ANNUAL BUSINESS MEETING
APRIL 3–5, 2016 | BOSTON, MASSACHUSETTS, USA
CENTURY SPONSORS
BECAUSE THE WORLD
NEEDS BETTER LEADERS
2
CONTENT
3
Introduction
4
Key Accomplishments for Fiscal Year 2015–16
5
Mission, Vision and Values
12
2015–16 Board of Directors
14
Annual Business Meeting Agenda
15
Accountants’ Report and Financial Statements—FY 2015 and FY 2014
18
Investment Report as of June 30, 2015
34
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
This past 2015–16 year, AACSB
shifted its positioning from
responder to leader.
Throughout the past 100 years, AACSB International has responded to the needs
of the business education community by infusing it with high-quality educational
standards, professional peer gatherings, and data-driven research.
Businesses are constantly reinventing themselves,
through a reevaluation of meaning and a
realignment of goals. Business schools, as the
channel that delivers leaders of industry, are
accordingly leading the way to change. To truly be
change-makers, business schools must not only
remain relevant but must define what is relevant,
and what is necessary for the global good of
society.
Throughout the past 100 years, AACSB
International has responded to the needs of
the business education community by infusing
it with high-quality educational standards,
professional peer gatherings, and data-driven
research. This past 2015–16 year, however,
AACSB shifted its positioning from responder to
leader—collaborating in more meaningful ways
with members and creating deeper and broader
engagements across the AACSB Network of
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
business schools and industry leaders worldwide.
With input from this interconnected community,
we were able to form a vision for the future roles
of business schools in benefitting society as a
whole. Through that process we redefined our
own purpose in serving the business education
ecosystem, embracing a bold new structure that
more clearly focuses on the need for innovative
and inclusive thinking; for proactive initiatives that
empower schools and their constituents to dare to
lead.
Here together at ICAM, we convene not only
to look forward but also to recap the major
accomplishments of the past year, which were
possible with your input, support, and continued
willingness to imagine greater possibilities for
business education and the world.
4
Key Accomplishments FY 2015–16
Quality Assurance and
Quality Improvement
(Accreditation)
As of February 15, 2016, AACSB International accredits 755 institutions in business across 51 countries
and territories, up from 727 institutions in 48 countries and territories the previous year. New countries
represented this fiscal year are Austria, Bosnia/Herzegovina, and Sweden. Additionally, 182 institutions
currently hold accounting accreditation, and 234 institutions are in process for business accreditation.
Following last year’s establishment of a regional office in Amsterdam, the Netherlands, AACSB now has
members of its leadership team and staff located in three global headquarters offices—Tampa, Singapore,
and Amsterdam—to better serve our current and prospective accredited schools and members in the
Americas; Europe, the Middle East, and Africa (EMEA); and Asia Pacific (AP).
We have increased our engagement with local and national accreditors to boost recognition of
AACSB Accreditation, and to help streamline the accreditation process for schools. For example, in
the EMEA region we executed a memorandum of understanding with the Accreditation Organisation
of the Netherlands and Flanders (NVAO), providing immediate efficiencies. The first joint peer-review
team visit took place in November 2015, where representatives from both AACSB and NVAO were able
to participate—resulting in a successful AACSB initial accreditation visit. We also signed a similar
memorandum with the Commission for Academic Accreditation in United Arab Emirates, and others
are under development. In the AP region, the Office of Higher Education Commission (Thailand) now
accepts AACSB documents for meeting national standards instead of requiring submission of additional
paperwork.
In Africa, we also announced a pilot program in which AACSB mentors will work with a select group of
schools to cultivate continuous quality improvement in areas of interest to the schools, such as strategic
management, innovation, and professional engagement.
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Our global business education
continues to be the largest and
strongest.
Americas
Europe, Middle East, and Africa
Asia Pacific
Distribution of schools as of February 2016.
773
Educational Member
Institutions
53%
Our global business education network continues
to be the largest and strongest, more than
1,500 total member institutions including 1,453
educational institutions —53 percent in the
Americas, 25 percent in EMEA, and 22 percent
in Asia Pacific. We added schools from two
new countries to our network, in Georgia and
the Ukraine. The continued globalization of
the AACSB Network raises the quality of all
member institutions through the sharing of
effective practices, networking, and partnership
opportunities around the world. An example of
such resource-sharing is the official launch of
AACSB’s Collaboration Concourse in 2015. This
member-only benefit serves as a virtual platform
for schools to explore and connect with other
member institutions worldwide that wish to
engage in collaborative partnerships. Through
study abroad, faculty exchange, joint research
opportunities, and much more, the Collaboration
Concourse helps members identify peer institutions
that match their specific collaborative interests.
ENGAG
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6
AACSB Network
366
Educational Member
Institutions
22%
314
25%
Educational Member
Institutions
Within The Exchange, AACSB’s member-only
networking portal, we further developed a new
“All Member Forum” community. This general
community, through which conversation topics
are emailed to the membership daily, provides a
useful platform for discussion of key issues among
members.
year, we established a Middle East and North
Africa Advisory Council, which includes business
practitioners as well as representatives from
academic institutions, and a Middle East and
North Africa Affinity Group. Our European Advisory
Council added members from the business
community to enrich its scope. Our Latin American
and Caribbean Advisory Council, Asia Pacific
Advisory Council, and Business Practices Council
also met regularly and provided significant insights
into increasing the value of the AACSB Network.
