TY 2024 Form 990

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(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/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(1) VG NARAYANAN...................................................................... DIRECTOR	2.0 ................. 60.0	X					0	861,602	81,391
(2) SURAJ SRINIVASAN...................................................................... AUDIT COMMITTEE CHAIR	2.0 ................. 60.0	X					18,000	811,431	45,448
(3) DAS NARAYANDAS...................................................................... FORMER DIRECTOR	0.0 ................. 0.0					X	0	733,447	78,149
(4) BHARAT ANAND...................................................................... DIRECTOR	2.0 ................. 60.0	X					0	727,284	44,906
(5) RAFFAELLA SADUN...................................................................... CHAIRMAN OF THE BOARD	5.0 ................. 60.0	X					4,500	688,813	75,846
(6) SARAH MCCONVILLE ULICNY...................................................................... CO-PRESIDENT	45.0 ................. 0.0	X	X				681,776	0	73,553
(7) ELLEN M DESMARAIS...................................................................... CO-PRESIDENT	45.0 ................. 0.0	X	X				682,498	0	70,814
(8) ANGELA Q CRISPI...................................................................... DIRECTOR	2.0 ................. 60.0	X					0	591,180	82,133
(9) ALAN IGNATIUS...................................................................... EDITOR AT LARGE	45.0 ................. 0.0				X		600,338	0	70,918
(10) ROBIN GREENWOOD...................................................................... DIRECTOR	2.0 ................. 60.0	X					0	586,030	75,543
(11) ELIE OFEK...................................................................... DIRECTOR AS OF 9/24	2.0 ................. 60.0	X					0	559,787	48,214
(12) IAN FANTON...................................................................... CHIEF CLIENT OFFICER	45.0 ................. 0.0				X		525,889	0	73,332
(13) ERICA HEBERT MATTHEWS...................................................................... SR. STRAT RELATIONSHIP MGR	45.0 ................. 0.0				X		525,040	0	28,928
(14) LUCILLE R GOLDSMITH...................................................................... SR. STRAT RELATIONSHIP MGR	45.0 ................. 0.0				X		538,704	0	13,405
(15) DOUGLAS BEIMLER...................................................................... VP, GLOBAL SALES	45.0 ................. 0.0				X		466,996	0	69,280
(16) AMY BERNSTEIN...................................................................... SVP & EDITOR IN CHIEF, HBR	45.0 ................. 0.0			X			457,428	0	71,742
(17) PAUL BILLS...................................................................... SR. VICE PRESIDENT, CFO	45.0 ................. 0.0		X				443,839	0	71,927

(A) Name and business address	(B) Description of services	(C) Compensation
UNOSQUARE LLC, 4800 MEADOWS ROAD SUITE 300 LAKE OSWEGO,OR97035	TEMPORARY HELP	5,866,954
BEACON HILL STAFFING GROUP LLC, PO BOX 846193 BOSTON,MA02284	TEMPORARY HELP	1,901,424
IMPETUS TECHNOLOGIES INC, 720 UNIVERSITY AVE SUITE 130 LOS GATOS,CA95032	TEMPORARY HELP	1,479,302
QUALITEST INFOTECH PVT LTD, EMBASSY GALAXY BUS PARK 4TH FL TOW NOIDA NAGAR DISTRICT,UTTAR PRADESH201309 IN	TEMPORARY HELP	1,177,749
DZCONNEX DBA YOH SVC LLC, 1500 SPRING GARDEN STREET PHILADELPHIA,PA19130	TEMPORARY HELP	1,133,658
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 39

- TIN:

SCHEDULE A
(Form 990)

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.
right arrow

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

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2024

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 12, check only one box.)

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

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

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 agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% 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 33 1/3% 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. See section 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 on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...............................1

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

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 10 above (see instructions))	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN		Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(A) PRESIDENT AND FELLOWS OF HARVARD COLLEGE	042103580	2	Yes		55,557,046	0

Total 1					55,557,046	0

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

Cat. No. 11285F

Schedule A (Form 990) 2024

Page 2

Part II

Support Schedule for Organizations Described in Sections 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 failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(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. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10

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

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2024 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2023 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2024. 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—2023. If the organization did not check a 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—2024. 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 VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

10%-facts-and-circumstances test—2023. 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 VI 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) 2024

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(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 on 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 VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2024 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2023 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2024 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2023 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests-2024. 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—2023. 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) 2024

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Yes

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2024

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Yes

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a and 3b below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990) 2024

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by 0.035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2024

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3
4 Amounts paid to acquire exempt-use assets	4
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5
6 Other distributions (describe in Part VI). See instructions	6
7Total annual distributions. Add lines 1 through 6.	7
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	8
9 Distributable amount for 2024 from Section C, line 6	9
10 Line 8 amount divided by Line 9 amount	10

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2024	(iii) Distributable Amount for 2024
1 Distributable amount for 2024 from Section C, line 6
2 Underdistributions, if any, for years prior to 2024 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2024:
a From 2019.......
b From 2020.......
c From 2021.......
d From 2022.......
e From 2023.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2024 distributable amount
i Carryover from 2019 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2024 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2024 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2024, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2024. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2025. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2020.....
b Excess from 2021.....
c Excess from 2022.....
d Excess from 2023.....
e Excess from 2024.....

Schedule A (Form 990) (2024)

Schedule A (Form 990) 2024

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation

Schedule A (Form 990) 2024

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," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow

Attach to Form 990.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

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" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of 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" on 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 July 25, 2006, 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 right arrow

Number of states where property subject to conservation easement is located right arrow

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, handling of violations, and enforcing conservation easements during the year
right arrow

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

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

Yes No

In Part XIII, 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" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB 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 XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB 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)

Revenue included on Form 990, Part VIII, line 1 ......................... right arrow

(ii)

Assets included in Form 990, Part X ............................... right arrow

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 FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... right arrow

Assets included in Form 990, Part X ............................... right arrow

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

Cat. No. 52283D

Schedule D (Form 990) (Rev. 1-2025)

Page 2

Part III

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

Using the organization’s acquisition, 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 XIII.

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" on 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


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
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, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on 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 current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment right arrow

Permanent endowment right arrow

Term endowment right arrow

The percentages on 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" on 3a(ii), are the related organizations listed as required on Schedule R? .........

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

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....
b	Buildings ....
c	Leasehold improvements	17,062,478	11,030,488	6,031,990
d	Equipment ....	6,641,168	5,936,258	704,910
e	Other .....	18,394,955	16,003,909	2,391,046
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				9,127,946

Schedule D (Form 990) (Rev. 1-2025)

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. 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........
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

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

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value
(1)ASC 842 LEASE				17,103,750
(2)CLOUD COMPUTING ARRANGEMENT				6,608,376
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				23,712,126

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes	0
ASC 842 LEASE LIABILITY	25,613,962








Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	25,613,962
2. Liability for uncertain tax positions. In Part XIII, 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 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) (Rev. 1-2025)

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
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 (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	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 XIII.) ...........	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 XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
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 XIII.) ...........	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 XIII.) ...........	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 XIII

Supplemental Information

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, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
FORM 990, SCHEDULE D, PART X, LINE 2	FIN 48 (ASC 740) UNCERTAIN TAX POSITIONS The Corporation follows ASC 740, Income Taxes, which provides criteria for the recognition, measurement, presentation, and disclosure of uncertain tax positions. This guidance 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 domestic tax years (2021 through 2023), and the current year to be filed, it was determined that the Corporation does not have any material uncertain tax positions.

Return Reference

Explanation

FORM 990, SCHEDULE D, PART X, LINE 2

FIN 48 (ASC 740) UNCERTAIN TAX POSITIONS The Corporation follows ASC 740, Income Taxes, which provides criteria for the recognition, measurement, presentation, and disclosure of uncertain tax positions. This guidance 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 domestic tax years (2021 through 2023), and the current year to be filed, it was determined that the Corporation does not have any material uncertain tax positions.

Schedule D (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)
(Rev. January 2025)

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 arrow

Attach to Form 990. Right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

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" on 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. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in the region	(d) Activities conducted in region (by type) (such as, 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 the region	(f) Total expenditures for and investments in the region
	North America	0	1	Program Services	SALES SUPPORT	109,176
	Central America and the Caribbean	0	1	Program Services	SALES SUPPORT	17,333
	East Asia and the Pacific	0	5	Program Services	SALES SUPPORT	604,010
	Europe (Including Iceland and Greenland)	0	14	Program Services	SALES SUPPORT	790,632
	Middle East and North Africa	1	13	Program Services	SALES SUPPORT	3,197,289
	South America	0	1	Program Services	SALES SUPPORT	43,960
	South Asia	0	3	Program Services	SALES SUPPORT	113,394
	Sub-Saharan Africa	0	0	Program Services	SALES SUPPORT	20,500
	Europe (Including Iceland and Greenland)	0	0	Investments	BOOK VALUE OF ASSETS	1,549
	East Asia and the Pacific	0	0	Investments	BOOK VALUE OF ASSETS	71
	South Asia	0	0	Investments	BOOK VALUE OF ASSETS	2,132
	North America	0	0	Investments	BOOK VALUE OF ASSETS	1,172





3a	Sub-total ....	1	38			4,901,218
b	Total from continuation sheets to Part I ...
c	Totals (add lines 3a and 3b)	1	38			4,901,218

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) (Rev. 1-2025)

Schedule F (Form 990) (Rev. 1-2025)

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated 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 noncash assistance	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)

2	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 .......
3	Enter total number of other organizations or entities .......................

Schedule F (Form 990) (Rev. 1-2025)

Schedule F (Form 990) (Rev. 1-2025)Page 3

Part III

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

Part III can be duplicated 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 noncash assistance	(g) Description of noncash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) (Rev. 1-2025)

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) (Rev. 1-2025)

Page 5

Part V

Supplemental Information
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.

ReturnReference	Explanation
FORM 990, SCHEDULE F, PART I, COLUMN C	HBSP DOES NOT HAVE EMPLOYEES OUTSIDE OF THE UNITED STATES EXCEPT NINE EMPLOYEES OF ITS BRANCH OFFICE IN THE UAE. HBSP HAS INCLUDED CONTRACTORS WHO WORK ON A PART-TIME BASIS DELIVERING BLENDED PROGRAM SERVICES AS WELL AS FULL-TIME CONTRACTORS IN THEIR RESPECTIVE REGIONS. THESE TOTALS DO NOT REPRESENT FULL TIME EQUIVALENTS.
FORM 990, SCHEDULE F, PART I, COLUMN F	THESE EXPENDITURES INCLUDE AGENTS AS WELL AS INDEPENDENT CONTRACTORS. THE LARGE EXPENDITURES IN THE EUROPE REGION INCLUDE THE AGENT EXPENDITURES FOR THE FULFILLMENT OF THE HBR MAGAZINE. EXPENDITURES ARE REPORTED ON AN ACCRUAL BASIS CONSISTENT WITH THE ORGANIZATION'S FINANCIAL STATEMENTS.

