TY 2015 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books	(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)	2,351,000
2	Check Sch. B .............
3	Interest on savings and temporary cash investments	99	99	99
4	Dividends and interest from securities...
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10
b	Gross sales price for all assets on line 6a
7	Capital gain net income (from Part IV, line 2)...
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		4,516,203		4,516,203
12	Total. Add lines 1 through 11........	6,867,302	99	4,516,302
	13	Compensation of officers, directors, trustees, etc.	257,464	99	145,944	111,421
14	Other employee salaries and wages......	2,267,947		1,285,588	982,359
15	Pension plans, employee benefits.......	41,578		23,569	18,009
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		279,879		141,116	138,763
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		175,061		99,234	75,827
19	Depreciation (attach schedule) and depletion...		1,065,708
20	Occupancy..............	428,484		283,769	144,715
21	Travel, conferences, and meetings.......	689,623		578,170	111,453
22	Printing and publications..........	45,543		35,060	10,483
23	Other expenses (attach schedule).......		2,626,779		1,923,853	702,926
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	7,878,066	99	4,516,303	2,295,956
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	7,878,066	99	4,516,303	2,295,956
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-1,010,764
b	Net investment income (if negative, enter -0-)		0
c	Adjusted net income (if negative, enter -0-)...

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	1,281	1,380	1,380
	2	Savings and temporary cash investments.........	234,661	467,461	467,461
	3	Accounts receivable 1,050,681
		Less: allowance for doubtful accounts	775,711	1,050,681	1,050,681
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	395,302	441,455	441,455
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 19,399,792
		Less: accumulated depreciation (attach schedule) 6,891,955	13,546,863	12,507,837	12,507,837
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	14,953,818	14,468,814	14,468,814
	17	Accounts payable and accrued expenses..........	959,162	891,668
	18	Grants payable..................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	559,107	1,152,361
	23	Total liabilities (add lines 17 through 22).........	1,518,269	2,044,029
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	6,656,586	6,679,971
	25	Temporarily restricted...............	6,778,963	5,744,814
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions).....	13,435,549	12,424,785
	31	Total liabilities and net assets/fund balances (see instructions).	14,953,818	14,468,814

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............

13,435,549

Enter amount from Part I, line 27a .....................

-1,010,764

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

12,424,785

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .

12,424,785

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1a
b
c
d
e

(e) Gross sales price		(f) Depreciation allowed (or allowable)	(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a
b
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Total of line 1, column (d) .....................

Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .

Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....

Multiply line 4 by line 3......................

Enter 1% of net investment income (1% of Part I, line 27b)...........

Add lines 5 and 6........................

Enter qualifying distributions from Part XII, line 4.............

If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	0
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax	Refunded	11

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation
Eric Weber	Trustee & Pres 8.00	0
165 West 57th Street New York,NY10019
Fernando Pealva	Trustee 1.00	0
Av Pearson 21 Barcelona,Barcelona08034 SP
Federico Riera Marsa	Trustee & VP 4.00	0
165 West 57th Street New York,NY10019
John Coverdale	Trustee & Secy 2.00	0
Seton Hall Law -1 Newark Ctr Newark,NJ07102
Paul Gallagher	Treasurer 40.00	92,007	11,268
165 West 57th Street New York,NY10019
Jaime Alonso	Trustee 2.00	0
165 West 57th Street New York,NY10019
John Almandoz	Trustee 40.00	165,457	13,706
165 West 57th Street New York,NY10019
Marta Elvira	Trustee 1.00	0
Av Pearson 21 Barcelona,Barcelona08034 SP


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
Luis Casas	Program Director 40.00	211,113	22,547
165 West 57th Street New York,NY10019	Program Director 40.00	211,113	22,547
Clifford Meyer	Program Director 40.00	200,260	22,177
165 West 57th Street New York,NY10019	Program Director 40.00	200,260	22,177
David Zorn	Program Director 40.00	173,300	13,316
165 West 57th Street New York,NY10019	Program Director 40.00	173,300	13,316
JESSICA SMITH	Admission Director 40.00	160,728	11,248
165 West 57th Street New York,NY10019	Admission Director 40.00	160,728	11,248
Josep Valor	Professor 40.00	165,376	10,666
165 West 57th Street New York,NY10019	Professor 40.00	165,376	10,666
Total number of other employees paid over $50,000...................				18

