Chicago Medical Society

Nonprofit profile at a glance

EIN
300126886
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3126702550
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$521,598
Expenses
$676,318
Assets
$2,148,395
Liabilities
$2,069,849

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • TED KANELLAKES (EXECUTIVE DIRECTOR)
  • A JAY K CHAUHAN DO (IMMEDIATE PAST PRESIDENT)
  • TARIQ BUTT MD (PRESIDENT/TREASURER)

Highest reported compensation

  • TED KANELLAKES (EXECUTIVE DIRECTOR): $263,254 total reported compensation
  • MEGAN WHALEN (VP OF CMS INSURANCE AGENCY): $135,754 total reported compensation
  • PATRICK DERSE (DIRECTOR OF FINANCE): $110,856 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o

What it reported doing in 2024

Other communications - pamphlets and leaflets that inform and keep members and the public abreast of current medical research and practice

Operating model

Revenue model
Earned-program. 63% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 36
  • Transparency & Controls: 66
  • Accountability: 91
  • Sustainability: 26
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 44.4%; rating input score 44
  • Program expense ratio: 34.7%; rating input score 35
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • 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: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -29.7%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 3.18; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.96; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 1.1% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: -8.4% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -0.3% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: 44.4% of revenue deployed · 34.7% of spending went to programs
  • Governance: 17 of 17 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $235K in reported program spending
  • Leadership: top reported pay $263K · 20 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 35/100.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.