Schedule F (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic

Attach to Form 990.
medium right arrow graphic

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

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 on 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 on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of 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
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Indicate which, if any, of the following the filing organization used 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 on 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? .........

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), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

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

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

Yes

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

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

For persons listed on 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," on line 6a or 6b, describe in Part III.

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

Yes

Were any amounts reported on 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" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

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

Cat. No. 50053T

Schedule J (Form 990) (Rev. 1-2025)

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 on 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 (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(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)
1ANGELA Q CRISPI DIRECTOR	(i) (ii)	0 ------------- 449,833	0 ------------- 116,148	0 ------------- 25,199	0 ------------- 51,143	0 ------------- 30,990	0 ------------- 673,313	0 ------------- 0
2ALAN IGNATIUS EDITOR AT LARGE	(i) (ii)	435,758 ------------- 0	162,004 ------------- 0	2,576 ------------- 0	43,320 ------------- 0	27,598 ------------- 0	671,256 ------------- 0	0 ------------- 0
3PAUL BILLS SR. VICE PRESIDENT, CFO	(i) (ii)	320,102 ------------- 0	123,154 ------------- 0	583 ------------- 0	40,866 ------------- 0	31,061 ------------- 0	515,766 ------------- 0	0 ------------- 0
4IAN FANTON CHIEF CLIENT OFFICER	(i) (ii)	377,194 ------------- 0	147,968 ------------- 0	727 ------------- 0	43,320 ------------- 0	30,012 ------------- 0	599,221 ------------- 0	0 ------------- 0
5JASON MCNAMARA SVP, CHIEF INFORMATION OFFICER	(i) (ii)	274,665 ------------- 0	92,955 ------------- 0	246 ------------- 0	33,704 ------------- 0	29,657 ------------- 0	431,227 ------------- 0	0 ------------- 0
6SARAH MCCONVILLE ULICNY CO-PRESIDENT	(i) (ii)	499,173 ------------- 0	181,563 ------------- 0	1,040 ------------- 0	43,320 ------------- 0	30,233 ------------- 0	755,329 ------------- 0	0 ------------- 0
7SURAJ SRINIVASAN AUDIT COMMITTEE CHAIR	(i) (ii)	18,000 ------------- 418,117	0 ------------- 50,000	0 ------------- 343,314	0 ------------- 43,320	0 ------------- 2,128	18,000 ------------- 856,879	0 ------------- 0
8DOUGLAS BEIMLER VP, GLOBAL SALES	(i) (ii)	276,441 ------------- 0	188,815 ------------- 0	1,740 ------------- 0	34,808 ------------- 0	34,472 ------------- 0	536,276 ------------- 0	0 ------------- 0
9ANGELA CHENG-CIMINI SR VP/CHRO-TERM AS OF 12/24	(i) (ii)	309,962 ------------- 0	102,073 ------------- 0	1,263 ------------- 0	36,540 ------------- 0	28,952 ------------- 0	478,790 ------------- 0	0 ------------- 0
10RAFFAELLA SADUN CHAIRMAN OF THE BOARD	(i) (ii)	4,500 ------------- 424,004	0 ------------- 80,000	0 ------------- 184,809	0 ------------- 43,320	0 ------------- 32,526	4,500 ------------- 764,659	0 ------------- 0
11BHARAT ANAND DIRECTOR	(i) (ii)	0 ------------- 568,784	0 ------------- 20,000	0 ------------- 138,500	0 ------------- 43,320	0 ------------- 1,586	0 ------------- 772,190	0 ------------- 0
12ROBIN GREENWOOD DIRECTOR	(i) (ii)	0 ------------- 432,378	0 ------------- 125,000	0 ------------- 28,652	0 ------------- 43,320	0 ------------- 32,223	0 ------------- 661,573	0 ------------- 0
13VG NARAYANAN DIRECTOR	(i) (ii)	0 ------------- 453,997	0 ------------- 95,000	0 ------------- 312,605	0 ------------- 43,320	0 ------------- 38,071	0 ------------- 942,993	0 ------------- 0
14AMY BERNSTEIN SVP & EDITOR IN CHIEF, HBR	(i) (ii)	343,399 ------------- 0	113,046 ------------- 0	983 ------------- 0	43,320 ------------- 0	28,422 ------------- 0	529,170 ------------- 0	0 ------------- 0
15ELLEN M DESMARAIS CO-PRESIDENT	(i) (ii)	500,379 ------------- 0	181,563 ------------- 0	556 ------------- 0	43,320 ------------- 0	27,494 ------------- 0	753,312 ------------- 0	0 ------------- 0
16ELIE OFEK DIRECTOR AS OF 9/24	(i) (ii)	0 ------------- 452,023	0 ------------- 35,000	0 ------------- 72,764	0 ------------- 43,320	0 ------------- 4,894	0 ------------- 608,001	0 ------------- 0
17LUCILLE R GOLDSMITH SR. STRAT RELATIONSHIP MGR	(i) (ii)	68,310 ------------- 0	469,747 ------------- 0	647 ------------- 0	6,972 ------------- 0	6,433 ------------- 0	552,109 ------------- 0	0 ------------- 0
18ERICA HEBERT MATTHEWS SR. STRAT RELATIONSHIP MGR	(i) (ii)	132,852 ------------- 0	392,154 ------------- 0	34 ------------- 0	13,904 ------------- 0	15,024 ------------- 0	553,968 ------------- 0	0 ------------- 0
19BIPUL MAINALI SVP,CHF RISK OFF AS OF 1/25	(i) (ii)	321,508 ------------- 0	70,193 ------------- 0	204 ------------- 0	40,867 ------------- 0	30,233 ------------- 0	463,005 ------------- 0	0 ------------- 0
20DAS NARAYANDAS FORMER DIRECTOR	(i) (ii)	0 ------------- 456,239	0 ------------- 0	0 ------------- 277,208	0 ------------- 43,320	0 ------------- 34,829	0 ------------- 811,596	0 ------------- 0

Schedule J (Form 990) (Rev. 1-2025)

Page 3

Part III

Supplemental Information

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

Return Reference

Explanation

SCHEDULE J, PART I, LINE 3

FOR THE 2024 CALENDAR YEAR AND TAX YEAR BEGINNING JULY 1, 2024 AND ENDING JUNE 30, 2025, THE ORGANIZATION UTILIZED COMPENSATION SURVEYS AND INDEPENDENT COMPENSATION CONSULTANTS TO INFORM COMPENSATION POLICIES AND PRACTICES INCLUDING THE COMPENSATION PACKAGE FOR THE CEO, EXECUTIVE VICE PRESIDENTS, OTHER OFFICERS AND KEY EMPLOYEES. THIS IS 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, LINES 5A AND 7

EACH YEAR, HBSP ACCRUES AND PAYS OUT ADDITIONAL COMPENSATION TO NON SALES EMPLOYEES UNDER THE PERFORMANCE-BASED VARIABLE PAY PROGRAM ("PVP"). SPECIFIC GOALS AND PERFORMANCE METRICS ARE DEVELOPED AT THE BEGINNING OF EACH YEAR FOR EACH BUSINESS UNIT AND HBSP OVERALL. PAYOUT AMOUNTS ARE THEN DETERMINED BASED ON BUSINESS UNIT AND CORPORATE PERFORMANCE AGAINST THOSE GOALS, SUBJECT TO BOARD APPROVAL. EACH YEAR, THE CORPORATION ACCRUES AND PAYS OUT ADDITIONAL COMPENSATION TO SALES EMPLOYEES UNDER THE SALES-BASED VARIABLE PAY PROGRAM ("SVP"). SPECIFIC GOALS AND PERFORMANCE METRICS ARE DEVELOPED AT THE BEGINNING OF EACH YEAR FOR EACH INDIVIDUAL PARTICIPANT, THE BUSINESS UNIT, AND HBSP OVERALL. PAYOUT AMOUNTS ARE DETERMINED BASED ON INDIVIDUAL AND BUSINESS UNIT PERFORMANCE AGAINST THOSE GOALS. THE ORGANIZATION DOES NOT RECEIVE ANY CHARITABLE CONTRIBUTIONS; ANY REVENUE BASED INCENTIVES ARE DERIVED FROM PROGRAM SERVICES REVENUE.

Schedule J (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)
(Rev. January 2025)
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 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization

HARVARD BUSINESS SCHOOL PUBLISHING
CORPORATION

Employer identification number

04-3177990

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 ("HBR") 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 ("HBS") - 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 TRANSFORMATIONAL LEARNING EXPERIENCE FOR LEADERS, FROM A COMPANY'S MOST SENIOR EXECUTIVE TO ITS HIGH-POTENTIAL PERFORMERS. 4D - OTHER ACTIVITIES INCLUDE ADVERTISING AND SERVICES TO SUPPORTED ORGANIZATION.
FORM 990, PART VI, SECTION A, LINE 1	UNLESS THE DIRECTORS OTHERWISE DETERMINE, THE EXECUTIVE COMMITTEE SHALL HAVE ALL OF THE POWERS OF THE DIRECTORS DURING INTERVALS BETWEEN MEETINGS OF THE DIRECTORS, EXCEPT FOR THE POWERS SPECIFIED IN SECTION 55 OF CHAPTER 156B OF THE MASSACHUSETTS GENERAL LAWS. AS OF FISCAL YEAR 2025, HBSP APPOINTED TWO INDIVIDUALS TO SERVE AS CO PRESIDENTS. THEY EACH RECEIVE ONE HALF OF A VOTE. ALL OTHER VOTING MEMBERS RECEIVE ONE FULL VOTE EACH.
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 VICE PRESIDENT, CFO. THE FORM 990 DRAFT IS SUBSEQUENTLY REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS, THE BOARD OF DIRECTORS, AND THE CEOs. A FINAL FORM 990 IS DISTRIBUTED TO THE GOVERNING BODY PRIOR TO FILING.
FORM 990, PART VI, SECTION B, LINE 12C	ONCE A YEAR, HBSP SENDS A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES. THE QUESTIONNAIRES ARE SIGNED AND RETURNED TO THE VICE PRESIDENT, CFO. IF ANY CONFLICTS ARE IDENTIFIED THE VP OF HUMAN RESOURCES, CEO/CO-PRESIDENTS AND CHIEF RISK AND COMPLIANCE OFFICER 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.
FORM 990, PART VI, SECTION B, LINES 15A & 15B	FOR THE 2024 CALENDAR YEAR AND TAX YEAR BEGINNING JULY 1, 2024 AND ENDING JUNE 30, 2025, THE ORGANIZATION UTILIZED COMPENSATION SURVEYS AND INDEPENDENT COMPENSATION CONSULTANTS TO INFORM COMPENSATION POLICIES AND PRACTICES. THE COMPENSATION PACKAGE FOR THE CO-PRESIDENTS, 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	THE FORM 990, GOVERNING DOCUMENTS, AND FINANCIAL STATEMENTS ARE AVAILABLE AT MA.GOV. THE CONFLICT OF INTEREST POLICY IS 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.
FORM 990 PART XI, LINE 9	INTERCOMPANY DIVIDEND $1,712,172

