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World Business Chicago

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 364313685 ✦ Chicago, IL ✦ Designated as a 501(c)(3)

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Overview

What is World Business Chicago?

World Business Chicago (WBC) is a public-private economic development agency situated in Chicago, Illinois. Its primary mission is to foster inclusive economic growth and job creation, support businesses, and promote Chicago as a prominent global city. WBC achieves this by assisting in the recruitment, expansion, and retention of businesses, connecting them to resources and opportunities. The organization also advocates for Chicago as a world-class city by building strategic industry partnerships, convening policy makers and leaders, and promoting multicultural engagement. Additionally, WBC works towards advancing growth in Chicago's neighborhoods through talent development, procurement, and investment. With a team of 65 dedicated individuals, WBC plays a crucial role in driving Chicago's economic growth and development.


Official website here: www.worldbusinesschicago.com

What are the reviews and ratings of this charity?

World Business Chicago has received a Four-Star out of Four Star rating from Charity Navigator, scoring an impressive 97%. This rating reflects a strong emphasis on Accountability & Finance, indicating that the organization is well-managed and transparent with its financial practices. The high score suggests a reliable use of donations and a solid financial standing, reassuring potential donors about the effective utilization of funds.

The organization exhibits significant strengths in governance and financial oversight. It boasts a fully independent board and has tight controls reflected in a perfect score for the presence of essential policies such as conflict of interest and whistleblower policies. Furthermore, with a program expense ratio of 81.53% and remarkable fundraising efficiency, World Business Chicago dedicates a substantial portion of its resources directly to its programs.

Despite the extensive financial and accountability data available, there is no scoring on impact, culture, or leadership, leaving a gap in understanding its organizational effectiveness beyond finance. Additionally, there are no user reviews available on GreatNonprofits, which means the community’s personal experiences and sentiment towards World Business Chicago remain unreported.


This AI summary has been generated from information found on Charity Navigator.

Is World Business Chicago legitimate?

World Business Chicago is a legitimate nonprofit organization registered as a 501(c)(3) entity. World Business Chicago submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.


Heare are some key statistics you may want to consider:

Executive Compensation: $1,310,452
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,799,635

For more financial information, click here


Official website here: www.worldbusinesschicago.com

What is the mission statement of World Business Chicago?

World Business Chicago serves as a public-private economic development agency, working towards driving inclusive economic growth and job creation. Its primary objective is to support businesses and promote the city as a leading global city. The organization's activities encompass assisting in business recruitment, expansion, and retention, connecting businesses to resources and opportunities, and championing the city as a world-class location. World Business Chicago also fosters strategic industry partnerships, engages with policy makers and leaders, and encourages opportunities for multicultural engagement. The agency unites leaders to advance growth in the city's neighborhoods through talent development, procurement, and investment.


Official website here: www.worldbusinesschicago.com

Who is the CEO of World Business Chicago?

Michael Fassnacht is the Director of World Business Chicago. The CEO's salary of World Business Chicago is $480,586 and their total compensation is $507,934.


Official website here: www.worldbusinesschicago.com

What is the revenue of World Business Chicago?

World Business Chicago's revenue in 2022 was $11,317,735.


Official website here: www.worldbusinesschicago.com

Who are the executives of World Business Chicago and what are their salaries?

The average compensation at World Business Chicago during 2022 was $63,232. There are 65 employees and 630 volunteers at World Business Chicago.


Here are 109 key members and their salaries (World Business Chicago's CEO's salary is $480,586 and their total compensation is $507,934):


