TY 2021 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)	50,000
2	Check .............
3	Interest on savings and temporary cash investments	438	438	438
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).......		4,300,001		4,300,001
12	Total. Add lines 1 through 11........	4,350,439	438	4,300,439
	13	Compensation of officers, directors, trustees, etc.	327,274		232,040	95,234
14	Other employee salaries and wages......	1,039,041	438	660,410	146,153
15	Pension plans, employee benefits.......	8,442		5,514	2,928
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		125,695		66,886	58,809
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		75,482		49,303	26,179
19	Depreciation (attach schedule) and depletion...		953,681
20	Occupancy..............	428,484		359,146	69,338
21	Travel, conferences, and meetings.......	245,432		241,369	4,063
22	Printing and publications..........	12,931		12,931
23	Other expenses (attach schedule).......		1,401,298		1,290,067	111,231
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	4,617,760	438	2,917,666	513,935
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	4,617,760	438	2,917,666	513,935
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-267,321
b	Net investment income (if negative, enter -0-)		0
c	Adjusted net income (if negative, enter -0-)...			1,382,773

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.............	1,009,910	216,438	216,438
	2	Savings and temporary cash investments.........	651,330	1,101,428	1,101,428
	3	Accounts receivable 1,735,398
		Less: allowance for doubtful accounts 4,070	1,194,862	1,731,328	1,731,328
	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..........	328,695	508,773	508,773
	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 19,693,839
		Less: accumulated depreciation (attach schedule) 12,606,119	7,992,123	7,087,720	7,087,720
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	11,176,920	10,645,687	10,645,687
	17	Accounts payable and accrued expenses..........	503,564	838,484
	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 )	2,554,295	1,955,463
	23	Total liabilities (add lines 17 through 22).........	3,057,859	2,793,947
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	8,119,061	7,851,740
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	8,119,061	7,851,740
	30	Total liabilities and net assets/fund balances (see instructions).	11,176,920	10,645,687

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 29 (must agree with end-of-year figure reported on prior year’s return) ...............

8,119,061

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

-267,321

Other increases not included in line 2 (itemize) bullet

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

7,851,740

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 29 .

7,851,740

(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

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	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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	2021 estimated tax payments and 2020 overpayment credited to 2021	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 2022 estimated tax0	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 3.00	0
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 1.00	0
165 West 57th Street New York,NY10019
Paul Gallagher	Treasurer 40.00	95,234	12,331
165 West 57th Street New York,NY10019
Jaume Vidal	Trustee 2.00	0
Av Pearson 21 Barcelona,Barcelona08034 SP
John Almandoz	Trustee 40.00	232,040	13,907
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	219,314	24,277
165 West 57th Street New York,NY10019	Program Director 40.00	219,314	24,277
Waldemar Kwasnik	Building manager 40.00	98,744	817
165 West 57th Street New York,NY10019	Building manager 40.00	98,744	817
Clifford Meyer	Program Director 40.00	201,499	17,462
165 West 57th Street New York,NY10019	Program Director 40.00	201,499	17,462
Idunn Jonsdottir	Exec Educ Director 40.00	257,924	22,700
165 West 57th Street New York,NY10019	Exec Educ Director 40.00	257,924	22,700
Deborah McCandless	Admissions Directo 40.00	103,435	12,921
165 West 57th Street New York,NY10019	Admissions Directo 40.00	103,435	12,921
Total number of other employees paid over $50,000...................

