2024-12-16T10:13:51-07:00 2024-07-31 135381590 BDO USA 200 Park Avenue 38th Floor New York NY 10166 990 2023-08-01 822365514 IE NEW YORK COLLEGE IENE 9177701557 64 Wooster Street New York NY 10012 Mar Hurtado de Mendoza Crespo Trustee & Treasuer 9177701557 2024-12-12 1 1 Paul Hammerschmidt P01384178 2128858321 2024-12-12 2023 2024-10-15 13:58:12Z X IENYC JACQUELINE LEBLANC 64 Wooster Street NEW YORK NY 10012 5448623 0 X www.ienyc.edu X 2017 NY The College delivers unique Master of Science degrees in Business for Social Impact and Sustainable Fashion. 12 10 34 12 0 0 5419266 5096877 690695 341661 1560 2122 15151 7963 6126672 5448623 170587 81310 0 0 1973124 1943884 0 0 0 4144821 3510502 6288532 5535696 -161860 -87073 10122351 8852115 39494139 10099229 -29371788 -1247114 X The College delivers unique Master of Science degrees in Business for Social Impact and Sustainable Fashion. 0 0 1377568 81310 349624 M.S. Impact-Focused Business and Investing, Sustainable Fashion and Risk and Resilience and Integrity Management. During the fiscal year 2023/24 the College undertook 3 semesters in September 2023, January 2024 and April 2024. 0 0 0 1377568 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 45 0 1 34 1 0 0 0 0 0 0 0 0 X 12 10 0 1 1 0 1 1 0 1 1 1 0 1 1 1 1 1 1 0 1 0 NY X IENYC (formerly GCNYC) 9177701557 64 Wooster Street New York NY 10012 X Jacqueline LeBlanc - see schedule O Interim President and Provost (from 07.30.2024) 40 0 X 263900 0 9237 Mike Mannion Trustee & President (to 07.31.2024) 1 35 X X 0 217529 28438 John Albanese Dean of Enrollment 40 0 X 130000 0 2600 Paul Brown Trustee & Board Secretary (to 07.30.2024) 1 35 X X 0 109890 21209 Jessica Doeman Director of Academic Engagement 40 0 X 104350 0 2087 Sylvie Freund-Pickavance Trustee (to 07.31.2024) 1 5 X 0 0 0 Ian Kerr Trustee (to 07.31.2024) 1 5 X 0 0 0 Elinor Ruth Tatum Trustee (to 07.31.2024) 1 0 X 0 0 0 Daniel Bena Trustee (to 07.31.2024) 1 0 X 0 0 0 Laura Becking Trustee (to 07.31.2024) 1 0 X 0 0 0 Jo-Ann Rolle Trustee 1 0 X 0 0 0 Eva Haller Trustee (to 07.31.2024) 1 0 X 0 0 0 Amit Bhargava Trustee (to 07.31.2024) 1 5 X 0 0 0 Neena Mahal Trustee (to 07.31.2024) 1 5 X 0 0 0 Euan Rellie Trustee (Treasurer to 07.31.2024) 1 0 X 0 0 0 498250 327419 63571 3 0 1 0 0 0 0 0 5096877 0 0 0 5096877 Tuition Fee Income 611310 341661 341661 0 0 0 0 0 0 341661 2122 0 0 2122 0 0 0 0 0 0 0 0 0 0 0 0 0 Executive Education 611430 7963 7963 0 0 0 0 0 0 7963 5448623 349624 0 2122 0 0 81310 81310 0 0 0 0 2243 0 2243 0 0 0 0 0 1650239 598277 1051962 0 30193 10271 19922 0 169953 0 169953 0 91256 36300 54956 0 44493 0 44493 0 23065 0 23065 0 90069 0 90069 0 0 0 0 0 0 0 0 0 0 0 110248 73500 36748 0 43510 43510 0 0 30754 4244 26510 0 11320 0 11320 0 30128 128 30000 0 2157610 426029 1731581 0 5677 6557 -880 0 0 0 0 0 31617 30492 1125 0 611444 0 611444 0 0 0 0 0 171316 0 171316 0 80603 0 80603 0 Bad Debts 32354 32354 0 0 Subscriptions and Membership Fees 36294 34596 1698 0 5535696 1377568 4158128 0 134149 461366 70000 74443 0 0 68585 5107 0 0 0 0 0 0 0 0 39265 114772 3485619 2686141 970794 799478 0 0 0 0 8839558 7396949 10122351 8852115 136737 604132 0 0 0 0 0 0 0 0 0 0 0 0 0 0 39357402 9495097 39494139 10099229 X -29371788 -1247114 0 0 -29371788 -1247114 10122351 8852115 X -87073 0 0 0 0 28211747 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 2559099 1759621 799478 0 600877 600877 0 0 325643 325643 0 799478 Operating Lease Right-of-use Assets 7396949 7396949 0 Operating Lease Payable 9495097 9495097 X Schedule D, Part X, Line 2 Accounting for Uncertainty in Income Taxes Under U.S.GAAP, an organization must recognize a tax liability associated with tax positions taken for tax return purposes when it is more likely than not that the position will not be sustained upon examination by a taxing authority. The College does not believe it has taken any material uncertain tax positions and, accordingly, it has not recorded any liability for unrecognized tax benefits. The College has filed all tax returns, as required. For the year ended July 31, 2024, there were no interest or penalties recorded or included in the accompanying statements of activities. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 The College does not discriminate on the basis of race, colour, creed, religion, national origin, disability, political affiliation, age, sexual orientation, arrest record, veteran or marital status in its education programs or activities, including employment and admissions, (Metro New York). 1 Common Good Scholarship 25 77143 0 Fair Fashion Fellowship 1 4167 0 Schedule I, Part I, Line 2 The College believes that education is an investment for a brighter future. Our institutional commitment to furthering our "For the Common Good" mission and our equally strong desire to build a diverse academic community made up of the most passionate students means that we make every reasonable attempt to help qualified students. Historically, we have been proud to offer merit-based Common Good scholarships up to $10,000, which require an essay to be submitted. The essay should discuss at least two United Nations Sustainable Development Goals and how the student plans on moving these goals forward in their professional and personal life. 0 0 0 0 0 0 0 0 0 Jacqueline LeBlanc - see schedule O Interim President and Provost (from 07.30.2024) 263900 0 0 0 0 0 9237 0 0 0 273137 0 0 0 Mike Mannion Trustee & President (to 07.31.2024) 0 188968 0 0 0 28561 0 28438 0 0 0 245967 0 0 Schedule J, Part I, Line 3 The compensation of the former related organizations (GCU) employees (who were trustees of GCNYC) is discussed and approved by the GCU Remuneration Committee who meet twice a year. The compensation of the College staff members is discussed and approved by the board of trustees who meet three times a year. Schedule J, Part II The former Trustees of GCNYC are not compensated by the reporting organization. Whilst some are compensated by the former related organization (GCU), this compensation does not relate to their capacity as a former trustee of GCNYC. This is evidenced in the by-laws of the reporting organization under Article III Board of Trustees Section 3.12 Compensation - Trustees shall not receive any compensation for their services on the board. Trustees shall be allowed reimbursement for reasonable expenses, on resolution of the board. Form 990, Part III, Line 1 Glasgow Caledonian New York College (GCNYC) was originally incorporated in June 2017 and founded by Glasgow Caledonian University (GCU or Former Parent). On July 30, 2024 GCNYC transferred to a new Sole Member, IE University, and has changed its name to IE New York College (IENYC or the College). The College, as per the incorporating documents is an educational corporation that operates under its own charter with the New York State Education department and maintains accreditation with the Middle States Commission on Higher Education and no part of the earnings of the College shall inure to the benefit of any individual. Globally renowned for social impact for business and ESG education, IE University and IENYC have complementary purposes with a focus on riving positive change through education, research and innovation. Established in 1973, as IE Business School, IE University is now recognized as one of the most innovative universities in the world according to international rankings. They have been ranked by the Financial Times as 1st in the world in ESG and Net Zero Teaching, and they collaborate widely with the United Nations on the fulfillment of the Sustainable Development Goals. Form 990, Part III, Line 4a M.S. Sustainable Fashion - This course equips students with the knowledge and skills to transform the fashion industry, promoting sustainability, social equity and ethical practices. Blending theoretical foundations with practical applications, the program is designed to deliver a comprehensive understanding of sustainability and purpose in the fashion industry. M.S. Business for Social Impact & Sustainability - This course equips students with the knowledge and skills to drive