2024-03-14T15:47:01-05:00 2023-07-31 043108635 LEONARD MULHERIN & GREENE PC 625 GROVE STREET BRAINTREE MA 02184 990 2022-08-01 043348440 HULT INTERNATIONAL BUSINESS SCHOOL INC HULT 6177461990 ONE EDUCATION STREET CAMBRIDGE MA 02141 MARCUS FRIBERG CLERK 6177461990 2024-03-14 1 MARCUS FRIBERG 999009999 0 MARK J PREZIOSI P00968923 7813564800 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ABRAHAM GIORGIS ONE EDUCATION STREET CAMBRIDGE MA 02141 191323514 0 X WWW.HULT.EDU X 1996 MA HULT INTERNATIONAL BUSINESS SCHOOL IS A GLOBAL INSTITUTION THAT TRANSFORMS LIVES BY PROVIDING AN EXCEPTIONALLY VALUABLE AND ENDURING EDUCATION THAT BRINGS TOGETHER PEOPLE, CULTURES AND IDEAS FROM ALL AROUND THE WORLD. THE SCHOOL ENCOURAGES PERSONAL GROWTH, INTELLECTUAL INTEGRITY, GLOBAL SENSITIVITY, LOCAL ENGAGEMENT, AND CIVIC VALUES, SO THAT STUDENTS ARE ABLE TO FLOURISH IN THE GLOBAL ECONOMY AND ARE EMPOWERED TO CONTRIBUTE MEANINGFULLY TO THEIR BUSINESS AND COMMUNITY. 10 9 511 11 0 0 0 0 179058503 189228813 79017 2094701 0 0 179137520 191323514 43623621 46282895 0 0 23629353 28407439 0 0 0 114464149 125481162 181717123 200171496 -2579603 -8847982 109525506 135263308 86129155 120714939 23396351 14548369 X HULT INTERNATIONAL BUSINESS SCHOOL IS A GLOBAL INSTITUTION THAT TRANSFORMS LIVES BY PROVIDING AN EXCEPTIONALLY VALUABLE AND ENDURING EDUCATION THAT BRINGS TOGETHER PEOPLE, CULTURES, AND IDEAS FROM ALL AROUND THE WORLD. THE SCHOOL ENCOURAGES PERSONAL GROWTH, INTELLECTUAL INTEGRITY, GLOBAL SENSITIVITY, LOCAL ENGAGEMENT, AND CIVIC VALUES, SO THAT STUDENTS ARE ABLE TO FLOURISH IN THE GLOBAL ECONOMY AND ARE EMPOWERED TO CONTRIBUTE MEANINGFULLY TO THEIR BUSINESS AND COMMUNITY. 0 0 181955653 46282895 189228813 THE SCHOOL OFFERS ONE YEAR MASTERS PROGRAMS IN BUSINESS ADMINISTRATION, FINANCE, INTERNATIONAL BUSINESS AND INTERNATIONAL MARKETING, AS WELL AS A BACHELORS PROGRAM IN BUSINESS ADMINISTRATION, TO A BROADLY-BASED INTERNATIONAL STUDENT BODY. THE SCHOOL HAS CAMPUS LOCATIONS IN CAMBRIDGE, MASSACHUSETTS, AND SAN FRANCISCO, CALIFORNIA, AND ALSO SERVICES STUDENTS IN LONDON, UNITED KINGDOM, DUBAI, UNITED ARAB EMIRATES AND SHANGHAI, CHINA. DURING THE 2023 ACADEMIC YEAR, THE SCHOOL HAD APPROXIMATELY 3,900 STUDENTS ENROLLED IN ALL PROGRAMS. 181955653 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 1 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 1 39 0 511 1 0 1 UK 0 0 0 0 0 0 0 0 0 X 10 9 0 0 0 0 1 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 MA CA X X ABRAHAM GIORGIS 6177461990 ONE EDUCATION STREET CAMBRIDGE MA 02141 X MATT LILLEY PRES/DIR. BEG. 6/30/22 2.00 X X 0 0 181469 EMILIE MCCARTHY TREASURER 40.00 X 0 0 300877 MARCUS FRIBERG CLERK/FINANCIAL MANAGER 40.00 X 161228 0 11153 DR DAVID COLLIS DIRECTOR 2.00 X 0 0 0 JAMES SINTROS ESQ DIRECTOR 2.00 X 0 0 0 REBECCA QUINTAVALLE DIRECTOR 2.00 X 0 0 0 NICHOLAS BARBER DIRECTOR 2.00 X 0 0 0 CHRISTOPHER JEDREY