TY 2011 Form 990

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(1) DAVID A WAN PRESIDENT/CEO	45.0	X	X		946,149	0	222,394
(2) HOWARD H STEVENSON CHAIRMAN OF THE BOARD	5.0	X			0	88,847	18,129
(3) ANGELA Q CRISPI COMPENSATION COMMITTEE	2.0	X			0	368,800	52,075
(4) RAJIV LAL DIRECTOR	2.0	X			0	376,322	54,487
(5) STEVEN KERR Director	2.0	X			0	0	0
(6) WILLIAM T KERR AUDIT COMMITTEE	2.0	X			0	0	0
(7) LARRY KRAMER COMPENSATION COMMITTEE CHAIR	2.0	X			0	0	0
(8) JORGE I DOMINGUEZ DIRECTOR	2.0	X			0	253,947	50,191
(9) THOMAS EISENMANN DIRECTOR	2.0	X			0	296,242	57,007
(10) PAUL M HEALY AUDIT CHAIR	2.0	X			0	476,963	51,563
(11) LINDA HILL DIRECTOR	2.0	X			0	409,892	36,551
(12) DAS NARAYANDAS DIRECTOR AS OF 8/11	2.0	X			0	389,784	55,686
(13) RAYMOND CARVEY EVP CORP LEARNING & IT'L.	45.0		X		657,280	0	166,095
(14) ROBIN L CAMARA VP/CLERK	45.0		X		350,668	0	110,295
(15) JOSHUA MACHT HBR GROUP PUBLISHER	45.0			X	426,342	0	113,061
(16) MAUREEN BETSES VP, HIGHER EDUCATION	45.0			X	437,428	0	114,557
(17) ALAN IGNATIUS EDITOR IN CHIEF	45.0			X	439,286	0	130,009

(A) Name and business address	(B) Description of services	(C) Compensation
COLLABORATIVE CONSULTING LLC PO Box 2863 WOBURN,MA018881563	IT CONSULTING	970,733
KNFT 3 POST OFFICE SQUARE BOSTON,MA02109	TEMPORARY HELP	1,043,344
ADDISON SEARCH 222 S RIVERSIDE PLAZA SUITE 1710 CHICAGO,IL60606	TEMPORARY HELP	871,342
SIFY SOFTWARE 4 CANAL BANK ROAD TARAMANI,CHENNAI600113 IN	IT CONSULTING	579,926
RYAN CONSTRUCTION 505 SOUTH STREET WALPOLE,MA02081	CONSTRUCTION	1,436,955
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 28

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the United States. See Part IV, line 21	0
2	Grants and other assistance to individuals in the United States. See Part IV, line 22	0
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16	0
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	4,317,810	3,717,902	599,908
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	0
7	Other salaries and wages	40,776,583	34,052,786	6,723,797
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	2,784,731	2,027,841	756,890
9	Other employee benefits .......	3,946,292	2,873,344	1,072,948
10	Payroll taxes ...........	2,454,606	1,787,444	667,162
11	Fees for services (non-employees):
a	Management ......	425,463	341,939	83,524
b	Legal .........	178,490	163,850	14,640
c	Accounting ...........	482,191		482,191
d	Lobbying ...........	0
e	Professional fundraising. See Part IV, line 17..	0
f	Investment management fees ......	0
g	Other ..........	9,952,701	8,704,363	1,248,338
12	Advertising and promotion ....	5,614,058	5,592,232	21,826
13	Office expenses .......	8,049,623	5,816,077	2,233,546
14	Information technology ......	5,210,655	1,809,835	3,400,820
15	Royalties ..	13,427,502	13,427,502
16	Occupancy ...........	3,969,676	429,152	3,540,524
17	Travel ............	3,846,291	3,627,571	218,720
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......	0
19	Conferences, conventions, and meetings ....	142,394	137,178	5,216
20	Interest ...........	0
21	Payments to affiliates .......	24,141,898	24,141,898
22	Depreciation, depletion, and amortization .....	3,543,177	62,185	3,480,992
23	Insurance ..............	0
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24f. If line 24f amount exceeds 10% of line 25, column (A) amount, list line 24f expenses on Schedule O.)
a	COST OF GOOD SOLD	20,686,788	20,686,788
b	ALLOCATIONS		12,209,505	-12,209,505
c	INTERCOMPANY SALES SUPPORT	3,868,791	3,868,791
d	TAXES	2,531,241	2,545,491	-14,250
e
f	All other expenses	6,688,259	6,209,828	478,431
25	Total functional expenses. Add lines 1 through 24f	167,039,220	154,233,502	12,805,718	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Part X Balance Sheet
	1	Cashnon-interest-bearing ..........	1,001,699	1	134,578
2	Savings and temporary cash investments .......	12,775,367	2	19,491,693
3	Pledges and grants receivable, net .........	0	3	0
4	Accounts receivable, net .........	30,791,137	4	31,539,741
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........	0	5	0
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........	0	6	0
7	Notes and loans receivable, net .............	0	7	0
8	Inventories for sale or use ..............	1,341,465	8	1,605,336
9	Prepaid expenses and deferred charges ............	5,291,371	9	6,229,051
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	18,659,183
b	Less: accumulated depreciation. .....	10b	10,584,145	7,866,374	10c	8,075,038
11	Investments—publicly traded securities ..........	0	11	0
12	Investments—other securities. See Part IV, line 11 ......	0	12	0
13	Investments—program-related. See Part IV, line 11 ..	3,681	13	3,681
14	Intangible assets .........	0	14	0
15	Other assets. See Part IV, line 11 ...........	0	15	0
16	Total assets. Add lines 1 through 15 (must equal line 34)...	59,071,094	16	67,079,118
	17	Accounts payable and accrued expenses .	35,071,084	17	37,865,835
18	Grants payable ..........	0	18	0
19	Deferred revenue ..........	23,849,156	19	25,776,353
20	Tax-exempt bond liabilities ..........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D..	0	21	0
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........	0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....	0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....	0	25	0
26	Total liabilities. Add lines 17 through 25.....	58,920,240	26	63,642,188
		Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....	150,854	27	3,436,930
28	Temporarily restricted net assets .....	0	28	0
29	Permanently restricted net assets .....	0	29	0
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		30
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances .....	150,854	33	3,436,930
34	Total liabilities and net assets/fund balances .....	59,071,094	34	67,079,118

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.

Attach to Form 990 or Form 990-EZ. right arrow

See separate instructions.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches. section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E.)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in

section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. Seesection 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box that describes the type of supporting organization and complete lines 11e through 11h.

Type I

Type II

Type III - Functionally integrated

Type III - Other

By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2).

If the organization received a written determination from the IRS that it is a Type I, Type II or Type III supporting organization, check this box ..................................................

Since August 17, 2006, has the organization accepted any gift or contribution from any of the
following persons?

(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)

Yes

and (iii) below, the governing body of the the supported organization? ................

11g(i)

(ii) a family member of a person described in (i) above? ......................

11g(ii)

(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................

11g(iii)

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 9 above or IRC section (see instructions))	(iv) Is the organization in col. (i) listed in your governing document?		(v) Did you notify the organization in col. (i) of your support?		(vi) Is the organization in col. (i) organized in the U.S.?		(vii) Amount of support?
(i) Name of supported organization	(ii) EIN		Yes	No	Yes	No	Yes	No	(vii) Amount of support?
(1) PRESIDENT AND FELLOWS OF HARVARD COLLEGE	042103580	02	Yes		Yes		Yes		24,141,898

Total									24,141,898

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2011

Page 2

Part II

Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3..
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
6	Public Support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..
11	Total support (Add lines 7 through 10).

Gross receipts from related activities, etc. (See instructions.) ..................

First Five Years If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,
check this box and stop here.......................................... right arrow

Section C. Computation of Public Support Percentage

Public Support Percentage for 2010 (line 6 column (f) divided by line 11 column (f)) .........

Public Support Percentage for 2009 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2011. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ...................... right arrow

33 1/3% support test—2010. If the organization did not check the box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2011. If the organization did not check a box on line 13, 16a, or 16b and line 14
is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here. Explain
in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly supported
organization .................................................. right arrow

10%-facts-and-circumstances test—2010. If the organization did not check a box on line 13, 16a, 16b, or 17a and line
15 is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here.
Explain in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly
supported organization .............................................. right arrow

Private Foundation If the organization did not check a box on line 13, 16a, 16b, 17a or 17b, check this box and see
instructions ................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2011

Page 3

Part III

Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......
3	Gross receipts from activities that are not an unrelated trade or business under section 513..
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public Support (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)
13	Total support (Add lines 9, 10c, 11 and 12.).

Section C. Computation of Public Support Percentage

Public Support Percentage for 2011 (line 8 column (f) divided by line 13 column (f)) .........

Public support percentage from 2010 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2011 (line 10c column (f) divided by line 13 column (f)) ......

Investment income percentage from 2010 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests—2011. If the organization did not check the box on line 14, and line 15 is more than 33 1/3% and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .......... right arrow

33 1/3% support tests—2010. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private Foundation If the organization did not check a box on line 14, 19a or 19b, check this box and see instructions ..... right arrow

Schedule A (Form 990 or 990-EZ) 2011

Page 4

Part IV

Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Explanation

Schedule A (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b
SchDMd Bullet

Attach to Form 990. SchDMd Bullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .......
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) ...
4	Aggregate value at end of year .......

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................

