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        <EOY>5583477</EOY>
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      <DeferredRevenue>
        <BOY>5216746</BOY>
        <EOY>3824079</EOY>
      </DeferredRevenue>
      <MortNotesPyblSecuredInvestProp>
        <BOY>31426421</BOY>
        <EOY>26023185</EOY>
      </MortNotesPyblSecuredInvestProp>
      <UnsecuredNotesLoansPayable>
        <BOY>200000</BOY>
        <EOY>100000</EOY>
      </UnsecuredNotesLoansPayable>
      <OtherLiabilities>
        <BOY>6716000</BOY>
        <EOY>11204689</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>51857649</BOY>
        <EOY>46735430</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>9995078</BOY>
        <EOY>14330488</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>11156494</BOY>
        <EOY>12416911</EOY>
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      <PermanentlyRestrictedNetAssets>
        <BOY>12062255</BOY>
        <EOY>14006279</EOY>
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      <TotalNetAssetsFundBalances>
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        <EOY>40753678</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>85071476</BOY>
        <EOY>87489108</EOY>
      </TotalLiabNetAssetsFundBalances>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      <FederalGrantAuditRequired>true</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>true</FederalGrantAuditPerformed>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA">
      <School170b1Aii>X</School170b1Aii>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <ContributorInfo>
        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmts>
        <RevenuesIncluded>0</RevenuesIncluded>
        <AssetsInPartX>149041</AssetsInPartX>
      </ArtPublicExhibitionAmts>
      <HeldWorksOfArtAmts>
        <RevenuesIncluded>0</RevenuesIncluded>
        <AssetsInPartX>129690</AssetsInPartX>
      </HeldWorksOfArtAmts>
      <CollectUsedForPublicExhibition>X</CollectUsedForPublicExhibition>
      <CollectUsedForPreservation>X</CollectUsedForPreservation>
      <CollectionUsedForOther>
        <CollectionUsedForOtherPurposes>X</CollectionUsedForOtherPurposes>
        <DescriptionOfOtherPurposes>FOR FUTURE SALE</DescriptionOfOtherPurposes>
      </CollectionUsedForOther>
      <SolicitedAssetsForSale>false</SolicitedAssetsForSale>
      <CurrentYear>
        <BeginningOfYearBalance>14571499</BeginningOfYearBalance>
        <Contributions>1957026</Contributions>
        <InvestmentEarningsOrLosses>634482</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>55047</GrantsOrScholarships>
        <OtherExpenditures>93261</OtherExpenditures>
        <AdministrativeExpenses>74954</AdministrativeExpenses>
        <EndOfYearBalance>16939745</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>20372596</BeginningOfYearBalance>
        <Contributions>660144</Contributions>
        <InvestmentEarningsOrLosses>-5851874</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>290896</GrantsOrScholarships>
        <OtherExpenditures>318471</OtherExpenditures>
        <AdministrativeExpenses>0</AdministrativeExpenses>
        <EndOfYearBalance>14571499</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <BoardDesignatedEOYBalance>0.21990</BoardDesignatedEOYBalance>
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      <TermEndowmentEOYBalance>0.00000</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>true</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <Land>
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        <BookValue>819743</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>52110509</OtherCostOrOtherBasis>
        <Depreciation>26083783</Depreciation>
        <BookValue>26026726</BookValue>
      </Buildings>
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>0</OtherCostOrOtherBasis>
        <Depreciation>0</Depreciation>
        <BookValue>0</BookValue>
      </LeaseholdImprovements>
      <Equipment>
