Civic Intelligence

Instituto Centroamericano De Administracion De Empresas

990 • Fiscal year 2023 • EIN 23-7417722

Jan 01, 2023 to Dec 31, 2023 • Filed on Dec 12, 2024

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

47th percentile

0.23x

Higher debt load relative to assets than 47% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

60th percentile

0.54x

Higher debt load relative to revenue than 60% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

21st percentile

-7.6%

Higher net margin than 21% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$256,000

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

5th percentile

-13%

Faster asset growth than 5% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

79th percentile

22%

Faster revenue growth than 79% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets47th percentile

Assets

Down

$81,466,448

Down $12,297,754 (-13%) from 2022

Net Assets

Down

$62,349,357

Down $13,159,428 (-17%) from 2022

Liabilities

Up

$19,117,091

Up $861,674 (+4.7%) from 2022

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin21st percentile

Revenue

Up

$35,130,145

Up $6,401,802 (+22%) from 2022

Expenses

Up

$37,815,948

Up $3,721,275 (+11%) from 2022

Net Income

Up

-$2,685,803

Up $2,680,527 (+50%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth5th 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

2023

Assets$81,466,448
Liabilities$19,117,091
Net Assets$62,349,357
Open 2023 Filing

Operations Trend

Revenue Growth79th 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

2023

Revenue$35,130,145
Expenses$37,815,948
Net Income-$2,685,803
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Dec 12, 2024
Return Version
2023v5.0
Gross Receipts
$35,130,145
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, business economics, natural resources management, financial, marketing, industrial engineering, research and consulting.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$67,845,452$55,214,676▼ $12,630,776
Investments in Publicly Traded Securities$20,639,256$18,648,137▼ $1,991,119
Cash and Non-Interest-Bearing Accounts$2,299,291$2,814,399▲ $515,108
Accounts Receivable$1,229,504$2,278,690▲ $1,049,186
Other Notes and Loans Receivable, Net$419,360$787,223▲ $367,863
Intangible Assets$624,147$729,576▲ $105,429
Prepaid Expenses and Deferred Charges$117,460$89,583▼ $27,877
Total Assets$93,764,202$81,466,448▼ $12,297,754
Other Assets Total$589,732$904,164▲ $314,432
Liabilities
Deferred Revenue$8,418,776$10,601,072▲ $2,182,296
Accounts Payable and Accrued Expenses$8,886,801$7,831,222▼ $1,055,579
Other Liabilities$949,840$684,797▼ $265,043
Total Liabilities$18,255,417$19,117,091▲ $861,674
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$75,508,785$62,349,357▼ $13,159,428
Total Net Assets Fund Balance$75,508,785$62,349,357▼ $13,159,428
Total Liabilities and Net Assets / Fund Balance$93,764,202$81,466,448▼ $12,297,754

Asset Categories

AssetBook ValueDepreciationBasis
Land$32,207,622-$32,207,622
Buildings$20,694,095$9,326,797$30,020,892
Equipment$671,553$4,331,167$5,002,720
Other Land Buildings$1,641,406$100,185$1,741,591
Compensation and Service Providers
Top Officer Pay31st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Enrique BolanosRectorFT$256,000$8,417$256,000
Camelia LlieDeanFT$200,000$5,933$200,000
Guillermo CardozaProfessor-coFT$182,690-$182,690
Guillermo CardozaProfessor-costa Rica-$182,690$5,749$182,690

Board Members and Trustees

NameTitle
Roberto ArtaviaPresident
Brizio Biondi-morraPresident-em
Alexandra KisslingDirector-COS
Ernesto CastegnaroDirector-COS
Francisco AlemanDirector-ecu
Alejandro PomaDirector-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
Bernard KilianDean
Michele QuintanoDean
Juan Bautista SacasaDirecto-nica
Carlos F Pellas ChamorroVice Preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Francisco Loscos ArenasProfessorN/A, Madrid, MADRID, Sp$159,735
Maria Del Rocio Pastor QuirosProfessorN/A, San Jose, Cr$144,656
Revenue and Support

Revenue Composition

Contributions and Grants
$3,366,791
Program Service Revenue
$19,575,366
Investment Income
$3,184,731
Other Revenue
$9,003,257
All Other Contributions
$3,366,791
Change in Net Assets
$-2,685,803

Audited Revenue Reconciliation

Revenue per Audited Statements
$35,130,145
Total Revenue per Audited Statements
$35,130,145
Total Revenue per Form 990
$35,130,145
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,486,886
Salaries, Compensation, and Employee Benefits$17,316,053
Total Fundraising Expense$445,726
Professional Fundraising Fees$13,009
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,968,787$6,672,098$376,122$16,017,007
Fees for Services Management$787,135$1,228,337-$2,015,472
Depreciation Depletion-$1,546,953-$1,546,953
Advertising$1,184,643$304,275$2,924$1,491,842
Other Expenses$589,637$154,642$4,356$744,279
Travel$413,686$247,004$19,135$679,825
Current Officers, Directors, Trustees, and Key Employees-$638,690-$638,690
Office Expenses-$431,972-$431,972
Pension Plan Contributions$329,095$57,826-$386,921
Other Employee Benefits$43,404$219,809$10,222$273,435
Fees for Services Accounting-$218,851-$218,851
Occupancy$95,755$92,393$1,039$189,187
Fees for Services Legal-$109,564-$109,564
Insurance$534$87,407$22$87,963
Payments to Affiliates$6,791$74,274-$81,065
Fees for Services Professional Fundraising--$13,009$13,009
Total Functional Expenses$16,110,160$21,260,062$445,726$37,815,948

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$37,815,948
Total Expenses per Audited Statements$37,815,948
Total Expenses per Form 990$37,815,948
International Activity

International Summary

Offices
12
Employees
232
Spending
$68,238,763

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 CaribbeanProgram Services-312$65,740,163
Central America and the CaribbeanFundraisingMASTER'S LEVEL EDUCA6208$1,731,626
South AmericaProgram Services---$735,939
South AmericaFundraisingMASTER'S LEVEL EDUC312$31,035
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$1,321,987
Professional Fundraising Fees$13,009

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising$1,321,987$1,321,987-$1,321,987
Total Events$1,321,987$1,321,987-$1,321,987
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$684,797
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
2024-12-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erika Bernal
Formed
1964
Legal Domicile
Fl
Voting Board Members
22
Independent Board Members
21
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, Part V, Line 4B

“COSTA RICA”

Form 990, Part XI, Line 9

“Other change in assets -10,473,625”

Raw XML AppendixShowing 400 of 640 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/TitleTxt3DIRECTOR-ECU
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IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR-COS
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE PRESIDE
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DEAN
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR-COS
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR-NIA
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR-EL
IRS990/Form990PartVIISectionAGrp/TitleTxt16DEAN
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTO-NICA
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IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR-GUA
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR-EL
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0INCAE IS PRIMARILY DEDICATED TO MASTER'S LEVEL EDUCATION IN BUSINESS ADMINISTRATION, BUSINESS ECONOMICS, NATURAL RESOURCE MANAGEMENT, FINANCIAL, INDUSTRIAL ENGINEERING, RESEARCH AND CONSULTING.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$81,466,448
Liabilities
$19,117,091
Net assets
$62,349,357
Revenue
$35,130,145
Expenses
$37,815,948
Net income
-$2,685,803
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
2023Detailed filing. Detailed filing data is available for this year.$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