← HULT INTERNATIONAL BUSINESS SCHOOL INC

Form 990 for tax year 2024

Filed by HULT INTERNATIONAL BUSINESS SCHOOL INC.

Totals

Total revenue: $217,685,844
Total expenses: $215,062,354
Contributions and grants received: $1,689,453
Grants paid: $64,806,582
Program service revenue: $214,183,943
Investment income: $1,812,448
Other revenue: $0
Total assets, end of year: $118,087,489
Total liabilities, end of year: $97,791,949
Net assets or fund balances, end of year: $20,295,540
Program services expenses (Part IX): $192,790,282
Management and general expenses: $22,272,072
Fundraising expenses: $0
Program service expenses (Part III): $192,790,282

Program services were 89.6% 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.

1f · All other contributions, gifts and grants

$1,689,453
2a · Program service revenue: PROGRAM REVENUE

total $214,183,943 · related or exempt $214,183,943
3 · Investment income

total $1,577,049 · excluded $1,577,049
7a · Gross sales of assets other than inventory

securities $125,462,918
7b · Less cost or other basis and sales expenses

securities $125,227,519
7c · Gain or loss

securities $235,399
7d · Net gain or loss

total $235,399 · excluded $235,399

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $5,960,649 · program services $5,960,649
3 · Grants to foreign organizations and individuals

total $58,845,933 · program services $58,845,933
5 · Compensation of officers, directors and key employees

total $242,847 · management and general $242,847
7 · Other salaries and wages

total $24,781,041 · program services $23,592,595 · management and general $1,188,446
8 · Pension plan contributions

total $397,577 · program services $385,146 · management and general $12,431
9 · Other employee benefits

total $2,087,305 · program services $1,945,089 · management and general $142,216
10 · Payroll taxes

total $1,661,646 · program services $1,547,518 · management and general $114,128
11a · Fees: management

total $14,271,304 · management and general $14,271,304
11b · Fees: legal

total $197,821 · management and general $197,821
11c · Fees: accounting

total $288,692 · management and general $288,692
11g · Fees: other

total $5,829,529 · program services $15,342 · management and general $5,814,187
13 · Office expenses

total $1,440,661 · program services $1,440,661
15 · Royalties

total $25,000 · program services $25,000
16 · Occupancy

total $24,461,193 · program services $24,461,193
17 · Travel

total $81,707 · program services $81,707
22 · Depreciation, depletion and amortization

total $419,464 · program services $419,464
24a · Other expenses: STUD. ENROLL. & MKTG.

total $36,259,161 · program services $36,259,161
24b · Other expenses: PRODUCTION COSTS

total $30,317,643 · program services $30,317,643
24c · Other expenses: COURSE EXPENSES

total $5,257,626 · program services $5,257,626
24d · Other expenses: FOOD COSTS

total $653,735 · program services $653,735
24e · All other expenses

total $1,581,820 · program services $1,581,820

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $22,524,057 · end of year $13,583,375
2 · Savings and temporary cash investments

beginning of year $24,032,512 · end of year $795,887
3 · Pledges and grants receivable

beginning of year $6,000,000 · end of year $1,199,152
4 · Accounts receivable

beginning of year $6,554,318 · end of year $5,670,270
9 · Prepaid expenses and deferred charges

beginning of year $12,413,258 · end of year $11,733,408
10a · Land, buildings and equipment: cost or other basis

$1,970,265
10b · Land, buildings and equipment: accumulated depreciation

$1,491,392
10c · Land, buildings and equipment, net

beginning of year $863,449 · end of year $478,873
11 · Investments: publicly traded securities

beginning of year $25,693,901 · end of year $26,955,368
14 · Intangible assets

end of year $1,150,993
15 · Other assets

beginning of year $18,457,932 · end of year $56,520,163
17 · Accounts payable and accrued expenses

beginning of year $6,873,903 · end of year $8,705,482
19 · Deferred revenue

beginning of year $68,442,916 · end of year $39,169,009
25 · Other liabilities

beginning of year $23,581,242 · end of year $49,917,458
27 · Net assets without donor restrictions

beginning of year $17,641,366 · end of year $20,295,540

Mission and programs · 2024

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 AND DUBAI, UNITED ARAB EMIRATES. DURING THE 2025 ACADEMIC YEAR, THE SCHOOL HAD APPROXIMATELY 3,700 STUDENTS ENROLLED IN ALL PROGRAMS.