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        <Depreciation>26733606</Depreciation>
        <BookValue>2564061</BookValue>
      </Equipment>
      <OtherLandBuildings>
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        <Depreciation>6628181</Depreciation>
        <BookValue>4070103</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>33480633</TotalOfBookValueLandBuildings>
      <OtherAssets>
        <Description>BOND ISSUE COSTS</Description>
        <BookValue>426250</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>DEFERRED COSTS</Description>
        <BookValue>7847</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>ART COLLECTION</Description>
        <BookValue>278731</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>SUPPLIES</Description>
        <BookValue>72992</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>MISCELLANEOUS OTHER ASSETS</Description>
        <BookValue>234517</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>DUE FROM TBIRD ASIA</Description>
        <BookValue>1023378</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>DUE FROM CBSD</Description>
        <BookValue>3232879</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>DUE FROM OTHER AFFILIATES</Description>
        <BookValue>1510866</BookValue>
      </OtherAssets>
      <TotalBookValueOtherAssets>6787460</TotalBookValueOtherAssets>
      <FederalIncomeTaxLiability>0</FederalIncomeTaxLiability>
      <OtherLiabilities>
        <Description>POST RETIREMENT BENEFITS</Description>
        <Amount>6145000</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>ADVANCES FROM FED GOVT AND OTHERS</Description>
        <Amount>5059689</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>11204689</TotalOfAmounts>
      <Form990ScheduleDPartXIV>
        <Identifier>PART III, LN 4</Identifier>
        <Explanation>DONATIONS OF ART - SOME OF WHICH WERE HELD FOR DONORS' INTENT AND SOME OF WHICH WERE HELD FOR SALE. PART V, LINE 4 THE SCHOOL INTENDS TO USE A PORTION OF THE INVESTMENT RETURN FROM THE ENDOWMENT TO SUPPORT THE SCHOOL'S ANNUAL OPERATING EXPENSES AS DIRECTED BY DONOR SPECIFICATIONS. THE REMAINDER IS TO BE REINVESTED IN THE ENDOWMENT IN ORDER TO MAINTAIN ITS PURCHASE POWER VALUE OVERTIME. PART X THE SCHOOL EVALUATES WHETHER IT HAS UNCERTAIN TAX POSITIONS THAT SHOULD BE RECOGNIZED OR DERECOGNIZED BASED ON A 'MORE LIKELY THAN NOT' THRESHOLD FOR TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING THOSE TAX POSITIONS THAT WOULD NOT BE SUSTAINED UPON EXAMINATION IN ACCORDANCE WITH GUIDANCE RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. AS OF JUNE 30, 3010, NO UNCERTAIN TAX POSITIONS HAVE BEEN RECORDED.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="IRS990ScheduleE">
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      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>true</PolicyPublViaBroadcastMedia>
      <PubViaBroadcastMediaExpln>THUNDERBIRD PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY ANNUALLY IN THE SCHOOL'S BULLETIN.</PubViaBroadcastMediaExpln>
      <MaintRacialCompositionRecords>true</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>true</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>true</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>false</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>false</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>false</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>false</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>false</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>false</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <GovtFinancialAidExplanation>THUNDERBIRD WAS AWARDED A DEVELOPMENT PARTNERSHIPS FOR UNIVERSITY COOPERATION AND DEVELOPMENT GRANT BY USAID.</GovtFinancialAidExplanation>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
    </IRS990ScheduleE>
    <IRS990ScheduleF documentId="IRS990ScheduleF">
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
