Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $6,000,000

• 2a · Program service revenue: PROGRAM REVENUE

  total $184,979,790 · related or exempt $184,979,790

• 3 · Investment income

  total $2,232,637 · excluded $2,232,637

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $5,131,286 · program services $5,131,286

• 3 · Grants to foreign organizations and individuals

  total $41,521,854 · program services $41,521,854

• 5 · Compensation of officers, directors and key employees

  total $204,577 · management and general $204,577

• 7 · Other salaries and wages

  total $22,672,084 · program services $21,718,647 · management and general $953,437

• 8 · Pension plan contributions

  total $279,436 · program services $264,904 · management and general $14,532

• 9 · Other employee benefits

  total $816,003 · program services $674,458 · management and general $141,545

• 10 · Payroll taxes

  total $1,342,457 · program services $1,218,982 · management and general $123,475

• 11a · Fees: management

  total $13,076,309 · management and general $13,076,309

• 11b · Fees: legal

  total $50,448 · management and general $50,448

• 11c · Fees: accounting

  total $134,900 · management and general $134,900

• 11g · Fees: other

  total $4,264,257 · program services $25,218 · management and general $4,239,039

• 13 · Office expenses

  total $2,195,772 · program services $2,195,772

• 15 · Royalties

  total $1,878,100 · program services $1,878,100

• 16 · Occupancy

  total $21,708,396 · program services $21,708,396

• 17 · Travel

  total $167,350 · program services $167,350

• 22 · Depreciation, depletion and amortization

  total $400,036 · program services $400,036

• 24a · Other expenses: STUD. ENROLL. & MKTG.

  total $38,437,203 · program services $38,437,203

• 24b · Other expenses: PRODUCTION COSTS

  total $29,403,451 · program services $29,403,451

• 24c · Other expenses: COURSE EXPENSES

  total $4,613,044 · program services $4,613,044

• 24d · Other expenses: STUDENT EVENTS

  total $781,563 · program services $781,563

• 24e · All other expenses

  total $1,130,053 · program services $1,127,891 · management and general $2,162

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $17,881,320 · end of year $22,524,057

• 2 · Savings and temporary cash investments

  beginning of year $62,858,648 · end of year $24,032,512

• 3 · Pledges and grants receivable

  end of year $6,000,000

• 4 · Accounts receivable

  beginning of year $7,709,353 · end of year $6,554,318

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,358,267 · end of year $12,413,258

• 10a · Land, buildings and equipment: cost or other basis

  $2,086,245

• 10b · Land, buildings and equipment: accumulated depreciation

  $1,222,796

• 10c · Land, buildings and equipment, net

  beginning of year $1,085,150 · end of year $863,449

• 11 · Investments: publicly traded securities

  end of year $25,693,901

• 15 · Other assets

  beginning of year $35,370,570 · end of year $18,457,932

• 17 · Accounts payable and accrued expenses

  beginning of year $7,459,445 · end of year $6,873,903

• 19 · Deferred revenue

  beginning of year $62,481,042 · end of year $68,442,916

• 25 · Other liabilities

  beginning of year $50,774,452 · end of year $23,581,242

• 27 · Net assets without donor restrictions

  beginning of year $14,548,369 · end of year $17,641,366

The filer's explanations (Part III)

PART I, LINE 3

THE SCHOOL'S PRESIDENT IS COMPENSATED BY HULT SUPPORT SERVICES, LTD., WHICH IS A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THE SCHOOL'S COMPENSATON AND EVALUATION COMMITTEE REVIEWS THE SCHOOL PRESIDENT'S COMPENSATION ANNUALLY. THE COMMITTEE BASES ITS EVALUATION AND DETERMINES COMPENSATION LEVELS ON THIRD PARTY SALARY SURVEYS AND COMPARABILITY DATA. THE COMPENSATION COMMITTEE PROPOSES THE PRESIDENT'S COMPENSATION LEVEL TO THE FULL BOARD FOR APPROVAL. A WRITTEN EMPLOYMENT AGREEMENT SETS FORTH THE TERMS AND CONDITIONS OF THE PRESIDENT'S EMPLOYMENT WITH THE SCHOOL AND ITS AFFILIATE. FOR KEY EMPLOYEES AND OFFICERS OF THE SCHOOL, COMPENSATION IS BASED ON A FIXED SUM AGREED UPON AT THE TIME OF EMPLOYMENT. THIS SUM REFLECTS AN EMPLOYEE'S LEVEL OF EXPERIENCE AND EXPERTISE WHEN (S)HE JOINS THE ORGANIZATION. SALARIES WITHIN THE ORGANIZATION ARE STRICTLY CONFIDENTIAL AND NEGOTIATED INDIVIDUALLY. MATT LILLEY, JOAKIM BANESTIG AND EMILIE MCCARTHY WERE PAID IN BRITISH POUNDS BY HULT SUPPORT SERVICES, LTD., A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THEIR SALARIES WERE CONVERTED TO AMERICAN DOLLARS FROM BRITISH POUNDS AT AN EXCHANGE RATE OF 1.29 DOLLARS PER POUND. FOR CALENDAR YEAR 2023, MR. LILLEYS' COMPENSATION FROM HSS TOTALED $373,278 (USD), MR. BANESTIG'S COPMENSATION FROM HSS TOTALED $37,542 (USD), AND MS. MCCARTHY'S COMPENSATION FROM HSS TOTALED $323,336 (USD).

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• HULT SUPPORT SERVICES LTD

  PROVIDE VARIOUS SUPPORT SERVICES TO HULT INT. BUSINESS SCHOOL, INC. · UK · 100% owned · share of income $22,345,895 · share of assets $4,035,060 · controlled entity

  Directly controlled by HULT INTERNATIONAL BUSINESS SCHOOL INC