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

Cat. No. 51056K

Schedule O (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

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 (if applicable) 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 entity?
(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)AFRICA ACADEMY FOR PUBLIC HEALTH PO BOX 79810 MWAI KIBAKI RD DAR ES SALAAM TZ	RESEARCH	TZ			HPF	Yes
(2)AMERICAN REPERTORY THEATRE COMPANY INC 64 BRATTLE ST CAMBRIDGE,MA02138 04-2665867	PERFORMING AR	MA	501(c)(3)	10	HPF	Yes
(3)ASSOCIACAO DAVID ROCKEFELLER CENTER DE U AVENIDA PAULISTA 1337 CJ 171 SAO PAULO 01311-200 BR	EDUCATION	BR			HPF	Yes
(4)AXIM COLLABORATIVE 141 PORTLAND ST 9TH FL CAMBRIDGE,MA02139 46-0807740	EDUCATION	MA	501(c)(3)	12. Type I	NA	Yes
(5)BLUE MARBLE HOLDINGS CORP 600 ATLANTIC AVENUE BOSTON,MA02210 23-7014581	INVESTMENT MA	MA	501(c)(3)	12. Type I	HPF	Yes
(6)CENTRE RECHERCHE EUROPEEN DE LA HBS 62 RUE FRANCOIS 1 ER PARIS FR	RESEARCH SUPP	FR			HPF	Yes
(7)DEMETER HOLDINGS CORPORATION 600 ATLANTIC AVENUE BOSTON,MA02210 04-3044742	INVESTMENT MA	MA	501(c)(3)	12. Type I	HPF	Yes
(8)DOYUKAI FUND FOR HARVARD INC 79 JFK STREET CAMBRIDGE,MA02138 04-3478889	RESEARCH SUPP	MA	501(c)(3)	12. Type I	HPF	Yes
(9)DUBAI HARVARD FOUNDATION FOR MEDICAL RES 401 PARK DR BOSTON,MA02215 52-2446955	EDUCATION AND	MA	501(c)(3)	12. Type I	HPF	Yes
(10)ENDOWMENT FOR RESEARCH IN HUMAN BIOLOGY ONE MIFFLIN PLACE SUITE 400 C/O TH CAMBRIDGE,MA02116 04-2702030	RESEARCH	MA	501(c)(3)	12. III-O	HPF	Yes
(11)FUNDACION DRCLAS CHILE AVENIDA DAG HAMMARSKJOLD 3269 SANTIAGO CI	FACULTY AND S	CI			HPF	Yes
(12)FUNDACION HARVARD BUSINESS SCHOOL LATIN AVENIDA ITALIA 6201 EDIFICIO LOS RO MONTEVIDEO 11500 UY	RESEARCH SUPP	UY			HPF	Yes
(13)GIOVANNI ARMENISE-HARVARD FOUNDATION FOR HMS DEAN OF FAC OF MED BOSTON,MA02115 04-3293162	RESEARCH SUPP	MA	501(c)(3)	12. Type I	HPF	Yes
(14)HANSJORG WYSS INST FOR BIOLOGICALLY INS 201 BROOKLINE AVE SUITE 401 BOSTON,MA02115 30-0773387	RESEARCH	MA	501(c)(3)	12. Type I	HPF	Yes
(15)HARVARD BUSINESS SCHOOL INTERACTIVE INC SOLDIERS FIELD RD BOSTON,MA02163 04-3395140	EXECUTIVE EDU	MA	501(c)(3)	12. Type I	HPF	Yes
(16)HARVARD DEDICATED ENERGY LIMITED 1033 MASS AVE 3RD FL CAMBRIDGE,MA02138 03-0425512	ELECTRICITY P	MA	501(c)(3)	12. Type I	HPF	Yes
(17)HARVARD GLOBAL FOUNDATION LTD THIRD FLOOR 20 OLD BAILEY LONDON EC4M 7AN UK	TRUST FOR CON	UK			HGRSS	Yes
(18)HARVARD GLOBAL RESEARCH AND SUPPORT SERV 114 MOUNT AUBURN ST 5TH FL CAMBRIDGE,MA02138 45-4535664	GLOBAL SUPPOR	MA	501(c)(3)	12. Type I	HPF	Yes
(19)HARVARD GLOBAL RESEARCH AND SUPPORT SERV 3ME TAGE IMMEUBLE SLIM BLOCK 1 R TUNIS 1053 TS	RESEARCH	TS			HGRSS	Yes
(20)HARVARD GLOBAL RESEARCH SUPPORT CENTRE I DEXTRUS OFFICE NO W05 PENINSULA MUMBAI,MAHARASHTRA400013 IN	RESEARCH	IN			HGRSS	Yes
(21)HARVARD GLOBAL RESEARCH SUPPORT CENTRE I 1 NIRIM STREET PO BOX 9250 TELAVIV 670603 IS	RESEARCH	IS			HGRSS	Yes
(22)HARVARD GLOBAL RESEARCH SUPPORT CENTRE S 22 BREE ST CAPE TOWN 8000 SF	RESEARCH	SF			HGRSS	Yes
(23)HARVARD GLOBAL UK 71 QUEEN VICTORIA STREET LONDON EC4V 4BE UK	RESEARCH	UK			HGRSS	Yes
(24)HARVARD MAGAZINE INC 7 WARE ST CAMBRIDGE,MA02138 04-6112308	PUBLISHING	MA	501(c)(3)	12.III-FI	HPF	Yes
(25)HARVARD MANAGEMENT COMPANY INC 600 ATLANTIC AVENUE BOSTON,MA02210 23-7361259	INVESTMENT MA	MA	501(c)(3)	12. Type I	HPF	Yes
(26)HARVARD MANAGEMENT PRIVATE EQUITY CORPOR 600 ATLANTIC AVENUE BOSTON,MA02210 04-3070522	INVESTMENT MA	MA	501(c)(3)	12. Type I	HPF	Yes
(27)HARVARD MEDICAL CENTER 25 SHATTUCK ST BOSTON,MA02115 04-2213292	MEDICAL EDUCA	MA	501(c)(3)	12. Type I	NA	Yes
(28)HARVARD NEURODISCOVERY CENTER INC 25 SHATTUCK ST BOSTON,MA02115 31-1745145	RESEARCH SUPP	MA	501(c)(3)	12. Type I	HPF	Yes
(29)HARVARD PRIVATE CAPITAL REALTY INC 600 ATLANTIC AVENUE BOSTON,MA02210 22-3138409	INVESTMENT MA	MA	501(c)(3)	12. Type I	HPF	Yes
(30)HARVARD REAL ESTATE - ALLSTON INC 1033 MASS AVE 3RD FL CAMBRIDGE,MA02138 04-3373410	TITLE HOLDING	MA	501(c)(25)		HPF	Yes
(31)HARVARD REAL ESTATE INC 1033 MASS AVE 3RD FL CAMBRIDGE,MA02138 04-2649303	REAL ESTATE B	MA	501(c)(3)	12. Type I	HPF	Yes
(32)HARVARD-YENCHING INSTITUTE VANSERG HALL 25 FRANCIS AVE CAMBRIDGE,MA02138 04-2062394	EDUCATION	MA	501(c)(3)	12. Type I	NA	Yes
(33)ION INC 1350 MASS AVE CAMBRIDGE,MA02138 22-3032677	RESEARCH	MA	501(c)(3)	12. Type I	HPF	Yes
(34)LONGWOOD MEDICAL ENERGY COLLABORATIVE I 375 LONGWOOD AVE BOSTON,MA02215 04-3476764	ENERGY SERVIC	MA	501(c)(3)	12. Type I	NA	Yes
(35)MASSACHUSETTS GREEN HIGH PERFORMANCE COM 100 BIGELOW ST HOLYOKE,MA01040 27-3014805	RESEARCH	MA	501(c)(3)	12. Type I	NA	Yes
(36)MGHPCC HOLYOKE INC 100 BIGELOW ST HOLYOKE,MA01040 45-2257442	RESEARCH	MA	501(c)(3)	12. Type I	NA	Yes
(37)PHEMUS CORPORATION 600 ATLANTIC AVENUE BOSTON,MA02210 04-2997367	INVESTMENT MA	MA	501(c)(3)	12. Type I	HPF	Yes
(38)PRESIDENT AND FELLOWS OF HARVARD COLLEGE 1033 MASS AVE 3RD FL CAMBRIDGE,MA02138 04-2103580	EDUCATION AND	MA	501(c)(3)	2	NA		No
(39)RED TOP INC MURR CTR 65 NORTH HARVARD ST BOSTON,MA02163 51-0189788	ATHLETICS	CT	501(c)(3)	12. Type I	HPF	Yes
(40)STUDENT CLUBS OF HBS INC SOLDIERS FIELD RD BOSTON,MA02163 57-1152691	STUDENT SUPPO	MA	501(c)(3)	12. Type I	HPF	Yes
(41)STUDENT ORGANIZATIONS AND JOURNALS OF HA 1585 MASSACHUSETTS AVE CAMBRIDGE,MA02138 84-3118937	STUDENT SUPPO	MA	501(c)(3)	12. Type I	HPF	Yes
(42)THE BOTSWANA HARVARD HEALTH PARTNERSHIP PRIVATE BAG BO 320 GABORONE BC	RESEARCH	BC			HPF	Yes
(43)THE CARL J SHAPIRO INSTITUTE FOR EDUCAT 330 BROOKLINE AVE BOSTON,MA02215 04-3326928	MEDICAL EDUCA	MA	501(c)(3)	12. Type I	NA	Yes
(44)THE RESEARCH COLLECTIONS AND PRESERVATIO 701 CARNEGIE CENTER STE 445 PRINCETON,NJ08540 22-3751732	LIBRARY DEPOS	NJ	501(c)(3)	12. Type I	HPF	Yes
(45)TRUSTEES FOR HARVARD UNIVERSITY 1033 MASS AVE 3RD FL CAMBRIDGE,MA02138 53-0199180	EDUCATION	MA	501(c)(3)	12. Type II	HPF	Yes

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

Cat. No. 50135Y

Schedule R (Form 990) (Rev. 1-2025)