Roz Brewer (Director)
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Paramita Das (Director)
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Robert Bronstein (Director)
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Scott C Swanson (Director)
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Richard S Price (Director)
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Raj Gupta (Director)
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Pin Ni (Director)
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Shiv Iyer (Director)
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Paul Hsu (Director)
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Michael Reinsdorf (Director)
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Martin Cabrera (Director)
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Martin H Nesbitt (Director)
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Steve A Kersten (Director)
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John R Ettelson (Director)
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Michael H Moskow (Director)
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Susan Arthur (Director)
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Thomas Kilroy (Director)
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Matt Renner (Director)
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Michael J Sacks (Director)
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Jose Luis Prado (Director)
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Wendell Dallas (Director)
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Glenn Tullman (Director)
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Michael O'Grady (Director)
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Gregory C Case (Director)
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Mark S Hoplamazian (Director)
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Kathy Scherer (Director)
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Rita Athas (Ex-Officio Director)
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Andrea Zopp (Ex-Officio Director)
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Jeff Malehorn (Ex-Officio Director)
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Ryan Smith (Director)
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Laura Thonn (Director)
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Mark A Hoppe (Director)
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Marc Baumann (Director)
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Karen Sauder (Director)
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Lynn Osmond (Director)
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Thomas Mcelroy (Director)
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Tony Maggiore (Director)
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Linda Imonti (Director)
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Torrence Hinton (Director)
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Mark Sullivan (Director)
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Kyle Degiulio (Director)
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Kristen Rossi (Director)
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Kip Kirkpatrick (Director)
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Kevin Cole (Director)
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Kelly Graves (Director)
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Luke Petherbridge (Director)
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Greg Klamrzynski (Director)
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Hardik Bhatt (Director)
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David R Casper (Director)
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Greg Brown (Director)
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Curt R Bailey (Director)
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Dean Harrison (Director)
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Robbert Rietbroek (Director)
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Dave Kimbell (Director)
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Craig Martin (Director)
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Brett Hart (Director)
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Alanna Cotton (Director)
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John R Weiss (Director)
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Melissa Werneck (Director)
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Jon Shulkin (Director)
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Greg Hughes (Director)
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Mark Tebbe (Director)
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Jaime Lm Jones (Director)
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Marc F Sperber (Director)
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James Turner (Director)
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Jason Wortendyke (Director)
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Lior Ron (Director)
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Jeff Shapack (Director)
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Jennifer Steans (Director)
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Judy Toland (Director)
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John Koudounis (Director)
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Matt Snyder (Director)
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Christopher Crane (Director)
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Charles Smith (Director)
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Clive Christison (Director)
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Jennifer Scanlon (Director)
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David Reifman (Director)
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Grant C Uhlir (Director)
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Frank Pasquesi (Director)
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David Simas (Director)
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Fabiano Lima (Director)
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Eric Lefkofsky (Director)
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Edward Tilly (Director)
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Dr Opella Ernest (Director)
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Jeffrey S Torosian (Director)
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Don Wilson (Director)
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Desiree Rogers (Director)
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Donald Thompson (Director)
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Dan Ryan (Director)
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Brian Stanton (Director)
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Jim Reynolds (Director)
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Jim Skogsbergh (Director)
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Dave Dohnalek (Director)
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John Buck (Director)
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Joe Erlinger (Director)
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John C Robak (Director)
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John Holmes (Director)
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James S Crown (Director)
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James Matanky (Director)
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Lori E Lightfoot (Chair)
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Mellody Hobson (Vice Chair)
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Peter Thompson (Treasurer)
  • Compensation: $0
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Michael Morkin (Secretary)
  • Compensation: $0
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Michael Fassnacht (President & Ceo)
  • Compensation: $480,586
  • Related: $0
  • Other: $27,348
Adrienne Tongate (Evp, Global Strategic Init)
  • Compensation: $142,638
  • Related: $0
  • Other: $10,680
Lisa Dziekan (Senior Vice President Of B)
  • Compensation: $138,576
  • Related: $0
  • Other: $21,483
Laforce Baker (Vice President Of Community Impact)
  • Compensation: $140,390
  • Related: $0
  • Other: $19,963
Abin Kuriakose (Evp, Innovation & Venture)
  • Compensation: $142,105
  • Related: $0
  • Other: $15,113
Carrie Simmons (Vice President Of Operatio)
  • Compensation: $146,487
  • Related: $0
  • Other: $22,683


Official website here: www.worldbusinesschicago.com

Where can I find the form 990 for World Business Chicago?

World Business Chicago's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.worldbusinesschicago.com

Learn more at the official website: www.worldbusinesschicago.com

Mission Statement of World Business Chicago

World Business Chicago, serving as the city's public-private economic development agency, is committed to driving inclusive economic growth and job creation while supporting businesses. Its mission extends beyond Chicago, aiming to promote the city as a leading global hub. The organization's primary objective is to attract, retain, and expand businesses, providing them with necessary resources and opportunities to thrive. World Business Chicago also champions Chicago on a global scale by building strategic industry partnerships, convening policy makers and leaders, and fostering multicultural engagement. In addition, World Business Chicago plays a crucial role in advancing growth in Chicago's neighborhoods through talent development, procurement, and investment, ensuring that all Chicagoans prosper.

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Impact



October, 2024

World Business Chicago plays a pivotal role in fostering economic growth and job creation within the city. By focusing on business attraction, expansion, and retention, it helps create a conducive environment for enterprises to thrive. The agency actively connects businesses with essential resources and opportunities, enhancing their potential for success.

Additionally, World Business Chicago champions inclusivity in economic development, ensuring that all Chicagoans have the opportunity to prosper. This approach not only stimulates local economies but also promotes social equity within the community. The agency builds strategic industry partnerships and brings together policymakers and leaders to align efforts for a stronger economic landscape.

World Business Chicago’s commitment to international strategic initiatives and cultural exchange, exemplified by the Chicago Sister Cities Program, strengthens the city’s global presence. Through these initiatives, the agency elevates Chicago as a premier global city, attracting investment and fostering a vibrant, diverse business ecosystem. Overall, its multifaceted impact encompasses driving economic growth, enhancing community vitality, and advancing inclusive opportunities across neighborhoods.



This information is meant to be a general summary of World Business Chicago. Please take the time to review official sources before making any decisions based upon the content provided here.


Financials

This financial information is from Propublica.

Revenue
$11,317,735 (2022)
Expenses
$11,739,073 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $6,420
  • Program Service Revenue: $146,010
  • Gross Receipts: $11,613,833

Assets and Liabilities:

  • Total Assets: $12,703,057
  • Total Liabilities: $3,840,602
  • Net Assets: $8,862,455

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

PROGRAM FEES

Revenue

$146,010

Organization Details

Founding Year

1999

Phone

(312) 553-0500

Principal Officer

Michael Fassnacht

Main Address

180 NORTH LASALLE STREET 2505, CHICAGO, IL, 60601

Website

www.worldbusinesschicago.com

NTEE Category

Code: S31 - Community improvement

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