2024-05-03T16:46:18-05:00 2023-06-30 390859910 BAKER TILLY US LLP 205 N MICHIGAN AVE 2800 CHICAGO IL 606015927 990 2022-07-01 621355896 INSTITUTE FOR STUDY ABROAD INC INST 3179404239 6201 CORPORATE DRIVE SUITE 200 INDIANAPOLIS IN 46278 ERIC HARTON CFO 3179404239 2024-05-02 1 ERIC HARTON 999009999 0 X MARK HEROUX P00959793 3127298000 2024-05-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ERIC HARTON 6201 CORPORATE DRIVE SUITE 200 INDIANAPOLIS IN 46278 33864490 0 X WWW.IFSA-BUTLER.ORG X 1988 IN IFSA PROVIDES CULTURALLY RICH STUDY ABROAD PROGRAMS DESIGNED TO HELP STUDENTS FOSTER CRITICAL PERSPECTIVES, KNOWLEDGE, AND SKILLS. 15 14 65 15 74417 28693 1488041 0 20092386 33462144 -692644 130403 138539 184359 21026322 33776906 532086 818885 0 0 5208800 7168672 0 0 0 17155809 23923699 22896695 31911256 -1870373 1865650 13951324 20227790 6773776 10660155 7177548 9567635 IFSA PROVIDES CULTURALLY RICH STUDY ABROAD PROGRAMS DESIGNED TO HELP STUDENTS FOSTER CRITICAL PERSPECTIVES, KNOWLEDGE, AND SKILLS. 0 0 25073447 818885 33462144 WE PROVIDE STUDY ABROAD PROGRAMS TO STUDENTS IN VARIOUS COUNTRIES AROUND THE WORLD. WE ALSO PROVIDE TRANSPORTATION, HOUSING, SOME MEALS, ORIENTATION, CLASSES AT UNIVERSITIES AND TRIPS. 25073447 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 X 76 0 1 65 1 1 1 1 CU AS NZ UK EI MX CS PE AR CI EZ SP CH IT 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 1 1 1 0 IN X ERIC HARTON 3179404240 6201 CORPORATE DRIVE SUITE 200 INDIANAPOLIS IN 46278 DAVID GRAY DIRECTOR 2.00 X 0 0 0 JAN KIELING SECRETARY AND DIRECTOR 2.00 X 0 0 0 KRIS LICHTER DIRECTOR 2.00 X 0 0 0 MARSHA BUGALLA CHAIRMAN AND DIRECTOR 2.00 X 0 0 0 MARISOL SANCHEZ DIRECTOR 2.00 X 0 0 0 DAVID HILBORN DIRECTOR 2.00 X 0 0 0 ALMA CLAYTON-PEDERSEN DIRECTOR 2.00 X 0 0 0 LEVESTER JOHNSON DIRECTOR 2.00 X 0 0 0 AMIR REZA DIRECTOR 2.00 X 0 0 0 CAROL LEBOLD DIRECTOR 2.00 X 0 0 0 MICHAEL GOODMAN DIRECTOR 2.00 X 0 0 0 AARON BRUCE DIRECTOR 2.00 X 0 0 0 PATRICIA PRYOR DIRECTOR 2.00 X 0 0 0 GARY BUTKUS DIRECTOR 2.00 X 0 0 0 SCOTT WILSON DIRECTOR 2.00 X 0 0 0 HEATHER BARCLAY HAMIR PRESIDENT AND CEO 40.00 X 343996 0 36826 ERIC HARTON CFO 40.00 X 190356 0 17577 BRENDA MAJESKI VP OF MARKETING 40.00 X 193987 0 20975 CHRISTOPHER KUPIAINEN DIRECTOR OF INFORMATION TE 40.00 X 128757 0 27413 MICHELE DECKER-NEWMAN DIRECTOR OF FINANCE 40.00 X 106716 0 18984 963812 0 121775 5 0 1 0 0 TUITION AND FEES 611600 33462144 33462144 33462144 130403 130403 247571 87584 159987 159987 74417 85570 MISCELLANEOUS INCOME 900099 24372 24372 24372 33776906 33462144 74417 240345 818885 818885 1108720 1108720 4697077 2583927 2113150 967234 258243 708991 395641 215734 179907 132571 132571 264519 19270 245249 187500 187500 133464 133464 364048 75720 288328 457889 82765 375124 865253 824912 40341 486026 129887 356139 58859 58859 839 839 169010 169010 223672 4763 218909 INSTRUCTION, STUDENT HO 18485250 18485250 STUDENT SERVICES 1550178 1550178 CONSULTING 341354 341354 OTHER EXPENSES 203267 23913 179354 31911256 25073447 