TY 2018 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)	1,255,837
2	Check .............
3	Interest on savings and temporary cash investments	168	168	168
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).......		6,637,598		6,637,598
12	Total. Add lines 1 through 11........	7,893,603	168	6,637,766
	13	Compensation of officers, directors, trustees, etc.	578,552	168	399,554	178,830
14	Other employee salaries and wages......	2,492,987		1,721,692	771,295
15	Pension plans, employee benefits.......	51,846		35,806	16,040
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		394,123		300,189	93,934
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		168,730		116,527	52,203
19	Depreciation (attach schedule) and depletion...		933,814
20	Occupancy..............	428,484		345,472	83,012
21	Travel, conferences, and meetings.......	619,023		599,449	19,574
22	Printing and publications..........	37,664		32,256	5,408
23	Other expenses (attach schedule).......		3,103,014		2,810,554	292,460
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	8,808,237	168	6,361,499	1,512,756
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	8,808,237	168	6,361,499	1,512,756
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-914,634
b	Net investment income (if negative, enter -0-)		0
c	Adjusted net income (if negative, enter -0-)...			276,267

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.............	45,284	413,042	413,042
	2	Savings and temporary cash investments.........	826,037	601,149	601,149
	3	Accounts receivable 1,599,709
		Less: allowance for doubtful accounts 42,323	1,025,620	1,557,386	1,557,386
	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..........	467,375	266,501	266,501
	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 19,523,802
		Less: accumulated depreciation (attach schedule) 9,763,202	10,624,962	9,760,600	9,760,600
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	12,989,278	12,598,678	12,598,678
	17	Accounts payable and accrued expenses..........	1,166,212	2,199,132
	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 )	1,180,703	671,817
	23	Total liabilities (add lines 17 through 22).........	2,346,915	2,870,949
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	6,776,757	9,727,729
	25	Temporarily restricted...............	3,865,606
	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).....	10,642,363	9,727,729
	31	Total liabilities and net assets/fund balances (see instructions).	12,989,278	12,598,678

(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 5.0, 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 2018 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	2018 estimated tax payments and 2017 overpayment credited to 2018	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 here if 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 2019 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 40.00	290,000	13,857
165 West 57th Street New York,NY10019
Fernando Penalva	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	94,177	12,998
165 West 57th Street New York,NY10019
Jaume Vidal	Trustee 2.00	0
Av Pearson 21 Barcelona,Barcelona08034 SP
John Almandoz	Trustee 40.00	194,375	15,578
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	224,747	25,564
165 West 57th Street New York,NY10019	Program Director 40.00	224,747	25,564
Clifford Meyer	Program Director 40.00	212,822	25,277
165 West 57th Street New York,NY10019	Program Director 40.00	212,822	25,277
David Zorn	Program Director 40.00	211,917	15,618
165 West 57th Street New York,NY10019	Program Director 40.00	211,917	15,618
Idunn Jonsdottir	Exec Educ Director 40.00	247,917	20,969
165 West 57th Street New York,NY10019	Exec Educ Director 40.00	247,917	20,969
JOSEP VALOR	Academic Director 40.00	304,262	13,857
165 West 57th Street New York,NY10019	Academic Director 40.00	304,262	13,857
Total number of other employees paid over $50,000...................


William Baker	Prof-practice of mgt	100,000
165 West 57th Street New York,NY10019
Jacqueline Sitterle	Marketing	93,064
165 East 2nd St Apt PhA New York,NY10021
Michelle Greenwald	Professor of Mgmt	56,600
190 President Street 2 Brooklyn,NY11231

