2024-07-17T15:10:46-05:00 2023-12-31 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2023-01-01 541492775 FOUNDATION FOR MANAGEMENT EDUCATION IN CENTRAL AMERICA FOUN 3013200680 PO BOX 639 GLEN ECHO MD 20812 ROBERT BRUNER PRESIDENT 3013200680 2024-07-17 1 ROBERT BRUNER XXX-XX-XXXX 0 RICHARD J LOCASTRO CPA P00288314 3019519090 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z INCAE FOUNDATION ROBERT BRUNER PO BOX 639 GLEN ECHO MD 20812 3015395 0 X WWW.THEINCAEFOUNDATION.ORG X 1980 VA TO MAKE GRANTS TO SUPPORT MANAGEMENT EDUCATION IN CENTRAL AMERICA. 11 11 0 11 0 0 2132956 2149355 0 0 873332 369026 0 0 3006288 2518381 2211867 3010434 0 0 0 0 0 0 0 121546 133339 2333413 3143773 672875 -625392 9793844 11020298 258000 250500 9535844 10769798 TO SUPPORT MANAGEMENT EDUCATION IN CENTRAL AMERICA, PRIMARILY BY PROVIDING SCHOLARSHIP SUPPORT FOR MBA STUDENTS AT INCAE BUSINESS SCHOOL, WHICH HAS CAMPUSES IN COSTA RICA AND PANAMA. 0 0 3082434 3010434 GRANTMAKING: TO PROVIDE SCHOLARSHIPS TO STUDENTS AT INCAE BUSINESS SCHOOL AND OTHER SCHOOLS INVOLVED IN MANAGEMENT EDUCATION IN CENTRAL AMERICA. 3082434 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 MD X LARRY SLESINGER 3013200680 5016 WESTPATH TERRACE BETHESDA MD 20816 LARRY SLESINGER SEE SCHED O DEPUTY SECRETARY, TREASURER 15.00 X 90000 0 0 ROBERT BRUNER BD MEM THEN PRESIDENT (AS OF 7/1/23) 2.00 X X 0 0 0 MICHAEL C WILLIAMS VICE PRESIDENT AND SECRETARY 1.00 X X 0 0 0 VICTOR BALESTRA TREASURER 2.00 X X 0 0 0 GEORGE LOGAN PRES THRU 6/30/23; THEN BD MEM 1.00 X 0 0 0 ROBERTO ARTAVIA BOARD MEMBER 1.00 X 0 0 0 BRIZIO BIONDI-MORRA BOARD MEMBER 1.00 X 0 0 0 FRANCISCO DE SOLA BOARD MEMBER 1.00 X 0 0 0 CRISTINA LOPEZ-GOTTARDI CHAO BOARD MEMBER 1.00 X 0 0 0 STEPHEN CAMPBELL BOARD MEMBER 1.00 X 0 0 0 FEDERICO SACASA BOARD MEMBER 1.00 X 0 0 0 ENRIQUE BOLANOS BOARD MEMBER 1.00 X 0 0 0 90000 0 0 0 0 0 0 0 367042 1782313 2149355 233020 233020 633020 497014 136006 136006 136006 2518381 0 0 369026 3010434 3010434 90000 72000 18000 25624 25624 1660 1660 11831 11831 3690 3690 LICENSES & PERMITS 325 325 BOARD RELATED EXPENSES 209 209 3143773 3082434 61339 0 2125 507572 447097 444292 172833 2116 2203 8837739 9683222 714943 9793844 11020298 243000 236000 15000 14500 258000 250500 X 6618059 9444399 2917785 1325399 9535844 10769798 9793844 11020298 X -625392 1044403 781687 33256 X 0 1 X 1 0 X 1096807 1514794 2047591 2132956 2149355 8941503 1096807 1514794 2047591 2132956 2149355 8941503 2077376 6864127 195352 199661 179697 220934 233020 1028664 47 47 9970214 0.68850 0.72130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 560565 10000 69731 29340 500 610456 3478526 -430614 30241 99886 2917785 3151200 457453 15000 115127 3478526 3040371 240956 130127 3151200 2653486 517012 130127 3040371 0.00000 0.83540 0.16460 0 0 0 LIMITED PARTNERSHIP INVESTMENT 714943 F 714943 ENDOWMENT PAYABLE 14500 14500 3562784 1044403 1044403 2518381 0 2518381 3143773 0 3143773 0 3143773 PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT FUND IS TO SUPPORT MANAGEMENT EDUCATION IN CENTRAL AMERICA. DURING THE CURRENT YEAR, THE BOARD OF DIRECTORS APPROVED A $2,357,220 REDUCTION IN THE ENDOWMENT BALANCE AFTER A REVIEW OF ENDOWMENT ASSETS INDICATED THAT NO KNOWN RESTRICTION COULD BE IDENTIFIED FOR THOSE ASSETS. THIS RECLASSIFICATION, WHICH IS REFLECTED IN THE PART V BEGINNING ENDOWMENT BALANCE FOR THE CURRENT YEAR, DOES NOT CHANGE HOW THE FOUNDATION PROVIDES GRANT SUPPORT TO THE INCAE BUSINESS SCHOOL. