The Jeffrey E Horvitz Trust for French Art

Nonprofit profile at a glance

EIN
336551823
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3124433600
Rating
34
Verdict
REVIEW
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$300,000
Expenses
$600
Assets
$300,000
Liabilities
$600

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

Leadership & pay

4 people listed

Highest reported compensation

  • JAMES RONDEAU (TRUSTEE): $1,163,145 total reported compensation
  • ALEXANDRA HOLT (TRUSTEE): $566,257 total reported compensation
  • KEVIN SALATINO (TRUSTEE): $263,166 total reported compensation

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

Overview

Mission

The trust is organized and operated exclusively to support the art institute of chicago in its active interest and investment in displaying collections of early french art, particularly drawings, paintings, prints, and sculpture.

What it reported doing in 2024

The establishment of the trust allows the art institute to establish and maintain a dedicated program of research, visiting scholars, exhibitions, and publications relating to french art and artists from the late sixteenth century to the middle of the nineteenth century. The trust will also provide financial resources to the art institute to produce publications, symposia, colloquia, visiting scholars and students, conservation, and scientific study related to the trust's collection and the art institute's collection of similar works. The activities of the trust allow the art institute to further its mission of providing appreciation and education in visual fine arts and design.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up and revenue comfortably covers expenses. 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: 0
  • Transparency & Controls: 65
  • Accountability: 50
  • Sustainability: 83
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 25%; rating input score 25; 15th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 99.8%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 500; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 37,249.3%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 1 of 4 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.2M · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Contacts: How to reach this organization
  • 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.

Key Signals

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

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 25/100.
  • Review — Accountability: Governance controls: Board meeting minutes documented not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.