6837809 0 3193384 4984390 634126 1016397 316422 1336042 2544860 3583605 1173408 2579450 2410197 5508380 6093729 317671 3244066 13951324 20227790 1484852 2513469 1570239 3775583 91690 59623 3626995 4311480 6773776 10660155 X 7177548 9567635 7177548 9567635 13951324 20227790 X 1865650 450249 74188 X X 0 1 X 1 0 X 1033426 853925 1887351 43265138 41758458 1577531 20092386 33462144 140155657 43265138 41758458 2610957 20946311 33462144 142043008 0 0 0 142043008 425838 393271 235942 272682 290390 1618123 425838 393271 235942 272682 290390 1618123 94358 49680 92866 24438 24372 285714 43785334 42201409 2939765 21243431 33776906 143946845 0.98680 0.98690 0.01120 0.01100 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME 245000 245000 1607747 329130 1278617 1389239 530653 858586 341619 313625 27994 2410197 SECUTIRY DEPOSITS 337089 FMB OF FORWARD CONTRACTS 419976 RIGHT TO USE ASSET 2487001 3244066 OTHER LIABILITIES 3641046 DEPOSITS 30656 ACCRUED COMPENSATION & BENEFITS 423992 DEFERRED TAX 68327 ACCRUED AUDIT FEES 96205 ACCRUED VACATION 51254 4311480 X 35875057 450249 2466787 2917036 32958021 818885 818885 33776906 31179956 -731300 -731300 31911256 0 31911256 PART X, LINE 2: THE INSTITUTE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THE GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE INSTITUTE FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023 AND 2022. THE INSTITUTE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 87,584. NET GAIN OR LOSS ON CONTRACTS TB A/C 8501 2,379,203. GOODWILL IMPAIRMENT - A/C 8008 PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS - DISCOUNT + VARIANCE 788,754 + 30,132 - $30,132 IN PROGRAM REV 818,885. PART XII, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS -818,885. RENTAL EXPENSE 87,585. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 2 3 PROGRAM SERVICES STUDENT SUPPORT 321283 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 3 14 PROGRAM SERVICES STUDENT SUPPORT 5099409 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 6 20 PROGRAM SERVICES STUDENT SUPPORT 14148490 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 1 1 PROGRAM SERVICES STUDENT SUPPORT 20246 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 1 3 PROGRAM SERVICES STUDENT SUPPORT 229300 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 3 9 PROGRAM SERVICES STUDENT SUPPORT 1518199 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 1 4 PROGRAM SERVICES STUDENT SUPPORT 190503 17 54 0 0 17 54 21527430 0 21527430 0 0 1 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART I, LINE 3: THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE ACCOUNTS OF THE FOREIGN EDUCATIONAL CENTERS. ASSETS, LIABILITIES, AND TRANSACTIONS HAVE BEEN TRANSLATED IN ACCORDANCE WITH ACCOUNTING STANDARDS RELATING TO FOREIGN CURRENCY TRANSLATION, WHICH REQUIRES TRANSLATION AT THE CURRENT EXCHANGE RATES AS OF YEAR-END FOR ALL ASSETS AND LIABILITIES, AND THE AVERAGE EXCHANGE RATE OF FOREIGN CURRENCY PURCHASES DURING THE YEAR FOR