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 V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(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 V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership
(1) 144 FULTON MMEE JV LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 47-4542524	INVESTMENTS	DE	NA	N/A
(2) 170 BROADWAY LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 46-4145333	INVESTMENTS	DE	NA	N/A
(3) 522 FULTON REALTY LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 13-4215034	INVESTMENTS	DE	NA	N/A
(4) 947 LINCOLN ROAD LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 46-5244987	INVESTMENTS	DE	NA	N/A
(5) ALTIMETER GROWTH DIABLO FUND LP ONE INTERNATIONAL PLACE SUITE 4610 BOSTON,MA02110 87-2407391	INVESTMENTS	DE	NA	N/A
(6) ALTOS HYBRID HD LLC 250 CALIFORNIA DR FL 4 BURLINGAME,CA94010 88-2029449	INVESTMENTS	DE	NA	N/A
(7) AMERRA AGRI OPPORTUNITY FUND LP 55 WEST 46TH ST STE 2801 NEW YORK,NY10036 27-3310646	INVESTMENTS	DE	NA	N/A
(8) APOLLO THUNDER PARTNERS LP 100 WEST PUTNAM AVENUE 3RD FLOOR GREENWICH,CT06830 36-4827348	INVESTMENTS	DE	NA	N/A
(9) AQUILINE ARMOUR CO-INVEST II LP C/O AQUILINE CAPITAL PARTNERS 535 NEW YORK,NY10022 82-3864734	INVESTMENTS	CJ	NA	N/A
(10) ARTIST GROWTH OPPORTUNITY III LP 20 WEST 55TH STREET 11TH FLOOR NEW YORK,NY10019 86-3123613	INVESTMENTS	DE	NA	N/A
(11) ASSOCIATED FUNDS SPV LP 8605 SANTA MONICA BLVD PMB 29166 WEST HOLLYWOOD,CA90069 84-2851486	INVESTMENTS	DE	NA	N/A
(12) ATLANTIC CT HOLDINGS LLC 4343 VON KARMAN AVE SUITE 200 NEWPORT BEACH,CA92660 46-2501216	INVESTMENTS	DE	NA	N/A
(13) ATLANTIC REGENT HOLDINGS LLC 11990 SAN VICENTE BOULEVARD SUITE LOS ANGELES,CA90049 47-2097418	INVESTMENTS	DE	NA	N/A
(14) ATLANTIC SCIOTO HOLDINGS LLC 230 PARK AVENUE 12TH FLOOR NEW YORK,NY10169 47-1979711	INVESTMENTS	DE	NA	N/A
(15) ATLANTIC TORONTO LP 600 ATLANTIC AVENUE BOSTON,MA02210 35-2384789	INVESTMENTS	DE	NA	N/A
(16) ATLANTIC US REAL ESTATE LLC C/O BAIN CAPITAL REAL ESTATE LP 20 BOSTON,MA02116 82-4033944	INVESTMENTS	DE	NA	N/A
(17) AVENIR GROWTH PARTNERS III CO-INVEST LP 817 BROADWAY 12TH FLOOR NEW YORK,NY10003 85-3171430	INVESTMENTS	DE	NA	N/A
(18) AVENTAIL ENERGY FUND LP 1370 AVENUE OF THE AMERICAS 27TH F NEW YORK,NY10019 82-3720439	INVESTMENTS	DE	NA	N/A
(19) BAINBRIDGE CC URBANA APARTMENTS LLC 12765 WEST FOREST HILL BLVD SUITE WELLINGTON,FL33414 80-0910794	INVESTMENTS	DE	NA	N/A
(20) BCC CAMBRIDGE NEW FINANCING SOLUTION (RE MAPLES FIDUCIARY SERVICES DE INC WILMINGTON,DE19807 84-2105056	INVESTMENTS	DE	NA	N/A
(21) BCC CAMBRIDGE NEW FINANCING SOLUTION (TL MAPLES FIDUCIARY SERVICES DE INC WILMINGTON,DE19807 84-2105177	INVESTMENTS	DE	NA	N/A
(22) BLC FIC FIDC-NP PRAIA DE BOTAFOGO 501 RIO DE JANEIRO 22250-040 BR	INVESTMENTS	BR	NA	N/A
(23) BLC MASTER FUND LP PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1251228	INVESTMENTS	CJ	NA	N/A
(24) BLUE ATLANTIC ACQUISITION GROUP II LLC 353 NORTH CLARK STREET SUITE 730 CHICAGO,IL60654 90-0909419	INVESTMENTS	DE	NA	N/A
(25) BLUE OWL OPPORTUNISTIC LENDING I (H) LP 399 PARK AVENUE 37TH FLOOR NEW YORK,NY10022 85-2734604	INVESTMENTS	DE	NA	N/A
(26) BRIGHTLIGHT CAPITAL PARTNERS LP 15 MYRTLE AVENUE 1A WESTPORT,CT06880 45-2604596	INVESTMENTS	DE	NA	N/A
(27) BRIGHTMIND VENTURES I LP 1705 ALAMEDA DR AUSTIN,TX78704 99-4864469	INVESTMENTS	DE	NA	N/A
(28) CA ATLANTIC URBAN LV LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 81-5215845	INVESTMENTS	DE	NA	N/A
(29) CA USQUARE LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 47-3889463	INVESTMENTS	DE	NA	N/A
(30) CB ACCESS FUND LP 437 MADISON AVENUE 20TH FL NEW YORK,NY10022 99-2746513	INVESTMENTS	DE	NA	N/A
(31) CERBERUS MA PARTNERS LP ONE NEXUS WAY CAMANA BAY KY1-9005 CJ 36-4762301	INVESTMENTS	CJ	NA	N/A
(32) COGNATE INVESTMENTS LP- SERIES SAM1 1140 3RD ST NE 2ND FL WASHINGTON,DC20002 85-3709667	INVESTMENTS	DE	NA	N/A
(33) CORAL SENIOR HOUSING II LLC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 32-0410036	INVESTMENTS	DE	NA	N/A
(34) CORAL SENIOR HOUSING III LLC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 38-3931197	INVESTMENTS	DE	NA	N/A
(35) CORAL SENIOR HOUSING IV LLC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 81-4574488	INVESTMENTS	DE	NA	N/A
(36) CROWN 144 FULTON LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 47-3233984	INVESTMENTS	DE	NA	N/A
(37) CROWN ATLANTIC INTL OLIVE LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 47-1830643	INVESTMENTS	DE	NA	N/A
(38) CROWN ATLANTIC RETAIL II LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 36-4806500	INVESTMENTS	DE	NA	N/A
(39) CROWN ATLANTIC RETAIL LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 46-1605646	INVESTMENTS	DE	NA	N/A
(40) CROWN ICS 5TH ACQUISITIONS LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 47-1827246	INVESTMENTS	DE	NA	N/A
(41) CROWN SRP LLC C/O CROWN ACQUISITIONS INC 667 MAD NEW YORK,NY10065 47-2106149	INVESTMENTS	DE	NA	N/A
(42) CURIOUSITY GROUP OPPORTUNITY ONE LP 2750 SAND HILL ROAD MENLO PARK,CA94025 93-2476055	INVESTMENTS	DE	NA	N/A
(43) CVI CHVF LP 1601 UTICA AVENUE SOUTH SUITE 1000 ST LOUIS PARK,MN55416 80-0941373	INVESTMENTS	DE	NA	N/A
(44) CVI CHVF LUX SECURITIES SARL 1601 UTICA AVENUE SOUTH SUITE 1000 ST LOUIS PARK,MN55416 98-1120470	INVESTMENTS	LU	NA	N/A
(45) CVI CHVF MASTER FUND II LP 1601 UTICA AVENUE SOUTH SUITE 1000 ST LOUIS PARK,MN55416 32-0415499	INVESTMENTS	DE	NA	N/A
(46) DECHENG CAPITAL GLOBAL LIFE SCIENCES FUN PO BOX 309 GEORGE TOWN GRAND CAYMAN KY1-1104 CJ 98-1793960	INVESTMENTS	CJ	NA	N/A
(47) DOUGLASBAY CAPITAL III FUND (CO-INVESTME PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ	INVESTMENTS	CJ	NA	N/A
(48) DOUGLASBAY CAPITAL IV FUND LP 2ND FLOOR GASPE HOUSE ST HELIER JE1 1GH JE 98-1718388	INVESTMENTS	JE	NA	N/A
(49) ELLIPSIS PARTNERS LLC 83-3308875	INVESTMENTS	DE	NA	N/A
(50) EPIRIS FUND II CO-INVESTMENT (A) LP IFC 6 THE ESPLANADE ST HELIER JE4 0QH JE 98-1455895	INVESTMENTS	JE	NA	N/A
(51) EVOLUTION CREDIT OPPORTUNITY FUND II (PA 28 STATE STREET 23RD FLOOR BOSTON,MA02109 87-2877372	INVESTMENTS	DE	NA	N/A
(52) G GROWTH PARTNERS LP 245 FIFTH AVENUE SUITE 1102 NEW YORK,NY10016 87-2575541	INVESTMENTS	DE	NA	N/A
(53) GBE INVESTMENTS LP MAPLES CORPORATE SERVICES LTD PO B GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	NA	N/A
(54) GERRITY ATLANTIC RETAIL PARTNERS LLC 973 LOMAS SANTA FE DRIVE SOLANA BEACH,CA92075 27-4257497	INVESTMENTS	DE	NA	N/A
(55) HAMPDEN INSURANCE PARTNERS I LP C/O MOURANT OZANNES CORPORATE SERVI CAMANA BAY,GRAND CAYMANKY1-1108 CJ	INVESTMENTS	CJ	NA	N/A
(56) HARVARD GLOBAL SERVICES IN LLP 404 ZEE SQUARE MG ROAD VILE PAR MUMBAI,MAHARASHTRA400057 IN	RESEARCH	IN	NA	N/A
(57) HB INSTITUTIONAL LIMITED PARTNERSHIP 10 ST JAMES AVE STE 1700 BOSTON,MA02116 04-3425685	INVESTMENTS	MA	NA	N/A
(58) HLS SPV LLC 40 WEST 57TH STREET 24TH FL NEW YORK,NY10019 47-2205984	INVESTMENTS	DE	NA	N/A
(59) HMC JUWEEL HOLDINGS LP MAPLES CORPORATE SERVICES LTD PO B GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1196430	INVESTMENTS	CJ	NA	N/A
(60) HORSLEY BRIDGE SPV II LP 140 NEW MONTGOMERY STREET 16TH FLO SAN FRANCISCO,CA94105 85-3774963	INVESTMENTS	DE	NA	N/A
(61) IBEX VENTURE LIMITED UNIT 2501 ONE HENNESSY 1 HENNESSY WAN CHAI HK 98-1583805	INVESTMENTS	VI	NA	N/A
(62) INITIALIZED FG SPV LLC 464 TEHAMA STREET SAN FRANCISCO,CA94103 87-1269799	INVESTMENTS	DE	NA	N/A
(63) INITIALIZED PA SPV LLC 464 TEHAMA STREET SAN FRANCISCO,CA94103 87-2934502	INVESTMENTS	DE	NA	N/A
(64) INTERNET ECONOMY HOLDINGS III LLC 1140 3RD ST NE 2ND FL WASHINGTON,DC20002 83-2567678	INVESTMENTS	DE	NA	N/A
(65) IRON POINT CO-INVESTMENT I LLC 201 MAIN STREET SUITE 2300 FORT WORTH,TX76102 45-4748900	INVESTMENTS	DE	NA	N/A
(66) ISLAND C-III ATLANTIC HOLDINGS LLC 300 N MAIN STREET SUITE 402 GREENVILLE,SC29601 47-1180960	INVESTMENTS	DE	NA	N/A
(67) JUS BG I - MASTER LP 3500 S DUPONT HIGHWAY DOVER,DE19901 46-2781217	INVESTMENTS	DE	NA	N/A
(68) KINDRED PAI LP 660 4TH STREET SUITE 656 SAN FRANCISCO,CA94107 33-1861993	INVESTMENTS	DE	NA	N/A
(69) L-A SATURN ACQUISITION LP C/O MAPLES FIDUCIARY SERVICES INC WILMINGTON,DE19807 30-0825127	INVESTMENTS	DE	NA	N/A
(70) LEFT LANE CAPITAL PARTNERS CO-INVEST LP 10 GRAND STREET 21ST FLOOR BROOKLYN,NY11249 87-4012238	INVESTMENTS	DE	NA	N/A
