2026-02-19T15:46:17-06:00 2025-07-31 043108635 LEONARD MULHERIN & GREENE PC 625 GROVE STREET BRAINTREE MA 02184 990 2024-08-01 043348440 HULT INTERNATIONAL BUSINESS SCHOOL INC HULT 6177461990 ONE EDUCATION STREET CAMBRIDGE MA 02141 MARCUS FRIBERG CLERK 6177461990 2026-02-10 1 0 MICHELLE J AMARAL P01935748 7813564800 2024 2025-03-06 01:10:19Z MARCUS FRIBERG ONE EDUCATION STREET CAMBRIDGE MA 02141 342913363 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. 9 8 488 9 0 0 6000000 1689453 184979790 214183943 2232637 1812448 0 0 193212427 217685844 46653140 64806582 0 0 25314557 29170416 0 0 0 118240882 121085356 190208579 215062354 3003848 2623490 116539427 118087489 98898061 97791949 17641366 20295540 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 192790282 64806582 214183943 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 AND DUBAI, UNITED ARAB EMIRATES. DURING THE 2025 ACADEMIC YEAR, THE SCHOOL HAD APPROXIMATELY 3,700 STUDENTS ENROLLED IN ALL PROGRAMS. 192790282 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 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 X 36 0 488 1 0 1 UK AE IN 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 MA X X MARCUS FRIBERG 6177461990 ONE EDUCATION STREET CAMBRIDGE MA 02141 X MATT LILLEY PRESIDENT/DIRECTOR 2.00 X X 0 0 312940 JOAKIM BANESTIG TREASURER 2.00 X 0 0 273823 MARCUS FRIBERG CLERK / VP OF FINANCE 40.00 X 207495 0 12376 NICHOLAS BARBER 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 PHILIP HULT DIRECTOR 2.00 X 0 0 0 CHRISTOPHER JEDREY DIRECTOR 2.00 X 0 0 0 REBECCA QUINTAVALLE DIRECTOR 2.00 X 0 0 0 CHRISTER SERENHOV DIRECTOR 2.00 X 0 0 0 JAMES SINTROS ESQ DIRECTOR 2.00 X 0 0 0 MANPREET DHILLON PROVOST & EXECUTIVE VICE PRESIDENT 40.00 X 398937 0 7653 MATTHEW FISHER FACULTY 40.00 X 317228 0 19822 STEPHEN WYNN EXECUTIVE DIRECTOR OF RECRUITMENT 40.00 X 296442 0 28923 FREDERIC CHARTIER DEAN- POST GRAD 40.00 X 295683 0 14821 BUM CHAN AHN FACULTY 40.00 X 275913 0 23220 1791698 0 693578 62 0 1 0 JANE T RUSSELL 12 RENASISSANCE CIRCLE SALEM NH 03079 STUDENT CAREER ADVISOR 100889 1 1689453 1689453 PROGRAM REVENUE 611600 214183943 214183943 214183943 1577049 1577049 125462918 125227519 235399 235399 235399 217685844 214183943 0 1812448 5960649 5960649 58845933 58845933 242847 242847 24781041 23592595 1188446 397577 385146 12431 2087305 1945089 142216 1661646 1547518 114128 14271304 14271304 197821 197821 288692 288692 5829529 15342 5814187 1440661 1440661 25000 25000 24461193 24461193 81707 81707 419464 419464 STUD. ENROLL. & MKTG. 36259161 36259161 PRODUCTION COSTS 30317643 30317643 COURSE EXPENSES 5257626 5257626 FOOD COSTS 653735 653735 1581820 1581820 215062354 192790282 22272072 0 22524057 13583375 24032512 795887 6000000 1199152 6554318 5670270 12413258 11733408 1970265 1491392 863449 478873 25693901 26955368 1150993 18457932 56520163 116539427 118087489 6873903 8705482 68442916 39169009 23581242 49917458 98898061 97791949 X 17641366 20295540 17641366 20295540 116539427 118087489 2623490 30684 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50515 28625 21890 1919750 1462767 456983 478873 RESTRICTED DEPOSITS 3295034 OTHER RECEIVABLES 4789839 OPERATING LEASES, RIGHT-OF-USE, NET 46910456 INVESTMENT IN WHOLLY-OWNED SUBSIDIARIES 1524834 56520163 OTHER CURRENT LIABILITIES 1911407 OPERATING LEASE LIABILITIES 48006051 49917458 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. 