The Magnificent Mile Association

Nonprofit profile at a glance

EIN
362119989
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3123442336
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$4,171,418
Expenses
$4,171,017
Assets
$2,164,111
Liabilities
$1,089,028

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

Leadership & pay

116 people listed

Executive titles in this filing

  • KIMBERLY BARES (President & CEO)

Highest reported compensation

  • KIMBERLY BARES (President & CEO): $315,851 total reported compensation
  • ELLEN FARRAR (EXECUTIVE PRODUCER): $152,457 total reported compensation
  • DENISE FEULNER (DIRECTOR OF MARKETING): $144,293 total reported compensation

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

Overview

Mission

To foster, promote, maintain and encourage the civic, social, commercial and industrial welfare of 'the magnificent mile' in the city of chicago.

What it reported doing in 2024

The magnificent mile lights festival brought significant local, regional, and national publicity which promoted chicago as a premier holiday destination. In addition, it displayed the good deeds, offerings and special activities taking place along the magnificent mile from the kick-off of the lights festival through the holiday season.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 67
  • Accountability: 100
  • Sustainability: 25
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.3%; rating input score 64
  • Program expense ratio: 64.1%; rating input score 64
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th 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: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 0.52; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 0.5; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 17.4%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: 18.1% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: 14% per year; rating input score 100; 79th percentile among comparable filings
  • Asset growth: 22.3% per year; rating input score 100; 87th percentile among comparable filings

Details

  • Where the money goes: 64.3% of revenue deployed · 64.1% of spending went to programs
  • Governance: 106 of 106 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $316K · 116 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 7 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.