positive social and environmental change through business. The program blends theoretical foundations with practical applications, focusing on innovative business strategies that align positive impact with profitability and long-term success. Students will learn cutting-edge sustainable business practices, positioning them to lead their organizations toward a relevant future while making a significant impact on society and the environment. M.S. Risk, Resilience and Integrity Management - This course imparts the skills and knowledge required to analyze risk as an opportunity to drive growth and change. The Colleges unique approach to enterprise risk examines aspects of crisis and data management, business continuity and corporate social impact. All organizations need risk management professionals who can thrive on the challenges of globalization, new technologies and the increasing demands of working towards sustainability. Form 990, Part VI, Section A, Line 1b Ian Kerr, Elinor Ruth Tatum, Daniel Bena, Laura Becking, Sylvie Freund Pickavance, Jo Ann Rolle, Eva Haller, Amit Bhargava, Neena Mahal and Euan Rellie (former Trustees of GCNYC) are independent as they are remunerated by neither the filing organization nor the outgoing sole-member (GCU). Form 990, Part VI, Section A, Line 3 The outgoing related organization (GCU) carried out various administrative functions on behalf of the College. These included, but are not limited to Treasury, Finance & Accounting and Human Resource support. As a result of this service provision, a charge has been calculated at the end of the financial year based on time spent, and an invoice raised to the College for those services. The amount in question for 2023/24 was $44,493. Form 990, Part VI, Section A, Line 4 During the financial year 2023/24, the College transferred its Sole member from Glasgow Caledonian University (GCU) to IE University. The assets and liabilities were transferred to IE University with an effective date of July 30th, 2024. As part of this process, the College underwent a name change which was submitted to and accepted by the Middle States Commission on Higher Education (MSCHE). Form 990, Part VI, Section A, Line 6 Historically, under the organizations by-laws (Article II Membership Section 1) the sole member of GCNYC was the University Court of Glasgow Caledonian University (GCU), as incorporated under Article 3 of the Glasgow Caledonian University (Scotland) Order of Council 1993 and section 45(2) of the Further and Higher Education (Scotland) Act of 1992). From the 31st July 2024, the College has a new sole member, IE University. Form 990, Part VI, Section A, Line 7a Under the historic by-laws of the organization (Article III Board of Trustees Section 3), the number of trustees shall be fixed from time to time by the member (GCU). The trustees shall be elected at the annual meeting of the member. A vacancy on the Board arising at any time and from any cause may be filled by the member. Any trustees may be removed with or without cause by the member. Form 990, Part VI, Section A, Line 9 The Board of Trustees prior to the transition on 30th July 2024 (Professor Mike Mannion, Paul Brown, Ian Kerr, Elinor Ruth Tatum, Dan Nena, Laura Becking, Sylvie Freund Pickavance, Jo Ann Rolle, Eva Haller, Amit Bhargava, Neena Mahal and Euan Reille) could be contacted at the following address: GCNYC, 70 Cowcaddens Road, Glasgow, Scotland, G4 0BS, United Kingdom. The board of trustees post- transition on 31st July 2024 (Jo Anne Rolle, Euan Rellie, Manual Muniz, Kofi Appenteng, Fernando Barnuevo, Mar Hurtado, Lee Newman, Macarena Rosado and Macarena Ruiz-Jarabo) can be contacted at the following address: IENYC, 64 Wooster Street, New York, NY, 10012. Form 990, Part VI, Section B, Line 11b The board of trustees are the governing body of GCNYC. The Form 990 has been prepared by the Financial Accounting Manager in conjunction with the Governance and HR departments. It has been reviewed by professional advisors where appropriate and a copy of the return has