GEMENT
To further broaden our global impact, we added
new advisory and affinity groups as well as
enhanced existing councils. During the past
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Professional
Development
AACSB now offers more than 80 conferences and seminars globally, providing opportunities for
professional development of both administrators and staff involved with business education. Over the
past five years the number of attendees at our events has grown by 42 percent, and our average attendee
ratings throughout this last year hit record levels. The Deans Conference in January/February boasted the
highest number of attendees for that event (nearly 700), and initial feedback suggests it was one of the
best Deans Conferences to date. We recently launched new Data Analytics Seminars in all three AACSB
headquarter regions, with strong interest that necessitated launching an additional seminar. We initiated
our first online seminar on Teaching Effectiveness in March, and shortly after ICAM, we will hold a new
conference—Co-Lab: Connecting Business Schools With Practice.
We continue to increase the global footprint of professional development programs to serve our
membership worldwide. The numbers of seminars offered in the EMEA and AP regions is up more than
80 percent over the last five years. The first Annual Accreditation Conference: Europe, Middle East, and
Africa was held in Amsterdam last year, with 230 participants. Further, we offered 10 seminars in six
different countries within the EMEA region. At the request of schools in Asia Pacific, we have developed
a customized Associate Deans seminar for the region and presented six on-campus customized
accreditation seminars.
INNOV
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788
schools participating in the Business School Questionnaire (BSQ)
AACSB continues to house the
richest database of business
school benchmarking intelligence.
Business Education
Intelligence
This past year, in partnership with key stakeholders
and the Committee on Issues in Management
Education (CIME), AACSB launched a Visioning
Initiative, whose purpose was to examine the future
of business education. As part of this effort, we
introduced a new website
(aacsb.edu/vision) to encourage, facilitate, and
curate a global conversation on the future of business
education. Announced earlier here at ICAM 2016, this
exercise has identified five opportunities (or roles)
that business schools must embrace to thrive in the
future.
AACSB continues to house the richest database of
business school benchmarking intelligence, with
788 schools participating in the Business School
Questionnaire (BSQ), 384 schools participating in the
BSQ Finances Module, and 598 participating in the
Salary Survey. With growth in the AACSB Network
globally, we have seen increased participation in
regions previously underrepresented, and are able to
offer more country comparison groups than in prior
years. The second iteration of the BSQ Employment
Module, in partnership with MBA Career Services and
Employer Alliance (MBA CSEA), was launched earlier
this year. A new suite of DataDirect user training
videos was launched to guide and improve users’
benchmarking experience.
BizEd magazine has expanded its online presence
and access, including online coverage of the Deans
Conference, expansion of the “Your Turn” column
highlighting industry leaders’ perspectives on
business education, and Twitter chats on topics
such as innovation and research impact, achieving
a 60 percent increase in unique page views
(July–December 2014 vs. July–December 2015).
BizEd magazine was recognized this past year for
winning 15 awards for excellence in editorial quality
and design by four of the top associations in the
publishing industry, including Folio’s Ozzie Award for
Best Redesign.
VATION
9
Additionally, AACSB has redesigned its multimedia
interview program. Formerly known as eNEWSLINE
Live, the recalibrated AACSB Explores brings insights
and experiences from some of business education’s
top thought leaders to our global audience using
video, podcasts, and online segment summaries.
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Advocacy and
Awareness
AACSB is working to be a more proactive advocate for business education and to increase awareness of
the value of the AACSB Network and AACSB Accreditation. AACSB expanded its in-house marketing and
communications team to create and deliver more valuable, engaging information to membership. With
these added resources, we were able to launch the AACSB Blog and revamp our member newsletter,
resulting in the freshly designed and mobile-friendly AACSB LINK. This new resource brings members
a diverse array of industry perspectives, association news, and the latest information in global business
education.
As of February 2016, our public relations efforts this fiscal have generated 2.5 times the coverage as in
prior years, with more than 380 media placements to date. Additionally, we now have approximately 75
percent share of voice within the global accreditation scope. We continue to develop more opportunities
to share publicly the positive contributions that business schools and their alumni have had on the world,
through efforts such as the Influential Leaders challenge, the Innovations That Inspire initiative, the
Centennial Celebration, and the Visioning Initiative.
On the social media front, we have increased our number of followers and friends by 39 percent and
achieved 10 times more impressions than in previous fiscal years, with over 23.5 million impressions.
During the past year we also re-launched BestBizSchools.com, a website dedicated to showcasing
AACSB-accredited business schools. We now have staff on the ground in each of our regional offices
performing regular outreach activities including visits to business schools, regulators, and related
organizations.
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
10
I
AACSB now has 75 percent
share of voice within the global
accreditation arena.
Enablers
AACSB is a volunteer-led organization with more than 1,000 people offering their time and energy to serve
as members of the board, committees, and peer review teams; as mentors; and in many other roles. We
have increased the number of volunteer training events and created an online volunteer training model
to offer a richer experience to volunteers. This year we continued our work with important initiatives
such as Principles for Responsible Management Education (PRME), the Globally Responsible Leadership
Initiative (GRLI), and The PhD Project, which enhances faculty diversity in business schools. We expanded
our work in the inclusion and diversity spaces, including collaborating with the U.S. White House to
promote workplace diversity through business schools and by naming Christine Clements our first chief
diversity and inclusion advocate, in addition to her role as senior vice president accreditation and member
services.
IMPACT
11
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Mission, Vision and Values
During the Strategic Planning Meeting, the AACSB Board of Directors drafted an updated vision, mission,
and set of values for the organization, and identified areas of strategic focus. Through this update, we aim
to support membership in achieving the five opportunities as laid out by the Visioning Initiative.
As we celebrate our centennial, we reflect on the milestones achieved by our member schools. More
importantly, we look ahead to how it can continue to advance quality business education worldwide
and provide guidance to business schools in reaching their full potential in achieving their missions and
making a positive impact on global society.
