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Nonprofiteer
← HULT INTERNATIONAL BUSINESS SCHOOL INC

Form 990 for tax year 2022

Filed by HULT INTERNATIONAL BUSINESS SCHOOL INC.

Totals

Total revenue
$191,323,514
Total expenses
$200,171,496
Contributions and grants received
$0
Grants paid
$46,282,895
Program service revenue
$189,228,813
Investment income
$2,094,701
Other revenue
$0
Total assets, end of year
$135,263,308
Total liabilities, end of year
$120,714,939
Net assets or fund balances, end of year
$14,548,369
Program services expenses (Part IX)
$181,955,653
Management and general expenses
$18,215,843
Fundraising expenses
$0
Program service expenses (Part III)
$181,955,653

Program services were 90.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: PROGRAM REVENUE

    total $189,228,813 · related or exempt $189,228,813

  • 3 · Investment income

    total $2,094,701 · excluded $2,094,701

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $4,005,683 · program services $4,005,683

  • 3 · Grants to foreign organizations and individuals

    total $42,277,212 · program services $42,277,212

  • 5 · Compensation of officers, directors and key employees

    total $187,342 · management and general $187,342

  • 7 · Other salaries and wages

    total $24,753,540 · program services $22,821,906 · management and general $1,931,634

  • 8 · Pension plan contributions

    total $287,086 · program services $274,617 · management and general $12,469

  • 9 · Other employee benefits

    total $1,583,122 · program services $1,465,203 · management and general $117,919

  • 10 · Payroll taxes

    total $1,596,349 · program services $1,485,943 · management and general $110,406

  • 11a · Fees: management

    total $11,824,870 · management and general $11,824,870

  • 11b · Fees: legal

    total $452,388 · management and general $452,388

  • 11c · Fees: accounting

    total $113,719 · management and general $113,719

  • 11g · Fees: other

    total $3,480,802 · program services $15,706 · management and general $3,465,096

  • 13 · Office expenses

    total $1,218,331 · program services $1,218,331

  • 15 · Royalties

    total $8,739,000 · program services $8,739,000

  • 16 · Occupancy

    total $22,056,618 · program services $22,056,618

  • 17 · Travel

    total $268,574 · program services $268,574

  • 22 · Depreciation, depletion and amortization

    total $631,935 · program services $631,935

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

    total $43,434,363 · program services $43,434,363

  • 24b · Other expenses: PRODUCTION COSTS

    total $26,254,802 · program services $26,254,802

  • 24c · Other expenses: COURSE EXPENSES

    total $5,321,690 · program services $5,321,690

  • 24d · Other expenses: STUDENT EVENTS

    total $663,112 · program services $663,112

  • 24e · All other expenses

    total $1,020,958 · program services $1,020,958

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $22,437,025 · end of year $17,881,320

  • 2 · Savings and temporary cash investments

    beginning of year $69,637,003 · end of year $62,858,648

  • 4 · Accounts receivable

    beginning of year $7,296,266 · end of year $7,709,353

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,618,488 · end of year $10,358,267

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

    $3,302,972

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

    $2,217,822

  • 10c · Land, buildings and equipment, net

    beginning of year $1,329,664 · end of year $1,085,150

  • 15 · Other assets

    beginning of year $1,207,060 · end of year $35,370,570

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,301,107 · end of year $7,459,445

  • 19 · Deferred revenue

    beginning of year $61,962,132 · end of year $62,481,042

  • 25 · Other liabilities

    beginning of year $9,865,916 · end of year $50,774,452

  • 27 · Net assets without donor restrictions

    beginning of year $23,396,351 · end of year $14,548,369

Mission and programs · 2022

Mission

HULT INTERNATIONAL BUSINESS SCHOOL IS A GLOBAL INSTITUTION THAT TRANSFORMS LIVES BY PROVIDING AN EXCEPTIONALLY VALUABLE AND ENDURING EDUCATION THAT BRINGS TOGETHER PEOPLE, CULTURES, AND IDEAS FROM ALL AROUND THE WORLD. THE SCHOOL ENCOURAGES PERSONAL GROWTH, INTELLECTUAL INTEGRITY, GLOBAL SENSITIVITY, LOCAL ENGAGEMENT, AND CIVIC VALUES, SO THAT STUDENTS ARE ABLE TO FLOURISH IN THE GLOBAL ECONOMY AND ARE EMPOWERED TO CONTRIBUTE MEANINGFULLY TO THEIR BUSINESS AND COMMUNITY.

Activities or mission (Part I)

HULT INTERNATIONAL BUSINESS SCHOOL IS A GLOBAL INSTITUTION THAT TRANSFORMS LIVES BY PROVIDING AN EXCEPTIONALLY VALUABLE AND ENDURING EDUCATION THAT BRINGS TOGETHER PEOPLE, CULTURES AND IDEAS FROM ALL AROUND THE WORLD. THE SCHOOL ENCOURAGES PERSONAL GROWTH, INTELLECTUAL INTEGRITY, GLOBAL SENSITIVITY, LOCAL ENGAGEMENT, AND CIVIC VALUES, SO THAT STUDENTS ARE ABLE TO FLOURISH IN THE GLOBAL ECONOMY AND ARE EMPOWERED TO CONTRIBUTE MEANINGFULLY TO THEIR BUSINESS AND COMMUNITY.

