Arts & Business Council of Chicago

EIN: 363376861 501(c)(3)

Chicago, IL

Total Revenue
$320,491
Total Expenses
$404,734
Total Assets
N/A
Net Assets
N/A
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1985
Legal Domicile
IL
Principal Officer
Simi Gambhir
Phone
3123721876
Tax Period
2023-01-01 to 2023-12-31

Arts & Business Council of Chicago, founded in 1985, is a small nonprofit that reported $320K in total revenue in fiscal year 2023. Revenue surged 56% from the prior year, signaling strong growth momentum. Expenses of $405K exceeded revenue, resulting in a 26% operating deficit.

Mission

Arts & Business Council of Chicagos mission is to develop leadership and accelerate excellence in the business of arts and art of business in Chicago.

Program Service Accomplishments

Program 1
Expenses: $236,831 Revenue: $33,999

1) Training individuals looking to become highly-qualified and sought-after leaders on boards of directors for nonprofit arts organizations throughout Chicago.2) Labs which are an educational series...

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1) Training individuals looking to become highly-qualified and sought-after leaders on boards of directors for nonprofit arts organizations throughout Chicago.2) Labs which are an educational series on a variety of arts management topics and best practices.3) The flagship program business volunteers for the arts (BVA) strengthens not for profit arts and cultural institutions organizational capacity and effectiveness while enhancing business professionals corporate workplace performance through skills-based volunteering.

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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 $274,731
Program Service Revenue $33,999
Investment Income $11
Other Revenue $11,750
TOTAL REVENUE $320,491

Expense Breakdown

Grants Paid $0
Salaries & Benefits $325,400
Fundraising Expenses $55,568
Program Expenses $236,831
Other Expenses $79,334
TOTAL EXPENSES $404,734

Year-over-Year Comparison

2023 2022 Change
Revenue $320,491 $205,789 +0.6%
Expenses $404,734 $235,066 +0.7%
Net Income $-84,243 $-29,277 +1.9%
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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
9
Independent Members
8
Employees
2
Volunteers
27

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
5
$103,481
Total Directors
11
$103,481
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Kristin Larsen Executive Dir. 40.00
Officer Director
$103,481 $0 $103,481
Simi Gambhir Chair 2.00
Officer Director
$0 $0 $0
Jake Trussell Vice Chair 2.00
Officer Director
$0 $0 $0
Melissa Elbert Treasurer 2.00
Officer Director
$0 $0 $0
Kimberly Grigsby Secretary 2.00
Officer Director
$0 $0 $0
Derek Lowrey Director 1.00
Director
$0 $0 $0
Liz Rice Director 1.00
Director
$0 $0 $0
Roche Schulfer Director 1.00
Director
$0 $0 $0
Meida Teresa McNeal Director 1.00
Director
$0 $0 $0
Vanessa Stokes Director 1.00
Director
$0 $0 $0
Robyn Wheeler Chair Emeritus 1.00
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
2023 $320,491 $404,734 No data $-84,243
2022 $205,789 $235,066 $194,619 $-29,277
2021 $363,077 $251,567 $229,879 $111,510
2020 $318,106 $330,621 $223,601 $-12,515
2019 $238,159 $468,543 $94,343 $-230,384
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