(71) LEFT LANE CAPITAL PARTNERS CO-INVEST LP 10 GRAND STREET 21ST FLOOR BROOKLYN,NY11249 87-3422481	INVESTMENTS	DE	NA	N/A
(72) LMA RESEARCH COMPLEX PRIMARY CONDOMINIUM 181 A LONGWOOD AVENUE BOSTON,MA02116 83-0816425	REAL ESTATE	MA	NA	N/A
(73) LUBERT-ADLERLARAMAR URBAN NEIGHBORHOOD 3284 NORTHSIDE PARKWAY NW SUITE 57 ATLANTA,GA30327 61-1804548	INVESTMENTS	DE	NA	N/A
(74) MAP INSTITUTIONAL LLC 800 SERIES 3801 PGA BOULEVARD SUITE 604 PALM BEACH GARDENS,FL33410 85-3060397	INVESTMENTS	DE	NA	N/A
(75) MAP INSTITUTIONAL LLC 803 SERIES 3801 PGA BOULEVARD SUITE 500 PALM BEACH GARDENS,FL33410 86-3473452	INVESTMENTS	DE	NA	N/A
(76) MAP INSTITUTIONAL LLC 804 SERIES 3801 PGA BOULEVARD SUITE 500 PALM BEACH GARDENS,FL33410 92-2881448	INVESTMENTS	DE	NA	N/A
(77) MCR HOSPITALITY FUND IV LP 3200 OLYMPUS BOULEVARD SUITE 400 DALLAS,TX75019 92-0600825	INVESTMENTS	DE	NA	N/A
(78) MCR OPPORTUNITY FUND I REIT HOLDINGS LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 85-2064624	INVESTMENTS	DE	NA	N/A
(79) MCR OPPORTUNITY FUND I LP 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 85-1650579	INVESTMENTS	DE	NA	N/A
(80) MCROPP COINVEST LP 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 86-2916579	INVESTMENTS	DE	NA	N/A
(81) MCROPP NEW YORK LEX REIT HOLDINGS LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 87-1432775	INVESTMENTS	DE	NA	N/A
(82) MOUNTAIN CAPITAL PARTNERS NPI LP 811 LOUISIANA STREET SUITE 2550 HOUSTON,TX77002 81-0788984	INVESTMENTS	DE	NA	N/A
(83) NORTH PEAK SPECIAL OPPORTUNITY PARTNERS 405 LEXINGTON AVENUE SUITE 5001 NEW YORK,NY10174 85-1854538	INVESTMENTS	DE	NA	N/A
(84) OAK-MOSSER LLC 220 MONTGOMERY STREET 20TH FLOOR SAN FRANCISCO,CA94104 81-3349445	INVESTMENTS	DE	NA	N/A
(85) OMNI BRIDGEWAY (FUND 4) HPCR LP 437 MADISON AVENUE 19TH FLOOR NEW YORK,NY10022 83-2788960	INVESTMENTS	DE	NA	N/A
(86) PACIFIC DC HOLDINGS LP 400 MADISON AVENUE SUITE 16A NEW YORK,NY10017 33-1322958	INVESTMENTS	MA	NA	N/A
(87) QTH FUND LLC 2170 BUCKTHORNE PLACE SUITE 320 THE WOODLANDS,TX77380 84-3958423	INVESTMENTS	DE	NA	N/A
(88) QUID CAPITAL FEEDER FUND A LLC 100 WILSHIRE BLVD STE 1830 SANTA MONICA,CA90401 85-3462215	INVESTMENTS	DE	NA	N/A
(89) REALTERM EUROPE LOGISTICS FUND SCSP 6 RUE DICKS LUXEMBOURG L-1417 LU 98-1515046	INVESTMENTS	LU	NA	N/A
(90) RECOGNIZE PARTNERS CHEETAH LP 540 MADISON AVENUE 2ND FLOOR NEW YORK,NY10022 98-1564111	INVESTMENTS	CJ	NA	N/A
(91) RUBRIC LONG TERM OPPORTUNITIES ONSHORE F 155 E 44TH ST SUITE 1630 NEW YORK,NY10017 99-3055766	INVESTMENTS	DE	NA	N/A
(92) S GROWTH PARTNERS II LP 245 FIFTH AVENUE SUITE 1102 NEW YORK,NY10016 87-4108170	INVESTMENTS	DE	NA	N/A
(93) S GROWTH PARTNERS LP 245 FIFTH AVENUE SUITE 1102 NEW YORK,NY10016 85-3940206	INVESTMENTS	DE	NA	N/A
(94) STRATEGY CAPITAL INSTITUTIONAL INVESTORS 1 FIRST STREET SUITE 13 LOS ALTOS,CA94022 84-2015871	INVESTMENTS	DE	NA	N/A
(95) TDC ATLANTIC HOLDINGS LLC 5130 SOUTH ALSTON AVENUE SUITE 210 DURHAM,NC27713 47-5340743	INVESTMENTS	DE	NA	N/A
(96) TIGF II DIRECT STRATEGIES LLC - SERIES 4 250 UNIVERSITY AVE SUITE 300 PALO ALTO,CA94301 99-1951050	INVESTMENTS	DE	NA	N/A
(97) TR GROWTH PARTNERS LP 245 FIFTH AVENUE SUITE 1102 NEW YORK,NY10016 99-3815714	INVESTMENTS	DE	NA	N/A
(98) UNICORN ENTERPRISE SELECT FUND II LP UNIT 2502 ONE HENNESSY 1 HENNESSY WANCHAI,WANCHAI HK 98-1659889	INVESTMENTS	CJ	NA	N/A
(99) UNICORN ENTERPRISE SELECT FUND LP UNIT 2502 ONE HENNESSY 1 HENNESSY WANCHAI,WANCHAI HK 98-1584035	INVESTMENTS	CJ	NA	N/A
(100) USRA ATLANTIC CAPITAL INVESTOR LLC C/O US REALTY ADVISORS LLC 1370 NEW YORK,NY10019 82-3726933	INVESTMENTS	DE	NA	N/A
(101) USRA ATLANTIC CAPITAL PARTNERS LLC C/O US REALTY ADVISORS LLC 1370 NEW YORK,NY10019 45-2686195	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	(i) Section 512(b)(13) controlled entity?
(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	Yes	No
(1) 365 CHURCH STREET LIMITED PARTNERSHIP 4711 YONGE STREET SUITE 1400 TORONTO,ONM2N 7E4 CA	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(2) ADELAIDE-PETER DEVELOPMENTS 4711 YONGE STREET SUITE 1400 TORONTO,ONM2N 7E4 CA 98-0684328	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(3) ADMIRAL CAPITAL PARTNERS OFFSHORE FUND L C/O MOURANT GOVERNANECE SERV CJ CAMANA BAY,GRAND CAYMANKY1-1108 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(4) ALTIMETER LONG OPPORTUNITIES OFFSHORE L C/O WALKERS CORP LTD 190 ELGIN AVE GEORGE TOWN,GRAND CAYMANKY1-9008 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(5) AR LEGACY REIT INC 11990 SAN VICENTE BOULEVARD SUITE LOS ANGELES,CA90049 81-5332102	INVESTMENTS	DE	ATLANTIC REGENT	C CORPORATION				Yes
(6) ARA INC C/O WALKERS SPV LTD PO BOX 908GT GEORGE TOWN,GRAND CAYMAN CJ 98-0543813	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(7) ATLANTIC DV HOLDINGS LTD C/O MAPLES AND CALDER PO BOX 309 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1196247	INVESTMENTS	CJ	ATLANTIC INTERN	C CORPORATION				Yes
(8) ATLANTIC GARNET FUNDING LTD C/O MAPLES CORPORATE SERVICES LTD GRAND CAYMANKY1-1104 CJ 98-1493892	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(9) ATLANTIC KING BLOCKER LIMITED IFS COURT BANK ST TWENTY-EIGHT EBENE 72201 MP 98-1461264	INVESTMENTS	MP	HARVARD MANAGEM	C CORPORATION				Yes
(10) ATLANTIC REGENT REIT INC 11990 SAN VICENTE BOULEVARD SUITE LOS ANGELES,CA90049 32-0464661	INVESTMENTS	DE	ATLANTIC REGENT	C CORPORATION				Yes
(11) ATLANTIC TORONTO 365 CHURCH STREET GENER 1066 WEST HASTINGS ST SUITE 2600 VANCOUVER,BCV6E 3X1 CA	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(12) ATLANTIC TORONTO A-P GENERAL PARTNER INC 1066 WEST HASTINGS ST SUITE 2600 VANCOUVER,BCV6E 3X1 CA 98-0668180	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(13) ATLANTIC TORONTO GRENVILLE GENERAL PARTN 1066 WEST HASTINGS ST SUITE 2600 VANCOUVER,BCV6E 3X1 CA	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(14) ATLANTIC TORONTO HOLDINGS INC 1066 WEST HASTINGS ST SUITE 2600 VANCOUVER,BCV6E 3X1 CA 98-0668178	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(15) ATLANTIC URBAN RETAIL INC C/O BAIN CAPITAL REAL ESTATE LP 20 BOSTON,MA02116 32-6261983	INVESTMENTS	DE	ATLANTIC URBAN	C CORPORATION				Yes
(16) BAIN CAPITAL SPECIAL SITUATIONS EUROPE ( MAPLES CORP SVCS LTD UGLAND HOUSE GRAND CAYMANKY1-1104 CJ 98-1422541	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(17) BAIN CAPITAL SPECIAL SITUATIONS EUROPE I PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1608801	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(18) BAINBRIDGE CC URBANA APARTMENTS REIT IN 12765 WEST FOREST HILL BLVD SUITE WELLINGTON,FL33414 47-1171921	INVESTMENTS	DE	BAINBRIDGE CC U	C CORPORATION				Yes
(19) BCC CAMBRIDGE (CAYMAN GP LOANS) LP MAPLES CORP SERVICES LTD PO BOX 30 GRAND CAYMANKY1-1104 CJ 98-1495663	INVESTMENTS	CJ	LUXCO LENDING F	C CORPORATION				Yes
(20) BCC CAMBRIDGE (CAYMAN GP REVOLVERS) LP MAPLES CORP SERVICES LTD PO BOX 30 GRAND CAYMANKY1-1104 CJ 98-1495639	INVESTMENTS	CJ	LUXCO LENDING F	C CORPORATION				Yes
(21) BLACK KITE PTY LTD C/O DLA PHILIPS FOX LEVEL 38 201 SYDNEY NSW 2000 AS	INVESTMENTS	AS	BLUE MARBLE HOL	C CORPORATION				Yes
(22) BLACK KITE TRUST C/O DLA PHILIPS FOX LEVEL 38 201 SYDNEY NSW 2000 AS 98-6063158	INVESTMENTS	AS	SWT LP	C CORPORATION				Yes
(23) BLC FUND B LP PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1251361	INVESTMENTS	CJ	ITAY LLC	C CORPORATION				Yes
(24) BLC II FUND B LP PO BOX 309 UGLAND HOUSE GRAND CAYMANKY1-1104 CJ 98-1386349	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(25) BLUE ATLANTIC INVESTORS II INC 353 NORTH CLARK STREET SUITE 730 CHICAGO,IL60654 46-1452116	INVESTMENTS	DE	BLUE ATLANTIC A	C CORPORATION				Yes
(26) BLUE ATLANTIC SHUTTLE II LLC 353 NORTH CLARK STREET SUITE 730 CHICAGO,IL60654 36-4851337	INVESTMENTS	DE	BLUE ATLANTIC I	C CORPORATION				Yes
(27) BOULDER HILL TOTAL RETURN OFFSHORE INVES 888 SEVENTH AVENUE 21ST FLOOR NY,NY10106 98-1587968	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(28) BRODIAEA INC 444 HIGUERA STREET SUITE 202 SAN LUIS OBISPO,CA93401 90-0862085	INVESTMENTS	DE	BELLUM LLC	C CORPORATION				Yes