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION. 3010434 0 0 0 0 0 0 3010434 0 3010434 CENTRAL AMERICA AND THE CARIBBEAN TO SUPPORT INCAE AND CALI 3010434 WIRE TRANSFER 0 1 0 1 0 0 0 0 0 PART I, LINE 2: FOUNDATION FOR MANAGEMENT EDUCATION IN CENTRAL AMERICA (FMECA) RECEIVES PROGRESS REPORTS FROM THE RECTOR (DIRECTOR/CEO) OF INSTITUTO CENTROAMERICANO DE ADMINISTRACION DE EMPRESAS (INCAE) AT THE BOARD MEETINGS. THE BOARD MEETS EVERY TWO YEARS AT INCAE, WHERE THEY MEET STUDENTS WHO HAVE RECEIVED SUPPORT AND OBSERVE THE SCHOOL IN OPERATION. FORM 990, PART VI, SECTION A, LINE 3 THE DAY-TO-DAY OPERATIONS OF THE ORGANIZATION ARE MANAGED BY SLESINGER MANAGEMENT SERVICES, IN CONSULTATION WITH THE BOARD. LARRY SLESINGER, THE PROPRIETOR OF THE MANAGEMENT COMPANY, RECEIVED $90,000 FOR HIS SERVICES. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES HAVE THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN ACCOUNTING FIRM, AND THE DRAFT IS REVIEWED BY THE ADMINISTRATOR, THE BOARD PRESIDENT AND TREASURER. THE UPDATED DRAFT IS THEN FORWARDED TO BOARD MEMBERS FOR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, EACH BOARD MEMBER IS TO REVIEW AND SIGN A CONFLICT OF INTEREST FORM WHICH DISCLOSES ANY KNOWN OR POTENTIAL CONFLICTS. THE SIGNED FORM IS COLLECTED BY THE ADMINISTRATOR AND REVIEWED BY THE BOARD PRESIDENT AND TREASURER. PER THE POLICY, IF A CONFLICT IS IDENTIFIED, WHILE THE CONFLICT IS UNDER REVIEW, THE OFFICIAL MAY NOT DEBATE, VOTE, OR OTHERWISE PARTICIPATE IN THE DETERMINATION AS TO WHETHER THE CONFLICT MATERIALLY AND ADVERSELY AFFECTS THE INTERESTS OF THE FOUNDATION. THE BOARD SHALL DETERMINE AN APPROPRIATE REMEDY WHICH MAY INCLUDE RECUSAL OF THE CONFLICTED OFFICIAL FROM PARTICIPATING IN CERTAIN MATTERS PENDING BEFORE THE BOARD OR OTHER FOUNDATION BODY. SLESINGER MANAGEMENT IS RESPONSIBLE FOR COLLECTING THE CONFLICT OF INTEREST FORMS ON AN ANNUAL BASIS AND BRINGING ANY POTENTIAL CONFLICTS OF INTEREST AS IDENTIFIED ON THE FORMS TO THE BOARD'S ATTENTION IMMEDIATELY. THE BOARD OF DIRECTORS WILL DETERMINE WHETHER OR NOT A CONFLICT OF INTEREST EXISTS, AND WHETHER OR NOT SUCH CONFLICT MATERIALLY AND ADVERSELY AFFECTS THE INTERESTS OF FMECA. A COVERED OFFICIAL WHOSE POTENTIAL CONFLICT IS UNDER REVIEW MAY NOT DEBATE, VOTE, OR OTHERWISE PARTICIPATE IN SUCH DETERMINATION. IF THE BOARD OF DIRECTORS DETERMINES THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST DOES EXIST, THE BOARD SHALL ALSO DETERMINE AN APPROPRIATE REMEDY. SUCH REMEDY MAY INCLUDE, FOR EXAMPLE, THE RECUSAL OF THE CONFLICTED COVERED OFFICIAL FROM PARTICIPATING IN CERTAIN MATTERS PENDING BEFORE THE BOARD OR OTHER FMECA BODY. FORM 990, PART VI, SECTION B, LINE 15 NOT APPLICABLE AS THERE ARE NO EMPLOYEES AND THE BOARD OFFICERS DO NOT RECEIVE ANY COMPENSATION. LARRY SLESINGER, THE DEPUTY SECRETARY AND TREASURER, ACTING THROUGH SLESINGER MANAGEMENT SERVICES, IS COMPENSATED FOR HIS MANAGMENT DUTIES, SEE SEPARATE NOTE IN SCHEDULE O. THE BOARD DECIDES EVERY THREE YEARS HOW MUCH TO PAY PER YEAR FOR MANAGEMENT SERVICES. THE BOARD DECIDES ANNUALLY WHETHER TO CONTINUE THE AGREEMENT FOR THE FOLLOWING YEAR, I.E. THE AGREEMENT CAN BE TERMINATED AT ANY TIME, DESPITE HAVING ALREADY DETERMINED THE PAYMENTS FOR A THREE-YEAR PERIOD. THE FEE FOR THE ADMINISTRATOR'S MANAGEMENT SERVICES WAS CONFIRMED MOST RECENTLY AT THE NOVEMBER 2023 BOARD MEETING. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF LIMITED PARTNERSHIP 33,256. PAT XI, LINE 8 DURING 2012, THE FOUNDATION RECEIVED AS A GIFT AN OWNERSHIP INTEREST IN A LIMITED PARTENERSHIP. THE FOUNDATION DID NOT INITIALLY RECORD THIS INVESTMENT ON ITS BOOKS. THE FOUNDATION IS NOW CORRECTING THIS ERROR BY INCREASING ITS BEGINNING NET ASSETS BY $781,687 TO RECORD THE FAIR VALUE OF THE PARTNERSHIP INVESTMENT AS OF JANUARY 1, 2023.