2026-05-11T12:18:02-05:00 2025-06-30 990 2024-07-01 860105586 THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT THUN 6024967000 401 N 1ST ST MC-2121 PHOENIX AZ 85004 ANJALI B HALABE VP AND ASST TREASURER 4809658972 2026-05-11 1 2024 2025-03-06 01:10:19Z ANJALI B HALABE 401 N 1ST ST MC-2121 PHOENIX AZ 85004 6192995 0 X WWW.THUNDERBIRD.ASU.EDU X 1946 AZ TO EDUCATE GLOBAL LEADERS WHO CREATE SUSTAINABLE PROSPERITY WORLDWIDE. 5 0 0 0 0 0 569107 1645091 3507703 4487805 81944 -451827 -5896 -3498 4152858 5677571 0 200000 0 0 0 0 0 0 31035 3936087 3479940 3936087 3679940 216771 1997631 4830247 6547131 743040 461717 4087207 6085414 TO EDUCATE GLOBAL LEADERS WHO CREATE SUSTAINABLE PROSPERITY WORLDWIDE. 0 0 3209334 200000 4032480 PROVIDED AN EDUCATION TO EXECUTIVE EDUCATION STUDENTS AND WOMEN'S ENTREPRENEURIAL PROGRAMS WORLDWIDE. 3209334 1 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 16 0 1 0 0 1 SZ KZ RS 0 0 0 0 0 0 0 0 0 0 X 5 0 0 1 0 0 0 1 0 1 0 0 0 1 1 1 1 0 1 0 0 0 X ANJALI HALABE 4809658972 401 N 1ST ST MC-2121 PHOENIX AZ 85004 MORGAN OLSEN CHAIRMAN, VP & TREASURER 1.00 40.00 X X 0 1104247 62791 JIM O'BRIEN TRUSTEE 1.00 40.00 X 0 737719 50314 NANCY GONZALES VICE PRESIDENT 1.00 40.00 X X 0 953681 135553 SALLY MORTON TRUSTEE 1.00 40.00 X 0 986705 58652 LISA LOO SECRETARY 1.00 40.00 X X 0 613907 41135 MATTHEW SMITH VICE PRESIDENT 1.00 40.00 X 0 314239 26513 ANJALI B HALABE VP & ASSISTANT TREASURER 1.00 40.00 X 0 411810 25867 0 5122308 400825 0 0 1 0 AI CORPORATE ADVISORY LLC 21-5 KURAKUEN SANBAN-CHO NISHINOMIYACITY HYOGO PREFECTURE JA SERVICES 206607 BLUEDROP PERFORMANCE LEARNING 18 PRESCOTT ST STJOHNS NL ST JOHNS NL CA A1C 3S4 SERVICES 150000 PHILIP THIGO PO BOX 61644 NAIROBI KE 00200 SERVICES 143842 BARBARA C SILVA CRISTOLBAL COLON 4000 SANTIAGO CI SERVICES 108265 MARIEL Q VERA AVE VICTOR ANDRES BELAUNDE 125 DPTO AREQUIPA PE SERVICES 107876 6 1645091 1645091 PROGRAM REVENUE 900099 4487805 4487805 4487805 63597 63597 515424 -515424 -515424 -515424 FOREIGN EXCHANGE GAIN/LOSS 900099 -3498 -3498 -3498 5677571 4032480 0 0 200000 200000 35783 33937 1846 61425 61425 267 209 58 81058 81058 27130 27130 242402 241854 548 REIMBURSEMENT OF LABOR 2316227 2313594 2633 PROGRAM/PROJECT EXPENSE 650599 611097 9015 30487 OTHER EXPENSES 65049 23367 41682 3679940 3209334 439571 31035 1562798 2225127 574371 1837123 2771323 176988 275465 74389 74389 0 0 1253338 700845 4830247 6547131 675202 379867 67838 81850 743040 461717 X 3220860 3284847 866347 2800567 4087207 6085414 4830247 6547131 1997631 576 0 X 0 1 X 0 0 X 256819 296453 380258 569107 543539 2046176 499731 425917 443157 654225 172518 2195548 756550 722370 823415 1223332 716057 4241724 35777 4205947 1531 494 52637 81944 63597 200203 4441927 15101652 0.94690 0.93840 X PART II THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT EIN: 86-0105586 ON APRIL 8, 1946, THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT (THUNDERBIRD) (ORIGINALLY KNOWN AS THE AMERICAN INSTITUTE FOR FOREIGN TRADE [AIFT]) WAS CHARTERED ON THE GLENDALE, ARIZONA WORLD WAR II AIRBASE, THUNDERBIRD FIELD, WHERE PILOTS FROM AROUND THE WORLD CAME FOR TRAINING DURING WARTIME. GENERAL BARTON KYLE YOUNT OBTAINED THE AIRFIELD WITH THE EXPRESS PURPOSE OF DEVELOPING A SCHOOL FOCUSED EXCLUSIVELY ON INTERNATIONAL TRADE AND GLOBAL RELATIONS. AS AIFT, THUNDERBIRD BECAME THE FIRST-EVER HIGHER-EDUCATION INSTITUTION TO FOCUS EXCLUSIVELY ON INTERNATIONAL MANAGEMENT BY CONCENTRATING CURRICULUM ON CROSS-CULTURAL COMMUNICATION, REGIONAL BUSINESS STUDIES, AND HANDS-ON, REAL-WORLD TRAINING IN GLOBAL BUSINESS NUANCES. BY 1955, THERE WERE TWO DEGREES OFFERED: A BACHELOR OF FOREIGN TRADE AND A MASTER OF FOREIGN TRADE. OVER THE YEARS, THE BACHELOR'S PROGRAM WAS DISCONTINUED AND THE MASTER'S PROGRAM MORPHED INTO A MASTER OF INTERNATIONAL MANAGEMENT (MIM). IN 2001, THE MIM WAS ADAPTED INTO AN MBA IN GLOBAL MANAGEMENT TO RESPOND TO THE GROWING DEMAND FOR GRADUATES WITH A BUSINESS ADMINISTRATION FOCUS. DURING THOSE SAME YEARS, THUNDERBIRD EXPANDED ITS DEGREE PROGRAM OFFERINGS TO INCLUDE AN ONLINE MBA, AN EXECUTIVE MBA, AND EARLY-CAREER MASTER'S DEGREES LIKE THE MASTER OF ARTS IN GLOBAL AFFAIRS & MANAGEMENT. THE SCHOOL CONSISTENTLY RANKED #1 FOR INTERNATIONAL BUSINESS FOR MANY YEARS, SETTING THE STANDARD FOR GLOBAL MANAGEMENT EDUCATION WORLDWIDE. AT THE SAME TIME, THUNDERBIRD EXECUTIVE EDUCATION OFFERED OPEN PROGRAMS FOR INDIVIDUALS SEEKING CAREER DEVELOPMENT OPPORTUNITIES AND CUSTOM PROGRAMS FOR GLOBAL ORGANIZATIONS LOOKING FOR INDIVIDUALIZED DEVELOPMENT SOLUTIONS FOR THEIR UNIQUE CHALLENGES. RANKED AMONG THE WORLD'S BEST EXECUTIVE EDUCATION PROGRAMS, THUNDERBIRD'S EDUCATIONAL OFFERINGS EXPANDED OVER THE YEARS TO INCLUDE A ROBUST SELECTION OF ONLINE EXECUTIVE CERTIFICATE PROGRAMS, INTERNATIONAL CONSORTIA PROGRAMS, EXECUTIVE COACHING, AND MORE. IN DECEMBER OF 2014, THUNDERBIRD ENTERED INTO AN AGREEMENT WITH ARIZONA STATE UNIVERSITY (ASU) TO INTEGRATE THUNDERBIRD INTO THE GREATER ASU KNOWLEDGE ENTERPRISE IN ORDER TO CREATE MORE IN DEPTH AND BROADER REACHING EDUCATION TO STUDENTS AND EXECUTIVES INTERNATIONALLY. AS PART OF THIS AGREEMENT, ALL US EMPLOYEES AND DEGREE SEEKING STUDENTS OF THUNDERBIRD BECAME EMPLOYEES AND STUDENTS OF ASU. THUNDERBIRD'S EXECUTIVE EDUCATION PROGRAM, CERTAIN INTERNATIONAL PROGRAMS, AND MOST THUNDERBIRD ASSETS REMAINED WITH THUNDERBIRD. THE PROGRAMS AND SERVICES THAT REMAIN WITH THUNDERBIRD CONTINUE TO FURTHER THUNDERBIRD'S CHARITABLE AND EDUCATIONAL PURPOSES, INCLUDING BY SUPPORTING ASU. BEGINNING IN FISCAL YEAR 2015, AND IN ORDER TO MORE ACCURATELY REFLECT THE CURRENT CHARITABLE AND EDUCATIONAL ACTIVITIES OF THUNDERBIRD, THUNDERBIRD BELIEVED IT WAS APPROPRIATE TO REPORT AS A PUBLICLY SUPPORTED PUBLIC CHARITY UNDER SECTION 509(A)(2) OF THE CODE. IN CONJUNCTION WITH THIS DECISION AND TRANSITION, THUNDERBIRD