Art Institute of Chicago

Analysis

Art Institute of Chicago is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in August 1925, 101 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Art Institute of Chicago reported income of $359.5m and spending of $340.0m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $376.4m to $359.5m (-4.5%), an average of -1.1% a year. The sharpest change came in the year to June 2022, when income rose by 28%. Over the whole period it spent 86% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Art Institute of Chicago sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within IL. Charities of a similar size with the same main cause include Ithaca College ($358.1m), The Trustees of Grinnell College ($364.4m) and University of Virginia Investment Management Company ($355.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 14% and program service revenue 60% of the total. Compensation of current officers, directors and key employees was $5.9m (1.7% of expenses). Other salaries and wages came to $102.4m. It paid $727k in professional fundraising fees. At year end it held assets of $1.89bn against liabilities of $259.6m, net assets of $1.63bn. It reported 3,517 employees.