(29) CALEDONIA CONCENTRATED FUND LP 650 MADISON AVE 24TH FLOOR NY,NY10022 98-1422273	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(30) CC VII HOLDINGS LLC IFS COURT BANK STREET TWENTY EIGH EBENE 72201 MP 98-1361217	INVESTMENTS	MP	HARVARD MANAGEM	C CORPORATION				Yes
(31) CENTRO HARVARD DAVID ROCKEFELLER PARA ES AV UNIVERSIDAD 1627 COL HACIENDA MX CITY 1050 MX	FACULTY AND STUDE	MX	PRESIDENT AND F	C CORPORATION				Yes
(32) CHARITABLE LEAD TRUSTS (37)	CHARITABLE TRUST	MA	PRESIDENT AND F	TRUST				Yes
(33) CHARITABLE REMAINDER TRUSTS (717)	CHARITABLE TRUST	MA	PRESIDENT AND F	TRUST				Yes
(34) CLIFTON HERITAGE I SG HOLDINGSD PTE LTD 3 TEMASEK AVENUE 33-02 CENTENNIAL SN	INVESTMENTS	SN	HARVARD PRIVATE	C CORPORATION				Yes
(35) CLIFTON HERITAGE PARTNERS 1 LP 3 TEMASEK AVENUE 33-02 CENTENNIAL SN	INVESTMENTS	SN	HARVARD PRIVATE	C CORPORATION				Yes
(36) COPAYAPU SPA 2939 AVENIDA ISIDORA GOYENECHEA 11 LAS CONDES,SANTIAGO CI 98-1112517	INVESTMENTS	CI	PALPANA LLC	C CORPORATION				Yes
(37) CSH PROGRAM REIT II INC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 30-0783361	INVESTMENTS	DE	CSH SENIOR HOUS	C CORPORATION				Yes
(38) CSH PROGRAM REIT III INC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 47-0981643	INVESTMENTS	DE	CSH SENIOR HOUS	C CORPORATION				Yes
(39) CSH PROGRAM REIT IV INC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 81-4646057	INVESTMENTS	DE	CORAL SENIOR HO	C CORPORATION				Yes
(40) CSH TRS HOLDING IV LLC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 35-2508708	INVESTMENTS	DE	CSH PROGRAM REI	C CORPORATION				Yes
(41) CSH TRS HOLDING V LLC 1275 PENNSYLVANIA AVENUE NORTH WEST WASHINGTON,DC20004 81-5203398	INVESTMENTS	DE	CSH PROGRAM REI	C CORPORATION				Yes
(42) CVI CHVF LUX FINANCE SARL 11-13 BOULEVARD DE LA FOIRE LU L-1528 LU 98-1120658	INVESTMENTS	LU	CVI CHVF LUX MA	C CORPORATION				Yes
(43) CVI CHVF LUX MASTER SARL 11-13 BOULEVARD DE LA FOIRE LU L-1528 LU 98-1120305	INVESTMENTS	LU	CVI CHVF LUX SU	C CORPORATION				Yes
(44) DAIRY FARMS PARTNERSHIP 113 RUTHERFORD RD PUKEKOHE E POB PUKEKOHE NZ 98-0594944	INVESTMENTS	NZ	DF1 LTD	C CORPORATION				Yes
(45) EASTERN ROSELLA TRUST LEVEL 25 20 BOND STREET SYDNEY NSW 2000 AS 98-1131698	INVESTMENTS	AS	GREEN ROSELLA T	C CORPORATION				Yes
(46) ECO CEBACO SA CALLE 52 Y ELVIRA MENDEZ PO BOX 08 PM	INVESTMENTS	PM	NICATECA INC	C CORPORATION				Yes
(47) EL MARIA SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(48) EMERALD CATASTROPHE FUND LTD C/O NEPHILA CAPITAL LTD 3FL W 31 HAMILTON HM 10 BD 98-1194784	INVESTMENTS	BD	HARVARD PRIVATE	C CORPORATION				Yes
(49) EVOLUTION CREDIT PARTNERS I SLP LLC C/O CO SERVICES CAYMAN LTD WILLOW GRAND CAYMAN KY1-1001 CJ 98-1427934	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(50) FLAMENCO SPA 2939 AVENIDA ISIDORA GOYENECHEA 11 LAS CONDES,SANTIAGO CI 98-1120387	INVESTMENTS	CI	COPAYAPU SPA	C CORPORATION				Yes
(51) FLORESTAS DO SUL AGROFLORESTAL LTDA AV CARLOS GOMES 1200 SALA 502 AU CENTRO,RIO GRANDE DO SUL90480-001 BR 98-0493906	INVESTMENTS	BR	CATTLEYA LLC	C CORPORATION				Yes
(52) FRIENDS OF HARVARD HONG KONG TRUST 114 MOUNT AUBURN ST 5TH FL CAMBRIDGE,MA02138 47-7237666	TRUST FOR CONTRIB	HK	HARVARD GLOBAL	TRUST				Yes
(53) FRIENDS OF HARVARD UNIVERSITY C/O CDS 1 MULGRAVE CHAMBERS 26-28 SUTTON SM2 6LE UK	TRUST FOR CONTRIB	UK	HARVARD GLOBAL	TRUST				Yes
(54) GATEWAY REAL ESTATE FUND III - TE LP CRICKET SQUARE HUTCHINS DRIVE PO GRAND CAYMAN KY1-1111 CJ 98-0669480	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(55) GAVEA INVESTMENT FUND II B LP PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-0537951	INVESTMENTS	CA	HARVARD MANAGEM	C CORPORATION				Yes
(56) GBE INVESTMENTS LIMITED MAPLES CORPORATE SERVICES LTD PO B GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS	C CORPORATION				Yes
(57) GERRITY ATLANTIC RETAIL PARTNERS INC 973 LOMAS SANTA FE DRIVE SOLANA BEACH,CA92075 27-4802513	INVESTMENTS	DE	GERRITY ATLANTI	C CORPORATION				Yes
(58) GERRITY RETAIL FUND 2 INC 973 LOMAS SANTA FE DRIVE SOLANA BEACH,CA92075 46-4417545	INVESTMENTS	DE	GERRITY ATLANTI	C CORPORATION				Yes
(59) GREEN ROSELLA TRUST LEVEL 25 20 BOND STREET SYDNEY NSW 2000 AS 98-1126908	INVESTMENTS	AS	ROSELLA LTD	C CORPORATION				Yes
(60) GUANARE AARL MONES ROSES 6937 MONTEVIDEO 11000 UY 98-0641951	INVESTMENTS	UY	PHEMUS CORPORAT	C CORPORATION				Yes
(61) GUANARE SA JUNCAL 1327 FLOOR 22 MONTEVIDEO 11000 UY	INVESTMENTS	UY	PHEMUS CORPORAT	C CORPORATION				Yes
(62) HARBOUR OFFSHORE FUND IV LP PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-1414548	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(63) HARBOUR OFFSHORE FUND V LP PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-1538699	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(64) HARSPRING CAPITAL OFFSHORE LTD PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(65) HARVARD BUSINESS SCHOOL PUBLISHING ASIA 18 CROSS STREET 14-01 CROSS STREE SN	SALES SUPPORT	SN	HARVARD BUSINES	C CORPORATION	2,784,062	1,343,427	100.000 %	Yes
(66) HARVARD BUSINESS SCHOOL PUBLISHING AUSTR C/O PWC ONE INTERNATIONAL TOWERS WATERMANS QUAY,BARANGAROONSW 2000 AS	SALES SUPPORT	AS	HARVARD BUSINES	C CORPORATION	928,518	628,277	100.000 %	Yes
(67) HARVARD BUSINESS SCHOOL PUBLISHING DE ME BOSQUE DE CIRUELOS 180 PP101 BOSQUES DE LAS LOMAS DEL MIGUEL HI MX	SALES SUPPORT	MX	HARVARD BUSINES	C CORPORATION	1,793,809	765,783	99.000 %	Yes
(68) HARVARD BUSINESS SCHOOL PUBLISHING EUROP 2 NEW BAILEY 6 STANLEY STREET SALFORD UK	SALES SUPPORT	UK	HARVARD BUSINES	C CORPORATION	5,222,297	4,237,075	100.000 %	Yes
(69) HARVARD BUSINESS SCHOOL PUBLISHING FRANC 23 RUE DU ROULE PARIS FR	SALES SUPPORT	FR	HARVARD BUSINES	C CORPORATION	1,725,757	1,342,301	100.000 %	Yes
(70) HARVARD BUSINESS SCHOOL PUBLISHING INDIA DEXTRUS OFFICE NO W05 PENINSULA MUMBAI 400013 IN	PUBLISHING SUPPOR	IN	HARVARD BUSINES	C CORPORATION	5,717,290	4,356,907	99.900 %	Yes
(71) HARVARD CENTER SHANGHAI CO LTD 5TH FL INTL FIN CTR 8 CENT AVE SHANGHAI 200120 CH	RESEARCH SUPPORT/	CH	HARVARD INTERNA	C CORPORATION				Yes
(72) HARVARD GLOBAL RESEARCH SUPPORT CENTRE I 10 EARLSFORT TERRACE DUBLIN D02 T380 EI	GDPR REPRESENTATI	EI	HARVARD GLOBAL	C CORPORATION				Yes
(73) HARVARD UNIVERSITY PRESS LTD 8 COLDBATH SQUARE LONDON EC1R 5HL UK	BOOK DISTRIBUTION	UK	PRESIDENT AND F	C CORPORATION				Yes
(74) HB CAYMAN LIMITED PO BOX 309 GT GRAND CAYMANBWI CJ CJ	INVESTMENTS	CJ	HB INSTITUTIONA	C CORPORATION				Yes
(75) HH HR INVESTMENT LP 190 ELGIN AVENUE GEORGE TOWN GEORGE TOWN,GRAND CAYMANKY1-1205 CJ 98-1642951	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(76) HIP BERMUDA REINSURANCE I LIMITED 141 FRONT STREET 3RD FLOOR HAMILTON HM11 BD	INVESTMENTS	BD	HAMPDEN INSURAN	C CORPORATION				Yes
(77) HITE HEDGE OFFSHORE LTD C/O WALKERS CORP LTD 27 HOSPITAL R GEORGE TOWN,GRAND CAYMANKY1-9008 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(78) HMC BEEFEATER INC 350 MADISON AVENUE 8TH FL NY,NY10017 82-0888543	INVESTMENTS	DE	HARVARD MANAGEM	C CORPORATION				Yes
(79) HMC JUWEEL INVESTORS LP C/O MAPLES CORPORATE SERVICES LTD GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1196788	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(80) HUNTER PATTON LTD C/O MAPLES CORP SVCS PO BOX 30 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1395917	INVESTMENTS	CJ	PRESIDENT & FEL	C CORPORATION				Yes
(81) INVERSIONES CATIVAL SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(82) INVERSIONES SANTA RITA SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(83) INVERSIONES TRES CUMBRES LTDA AVENIDA VITACURA N 5093 OFICINA 60 VITACURA,SANTIAGO CI 98-0446986	INVESTMENTS	CI	PHEMUS CORPORAT	C CORPORATION				Yes
(84) JADE RETAIL INC PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1401548	INVESTMENTS	CJ	PEARL RETAIL L	C CORPORATION				Yes
(85) JUS BG I - FEEDER LP PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1018586	INVESTMENTS	CJ	ITAY LLC	C CORPORATION				Yes
(86) KEPOS CARBON ALLOWANCE FUND LTD MAPLES CORP SERVICES LTD PO BOX 30 GRAND CAYMAN KY1-1104 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(87) LA JACARANDA SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(88) LA MORA SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(89) LA ZARZA SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(90) LAS ACACIAS SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(91) LCM GLOBAL ALTERNATIVE RETURNS FEEDER FU WHITELEY CHAMBERS DON STREET ST HELIER JE2 4TR JE 98-1626267	INVESTMENTS	JE	HARVARD MANAGEM	C CORPORATION				Yes