Our new strategy illustrates AACSB’s priorities within the coming years. We will focus on continuing to
expand the value we bring to our membership through quality assurance and improvement, stronger
advocacy and awareness of the value of business education, support of our membership network, new
opportunities for professional development, and expanded access to business education data and
research. Through these enablers, we aim to fulfill our vision for transforming business education for
global prosperity and see our membership achieve engagement, innovation, and impact through the
education they deliver, the knowledge they create, and the services they provide.
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
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13
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2015–16 BOARD OF DIRECTORS
Chair
William H. Glick
Rice University
Vice Chair-Chair Elect
Santiago Iñiguez de Onzoño
IE Business School
President and Chief Executive Officer
Thomas R. Robinson
AACSB International
Secretary-Treasurer
Robert T. Sumichrast
Virginia Polytechnic Institute and State University
Immediate Past Chair
Linda A. Livingstone
The George Washington University
Michael J. Arena
General Motors Corporation
Eli Jones
Texas A&M University
Jean-Michel Blanquer
ESSEC Business School
Karyl B. Leggio
Loyola University Maryland
Caryn L. Beck-Dudley
Santa Clara University
Sue J. Mattison
University of Wisconsin-Green Bay
Pasu Decharin
Chulalongkorn University
Jane F. Mutchler
Purdue University Calumet
María de Lourdes Dieck Assad
EGADE Business School, Tecnológico de Monterrey
Enase Felicia Okonedo
Lagos Business School
Soumitra Dutta
Cornell University
François Ortalo-Magné
University of Wisconsin-Madison
John A. Elliott
University of Connecticut
Michael J. Page
Bentley University
James G. Ellis
University of Southern California
Denise T. Smart
Texas State University
Reginald H. Gilyard
Chapman University
Ira Solomon
Tulane University
Linda U. Hadley
Columbus State University
Michael M. Thomas
Booz Allen Hamilton
Susan J. Hart
University of Strathclyde
Jerry Tomberlin
Carleton University
Erika Hayes James
Emory University
Lin Zhou
Shanghai Jiao Tong University
Mark A. Zupan
University of Rochester
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
14
AACSB INTERNATIONAL
THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS
2016 ANNUAL BUSINESS MEETING
AGENDA
LEADER: William H. Glick
PARLIAMENTARIAN: Linda A. Livingstone
DATE: Monday, April 4, 2016
TIME: 4:30 p.m.– 5:30 p.m.
PLACE: Boston, MA, USA
Welcome and Recognition of Past Chairs
Thomas R. Robinson
4:30 p.m.
Chair’s Annual Address
William H. Glick Dean and H. Joe Nelson, III Professor of Management
Jesse H. Jones Graduate School of Business, Rice University
Chair, AACSB International
4:40 p.m.
Vision for Management Education
Santiago Iñiguez de Onzoño
4:55 p.m.
Strategic Change Agenda
Thomas R. Robinson
5:05 p.m.
Annual Business Meeting Call to Order
William H. Glick
Membership Vote—Articles and Bylaws
William H. Glick
5:15 p.m.
Recognition of Outgoing Chair, William H. Glick
Santiago Iñiguez de Onzoño
5:25 p.m.
Adjourn (motion)
William H. Glick
5:30 p.m.
15
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
Approval of
Amendments to AACSB International Articles and Bylaws
The Articles and Bylaws Committee and the Board of Directors have recommended several
amendments to the Articles and Bylaws centering on consistency, clarity and appropriate
updates.
Articles
The Articles shall be amended to designate Thomas R. Robinson as AACSB’s registered agent
and incorporator.
Bylaws
Edits to the Bylaws have been made throughout the document, mostly for consistency and clarity.
None of the edits materially alter the intent of the existing document.
THE MOTION
A motion will be made to approve the proposed amendments to the Articles and Bylaws.
All members vote.
All members of the Accreditation Council vote.
The full edited version of the proposed Articles and Bylaws may be found
on the AACSB website at www.aacsb.edu/april2016vote.
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16
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS As of and for the Years Ended June 30, 2015
and 2014
And Report of Independent Auditor
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITOR ................................................................................................. 1-2
CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements of Financial Position ................................................................................................... 3
Consolidated Statements of Activities ................................................................................................................. 4
Consolidated Statements of Cash Flows ............................................................................................................. 5
Notes to the Consolidated Financial Statements ............................................................................................ 6-10
OTHER SCHEDULES – UNAUDITED Consolidated Unrestricted Comparative Schedules of Revenues and Expenses by Service Group ........... 11-12
Consolidated Detail Unrestricted Schedule of Revenues and Expenses by Service Group ............................. 13
Report of Independent Auditor The Board of Directors
AACSB International –
The Association to Advance Collegiate Schools of
Business, Inc. and Subsidiary
Tampa, Florida
We have audited the accompanying consolidated financial statements of AACSB International – The
Association to Advance Collegiate Schools of Business, Inc. (a nonprofit organization) and subsidiary which
comprise the consolidated statements of financial position as of June 30, 2015 and 2014, and the related
consolidated statements of activities and cash flows for the years then ended, and the related notes to the
consolidated financial statements.
Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with accounting principles generally accepted in the United States of America; this includes the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates made
by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
position of AACSB International – The Association to Advance Collegiate Schools of Business, Inc. and
subsidiary as of June 30, 2015 and 2014, and the changes in its net assets and its cash flows for the years then
ended in accordance with accounting principles generally accepted in the United States of America.