Yes No

In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:

(i)

Revenues included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958), relating to these items:

Revenues included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 52283D

Schedule D (Form 990) 2011

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIV and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21? .....................

Yes No

If “Yes,” explain the arrangement in Part XIV.

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current Year	(b)Prior Year	(c)Two Years Back	(d)Three Years Back	(e)Four Years Back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses ...
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the year end balance (line 1g) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIV the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. See Form 990, Part X, line 10.

Description of property		(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............	2,179,723	355,027	1,824,696
d	Equipment ................	3,071,767	1,516,908	1,554,859
e	Other .................	13,407,693	8,712,210	4,695,483
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......				8,075,038

Schedule D (Form 990) 2011

Page 3

Part VII

InvestmentsOther Securities. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. See Form 990, Part X, line 13.

(a) Description of investment type		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. See Form 990, Part X, line 15.

(a) Description				(b) Book value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. See Form 990, Part X, line 25.

1.(a) Description of Liability		(b) Book value
Federal Income Taxes		0









Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		0
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).

Schedule D (Form 990) 2011

Page 4

Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1	Total revenue (Form 990, Part VIII, column (A), line 12) ....................	1
2	Total expenses (Form 990, Part IX, column (A), line 25) .....................	2
3	Excess or (deficit) for the year. Subtract line 2 from line 1 .............	3
4	Net unrealized gains (losses) on investments ..........................	4
5	Donated services and use of facilities .............................	5
6	Investment expenses ...................................	6
7	Prior period adjustments ..................................	7
8	Other (Describe in Part XIV.) .................................	8
9	Total adjustments (net). Add lines 4 through 8 .........................	9
10	Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 .........	10

Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIV.) ...........	4b
c	Add lines 4a and 4b.......................		4c
5	Total Revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1	Total expenses and losses per audited financial statements .............		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d......................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIV.) ............	4b
c	Add lines 4a and 4b.......................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIV

Supplemental Information

Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.

Identifier	Return Reference	Explanation
FORM 990, SCHEDULE D, PART X, LINE 2	FIN 48 - UNCERTAIN TAX POSITIONS	THE CORPORATION FOLLOWS THE AMENDED ACCOUNTING PRINCIPLES RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH PROVIDES CRITERIA FOR THE RECOGNITION, MEASUREMENT, PRESENTATION AND DISCLOSURE OF UNCERTAIN TAX POSITIONS. THIS AMENDMENT PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. A TAX BENEFIT FROM SUCH UNCERTAIN TAX POSITIONS MAY BE RECOGNIZED ONLY IF IT IS "MORE LIKELY THAN NOT" THAT THE POSITION IS SUSTAINABLE BASED ON ITS TECHNICAL MERITS. BASED ON ITS ANALYSIS AND REVIEW OF ALL OPEN TAX YEARS (FISCAL 2009 THROUGH 2011), AND THE CURRENT YEAR TO BE FILED, THE CORPORATION DETERMINED THAT THE APPLICATION OF THIS GUIDANCE DOES NOT HAVE A MATERIAL IMPACT ON THE CORPORATION'S FINANCIAL POSITION, CHANGE IN NET ASSETS OR CASH FLOWS.

Schedule D (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990,Part IV, line 14b, 15, or 16. Right pointing arrow large image

Attach to Form 990. Right pointing arrow large image

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization
HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

Part I

General Information on Activities Outside the United States. Complete if the organization answered
“Yes” to Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants

and other assistance, the grantees' eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? ..............................

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other
assistance outside the United States.

Activites per Region. (Use Part V if additional space is needed.)

(a) Region		(c) Number of employees or agents in region or independent contractors	(d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in region	(f) Total expenditures for region/investments in region
	North America		Program Services	SALES SUPPORT
	East Asia and the Pacific	2	Program Services	SALES SUPPORT
	Central America and the Caribbean		Program Services	SALES SUPPORT
	Europe (Including Iceland and Greenland)		Program Services	SALES SUPPORT
	Middle East and North Africa		Program Services	SALES SUPPORT
	Russia and the Newly Independent States		Program Services	SALES SUPPORT
	South America		Program Services	SALES SUPPORT
	South Asia		Program Services	SALES SUPPORT
	Sub-Saharan Africa		Program Services	SALES SUPPORT
	Europe (Including Iceland and Greenland)		Investments	BOOK VALUE OF ASSET	1,549
	South Asia		Investments	BOOK VALUE OF ASSET	2,132






3a	Sub-total .....	2			3,681
b	Total from continuation sheets to Part I ...
c	Totals (add lines 3a and 3b)	2			3,681

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2011

Schedule F (Form 990) 2011

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990,

Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 ........ MediumBullet

Use Part V if additional space is needed.

1 (a) Name of organization		(b) IRS code section and EIN (if applicable)	(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(g) Amount of of non-cash assistance	(h) Description of non-cash assistance	(i) Method of valuation (book, FMV, appraisal, other)

Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter ..... MediumBullet

Enter total number of other organizations or entities ........................ MediumBullet

Schedule F (Form 990) 2011

Schedule F (Form 990) 2011Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.

Use Part V if additional space is needed.

(a) Type of grant or assistance		(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement	(f) Amount of non-cash assistance	(g) Description of non-cash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) 2011

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2011

Page 5

Part V

Supplemental Information
Complete this part to provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information (see instructions).

Identifier	ReturnReference	Explanation
FORM 990, SCHEDULE F, PART I, COLUMN(F)	TOTAL EXPENDITURES IN REGION	HARVARD SCHOOL OF PUBLISHING CURRENTLY DOES NOT TRACK FOREIGN EXPENDITURES SEPARATELY FOR ITS FINANCIAL STATEMENTS. THEREFORE, PURSUANT TO IRS GUIDANCE, DISCLOSURE IN THIS COLUMN IS NOT REQUIRED IN THE CURRENT YEAR.

Schedule F (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet

Attach to Form 990. SchJMediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all the expenses described above? If "No," complete Part III to explain....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....

Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? ...............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? ........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 5a or 5b, describe in Part III.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 6a or 6b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................

If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 50053T

Schedule J (Form 990) 2011

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and column (E) for that individual.

(A) Name		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(A) Name		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(1) DAVID A WAN	(i) (ii)	525,000 0	420,053 0	1,096 0	208,716 0	13,678 0	1,168,543 0	117,653 0
(2) RAYMOND CARVEY	(i) (ii)	370,592 0	285,617 0	1,071 0	152,417 0	13,678 0	823,375 0	80,676 0
(3) ANGELA Q CRISPI	(i) (ii)	0 317,622	0 50,000	0 1,178	0 31,410	0 20,665	0 420,875	0 0
(4) RAJIV LAL	(i) (ii)	0 305,057	0 35,000	0 36,265	0 31,410	0 23,077	0 430,809	0 0
(5) JORGE I DOMINGUEZ	(i) (ii)	0 245,995	0 0	0 7,952	0 31,410	0 18,781	0 304,138	0 0
(6) THOMAS EISENMANN	(i) (ii)	0 242,537	0 45,000	0 8,705	0 31,410	0 25,597	0 353,249	0 0
(7) ROBIN L CAMARA	(i) (ii)	231,620 0	118,527 0	521 0	96,428 0	13,867 0	460,963 0	20,698 0
(8) JOSHUA MACHT	(i) (ii)	267,650 0	158,592 0	100 0	99,383 0	13,678 0	539,403 0	41,396 0
(9) MAUREEN BETSES	(i) (ii)	272,797 0	164,186 0	445 0	100,690 0	13,867 0	551,985 0	44,737 0
(10) ALAN IGNATIUS	(i) (ii)	288,238 0	150,613 0	435 0	115,070 0	14,939 0	569,295 0	24,402 0
(11) PAUL M HEALY	(i) (ii)	0 378,481	0 65,000	0 33,482	0 31,410	0 20,153	0 528,526	0 0
(12) LINDA HILL	(i) (ii)	0 325,000	0 25,000	0 59,892	0 31,410	0 5,141	0 446,443	0 0
(13) SARAH MCCONVILLE ULICNY	(i) (ii)	205,885 0	122,357 0	90 0	46,989 0	13,678 0	388,999 0	11,828 0
(14) CRAIG CATALANO	(i) (ii)	164,711 0	190,320 0	3,307 0	11,160 0	14,939 0	384,437 0	0 0
(15) NICHOLAS CLAYTON	(i) (ii)	205,069 0	165,569 0	145 0	24,660 0	0 0	395,443 0	0 0
(16) GAIL C DAY	(i) (ii)	227,419 0	200,000 0	2,305 0	54,195 0	14,939 0	498,858 0	0 0
(17) JAMES A MACK	(i) (ii)	164,708 0	193,344 0	167 0	18,660 0	14,939 0	391,818 0	0 0
(18) CAROL PEARL	(i) (ii)	106,030 0	264,049 0	5 0	10,609 0	13,867 0	394,560 0	0 0
(19) DAS NARAYANDAS	(i) (ii)	0 288,857	0 60,000	0 40,927	0 31,410	0 24,276	0 445,470	0 0

Schedule J (Form 990) 2011

Page 3

Part III

Supplemental Information

Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.

