| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Line 15b PROCESS TO ESTABLISH COMPENSATION OF OTHER OFFICERS OR KEY EMPLOYEES | In setting the compensation for the foundation's other officers or key employees, the Exec Director relies on recent compensation studies that provide compensation data for similarly qualified persons in comparable organizations to support its decision-making process. The process for reviewing compensation for the organization's other officers is completed on an annual basis. |
| Form 990, Part VI, Line 6 Classes of members or stockholders | The corporation shall have six classes of members, designated Class A, Class B, Class C, Class D, Class E, and Class F. Class A members shall consist of one member, the incumbent Governor of the State of Illinois. Class B members shall consist of one member, the incumbent President of the Illinois Senate. Class C members shall consist of one member, the incumbent Minority Leader of the Illinois Senate. Class D members shall consist of one member, the incumbent Speaker of the Illinois House of Representatives. Class E members shall consist of one member, the incumbent Minority Leader of the Illinois House of Representatives. Class F members shall consist of one member, Commonwealth Edison Company (or its corporate successor). |
| Form 990, Part VI, Line 7a Members or stockholders electing members of governing body | Each member is entitled to appoint one trustee to sit on the board of directors. |
| Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body | The foundation did not have any committees with the authority to act on behalf of the governing body. |
| Form 990, Part VI, Line 11b Review of form 990 by governing body | The foundation's independent paid tax preparers review the prepared form 990 with the Foundation staff. Subsequent to this review, the Chair of the Foundation's Audit Committee and another Board member review the Form 990. They discuss and resolve any questions or clarifications with Foundation staff. The foundation staff works with its tax preparers to resolve any questions or issues the Audit Committee Chair and the other Board members discover before filing the return. Copies of the final form 990 are distributed to all members of the Foundation's governing body prior to filing with the IRS. |
| Form 990, Part VI, Line 12c Conflict of interest policy | The foundation's conflict of interest policy covers all Trustees, Officers, members of a Committee and all employees. Annually, conflict of interest questionnaires are completed by the foundation's interested persons and reviewed by the Executive Director. Any interested person of the Foundation who has a conflict of interest, described in the Foundation's Conflict-of-Interest Policy, must fully disclose such interest to the Foundation's Board of Trustees or appropriate Committee before any discussion or negotiation of such transaction or arrangement. Any person covered by this policy may seek a determination by the Board of Trustees as to whether his or her disclosure shows that a conflict of interest exists or can reasonably be construed to exist. A majority vote of the Trustees present at a Board meeting at which a quorum is present must then determine whether an interest exists or can reasonably be construed to exist after deliberation without the presence of the person requesting the determination. Any Interested person of the Foundation who has either disclosed and declared a conflict of interest, or been determined to have a conflict of interest (or reasonably construed to have an interest) by the Board of Trustees, shall not be present for any discussion or deliberation or vote on such transaction or arrangement; and shall not otherwise use his or her personal influence in connection with such matter. |
| Form 990, Part VI, Line 15a Process to establish compensation of top management official | THE COMPENSATION PACKAGE OF THE FOUNDATION'S TOP MANAGEMENT OFFICIAL, EXECUTIVE DIRECTOR DENNIS O'BRIEN, IS OUTLINED IN A WRITTEN EMPLOYMENT CONTRACT. THE MOST RECENT CONTRACT WAS ENTERED INTO DURING July 2019, WITH A TERM THROUGH DECEMBER 2023. THE EXECUTIVE DIRECTOR'S COMPENSATION IS FIXED FOR THE CONTRACT TERM, WHICH BEGAN ON AUGUST 1, 2019. PRIOR TO THIS, THERE WAS A SIMILAR CONTRACT IN PLACE FROM JAN 2017 THROUGH DECEMBER 2019. IN SETTING THE TOP MANAGEMENT OFFICIAL'S COMPENSATION, THE ORGANIZATION'S BOARD RELIES ON RECENT COMPENSATION STUDIES THAT PROVIDE COMPENSATION DATA FOR SIMILARLY QUALIFIED PERSONS IN COMPARABLE ORGANIZATIONS AND TAKE INTO CONSIDERATION HIS JOB PERFORMANCE TO SUPPORT ITS DECISION-MAKING PROCESS. THE TOP MANAGEMENT OFFICIAL'S COMPENSATION ARRANGEMENT IS SUBJECT TO THE INDEPENDENT BOARD'S REVIEW AND APPROVAL, AND NO INDIVIDUALS WHO HAVE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT PARTICIPATE IN THE DELIBERATIONS. THE BOARD ADEQUATELY DOCUMENTS ITS COMPENSATION DETERMINATIONS AND DELIBERATIONS REGARDING COMPENSATION IN THE BOARD PROCEEDINGS ON A TIMELY BASIS. |
| Form 990, Part VI, Line 19 Required documents available to the public | Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104. These documents are not available to the public at this time. |
| Form 990, Part XI, Line 9 Other changes in net assets or fund balances | CHANGE IN ACCRUED INTEREST - -95110; |
| Software ID: | 23017437 |
| Software Version: | 2023v5.0 |