Other Matter Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a
whole. The accompanying other schedules on pages 11 to 13, which are the responsibility of management, are
presented for purposes of additional analysis and are not a required part of the consolidated financial
statements. Such information has not been subjected to the auditing procedures applied in the audits of the
consolidated financial statements and, accordingly, we do not express an opinion or provide any assurance on
them.
Tampa, Florida
August 24, 2015
2
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION JUNE 30, 2015 AND 2014 2015
ASSETS
Current Assets:
Cash and cash equivalents
Accounts receivable, net of allowance;
$36,863 in 2015 and $51,615 in 2014
Prepaid expenses
Investments
$
Total Current Assets
Property and Equipment:
Office machinery and equipment
Office furniture and fixtures
Leasehold improvements
Software in development
Less accumulated depreciation and amortization
Total Property and Equipment
Other Assets:
Deposits
Total Assets
5,206,709
2014
$
4,917,085
4,353,272
470,977
16,367,863
3,920,749
308,949
16,819,515
26,398,821
25,966,298
1,593,550
352,461
403,244
10,399
2,359,654
(1,338,285)
1,190,643
287,463
169,818
238,879
1,886,803
(1,370,111)
1,021,369
516,692
88,989
42,001
$
27,509,179
$
26,524,991
$
624,430
738,750
11,621,956
$
714,247
744,569
10,683,405
LIABILITIES AND NET ASSETS
Current Liabilities:
Accounts payable
Accrued expenses
Deferred revenue
Total Current and Total Liabilities
Net Assets:
Unrestricted
Total Liabilities and Net Assets
See notes to the consolidated financial statements.
$
12,985,136
12,142,221
14,524,043
14,382,770
27,509,179
$
26,524,991
3
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF ACTIVITIES YEARS ENDED JUNE 30, 2015 AND 2014 Operating Revenues:
Dues
Fees
2015
$
Total Operating Revenues
Operating Expenses:
Accreditation
Dues-based membership services
Fee-based educational products and services
Total Operating Expenses
4,371,175
13,791,299
6,889,470
4,812,954
6,903,015
5,667,161
4,735,365
6,815,256
18,605,439
17,217,782
Other Changes:
Interest and dividend income
Net realized gains on investments
Net unrealized gains (losses) on investments
597,340
263,142
(276,244)
See notes to the consolidated financial statements.
(991,243)
371,876
131,134
1,590,220
141,273
14,382,770
$
3,597,830
12,628,709
16,226,539
(442,965)
Net assets at end of year
$
18,162,474
Changes in net assets from operations
Changes in net assets
Net assets at beginning of year
2014
14,524,043
1,101,987
13,280,783
$
14,382,770
4
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED JUNE 30, 2015 AND 2014 2015
Cash flows from operating activities:
Changes in net assets from operations
$
Adjustments to reconcile changes in net assets from operations
to net cash flows provided by operating activities:
Bad debt expense
Depreciation and amortization
(Increase) decrease in:
Accounts receivable
Prepaid expenses
Deposits
Increase (decrease) in:
Accounts payable
Accrued expenses
Deferred revenue
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchases of property and equipment
Purchases of investments
Proceeds from disposition of investments
Interest and dividend income
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, at beginning of year
Noncash investing activity:
$
Change in fair value of investments
$
Purchases of property and equipment in accounts
payable at year end
$
See notes to the consolidated financial statements.
(442,965)
$
(14,752)
165,519
(991,243)
15,867
66,405
(417,771)
(162,028)
(46,988)
(1,022,064)
196,372
6,851
(89,817)
(5,819)
938,551
131,318
222,650
1,599,047
(76,070)
225,203
(670,196)
(1,737,482)
2,176,032
597,340
Net cash provided by (used in) investing activities
Cash and cash equivalents, at end of year
2014
(450,153)
(4,321,918)
1,744,828
371,876
365,694
(2,655,367)
289,624
4,917,085
(2,430,164)
7,347,249
5,206,709
(13,102)
-
$
4,917,085
$
1,721,354
$
29,013
5
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND 2014 Note 1—Nature of operations and summary of significant accounting policies Nature of Operations – AACSB International – The Association to Advance Collegiate Schools of Business, Inc.
is a nonprofit organization whose mission and principal activities are to advance quality management education
worldwide through accreditation, thought leadership, and value-added services. AACSB International – The
Association to Advance Collegiate Schools of Business, Inc. is headquartered in Tampa, Florida and maintains
regional offices in Singapore and Amsterdam. The regional office in Singapore is a separate incorporated entity
operating as AACSB International – The Association to Advance Collegiate Schools of Business, LTD. The
Amsterdam office, opened in 2015, operates as a representative office of the organization, and is not a
separately incorporated entity. Both regional offices are staffed with individuals that primarily provide support
and service to AACSB International – The Association to Advance Collegiate Schools of Business, Inc.
members in a) Asia-Pacific and b) Europe, the Middle East and Africa (EMEA), respectively. AACSB
International – The Association to Advance Collegiate Schools of Business, Inc.’s revenues and other support
are derived principally from member dues and fees, which includes sponsorships from members and other
outside organizations. Its activities serve a global network of educational institutions, corporate and not-for-profit
organizations.
Basis of Presentation – The consolidated financial statements have been prepared on the accrual basis of
accounting in accordance with accounting principles generally accepted in the United States of America
(“GAAP”). Net assets and revenues, gains and losses are classified based on the existence or absence of donor
imposed restrictions. Because there are no donor imposed restrictions the net assets of AACSB and the
changes therein are classified and reported as unrestricted net assets.
Principles of Consolidation – The accompanying consolidated financial statements include those of AACSB
International – The Association to Advance Collegiate Schools of Business, Inc. and AACSB International – The
Association to Advance Collegiate Schools of Business, LTD (collectively referred to hereafter as the “AACSB”).