  • THE SCHOOL OFFERS ONE YEAR MASTERS PROGRAMS IN BUSINESS ADMINISTRATION, FINANCE, INTERNATIONAL BUSINESS AND INTERNATIONAL MARKETING, AS WELL AS A BACHELORS PROGRAM IN BUSINESS ADMINISTRATION, TO A BROADLY-BASED INTERNATIONAL STUDENT BODY. THE SCHOOL HAS CAMPUS LOCATIONS IN CAMBRIDGE, MASSACHUSETTS, AND SAN FRANCISCO, CALIFORNIA, AND ALSO SERVICES STUDENTS IN LONDON, UNITED KINGDOM, DUBAI, UNITED ARAB EMIRATES AND SHANGHAI, CHINA. DURING THE 2023 ACADEMIC YEAR, THE SCHOOL HAD APPROXIMATELY 3,900 STUDENTS ENROLLED IN ALL PROGRAMS.

    Expenses $181,955,653 · Grants $46,282,895 · Revenue $189,228,813

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MATT LILLEY

    PRES/DIR. BEG. 6/30/22

    Total calculated
    $181,469
    From this org
    $0
    From related orgs
    $0
    Other
    $181,469
    Hours/week
    2

  • EMILIE MCCARTHY

    TREASURER

    Total calculated
    $300,877
    From this org
    $0
    From related orgs
    $0
    Other
    $300,877
    Hours/week
    40

  • MARCUS FRIBERG

    CLERK/FINANCIAL MANAGER

    Total calculated
    $172,381
    From this org
    $161,228
    From related orgs
    $0
    Other
    $11,153
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,228
    Bonus
    $0
    Other
    $0
    Deferred
    $4,065
    Nontaxable benefits
    $7,088
    Filer's total
    $172,381

  • DR DAVID COLLIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JAMES SINTROS ESQ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • REBECCA QUINTAVALLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • NICHOLAS BARBER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHRISTOPHER JEDREY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • PHILIP HULT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • ASA RANGNE BLENDOW

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DR CRAIG BURNS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHRISTER SERENHOV

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DR CHRISTOPHER AHLBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DEMING CHEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • SHANE STEFFENS

    HULT PRESIDENT UG PROGRAMS

    Total calculated
    $462,707
    From this org
    $434,925
    From related orgs
    $0
    Other
    $27,782
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $434,925
    Bonus
    $0
    Other
    $0
    Deferred
    $4,813
    Nontaxable benefits
    $22,969
    Filer's total
    $462,707

  • MARTA MAURI ERENA

    REGIONAL HEAD OF ENROLLMENT

    Total calculated
    $379,367
    From this org
    $372,363
    From related orgs
    $0
    Other
    $7,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $372,363
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,004
    Filer's total
    $379,367

  • OMAR ROMERO HERNANDEZ

    HULT SCHOOL PROFESSOR

    Total calculated
    $385,936
    From this org
    $356,352
    From related orgs
    $0
    Other
    $29,584
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $356,352
    Bonus
    $0
    Other
    $0
    Deferred
    $6,750
    Nontaxable benefits
    $22,834
    Filer's total
    $385,936

  • JESSICA SZUBART

    EXECUTIVE VICE PRESIDENT OF UNDERGRAD

    Total calculated
    $364,024
    From this org
    $336,245
    From related orgs
    $0
    Other
    $27,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $336,245
    Bonus
    $0
    Other
    $0
    Deferred
    $5,125
    Nontaxable benefits
    $22,654
    Filer's total
    $364,024

  • MANPREET DHILLON

    EXECUTIVE VICE PRESIDENT & PROVOST

    Total calculated
    $333,699
    From this org
    $326,695
    From related orgs
    $0
    Other
    $7,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $326,695
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,004
    Filer's total
    $333,699

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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'S 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 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 1.21 DOLLARS PER POUND. FOR CALENDAR YEAR 2022, MR. LILLEYS' COMPENSATION FROM HSS TOTALED $181,469 (USD), AND MS. MCCARTHY'S COMPENSATION FROM HSS TOTALED $300,877 (USD).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • HULT EDUCATIONAL SERVICESINC

    501 (C)(3) · PROVIDED VARIOUS SUPPORT SERVICES TO HULT INTERNATIONAL BUSINESS SCHOOL, INC · MA · controlled entity

    Directly controlled by HULT INTERNATIONAL BUSINESS SCHOOL INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

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 $15,976,049 · share of assets $3,290,380 · controlled entity

    Directly controlled by HULT INTERNATIONAL BUSINESS SCHOOL INC

Provenance

Return type
form_990
Tax year
2022
Filed
14 March 2024
IRS schema version
2022v5.0
Source object
202410749349300621

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