Civic Intelligence

Instituto Centroamericano De Administracion De Empresas

990 • Fiscal year 2021 • EIN 23-7417722

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization ProfileWWW.INCAE.EDU
2727 Ponce DE Leon BlvdCoral Gables, FL 33134

(305) 340-2000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

43rd percentile

0.18x

Higher debt load relative to assets than 43% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

65th percentile

0.63x

Higher debt load relative to revenue than 65% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Net Margin

29th percentile

2.8%

Higher net margin than 29% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

35th percentile

$259,632

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2021

Asset Growth

23rd percentile

2.3%

Faster asset growth than 23% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Revenue Growth

29th percentile

0.8%

Faster revenue growth than 29% of similar nonprofits.

2021 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Up

$99,001,485

Up $2,199,384 (+2.3%) from 2020

Net Assets

Up

$80,893,329

Up $905,087 (+1.1%) from 2020

Liabilities

Up

$18,108,156

Up $1,294,297 (+7.7%) from 2020

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin29th percentile

Revenue

Up

$28,911,734

Up $236,294 (+0.8%) from 2020

Expenses

Down

$28,094,096

Down $133,160 (-0.5%) from 2020

Net Income

Up

$817,638

Up $369,454 (+82%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $26,193,465Liabilities 2010: $7,430,483Net Assets 2010: $18,762,9822010Assets 2011: $26,847,437Liabilities 2011: $9,058,441Net Assets 2011: $17,788,9962011Assets 2013: $72,221,271Liabilities 2013: $10,482,924Net Assets 2013: $61,738,3472013Assets 2014: $76,883,310Liabilities 2014: $12,367,487Net Assets 2014: $64,515,8232014Assets 2015: $83,232,115Liabilities 2015: $14,421,287Net Assets 2015: $68,810,8282015Assets 2016: $84,718,871Liabilities 2016: $14,012,492Net Assets 2016: $70,706,3792016Assets 2018: $110,323,467Liabilities 2018: $34,039,698Net Assets 2018: $76,283,7692018Assets 2019: $106,842,308Liabilities 2019: $28,577,538Net Assets 2019: $78,264,7702019Assets 2020: $96,802,101Liabilities 2020: $16,813,859Net Assets 2020: $79,988,2422020Assets 2021: $99,001,485Liabilities 2021: $18,108,156Net Assets 2021: $80,893,3292021Assets 2022: $93,764,202Liabilities 2022: $18,255,417Net Assets 2022: $75,508,7852022Assets 2023: $81,466,448Liabilities 2023: $19,117,091Net Assets 2023: $62,349,3572023Assets 2024: $84,490,477Liabilities 2024: $22,734,011Net Assets 2024: $61,756,4662024

Highlighted filing

2021

Assets$99,001,485
Liabilities$18,108,156
Net Assets$80,893,329
Open 2021 Filing

Operations Trend

Revenue Growth29th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$20M$0-$20MExpenses 2010: $19,717,6902010Expenses 2011: $22,384,6512011Revenue 2013: $25,426,574Expenses 2013: $24,931,407Net Income 2013: $495,1672013Revenue 2014: $27,468,746Expenses 2014: $27,173,492Net Income 2014: $295,2542014Revenue 2015: $30,473,684Expenses 2015: $29,761,826Net Income 2015: $711,8582015Revenue 2016: $31,147,464Expenses 2016: $29,650,560Net Income 2016: $1,496,9042016Revenue 2018: $33,941,514Expenses 2018: $34,836,495Net Income 2018: -$894,9812018Revenue 2019: $35,534,119Expenses 2019: $34,236,975Net Income 2019: $1,297,1442019Revenue 2020: $28,675,440Expenses 2020: $28,227,256Net Income 2020: $448,1842020Revenue 2021: $28,911,734Expenses 2021: $28,094,096Net Income 2021: $817,6382021Revenue 2022: $28,728,343Expenses 2022: $34,094,673Net Income 2022: -$5,366,3302022Revenue 2023: $35,130,145Expenses 2023: $37,815,948Net Income 2023: -$2,685,8032023Revenue 2024: $34,141,340Expenses 2024: $34,796,675Net Income 2024: -$655,3352024