The organizations have been consolidated due to the presence of common control and economic interest as
required under GAAP. All significant inter-entity balances and transactions have been eliminated in
consolidation.
Use of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the
reported amounts of revenues, expenses, gains, losses, and other changes in net assets during the reporting
period. Actual results could differ from those estimates.
Cash and Cash Equivalents – AACSB considers all highly liquid investments with original maturities of three
months or less to be cash equivalents.
Accounts Receivable – Accounts receivable are stated at the amount billed to members. AACSB provides an
allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection
information and existing economic conditions. Accounts receivable are ordinarily due 30 days after the issuance
of the invoice. Accounts past due more than 90 days are considered delinquent and may be written off based on
individual credit evaluation and specific circumstances of the member. AACSB extends unsecured credit to its
members.
6
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND 2014 Note 1—Nature of operations and summary of significant accounting policies (continued) Investments and Investment Return – AACSB’s investments consist of bond and stock mutual funds reported at
fair value. These types of investment securities are exposed to various risks such as interest rate, market, and
credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is possible that changes in risks in the near term
could materially affect the amounts reported in the consolidated financial statements.
Investment return is comprised of interest, dividends, realized gains and losses, and unrealized gains and
losses on investments. Investment returns are considered nonoperating income, and are reported as other
changes on the accompanying consolidated financial statements of activities.
Fair Value of Financial Instruments – Fair value measurements for assets and liabilities required to be carried at
fair value on a recurring basis are determined based upon a framework prescribed by accounting principles
generally accepted in the United States of America. The framework provides a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority
to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements):
Level 1 – Financial instruments with unadjusted quoted prices listed in active market exchanges. AACSB’s
Level 1 assets consist of bond and stock mutual funds.
Level 2 – Financial instruments determined using prices for recently traded financial instruments with similar
underlying terms as well as directly or indirectly observable inputs, such as interest rates and yield curves
that are observable at commonly quoted intervals. AACSB does not have any Level 2 assets.
Level 3 – Financial instruments not actively traded on a market exchange. This category includes situations
where there is little, if any, market activity for the financial instrument. The prices are determined using
significant unobservable inputs or valuation techniques. AACSB does not have any Level 3 assets.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is
significant to the fair value measurement.
Property and Equipment – AACSB capitalizes expenditures for property and equipment which are in excess of
$5,000 with an estimated useful life in excess of one year, and are carried at cost. Depreciation is provided
using the straight-line basis over the estimated useful life of each asset class; with the exceptions of leasehold
improvements and capitalized software which are amortized over the shorter of their lease term and licensing
agreement, respectively, or their estimated useful lives. Software in development is not depreciated until placed
in service, at which time it gets classified as capitalized software. The estimated useful lives of AACSB’s longlived asset classes are as follows:
Office machinery, equipment, and capitalized software
Office furniture and fixtures
Leasehold improvements
In years
3
7
5 to 7
Depreciation and amortization expense was approximately $166,000 and $66,000 during the years ended
June 30, 2015 and 2014, respectively, and is allocated in proportion to the respective service groups as more
fully described in Note 5.
7
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND 2014 Note 1—Nature of operations and summary of significant accounting policies (continued) Functional Allocation of Expenses – The costs of supporting the various programs and other activities have
been summarized on a functional basis in the consolidated financial statements of activities as described in
Note 5.
Income Taxes – AACSB is exempt from income taxes on its exempt activities under Section 501(c)(3) of the
Internal Revenue Code. AACSB has evaluated the effect of the guidance provided by ASC Topic on Accounting
for Uncertainty in Income Taxes. Management believes that AACSB continues to satisfy the requirements of a
tax-exempt organization at June 30, 2015. Management believes it is no longer subject to tax examinations for
the years prior to 2012.
Management has evaluated all other tax positions that could have a significant effect on the consolidated
financial statements and determined that AACSB had no uncertain income tax positions at June 30, 2015.
Subsequent Events – AACSB has considered subsequent events through August 24, 2015, which represents
the date the consolidated financial statements were available to be issued.
Note 2—Concentrations of credit risk
Financial instruments which potentially subject AACSB to concentrations of credit risk consist principally of cash
and cash equivalents and accounts receivable. Credit risk related to accounts receivable is generally diversified
due to the large number of entities comprising the customer base.
AACSB places its cash and cash equivalents on deposit with institutions in the United States. The Federal
Deposit Insurance Corporation (“FDIC”) covers $250,000 for substantially all depository accounts. From time to
time AACSB may have amounts on deposit in excess of insured limits provided by the FDIC or the Securities
Investor Protection Corporation. At June 30, 2015, AACSB had cash and cash equivalent bank balances of
$255,971 which exceeded these insured amounts.
8
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND 2014 Note 3—Investments, investment return and fair value Investments consist of bond and stock mutual funds which are considered Level 1 financial instruments under
ASC Topic, Fair Value Measurements and Disclosures, as previously defined in Note 1.
2015
Equity mutual funds:
Large cap growth
Large cap blend
Large cap value
Mid cap growth
Mid cap blend
Small cap blend
International
$
Fixed income mutual funds:
Short term bonds
Intermediate bonds
2,783,081
2,816,885
417,056
425,996
866,338
1,650,291
2014
$
3,156,097
4,252,119
$
16,367,863
2,574,791
627,588
2,584,461
869,611
846,033
1,725,940
3,367,442
4,223,649
$
16,819,515
The cost of investments was $13,878,222 and $14,053,630 at June 30, 2015 and 2014, respectively.
