BREAKING NEWS 11/16/2016
FOR IMMEDIATE DISTRIBUTION
IRS AUDITS NAVY PIER INC
Below is a disclosure on the IRS990 for 2015 filed by Navy Pier Inc.
"NPI recognized no interest or penalties for the years ended December 31, 2015 and 2014.
NPI is currently undergoing an examination by the Internal Revenue Service for the year ended December 31, 2013.
The scope of the examination includes a review to ensure all Unrelated Business Income has been properly reported. As of the date of this report, the results of the examination have not been finalized. NPI is no longer subject to examination by Federal, State or Local Authorities for periods before 2013."
This is not accurate. In fact, the IRS can go back 7 years or to the inception of NPI in January, 2011 to determine if NPI is a bona fide 501C3 by its operations and business practices.
CorruptionBusters has reported extensively on the sham creation of Navy Pier Inc. from MPEA (Metropolitan Pier & Exposition Authority comprising Navy Pier and McCormick Place) since the end of 2010 when General Counsel Renee Benjamin commissioned a "study" to determine if a Non-Profit is subject to FOIA and OMA -- at taxpayer expense of $17,000 paid to insider lawyers at Shefsky (now Taft Law).
Navy Pier Inc. was then incorporated in January, 2011 and by June 30, 2011 was split out from MPEA. Marilynn Gardner was General Manager at Navy Pier earning $165,000 per year. The NPI IRS990 for 2015 reported her compensation at $443,000 as CEO of NPI!
Today, Crain's reported this story and highlighted the revenue from Pier Tenant Leases - all percentage rent contracts - that mandate taxable income according to IRS regulations.
NPI raised only $0.9 Million for actual donations (in addition to receiving $25 Million from MPEA), well below the 50% threshold to maintain 501C3 Non-Profit status.
Click here to read the Crain's article