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      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>South America</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>39638</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Central America and the Caribbean</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>27347</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>East Asia and the Pacific</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>502200</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Europe (Including Iceland and Greenland)</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>1</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>473887</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Middle East and North Africa</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>94235</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Russia and the Newly Independent States</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>2</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>357593</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>South Asia</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
        <TotalExpenditures>15819</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Sub-Saharan Africa</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
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      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Europe (Including Iceland and Greenland)</Region>
        <TypeOfActivitiesConducted>Investments</TypeOfActivitiesConducted>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>North America</Region>
        <TypeOfActivitiesConducted>Investments</TypeOfActivitiesConducted>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Russia and the Newly Independent States</Region>
        <TypeOfActivitiesConducted>Investments</TypeOfActivitiesConducted>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>East Asia and the Pacific</Region>
        <TypeOfActivitiesConducted>Investments</TypeOfActivitiesConducted>
      </AcctsActvsOutUSTable>
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      <TotalNumberOfEmployees>3</TotalNumberOfEmployees>
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      <GrantsToIndOutsideUS>
        <TypeOfAssistance>SCHOLARSHIPS TO STUDENTS</TypeOfAssistance>
        <Region>North America</Region>
        <NumberOfRecipients>60</NumberOfRecipients>
        <AmountOfCashGrant>171753</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>SCHOLARSHIPS TO STUDENTS</TypeOfAssistance>
        <Region>South America</Region>
        <NumberOfRecipients>29</NumberOfRecipients>
        <AmountOfCashGrant>77531</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>SCHOLARSHIPS TO STUDENTS</TypeOfAssistance>
        <Region>Cent. America/Caribbean</Region>
        <NumberOfRecipients>10</NumberOfRecipients>
        <AmountOfCashGrant>23205</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <Form990ScheduleFPartIV>
        <Identifier>PART I, LN 2</Identifier>
        <Explanation>THUNDERBIRD AWARDS SCHOLARSHIPS TO COMPETITIVE APPLICANTS WHO DEMONSTRATE A HIGH LEVEL OF ACADEMIC CREDENTIALS AND EVIDENCE THAT THEY MEET SPECIFIC CRITERIA ASSOCIATED WITH A SPECIFIC AWARD. PART I, LN 3 THUNDERBIRD HAS SOLE OWNERSHIP IN TWO FOREIGN ENTITIES. THUNDERBIRD EUROPE SARL HAS ONE THUNDERBIRD EMPLOYEE THAT IS EMPLOYED OUT OF ITS GENEVA, SWITZERLAND OFFICE, AND THUNDERBIRD RUSSIA HAS TWO THUNDERBIRD EMPLOYEES THAT ARE EMPLOYED OUT OF ITS' MOSCOW, RUSSIA OFFICE. EXPENDITURES REPORTED INCLUDE COMPENSATION OF THOSE THUNDERBIRD EMPLOYEES. THUNDERBIRD WITH TECNOLOGICO DE MONTERREY JOINTLY OFFER A GRADUATE PROGRAM FOR LATIN AMERICAN MANAGERS. AS PART OF THE PROFIT SHARING AGREEMENT ALL OF THE REVENUES EARNED AND EXPENSES INCURRED ARE TO BE JOINTLY SHARED. EXPENDITURES REPORTED HERE ARE THUNDERBIRD'S SHARE OF EXPENSES INCURRED BY THE FOREIGN PARTNER. THUNDERBIRD OFFERS EDUCATIONAL PROGRAMS WHERE THE SCHOOL OFFERS STUDENTS, THROUGH EITHER ITS DEGREE PROGRAMS OR CORPORATE EDUCATION, THE OPPORTUNITY TO BE TAUGHT OVERSEAS. CURRENTLY, GENERALLY ALL OF THE RELATED TRAVEL AND LIVING EXPENDITURES INCURRED FOR THE STUDENT IS PAID FOR BY EITHER THE STUDENT OR THE STUDENT'S EMPLOYER. EXPENDITURES REPORTED HERE INCLUDED THE COMPENSATION EXPENSE OF THE FACULTY MEMBERS WHILE TEACHING THE COURSEWORK ABROAD.</Explanation>