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	EXECUTIVE EDUCATION PROGRAM DEVELOPMENT & DELIVERY:GENERAL MANAGEMENT PROGRAMS OF SEVERAL DAYS OR WEEKS ARE OFFERED TO CORPORATE EXECUTIVES BY IESE BUSINESS SCHOOL, WITH SUPPORTING OPERATIONS FOR THESE U.S. PROGRAMS BEING ACCOMPLISHED BY IESE USA, INC.A FOUR-WEEK SENIOR EXECUTIVE PROGRAM RELATED TO BUSINESS IN LATIN AMERICA WAS COMPLETED AND A SIMILAR THREE-WEEK PROGRAM WITH THE SAME FOCUS WAS RUN FOR MID-LEVEL EXECUTIVES. A GENERAL MANAGEMENT DEVELOPMENT PROGRAM IN MEDIA WAS RUN ALSO FOR THOSE AT THE SENIOR EXECUTIVE LEVEL. 19 CEO LEVEL EXECUTIVES COMPLETED A THREE-WEEK, THREE-CONTINENT PROGRAM OFFERED JOINTLY WITH THE WHARTON SCHOOL OF BUSINESS AND CEIBS OF SHANGHAI. A TWO-WEEK STRATEGY AND EXEUCTION MANAGEMENT PROGRAM WAS COMPLETED JOINTLY WITH THE WHARTON SCHOOL OF BUSINESS. IN TOTAL, 77 SENIOR EXECUTIVES COMPLETED THESE EXTENSIVE DEVELOPMENT COURSES. FOUR 3-4 DAY PROGRAMS, ONE FOCUSED ON MEDIA, ONE ON GLOBAL BUSINESS, AND TWO ON LEADERSHIP AND EXECUTION, WITH AN AVERAGE CLASS SIZE	5,210,781
2	Research: IESE USA RESEARCHERS AND IESE BUSINESS SCHOOL FACULTY CONTINUED DEVELOPING TEACHING MATERIALS ON THE BUSINESS OF MEDIA. RESEARCH ON ORGANIZATIONAL STRUCTURES, MEASURING COMMUNITY STRENGTH AND EVOLUTION OF ORGANIZATIONAL FORM AND COMMUNITY BANK GOVERNANCE, CONTRIBUTED TO PUBLISHING TWO BOOK CHAPTERS AND DEVELOPING TEACHING MATERIALS. PART OF THE FUNDS SUPPORTED A FULL TIME RESEARCH ASSISTANT AND SALARY OF A JUNIOR FACULTY MEMBER.	187,098
3	Institutional Outreach & Development:IESE ORGANIZED AN INVITATIONAL SPEAKER SERIES AT THE NEW YORK CENTER. THE 2015/16 SERIES INCLUDED CEOS JAY IRELAND OF GE AFRICA, TIM MURRAY OF ALBA ALUMINUM, GUSTAVO MARTINEZ OF J. WALTER THOMPSON, FABREZIO FREDA OF ESTEE LAUDER, FORMER CHAIRMAN MARIANO PUIG OF THE PUIG COMPANIES, AND VP OF IBMS WATSON PROJECT GURUDUTH BANAYAR. SEVERAL HUNDRED SENIOR EXECUTIVES ATTENDED THE SPEAKER SERIES AND OTHERS VIEWED THE EVENTS ONLINE.IESE BUSINESS SCHOOL SPONSORS, PARTICIPATES IN, AND OFFERS FACULTY LEAD SEMINARS IN BUSINESS MANAGEMENT. THIRTEEN FACULTY LECTURES FOR ALUMNI WERE HELD AT SITES AOUND THE U.S. WITH 30-60 ATTENDEES AT EACH. IESE USA ALSO PARTICIPATES IN AND HOSTS OTHER CONFERENCES, SOME LEAD BY ITS OWN FACULTY, OTHERS IN PARTNERSHIP WITH CORPORATIONS, INDUSTRY ASSOCIATIONS AND SEVERAL CHAMBERS OF COMMERCE. IESE USA ALSO ARRANGES FACULTY SPEAKING ENGAGEMENTS AND TELEVISION NEWS INTERVIEWS.	426,663
4

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

		(a) Corpus	(b) Years prior to 2014	(c) 2014	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2015:
a From 2010......
b From 2011......
c From 2012......
d From 2013......
e From 2014......
fTotal of lines 3a through e........
4Qualifying distributions for 2015 from Part
XII, line 4: $
a Applied to 2014, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2015 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2015.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2011....
b Excess from 2012....
c Excess from 2013....
d Excess from 2014....
e Excess from 2015....

