Choose Chicago Foundation

Overview

Mission

The choose chicago foundation accelerates the civic, cultural, and economic growth of chicago through travel and tourism initiatives.

What it reported doing in 2024

The choose chicago foundation strategically promotes equity, diversity, and inclusion initiatives that benefit youth, community, and workforce development. The foundation will offer financial support and long-term training opportunities for ethnically and economically diverse communities for advancement within the hospitality and tourism industry.

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

Nonprofit profile at a glance

EIN
454847768
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Headquarters
Chicago, IL, USA
Phone
3125678560
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Improvement, Capacity Building N.E.C.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 49
  • Accountability: 91
  • Sustainability: 22
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.8%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 10th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 6th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -83.7%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0.05; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0.1%; rating input score 83; 83rd percentile among comparable filings

Growth

  • Program expense growth: 42.4% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 32.7% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 26.3% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.8% of spending went to programs
  • Governance: 5 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $16.9M in reported program spending
  • Leadership: top reported pay $572K · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 17 of 19 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 annual filings from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

9 people listed

Highest reported compensation

  • LYNN OSMOND (PRESIDENT AND CEO): $572,448 total reported compensation
  • RICH GAMBLE (INTERIM PRESIDENT AND CEO): $370,596 total reported compensation
  • W JAMES MEYER (CFO): $266,770 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.