Highlighted filing

2021

Revenue$28,911,734
Expenses$28,094,096
Net Income$817,638
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.0
Gross Receipts
$28,911,734
Mission and Program Overview

Mission

Incae is primarily dedicated to master's level education in business administration and business economics, natural resource management, and industrial engineering and to research and consulting

Incae is primarily dedicated to master's level education in business administration and business economics, natural resource management, and industrial engineering and research and consulting.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$67,141,927$67,413,750▲ $271,823
Investments in Publicly Traded Securities$23,289,050$24,955,826▲ $1,666,776
Cash and Non-Interest-Bearing Accounts$3,760,088$4,678,689▲ $918,601
Accounts Receivable$1,397,658$763,541▼ $634,117
Intangible Assets$614,353$493,797▼ $120,556
Other Notes and Loans Receivable, Net$174,321$117,874▼ $56,447
Prepaid Expenses and Deferred Charges$176,128$115,034▼ $61,094
Total Assets$96,802,101$99,001,485▲ $2,199,384
Other Assets Total$248,576$462,974▲ $214,398
Liabilities
Deferred Revenue$7,406,013$8,652,742▲ $1,246,729
Accounts Payable and Accrued Expenses$8,320,171$8,541,000▲ $220,829
Other Liabilities$1,087,675$914,414▼ $173,261
Total Liabilities$16,813,859$18,108,156▲ $1,294,297
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$79,988,242$80,893,329▲ $905,087
Total Net Assets Fund Balance$79,988,242$80,893,329▲ $905,087
Total Liabilities and Net Assets / Fund Balance$96,802,101$99,001,485▲ $2,199,384

Asset Categories

AssetBook ValueDepreciationBasis
Land$40,023,601-$40,023,601
Buildings$24,992,259$13,937,746$38,930,005
Equipment$506,696$8,343,019$8,849,715
Other Land Buildings$1,891,194$269,607$2,160,801
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Enrique BolanosRectorFT$232,632$34,143$259,632
Camelia LlieDeanFT$190,000$29,004$212,500
Guillermo CardozaProfessor-coFT$181,450-$181,450
Guillermo CardozaProfessor-costa Rica-$181,450$6,407$181,450
Bernard KilianDeanFT$112,215-$112,215

Board Members and Trustees

NameTitle
Roberto ArtaviaPresident
Alexandra KisslingDirector-COS
Brizio Biondi-morraDirector-COS
Ernesto CastegnaroDirector-COS
Francisco AlemanDirector-ecu
Alexandra Araujo De SolaDirector-el
Francisco De SolaDirector-el
Maria Eugenia BrizuelaDirector-el
Danilo SiekavizzaDirector-gua
Camilo AtalaDirector-hon
Xavier ArguelloDirector-hon
Danilo LacayoDirector-nia
Diego HerreraDirector-pan
Stephan SchmidheinyDirector-swi
Erika BernalCFO
Juan Bautista SacasaDirecto-nica
Carlos F Pellas ChamorroVice Preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Brain PowerProfessorN/A, Madrid, MADRID, Sp$163,945
Patricia Cauqui NietoProfessorN/A, Madrid, MADRID, Sp$125,334
Maria Del Rocio Pastor QuirosProfessorN/A, San Jose, SAN JOSE, Cr$108,943
-ProfessorN/A, San Jose, SAN JOSE, Cs$102,183
Revenue and Support

Revenue Composition

Contributions and Grants
$1,804,316
Program Service Revenue
$23,076,324
Investment Income
$2,265,444
Other Revenue
$1,765,650
All Other Contributions
$1,804,316
Change in Net Assets
$817,638