Identifier	Return Reference	Explanation
SCHEDULE J, PART I, LINE 3	For the 2011 calendar year and tax year beginning July 1, 2011 and ending	JUNE 30, 2012 THE ORGANIZATION UTILIZED COMPENSATION SURVEYS AND INDEPENDENT COMPENSATION CONSULTANTS TO INFORM COMPENSATION POLICIES AND PRACTICES. THE COMPENSATION PACKAGE FOR THE CEO, EXECUTIVE VICE PRESIDENT AS WELL AS OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY AND APPROVED BY THE COMPENSATION COMMITTEE. THE CHAIR OF THE COMPENSATION COMMITTEE IS AN INDEPENDENT MEMBER OF HARVARD BUSINESS PUBLISHING'S BOARD OF DIRECTORS. SCHEDULE J, PART I, LINE 4B HBSP HAS A LONG TERM INCENTIVE PLAN (LTIP) UNDER WHICH AMOUNTS ARE AWARDED BASED ON QUALITATIVE AND QUANTITATIVE MEASURES, AND A PORTION OF SUCH PAYMENTS ARE DEFERRED. ANY DEFERRED PAYMENT IS CONTINGENT ON FUTURE PERFORMANCE AND EMPLOYMENT ON THE DATE PAYMENT IS DUE. THE PEOPLE LISTED BELOW RECEIVED PAYMENTS UNDER THE LTIP. A PORTION OF EACH PAYMENT REFLECTED BELOW WAS REPORTED ON PRIOR YEARS' FORMS 990 SCHEDULE J, PART II, COLUMN (C) AS DEFERRED COMPENSATION. MAUREEN BETSES - $44,737 ROBIN L CAMARA - $20,698 RAYMOND CARVEY - $80,676 ALAN IGNATIUS - $24,402 JOSHUA MACHT - $41,396 SARAH MCCONVILLE ULICNY - $11,828 DAVID A WAN - $117,653 SCHEDULE J, PART I, LINE 7 HBSP HAS AN ANNUAL VARIABLE PAY PROGRAM THAT PROVIDES AN OPPORTUNITY FOR ADDITIONAL COMPENSATION BASED ON PRE-ESTABLISHED QUANTITATIVE AND QUALITATIVE MEASURES FOCUSED ON COMPANY, UNIT AND INDIVIDUAL PERFORMANCE. PERFORMANCE AGAINST THE MEASURES IS REVIEWED BY THE BOARD AND ANY RESULTING PAYMENTS ARE CONTINGENT ON BOARD APPROVAL AND EMPLOYMENT ON THE DATE THE PAYMENT IS DUE. HBSP HAS AN ADVERTISING SALES VARIABLE PAY PROGRAM THAT COMPENSATES ADVERTISING SALES EMPLOYEES ON ADVERTISING SALES COMPARED TO THEIR ANNUAL GOAL. THE ADVERTISING SALES VARIABLE PAY PROGRAM PROVIDES AN OPPORTUNITY FOR ADDITIONAL COMPENSATION, EXPRESSED AS A PERCENTAGE OF BASE SALARY, BASED ON PRE-ESTABLISHED QUANTITATIVE MEASURES FOCUSED ON COMPANY SALES, UNIT SALES AND INDIVIDUAL SALES PERFORMANCE.

Schedule J (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

Identifier	Return Reference	Explanation
FORM 990, PART I, LINE 1 & PART III, LINE 1		HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION'S ("HBSP") PRIMARY EXEMPT PURPOSE IS TO SUPPORT THE EDUCATIONAL MISSION AND FACULTY RESEARCH OF HARVARD BUSINESS SCHOOL, THEREBY EXTENDING ITS REACH THROUGH PUBLISHING ACTIVITIES.
FORM 990, PART III, LINES 4A-D		4A - MANAGEMENT EDUCATION TO INDIVIDUAL MANAGERS WE PRESENT RIGOROUS RESEARCH, INFORMED COMMENTARY, INTELLIGENT DEBATE, AND PRACTICAL GUIDES - ALL OFFERED ACROSS MULTIPLE PLATFORMS TO BUSINESS LEADERS, ACADEMICS, AND STUDENTS AROUND THE WORLD. THE HARVARD BUSINESS REVIEW GROUP STRIVES TO BE THE WORLD'S MOST TRUSTED SOURCE OF RELEVANT IDEAS ABOUT LEADERSHIP, MANAGEMENT, AND STRATEGY. THE CONTENT DEVELOPED BY THE HBR GROUP, HARVARD BUSINESS REVIEW MAGAZINE, BOOKS AND ONLINE DISCUSSIONS ARE USED IN ORGANIZATIONS AND CLASSROOMS TO DISSEMINATE LEADING EDGE MANAGEMENT IDEAS. 4B - MANAGEMENT EDUCATION IN SUPPORT OF HIGHER EDUCATION THE HIGHER EDUCATION GROUP EXTENDS THE REACH OF THE HARVARD BUSINESS SCHOOL -ITS RESEARCH, TEACHING MATERIALS, AND PEDAGOGICAL APPROACH-TO EDUCATIONAL INSTITUTIONS AROUND THE WORLD. WE PROVIDE THESE INSTITUTIONS WITH THE SAME MATERIALS USED IN THE HBS CLASSROOM AND OFFER NUMEROUS SEMINARS TO TRAIN FACULTY WORLDWIDE IN THE PEDAGOGICAL METHOD, PARTICIPANT-CENTERED LEARNING, THAT IS PRACTICED AT HBS. IN THIS WAY, WE AMPLIFY THE IMPACT THAT HBS HAS ON THE WORLD AND ASSIST HBS IN ACCOMPLISHING ITS LARGER MISSION. A RELATIVELY SMALL NUMBER OF STUDENTS-FEWER THAN 2000-ATTEND THE HBS MBA PROGRAM EACH YEAR, WHILE THE HIGHER EDUCATION GROUP AT HBSP IS ABLE TO ASSIST HUNDREDS OF THOUSANDS MORE TO BECOME EFFECTIVE MANAGERS AND LEADERS. 4C - MANAGEMENT EDUCATION TO CORPORATIONS WE BUILD BETTER LEADERS AND MANAGERS IN THE CORPORATE LEARNING MARKET BY PARTNERING WITH ITS CORPORATE CLIENTS TO DEVELOP AND IMPLEMENT A CUSTOMIZED PORTFOLIO OF CONTENT AND SERVICES UNIQUELY SUITED TO THEIR TALENT DEVELOPMENT STRATEGIES. THROUGH CLIENT ENGAGEMENTS, HBSP DELIVERS THOUGHT LEADERSHIP APPLIED TO REAL-WORLD PROBLEMS FOR MEASURABLE RESULTS. HBSP HELPS ORGANIZATIONS DELIVER A UNIQUE TRANSORMATIONAL LEARNING EXPERIENCE FOR LEADERS AT ALL LEVELS, FROM A COMPANY'S MOST SENIOR EXECUTIVE TO ITS HIGH-POTENTIAL PERFORMERS. 4D - PAYMENTS TO PRESIDENT AND FELLOWS OF HARVARD COLLEGE.
FORM 990, PART VI, SECTION A, LINES 6, 7A, 7B		THE DEAN OF THE BUSINESS SCHOOL OF THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE IS THE SOLE MEMBER OF HBSP. THE SOLE MEMBER HAS THE RIGHT TO APPOINT BOARD MEMBERS AND APPROVE DECISIONS OF THE GOVERNING BODY.
FORM 990, PART VI, SECTION B, LINE 11		FINANCE DEVELOPS THE FORM 990 DRAFT. IT IS THEN REVIEWED BY THE INDEPENDENT TAX PREPARER, WHO SIGNS AS PAID PREPARER, AS WELL AS THE VP OF FINANCE AND BUSINESS INTELLIGENCE. THE FORM 990 DRAFT IS SUBSEQUENTLY REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS AND THE CEO. A FINAL FORM 990 IS DISTRIBUTED TO THE GOVERNING BODY.
FORM 990, PART VI, SECTION B, LINE 12C		ONCE A YEAR, HBSP SENDS A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL OFFICERS, DIRECTORS, HIGHEST COMPENSATED EMPLOYEES, AND KEY EMPLOYEES. THE QUESTIONNAIRES ARE SIGNED AND RETURNED TO THE VP OF FINANCE. IF ANY CONFLICTS ARE IDENTIFIED THE VP OF HUMAN RESOURCES AND CEO MEET TO RESOLVE THE CONFLICT, AND THE RESOLUTIONS ARE REVIEWED BY THE COMPENSATION COMMITTEE. THE CORPORATION RECOGNIZES THAT THERE CAN BE ROUTINE TRANSACTIONS BETWEEN HARVARD BUSINESS SCHOOL PUBLISHING AND FIRMS WHERE HBSP BOARD MEMBERS SERVE AS DIRECTORS OR CONSULTANTS. THESE ROUTINE TRANSACTIONS, INCLUDING BUT NOT LIMITED TO PLACEMENT OF ADVERTISING, AND PURCHASE AND SALES OF PRODUCTS, ARE NOT INFLUENCED BY THESE RELATIONSHIPS AND ARE CONDUCTED INDEPENDENTLY IN THE ORDINARY COURSE OF BUSINESS. THE ORGANIZATION REVIEWS TRANSACTIONS IN LIGHT OF THE THRESHOLDS AND OTHER REQUIREMENTS IN SCHEDULE L AND COMPLETES THE FORM 990 IN COMPLIANCE WITH THESE REQUIREMENTS.
FORM 990, PART VI, SECTION B, LINES 15A & 15B		FOR THE 2011 CALENDAR YEAR AND TAX YEAR BEGINNING JULY 1, 2011 AND ENDING JUNE 30, 2012, THE ORGANIZATION UTILIZED COMPENSATION SURVEYS AND INDEPENDENT COMPENSATION CONSULTANTS TO INFORM COMPENSATION POLICIES AND PRACTICES. THE COMPENSATION PACKAGE FOR THE CEO, EXECUTIVE VICE PRESIDENT AS WELL AS OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY AND APPROVED BY THE COMPENSATION COMMITTEE. THE CHAIR OF THE COMPENSATION COMMITTEE IS AN INDEPENDENT MEMBER OF THE HBSP'S BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION C, LINE 19		GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
FORM 990 PART VII		THE INDIVIDUALS RECEIVING RELATED ORGANIZATION COMPENSATION ARE EMPLOYEES OF THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE AND/OR HARVARD BUSINESS SCHOOL, A DEPARTMENT OF THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE. THE LISTED INDIVIDUALS MAY HAVE BEEN EMPLOYED BY HARVARD BUSINESS SCHOOL AND/OR HARVARD UNIVERSITY FOR ALL OR PART OF THE YEAR.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBullet

Attach to Form 990. MediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

Part I

Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)

(a) Name, address, and EIN of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled organization
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) American Repertory Theatre Company Inc 62 Brattle St Cambridge,MA02138 04-2665867	Performing ar	MA	501(c)(3)	9	HPF	Yes
(2) Assoc D Rockefeller Ctr de Univ de Hvd AVENIDA PAULISTA 1337 17 AND BR BR	Education	BR	FOREIGN	N/A	HPF	Yes
(3) Blue Marble Holdings Corp 600 Atlantic Ave Boston,MA02210 23-7014581	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(4) Centre Recherche Europeen de la HBS 62 rue Francois 1er Paris,FR FR	Research supp	FR	FOREIGN	N/A	HPF	Yes
(5) Demeter Holdings Corp 600 Atlantic Ave Boston,MA02210 04-3044742	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(6) Doyukai Fund for Harvard Inc C/O Ropes Gray LLP 800 Boylston Boston,MA02199 04-3478889	Research supp	MA	501(c)(3)	11,Type I	NA		No
(7) Dubai Harvard Fnd for Med Rsch Inc 401 Park Dr Boston,MA02215 52-2446955	Education and	MA	501(c)(3)	11,Type I	HPF	Yes
(8) Endowment for Research in Human Biology 160 Federal St Boston,MA02115 04-2702030	Research	MA	501(c)(3)	11,Type III	HPF	Yes
(9) Fundacion Centro de Investigacion de la Cerrito 1320 Piso 11 Buenos Aires,AR AR	Research supp	AR	FOREIGN	N/A	HPF	Yes
(10) Giovanni Armenise-Hvd Fdn for Sci Rsch HMS C/O Dean of Fac of Med Boston,MA02115 04-3293162	Research supp	MA	501(c)(3)	11,Type I	HPF	Yes
(11) Harvard Business School Interactive Inc C/O HBS Soldiers Field Rd Boston,MA02163 04-3395140	Executive edu	MA	501(c)(3)	11,Type I	HPF	Yes
(12) Harvard Dedicated Energy Ltd 1033 Mass Ave Cambridge,MA02138 03-0425512	Electricity p	MA	501(c)(3)	11,Type I	HPF	Yes
(13) Harvard Global Rsch and Support Svcs 1033 Mass Ave Cambridge,MA02138 45-4535664	Global suppor	MA	501(c)(3)	11,Type I	HPF	Yes
(14) Harvard Magazine Inc 7 Ware St Cambridge,MA02138 04-6112308	Publishing	MA	501(c)(3)	11,Type III	HPF	Yes
(15) Harvard Management Company Inc 600 Atlantic Ave Boston,MA02210 23-7361259	Management co	MA	501(c)(3)	11,Type I	HPF	Yes
(16) Harvard Management Private Equity Corp 600 Atlantic Ave Boston,MA02210 04-3070522	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(17) Harvard Medical Center 25 Shattuck St Boston,MA02115 04-2213292	Medical educa	MA	501(c)(3)	11,Type I	NA		No
(18) Harvard Medical Collaborative Inc 25 Shattuck St Boston,MA02115 04-3476764	Medical educa	MA	501(c)(3)	11,Type I	NA		No
(19) Harvard NeuroDiscovery Center Inc 25 Shattuck St Boston,MA02115 31-1745145	Research supp	MA	501(c)(3)	11,Type I	HPF	Yes
(20) Harvard Private Capital Holdings Inc 600 Atlantic Ave Boston,MA02210 04-3070519	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(21) Harvard Private Capital Realty Inc 600 Atlantic Ave Boston,MA02210 22-3138409	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(22) Harvard Real Estate - Allston Inc 1033 Mass Ave Cambridge,MA02138 04-3373410	Title holding	MA	501(c)(25)	N/A	HPF	Yes
(23) Harvard Real Estate Inc 1033 Mass Ave Cambridge,MA02138 04-2649303	Real estate b	MA	501(c)(3)	11,Type I	HPF	Yes
(24) Harvard-Yenching Institute Vanserg Hall Ste 20 25 Francis A Cambridge,MA02138 04-2062394	Education	MA	501(c)(3)	11,Type I	NA		No
(25) Ion Inc C/O Harvard University 1350 Mass Cambridge,MA02138 22-3032677	Research	MA	501(c)(3)	11,Type I	HPF	Yes
(26) Massachusetts Green High Performance Com 100 Bigelow St Holyoke,MA01040 27-3014805	Research	MA	501(c)(3)	11,Type I	NA		No
(27) MGHPCC Holyoke Inc 100 Bigelow St Holyoke,MA01040 45-2257442	Research	MA	501(c)(3)	11,Type I	NA		No
(28) Phemus Corp 600 Atlantic Ave Boston,MA02210 04-2997367	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(29) President and Fellows of Harvard College 1033 Mass Ave Cambridge,MA02138 04-2103580	Education and	MA	501(c)(3)	2	NA		No
(30) Putnam Square Apartments Inc C/O HRES 1350 Mass Ave Cambridge,MA02138 04-6251287	Real estate	MA	501(c)(3)	9	HPF	Yes
(31) Red Top Inc 1033 Mass Ave Cambridge,MA02138 51-0189788	Athletics	CT	501(c)(3)	11,Type I	HPF	Yes
(32) Shipping Venture Corp 600 Atlantic Ave Boston,MA02210 04-3263656	Investment ma	MA	501(c)(3)	11,Type I	HPF	Yes
(33) Student Clubs of HBS Inc Soldiers Field Rd Boston,MA02163 57-1152691	Student suppo	MA	501(c)(3)	11,Type I	HPF	Yes
(34) The Carl J Shapiro Institute 330 Brookline Ave Boston,MA02215 04-3326928	Medical educa	MA	501(c)(3)	11,Type I	NA		No
(35) Trustees for Harvard University 1033 Mass Ave Cambridge,MA02138 53-0199180	Education	DC	501(c)(3)	11,Type II	HPF	Yes