been made available to all trustees post transition. The Form 990 has been discussed and approved at the December 2024 committee meeting. Form 990, Part VI, Section B, Line 12c The trustees of GCNYC were historically required to submit a register of interests form annually to Governance in accordance with the Register of Interests Policy. Form 990, Part VI, Section B, Line 15 Historically, the compensation of the GCNYC staff members was discussed and approved by the Board of Trustees who normally meet three times per year. Post Transition, the compensation of IENYC staff will continue to be discussed and approved by the new Board of Trustees. Form 990, Part VI, Section C, Line 19 Upon request GCNYC will provide Audited Financial Statements and in accordance with relevant Federal law, will provide copies of Tax Form 1023 Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code and the most recent Form 990 and 990-T. Form 990, Part VII, Section A, Line 1a Jacqueline LeBlanc was Vice President and Provost of Glasgow Caledonian New York College through July 30, 2024, when the College's Sole member was transferred from Glasgow Caledonian University to IE University and the school legally changed its name to IE New York College. Compensation and average hours per week reported is for calendar year 2023, consistent with IRS Form 990 instructions. Effective July 30, 2024, Jacqueline LeBlanc became Interim President and Provost at IE New York College. Form 990, Part XI, Line 9 On June 13, 2024, Glasgow Caledonian University authorized full forgiveness of the revolving loan of $28,211,747. Glasgow Caledonian University, a public university in Glasgow, Scotland was the sole member of Glasgow University New York through July 30, 2024 when IE University, a Spanish non-profit civil law corporation became the sole member. Glasgow Caledonian University (FOREIGNUS) Finance Office 70 Cowcaddens Road Glasgow Scotland UK G4 0BA 981092761 Education Provision UK N/A 0 IE University Calle Cardenal Zuniga 12 Segovia Spain SP ES40003 Education SP N/A C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 Schedule R, Part II Pre-transition, the University Court of Glasgow Caledonian University (GCU) as incorporated under Article 3 of the Glasgow Caledonian University (Scotland) Order of Council 1993 and Section 45(2) of the Further and Higher Education (Scotland) Act of 1992 was the sole member of GCNYC. As per Schedule R instructions, as a foreign organization, GCU has been recognized as a public charity based on the opinion that it is, in fact, the UK equivalent of a public charity. Schedule R, Part IV IE Universidad is organized as a nonprofit civil law corporation under Spanish law, with a for-profit sole member. It is recognized as a nonprofit university by the Regional Ministry of Education (Regional Council of Castilla y Leon), but it is not tax-exempt (though it is eligible for a partial exemption for certain donations). Schedule R, Part V, Line 1e Historically GCNYC had the ability to borrow under an unsecured revolving loan agreement which was in place with the sole member (GCU). This allowed for aggregate borrowing up to $30,700,000. The agreement temporarily suspends any repayment obligation when the College has a deficit in net assets. During the year (13th June 2024), the Sole-Member agreed to forgive the loan value of $28,149,500 and associated accrued interest of $62,247 which meant that the College was able to write this off in the FY 2023/24 financial year. The College continued to receive grant funding from GCU during the financial year. Going forward, the grant contributions will be provided by the new sole member (IEU). Schedule R, Part V, Line 1o The related organization (GCU) carries out various administrative functions of GCNYC. As a result of this, a charge is calculated at the end of the financial year based on time spent by the different departments, and an invoice is raised to GCNYC for these services. The amount in question for 2023/24 falls below the reporting threshold ($44,493).