Note 4—Pension plan AACSB’s employees, after one year of service, are eligible to participate in a retirement plan administered by
the Teachers Insurance and Annuity Association – College Retirement Equities Fund (“TIAA-CREF”). TIAACREF is a “portable” plan which provides for immediate vesting of benefits to the employee. The plan allows
employees to contribute between 0.5% and 5% of their base salary, in 0.5% increments. AACSB contributes
double the employee’s contribution. Total pension plan expense for the years ended June 30, 2015 and 2014
was approximately $555,000 and $489,000, respectively.
TIAA-CREF participants have the option of making additional voluntary contributions to the plan. TIAA-CREF is
a defined contribution plan under which payments are used to purchase individual annuities issued to the
participants and benefits solely on amounts contributed to the plan plus investment earnings. Upon retirement,
TIAA-CREF participants have options for payment of their vested benefits.
Note 5—Management and general expenses For the years ended June 30, 2015 and 2014, general, administrative, and overhead expenses of $6,118,059
and $5,144,603, respectively, have been allocated to the service groups in the same proportion as direct staff
costs. These costs include office facility and general operations, governance, management staff, IT systems and
infrastructure, fiscal operations, insurance, and depreciation and amortization.
9
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND 2014 Note 6—Commitments Software Development – On June 27, 2013, AACSB entered into a contract with a third-party vendor for the
licensing, design, and development of the accreditation management system (“AMS”) software that was placed
into service in February 2015. In connection with the AMS, AACSB has entered into a 24-month Managed
Services Agreement and a 12-month Software Maintenance Agreements. The agreements require monthly
payments of $1,374 and $1,750, respectively. Managed service costs and software maintenance was $27,288
for both years ended June 30, 2015 and 2014.
Operating Leases – AACSB leases office space in Tampa, Florida, Singapore and Amsterdam under separate
non-cancellable operating leases, which expire between fiscal years 2016 and 2020. Minimum monthly rentals
range from $4,673 to $37,864. Future minimum lease payments due under non-cancellable operating leases in
effect at June 30, 2015 are as follows:
Year Ending June 30,
2016
2017
2018
2019
2020
$
746,043
827,521
843,922
773,034
358,499
$
3,549,019
Rent expense in connection with these leases was approximately $731,000 and $671,000 for the years ended
June 30, 2015 and 2014, respectively.
Note 7—Employment contract obligations Employment Agreements – AACSB has entered into employment contracts with varying terms with the CEO,
CAO, COO, and three SVP’s, (collectively, “Executives”) under which they are collectively guaranteed minimum
salaries and certain other benefits, assuming their continued employment. Additionally, AACSB has entered
into seven consulting agreements with special advisors and other contractors who support the Executives and
AACSB as a whole; these agreements provide for guaranteed minimum compensation, assuming continued
service.
Collectively, these employment and consulting agreements extend through the year ending June 30, 2020 with
guaranteed minimum compensation ranging from approximately $2,150,000 to $570,000, based on the
respective agreement and the year of the conclusion of the agreement. Total cost incurred by AACSB in
connection with these agreements was approximately $2,100,000 and $1,680,000 for the years ending June 30,
2015 and 2014, respectively.
Severance Agreements – The employment agreements for the Executives can be terminated at the sole
discretion of AACSB without cause, by giving at least 60 day written notice. In that event AACSB would pay the
Executive an agreed-upon amount of salary as severance, provide for certain benefits, and reimburse relocation
expenses up to a maximum of $25,000, respectively, as defined by the individual agreements. Additionally, at
the discretion of AACSB, other employees are provided a severance amount based upon their length of service
and the nature of the termination event. In the event such severances were to take place for all other
employees, collectively the total cost for severance would be approximately $2,870,000.
10
OTHER SCHEDULES Change in net assets
(724,310)
-
-
Other Changes:
Interest and dividends
Net realized gain
Net unrealized gain
Total Other Changes
(724,310)
6,889,470
37.0%
Total Operating Expenses
Operating income (loss)
2,395,743
39.2%
Total Allocated
$
(243,539)
-
-
(243,539)
4,812,954