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2011

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No
(1) Alcion Real Estate Partners II LP One Post Off Sq Ste 4100 Boston,MA02109 26-3400946	Investments	DE	NA	N/A
(2) Alcion Real Estate Partners LP One Post Off Sq Ste 4100 Boston,MA02109 20-1973523	Investments	DE	NA	N/A
(3) AMERRA Agri Opportunity Fund LP 1185 Avenue of the Americas 18th F New York,NY10036 27-3310646	Investments	DE	NA	N/A
(4) Atlantic Toronto LP c/o Harvard Mgmt Co 600 Atlantic Boston,MA02210 35-2384789	Investments	DE	NA	N/A
(5) Baynorth HPCH LLC One Financial Ctr Fl 23 Boston,MA02111 20-5305576	Investments	DE	NA	N/A
(6) Baynorth Realty Fund V LP 200 Clarendon St 54th Fl Boston,MA02116 04-3537051	Investments	MA	NA	N/A
(7) B-Brook-B SARL 20 Rue De La Poste L-2346 LU LU 98-0558809	Investments	MA	NA	N/A
(8) Blue Atlantic Acquisition Group LLC 111 South Wacker Dr Ste 3300 Chicago,IL60606 27-4668306	Investments	DE	NA	N/A
(9) BPR Co-Investor LLC 645 Madison Ave 18th Fl New York,NY10022 20-8376342	Investments	DE	NA	N/A
(10) Capital Partners (2) US Tax Exempt Inves 88 Phillip St Sydney,asNSW 2000 AS 98-0542678	Investments	DE	NA	N/A
(11) Charlesbank Equity Fund IV LP 200 Clarendon St 54th Fl Boston,MA02116 04-3423448	Investments	MA	NA	N/A
(12) Charlesbank Realty Fund IV LP 200 Clarendon St 54th Fl Boston,MA02116 04-3423446	Investments	MA	NA	N/A
(13) Cherokee Invest Ptnrs III Parallel Fun 111 E Hargett St Raleigh,NC27601 71-0890767	Investments	DE	NA	N/A
(14) Composition Capital Asia Fund II CV 98-0563996	Investments	MA	NA	N/A
(15) Comtel Telecom Assets LP 200 Clarendon St Boston,MA02116 20-3237782	Investments	TX	NA	N/A
(16) Coral Senior Housing LLC 975 F St NW 9th Fl Washington,DC20004 27-3934030	Investments	DE	NA	N/A
(17) Crosspoint Technology Holdings LLC 300 Third Ave Ste 2 Waltham,MA02451 04-3520886	Investments	DE	NA	N/A
(18) Cypress Realty IV LP 301 Congress Ave Ste 500 Austin,TX78701 74-3000106	Investments	DE	NA	N/A
(19) Denham Commodity Partners Fund II LP 200 Clarendon St 25th Fl Boston,MA02116 77-0644776	Investments	DE	NA	N/A
(20) Denham Commodity Partners Fund III LP 200 Clarendon St 25th Fl Boston,MA02116 56-2502675	Investments	DE	NA	N/A
(21) Denham Commodity Partners Fund LP 200 Clarendon St 25th Fl Boston,MA02116 20-1256865	Investments	DE	NA	N/A
(22) DevonCB LLC 2000 Powell St Ste 1240 Emeryville,CA94608 73-1665198	Investments	DE	NA	N/A
(23) Devonian LLC c/o HMC Inc 600 Atlantic Ave Boston,MA02110 90-0721046	Investments	DE	NA	N/A
(24) Embarcadero Capital Investors LP 1301 Shoreway Rd Ste 250 Belmont,CA94002 05-0556547	Investments	DE	NA	N/A
(25) Emerging Countries Opport Master Fund 68 Fort St CAYMAN ISLANDS,CJKY1-1107 CJ 98-0548448	Investments	MA	NA	N/A
(26) GBE Investments LP PO Box 309GT S Church St George Town,CJ CJ	Investments	MA	NA	N/A
(27) Gerrity Atlantic Retail Partners LLC 977 Lomas Santa Fe Dr Ste A Solana Beach,CA92075 27-4257497	Investments	DE	NA	N/A
(28) Greenfield BLR Finance Partners LP 50 North Water St South Norwalk,CT06854 27-4267038	Investments	DE	NA	N/A
(29) Greenfield BLR Partners LP 50 North Water St South Norwalk,CT06854 20-1221910	Investments	DE	NA	N/A
(30) Greenhaven Apartments LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 27-4746803	Investments	DE	NA	N/A
(31) Harvard Commingled Account c/o HMC Inc 600 Atlantic Ave Boston,MA02210 04-3344621	Investments	MA	NA	N/A
(32) Harvard CV LLC 1033 Mass Ave Cambridge,MA02138 80-0641747	Real Estate	MA	NA	N/A
(33) Harvard Investment Associates c/o HMC Inc 600 Atlantic Ave Boston,MA02210 04-3507407	Investments	DE	NA	N/A
(34) HB Institutional LP 10 St James Ave Ste 1700 Boston,MA02116 04-3425685	Investments	MA	NA	N/A
(35) Helios Royalty Partners I LP 5910 N Central Expressway Ste 15 Dallas,TX75225 20-0260138	Investments	DE	NA	N/A
(36) IEC Atlantic I LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 27-3609237	Investments	DE	NA	N/A
(37) IEC Atlantic II LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 37-1657369	Investments	DE	NA	N/A
(38) IEC Breakwater LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-4447102	Investments	DE	NA	N/A
(39) IEC Hidden Creek LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-3083079	Investments	DE	NA	N/A
(40) IEC Jefferson 2 LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-5466161	Investments	DE	NA	N/A
(41) IEC Jefferson LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-3679129	Investments	DE	NA	N/A
(42) IEC Ninth Avenue LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-5466236	Investments	DE	NA	N/A
(43) Iron Point Co-Investment I LLC 201 Main St Fort Worth,TX76102 45-4748900	Investments	DE	NA	N/A
(44) Iron Point Real Estate Ptrs - TE (H) L 201 Main St Fort Worth,TX76102 26-0526961	Investments	TX	NA	N/A
(45) Iron Point Real Estate Ptrs II - TE (H) 201 Main St Fort Worth,TX76102 45-2502061	Investments	DE	NA	N/A
(46) Isla Vista Acquisition Group LLC 111 South Wacker Dr Ste 3300 Chicago,IL60606 27-2436234	Investments	DE	NA	N/A
(47) Kleiner Perkins Caufield & Byers VI LP 2750 Sand Hill Rd Menlo Park,CA94025 94-3157816	Investments	CA	NA	N/A
(48) Liquid Realty Ptrs IV (PF1) LP 199 E Linda Mesa Ave Danville,CA94526 26-0346359	Investments	DE	NA	N/A
(49) Liquid Realty Ptrs IV Invest AIV (PF1) 199 E Linda Mesa Ave Danville,CA94526 26-0489609	Investments	DE	NA	N/A
(50) Liquid Realty Ptrs IV Invest II AIV (P 199 E Linda Mesa Ave Danville,CA94526 26-1508955	Investments	DE	NA	N/A
(51) Liquid Realty Ptrs IV Tax Exempt (PF1) 199 E Linda Mesa Ave Danville,CA94526 26-0489545	Investments	DE	NA	N/A
(52) Lubert Adler Capital Real Estate Opport 2929 Arch St Philadelphia,PA19104 22-3526698	Investments	DE	NA	N/A
(53) Lubert-Adler Capital Real Estate Fund II 2929 Arch St Philadelphia,PA19104 52-2279515	Investments	DE	NA	N/A
(54) MCRS LLC 152 West 57th St 46th Fl New York,NY10019 27-3637201	Investments	MA	NA	N/A
(55) North Idaho Apartments LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 27-4596307	Investments	DE	NA	N/A
(56) Old Lane HMA Master Fund LP PO Box 309 S Church St George Town,CJ CJ 98-0487260	Investments	MA	NA	N/A
(57) Oxford HPC Investment Company LLC 350 West Hubbard Ste 450 Chicage,IL60610 36-4191828	Investments	DE	NA	N/A
(58) Patio Gardens LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-5311665	Investments	DE	NA	N/A
(59) Pino LLC 32-0302061	Investments	DE	NA	N/A
(60) Putnam Square Apts Co LP C/O HRES 1350 Mass Ave Cambridge,MA02138 04-3183446	Real Estate	MA	NA	N/A
(61) Round Table Asset Recvry Mstr Fund Ltd 300 NORTH BEACON STREET WATERTOWN,MA02472 98-0550169	Investments	MA	NA	N/A
(62) Round Table Global Macro Mstr Fund Ltd 98-0645295	Investments	MA	NA	N/A
(63) Soil Innovations LLC Av Dr Cardoso De Melo 1340-11 An Sao Paulo,MA02472 90-0538481	Investments	DE	NA	N/A
(64) Southwood Gardens LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-4154784	Investments	DE	NA	N/A
(65) Stolberg Meehan & Scano II-A LP 370 17th St Ste 3650 Denver,CO80202 02-0537969	Investments	DE	NA	N/A
(66) TFO Co-Investor LLC 645 Madison Ave 18th Fl New York,NY10022 06-1762649	Investments	DE	NA	N/A
(67) The Breithorn Fund LP PO Box 1234 GT S Church St George Town,MA02472 98-0549446	Investments	MA	NA	N/A
(68) The Eco Products Fund 400 Madison Ave Suite 14A New York,NY10017 26-1329990	Investments	DE	NA	N/A
(69) The Triton Fund II No 2 LP 22 Grenville St St Helier,MA02472	Investments	MA	NA	N/A
(70) The Village 1 At Lawrence Station LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-3419666	Investments	DE	NA	N/A
(71) The Village 2 At Lawrence Station LLC 4970 El Camino Real Ste 220 Los Altos,CA94022 45-3159941	Investments	DE	NA	N/A
(72) The Wildhorn Fund LP PO Box 1234 GT S Church St George Town,MA02472 98-0527266	Investments	MA	NA	N/A
(73) Travis Coal Restructured Holdings LLC 200 Clarendon St Boston,MA02116 20-2595311	Investments	DE	NA	N/A
(74) USRA Atlantic Capital Partners LLC 1370 Ave of Americas New York,NY10019 45-2686195	Investments	DE	NA	N/A
(75) Verbena LLC dba Purple Verbena LLC 5700 Wilshire Blvd Ste 330 Los Angeles,CA90036 90-0708621	Investments	DE	NA	N/A
(76) WBH Kirby Hill Co-Investment LLC 645 Madison Ave 18th Fl New York,NY10022 14-1933484	Investments	DE	NA	N/A
(77) Williamson Royalty Ventures LLC 200 Clarendon St Boston,MA02116 56-2563228	Investments	DE	NA	N/A
(78) Worldwide Beauty Onshore LP 630 Fifth Ave 27th Fl New York,NY10111 27-4577536	Investments	DE	NA	N/A