IS ENGAGING IN INTERNAL EFFORTS TO IDENTIFY AND DEVELOP NEW SOURCES OF PUBLIC SUPPORT RELATIVE TO THUNDERBIRD'S CURRENT PROGRAMS AND SERVICES. IN 2021, THUNDERBIRD SOLD VACANT LAND TO AN UNRELATED PARTY WHICH RESULTED IN GAIN OF JUST UNDER $21 MILLION DOLLARS. THE PROCEEDS OF THE SALE WERE TRANSFERRED TO ARIZONA STATE UNIVERSITY TO HELP FUND CAPITAL PROJECTS TO BENEFIT THUNDERBIRD STUDENTS AND PROGRAMS AT ASU. BEGINNING IN FISCAL YEAR 2023, AND IN ORDER TO MORE ACCURATELY REFLECT THE CURRENT CHARITABLE AND EDUCATIONAL ACTIVITIES OF THUNDERBIRD, THUNDERBIRD BELIEVES IT NOW IS APPROPRIATE TO REPORT AS AN ORGANIZATION OPERATED FOR THE BENEFIT OF A COLLEGE OF UNIVERSITY OWNED OR OPERATED BY A GOVERMENTAL UNIT DESCRIBED IN SECTION 170(B)(1)(A)(V) OF THE CODE. OPERATIONS SUPPORT EDUCATIONAL NEEDS FOR ARIZONA STATE UNIVERSITY, A PUBLIC UNIVERSITY, BOTH DOMESTICALLY AND INTERNATIONALLY. IN 2024 THUNDERBIRD WAS THE RECIPIENT OF A $1.1 MILLION DOLLAR BEQUEST FROM AN ALUM, THIS CONTRIBUTION MEETS THE DEFINITION OF AN UNUSUAL GRANT UNDER 1.509(A)-3(C)(3) AND HAS BEEN EXCLUDED FROM THE PUBLIC SUPPORT TEST. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 74389 74389 0 0 OTHER ASSETS 161423 DUE TO/FROM SUBSIDIARIES 539422 700845 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 2 PROGRAM SERVICES EXECUTIVE EDUCATION 167475 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 10 PROGRAM SERVICES EXECUTIVE EDUCATION 406503 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 9 PROGRAM SERVICES EXECUTIVE EDUCATION 277657 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 1 3 PROGRAM SERVICES EXECUTIVE EDUCATION 14248 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 7 PROGRAM SERVICES EXECUTIVE EDUCATION 237314 1 31 0 0 1 31 1103197 0 1103197 0 0 1 0 0 1 0 ARIZONA STATE UNIVERSITY PO BOX 875812 TEMPE AZ 85287 860196696 115 200000 0 TO PROVIDE SUPPORT FOR THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT AT ASU 0 0 0 0 0 0 0 0 0 MORGAN OLSEN CHAIRMAN, VP & TREASURER 0 587699 0 0 0 516548 0 44850 0 17941 0 1167038 0 0 NANCY GONZALES VICE PRESIDENT 0 648730 0 180000 0 124951 0 130206 0 5347 0 1089234 0 0 SALLY MORTON TRUSTEE 0 615455 0 0 0 371250 0 44850 0 13802 0 1045357 0 0 JIM O'BRIEN TRUSTEE 0 475153 0 90000 0 172566 0 44850 0 5464 0 788033 0 0 LISA LOO SECRETARY 0 491372 0 0 0 122535 0 34674 0 6461 0 655042 0 0 ANJALI B HALABE VP & ASSISTANT TREASURER 0 396810 0 15000 0 0 0 24150 0 1717 0 437677 0 0 MATTHEW SMITH VICE PRESIDENT 0 299239 0 15000 0 0 0 22247 0 4266 0 340752 0 0 FORM 990, SCHEDULE J, PART I, LINE 3 THE OFFICERS AND DIRECTORS LISTED ON THIS SCHEDULE J ARE COMPENSATED BY ARIZONA STATE UNIVERSITY. THEIR COMPENSATION IS DETERMINED BY THE UNIVERSITY IN ADHERANCE WITH POLICIES OF THE UNIVERSITY AND APPLICABLE UNIVERSITY GOVERNANCE. FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT OF KEY FUNCTIONS HAS BEEN DELEGATED BY THE OFFICERS OF THE BOARD TO SELECTED ASU EMPLOYEES. FORM 990, PART VI, SECTION A, LINE 7A ON DECEMBER 30, 2015, ARIZONA STATE UNIVERSITY (ASU), A GOVERNMENTAL UNIT OF THE STATE OF ARIZONA, WAS GRANTED THE RIGHT TO APPOINT THE MEMBERS OF THE THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT BOARD AS PART OF A LARGER INTEGRATION OF THUNDERBIRD INTO THE ASU KNOWLEDGE ENTERPRISE. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY THE VICE PRESIDENT/ASST TREASURER AND AFTER THE INITIAL REVIEW, A DRAFT COPY OF THE TAX RETURN WILL BE SENT TO THE BOARD OF DIRECTORS PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE SCHOOL DISTRIBUTES A CONFLICT OF INTEREST ACKNOWLEDGMENT TO EACH OFFICER, TRUSTEE, AND KEY EMPLOYEE OF THE SCHOOL. THE ACKNOWLEDGMENT DESCRIBES THE SCHOOL'S CONFLICT OF INTEREST POLICY AND PROVIDES AN OPPORTUNITY FOR THE PERSON TO DISCLOSE ANY INTEREST THAT COULD GIVE RISE TO A CONFLICT OF INTEREST. EACH PERSON IS REQUIRED TO RETURN THE ACKNOWLEDGMENT SIGNED, TO AFFIRM THAT THEY HAVE RECEIVED, READ AND UNDERSTOOD, AND AGREED TO COMPLY WITH THE POLICY. IN ADDITION TO THE SIGNED ACKNOWLEDGMENT, THE SCHOOL CONSISTENTLY REVIEWS ALL FINANCIAL TRANSACTIONS TO IDENTIFY AND RESOLVE POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND IRS FORM 990 ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 13 THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT HAS NO EMPLOYEES, THEREFORE, DOES NOT HAVE A WHISTLEBLOWER POLICY. ARIZONA STATE UNIVERSITY HAS A WRITTEN WHISTLEBLOWER POLICY AND PROCESSES AND PROCEDURES FOR MANAGING. THUNDERBIRD EUROPE ONE LLC 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 HOLDING CO AZ TSGM THUNDERBIRD EUROPE TWO LLC 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 HOLDING CO AZ TSGM THUNDERBIRD WORLDWIDE LLC 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 HOLDING CO AZ TSGM ARIZONA STATE UNIVERSITY PO BOX 875812 TEMPE AZ 85287 860196696 EDUCATION AZ 115 N/A 0 THUNDERBIRD WORLDWIDE KAZAKHSTAN LLP 20A BIOCOMBINAT STREET ALMANY KZ 050008 EDUCATION KZ THUNDERBIRD WORLDWIDE LLC NONE 2021 151711 0 0 1.00000 RUSSIAN BUSINESS SKILLS DEVELOPMENT 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 841320783 HOLDING CO DE TGSM C 1.00000 1 THUNDERBIRD ASIA CORPORATION 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 860948519 EDUCATION AZ TSGM C 1.00000 1 THUNDERBIRD EUROPE SARL 121-123 RUE DE LAUSANNE GENEVA SZ 1202 EDUCATION SZ TSGM C 9055 2710944 1.00000 1 THUNDERBIRD INTERNATIONAL 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 HOLDING CO AZ TSGM C 1.00000 0 THUNDERBIRD CBSD CORP 401 N 1ST STREET MC-2121 PHOENIX AZ 85004 860951941 HOLDING CO AZ TSGM C 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 ASU TO THUNDERBIRD (REIMBURSEMENT) Q 172518 THUNDERBIRD TO ASU (REIMBURSEMENT) P 1689172 SARL TO THUNDERBIRD (ROYALTY) A 101489 SARL TO THUNDERBIRD (REIMBURSEMENT) Q 93972 THUNDERBIRD TO SARL (REIMBURSEMENT) P 600664