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 ADVANCED MANAGEMENT PROGRAM RELATED TO BUSINESS IN THE AMERICAS AND A GENERAL MANAGEMENT DEVELOPMENT PROGRAM FOR THE MEDIA INDUSTRY WERE COMPLETED FOR SENIOR-EXECUTIVE LEVEL PARTICIPANTS. 37 CEO LEVEL EXECUTIVES COMPLETED A THREE-WEEK, THREE-CONTINENT PROGRAM OFFERED JOINTLY WITH THE WHARTON SCHOOL OF BUSINESS AND CEIBS OF SHANGHAI. A 12-DAY JUNIOR LEVEL EXECUTIVE PROGRAM, EXTENDED OVER A 6-MONTH PERIOD, AIMED AT A LOCAL NEW YORK MARKET, WAS COMPLETED AND A 2ND ITERATION LAUNCHED. IN TOTAL, 123 EXECUTIVES WERE ENROLLED IN THESE EXTENSIVE DEVELOPMENT COURSES. FOUR 2-4 DAY PROGRAMS, ONE FOCUSED ON DIGITAL STRATEGIES, TWO ON LEADERSHIP AND EXECUTION, AND ONE ON FINANCIAL MANAGEMENT, WITH AN AVERAGE CLASS SIZE OF 30 PARTICIPANTS,	6,361,499
2	Research: IESE USA RESEARCHERS AND IESE BUSINESS SCHOOL FACULTY CONTINUED DEVELOPING MATERIALS ON THE BUSINESS OF MEDIA. A REPORT WAS PUBLISHED ON THE CURRENT STATE OF THE MEDIA INDUSTRY, SYNTHESIZING VIEWS FROM INTERVIEWS WITH SENIOR EXECUTIVES AT 26 COMPANIES. A RESEARCH PROJECT ON BIASES IN THE ACCEPTANCE OF FAKE NEWS WAS CONDUCTED. A SERIES OF 22 EXTENSIVE ARTICLES ON MEDIA BUSINESS TRENDS WERE POSTED ON AN IESE FACULTY BLOG. A SECOND LINE OF RESEARCH INCLUDES SOCIAL ENTERPRISE ORGANIZATIONS, BUSINESS IN THE CONTEXT OF THE BROADER NEEDS OF SOCIETY, CEO COMPENSATION AND INCENTIVES AND WRONGDOING IN ORGANIZATIONS, AND LEADERSHIP IN THE CONTEXTS OF DIGITAL TRANSFORMATION AND HOLACRACY (SELF ORGANIZING TEAMS). COMPLETED WORKS INCLUDE A CASE, TWO BOOK CHAPTERS AND AN ARTICLE UNDER PEER REVIEW.THE FUNDS SUPPORTED A FULL TIME RESEARCH ASSISTANT AND PARTIAL SALARIES OF TWO FACULTY MEMBERS.	172,032
3	OUTREACH:IESE ORGANIZES AN INVITATIONAL SPEAKER SERIES AT ITS NEW YORK CAMPUS. THE 2018/19 SERIES INCLUDED MARTIN LIPTON, FOUNDING PARTNER OF WACHTELL,LIPTON, ROSEN & KATZ; STEVEN RATTNER, CHAIRMAN OF WILLET ADVISORS; AND FRANCISCO GONZALEZ, GROUP CHAIRMAN OF BBVA. SEVERAL HUNDRED SENIOR EXECUTIVES ATTENDED THE LECTURES AND OTHERS VIEWED THE SESSIONS ONLINE.IESE BUSINESS SCHOOL SPONSORS, PARTICIPATES IN, AND OFFERS FACULTY LEAD SEMINARS IN BUSINESS MANAGEMENT. SEVENTEEN SUCH LECTURES FOR ALUMNI WERE HELD AT SITES AROUND THE U.S. AND CANADA WITH AN AVERAGE OF 45 ATTENDEES AT EACH. A GLOBAL IESE ALUMNI REUNION WAS HELD ON NOVEMBER 11, 2018 WITH OVER 1,000 PARTICIPANTS IN A DAY-LONG INDUSTRY AND ACADEMIC SPEAKER SESSION IN NEW YORK CITY. SPEAKERS INCLUDED RISTO SIILASMAA, THE CHAIRMAN OF NOKIA; ROMAINE SEGUIN, THE AMERICAS PRESIDENT OF UPS INTERNATIONAL; ADAIRE FOX-MARTIN, THE EMEA AND CHINA PRESIDENT OF SAP; SIR CLIVE GILLINSON, DIRECTOR OF CARNEGIE HALL; AND MARK THOMPSON, THE CEO OF TH	328,658
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 2017	(c) 2017	(d) 2018
1 Distributable amount for 2018 from Part XI, line 7
2 Undistributed income, if any, as of the end of 2018:
a Enter amount for 2017 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2018:
a From 2013......
b From 2014......
c From 2015......
d From 2016......
e From 2017......
fTotal of lines 3a through e........
4Qualifying distributions for 2018 from Part
XII, line 4: $
a Applied to 2017, 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 2018 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2018.
(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 2017. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2018. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2019 ..........
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) .......
8 Excess distributions carryover from 2013 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2019. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2014....
b Excess from 2015....
c Excess from 2016....
d Excess from 2017....
e Excess from 2018....

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) 2018	(b) 2017	(c) 2016	(d) 2015	(e) Total
	0				0
b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....	1,582,208	1,612,511	1,910,893	2,322,638	7,428,250
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 ....	1,582,208	1,612,511	1,910,893	2,322,638	7,428,250
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......	12,598,678	12,989,278	11,520,650	12,507,837	49,616,443
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)	12,598,678	12,989,278	11,520,650	12,507,837	49,616,443
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:

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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 PROGRAMS 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 CUSTOMI

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					6,637,598
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	168
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)..				168	6,637,598

(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.

Software ID:	18007218
Software Version:	2018v3.1

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
Jacqueline Sitterle	Marketing	93,064
165 East 2nd St Apt PhA New York,NY10021	Marketing	93,064
Michelle Greenwald	Professor of Mgmt	56,600
190 President Street 2 Brooklyn,NY11231	Professor of Mgmt	56,600

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	$ 1,108,637	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	$ 132,800	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	Fidelity Charitable PO Box 770001 Cincinnati, OH452770053	$ 10,000	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.)
(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) (2018)

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) (2018)


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	971,730	914,110	57,620	57,620
Machinery and Equipment	182,026	172,975	9,051	9,051
Improvements	18,370,046	8,676,117	9,693,929	9,693,929

Description	Revenue and Expenses per Books	Adjusted Net Income	Disbursements for Charitable Purposes
Academic materials	96,146	93,170	2,976
Advertising	101,292	100,836	456
Bad debts expense	42,370	42,370
Bank and credit card fees	20,813	19,589	1,224
Building maintenance and cleaning	70,701	57,004	13,697
Conferences and meetings	31,433	29,111	2,322
Equipment rental	21,631	16,475	5,156
Faculty fees and honoraria	1,313,792	1,227,392	86,400
Food service for programs	570,614	546,093	24,521
Health insurance	264,675	182,788	81,887
Insurance	106,423	85,805	20,618
Meals and entertainment	120,487	107,069	13,418
office expenses	31,710	26,182	5,528
Postage and shipping	12,815	12,126	689
Program space rental	95,622	87,622	8,000
Telephone and communications	101,340	95,368	5,972
Utilities	101,150	81,554	19,596

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Marketing, Reception, Security & IT Svcs	294,506	0	258,958	35,548
Other professional fees	99,617	0	41,231	58,386