      </Form990ScheduleFPartIV>
    </IRS990ScheduleF>
    <IRS990ScheduleI documentId="IRS990ScheduleI">
      <RecordsMaintained>true</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS TO STUDENTS</TypeOfGrant>
        <NumberOfRecipients>442</NumberOfRecipients>
        <AmountOfCashGrant>5821423</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PART I, LN 2</Identifier>
        <Explanation>THUNDERBIRD AWARDS SCHOLARSHIPS TO COMPETITIVE APPLICANTS WHO DEMONSTRATE A HIGH LEVEL OF ACADEMIC CREDENTIALS AND EVIDENCE THAT THEY MEET SPECIFIC CRITERIA ASSOCIATED WITH A SPECIFIC AWARD. THUNDERBIRD AWARDS SCHOLARSHIPS TO STUDENTS FROM EVERY CONTINENT OF THE WORLD.</Explanation>
      </Form990ScheduleIPartIV>
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      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <ClubDuesOrFees>X</ClubDuesOrFees>
      <WrittenPolicyReTAndEExpenses>true</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
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      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>false</SeverancePayment>
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      <InitialContractException>false</InitialContractException>
      <Form990ScheduleJPartII>
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      </Form990ScheduleJPartII>
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        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
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        <Identifier>PART I, LINE 1A</Identifier>
        <Explanation>PRESIDENT ANGEL CABRERA, AS STIPULATED BY HIS EMPLOYMENT AGREEMENT, IS PROVIDED ALLOWANCES FOR HOUSING AND AUTOMOBILE EXPENSES, AND BOTH AMOUNTS WERE REPORTED AS TAXABLE COMPENSATION ON HIS FORM W-2 AND ON SCHEDULE J, COLUMN B. PRESIDENT CABRERA IS ALSO REIMBURSED FOR A PORTION OF HIS COUNTRY CLUB DUES AS THEY RELATE TO SCHOOL ACTIVITIES AND AS SUCH THE REIMBURSEMENT IS NOT REQUIRED TO BE REPORTED AS TAXABLE COMPENSATION. VICE PRESIDENT OF CORPORATE LEARNING, DENNIS HOPPLE, AS A CONDITION OF THE POSITION IS REQUIRED TO LIVE IN MOSCOW, RUSSIA AND IS PROVIDED A HOUSING ALLOWANCE. THAT AMOUNT IS REPORTED AS TAXABLE COMPENSATION ON HIS FORM W-2 AND ON SCHEDULE J, COLUMN B. SOMETIME IN THE PAST THUNDERBIRD WAS GIFTED TWO COUNTRY CLUB MEMBERSHIPS TO ARROWHEAD COUNTRY CLUB. AS A REQUIREMENT FOR MEMBERSHIP THE SCHOOL DESIGNATED CFO TIM PROPP AND SENIOR VP ROBERT WIDING AS THE PRIMARY MEMBERS. ALL OF THE CLUBS DUES WERE PAID BY THUNDERBIRD AND THOSE EXPENSES NOT CONSIDERED SCHOOL RELATED WERE REPORTED AS TAXABLE COMPENSATION TO THE APPLICABLE EMPLOYEE IN THE TAX PERIOD.</Explanation>
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        <MethodOfDeterminingRevenues>AVG OF HI/LOW PRICE</MethodOfDeterminingRevenues>
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        <Identifier>FORM 990, AMENDED PORTION:</Identifier>
        <Explanation>FORM 990 IS BEING AMENDED SOLELY TO REPORT INDEPENDENT CONTRACTORS IN FORM 990 PART VII SECTION B THAT WERE INADVERTENTLY OMITTED IN THE ORIGINAL FILING. FORM 990, PART VI, SEC A, LN 4 THE BYLAWS OF THE CORPORATION WERE AMENDED BY THE BOARD OF TRUSTEES AT ITS FEBRUARY 4TH 2011 MEETING. THE CHANGES TO THE BYLAWS WERE AS FOLLOWS: 1. TRUSTEE LEAVES OF ABSENCE: THIS SECTION IS NEW AND DESIGNED TO ASSIST TRUSTEES WHO REQUIRE TIME AWAY FROM THE SCHOOL. 2. COMMITTEE QUORUM REQUIREMENTS: THIS AMENDMENT REDUCED THE QUORUM REQUIREMENT FOR MOST COMMITTEES TO ONE-THIRD. THOSE COMMITTEES HAVING POWER TO ACT INDEPENDENTLY OF THE BOARD. AUDIT AND EXECUTIVE COMMITTEES RETAINED THE QUORUM REQUIREMENT OF SIMPLE MAJORITY. 