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership
(1) 2226081 Ontario Ltd 333 Bay St Ste 3400 Toronto CA	Investments	CA	NA	C
(2) 365 Church St LP 4711 Yonge St Ste 1400 Toronto CA	Investments	CA	NA	C
(3) Adelaide-Peter Developments 4711 Yonge St Ste 1400 Toronto CA 98-0684328	Investments	CA	NA	C
(4) Agricola Brinzal Ltda Avenida Santa Maria 6350 Oficina 3 Vitacura CI	Investments	CI	NA	C
(5) Agricola Crecer Ltda Avenida Santa Maria 6350 Oficina 3 Vitacura CI	Investments	CI	NA	C
(6) Agricola Duramen Ltda Avenida Santa Maria 6350 Oficina 3 Vitacura CI	Investments	CI	NA	C
(7) Agricola E Inversiones Pampa Alegre SA Avenida Santa Maria 6350 Oficina 3 Vitacura CI	Investments	CI	NA	C
(8) Agricola Fundo Bucalemu Ltda Del Inca No 4446 Oficina 1007 Las Condes CI 98-0639220	Investments	CI	NA	C
(9) Agricola Rapel Ltda Del Inca No 4446 Oficina 1007 Las Condes CI 98-0639218	Investments	CI	NA	C
(10) Agricola Retiro Ltda Del Inca No 4446 Oficina 1007 Las Condes CI	Investments	CI	NA	C
(11) Agricola Ribera Ltda Del Inca No 4446 Oficina 1007 Las Condes CI	Investments	CI	NA	C
(12) Agroflorestal Verde Sul SA Rodovia RS-473 km 22 Rincao so Sa District Matarazzo BR	Investments	BR	NA	C
(13) Aquila Inc Walker House Mary St PO Box 908G George Town CJ 98-0532782	Investments	CJ	NA	C
(14) Ara Inc Walker House Mary St PO Box 908G George Town CJ 98-0543813	Investments	CJ	NA	C
(15) Atlantic Avenue Realty Ltd Walker House Mary St PO Box 908G George Town CJ 98-0533323	Investments	CJ	NA	C
(16) Atlantic Europe Investments GP Ltd 50 Lothian Rd Festival Square Edinburgh UK	Investments	UK	NA	C
(17) Atlantic Europe Investments LP 50 Lothian Rd Festival Square Edinburgh UK 98-0670648	Investments	UK	NA	C
(18) Atlantic Pacific Realty Inc 1301 Shoreway Rd Ste 250 Belmont,CA94002 13-4283871	Investments	MD	NA	C
(19) Atlantic Toronto 365 Church St GP Inc 355 Burrard St Ste 1900 Vancouver CA	Investments	CA	NA	C
(20) Atlantic Toronto A-P GP Inc 355 Burrard St Ste 1900 Vancouver CA 98-0668180	Investments	CA	NA	C
(21) Atlantic Toronto Grenville GP Inc 355 Burrard St Ste 1900 Vancouver CA	Investments	CA	NA	C
(22) Atlantic Toronto Holdings Inc 355 Burrard St Ste 1900 Vancouver CA 98-0668178	Investments	CA	NA	C
(23) Black Kite Pty Ltd Level 38 201 Elizabeth St Sydney AS	Investments	AS	NA	C
(24) Black Kite Trust Level 38 201 Elizabeth St Sydney AS 98-6063158	Investments	AS	NA	C
(25) Blue Atlantic Investors Inc 111 South Wacker Dr Ste 3300 Chicago,IL60606 45-1022813	Investments	DE	NA	C
(26) Blue Atlantic Shuttle LLC 111 South Wacker Dr Ste 3300 Chicago,IL60606 45-2542872	Investments	DE	NA	C
(27) Brasil Timber Ltda Avenida Candido De Abreu 776 Sala Cantro Civico BR 98-0645399	Investments	BR	NA	C
(28) Brodiaea Inc 5757 Pacific Ave Ste 222 Stockton CA 90-0862085	Investments	CA	NA	C
(29) Campo Grande SA Avda Santa Maria No 6350 Piso 3 Vitacura CI	Investments	CI	NA	C
(30) Caracol Agropecuaria Ltda Rua Sete de Setembro 730 11th Fl Porto Alegre BR 98-0642730	Investments	BR	NA	C
(31) CCA Japan Investment BV World Trade Ctr Tower H - 15th Fl Amsterdam NL	Investments	NL	NA	C
(32) Chennai 2007 IFS Court 28 Cybercity Ebene MP 98-0644770	Investments	MP	NA	C
(33) Cheval SP Participacoes Ltda Rua do Forum S/N Sala B Centro BR	Investments	BR	NA	C
(34) Clag (Chile) SpA Del Inca No 4446 Oficina 1007 Las Condes CI 98-0650099	Investments	CI	NA	C
(35) Composition Capital Asia Fund CV World Trade Ctr Tower H - 15th Fl Amsterdam NL 98-0469927	Investments	NL	NA	C
(36) Composition Capital Asia II Feeder CV World Trade Ctr Tower H - 15th Fl Amsterdam NL 98-0563995	Investments	NL	NA	C
(37) Composition Capital Europe Fund CV World Trade Ctr Tower H - 15th Fl Amsterdam NL 98-0459793	Investments	NL	NA	C
(38) Composition Capital Europe II Feeder C World Trade Ctr Tower H - 15th Fl Amsterdam NL 98-0569903	Investments	NL	NA	C
(39) Composition Feeder GmbH Borsenstrasse 2-4 60313 Frankfurt am Main GM	Investments	GM	NA	C
(40) Comtel Assets Corp 433 E Las Calinas BL iRVING,TX75039 20-3239161	Investments	DE	NA	C
(41) Comtel Assets Inc 433 E Las Calinas BL Irving,TX75039 20-3239269	Investments	DE	NA	C
(42) Cooperatie CC Asia Korea Feeder UA World Trade Ctr Tower H - 15th Fl Amsterdam NL	Investments	NL	NA	C
(43) CSH Program REIT Inc 975 F St NW 9th Fl Washington,DC20004 27-4280903	Investments	DE	NA	C
(44) CSH TRS Holding LLC 975 F St NW 9th Fl Washington,DC20004 27-4286092	Investments	DE	NA	C
(45) Dairy Farms Partnership 113 Rutherford Rd Pukekohe E POB Pukekohe NZ 98-0594944	Investments	NZ	NA	C
(46) Eco Cebaco Sociedad Anonima Calle 52 Y Elvira Mendez PO Box 08 PANAMA PM	Investments	PM	NA	C
(47) Economiza Agropecuaria Ltda Estada Geral Condominio Boa Esperan S/N Grande do Ribeiro BR	Investments	BR	NA	C
(48) Ecuador Timber LP PO Box 309 Ugland House Grand Cayman CJ 98-0492706	Investments	CJ	NA	C
(49) Egret Investments Ltd c/o Maples Calder PO Box 309 Ug George Town CJ 98-0650989	Investments	CJ	NA	C
(50) El Maria SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(51) Embarcadero Capital Investors II REIT I 1301 Shoreway Rd Ste 250 Belmont,CA94002 37-1508503	Investments	MD	NA	C
(52) Emerald Catastrophe Fund Ltd Ste 193 48 Par-la-ville Rd Hamilton BD	Investments	BD	NA	C
(53) Emerging Countries Opportunity Fund Ltd 68 Fort St PO Box 705GT CAYMAN ISLANDS CJ	Investments	CJ	NA	C
(54) Empresa Ecologica Del Orinoco SAS Cra 9 No 77 - 67 Ofc 804 Bogota D.C CO	Investments	CO	NA	C
(55) Empresas Verdes Argentina SA Carlos Pellegrini 1138 Piso 1 Corrientes AR	Investments	AR	NA	C
(56) Enki Holdings Corp Walker House Mary St PO Box 908G George Town CJ 98-0540586	Investments	CJ	NA	C
(57) Estancia Celina SA Suipacha 1111 - Piso 18 Buenos Aires AR	Investments	AR	NA	C
(58) Florestas do Sul Agroflorestal Ltda Rua Taquary 335 Dristal Porto Alegre BR 98-0493906	Investments	BR	NA	C
(59) Forestal Bosquepalm Cia Ltda Avenida Patria Fl 5 Office 5 Quito EC	Investments	EC	NA	C
(60) Forestal del Rio SA Suipacha 1111 - Piso 18 Buenos Aires AR	Investments	AR	NA	C
(61) Forestal Foresvergal Cia Ltda Avenida Patria Fl 5 Office 5 Quito EC	Investments	EC	NA	C
(62) Francolin PO Box 309 Ugland House CAYMAN ISLANDS CJ 98-1006384	Investments	CJ	NA	C
(63) Galileia Agroindustrial Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(64) Gateway Real Estate Fund III-TE LP Cricket Square Hutchins Dr PO Bo George Town CJ	Investments	CJ	NA	C
(65) Gavea Investment Fund II B LP PO Box 986 Gardenia Court Ste 33 Camana Bay CJ 98-0537951	Investments	CJ	NA	C
(66) GBE Development I Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(67) GBE Development II Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(68) GBE Development III Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(69) GBE Development IV Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(70) GBE Development V Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(71) GBE Development VI Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(72) GBE Fazendas Ltda Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(73) GBE Holdings Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(74) GBE Investments Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(75) GBE Projetos Agricolas II Ltda Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(76) GBE Properties I Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(77) GBE Properties II Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(78) GBE Properties III Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(79) GBE Properties IV Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(80) GBE Properties V Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(81) GBE Properties VI Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(82) GBE Propriedades e Empreendimentos Imobi Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(83) GBE Propriedades e Empreendimentos Imobi Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(84) GBE Propriedades e Empreendimentos Imobi Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(85) GBE Propriedades e Empreendimentos Imobi Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(86) Gerrity Atlantic Retail Partners Inc 977 Lomas Santa Fe Dr Ste A Solana Beach,CA92075 27-4802513	Investments	DE	NA	C
(87) Global Maritime Investments Ltd Walker House 87 Mary St George Town CJ	Investments	CJ	NA	C
(88) Granary Investments IFS Court 28 Cybercity Cybercity MP 98-0607880	Investments	MP	NA	C
(89) Guanare AARL Juncal 1327 Fl 21 Montevideo UY 98-0641951	Investments	UY	NA	C
(90) Guanare SA Juncal 1327 Fl 21 Montevideo UY	Investments	UY	NA	C
(91) Gulf Atlantic Operations LLC 200 Clarendon St Boston,MA02116 20-2386722	Investments	TX	NA	C
(92) Harvard Business School Publishing Europ 23 Sicilian Ave London UK	Sales Support	UK	HBSP	C	2,639,638	973,615	100.000 %
(93) Harvard Business School Publishing Franc 23 Rue du Roule Paris FR	Sales Support	FR	HBSP EUROPE	C	396,322	197,044	100.000 %
(94) Harvard Business School Publishing India Unit 423 Grand Hyatt Mumbai Mumbai IN	Publishing Suppor	IN	HBSP	C	2,323,228	1,478,328	99.990 %
(95) Harvard Center Shanghai Co Ltd 5th Fl HSBC Bldg Intl Fin Ctr N Shanghai CH	Research support	CH	NA	C
(96) Harvard Management Company Advisor Ltd 21st Fl The Landmark 15 Queens HONG KONG HK 98-1069444	Investments	HK	NA	C
(97) Harvard Master Trust 1033 Mass Ave Cambridge,MA02138 04-2636388	Investments	MA	NA	T