9311126 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. 4040997 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 1 1 PROGRAM SERVICE CURRICULUM IMPLEMENTATION, OPERATIONAL AND ADMINISTRATIVE SERVICES INCLUDING FINANCE, PAYROLL, AND FACILITIES MANAGEMENT. 47580999 UNITED ARAB EMIRATES INVESTMENT 2400000 SOUTH ASIA INVESTMENT 304408 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 1 1 PROGRAM SERVICE RECRUITMENT, CURRICULUM IMPLEMENTATION, OPERATIONAL AND ADMINISTRATIVE SERVICES INCLUDING FINANCE, PAYROLL, AND FACILITIES MANAGEMENT. 415202 4 4 0 0 4 4 64052732 0 64052732 SCHOLARSHIPS AND FINANCIAL AID VARIOUS 3327 BASED ON MERIT AND FINANCIAL NEED 58845933 SCHOLARSHIPS AND FINANCIAL AID PROVIDED BASED ON MERIT AND FINANCIAL NEED. FAIR MARKET VALUE 0 0 1 0 0 0 1 SCHOLARSHIPS AND FINANCIAL AID 337 5960649 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 MATT LILLEY PRESIDENT/DIRECTOR 0 0 0 0 0 312940 0 7669 0 1476 0 322085 0 0 JOAKIM BANESTIG TREASURER 0 0 0 0 0 273823 0 13421 0 1476 0 288720 0 0 MARCUS FRIBERG CLERK / VP OF FINANCE 190828 0 16667 0 0 0 5224 0 7152 0 219871 0 0 0 MANPREET DHILLON PROVOST & EXECUTIVE VICE PRESIDENT 398937 0 0 0 0 0 402 0 7251 0 406590 0 0 0 MATTHEW FISHER FACULTY 317228 0 0 0 0 0 5750 0 14072 0 337050 0 0 0 STEPHEN WYNN EXECUTIVE DIRECTOR OF RECRUITMENT 251442 0 45000 0 0 0 5750 0 23173 0 325365 0 0 0 FREDERIC CHARTIER DEAN- POST GRAD 295683 0 0 0 0 0 7625 0 7196 0 310504 0 0 0 BUM CHAN AHN FACULTY 0 0 0 0 275913 0 0 0 23220 0 299133 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 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 JOAKIM BANESTIG WERE PAID IN BRITISH POUNDS BY HULT SUPPORT SERVICES, LTD. (HSS), A FOR-PROFIT ENTITY OWNED BY THE SCHOOL. THEIR SALARIES WERE CONVERTED TO AMERICAN DOLLARS FROM BRITISH POUNDS AT AN EXCHANGE RATE OF 1.28 DOLLARS PER POUND. FOR CALENDAR YEAR 2024, MR. LILLEYS' COMPENSATION FROM HSS TOTALED $312,940 (USD) AND MR. BANESTIG'S COPMENSATION FROM HSS TOTALED $273,823 (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 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 HULT INTERNATIONAL BUSINESS SCHOOL LTD COMMON BOARD MEMBERS 24668236 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 $24,668,236 FOR THE YEAR ENDED JULY 31, 2025. AT JULY 31, 2025, THE SCHOOL OWED HULT LTD. $414,588. ADDITIONALLY, THE SCHOOL PREPAID $6,246,809 TO HULT LTD. AS OF JULY 31, 2025 FOR FUTURE SERVICES. 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 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: CONTRACTUAL AGREEMENTS 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 $13,781,045 BY HSS DURING THE YEAR ENDED JULY 31, 2025. AT JULY 31, 2025, THE SCHOOL OWED HSS $186,745. ADDITIONALLY, THE SCHOOL PREPAID $1,981,515 TO HSS AS OF JULY 31, 2025 FOR FUTURE SERVICES. 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 $3,702,946 BY EF SERVICES FOR THESE SERVICES DURING THE YEAR ENDED JULY 31, 2025. AT JULY 31, 2025, EF SERVICES OWED THE SCHOOL $5,547. 