Audited Revenue Reconciliation

Revenue per Audited Statements
$28,911,734
Total Revenue per Audited Statements
$28,911,734
Total Revenue per Form 990
$28,911,734
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$15,513,993
Other Expenses$12,539,715
Total Fundraising Expense$539,500
Professional Fundraising Fees$40,388
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$9,096,222$5,127,166$446,604$14,669,992
Depreciation Depletion-$1,813,142-$1,813,142
Fees for Services Management$867,977$741,985-$1,609,962
Advertising$855,613$297,306$6,782$1,159,701
Information Technology-$581,622-$581,622
Current Officers, Directors, Trustees, and Key Employees-$534,847-$534,847
Office Expenses-$427,844-$427,844
Other Employee Benefits$154,025$147,866$5,481$307,372
Occupancy$82,898$135,680-$218,578
Fees for Services Legal$86,706$106,813-$193,519
Travel$129,778$39,556$1,254$170,588
Other Expenses$155,149$795,130$23,527$155,149
Insurance$22,322$89,410-$111,732
Payments to Affiliates$9,370$96,085$600$106,055
Fees for Services Accounting-$40,710-$40,710
Fees for Services Professional Fundraising--$40,388$40,388
Pension Plan Contributions$1,782--$1,782
Total Functional Expenses$14,730,766$12,823,830$539,500$28,094,096

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$28,094,096
Total Expenses per Audited Statements$28,094,096
Total Expenses per Form 990$28,094,096
International Activity

International Summary

Offices
10
Employees
307
Spending
$57,041,094

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanFundraisingMASTER'S LEVEL EDUCA7294$56,434,276
Central America and the Caribbean-MASSTER'S LEVEL EDUC313$606,818
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$1,174,988
Professional Fundraising Fees$40,388

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising$1,174,988$1,174,988-$1,174,988
Total Events$1,174,988$1,174,988-$1,174,988
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Provisions$914,414
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Copies of the annual form 990 will be provided to the entire governing board as well as the president and cfo of the organization. Once reviewed by the officers, any necessary changes will be updated on the form. Once changes are made and the officers are in agreement it will be signed by the cfo, dated and submitted electronically by the filing deadline.”

Form 990, Page 6, Part VI, Line 12C

“Directors, trustees and key employees are required to disclose and get the board's approval before they engage in any activity outside the entity to prevent any conflict of interest whatsoever”

Form 990, Page 6, Part VI, Line 15A

“All salaries to ceo, executive directors or top management officials have to be approved by the board of directors.”

Form 990, Page 6, Part VI, Line 15B

“All salaries to key employees have to be approved by the board of directors”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Instituto Centroamericano De
EIN
23-7417722
Phone
3053402000
Address
2727 PONCE DE LEON BLVD, CORAL GABLES, FL 33134
Doing Business As
Incae

Signing Officer

Name
Erika Bernal
Title
CFO
Phone
3053402000
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erika Bernal
Formed
1964
Legal Domicile
Fl
Voting Board Members
17
Independent Board Members
16
Employees
0

Preparer

Firm
E Alex Ortiz CPA Pa
Address
2727 PONCE DE LEON BLVD, CORAL GABLES, FL 33134
Preparer
E Alex Ortiz CPA
Phone
3053402000
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Other program services are related to admission exams, special junior programs, food and housing”

Form 990, Part V, Line 4B

“COSTA RICA”

Form 990, Part XI, Line 9

“Other change in assets 87,449”