(98) Harvard Private Capital Properties II I c/o HMC Inc 600 Atlantic Ave Boston,MA02210 04-3140558	Investments	DE	NA	C
(99) Harvard Private Capital Properties III c/o HMC Inc 600 Atlantic Ave Boston,MA02110 76-0254935	Investments	DE	NA	C
(100) Harvard Real Estate CV Inc 1033 Mass Ave Cambridge,MA02138 61-1627962	Real Estate	MA	NA	C
(101) Harvard University Press of New York c/o HU Press 79 Garden St Cambridge,MA02138 13-3784301	Publishing	NY	NA	C
(102) Harvard University Press Ltd Vernon House 23 Sicilian Ave London UK	Book Distribution	UK	NA	C
(103) HB Cayman Ltd PO Box 309GT Ugland House S Chur CAYMAN ISLANDS CJ	Investments	CJ	NA	C
(104) HMC Adage Manager Inc c/o HMC Inc 600 Atlantic Ave Boston,MA02110 04-3567988	Investments	MA	NA	S
(105) HPC Patron Scotland LP 50 Lothian Rd Festival Square Edinburgh UK 98-0438748	Investments	UK	NA	C
(106) India Capital Opportunities 1 Ltd IFS Court 28 Cybercity Ebene MP	Investments	MP	NA	C
(107) Insolo Agroindustrial SA Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(108) Inversiones Anay y Asociados SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(109) Inversiones Brasil SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(110) Inversiones Catival SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(111) Inversiones Coral SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(112) Inversiones Santa Rita SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(113) Inversiones Tres Cumbres Ltda Roger de Flor 2736 dp 8 Comuna Las Condes CI 98-0446986	Investments	CI	NA	C
(114) IPE Agroindustrial Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(115) Isla Vista Food Services LLC 111 East Wayne St Ste 500 Fort Wayne,IN46802 27-3070185	Investments	DE	NA	C
(116) Isla Vista Investors LLC 111 South Wacker Dr Ste 3300 Chicago,IL60606 27-3070148	Investments	MD	NA	C
(117) Kaingaroa Timberlands Ground Fl 1243 Ranolf St NEW ZEALAND NZ 98-0412394	Investments	NZ	NA	C
(118) KTR Ltd PO Box 309 Ugland House Grand Cayman CJ	Investments	CJ	NA	C
(119) Kupe Shipping Ltd PO Box 160 209 Queen St Auckland NZ	Investments	NZ	NA	C
(120) La Arenosa SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(121) La Jacaranda SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(122) La Mora SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(123) La Zarza SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(124) Labelle SP Participacoes Ltda Rua do Forum S/N Sala B Centro BR	Investments	BR	NA	C
(125) Las Acacias SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(126) Las Misiones SA Suipacha 1111 - Piso 18 Buenos Aires AR	Investments	AR	NA	C
(127) LaSalle Asia Opportunity Cayman I Ltd Walker House 87 Mary St George Town CJ 98-0447511	Investments	CJ	NA	C
(128) Lifetime Centrecourt Grenville LP Andrew Hoffman 1010-22 St Chair A Toronto CA 98-0684331	Investments	CA	NA	C
(129) Lindene Ltd PO Box 309 Ugland House George Town CJ	Investments	CJ	NA	C
(130) Longstocking Investment Corp c/o HMC Inc 600 Atlantic Ave Boston MA 52-2116455	Investments	MA	NA	S
(131) Longterm Forest Partners Cia Ltda Avenida Patria Fl 5 Office 5 Quito EC	Investments	EC	NA	C
(132) Los Almendros SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(133) Los Aromos SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(134) Los Arrayanes SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(135) Los Boldos SA Avda Santa Maria No 6350 Piso 3 Vitacura CI	Investments	CI	NA	C
(136) Los Laureles SA Avda Santa Maria No 6350 Piso 3 Vitacura CI	Investments	CI	NA	C
(137) Los Laureles SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(138) LRP IV Tax Exempt (PF1) II LP 199 E Linda Mesa Ave 10 Danville CA 98-0560775	Investments	JE	NA	C
(139) LRP IV Tax Exempt (PF1) Ltd 199 E Linda Mesa Ave 10 Danville CA 98-0555927	Investments	JE	NA	C
(140) MCRS Real Estate Investment Trust Inc 152 West 57th St 46th Fl New York,NY10019 27-3605599	Investments	MD	NA	C
(141) MCRS Tenant Holdco LLC 152 West 57th St 46th Fl New York,NY10019 27-3869467	Investments	DE	NA	C
(142) Mirabilis SA Calle Las begonias No 475 Dpto 7 San Isidro PE	Investments	PE	NA	C
(143) Nazare Agroindustrial Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(144) NCH Agribusiness Investors Corp PO Box 309 Ugland House S Church George Town CJ 98-0559097	Investments	CJ	NA	C
(145) Neanderthal Investments IFS Court 28 Cybercity Cybercity MP 98-0607884	Investments	MP	NA	C
(146) New Vernon India (Cayman) Fund LP 2330 Plaza Five Jersey City CJ 20-1577934	Investments	CJ	NA	C
(147) NGL Holdings Inc 200 Clarendon St Boston,MA02116 33-1101243	Investments	DE	NA	C
(148) Nica Teca SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(149) Nicarao I Ltd PO Box 309 Ugland House Grand Cayman CJ 98-0643167	Investments	CJ	NA	C
(150) Nicarao II Ltd PO Box 309 Ugland House Grand Cayman CJ 98-0643169	Investments	CJ	NA	C
(151) Nicarao Ltd PO Box 309 Ugland House Grand Cayman CJ 98-0643164	Investments	CJ	NA	C
(152) Nicateca Inc Walker House 87 Mary St George Town CJ 98-0520487	Investments	CJ	NA	C
(153) Old Lane HMAFF LP PO Box 309 Ugland House George Town CJ 98-0487312	Investments	CJ	NA	C
(154) Opera SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(155) PARFEN SA Juncal 1305 Fl 21 Montevideo UY	Investments	UY	NA	C
(156) Patriot Interest Holdings Inc 200 Clarendon St Boston,MA02116 01-0938844	Investments	DE	NA	C
(157) Pearl Retail Inc c/o Maples Calder PO Box 309 Ug George Town CJ 98-1048757	Investments	CJ	NA	C
(158) Permian Midstream Corp 200 Clarendon St Boston,MA02116 01-0938834	Investments	TX	NA	C
(159) Pinares AARL Juncal 1327 Fl 21 Montevideo UY 98-0641950	Investments	UY	NA	C
(160) Polaris Wines Inc 855 Bordeaux Way Ste 260A Napa CA	Investments	CA	NA	C
(161) Pradaria Agroflorestal Ltda Rua Luiz Dodero 28 sala 3 Campo Grande BR 98-0642732	Investments	BR	NA	C
(162) Quebrada Honda SA Avda Santa Maria No 6350 Piso 3 Vitacura CI	Investments	CI	NA	C
(163) Quetzal Blue SA Calle 52Y Elvira Mendez Panaman PM	Investments	PM	NA	C
(164) RepreSA Properties Ltd PO Box 309GT Ugland House S Chur George Town CJ	Investments	CJ	NA	C
(165) Rio Mira Participacoes Ltda Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(166) Romply Merops SRL 28-C C-TIN Budisteanui St 3rd Fl Bucharest RO 98-0646095	Investments	RO	NA	C
(167) Round Table Asset Recovery Intermediate Windward I Regatta Off Park West CAYMAN ISLANDS CJ	Investments	CJ	NA	C
(168) Round Table Asset Recovery Fund Ltd Windward I Regatta Off Park West CAYMAN ISLANDS CJ	Investments	CJ	NA	C
(169) Round Table Global Macro Fund Ltd Windward I Regatta Off Park West CAYMAN ISLANDS CJ	Investments	CJ	NA	C
(170) Round Table Global Macro Intermediate Fu Windward I Regatta Off Park West CAYMAN ISLANDS CJ	Investments	CJ	NA	C
(171) SAnta Filomena Agroindustrial Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(172) Scolopax SRL Brasov 8 Victoriei St B1 42 BIS Brasov County 75001 RO	Investments	RO	NA	C
(173) Serra Grande Agroindustrial Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(174) Sia Empetrum Kuldigas Rajons Kurmales Pagasts Priedaine LG 98-0648693	Investments	LG	NA	C
(175) Sociedad Explotadora Agricola SpA Del Inca No 4446 Oficina 1007 Las Condes CI 98-0632838	Investments	CI	NA	C
(176) Sorotivo Agropecuaria Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(177) Sustainable Teak Partcipacoes Ltda Avenida Governador Ponce de Arruda Varezea Grande BR 98-0639215	Investments	BR	NA	C
(178) Sustainable Timbers SA Ave Justo Arosemana 32 St E Corregimiento De Calidonia PM	Investments	PM	NA	C
(179) TDR Scotland LP One Stanhope Gate London UK 98-0471766	Investments	UK	NA	C
(180) Terena SA Juncal 1327 Fl 21 Montevideo UY	Investments	UY	NA	C
(181) Terracal Alimentos e Bioenergia - Unidad Fazenda Boqueirao S/N Zona Rural BR	Investments	BR	NA	C
(182) Terracal Alimentos e Bioenergia - Unidad Fazenda Santo Antonio da Manga S/N Zona Rural BR	Investments	BR	NA	C
(183) Terracal Alimentos e Bioenergia - Unidad Fazenda Flexas S/N Zona Rural BR	Investments	BR	NA	C
(184) Terracal Alimentos e Bioenergia - Unidad Fazenda Oiteiros S/N Zona Rural BR	Investments	BR	NA	C
(185) Terracal Alimentos e Bioenergia - Unidad Fazenda Espianada Rodovia Estadual Peixe BR	Investments	BR	NA	C
(186) Terracal Alimentos e Bioenergia Ltda Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(187) Terracal Participacoes Ltda Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(188) Terracal Propriedades Ltda Av das Americas 700 Bloco 5 Cidade do Rio de Janeiro BR	Investments	BR	NA	C
(189) Tinamou PO Box 309 Ugland House CAYMAN ISLANDS CJ 98-1014421	Investments	CJ	NA	C
(190) Toucanet SA Plaza 2000 16th Fl 50th St Republic of Panama PM	Investments	PM	NA	C
(191) Tunuyan SA Villa Fintana Del Club Terraza 2 C Managua NU	Investments	NU	NA	C
(192) Uniteca Agroflorestal SA Avenida Governador Ponce de Arruda Varezea Grande BR	Investments	BR	NA	C
(193) USRA Atlantic Net Lease Capital Corp 45-2732642	Investments	NY	NA	C
(194) Valholl Ltd PO Box 309 Ugland House Grand Cayman CJ 98-0668673	Investments	CJ	NA	C
(195) Veriwaste LP 20-22 Bedford Row London UK 98-0656246	Investments	UK	NA	C
(196) Vista Verde Agroindustrial Ltda Av Pedroso de Moraes 1201 2 anda Pinheiros BR	Investments	BR	NA	C
(197) Charitable Lead Trusts (53)	Charitable Trust	MA	NA	T
(198) Charitable Remainder Trusts (730)	Charitable Trust	MA	NA	T
(199) Pooled Income Funds (4)	Charitable Trust	MA	NA	T