DIRECTOR 2.00 X 0 0 0 PHILIP HULT DIRECTOR 2.00 X 0 0 0 ASA RANGNE BLENDOW DIRECTOR 2.00 X 0 0 0 DR CRAIG BURNS DIRECTOR 2.00 X 0 0 0 CHRISTER SERENHOV DIRECTOR 2.00 X 0 0 0 DR CHRISTOPHER AHLBERG DIRECTOR 2.00 X 0 0 0 DEMING CHEN DIRECTOR 2.00 X 0 0 0 SHANE STEFFENS HULT PRESIDENT UG PROGRAMS 40.00 X 434925 0 27782 MARTA MAURI ERENA REGIONAL HEAD OF ENROLLMENT 40.00 X 372363 0 7004 OMAR ROMERO HERNANDEZ HULT SCHOOL PROFESSOR 40.00 X 356352 0 29584 JESSICA SZUBART EXECUTIVE VICE PRESIDENT OF UNDERGRAD 40.00 X 336245 0 27779 MANPREET DHILLON EXECUTIVE VICE PRESIDENT & PROVOST 40.00 X 326695 0 7004 1987808 0 592652 49 0 1 0 KIRKLAND & ELLIS LLP 300 N LASALLE DR CHICAGO IL 60654 LEGAL SERVICES 1885899 MINTZ LEVIN ONE FINANCIAL CENTER BOSTON MA 02111 LEGAL SERVICES 245331 ALVARES & MARSHAL TAXAND LLC 600 MADISON AVENUE - 8TH FLOOR NEW YORK NY 10022 LEGAL SERVICES 168459 JANE T RUSSELL 12 RENASISSANCE CIRCLE SALEM NH 03079 STUDENT CAREER ADVISOR 106330 4 PROGRAM REVENUE 611600 189228813 189228813 189228813 2094701 2094701 191323514 189228813 0 2094701 4005683 4005683 42277212 42277212 187342 187342 24753540 22821906 1931634 287086 274617 12469 1583122 1465203 117919 1596349 1485943 110406 11824870 11824870 452388 452388 113719 113719 3480802 15706 3465096 1218331 1218331 8739000 8739000 22056618 22056618 268574 268574 631935 631935 STUD. ENROLL. & MKTG. 43434363 43434363 PRODUCTION COSTS 26254802 26254802 COURSE EXPENSES 5321690 5321690 STUDENT EVENTS 663112 663112 1020958 1020958 200171496 181955653 18215843 0 22437025 17881320 69637003 62858648 7296266 7709353 7618488 10358267 3302972 2217822 1329664 1085150 1207060 35370570 109525506 135263308 14301107 7459445 61962132 62481042 9865916 50774452 86129155 120714939 X 23396351 14548369 23396351 14548369 109525506 135263308 -8847982 0 X 0 1 X 1 1 1 X 67148 24705 42443 3235824 2193117 1042707 1085150 RESTRICTED DEPOSITS 600000 OTHER RECEIVABLES 1290714 RIGHT-OF-USE ASSET - OPERATING ,NET ACCUMULATED AMORTIZATION 33479856 35370570 OTHER CURRENT LIABILITIES 16760987 RIGHT-OF-USE LIABILITY - OPERATING 34013465 50774452 145040619 0 145040619 46282895 46282895 191323514 153888601 0 153888601 46282895 46282895 200171496 PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 46,282,895. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 46,282,895. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE HULT INTERNATIONAL BUSINESS SCHOOL, INC. INCLUDES A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICIES IN ALL OF ITS PROMOTIONAL MATERIALS AND ADVERTISING. SCHEDULE E, PART I, LINE 6 THE SCHOOL IS APPROVED AS A TITLE IV INSTITUTION BY THE U.S. DEPARTMENT OF EDUCATION AND AS SUCH, PROCESSES FINANCIAL AID APPLICATIONS FOR U.S. CITIZENS AND PERMANENT RESIDENTS ATTENDING THE SCHOOL. 1 UNITED ARAB EMIRATES 1 1 PROGRAM SERVICE RECRUITMENT, CURRICULUM IMPLEMENTATION, OPERATIONAL AND ADMINISTRATIVE SERVICES INCLUDING FINANCE, PAYROLL, AND FACILITIES MANAGEMENT. 