Raw XML AppendixShowing 400 of 669 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt3DEAN
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR-ECU
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR-HON
IRS990/Form990PartVIISectionAGrp/TitleTxt6PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR-HON
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR-COS
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR-EL
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR-COS
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR-PAN
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR-COS
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR-NIA
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTO-NICA
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR-SWI
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR-GUA
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR-EL
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR-EL
IRS990/Form990PartVIISectionAGrp/TitleTxt20CFO
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IRS990/FormationYr01964
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IRS990/FundraisingGrossIncomeAmt01174988
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt017
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt028911734
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IRS990/IncludeFIN48FootnoteInd0false
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IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt0581622
IRS990/InformationTechnologyGrp/TotalAmt0581622
IRS990/InsuranceGrp/ManagementAndGeneralAmt089410
IRS990/InsuranceGrp/ProgramServicesAmt022322
IRS990/InsuranceGrp/TotalAmt0111732
IRS990/IntangibleAssetsGrp/BOYAmt0614353
IRS990/IntangibleAssetsGrp/EOYAmt0493797
IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt02265444
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02265444
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IRS990/InvestmentsPubTradedSecGrp/BOYAmt023289050
IRS990/InvestmentsPubTradedSecGrp/EOYAmt024955826
IRS990/IRPDocumentCnt00
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IRS990/LandBldgEquipAccumDeprecAmt022550372
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt067413750
IRS990/LandBldgEquipCostOrOtherBssAmt089964122
IRS990/LegalDomicileStateCd0FL
IRS990/LoanOutstandingInd0false
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IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0INCAE IS PRIMARILY DEDICATED TO MASTER'S LEVEL EDUCATION IN BUSINESS ADMINISTRATION AND BUSINESS ECONOMICS, NATURAL RESOURCE MANAGEMENT, INDUSTRIAL ENGINEERING, RESEARCH AND CONSULTING.
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IRS990/OccupancyGrp/ProgramServicesAmt082898
IRS990/OccupancyGrp/TotalAmt0218578
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IRS990/OperateHospitalInd0false
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IRS990/OtherChangesInNetAssetsAmt087449
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt05481
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0147866
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IRS990/OtherExpensesGrp/Desc0STUDENTS & SUPPLIES EXP
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1286035
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IRS990/ProgramServiceRevenueGrp/Desc0EXECUTIVE PROGRAMS
IRS990/ProgramServiceRevenueGrp/Desc1RESIDENTIAL PROGRAMS
IRS990/ProgramServiceRevenueGrp/Desc2EXECUTIVE DEGREE PROGRAMS
IRS990/ProgramServiceRevenueGrp/Desc3OTHER PROGRAMS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt17382734
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt26632132
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt31571554
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt17382734
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt26632132
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt31571554
IRS990/ProgSrvcAccomActy2Grp/Desc0RESIDENTIAL PROGRAMS APPROXIMATELY 147 NEW STUDENTS PER YEAR AND 195 GRADUATED PER YEAR
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt06231255

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$99,001,485
Liabilities
$18,108,156
Net assets
$80,893,329
Revenue
$28,911,734
Expenses
$28,094,096
Net income
$817,638
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$84.5$22.7$61.8$34.1$34.8$0.66
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$81.5$19.1$62.3$35.1$37.8$2.69
2022Detailed filing. Detailed filing data is available for this year.$93.8$18.3$75.5$28.7$34.1$5.37
2021Detailed filing. Detailed filing data is available for this year.$99.0$18.1$80.9$28.9$28.1$0.82
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$96.8$16.8$80.0$28.7$28.2$0.45
2019Detailed filing. Detailed filing data is available for this year.$107$28.6$78.3$35.5$34.2$1.30
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$110$34.0$76.3$33.9$34.8$0.89
2016Detailed filing. Detailed filing data is available for this year.$84.7$14.0$70.7$31.1$29.7$1.50
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$83.2$14.4$68.8$30.5$29.8$0.71
2014Detailed filing. Detailed filing data is available for this year.$76.9$12.4$64.5$27.5$27.2$0.30
2013Detailed filing. Detailed filing data is available for this year.$72.2$10.5$61.7$25.4$24.9$0.50
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.8$9.06$17.8$22.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.2$7.43$18.8$19.7