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. THE IMPACT OF THE CORONAVIRUS PANDEMIC DECREASED COMPARED TO THE TWO PRIOR YEARS, BUT ACTIVITY LEVELS REMAINED BELOW PRE-PANDEMIC LEVELS. OPEN ENROLLMENT PROGRAMS RESUMED HAVING IN-PERSON SESSIONS, AND CUSTOM PROGRAMS WERE OFFERED WITH HALF OF THEM IN-PERSON AND HALF ON-LINE. 66 C-LEVEL EXECUTIVES PARTICIPATED IN THREE-WEEK, THREE-CONTINENT MANAGEMENT PROGRAMS OFFERED JOINTLY WITH THE WHARTON SCHOOL OF BUSINESS. 18 CUSTOM EXECUTIVE EDUCATION PROGRAMS WERE HELD FOR 15 DIFFERENT CLIENTS INCLUDING 6 GLOBAL OR FORTUNE 500 COMPANIES, A CONSORTIUM OF MEDIA COMPANIES, AND THE UN. COMPANIES WERE IN INDUSTRIES THAT INCLUDE SOFTWARE, AUTO MANUFACTURING, DELIVERY/LOGISTICS, INSURANCE, MEDICAL DEVICES AND INFORMATION TECHNOLOGY. TYPICAL PROGRAMS ARE	2,917,465
2	INSTITUTIONAL DEVELOPMENT AND OUTREACH:RESEARCH IS CONDUCATED FOR PUBLICATION PURPOSES AND COURSE CONTENT DEVELOPMENT. US FACULTY CONDUCTED RESEARCH ON ISSUES RELATED TO CORPORATE PURPOSE, MULTIPLE STAKEHOLDER MANAGEMENT, ENVIRONMENTAL AND SUSTAINABILITY CONCERNS, AND LEADERSHIP AND THE DESIGN OF WORK. ENVIRONMENTAL PERFORMANCE OF FIRMS WAS ASSESSED IN LIGHT OF VARYING GOVERNMENT AND INVESTMENT POLICIES; AND EMPLOYEE MALFEASANCE WAS EXAMINED FOR CORRELATION TO PAY INEQUALITIES. TWO JOURNAL ARTICLES WERE PUBLISHED. THREE IN-PERSON AND ONLINE FACULTY-LEAD SEMINARS ON MANAGEMENT TOPICS FOR ALUMNI AND GUESTS WERE HELD WITH 250 TOTAL ATTENDEES. IESE USA ALSO PARTICIPATES IN AND HOSTS OTHER CONFERENCES, SOME LEAD BY ITS OWN FACULTY, OTHERS IN PARTNERSHIP WITH CORPORATIONS, INDUSTRY ASSOCIATIONS AND CHAMBERS OF COMMERCE. EVENTS THIS YEAR INCLUDED TWO ASSOCIATION MEETINGS, AND FIVE HR OFFICER ROUNDTABLES.	105,631
3


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 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2021:
a From 2016......
b From 2017......
c From 2018......
d From 2019......
e From 2020......
f Total of lines 3a through e ........
4Qualifying distributions for 2021 from Part
XI, line 4: $
a Applied to 2020, 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 2021 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2021.
(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 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........
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 2016 not applied on line 5 or line 7 (see instructions) ...
9 Excess distributions carryover to 2022. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2017....
b Excess from 2018....
c Excess from 2019....
d Excess from 2020....
e Excess from 2021....

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) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total
	0				0
b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....	563,213	751,870	2,969,513	1,582,208	5,866,804
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 ....	563,213	751,870	2,969,513	1,582,208	5,866,804
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......	10,645,687	11,176,920	12,491,978	12,598,678	46,913,263
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)	10,645,687	11,176,920	12,491,978	12,598,678	46,913,263
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, 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 XV-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 or FOUR WEEK MANAGEMENT DEVELOPMENT PROGRAMS FOR SENIOR EXECUTIVES, OTHERS ARE SHORTER THREE or FOUR DAY PROGRAMS, OR SINGLE DAY OR SINGLE SESSION SEMINARS. SOME ARE OPEN ENROLLMENT PROGRAMS, WHICH EMPLOYEES OF MULTIPLE COMPANIES ATTEND. OTHERS ARE C

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
NONE

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.)
a
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	438
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) ..				438	4,300,001

(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	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 Foundation Inc 165 West 57th Street New York, NY10019	$ 50,000	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.)
(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) (2021)

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) (2021)


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	1,008,888	946,747	62,141	62,141
Machinery and Equipment	205,078	189,855	15,223	15,223
Improvements	18,479,873	11,469,517	7,010,356	7,010,356

Description	Revenue and Expenses per Books	Adjusted Net Income	Disbursements for Charitable Purposes
Bad debts expense	495		495
Bank and credit card fees	2,339	2,097	242
Building maintenance and cleaning	75,734	63,479	12,255
Conferences and meetings	5,000		5,000
Equipment rental	2,163	1,797	366
Executive search fee	9,100		9,100
Faculty fees and honoraria	808,151	808,151
Food service for programs	117,988	117,988
Health insurance	116,433	76,052	40,381
Insurance	83,958	67,010	16,948
Meals and entertainment	33,829	32,594	1,235
office expenses	16,833	13,201	3,632
Telephone and communications	26,667	21,695	4,972
Utilities	102,608	86,003	16,605

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Marketing, Reception, Security & IT Svcs	63,904	0	52,699	11,205
Other professional fees	61,791	0	14,187	47,604

Software ID:	21013475
Software Version:	2021v4.1