(92) LCM GLOBAL ALTERNATIVE RETURNS FEEDER FU WHITELEY CHAMBERS DON STREET ST HELIER JE2 4TR JE 98-1529383	INVESTMENTS	JE	HARVARD MANAGEM	C CORPORATION				Yes
(93) LIFETIME CENTRECOURT GRENVILLE LIMITED P 22 ST CLAIR AVENUE EAST SUITE 101 TORONTO,ONM4T 2S3 CA 98-0684331	INVESTMENTS	CA	ATLANTIC TORONT	C CORPORATION				Yes
(94) LOS ARRAYANES SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(95) LOS LAURELES SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(96) LUXCO LENDING FUND II SARL 6D ROUTE DE TREVES SENNINGERBERG L-2633 LU	INVESTMENTS	LU	HARVARD MANAGEM	C CORPORATION				Yes
(97) MAN FUNDS IX SPC - MAN INSITITUTIONAL PO MAPLES CORPORATE SERVICES LIMITED GRAND CAYMANKY1-1104 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(98) MAP 850 SP 190 ELGIN AVENUE GEORGE TOWN,GRAND CAYMANKY1- 9008 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(99) MAP INSTITUTIONAL SPC - MAP 851 SP (BERY 190 ELGIN AVENUE GEORGE TOWN KY1- 9009 CJ	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(100) MAP INSTITUTIONAL SPC - MAP 852 SP (SPRU 190 ELGIN AVENUE GEORGE TOWN KY1- 9010 CJ	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(101) MAP INSTITUTIONAL SPC - MAP 853 SP (LIGH 190 ELGIN AVENUE GEORGE TOWN KY1- 9011 CJ	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(102) MAP INSTITUTIONAL SPC - MAP 854 SP (SOUR 190 ELGIN AVENUE GEORGE TOWN KY1- 9012 CJ	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(103) MCR OPPORTUNITY FUND I REIT LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 85-2050139	INVESTMENTS	DE	MCR OPPORTUNITY	C CORPORATION				Yes
(104) MCR OPPORTUNITY FUND I TRS LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 85-2094881	INVESTMENTS	DE	MCR OPPORTUNITY	C CORPORATION				Yes
(105) MCROPP COINVEST REIT I LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 86-2931195	INVESTMENTS	DE	MCROPP COINVEST	C CORPORATION				Yes
(106) MCROPP COINVEST REIT I TRS LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 86-2968431	INVESTMENTS	DE	MCROPP COINVEST	C CORPORATION				Yes
(107) MCROPP NEW YORK LEX COINVEST REIT LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 87-1410039	INVESTMENTS	DE	MCROPP COINVEST	C CORPORATION				Yes
(108) MCROPP NEW YORK LEX REIT LLC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 87-1423955	INVESTMENTS	DE	MCR OPPORTUNITY	C CORPORATION				Yes
(109) MIRABILIS SA CALLE LAS BEGONIAS NO 475 DPTO 7 SAN ISIDORO,LIMA PE	INVESTMENTS	PE	PARFEN SA	C CORPORATION				Yes
(110) NICARAO I LTD MAPLES CORPORATE SERVICES LTD PO B GRAND CAYMAN KY1-1104 CJ 98-0643167	INVESTMENTS	CJ	NICARAO LTD	C CORPORATION				Yes
(111) NICARAO II LTD MAPLES CORPORATE SERVICES LTD PO B GRAND CAYMAN KY1-1104 CJ 98-0643169	INVESTMENTS	CJ	NICARAO LTD	C CORPORATION				Yes
(112) NICARAO LTD MAPLES CORPORATE SERVICES LTD PO B GRAND CAYMANKY1-1104 CJ 98-0643164	INVESTMENTS	CJ	NICATECA INC	C CORPORATION				Yes
(113) NICATECA INC C/O WALKERS SPV LTD WALKER HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0520487	INVESTMENTS	CJ	PHEMUS CORPORAT	C CORPORATION				Yes
(114) NICATECA SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(115) NOMINA (NO 1253) LIMITED 40 GRACECHURCH STREET 5TH FLOOR LONDON EC3V 0BT UK	INVESTMENTS	UK	HAMPDEN INSURAN	C CORPORATION				Yes
(116) NORTHERN ROSELLA TRUST LEVEL 25 20 BOND STREET SYDNEY NSW 2000 AS 98-6081350	INVESTMENTS	AS	GREEN ROSELLA T	C CORPORATION				Yes
(117) NUTEAK SA (FKA OPERA SA) VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(118) OPTII SOLUTIONS INC 3200 OLYMPUS BLVD SUITE 400 DALLAS,TX75019 87-3430942	INVESTMENTS	DE	MCR OPPORTUNITY	C CORPORATION				Yes
(119) PARFEN SRL JUNCAL 1392 MONTEVIDEO 11000 UY	INVESTMENTS	UY	AZARA LLC	C CORPORATION				Yes
(120) PEARL RETAIL INC PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1048757	INVESTMENTS	CJ	PEARL RETAIL L	C CORPORATION				Yes
(121) PINARES AARL JUNCAL 1327 FLOOR 22 MONTEVIDEO 11000 UY 98-0641950	INVESTMENTS	UY	PHEMUS CORPORAT	C CORPORATION				Yes
(122) POOLED INCOME FUNDS (3)	CHARITABLE TRUST	MA	PRESIDENT AND F	TRUST				Yes
(123) POTRERO INSTITUTIONAL FUND LTD 4TH FLOOR HARBOUR PLACE 103 SOUTH GRAND CAYMAN KY1-1002 CJ 98-1544994	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(124) PULAR SPA C/O ANINAT SCHWENCKE CIA AV LO SANTIAGO CI	INVESTMENTS	CI	COPAYAPU SPA	C CORPORATION				Yes
(125) RC IV CAYMAN ICW BLOCKER LLC 1180 PEACHTREE STREET NE SUITE 250 ATLANTA,GA30309 98-1643897	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(126) RELF INVESTMENTS COOPERATIEF UA ZUIDPLEIN 36 AMSTERDAM 1077XV NL 98-1510059	INVESTMENTS	NL	REALTERM EUROPE	C CORPORATION				Yes
(127) RETIREMENT PLAN TRUST FOR EMPLOYEES OF H 1033 MASS AVE 3RD FL CAMBRIDGE,MA02138 04-2636388	INVESTMENTS	MA	NA	TRUST				Yes
(128) ROSELLA HOLD TC PTY LTD LEVEL 25 20 BOND STREET SYDNEY NSW 2000 AS 98-1126654	INVESTMENTS	AS	ROSELLA LTD	C CORPORATION				Yes
(129) ROSELLA LTD MAPLES CORPORATE SERVICES LTD PO B GRAND CAYMAN KY1-1104 CJ 98-1120479	INVESTMENTS	CJ	BLUE MARBLE HOL	C CORPORATION				Yes
(130) ROSELLA SUB TC PTY LTD LEVEL 25 20 BOND STREET SYDNEY NSW 2000 AS 98-1126678	INVESTMENTS	AS	ROSELLA HOLD TC	C CORPORATION				Yes
(131) SOROBAN OPPORTUNITIES CAYMAN FUND III LT 55 WEST 46TH STREET 32ND FLOOR NY,NY10036 98-1585438	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(132) STAR ASIA JAPAN SPECIAL SITUATIONS IV BL 125 GAITHER DRIVE SUITE L MOUNT LAUREL,NJ08054 98-1531119	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(133) STAR ASIA JAPAN SPECIAL SITUATIONS V BLO UGLAND HOUSE GRAND CAYMANKY1-1104 CJ 98-1568616	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(134) STAR ASIA JAPAN SPECIAL SITUATIONS VI BL PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ	INVESTMENTS	CJ	HARVARD PRIVATE	C CORPORATION				Yes
(135) SUSTAINABLE TEAK PARTCIPACOES LTDA AV CASTELO BRANCO 272 ROOM 3 SAO CACERES,MATO GROSSO78200-000 BR 98-0639215	INVESTMENTS	BR	BRAZIL TEAK LL	C CORPORATION				Yes
(136) SYSTEMATICA MULTI FUND II LIMITED PO BOX 309 UGLAND HOUSE SOUTH C GEORGE TOWN,GRAND CAYMANKY1-1104 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(137) TACORA SPA C/O ANINAT SCHWENCKE CIA AV LO SANTIAGO CI	INVESTMENTS	CI	COPAYAPU SPA	C CORPORATION				Yes
(138) TAGUA SPA 2939 AVENIDA ISIDORA GOYENECHEA 11 LAS CONDES,SANTIAGO CI 98-1120143	INVESTMENTS	CI	COPAYAPU SPA	C CORPORATION				Yes
(139) TDCA REIT INC 5130 SOUTH ALSTON AVENUE SUITE 210 DURHAM,NC27713 47-5575876	INVESTMENTS	DE	TDC ATLANTIC HO	C CORPORATION				Yes
(140) TERENA SA MONES ROSES 6937 MONTEVIDEO 11000 UY	INVESTMENTS	UY	PHEMUS CORPORAT	C CORPORATION				Yes
(141) TERRACAL ALIMENTOS E BIOENERGIA - UNIDAD RUA ALVARO MENDES N 2346 SALA C TERESINA-PL BR	INVESTMENTS	BR	TERRACAL ALIMEN	C CORPORATION				Yes
(142) TERRACAL ALIMENTOS E BIOENERGIA LTDA AV DAS AMERICAS 700 BL 5 SALAS BARRA DA TIJUCA,RIO DE JANEIRO BR	INVESTMENTS	BR	GBE INVESTMENTS	C CORPORATION				Yes
(143) TOPWATER PARTNERS OFFSHORE LTD C/O LEUCADIA ASSET MANAGEMENT LLC NY,NY10022 98-1144747	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(144) TUNUYAN SA VILLA FINTANA DEL CLUB TERRAZA 1 MANAGUA NU	INVESTMENTS	NU	NICARAO LTD	C CORPORATION				Yes
(145) TWO SIGMA MERCURY CAYMAN FUND LTD 190 ELGIN AVENUE GEORGE TOWN,GRAND CAYMANKY1- 9005 CJ 98-1473352	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(146) UNITECA AGROFLORESTAL SA AVE GOVERNADOR PONCE DE ARRUDA 10 MATO GROSSO78110-971 BR	INVESTMENTS	BR	SUSTAINABLE TEA	C CORPORATION				Yes
(147) USRA ATLANTIC NET LEASE CAPITAL CORP C/O US REALTY ADVISORS LLC 1370 NY,NY10019 45-2732642	INVESTMENTS	DE	USRA ATLANTIC C	C CORPORATION				Yes
(148) WATERFRONT CP ENHANCED OFFSHORE FUND LTD ELIAN FIDUCIARY SERVICES CAYMAN L CAMANA BAY,GRAND CAYMANKY1-9007 CJ	INVESTMENTS	CJ	HARVARD MANAGEM	C CORPORATION				Yes
(149) WESTERN ROSELLA TRUST LEVEL 25 20 BOND STREET SYDNEYNSW 2000 AS 98-1126861	INVESTMENTS	AS	GREEN ROSELLA T	C CORP				Yes