3. ELECTION OF ASSISTANT VICE PRESIDENTS, ASSISTANT SECRETARIES, AND ASSISTANT TREASURERS: THIS SECTION WAS REVISED TO CLARIFY THAT ASSISTANT VICE PRESIDENTS, ASSISTANT SECRETARIES AND ASSISTANT TREASURERS SERVE AT THE PLEASURE OF THE PRESIDENT AS WELL AS THE BOARD. THIS REVISION IS CONSISTENT WITH ARTICLE V, SECTION 5.3 WHICH CONFIRMS THAT THE PRESIDENT HAS THE AUTHORITY TO DISCHARGE ANY EMPLOYEE. 4. STANDING COMMITTEES OF THE BOARD: THIS SECTION UPDATED THE BYLAWS TO REFLECT THE NEW COMMITTEE STRUCTURE AND COMMITTEE NAMES. 5. AMENDMENT OF THE BYLAWS: THIS SECTION DECREASES THE NOTICE PERIOD IN THE CASE OF AMENDMENT OF THE BYLAWS FROM 30 DAYS TO 10 DAYS. FORM 990, PART VI, SEC B, LN 11A THE 990 WAS REVIEWED BY THE CFO AND THE CONTROLLER'S OFFICE AND A COPY OF THE FORM 990 WAS PROVIDED TO ALL BOARD MEMBERS IN ADVANCE OF IT BEING FILED WITH THE IRS. IN ADDITION, ALL BOARD MEMBERS WERE INVITED TO A MEETING TO REVIEW THE 990 AND ASK QUESTIONS OF MANAGEMENT INCLUDING THE CEO AND CFO. FORM 990, PART VI, SEC B, LN 12C ON AN ANNUAL BASIS, THE SCHOOL DISTRIBUTES A CONFLICT OF INTEREST ACKNOWLEDGMENT TO EACH OFFICER, TRUSTEE AND KEY EMPLOYEE OF THE SCHOOL. THE ACKNOWLEDGMENT DESCRIBES THE SCHOOL'S CONFLICT OF INTEREST POLICY AND PROVIDES AN OPPORTUNITY FOR THE PERSON TO DISCLOSE ANY INTERESTS THAT COULD GIVE RISE TO A CONFLICT OF INTEREST. EACH PERSON IS REQUIRED TO RETURN THE ACKNOWLEDGMENT SIGNED, TO AFFIRM THAT THEY HAVE RECEIVED, READ AND UNDERSTOOD, AND AGREED TO COMPLY WITH THE POLICY. HOWEVER, AT ALL TIMES, IN ADDITION TO THE SIGNED ACKNOWLEDGMENT, THE SCHOOL CONSISTENTLY REVIEWS ALL FINANCIAL TRANSACTIONS TO IDENTIFY AND RESOLVE POTENTIAL CONFLICTS. FORM 990, PART VI, SEC B, LN 15A THE SENIOR EXECUTIVE COMPENSATION SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR THE REVIEW AND EVALUATION OF THE COMPENSATION OF THE PRESIDENT AND HIS SENIOR DIRECT REPORTS AND MAKES SPECIFIC RECOMMENDATIONS TO THE CHAIRMAN AND THE EXECUTIVE COMMITTEE ON THE PRESIDENT'S ANNUAL COMPENSATION. THE SUBCOMMITTEE USES EXTERNAL COMPARABILITY ASSESSMENTS DEVELOPED BY AN INDEPENDENT CONSULTANT TO ASSIST IN THIS PROCESS AS WELL AS PERFORMANCE EVALUATIONS OF THE PRESIDENT BY THE TRUSTEES. THE EXECUTIVE COMMITTEE OF THE BOARD REVIEWS AND APPROVES THE PRESIDENT'S COMPENSATION ANNUALLY. THE EXECUTIVE COMMITTEE'S REVIEW IS CONDUCTED BY INDEPENDENT TRUSTEES AND CONTEMPORANEOUS RECORDS OF THE PROCEEDINGS ARE MAINTAINED. FORM 990, PART VI, SEC C, LN 19: THE SCHOOL IS NOT REQUIRED TO MAKE THESE DOCUMENTS AVAILABLE TO THE PUBLIC. HOWEVER, THE SCHOOL MAY DETERMINE TO PROVIDE CERTAIN INFORMATION UPON REQUEST TO THE EXECUTIVE OFFICE. SUMMARY FINANCIAL STATEMENTS ARE INCLUDED IN THE SCHOOL'S ANNUAL REPORT ON GIVING.</Explanation>
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        <NameOfRelatedOrg>
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      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
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      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>true</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
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      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
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      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
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      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
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      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
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      <TransactionsRelatedOrgsTable>
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          <BusinessNameLine1>THUNDERBIRD EUROPE SARL</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>CBSD</BusinessNameLine1>
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        <TransactionType>D</TransactionType>
        <AmountInvolved>3232879</AmountInvolved>
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    </IRS990ScheduleR>
  </ReturnData>
</Return>