INSTITUTE FOR STUDY ABROAD INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1988

Legal Domicile

Principal Officer

ERIC J HARTON

Phone

3179404239

Tax Period

2024-07-01 to 2025-06-30

INSTITUTE FOR STUDY ABROAD INC, founded in 1988, is a mid-sized nonprofit in the International Affairs sector that reported $48.9M in total revenue in fiscal year 2024. Expenses of $45.7M left a modest 7% surplus.

Mission

IFSA PROVIDES CULTURALLY RICH STUDY ABROAD PROGRAMS DESIGNED TO HELP STUDENTS FOSTER CRITICAL PERSPECTIVES, KNOWLEDGE, AND SKILLS.

Program Service Accomplishments

Program 1

Expenses: $37,621,633 Revenue: $48,139,948

WE PROVIDE STUDY ABROAD PROGRAMS TO STUDENTS IN VARIOUS COUNTRIES AROUND THE WORLD. WE ALSO PROVIDE TRANSPORTATION, HOUSING, SOME MEALS, ORIENTATION, CLASSES AT UNIVERSITIES AND TRIPS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $48,139,948

Investment Income $610,912

Other Revenue $195,134

TOTAL REVENUE $48,945,994

Expense Breakdown

Grants Paid $1,304,942

Salaries & Benefits $9,022,430

Fundraising Expenses $0

Program Expenses $37,621,633

Other Expenses $35,421,866

TOTAL EXPENSES $45,749,238

Year-over-Year Comparison

	2024	2023	Change
Revenue	$48,945,994	$47,412,692	+0.0%
Expenses	$45,749,238	$44,509,426	+0.0%
Net Income	$3,196,756	$2,903,266	+0.1%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$694,892

Total Directors

Key Employees

$246,895

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARSHA VOLK BUGALLA	CHAIRMAN AND DIRECTOR	2.00	Officer Director	$0	$0	$0
AMIR REZA	SECRETARY AND DIRECTOR	2.00	Officer Director	$0	$0	$0
AARON BRUCE	DIRECTOR	2.00	Director	$0	$0	$0
ALMA CLAYTON-PEDERSEN	DIRECTOR	2.00	Director	$0	$0	$0
CAROL LEBOLD	DIRECTOR	2.00	Director	$0	$0	$0
DAVID HILBORN	DIRECTOR	2.00	Director	$0	$0	$0
GARY BUTKUS	DIRECTOR	2.00	Director	$0	$0	$0
HOLLY HUDSON	DIRECTOR	2.00	Director	$0	$0	$0
KRISTOPHER LICHTER	DIRECTOR	2.00	Director	$0	$0	$0
LEVESTER JOHNSON	DIRECTOR	2.00	Director	$0	$0	$0
MARISOL SANCHEZ	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL GOODMAN	DIRECTOR	2.00	Director	$0	$0	$0
PATRICIA PRYOR	DIRECTOR	2.00	Director	$0	$0	$0
SCOTT WILSON	DIRECTOR	2.00	Director	$0	$0	$0
HEATHER BARCLAY HAMIR	PRESIDENT AND CEO	40.00	Officer	$385,267	$56,864	$442,131
ERIC HARTON	VICE PRESIDENT AND CFO	40.00	Officer	$228,958	$23,803	$252,761
BRENDA MAJESKI	VP FOR ENGAGEMENT AND MARKETING	40.00	Key Emp	$199,990	$46,905	$246,895
CHRISTOPHER KUPIAINEN	DIRECTOR OF INFORMATION TECHNOLOGY	40.00	Highest	$142,137	$43,778	$185,915
MICHELE COOK	SENIOR DIRECTOR OF FINANCE	40.00	Highest	$121,848	$32,802	$154,650
JESSICA AUXIER	ASSOCIATE VP, HUMAN RESOURCES	40.00	Highest	$129,904	$33,230	$163,134
WAYNE JAMES	ASSOCIATE VP, PARTNER ENGAGEMENT	40.00	Highest	$136,100	$11,703	$147,803
JOHN KUSOVSKI	ASSOCIATE VP, WEB AND DIGITAL MARKETING	40.00	Highest	$131,968	$18,615	$150,583

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$48,945,994	$45,749,238	$25,434,883	$3,196,756
2024	$47,412,692	$44,509,426	$21,535,622	$2,903,266
2023	$33,776,906	$31,911,256	$20,227,790	$1,865,650
2022	$21,026,322	$22,896,695	$13,951,324	$-1,870,373
2021	$2,694,073	$8,108,223	$14,665,422	$-5,414,150
2020	$40,084,059	$39,568,818	$19,569,076	$515,241
2019	$43,727,192	$42,791,902	$22,705,735	$935,290
2018	$40,760,770	$40,077,740	$23,566,967	$683,030