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 $4,771,791 FOR THE YEAR ENDED JULY 31, 2025. AT JULY 31, 2025 THE SCHOOL OWED FZ-LLC $1,310,074. ON MAY 1, 2025, THE SCHOOL PURCHASED FZ-LLC FOR TOTAL CONSIDERATION OF $2,400,000. 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 $24,668,236 FOR THE YEAR ENDED JULY 31, 2025. AT JULY 31, 2025, THE SCHOOL OWED HULT LTD. $414,588. ADDITIONALLY, THE SCHOOL PREPAID $6,246,809 TO HULT LTD. AS OF JULY 31, 2025 FOR FUTURE SERVICES. THE SCHOOL AND HULT PRIZE FOUNDATION, INC. ("HULT PRIZE)", A NON-PROFIT CORPORATION ORGANIZED IN MASSACHUSETTS, HAD A CONTRACTUAL AGREEMENT WHEREBY HULT PRIZE PROVIDED MARKETING ACTIVITIES FOR THE SCHOOL. THERE WERE NO MARKETING COSTS INCURRED BY THE SCHOOL DURING THE YEAR ENDED JULY 31, 2025. FURTHER, THE SCHOOL PROVIDED SHORT TERM FUNDING TO HULT PRIZE DURING THE YEAR ENDED JULY 31, 2025. AT JULY 31, 2025, HULT PRIZE OWED THE SCHOOL $2,805,411. THE SCHOOL WAS THE SOLE MEMBER OF HULT PRIZE THROUGH DECEMBER 31, 2024, ON WHICH DATE THE SCHOOL ASSIGNED ITS RIGHTS, TITLE AND INTEREST IN HULT PRIZE TO A THIRD PARTY OUTSIDE OF THE SCHOOL'S LEGAL STRUCTURE. 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, 2025 ARE AS FOLLOWS: HULT SUPPORT SERVICES, LTD. (UNITED KINGDOM) - $8,900,611 HULT INVESTMENTS FZ-LLC (UNITED ARAB EMIRATES) - $4,539,335 HULT INTERNATIONAL BUSINESS SCHOOL, LTD. (HONG KONG)** - $2,284,251 HULT BUSINESS CONSULTING SERVICES PRIVATE LTD. (INDIA)* - $415,202 *ON JUNE 17, 2025, THE SCHOOL PURCHASED HULT BUSINESS CONSULTING SERVICES PRIVATE LTD. FOR TOTAL CONSIDERATION OF $304,408. **ON SEPTEMBER 29, 2025, THE SCHOOL ACQUIRED HULT INTERNATIONAL BUSINESS SCHOOL, LTD. (HONG KONG) FOR A PURCHASE PRICE OF $460,492. FORM 990, OTHER RELEVANT INFORMATION AND DISCLOSURES OPERATING LEASES - EFEKTA THE SCHOOL HAS SEVERAL LEASE 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 $21,202,939 FOR THE YEAR ENDED JULY 31, 2025. 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. THE SCHOOL WAS CHARGED A LICENSE FEE ACCORDING TO THE LICENSE AGREEMENT BETWEEN THE PARTIES, PRICED USING A FAIR MARKET VALUE ANALYSIS OF THE INTANGIBLES, AS DETERMINED BY AN INDEPENDENT THIRD PARTY. AG HAS WAIVED THE FULL LICENSING FEE FOR THE YEAR ENDED JULY 31, 2025 AND HAS CHARGED ONLY A MINIMUM FEE OF $25,000. THERE WERE NO AMOUNTS DUE TO OR FROM AG AT JULY 31, 2025. 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 22514699 4068006 1.00000 1 HULT INVESTMENTS FZ-LLC GROUND 01 02 INJAZ BUILDING DUBAI AE OPERATIONAL AND ADMIN SERVICES TO THE SCHOOL'S ACADEMIC PROGRAMS IN DUBAI AE HULT INTERNATIONAL BUSINESS SCHOOL INC 2807544 9146029 1.00000 1 HULT BUSINESS CONSULTING SERVICES PRIVATE LTD A/704 7TH FLOOR KANAKIA WALL STRE ANDHERI EASTMUMBAI IN 400093 PROVIDE VAR. ENROLL. AND RECRUITMENT SVCS TO HULT INT BUSINESS SCHOOL, INC. IN HULT INTERNATIONAL BUSINESS SCHOOL INC 59130 655344 1.00000 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 HULT SUPPORT SERVICES LTD P 13781045 AMOUNTS INVOICED HULT SUPPORT SERVICES LTD E 186745 AMOUNT DUE AT END OF YEAR HULT INVESTMENTS FZ-LLC P 9311126 AMOUNTS INVOICED HULT INVESTMENTS FZ-LLC E 1310074 AMOUNT DUE AT END OF YEAR HULT BUSINESS CONSULTING SERVICES PRIVATE LTD P 415202 AMOUNTS INVOICED HULT BUSINESS CONSULTING SERVICES PRIVATE LTD D 315330 AMOUNT DUE FROM AT END OF YEAR