Magnificent Mile Association

EIN: 362119989 Community Improvement

Chicago, IL

Total Revenue
$3,509,740
Total Expenses
$3,559,993
Total Assets
$2,466,725
Net Assets
$1,083,403
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1935
Legal Domicile
IL
Principal Officer
Kimberly Bares
Phone
3123442336
Tax Period
2023-01-01 to 2023-12-31

Magnificent Mile Association, founded in 1935, is a community nonprofit in the Community Improvement sector that reported $3.5M in total revenue in fiscal year 2023. Revenue fell 24% from the prior year — a significant decline worth monitoring.

Mission

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,985,693
Program Service Revenue $1,504,751
Investment Income $6,155
Other Revenue $13,141
TOTAL REVENUE $3,509,740

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,021,660
Fundraising Expenses $264,122
Program Expenses $2,176,183
Other Expenses $2,538,333
TOTAL EXPENSES $3,559,993

Year-over-Year Comparison

2023 2022 Change
Revenue $3,509,740 $4,609,778 -0.2%
Expenses $3,559,993 $3,986,719 -0.1%
Net Income $-50,253 $623,059 -1.1%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
108
Independent Members
107
Employees
16
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$252,470
Total Directors
117
$252,470
Key Employees
4
$478,426
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Kimberly Bares President/CEO 40.00
Officer Director
$252,470 $0 $252,470
Donald V Versen Sr Director 1.00
Director
$0 $0 $0
Vanessa Casciano Director 1.00
Director
$0 $0 $0
Gabriel Constantin Director 1.00
Director
$0 $0 $0
Ted Selogie Director 1.00
Director
$0 $0 $0
Gail Spreen Director 1.00
Director
$0 $0 $0
Todd Temperly Director 1.00
Director
$0 $0 $0
Eric Fogel Legal Counsel 3.00
Director
$0 $0 $0
Richard Similio Director 1.00
Director
$0 $0 $0
Stacy Sweat Director 1.00
Director
$0 $0 $0
Susan Jablonski Director 1.00
Director
$0 $0 $0
Heather Way Kitzes Director 1.00
Director
$0 $0 $0
David Macknin Director N/A
Director
$0 $0 $0
Mary Ann Rose Director 1.00
Director
$0 $0 $0
Marc S Schulman Director 1.00
Director
$0 $0 $0
Peter Simoncelli Director 1.00
Director
$0 $0 $0
Grace Rappe Director 1.00
Director
$0 $0 $0
Christine Reller Director 1.00
Director
$0 $0 $0
Richard Roman Director 1.00
Director
$0 $0 $0
Danny Wirtz Director 1.00
Director
$0 $0 $0
Kelly Wisecarver Director 1.00
Director
$0 $0 $0
Maria Zec Director 1.00
Director
$0 $0 $0
Daniel Thomas Director 1.00
Director
$0 $0 $0
Lisa Tienken Director 1.00
Director
$0 $0 $0
Roger Walters Director 1.00
Director
$0 $0 $0
Stephen Wancha Director 1.00
Director
$0 $0 $0
Camille Julmy Director 1.00
Director
$0 $0 $0
Juan Levya Director 1.00
Director
$0 $0 $0
Howard Meyer Director 1.00
Director
$0 $0 $0
Oliver Gibbons Director 1.00
Director
$0 $0 $0
Todd Heipler Director 1.00
Director
$0 $0 $0
Danny Jacobson Director 1.00
Director
$0 $0 $0
Lisa Timbo Director 1.00
Director
$0 $0 $0
Ralph Weber Director 1.00
Director
$0 $0 $0
Aileen Gaspari Director 1.00
Director
$0 $0 $0
Randy Romero Director 1.00
Director
$0 $0 $0
Clay Spencer Director 1.00
Director
$0 $0 $0
David Stone Director 1.00
Director
$0 $0 $0
Andrew Carlson Director 1.00
Director
$0 $0 $0
Christopher Cawley Director 1.00
Director
$0 $0 $0
John Clote Director 1.00
Director
$0 $0 $0
Ryan Jacobson Legal Counsel 3.00
Director
$0 $0 $0
Pat Birchall Director 1.00
Director
$0 $0 $0
Grace Borgstrom Director 1.00
Director
$0 $0 $0
George DiLeonardi Director 1.00
Director
$0 $0 $0
Rike Erdbrink Director 1.00
Director
$0 $0 $0
Stephanie Frazee Director 1.00
Director
$0 $0 $0
Chip Collopy Director 1.00
Director
$0 $0 $0
Tim Conway Director 1.00
Director
$0 $0 $0
Jacqueline Davis Director 1.00
Director
$0 $0 $0
Robert Dion Director 1.00
Director
$0 $0 $0
Patrick Donelly Director 1.00
Director