5607839 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 1 1 PROGRAM SERVICE RECRUITMENT, CURRICULUM IMPLEMENTATION, OPERATIONAL AND ADMINISTRATIVE SERVICES INCLUDING FINANCE, PAYROLL, AND FACILITIES MANAGEMENT. 94741 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 1 1 PROGRAM SERVICE CURRICULUM IMPLEMENTATION, OPERATIONAL AND ADMINISTRATIVE SERVICES INCLUDING FINANCE, PAYROLL, AND FACILITIES MANAGEMENT. 20602899 3 3 0 0 3 3 26305479 0 26305479 SCHOLARSHIPS AND FINANCIAL AID VARIOUS 2818 BASED ON MERIT AND FINANCIAL NEED 42277212 SCHOLARSHIPS AND FINANCIAL AID PROVIDED BASED ON MERIT AND FINANCIAL NEED. FAIR MARKET VALUE 0 0 1 0 0 0 PART III ACCOUNTING METHOD: 1 SCHOLARSHIPS AND FINANCIAL AID 267 4005683 FAIR MARKET VALUE SCHOLARSHIPS AND FINANCIAL AID PROVIDED BASED ON MERIT AND FINANCIAL NEED. PART I, LINE 2: THE SCHOOL PROVIDES SCHOLARSHIPS BASED ON MERIT AND FINANCIAL AID BASED ON FINANCIAL NEED. ANNUALLY, ALL VICE PRESIDENTS OF FINANCE WORK WITH THE REGIONAL ENROLLMENT DIRECTORS TO DETERMINE THE BUDGETS AVAILABLE FOR SCHOLARSHIPS AND FINANCIAL AID. THOSE BUDGETS ARE APPROVED BY THE PRESIDENT AND CFO. ALL STUDENT APPLICATIONS ARE THEN REVIEWED AND AWARDS ARE PROVIDED TO THOSE STUDENTS WHO MEET CERTAIN CRITERIA. X X X X X 0 0 0 0 0 0 0 0 0 MARCUS FRIBERG CLERK/FINANCIAL MANAGER 161228 0 0 0 0 0 4065 0 7088 0 172381 0 0 0 SHANE STEFFENS HULT PRESIDENT UG PROGRAMS 434925 0 0 0 0 0 4813 0 22969 0 462707 0 0 0 MARTA MAURI ERENA REGIONAL HEAD OF ENROLLMENT 372363 0 0 0 0 0 0 0 7004 0 379367 0 0 0 OMAR ROMERO HERNANDEZ HULT SCHOOL PROFESSOR 356352 0 0 0 0 0 6750 0 22834 0 385936 0 0 0 JESSICA SZUBART EXECUTIVE VICE PRESIDENT OF UNDERGRA 336245 0 0 0 0 0 5125 0 22654 0 364024 0 0 0 MANPREET DHILLON EXECUTIVE VICE PRESIDENT & PROVOST 326695 0 0 0 0 0 0 0 7004 0 333699 0 0 0 PART I, LINE 3 THE SCHOOL'S PRESIDENT IS COMPENSATED BY HULT SUPPORT SERVICES, LTD., WHICH IS A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THE SCHOOL'S COMPENSATON AND EVALUATION COMMITTEE REVIEWS THE SCHOOL'S PRESIDENT'S COMPENSATION ANNUALLY. THE COMMITTEE BASES ITS EVALUATION AND DETERMINES COMPENSATION LEVELS ON THIRD PARTY SALARY SURVEYS AND COMPARABILITY DATA. THE COMPENSATION COMMITTEE PROPOSES THE PRESIDENT'S COMPENSATION LEVEL TO THE FULL BOARD FOR APPROVAL. A WRITTEN EMPLOYMENT AGREEMENT SETS FORTH THE TERMS AND CONDITIONS OF THE PRESIDENT'S EMPLOYMENT WITH THE SCHOOL AND ITS AFFILIATE. FOR KEY EMPLOYEES AND OFFICERS OF THE SCHOOL, COMPENSATION IS BASED ON A FIXED SUM AGREED UPON AT THE TIME OF EMPLOYMENT. THIS SUM REFLECTS AN EMPLOYEE'S LEVEL OF EXPERIENCE AND EXPERTISE WHEN (S)HE JOINS THE ORGANIZATION. SALARIES WITHIN THE ORGANIZATION ARE STRICTLY CONFIDENTIAL AND NEGOTIATED INDIVIDUALLY. MATT LILLEY AND EMILIE MCCARTHY WERE PAID IN BRITISH POUNDS BY HULT SUPPORT SERVICES, LTD., A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THEIR