Development Now For Chicago
- Assets
- $9.0m
- Revenue
- $12.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- Data as of
- 11/2023
- EIN
- 87-3817002
Organization Overview
Development Now For Chicago is located in Chicago, IL. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Development Now For Chicago 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 11/2023, Development Now For Chicago generated $12.7m in total revenue. All expenses for the organization totaled $4.8m during the year ending 11/2023. While expenses have increased by 102.3% per year over the past 2 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOPMENT NOW FOR CHICAGO WAS FORMED TO PROMOTE ECONOMIC DEVELOPMENT AND IMPROVE BUSINESS CONDITIONS IN THE CHICAGO METROPOLITAN AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT NOW FOR CHICAGO WAS FORMED TO PROMOTE ECONOMIC DEVELOPMENT AND IMPROVE BUSINESS CONDITIONS IN THE CHICAGO METROPOLITAN AREA BY PROMOTING THE SELECTION OF CHICAGO AS THE SITE OF THE 2024 DEMOCRATIC NATIONAL CONVENTION AND, IF CHICAGO WAS SELECTED, TO SERVE AS THE LOCAL HOST COMMITTEE FOR THE CONVENTION. CHICAGO WAS SELECTED IN APRIL 2023 AND THE ORGANIZATION PROCEEDED TO SERVE ITS EXEMPT PURPOSES BY SERVING AS THE HOST COMMITTEE AND PUTTING IN PLACE PERSONNEL AND SYSTEMS, AND BEGINNING TO CONTRACT FOR FACILITIES, GOODS, SERVICES AND SUPPLIES TO PROVIDE INFRASTRUCTURE FOR THE CONVENTION AND SHOWCASING OF CHICAGO AS HOST CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Sacks President-Bod Member | OfficerTrustee | 1 | $0 |
Michelle Harris Treasurer-Bod Member | OfficerTrustee | 1 | $0 |
Jesse Ruiz Secretary-Bod Member | OfficerTrustee | 1 | $0 |
Brandon Salesberry Assistant Treasurer | OfficerTrustee | 1 | $0 |
Christy George Executive Director From Sept'2023 | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Magnify Strategies Llc Management Strategy | 11/29/23 | $356,438 |
Np Consulting Inc Management Strategy | 11/29/23 | $137,500 |
The Catering Company Catering Service | 11/29/23 | $104,025 |
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 | $12,653,364 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,653,364 |
| Total Program Service Revenue | $0 |
| Investment income | $9,047 |
| 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 | $12,662,411 |
| 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. | $61,169 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $170,923 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,423 |
| Payroll taxes | $22,774 |
| Fees for services: Management | $355,000 |
| Fees for services: Legal | $260,063 |
| Fees for services: Accounting | $27,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $317,500 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $172,341 |
| Advertising and promotion | $572 |
| Office expenses | $62,583 |
| Information technology | $50,138 |
| Royalties | $0 |
| Occupancy | $107,516 |
| Travel | $95,171 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $216,264 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,088 |
| All other expenses | $0 |
| Total functional expenses | $4,760,967 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,983,389 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,443 |
| Total assets | $8,992,832 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $8,992,832 |
| Net assets with donor restrictions | $0 |
| 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 | $8,992,832 |