Hult International Business School Inc.

“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.”

“The organization does not have any committees with the authority to act on behalf of the board of directors.”

“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.”

“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.”

“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.”

“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.”

“Please see schedule j for further explanation.”

“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.”

“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.”

“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.”

“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.”