$0 $0 $0
Patrick Donley Director 1.00
Director
$0 $0 $0
Jennifer Clark Director 1.00
Director
$0 $0 $0
John Colletti Director 1.00
Director
$0 $0 $0
Grant DePorter Director 1.00
Director
$0 $0 $0
Wei Fraser Director 1.00
Director
$0 $0 $0
Marilynn Gardner Director 1.00
Director
$0 $0 $0
Tommie Van Director 1.00
Director
$0 $0 $0
Susan Ellefson Director 1.00
Director
$0 $0 $0
Rick Fawell Director 1.00
Director
$0 $0 $0
Mitchell Feldman Director 1.00
Director
$0 $0 $0
Robert Agra III Director 1.00
Director
$0 $0 $0
Holly Agra Director 1.00
Director
$0 $0 $0
Jack Aiello Director 1.00
Director
$0 $0 $0
Richard Gamble Director 3.00
Director
$0 $0 $0
Donna Pugh Chair, MMCF 3.00
Officer Director
$0 $0 $0
Richard Simon Director 1.00
Director
$0 $0 $0
Nancy Capadona Director 1.00
Director
$0 $0 $0
Christine Carlyle Director 1.00
Director
$0 $0 $0
Rich Cialabrini Director 1.00
Director
$0 $0 $0
Sven Erik Richter Director 1.00
Director
$0 $0 $0
Laura Bossert Director 1.00
Director
$0 $0 $0
Nick Canellis Director 1.00
Director
$0 $0 $0
Dan Gibbons Director 1.00
Director
$0 $0 $0
Damien McArdle Director 1.00
Director
$0 $0 $0
John C McCarthy Director 1.00
Director
$0 $0 $0
Lyn McKeaney Director 1.00
Director
$0 $0 $0
Jennifer Kunde Director 1.00
Director
$0 $0 $0
Edward Kus Director 1.00
Director
$0 $0 $0
Dean Kutrumanes Director 1.00
Director
$0 $0 $0
Stanley Nitzberg Director 1.00
Director
$0 $0 $0
Nancy Paridy Director 1.00
Director
$0 $0 $0
Donovan Pepper Director 1.00
Director
$0 $0 $0
Lou Raizin Director 1.00
Director
$0 $0 $0
Lori Olson Director 1.00
Director
$0 $0 $0
Tim O'Malley Director 1.00
Director
$0 $0 $0
Lynn Osmond Director 1.00
Director
$0 $0 $0
Steven Hartenstein Director 1.00
Director
$0 $0 $0
Susan Gordon Hayes Director 1.00
Director
$0 $0 $0
Rob Grusin Director 1.00
Director
$0 $0 $0
Lee Golub Director 1.00
Director
$0 $0 $0
Barry Graham Director 1.00
Director
$0 $0 $0
Jacqueline Hayes Director 1.00
Director
$0 $0 $0
Tony Karman Director 1.00
Director
$0 $0 $0
Basil Kromelow Director 1.00
Director
$0 $0 $0
Chris Howard Director 1.00
Director
$0 $0 $0
Lindsay Hearn Director 1.00
Director
$0 $0 $0
Justine Fedak Vice Chair 3.00
Officer Director
$0 $0 $0
Dan Russell Director 1.00
Officer Director
$0 $0 $0
Burnell Goldman Secretary 3.00
Officer Director
$0 $0 $0
Nichole Benolken Treasurer 3.00
Officer
$0 $0 $0
Alexis Brown Director 1.00
Director
$0 $0 $0
Amy Lemar Director 1.00
Director
$0 $0 $0
Anthony Zamora Director 1.00
Director
$0 $0 $0
Carolyn Ascher Director 1.00
Director
$0 $0 $0
Brendan Winters Director 1.00
Director
$0 $0 $0
Peter Caruso Director 1.00
Director
$0 $0 $0
Cindy Irani Director 1.00
Director
$0 $0 $0
Kevin Cross Director 1.00
Director
$0 $0 $0
Shevket Dardovski Director 1.00
Director
$0 $0 $0
Karen Gana Director 1.00
Director
$0 $0 $0
Kim Hutto Director 1.00
Director
$0 $0 $0
Mike Evans Director 1.00
Director
$0 $0 $0
Rachel Fink Director 1.00
Director
$0 $0 $0
Robb Leone Director 1.00
Director
$0 $0 $0
Dan Rusell Director 1.00
Director
$0 $0 $0
Steve Gardner Director 1.00
Director
$0 $0 $0
Daniel O'Shea Safety and Security Advisor 40.00
Key Emp
$112,586 $0 $112,586
Ellen Farrar Executive Producer of The Magnificent Mile Lights Festival 40.00
Key Emp
$145,840 $0 $145,840
Karen Hickey Director of Membership 40.00
Key Emp
$110,000 $0 $110,000
Denise Feulner Director of Marketing and Communications 40.00
Key Emp
$110,000 $0 $110,000
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $3,509,740 $3,559,993 $2,466,725 $-50,253
2022 $4,280,175 $4,017,783 $1,515,725 $262,392
2021 $2,328,400 $2,287,987 $1,145,240 $40,413
2020 $1,653,338 $1,343,295 $783,388 $310,043
2020 $1,653,338 $1,343,295 $783,388 $310,043
2019 $2,649,048 $2,595,631 $909,752 $53,417
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