Expenses $192,790,282 · Grants $64,806,582 · Revenue $214,183,943

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

MATT LILLEY

PRESIDENT/DIRECTOR

Total calculated

$312,940

From this org

$0

From related orgs

$0

Other

$312,940

Hours/week

2

Schedule J breakdown matched by us

Base

$0

Bonus

$0

Other

$0 + $312,940 related

Deferred

$0 + $7,669 related

Nontaxable benefits

$0 + $1,476 related

Filer's total

$0 + $322,085 related
JOAKIM BANESTIG

TREASURER

Total calculated

$273,823

From this org

$0

From related orgs

$0

Other

$273,823

Hours/week

2

Schedule J breakdown matched by us

Base

$0

Bonus

$0

Other

$0 + $273,823 related

Deferred

$0 + $13,421 related

Nontaxable benefits

$0 + $1,476 related

Filer's total

$0 + $288,720 related
MARCUS FRIBERG

CLERK / VP OF FINANCE

Total calculated

$219,871

From this org

$207,495

From related orgs

$0

Other

$12,376

Hours/week

40

Schedule J breakdown matched by us

Base

$190,828

Bonus

$16,667

Other

$0

Deferred

$5,224

Nontaxable benefits

$7,152

Filer's total

$219,871
NICHOLAS BARBER

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
PHILIP HULT

DIRECTOR

Total calculated

$0

Hours/week

2
CHRISTOPHER JEDREY

DIRECTOR

Total calculated

$0

Hours/week

2
REBECCA QUINTAVALLE

DIRECTOR

Total calculated

$0

Hours/week

2
CHRISTER SERENHOV

DIRECTOR

Total calculated

$0

Hours/week

2
JAMES SINTROS ESQ

DIRECTOR

Total calculated

$0

Hours/week

2
MANPREET DHILLON

PROVOST & EXECUTIVE VICE PRESIDENT

Total calculated

$406,590

From this org

$398,937

From related orgs

$0

Other

$7,653

Hours/week

40

Schedule J breakdown matched by us

Base

$398,937

Bonus

$0

Other

$0

Deferred

$402

Nontaxable benefits

$7,251

Filer's total

$406,590
MATTHEW FISHER

FACULTY

Total calculated

$337,050

From this org

$317,228

From related orgs

$0

Other

$19,822

Hours/week

40

Schedule J breakdown matched by us

Base

$317,228

Bonus

$0

Other

$0

Deferred

$5,750

Nontaxable benefits

$14,072

Filer's total

$337,050
STEPHEN WYNN

EXECUTIVE DIRECTOR OF RECRUITMENT

Total calculated

$325,365

From this org

$296,442

From related orgs

$0

Other

$28,923

Hours/week

40

Schedule J breakdown matched by us

Base

$251,442

Bonus

$45,000

Other

$0

Deferred

$5,750

Nontaxable benefits

$23,173

Filer's total

$325,365
FREDERIC CHARTIER

DEAN- POST GRAD

Total calculated

$310,504

From this org

$295,683

From related orgs

$0

Other

$14,821

Hours/week

40

Schedule J breakdown matched by us

Base

$295,683

Bonus

$0

Other

$0

Deferred

$7,625

Nontaxable benefits

$7,196

Filer's total

$310,504
BUM CHAN AHN

FACULTY

Total calculated

$299,133

From this org

$275,913

From related orgs

$0

Other

$23,220

Hours/week

40

Schedule J breakdown matched by us

Base

$0

Bonus

$0

Other

$275,913

Deferred

$0

Nontaxable benefits

$23,220

Filer's total

$299,133

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 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 JOAKIM BANESTIG WERE PAID IN BRITISH POUNDS BY HULT SUPPORT SERVICES, LTD. (HSS), A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THEIR SALARIES WERE CONVERTED TO AMERICAN DOLLARS FROM BRITISH POUNDS AT AN EXCHANGE RATE OF 1.28 DOLLARS PER POUND. FOR CALENDAR YEAR 2024, MR. LILLEYS' COMPENSATION FROM HSS TOTALED $312,940 (USD) AND MR. BANESTIG'S COPMENSATION FROM HSS TOTALED $273,823 (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.

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 $22,514,699 · share of assets $4,068,006 · controlled entity

Directly controlled by HULT INTERNATIONAL BUSINESS SCHOOL INC
HULT INVESTMENTS FZ-LLC

OPERATIONAL AND ADMIN SERVICES TO THE SCHOOL'S ACADEMIC PROGRAMS IN DUBAI · AE · 100% owned · share of income $2,807,544 · share of assets $9,146,029 · controlled entity

Directly controlled by HULT INTERNATIONAL BUSINESS SCHOOL INC
HULT BUSINESS CONSULTING SERVICES PRIVATE LTD

PROVIDE VAR. ENROLL. AND RECRUITMENT SVCS TO HULT INT BUSINESS SCHOOL, INC. · IN · 100% owned · share of income $59,130 · share of assets $655,344 · controlled entity

Directly controlled by HULT INTERNATIONAL BUSINESS SCHOOL INC

Provenance

Return type: form_990
Tax year: 2024
Filed: 10 February 2026
IRS schema version: 2024v5.5
Source object: 202610509349301671

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