Schedule R (Form 990) (Rev. 1-2025)

Page 3

Part V

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

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

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, or (iv) rent from a controlled entity .....................

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

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 Dividends from related organization(s) ............................

Yes

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

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

Yes

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

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

Yes

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

Yes

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

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

Yes

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

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

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

Yes

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

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

Yes

s 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 related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) HBSP INDIA PVT LTD	M	5,452,330	FMV
(2) HBSP EUROPE LTD	M	8,303,755	FMV
(3) HBSP APAC LTD	M	2,103,955	FMV
(4) HBSP MEXICO SS DE CV	M	1,912,407	FMV
(5) HBSP AUSTRALIA PTY LTD	M	929,269	FMV
(6) HBSP DUBAI	M	3,077,059	FMV
(7) HBSP APAC LTD	F	536,316	FMV
(8) HBSP EUROPE LTD	F	1,175,856	FMV
(9) PRESIDENT AND FELLOWS OF HARVARD COLLEGE	J	525,399	FMV

Schedule R (Form 990) (Rev. 1-2025)

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 V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(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 V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) (Rev. 1-2025)

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference	Explanation
RELATED ORGANIZATIONS TAXABLE AS A TRUST	SPLIT INTEREST TRUSTS THE TRUSTS LISTED ARE DOMICILED IN MASSACHUSETTS, NEW YORK, AND WASHINGTON D.C.

Schedule R (Form 990) (Rev. 1-2025)

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	4
5	Total number of individuals employed in calendar year 2024 (Part V, line 2a) ......	5	560
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	12,086,504
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	1,813,649

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	294,274,089	289,548,267
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	4,306,516	4,141,129
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	18,433,809	19,855,406
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	317,014,414	313,544,802
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)	108,736,417	110,791,886
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–24e)....	207,753,068	202,035,164
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	316,489,485	312,827,050
19	Revenue less expenses. Subtract line 18 from line 12.......	524,929	717,752
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	191,345,182	195,247,927
21	Total liabilities (Part X, line 26).............	142,778,500	144,252,508
22	Net assets or fund balances. Subtract line 21 from line 20.....	48,566,682	50,995,419

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 57,305,082 including grants of $ ) (Revenue $ 79,819,398 )
	See Schedule O Management Education to Individual Managers

4b	(Code: ) (Expenses $ 77,785,856 including grants of $ ) (Revenue $ 101,050,353 )
	See Schedule O Management Education in Support of Higher Education

4c	(Code: ) (Expenses $ 90,081,913 including grants of $ ) (Revenue $ 96,164,365 )
	See Schedule O Management Education to Corporations

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 67,169,504 including grants of $ ) (Revenue $ 13,176,484 )
4e	Total program service expenses292,342,355

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)			(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) ANGELA CHENG-CIMINI........................................................................ SR VP/CHRO-TERM AS OF 12/24	45.0 .......................0.0		X		413,298	0	65,492
(19) BIPUL MAINALI........................................................................ SVP,CHF RISK OFF AS OF 1/25	45.0 .......................0.0		X		391,905	0	71,100
(20) JASON MCNAMARA........................................................................ SVP, CHIEF INFORMATION OFFICER	45.0 .......................0.0			X	367,866	0	63,361
(21) ANNE DWANE........................................................................ COMPENSATION COMMITTEE CHAIR	2.0 .......................0.0	X			0	0	0
(22) DAVID F CAREY........................................................................ DIRECTOR	2.0 .......................0.0	X			0	0	0
(23) ANDREW RASHBASS........................................................................ DIRECTOR	2.0 .......................0.0	X			0	0	0
(24) JESSIE WOOLLEY-WILSON........................................................................ DIRECTOR AS OF 9/24	2.0 .......................0.0	X			0	0	0

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	6,118,077	5,559,574	1,275,482

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 above		1f

g	Noncash contributions included in lines 1a - 1f:$		1g

h Total. Add lines 1a-1f.......		0

		Business Code
2a	SALES OF EDUCATIONAL MATERIALS TO IND MGR	511190	79,995,017	79,995,017
b	SALES OF MATERIALS FOR HIGHER EDUCATION	511190	101,050,353	101,050,353
c	SALES OF E-LEARNING MATERIALS TO CORPS	511190	96,164,365	96,164,365
d	ADVERTISING	511120	12,086,504		12,086,504
e	SHIPPING	511190	252,028	252,028
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		289,548,267

3 Investment income (including dividends, interest, and othersimilar amounts) ......			4,141,129			4,141,129
4 Income from investment of tax-exempt bond proceeds			0
5 Royalties...........			19,017,455			19,017,455
			(i) Real	(ii) Personal
6a	Gross rents	6a	837,951
b	Less: rental expenses	6b
c	Rental income or (loss)	6c	837,951	0
d	Net rental income or (loss).......			837,951			837,951
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a
b	Less: cost or other basis and sales expenses	7b
c	Gain or (loss)	7c
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 ....
			8a	0
b	Less: direct expenses ...		8b	0
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a	0
b	Less: direct expenses ...		9b	0
c	Net income or (loss) from gaming activities..			0
10a	Gross sales of inventory, less returns and allowances ..
			10a	0
b	Less: cost of goods sold ..		10b	0
c	Net income or (loss) from sales of inventory..			0

Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			0
12	Total revenue. See instructions.....			313,544,802	277,461,763	12,086,504	23,996,535

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	0
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	0
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. 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 ...........	3,009,218	1,926,449	1,082,769
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........	84,989,982	64,662,623	20,327,359
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	5,974,392	4,821,110	1,153,282
9	Other employee benefits .......	11,175,311	8,250,038	2,925,273
10	Payroll taxes ...........	5,642,983	4,270,050	1,372,933
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	537,263	226,032	311,231
c	Accounting ...........	932,104		932,104
d	Lobbying ...........	0
e	Professional fundraising services. See Part IV, line 17	0
f	Investment management fees ......	0
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	27,061,215	23,193,552	3,867,663
12	Advertising and promotion ....	6,825,809	6,740,033	85,776
13	Office expenses .......	3,942,402	2,248,741	1,693,661
14	Information technology ......	19,083,670	5,226,447	13,857,223
15	Royalties ..	18,349,901	18,349,901
16	Occupancy ...........	5,288,793	395,811	4,892,982
17	Travel ............	1,679,407	1,386,553	292,854
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .	0
19	Conferences, conventions, and meetings ....	137,301	96,891	40,410
20	Interest ...........	0
21	Payments to affiliates .......	55,557,046	55,557,046
22	Depreciation, depletion, and amortization ..	2,813,738	545,830	2,267,908
23	Insurance ...	0
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	COST OF GOOD SOLD	34,109,340	34,107,705	1,635
b	ALLOCATIONS		36,925,077	-36,925,077
c	INTERCOMPANY SALES SUPPORT	21,778,776	21,364,032	414,744
d	TAXES	247,068	247,068
e	All other expenses	3,691,331	1,801,366	1,889,965
25	Total functional expenses. Add lines 1 through 24e	312,827,050	292,342,355	20,484,695	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).

1	Cash–non-interest-bearing ........			0	1	0
2	Savings and temporary cash investments .........			81,285,164	2	86,024,274
3	Pledges and grants receivable, net ......			0	3	0
4	Accounts receivable, net .............			64,749,959	4	53,933,075
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
				0	5	0
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
				0	6	0
7	Notes and loans receivable, net ...........			0	7	0
8	Inventories for sale or use ............			2,991,205	8	3,035,910
9	Prepaid expenses and deferred charges ......			7,911,031	9	19,409,672
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	42,098,600
b	Less: accumulated depreciation	10b	32,970,654	10,536,012	10c	9,127,946
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 ..			4,924	13	4,924
14	Intangible assets ...............			0	14	0
15	Other assets. See Part IV, line 11 ...........			23,866,887	15	23,712,126
16	Total assets. Add lines 1 through 15 (must equal line 33)...			191,345,182	16	195,247,927

17	Accounts payable and accrued expenses .....	54,421,938	17	61,902,674
18	Grants payable ...	0	18	0
19	Deferred revenue .........	58,793,029	19	56,735,872
20	Tax-exempt bond liabilities .........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21	0
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
		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	29,563,533	25	25,613,962
26	Total liabilities. Add lines 17 through 25..	142,778,500	26	144,252,508

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	48,566,682	27	50,995,419
28	Net assets with donor restrictions ...........	0	28	0
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	48,566,682	32	50,995,419
33	Total liabilities and net assets/fund balances ........	191,345,182	33	195,247,927

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, Return by a U.S. Transferor of Property to a Foreign Corporation (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 separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	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, Information 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 separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No