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2015	(b) 2014	(c) 2013	(d) 2012	(e) Total
	0				0
b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....	2,322,638	2,297,275	1,797,109	2,594,396	9,011,418
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	2,322,638	2,297,275	1,797,109	2,594,396	9,011,418
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......	12,507,837	13,546,863	14,476,128	15,506,245	56,037,073
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)	12,507,837	13,546,863	14,476,128	15,506,245	56,037,073
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...					0
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
1a	IESE USAS PURPOSES ARE TO CONDUCT RESEARCH AND DISSEMINATE INFORMATION AND TO PROVIDE EDUCATION AND TRAINING RELATED TO BUSINESS AND MANAGEMENT. IT CARRIES THIS OUT IN PART BY COLLABORATING WITH AND CONTRIBUTING TO THE DEVELOPMENT OF OTHER ORGANIZATIONS, INCLUDING BUT NOT LIMITED TO IESE BUSINESS SCHOOL, HEADQUARTERED IN BARCELONA, SPAIN. IESE USAS CURRENT ACTIVITY IS LARGELY SUPPORTING AND CONDUCTING THE ACTIVITIES OF IESE BUSINESS SCHOOL IN THE UNITED STATES. THE PROGRAMS FOR WHICH REVENUE IS LISTED ABOVE DIRECTLY PROVIDE INSTRUCTION IN BUSINESS MANAGEMENT TO WORKING EXECUTIVES WITH IMMEDIATE IMPACT ON THE INDIVIDUALS AND THEIR COMPANIES. THESE ACTIVITIES ARE THE OFFERING OF EXECUTIVE EDUCATION PROGRAMS OF VARYING FORMATS. MANY ARE THREE-FOUR WEEK MANAGEMENT DEVELOPMENT PROGRAM FOR SENIOR EXECUTIVES, OTHERS ARE SHORTER THREE-FOUR DAY PROGRAMS, OR SINGLE DAY OR SINGLE SESSION SEMINARS. SOME ARE OPEN ENROLLMENT PROGRAMS, WHICH EMPLOYEES OF MULTIPLE COMPANIES ATTEND. OTHERS ARE CUSTOMIZ

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
William Baker	Prof-practice of mgt	100,000
165 West 57th Street New York,NY10019	Prof-practice of mgt	100,000
JD Investigations and Security LLC	building security	60,500
168 Bromleigh Road Stewart Manor,NY11530	building security	60,500

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
aTuition and Programs					4,516,203
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	99
4 Dividends and interest from securities....
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				99	4,516,203

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

bApproved for future payment

Total ................................. 3b

Name of organization IESE USA Inc

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	IESE Business School Av Pearson 21 Barcelona, 08034SP	$ 2,300,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	IESE Foundation Inc 165 West 57th Street New York, NY10019	$ 40,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	William Baker 165 West 57th Street New York, NY10019	$ 5,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
4	Mutual of America 320 Park Avenue New York, NY10022	$ 5,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Name of organization IESE USA Inc		Employer identification number 26-1565422

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)


Name of organization IESE USA Inc			Employer identification number 26-1565422
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
Furniture and Fixtures	909,818	835,234	74,584	74,584
Machinery and Equipment	167,071	143,663	23,408	23,408
Improvements	18,322,903	5,913,058	12,409,845	12,409,845

Description	Revenue and Expenses per Books	Adjusted Net Income	Disbursements for Charitable Purposes
Academic materials	48,865	37,296	11,569
Advertising	234,297	203,027	31,270
Bad debts expense	34,350	29,772	4,578
Bank and credit card fees	10,593	8,141	2,452
Building maintenance and cleaning	81,950	54,272	27,678
Conferences and meetings	96,130	35,648	60,482
Equipment rental	33,222	26,232	6,990
Faculty fees and honoraria	713,372	481,902	231,470
Food service for programs	668,885	574,590	94,295
Health insurance	220,933	125,236	95,697
Insurance	99,765	66,071	33,694
Meals and entertainment	113,060	88,631	24,429
office expenses	25,411	18,849	6,562
Postage and shipping	9,569	7,065	2,504
Professional membrshps & regulatory fees	2,559	2,218	341
Program space rental	48,222	41,795	6,427
Telephone and communications	34,821	23,255	11,566
Utilities	150,775	99,853	50,922

Category	Amount	Adjusted Net Income	Disbursements for Charitable Purposes
Executive search fee	51,777	867	50,910
Marketing, Reception, Security & IT Svcs	152,708	107,824	44,884
Other professional fees	75,394	32,425	42,969

Software ID:	15000324
Software Version:	2015v3.0