25.9%
1,584,070
25.9%
893,031
691,039
1,569,069
826,674
Allocated:
Personnel
Overhead
1,340,531
23.6%
1,671,433
29.5%
Gross margin
3,228,884
25.8%
1,180,359
2,048,525
2,571,042
1,922,685
4,371,175
198,240
4,569,415
23.3%
$
6,165,160
31.4%
6,363,400
(198,240)
4,493,727
36.0%
$
$
Accreditation
Dues–Based Membership Services
Total Direct
Operating Expenses:
Direct:
Program
Personnel
To Total Operating Revenues
Operating Revenues:
Dues
Fees
Other income
YEAR ENDED JUNE 30, 2015 UNAUDITED $
$
524,884
-
-
524,884
6,903,015
37.1%
2,138,246
34.9%
1,417,585
720,661
2,663,130
46.9%
4,764,769
38.2%
3,172,519
1,592,250
7,427,899
45.3%
7,427,899
-
2015 Actual
Fee‐Based Educational Products and Services
$
$
-
584,238
584,238
597,340
263,142
(276,244)
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
Other
$
$
141,273
584,238
597,340
263,142
(276,244)
(442,965)
18,605,439
100%
6,118,059
100%
3,879,685
2,238,374
5,675,094
100%
12,487,380
100%
6,923,920
5,563,460
18,162,474
100%
4,371,175
13,791,299
-
Total
$
$
(72,830)
-
-
(72,830)
6,622,290
35.4%
2,115,820
37.9%
1,364,000
751,820
2,042,990
34.6%
4,506,470
34.3%
2,784,470
1,722,000
6,549,460
34.4%
6,747,700
(198,240)
Accreditation
$
$
(359,717)
-
-
(359,717)
4,976,707
26.7%
1,467,460
26.3%
745,770
721,690
1,107,743
18.8%
3,509,247
26.7%
1,406,087
2,103,160
4,616,990
24.3%
4,418,750
198,240
Dues–Based Membership
Services
-
-
1,056,547
7,005,003
37.4%
1,999,720
35.8%
1,295,230
704,490
3,056,267
51.7%
5,005,283
38.1%
3,481,443
1,523,840
8,061,550
42.4%
8,061,550
-
$ 1,056,547
$
2015 Budget
Fee‐Based Educational Products and Services
$
$
103,000
403,000
403,000
-
(300,000)
100,000
0.5%
0.0%
-
(300,000)
-5.1%
100,000
0.9%
100,000
-
(200,000)
-1.1%
(200,000)
Other
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED UNRESTRICTED COMPARATIVE SCHEDULES OF REVENUES AND EXPENSES BY SERVICE GROUP $
$
11
727,000
403,000
403,000
-
324,000
18,704,000
100%
5,583,000
100%
3,405,000
2,178,000
5,907,000
100%
13,121,000
100%
7,772,000
5,349,000
19,028,000
100%
4,418,750
14,809,250
(200,000)
Total
Change in net assets
(568,361)
-
-
Other Changes:
Interest and dividends
Net realized gain
Net unrealized gain
Total Other Changes
(568,361)
5,667,161
32.9%
Total Operating Expenses
Operating income (loss)
1,840,454
35.7%
Total Allocated
$
(949,135)
-
-
(949,135)
4,735,365
27.5%
1,386,619
27.0%
804,926
581,693
1,184,318
656,136
Allocated:
Personnel
Overhead
437,484
10.5%
1,272,093
30.6%
Gross margin
3,348,746
27.7%
1,473,595
1,875,151
2,281,115
1,545,592
3,597,830
188,400
3,786,230
23.4%
$
5,098,800
31.4%
5,287,200
(188,400)
3,826,707
31.7%
$
$
Accreditation
$
$
526,253
-
-
526,253
6,815,256
39.6%
1,917,530
37.3%
1,241,290
676,240
2,443,783
58.9%
4,897,726
40.6%
3,421,722
1,476,004
7,341,509
45.2%
7,341,509
-
2014 Actual
Fee‐Based Dues–Based Educational Membership Products Services
and Services
Total Direct
Operating Expenses:
Direct:
Program
Personnel
Total Operating Revenues
Operating Revenues:
Dues
Fees
Other income
YEAR ENDED JUNE 30, 2014 UNAUDITED 2,093,230
371,876
131,134
1,590,220
-
0.0%
0.0%
-
0.0%
0.0%
-
0.0%
-
$ 2,093,230
$
Other
$
$
1,101,987
2,093,230
371,876
131,134
1,590,220
(991,243)
17,217,782
100%
5,144,603
100%
3,230,534
1,914,069
4,153,360
100%
12,073,179
100%
7,176,432
4,896,747
16,226,539
100%
3,597,830
12,628,709
-
Total
$
$
(520,950)
-
-
(520,950)
5,673,150
33.3%
1,618,000
35.1%
1,002,000
616,000
1,097,050
33.9%
4,055,150
32.8%
2,431,150
1,624,000
5,152,200
33.0%
5,340,600
(188,400)
Accreditation
$
$
(832,136)
-
-
(832,136)
4,644,661
27.5%
1,342,820
29.1%
731,960
610,860
510,684
15.8%
3,301,841
26.7%
1,335,281
1,966,560
3,812,525
24.4%
3,624,125
188,400
Dues–Based Membership
Services
$
$
278,086
-
-
278,086
6,563,189
38.7%
1,648,402
35.8%
1,037,040
611,362
1,926,488
59.6%
4,914,787
39.7%
3,341,347
1,573,440
6,841,275
43.8%
6,841,275
-
2014 Budget
Fee‐Based Educational Products and Services
$
$
75,000
375,000
375,000
-
(300,000)
100,000
0.5%
0.0%
-
(300,000)
-9.3%
100,000
0.8%
100,000
-
(200,000)
-1.2%
(200,000)
Other
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED UNRESTRICTED COMPARATIVE SCHEDULES OF REVENUES AND EXPENSES BY SERVICE GROUP 375,000
375,000
-
(1,375,000)
16,981,000
100%
4,609,222
100%
2,771,000
1,838,222
3,234,222
100%
12,371,778
100%
7,207,778
5,164,000
15,606,000
100%
3,624,125
12,181,875
(200,000)
12
$ (1,000,000)
$
Total
$
$
$
Change in net assets
Comparative:
2015 Budget
2014 Actual
(568,361)
(72,830)
(724,310)
-
-
Other Changes:
Interest and dividends
Net realized gain
Net unrealized gain
Total Other Changes
(724,310)
6,889,470
Total Operating Expenses
Operating income (loss)
2,395,743
Total Allocated
1,569,069
826,674
1,671,433
Gross margin
Allocated:
Personnel
Overhead