Schedule R (Form 990) 2011

Page 3

Part V

Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)

Note. Complete line 1 if any entity is listed in Parts II, III or IV.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

g Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

h Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

j Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

k Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .

l Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .

Yes

m Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .

n Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

o Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

p Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

q Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

r Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of other organization	(b) Transaction type(a-r)	(c) Amount involved	(d) Method of determining amount involved
(1) HBSP INDIA PVT LTD	L	1,181,525	FMV
(2) HBSP INDIA PVT LTD	F	830,149	FMV
(3) HBSP EUROPE LTD	L	2,687,266	FMV
(4)
(5)
(6)

Schedule R (Form 990) 2011

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2011

Page 5

Part VII

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule R (see instructions).

Identifier	Return Reference	Explanation

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: SEE SCHEDULE O
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a).....	3	12
4	Number of independent voting members of the governing body (Part VI, line 1b) ....	4	3
5	Total number of individuals employed in calendar year 2011 (Part V, line 2a) ...	5	363
6	Total number of volunteers (estimate if necessary) ....	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ..	7a	15,962,205
b	Net unrelated business taxable income from Form 990-T, line 34 ..	7b	4,185,682

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	140,614,011	155,443,700
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	15,594	18,168
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	18,081,648	14,863,428
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	158,711,253	170,325,296
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	48,318,124	54,280,022
16a	Professional fundraising fees (Part IX, column (A), line 11e).....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f)....	104,109,675	112,759,198
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	152,427,799	167,039,220
19	Revenue less expenses. Subtract line 18 from line 12.......	6,283,454	3,286,076
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	59,071,094	67,079,118
21	Total liabilities (Part X, line 26).............	58,920,240	63,642,188
22	Net assets or fund balances. Subtract line 21 from line 20.....	150,854	3,436,930

Sign Here

	Signature of officer	Date

	Type or print name and title.


4a	(Code: ) (Expenses $ 51,106,138 including grants of $ 0 ) (Revenue $ 53,050,787 )
	See Schedule O

4b	(Code: ) (Expenses $ 30,393,680 including grants of $ 0 ) (Revenue $ 40,853,685 )
	See Schedule O

4c	(Code: ) (Expenses $ 33,493,850 including grants of $ 0 ) (Revenue $ 41,315,869 )
	See Schedule O

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 39,239,834 including grants of $ 0 ) (Revenue $ 20,223,359 )
4e	Total program service expenses$ 154,233,502

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) CRAIG CATALANO ONLINE SALES DIRECTOR	45.0	X	358,338	0	26,099
(19) NICHOLAS CLAYTON SR. DIR. GLOBAL SALES	45.0	X	370,783	0	24,660
(20) GAIL C DAY AD GROUP PUBLISHER	45.0	X	429,724	0	69,134
(21) JAMES A MACK MIDWEST SALES DIRECTOR	45.0	X	358,219	0	33,599
(22) CAROL PEARL SR. STRAT RELATIONSHIP MGR.	45.0	X	370,084	0	24,476

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	5,144,301	2,660,797	1,410,068

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512, 513, or 514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f
g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			0
			Business Code
2a	SALES OF EDUCATIONAL MATERIALS TO IND MGR		511,190	53,050,787	53,050,787
b	SALES OF MATERIALS FOR HIGHER EDUCATION		511,190	40,853,685	40,853,685
c	SALES OF E-LEARNING MATERIALS TO CORPS		511,190	41,315,869	41,315,869
d	ADVERTISING		511,120	15,962,205		15,962,205
e	OTHER		900,099	4,261,154	4,261,154
f	All other program service revenue .
g	Total. Add lines 2a–2f........			155,443,700
3	Investment income (including dividends, interest
	and other similar amounts).....			18,168			18,168
4	Income from investment of tax-exempt bond proceeds..			0
5	Royalties............			14,863,428			14,863,428
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory
b	Less: cost or other basis and sales expenses
c	Gain or (loss)
d	Net gain or (loss)..........			0
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...			0
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..			0
Miscellaneous Revenue			Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			0
12	Total revenue. See Instructions....			170,325,296	139,481,495	15,962,205	14,881,596


				(A) Beginning of year		(B) End of year
1	Cashnon-interest-bearing ..........			1,001,699	1	134,578
2	Savings and temporary cash investments .......			12,775,367	2	19,491,693
3	Pledges and grants receivable, net .........			0	3	0
4	Accounts receivable, net .........			30,791,137	4	31,539,741
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........			0	5	0
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........			0	6	0
7	Notes and loans receivable, net .............			0	7	0
8	Inventories for sale or use ..............			1,341,465	8	1,605,336
9	Prepaid expenses and deferred charges ............			5,291,371	9	6,229,051
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	18,659,183
b	Less: accumulated depreciation. .....	10b	10,584,145	7,866,374	10c	8,075,038
11	Investments—publicly traded securities ..........			0	11	0
12	Investments—other securities. See Part IV, line 11 ......			0	12	0
13	Investments—program-related. See Part IV, line 11 ..			3,681	13	3,681
14	Intangible assets .........			0	14	0
15	Other assets. See Part IV, line 11 ...........			0	15	0
16	Total assets. Add lines 1 through 15 (must equal line 34)...			59,071,094	16	67,079,118
17	Accounts payable and accrued expenses .			35,071,084	17	37,865,835
18	Grants payable ..........			0	18	0
19	Deferred revenue ..........			23,849,156	19	25,776,353
20	Tax-exempt bond liabilities ..........			0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D..			0	21	0
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........			0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..			0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....			0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....			0	25	0
26	Total liabilities. Add lines 17 through 25.....			58,920,240	26	63,642,188
	Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....			150,854	27	3,436,930
28	Temporarily restricted net assets .....			0	28	0
29	Permanently restricted net assets .....			0	29	0
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....				30
31	Paid-in or capital surplus, or land, building or equipment fund .....				31
32	Retained earnings, endowment, accumulated income, or other funds				32
33	Total net assets or fund balances .....			150,854	33	3,436,930
34	Total liabilities and net assets/fund balances .....			59,071,094	34	67,079,118

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926 (see instructions for Form 926).................	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If " Yes," the organization may be required to file Form 3520 and/or Form 3520-A. (see instructions for Forms 3520 and 3520-A)..........	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with respect to Certain Foreign Corporations. (see instructions for Form 5471)..............................	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If "Yes," the organization may be required to file Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see instructions for Form 8621)	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with respect to Certain Foreign Partnerships. (see instructions for Form 8865)....................................	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see instructions for Form 5713)................................................	Yes	No