Art Institute of Chicago
Public records show a registered, tax-exempt organization in good standing.
What it says it does
SEE SCHEDULE O.
- Income
- $464.4 million
- Spending
- $381.9 million
- Spent on programs
- 89%
- Reserves
- 12.6 months of spending
- Largest source of income
- fees for its services, 54%
- Employees
- 3,643
- Volunteers
- 193
- Highest pay
- $1.2 million, president, museum
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Strong: 95 out of 100. Higher than 89% of charities in its peer group (education, over $100m).
Reserves
35 of 35Spendable reserves would cover 12.6 months of spending.
Debt
20 of 20It owes 11% of what it owns.
Living within its means
15 of 15Income exceeded spending by 18% of income.
Income trend
10 of 15Income fell 6% on the year before.
Spending floor
15 of 1589% of spending went to programs and raising each dollar of donations cost 14 cents.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 90 out of 100. Higher than 14% of charities in its peer group (education, over $100m).
Independent board
25 of 2558 of 58 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (2)
- $199.8 million spent. THE SCHOOL OF THE ART INSTITUTE OF CHICAGO (SAIC} IS AN ACCREDITED COLLEGE OF ART AND DESIGN OFFERING UNDERGRADUATE, GRADUATE, AND POST-BACCALAUREATE DEGREE PROGRAMS FOR STUDIO ARTISTS, ART EDUCATORS, ART THERAPISTS, DESIGNERS, WRITERS, AND ART HISTORIANS. SAIC'S FINE ARTS GRADUATE PROGRAM IS RANKED NUMBER TWO IN THE NATION BY U.S. NEWS AND WORLD REPORT, AND THE SCHOOL OFFERS WORLD-CLASS RESOURCES INCLUDING THE ART INSTITUTE OF CHICAGO MUSEUM, ON-CAMPUS GALLERIES, AND STATE-OF-THE-ART FACILITIES. IN FISCAL YEAR 2025, AVERAGE ACADEMIC YEAR FULL-TIME-EQUIVALENT ENROLLMENT OF DEGREE-SEEKING STUDENTS WAS 3,323 WITH INTERNATIONAL STUDENTS FROM 80 COUNTRIES.
- $140.3 million spent. THE ART INSTITUTE OF CHICAGO SHARES ITS SINGULAR COLLECTIONS WITH OUR CITY AND THE WORLD. WE COLLECT, CARE FOR, AND INTERPRET WORKS OF ART ACROSS TIME, CULTURES, GEOGRAPHIES, AND IDENTITIES, CENTERING THE VISION OF ARTISTS AND MAKERS. WE RECOGNIZE THAT ALL ART IS MADE IN A PARTICULAR CONTEXT, DEMANDING CONTINUAL, DYNAMIC RECONSIDERATION IN THE PRESENT. WE ARE A PLACE OF GATHERING; WE FOSTER THE EXCHANGE OF IDEAS AND INSPIRE AN EXPANSIVE, INCLUSIVE UNDERSTANDING OF HUMAN CREATIVITY. THE MUSEUM ACHIEVES THIS THROUGH BUILDING AND STEWARDING ITS RENOWNED PERMANENT COLLECTION, PRODUCING EDUCATIONAL PROGRAMMING AROUND THE COLLECTION, AND PRESENTING WORLD CLASS EXHIBITIONS HIGHLIGHTING BOTH ITS COLLECTION AND OBJECTS LOANED FROM OTHER INSTITUTIONS. IN FY25, FEATURED EXHIBITIONS INCLUDED "GEORGIA O'KEEFFE: MY NEW YORKS,""MYTH AND MARBLE: ANCIENT ROMAN SCULPTURE FROM THE TORLONIA COLLECTION,"FRIDA KAHLO'S MONTH IN PARIS: A FRIENDSHIP WITH MARY REYNOLDS."
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since August 1925.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
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