
| Net assets without donor restrictions | $8,508,653 |
| Net assets with donor restrictions | $338,647 |
| 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 | $9,302,792 |
Grants Awarded
Over the last fiscal year, World Business Chicago has awarded $1,276,063 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: ECONIOMIC RECOVERY PROGRAMMING | $506,178 |
Chicago, IL PURPOSE: WORKFORCE PROGRAMMING | $151,790 |
Chicago, IL PURPOSE: ECONIOMIC RECOVERY PROGRAMMING | $150,000 |
Chicago, IL PURPOSE: WORKFORCE PROGRAMMING | $100,000 |
Chicago, IL PURPOSE: ARTS & THEATER RECOVERY | $50,000 |
Chicago, IL PURPOSE: WORKFORCE PROGRAMMING | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that World Business Chicago has recieved totaling $85,000.
| Awarding Organization | Amount |
|---|---|
Future Wanxiang Foundation Inc South Barrington, IL PURPOSE: GENERAL SUPPORT | $85,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Evansville Vanderburgh County Convention & Visitors Bureau Inc Evansville, IN | $5,490,585 | $3,551,749 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |