THE ART INSTITUTE OF CHICAGO

EIN: 362167725 501(c)(3) Education

CHICAGO, IL

Total Revenue
$464,393,130
Total Expenses
$381,917,394
Total Assets
$2,194,246,798
Net Assets
$1,954,091,429
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1879
Legal Domicile
IL
Principal Officer
ALEXANDRA HOLT
Phone
3124433600
Tax Period
2024-07-01 to 2025-06-30

The Art Institute of Chicago, founded in 1879, is a major nonprofit in the Education sector that reported $347.4M in total revenue in fiscal year 2017. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $317.3M left a modest 9% surplus.

Mission

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.

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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 (2024)

Revenue Breakdown

Contributions & Grants $80,549,211
Program Service Revenue $250,412,128
Investment Income $124,857,058
Other Revenue $8,574,733
TOTAL REVENUE $464,393,130

Expense Breakdown

Grants Paid $59,195,780
Salaries & Benefits $163,341,870
Fundraising Expenses $11,250,708
Program Expenses $340,177,797
Other Expenses $158,645,491
TOTAL EXPENSES $381,917,394

Year-over-Year Comparison

2024 2023 Change
Revenue $464,393,130 $493,800,993 -0.1%
Expenses $381,917,394 $348,160,383 +0.1%
Net Income $82,475,736 $145,640,610 -0.4%
Key Indicators
✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
58
Independent Members
58
Employees
3643
Volunteers
193

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
12
$3,400,806
Total Directors
63
$0
Key Employees
10
$3,668,355
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAMES RONDEAU PRESIDENT, MUSEUM 40.0
Officer
$1,024,393 $138,751 $1,163,144
ELISSA TENNY PRESIDENT, SAIC ENDED 07/2024 40.0
Officer
$753,076 $63,745 $816,821
ALEXANDRA HOLT EVP FOR FINANCE AND ADMIN 40.0
Officer
$511,868 $54,389 $566,257
EUGENE ADAMS CHIEF INFORMATION OFFICER 40.0
Highest
$256,998 $213,026 $470,024
LESLIE DARLING EVP, GENERAL CSL & SECRETARY 40.0
Officer
$416,960 $50,830 $467,790
SARAH GUERNSEY DEPUTY DIR & SR VP CUR AFFAIRS 40.0
Key Emp
$357,259 $106,123 $463,382
AMY ALLEN SENIOR VP, ENGAGEMENT, MUSEUM 40.0
Key Emp
$344,764 $102,963 $447,727
MARTIN BERGER PROVOST & SR VP ACAD AFFAIRS 40.0
Key Emp
$394,834 $41,968 $436,802
DAVID NACOL SENIOR VP, PHILANTHROPY 40.0
Key Emp
$372,790 $57,053 $429,843
JISEON LEE ISBARA PRESIDENT, SCHOOL 40.0
Officer
$354,039 $32,755 $386,794
THOMAS BUECHELE VP, CAMPUS OPERATIONS, SCHOOL 40.0
Key Emp
$253,337 $112,019 $365,356
DENISE BANKS CHIEF HR OFFICER 40.0
Key Emp
$311,123 $33,632 $344,755
ROSE MILKOWSKI VP, ENROLLMENT MANAGEMENT 40.0
Key Emp
$315,330 $29,129 $344,459
KATHRYN RAHN SR VP, MARKETING & COMMS 40.0
Highest
$286,317 $50,885 $337,202
MATTHEW NORRIS VP, ENTERPRISE SOFTWARE ANALYT 40.0
Highest
$252,595 $73,024 $325,619
EVELYN JEFFERS FORMER COO, MUSEUM 0.0
$301,728 $22,367 $324,095
ANN GOLDSTEIN DEPUTY DIR & SR CURATOR AT LG 40.0
Highest
$283,659 $39,159 $322,818
CAMILLE MARTIN-THOMSEN DEAN OF FACULTY & VP ACAD 40.0
Key Emp
$278,518 $43,491 $322,009
EMILY BENEDICT VP, CAMPUS OPERATIONS, MUSEUM 40.0
Key Emp
$268,680 $48,057 $316,737
ANTOINETTE MURRIL DEPUTY CHIEF HR OFFICER 40.0
Highest
$252,948 $30,002 $282,950
LISA WAINWRIGHT FORMER FAC DEAN/VP ACAD DEAN 40.0
$210,983 $38,290 $249,273
COURTNEY ROWE VP FOR ADV, SAIC ENDED 08/2024 40.0
Key Emp
$175,444 $21,841 $197,285
ERIC P LEFKOFSKY CHAIR 1.0
Officer Director
$0 $0 $0
DARREL HACKETT VICE CHAIR 1.0
Officer Director
$0 $0 $0
SAMUEL M MENCOFF VICE CHAIR 1.0
Officer Director
$0 $0 $0
SYLVIA M NEIL VICE CHAIR 1.0
Officer Director
$0 $0 $0
MICHAEL J SACKS VICE CHAIR 1.0
Officer Director
$0 $0 $0
DAVID J VITALE VICE CHAIR 1.0
Officer Director
$0 $0 $0
PAUL J CARBONE TREASURER 1.0
Officer Director
$0 $0 $0
ARJUN AGGARWAL TRUSTEE 1.0
Director
$0 $0 $0
FRANCES BEATTY TRUSTEE 1.0
Director
$0 $0 $0
ANNE SEARLE BENT TRUSTEE 1.0
Director
$0 $0 $0
HEIJI CHOY BLACK TRUSTEE 1.0
Director
$0 $0 $0
ANITA BLANCHARD TRUSTEE 1.0
Director
$0 $0 $0
MICHELLE BOONE TRUSTEE 1.0
Director
$0 $0 $0
LESLIE BUCHBINDER TRUSTEE 1.0
Director
$0 $0 $0
JACOLYN BUCKSBAUM TRUSTEE - AS OF 11/12/24 1.0
Director
$0 $0 $0
ROBERT J BUFORD TRUSTEE 1.0
Director
$0 $0 $0
LINDA SMITH BUONANNO TRUSTEE 1.0
Director
$0 $0 $0
SCOTT CANEL TRUSTEE 1.0
Director
$0 $0 $0
HONGHONG CHEN TRUSTEE 1.0
Director
$0 $0 $0
LESTER N CONEY TRUSTEE 1.0
Director
$0 $0 $0
RITA SOLA COOK TRUSTEE 1.0
Director
$0 $0 $0
A STEVEN CROWN TRUSTEE 1.0
Director
$0 $0 $0
JILL DELANEY TRUSTEE 1.0
Director
$0 $0 $0
SHAWN M DONNELLEY TRUSTEE 1.0
Director
$0 $0 $0
JANET DUCHOSSOIS TRUSTEE - ENDED 11/12/24 1.0
Director
$0 $0 $0
FRED EYCHANER TRUSTEE - ENDED 11/12/24 1.0
Director
$0 $0 $0
LORI GRAY FAVERSHAM TRUSTEE 1.0
Director
$0 $0 $0
STEPHANIE SKESTOS GABRIELE TRUSTEE 1.0
Director
$0 $0 $0
DENISE B GARDNER TRUSTEE 1.0
Director
$0 $0 $0
SARAH N GARVEY TRUSTEE 1.0
Director
$0 $0 $0
KAREN Z GRAY-KREHBIEL TRUSTEE 1.0
Director
$0 $0 $0
JOSEPH P GROMACKI TRUSTEE 1.0
Director
$0 $0 $0
ADNAAN HAMID TRUSTEE 1.0
Director
$0 $0 $0
CARYN HARRIS TRUSTEE 1.0
Director
$0 $0 $0
CAROL HORVITZ TRUSTEE 1.0
Director
$0 $0 $0
PAMELA JOYNER TRUSTEE - ENDED 5/9/25 1.0
Director
$0 $0 $0
CHRISTOPHER KEOGH TRUSTEE 1.0
Director
$0 $0 $0
KIP KIRKPATRICK TRUSTEE 1.0
Director
$0 $0 $0
JAY FREDERICK KREHBIEL TRUSTEE 1.0
Director
$0 $0 $0
JOSEF LAKONISHOK TRUSTEE 1.0
Director
$0 $0 $0
LAWRENCE F LEVY TRUSTEE - ENDED 11/12/24 1.0
Director
$0 $0 $0
ROBERT M LEVY TRUSTEE 1.0
Director
$0 $0 $0
JOHN F MANLEY TRUSTEE 1.0
Director
$0 $0 $0
JOE MANSUETO TRUSTEE 1.0
Director
$0 $0 $0
HOWARD M MCCUE III TRUSTEE 1.0
Director
$0 $0 $0
ERIC T MCKISSACK TRUSTEE 1.0
Director
$0 $0 $0
CARY D MCMILLAN TRUSTEE 1.0
Director
$0 $0 $0
USHA MITTAL TRUSTEE 1.0
Director
$0 $0 $0
KRISTIN REY TRUSTEE 1.0
Director
$0 $0 $0
MICHAEL POLSKY TRUSTEE 1.0
Director
$0 $0 $0
ANNE REYES TRUSTEE 1.0
Director
$0 $0 $0
LINDA JOHNSON RICE TRUSTEE 1.0
Director
$0 $0 $0
ANDREW M ROSENFIELD TRUSTEE 1.0
Director
$0 $0 $0
E SCOTT SANTI TRUSTEE 1.0
Director
$0 $0 $0
MAMADOU-ABOU SARR TRUSTEE - ENDED 6/11/25 1.0
Director
$0 $0 $0
ANITA K SINHA TRUSTEE 1.0
Director
$0 $0 $0
MAURICE SMITH TRUSTEE 1.0
Director
$0 $0 $0
ALEXANDER STUART TRUSTEE 1.0
Director
$0 $0 $0
MARILYNN THOMA TRUSTEE 1.0
Director
$0 $0 $0
JOHN VANDERLINDEN TRUSTEE 1.0
Director
$0 $0 $0
FREDERICK H WADDELL TRUSTEE 1.0
Director
$0 $0 $0
ALEX WASHINGTON TRUSTEE 1.0
Director
$0 $0 $0
REEVE B WAUD TRUSTEE 1.0
Director
$0 $0 $0
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
2025 $464,393,130 $381,917,394 $2,194,246,798 $82,475,736
2024 No data No data No data No data
2023 $359,509,602 $339,959,523 $1,886,077,791 $19,550,079
2022 $414,893,991 $299,911,678 $1,830,546,900 $114,982,313
2021 $324,720,371 $290,704,939 $2,023,763,079 $34,015,432
2020 $351,772,088 $316,818,865 $1,665,671,481 $34,953,223
2019 $376,442,984 $324,519,159 $1,652,785,035 $51,923,825
2018 $347,404,695 $317,307,084 $1,623,214,581 $30,097,611
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