EXPENDITURES. SUBSTANTIALLY ALL REVENUES ARE BILLED, COLLECTED AND ACCOUNTED FOR IN U.S. DOLLARS. FOREIGN CURRENCIES ARE PURCHASED, PRIMARILY THROUGH FORWARD CURRENCY AND FUTURES CONTRACTS, TO FINANCE THE EXPENDITURES AT THE FOREIGN EDUCATIONAL CENTERS. THE FOREIGN CURRENCY AND FUTURES CONTRACTS ARE ENTERED INTO SO AS TO LIMIT EXPOSURE FROM THE FLUCTUATION OF FOREIGN CURRENCY EXCHANGE RATES. ASSETS AND LIABILITIES OF FOREIGN LOCATIONS USING FOREIGN CURRENCIES WERE TRANSLATED AT YEAR-END EXCHANGE RATES. REVENUE AND EXPENDITURES WERE TRANSLATED AT THE AVERAGE EXCHANGE RATES DURING THE YEAR. 1 IFSA DISCRETIONARY SCHOLARSHIP 726 289175 IFSA NEED BASED SCHOLARSHIP 328 169710 STATE SCHOOL SCHOLARSHIPS 391 360000 PART I, LINE 2: IFSA PROVIDES SCHOLARSHIP AND GRANTS TO STUDENTS OR DIRECTLY APPLIES THEM TO THEIR IFSA FEES. PROGRAM ATTENDANCE IS SUBSEQUENTLY CONFIRMED. X X X X 0 1 0 0 0 0 0 0 0 HEATHER BARCLAY HAMIR PRESIDENT AND CEO 316996 0 0 0 27000 0 15850 0 20976 0 380822 0 0 0 BRENDA MAJESKI VP OF MARKETING 193987 0 0 0 0 0 0 0 20975 0 214962 0 0 0 ERIC HARTON CFO 190356 0 0 0 0 0 9518 0 8059 0 207933 0 0 0 CHRISTOPHER KUPIAINEN DIRECTOR OF INFORMATION TE 128757 0 0 0 0 0 6438 0 20975 0 156170 0 0 0 PART I, LINE 4B SCHEDULE J, PART I, LINE 1B: A POLICY IS FOLLOWED WITHIN THE INDIVIDUAL'S EMPLOYMENT AGREEMENT. SCHEDULE J, PART I, LINE 4B: TWO FORMER EMPLOYEES PARTICIPATE IN A 457(B) PLAN, BUT THE INSTITUTE FOR STUDY ABROAD DOES NOT MAKE ANY CONTRIBUTIONS TO THE PLAN. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS OF THE INSTITUTE FOR STUDY ABROAD IS COMPOSED OF THIRTEEN ELECTED DIRECTORS, TWO APPOINTED MEMBERS, AND ONE NON-VOTING MEMBER (THE PRESIDENT). ELECTED DIRECTORS AND APPOINTED DIRECTORS VOTE ON MOST MATTERS. HOWEVER, APPOINTED DIRECTORS ARE LIMITED IN THEIR VOTING POWERS AS DESCRIBED IN THE ORGANIZATION'S BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE. THIS COMMITTEE REPORTS DIRECTLY TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE PRESIDENT IS DETERMINED BY THE BOARD OF DIRECTORS. THE PRESIDENT DETERMINED ALL OTHER SALARIES TAKING MARKET RATES AND BUDGET CONSTRAINTS INTO CONSIDERATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: FX IMPACT 163,375. NET LOSS IN FAIR VALUE OF FORWARD CURRENCY 2,379,203. INCREASE IN NET ASSETS FROM FOREIGN CURRENTY/ TRANSLATION ADJUSTMENT -2,468,390. FORM 990, PART XII, LINE 2C: THE AUDIT & RISK (FAR) COMMITTEE RETAINS OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. ALLIANCE FOR GLOBAL EDUCATION 6201 CORPORATE DRIVE SUITE 200 INDIANAPOLIS IN 46278 204249533 EDUCATIONAL SERVICES DE IFSA ISLE PROGRAM (USA) INC 6201 CORPORATE DRIVE SUITE 200 INDIANAPOLIS IN 46278 272218034 EDUCATIONAL SERVICES DE IFSA IFSA FOUNDATION INC 6201 CORPORATE DRIVE SUITE 200 INDIANAPOLIS IN 46278 201238211 SCHOLARSHIPS IN 501(C)(3) PF N/A 1 IFSA REAL ESTATE HOLDINGS LLC 6201 CORPORATE DR SUITE 200 INDIANAPOLIS IN 46278 810726371 REAL ESTATE IN IFSA C 100 100 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0