4,493,727
2,571,042
1,922,685
6,165,160
(736,207)
(641,404)
$ (1,302,090)
$
$
-
-
(641,404)
4,812,954
1,584,070
893,031
691,039
942,666
3,228,884
1,180,359
2,048,525
4,171,550
4,171,550
-
$
6,363,400
(198,240)
$
Total Direct
Operating Expenses:
Direct:
Program
Personnel
Total Operating Revenues
Operating Revenues:
Dues
Fees
Other income
Membership Services
$ 352,955
$ 376,490
$ 397,865
-
-
397,865
-
-
-
397,865
-
-
397,865
$ 199,625
198,240
Other
Revenues
$
$
$
$
(949,135)
(359,717)
(243,539)
-
-
(243,539)
4,812,954
1,584,070
893,031
691,039
1,340,531
3,228,884
1,180,359
2,048,525
4,569,415
4,371,175
198,240
Total
Dues‐Based Membership Services
Accreditation
YEAR ENDED JUNE 30, 2015 UNAUDITED $
$
$
$
751,248
1,214,644
755,565
-
-
755,565
5,985,765
1,825,016
1,210,768
614,248
2,580,581
4,160,749
2,692,937
1,467,812
6,741,330
6,741,330
-
Professional Development
-
-
(296,787)
799,281
288,906
190,650
98,256
(7,881)
510,375
405,473
104,902
502,494
502,494
-
$ (207,602)
$ (316,144)
$ (296,787)
$
BizEd Magazine
-
-
66,106
117,969
24,324
16,167
8,157
90,430
93,645
74,109
19,536
184,075
184,075
-
$ (17,393)
$ 158,048
$ 66,106
$
Other
524,884
-
-
524,884
6,903,015
2,138,246
1,417,585
720,661
2,663,130
4,764,769
3,172,519
1,592,250
7,427,899
7,427,899
-
$
526,253
$ 1,056,547
$
$
Total
Fee‐Based Education Products and Services
-
-
-
-
-
-
-
-
-
103,000
584,238
584,238
597,340
263,142
(276,244)
Other
$ 2,093,230
$
$
$
AACSB INTERNATIONAL – THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS, INC. AND SUBSIDIARY CONSOLIDATED DETAIL UNRESTRICTED SCHEDULE OF REVENUES AND EXPENSES BY SERVICE GROUP 727,000
141,273
13
$ 1,101,987
$
$
584,238
597,340
263,142
(276,244)
(442,965)
18,605,439
6,118,059
3,879,685
2,238,374
5,675,094
12,487,380
6,923,920
5,563,460
18,162,474
$ 4,371,175
13,791,299
-
Total
INVESTMENT
REPORT
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
34
AACSB International
The Association to Advance Collegiate Schools of Business
Investment Portfolio Report - June 30, 2015
As of June 30, 2015, the total of cash and investments held in the investment portfolio was $21.3 million.
The balance of the short-term portfolio, which consists of cash and cash equivalents, was $4.9 million. The total
annual return for these short-term holdings was 0.44%. This return surpassed the policy benchmark of 0.24%.
The long-term investments (equities and fixed income) stood at $16.4 million. The full year total return for these
investments was 3.37%, beating the portfolio benchmark of 3.09%. Most of the mutual fund holdings outperformed
their benchmarks, however, the small-cap and international holdings have marginally lagged.
At June 30, the short-term holdings include a variety of cash investments, most of which are FDIC insured, and a
short-term treasury fund. The long-term portfolio includes several equities mutual funds, as well as fixed income
funds holding treasuries and corporate bonds.
Investment Portfolio at June 30, 2015 and 2014
Short-Term Reserve Fund Vanguard Money Market Fund
GulfShore Bank Money Market Fund
GulfShore Bank Insured Cash Sweep
Vanguard Short-Term Treasury Fund
2015
$
18,000
$ 259,000
$ 4,616,000
$
34,000
$ 4,927,000
2014
$
18,000
$ 257,000
$ 4,455,000
$
33,000
$ 4,763,000
2015 Return
0.0%
0.7%
0.4%
0.9%
0.4%
Long-Term Reserve Fund Vanguard U.S. Growth Fund
Vanguard U.S. Value Fund
Vanguard Mid-Cap Index Fund
Columbia Acorn – Mid-Cap
Baron Partners - Mid Cap
Vanguard Small-Cap Index Fund
Diamond Hill – Small-Cap
Harbor International Fund
Vanguard Total International Stock Index Fund
Vanguard Short-Term Corporate Bond Fund
Diamond Hill/Loomis/PIMCO/Principal – Alternatives
Vanguard Intermediate-Term Corporate Bond Fund
Vanguard Intermediate-Term Treasury Fund
Vanguard Inflation Protected Securities
2015
$ 2,526,000
$ 2,532,000
$ 426,000
$
-
$ 424,000
$ 456,000
$ 411,000
$ 834,000
$ 816,000
$ 3,122,000
$ 808,000
$ 1,699,000
$ 1,592,000
$ 710,000
$16,356,000
2014
$ 2,575,000
$ 2,584,000
$ 460,000
$ 410,000
$
-
$ 433,000
$ 413,000
$ 870,000
$ 856,000
$ 3,334,000
$ 835,000
$ 1,666,000
$ 1,627,000 $ 724,000
$16,787,000
2015 Return
13.9%
5.7%
8.8%
N/A
N/A
5.2%
-0.6%
-4.1%
-4.6%
1.1%
-3.3%
2.0%
2.5%
-1.8%
3.4%
35
www.aacsb.edu n Telephone: +1 813 769 6500 n Fax: +1 813 769 6559
AACSB International Global Office Locations
World Headquarters
777 South Harbour Island Boulevard,
Suite 750
Tampa, Florida 33602 USA
Asia Pacific Headquarters
331 North Bridge Road
#10-04/05 Odeon Towers
Singapore, 188720
Telephone: +1 813 769 6500
Fax: +1 813 769 6559
Telephone: +65 6592 5210
Fax: +65 6339 6511
Europe, Middle East, and Africa
(EMEA) Headquarters
UP Building
Piet Heinkade 55
1019 GM Amsterdam, the Netherlands
Telephone: +31 20 509 1070