SALARIES WERE CONVERTED TO AMERICAN DOLLARS FROM BRITISH POUNDS AT AN EXCHANGE RATE OF 1.21 DOLLARS PER POUND. FOR CALENDAR YEAR 2022, MR. LILLEYS' COMPENSATION FROM HSS TOTALED $181,469 (USD), AND MS. MCCARTHY'S COMPENSATION FROM HSS TOTALED $300,877 (USD). REBECCA QUINTAVALLE MS. QUINTAVALLE IS A BOARD MEMBER (DIR.) OF HULT INT'L BUS. SCHOOL, INC. MS. QUINTAVALLE IS A MEMBER OF THE BOARD OF DIRECTORS OF HULT SUPPORT SERVICES, LTD, A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. 0 CHRISTOPHER AHLBERG MR. AHLBERG IS A BOARD MEMBER (DIRECTOR) OF HULT INT'L BUS. SCHOOL, INC. MR. AHLBERG IS A MEMBER OF THE BOARD OF DIRECTORS OF HULT SUPPORT SERVICES, LTD, A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. 0 MATT LILLEY MR. LILLEY IS PRESIDENT AND A DIRECTOR OF HULT INTERN. BUS. SCHOOL, INC. MR. LILLEY IS A BOARD MEMBER (DIRECTOR) OF HULT SUPPORT SERVICES, LTD., A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. 0 FORM 990, PART VI, SECTION A, LINE 6 HULT INTERNATIONAL BUSINESS SCHOOL, INC. HAS ONE MEMBER, HULT HOLDINGS, INC. (A MASSACHUSETTS CORPORATION). HULT HOLDINGS, INC. DOES NOT HAVE THE RIGHT TO APPOINT BOARD MEMBERS. THE BOARD OF DIRECTORS HAS THE RESPONSIBILITY OF ELECTING NEW DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S PRESIDENT, TREASURER AND OTHER MEMBERS OF THE BOARD OF DIRECTORS REVIEW A DRAFT OF THE FORM 990, WHICH IS PREPARED BY THE ORGANIZATION'S INDEPENDENT ACCOUNTANTS. ANY RESULTANT COMMENTS AND CHANGES ARE DISCUSSED WITH THE INDEPENDENT ACCOUNTANTS AND IF APPROPRIATE, INCORPORATED INTO THE FINAL VERSION OF FORM 990 PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS AND EMPLOYEES ARE PROVIDED WITH COPIES OF THE CONFLICT OF INTEREST POLICY. DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST AT BOARD MEETINGS. EMPLOYEES ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST DURING THEIR ANNUAL REVIEW. FORM 990, PART VI, SECTION B, LINE 15A THE SCHOOL'S PRESIDENT IS COMPENSATED BY HULT SUPPORT SERVICES, LTD., WHICH IS A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THE SCHOOL'S COMPENSATON AND EVALUATION COMMITTEE REVIEWS THE SCHOOL'S PRESIDENT'S COMPENSATION ANNUALLY. THE COMMITTEE BASES ITS EVALUATION AND DETERMINES COMPENSATION LEVELS ON THIRD PARTY SALARY SURVEYS AND COMPARABILITY DATA. THE COMPENSATION COMMITTEE PROPOSES THE PRESIDENT'S COMPENSATION LEVEL TO THE FULL BOARD FOR APPROVAL. A WRITTEN EMPLOYMENT AGREEMENT SETS FORTH THE TERMS AND CONDITIONS OF THE PRESIDENT'S EMPLOYMENT WITH THE SCHOOL AND ITS AFFILIATE. FOR KEY EMPLOYEES AND OFFICERS OF THE SCHOOL, COMPENSATION IS BASED ON A FIXED SUM AGREED UPON AT THE TIME OF EMPLOYMENT. THIS SUM REFLECTS AN EMPLOYEE'S LEVEL OF EXPERIENCE AND EXPERTISE WHEN (S)HE JOINS THE SCHOOL. SALARIES WITHIN THE SCHOOL ARE STRICTLY CONFIDENTIAL AND NEGOTIATED INDIVIDUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE