INCAE Business School
Legal name: Instituto Centroamericano De Administracion De Empresas
Nonprofit profile at a glance
- EIN
- 237417722
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Coral Gables, FL, Costa Rica
- Phone
- +506 4080 7720
- Rating
- 58
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- International, Foreign Affairs, and National Security N.E.C.
Reported finances
- Revenue
- $34,141,340
- Expenses
- $34,796,675
- Assets
- $84,490,477
- Liabilities
- $22,734,011
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- ROBERTO ARTAVIA (PRESIDENT)
- BRIZIO BIONDI-MORRA (PRESIDENT-EM)
Highest reported compensation
- ENRIQUE BOLANOS (RECTOR): $261,120 total reported compensation
- CAMELIA ILIE (DEAN): $204,000 total reported compensation
- MICHELE QUINTANO (DEAN): $135,850 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Formar líderes que transformen la sociedad y contribuyan al desarrollo sostenible de América Latina.
What it reported doing in 2024
Residential programs approximately 180 new students per year and 180 graduated per year
Operating model
- Revenue model
- Earned-program. 64% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
MIXED - Most voting board members are independent and program spending has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 43
- Transparency & Controls: 47
- Accountability: 97
- Sustainability: 46
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 44%; rating input score 44
- Program expense ratio: 46.9%; rating input score 47
- Fundraising efficiency: $7.22 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: Scored; rating input score 0
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 95%; rating input score 95; 28th percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -1.9%; rating input score 24; 24th percentile among comparable filings
- Total-asset coverage ratio: 2.43; rating input score 68; 68th percentile among comparable filings
- Liabilities to assets ratio: 0.27; rating input score 50; 50th percentile among comparable filings
- Officer compensation ratio: 1.7%; rating input score 79; 79th percentile among comparable filings
Growth
- Program expense growth: 0% per year; rating input score 100; 11th percentile among comparable filings
- Revenue growth: 3.1% per year; rating input score 100; 27th percentile among comparable filings
- Asset growth: 5.2% per year; rating input score 100; 37th percentile among comparable filings
Details
- What they do: 3 programs and campaigns described on the official site · 2 operating locations identified
- Where the money goes: 44% of revenue deployed · 46.9% of spending went to programs
- Governance: 19 of 20 board members independent · 8 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $16.3M in reported program spending
- Leadership: top reported pay $261K · 19 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $124K reported
- Consistency: 30 of 30 current checks pass
- Schedules: 8 filed schedules · includes major donors, foreign activity, and executive pay
- Filing history: 12 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 3 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
- Moderate — Financial Efficiency: Program expense ratio scored 47/100.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Transparency & Controls: Grant itemization coverage scored 0/100.
- High — Financial Efficiency: Fundraising efficiency scored 29/100.
- High — Sustainability: Operating margin scored 24/100.
- Review — Sustainability: Liabilities to assets ratio scored 50/100.