World Business Chicago

Nonprofit profile at a glance

EIN
364313685
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3125530500
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$9,847,802
Expenses
$9,289,730
Assets
$12,113,893
Liabilities
$3,666,894

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

Leadership & pay

126 people listed

Executive titles in this filing

  • PHILIP CLEMENT (CEO & PRESIDENT)

Highest reported compensation

  • PHILIP CLEMENT (CEO & PRESIDENT): $254,297 total reported compensation
  • CARRIE SIMMONS (VP OF OPERATIONS & HR): $185,868 total reported compensation
  • ADRIENNE TONGATE (EVP GLOBAL STRATEGIC INITI): $181,278 total reported compensation

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

Overview

Mission

World business chicago is the city of chicago's public-private economic development agency. Our mission is to drive inclusive economic growth and job creation, support business, and promote chicago as a leading global city.

What it reported doing in 2024

World business chicago (wbc) drives economic growth through three main areas: business attraction and retention, inclusive economic growth and jobs, international strategic initiatives and cultural exchange through the chicago sister cities program.

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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 75
  • Accountability: 95
  • Sustainability: 44
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.2%; rating input score 73
  • Program expense ratio: 77.2%; rating input score 77
  • Fundraising efficiency: $18.27 raised per $1 spent on fundraising; rating input score 57; 57th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 24th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 90.6%; rating input score 91; 26th 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: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.7%; rating input score 52; 52nd percentile among comparable filings
  • Total-asset coverage ratio: 1.3; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.3; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 14%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: 0.2% per year; rating input score 100; 14th percentile among comparable filings
  • Revenue growth: -4.5% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -2% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 73.2% of revenue deployed · 77.2% of spending went to programs
  • Governance: 99 of 99 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $7.2M in reported program spending
  • Leadership: top reported pay $254K · 126 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $595K reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 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 — Growth: Revenue growth scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 57/100.
  • Review — Sustainability: Operating margin scored 52/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • High — Sustainability: Officer compensation ratio scored 20/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.