GENERAL PUBLIC VIA THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE AND UPON REQUEST. THE SCHOOL'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII PLEASE SEE SCHEDULE J FOR FURTHER EXPLANATION. FORM 990, OTHER RELEVANT INFORMATION AND DISCLOSURES CONTRACTUAL AGREEMENTS IN CONNECTION WITH THE RECRUITMENT OF STUDENTS AND ADMINISTRATION OF ITS EDUCATIONAL PROGRAMS, IN PRIOR YEARS, THE SCHOOL ENTERED INTO VARIOUS AGREEMENTS WITH SIGNIFICANT PARTIES. EXPENSES INCURRED UNDER THE AGREEMENTS HAVE BEEN PRICED USING A FAIR MARKET VALUE ANALYSIS AS DETERMINED BY AN INDEPENDENT THIRD PARTY. ACTIVITIES WITH SIGNIFICANT PARTIES ARE DESCRIBED BELOW: THE SCHOOL HAS A MANAGEMENT SERVICES AGREEMENT WITH HULT SUPPORT SERVICES, LTD. ("HSS"), A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. HSS PROVIDES ADMINISTRATIVE (LEGAL SUPPORT, CASH FLOW MANAGEMENT SUPPORT AND RISK MANAGEMENT SERVICES) AND IT SUPPORT SERVICES TO THE SCHOOL. THE SCHOOL WAS CHARGED $15,193,064 BY HSS DURING THE YEAR ENDED JULY 31, 2023. AT JULY 31, 2023, THE SCHOOL OWED HSS $515,239 WHICH IS INCLUDED IN "OTHER CURRENT LIABILITIES" ON THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. THE SCHOOL HAS A CONTRACTUAL AGREEMENT WITH EF SERVICES, INC. ("EF SERVICES") FOR CERTAIN LOCAL ADMINISTRATIVE SERVICES. EF SERVICES PROVIDES PAYROLL PROCESSING, HEALTH INSURANCE AND RETIREMENT PLAN ADMINISTRATION AND OTHER ADMINISTRATIVE SUPPORT SERVICES TO THE SCHOOL. THE SCHOOL AND EF SERVICES CONTRACTED THESE SERVICES UNDER AN AGREEMENT THAT IS SUBJECT TO RENEWAL ON OCTOBER 1 OF EACH YEAR. THE SCHOOL WAS CHARGED $2,747,865 BY EF SERVICES FOR THESE SERVICES DURING THE YEAR ENDED JULY 31, 2023. AT JULY 31, 2023 THE SCHOOL OWED EF SERVICES $235,068 WHICH IS INCLUDED IN "OTHER CURRENT LIABILITIES" ON THE ACCOMPANYING STATEMENTS OF FINANCIAL POSITION. THE SCHOOL HAS A CONTRACTUAL AGREEMENT WITH HULT INVESTMENTS FZ-LLC ("FZ-LLC") AN LLC ORGANIZED IN THE UNITED ARAB EMIRATES, WHEREBY FZ-LLC DELIVERS ALL LOCAL OPERATIONAL AND ADMINISTRATIVE SERVICES RELATING TO THE SCHOOL'S ACADEMIC PROGRAMS IN DUBAI, INCLUDING GENERAL AND ADMINISTRATIVE SERVICES (FINANCE, PAYROLL, FACILITIES MANAGEMENT, ETC.), RECRUITMENT, AND CURRICULUM IMPLEMENTATION. SERVICE COSTS INCURRED BY THE SCHOOL WITH FZ-LLC TOTALED $5,607,839 FOR THE YEAR ENDED JULY 31, 2023. AT JULY 31, 2023 THE SCHOOL OWED FZ-LLC $769,860 WHICH IS INCLUDED IN "OTHER CURRENT LIABILITIES" ON THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. FORM 990, OTHER RELEVANT INFORMATION AND DISCLOSURES THE SCHOOL AND HULT INTERNATIONAL BUSINESS SCHOOL, LTD. ("HULT LTD."), A CHARITABLE ORGANIZATION IN THE UNITED KINGDOM ("UK"), HAVE A CONTRACTUAL AGREEMENT, WHEREBY HULT LTD. DELIVERS ALL LOCAL OPERATIONAL AND ADMINISTRATIVE SERVICES RELATING TO THE SCHOOL'S ACADEMIC PROGRAMS IN THE UK. THESE SERVICES INCLUDE GENERAL AND ADMINISTRATIVE SERVICES (FINANCE, PAYROLL, FACILITIES MANAGEMENT, ETC.), AND CURRICULUM IMPLEMENTATION. SERVICE COSTS INCURRED BY THE SCHOOL WITH HULT LTD. TOTALED $20,602,899 FOR THE YEAR ENDED JULY 31, 2023. AT JULY 31, 2023, THE SCHOOL OWED HULT LTD. $930,662, WHICH IS INCLUDED IN "OTHER CURRENT LIABILITIES" ON THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. OTHER CONTRACTUAL AGREEMENTS THE SCHOOL HAS CONTRACTUAL AGREEMENTS WITH VARIOUS SIGNIFICANT PARTIES TO PROVIDE ENROLLMENT AND RECRUITMENT SERVICES TO THE SCHOOL. AMOUNTS BILLED FOR STUDENT ENROLLMENT AND RECRUITMENT SERVICES FOR THE YEAR ENDED JULY 31, 2023 ARE AS FOLLOWS: HULT RECRUITING SERVICES, LTD. (UNITED KINGDOM)- $ 5,975,499 HULT INVESTMENTS FZ-LLC (UNITED ARAB EMIRATES) - $ 6,442,041 HULT RECRUITMENT SERVICES GMBH (SWITZERLAND) - $ 6,472,943 HULT INTERN. BUSINESS SCHOOL, LTD. (HONG KONG) - $ 2,397,038 THE AMOUNTS DUE TO/FROM THE ABOVE ENTITIES FOR STUDENT ENROLLMENT AND RECRUITMENT SERVICES AT JULY 31, 2023 ARE INCLUDED AS EITHER "OTHER CURRENT LIABILITIES OR "OTHER CURRENT RECEIVABLES" IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. FORM 990, OTHER RELEVANT INFORMATION AND DISCLOSURES OPERATING LEASES - EFEKTA THE SCHOOL HAS SEVERAL LEASE (OR SUBLEASE) AGREEMENTS WITH EFEKTA FOR CLASSROOM AND ADMINISTRATIVE SPACE, DORMITORIES AND CAMPUS FACILITIES THAT EXPIRE AT VARIOUS TIMES THROUGH JULY 2028. RENT EXPENSE UNDER THE AGREEMENTS WITH EFEKTA TOTALED $18,976,579 FOR THE YEAR ENDED JULY 31, 2023. OPERATING SUBLEASE - EF INTERNATIONAL LANGUAGE SCHOOLS, INC. EFFECTIVE AUGUST 1, 2021, THE SCHOOL BEGAN SUBLEASING A PORTION OF THE CLASSROOM AND ADMINISTRATIVE SPACE AT ITS SAN FRANCISCO LOCATION TO EF INTERNATIONAL LANGUAGE SCHOOLS, INC. AT AN ANNUAL BASE RENT OF $560,000. RENT IS PAYABLE TO THE SCHOOL IN MONTHLY INSTALLMENTS OF $46,667 AND TOTALED $ 560,000 FOR THE YEAR ENDED JULY 31, 2023. FORM 990, OTHER RELEVANT INFORMATION AND DISCLOSURES LICENSE FEES THE SCHOOL HAS A LICENSING AGREEMENT WITH HULT INTERNATIONAL BUSINESS SCHOOL AG ("AG"), A SWISS CORPORATION, THAT ALLOWS THE SCHOOL TO USE CERTAIN TRADEMARKS, LOGOS, DOMAIN NAMES AND OTHER INTANGIBLE ASSETS OWNED BY AG. DURING THE YEAR ENDED JULY 31, 2023, THE SCHOOL INCURRED LICENSING EXPENSES TOTALING $ 8,739,000. AS OF JULY 31, 2023, THE SCHOOL OWED AG $ 8,739,000. HULT EDUCATIONAL SERVICESINC ONE EDUCATION STREET CAMBRIDGE MA 02141 812441907 PROVIDED VARIOUS SUPPORT SERVICES TO HULT INTERNATIONAL BUSINESS SCHOOL, INC MA 501 (C)(3) 509 (A)(3) HULT INTERNATIONAL BUSINESS SCHOOL INC 1 HULT SUPPORT SERVICES LTD 22 CHELSEA MANOR STREET LONDON UK PROVIDE VARIOUS SUPPORT SERVICES TO HULT INT. BUSINESS SCHOOL, INC. UK HULT INTERNATIONAL BUSINESS SCHOOL INC 15976049 3290380 1.00000 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 HULT SUPPORT SERVICES LTD P 15193064 AMOUNTS INVOICED HULT SUPPORT SERVICES LTD E 515239 AMOUNT DUE AT END OF YEAR