2015 Annual Report.

Institute Officers

PRESIDENT

C.N. (Sandy) Macfarlane

Vice President and General Tax Counsel

Chevron Corporation

SECRETARY

Robert L Howren

Director, Tax

BlueLinx Corporation

SENIOR VICE PRESIDENT

Janice L. Lucchesi

TREASURER

James P. Silvestri

VICE PRESIDENT--REGION I

Lynn Moen

Senior Vice President, Tax

Walton Global Investments Ltd.

VICE PRESIDENT--REGION II

Gary P. Steinberg

Tax Counsel

Level 3 Communications, Inc.

VICE PRESIDENT--REGION III

Karen E. Miller

Director of Tax

FusionStorm

VICE PRESIDENT--REGION IV

Timothy J. Golden

Tax Planning Manager

Syngenta Corporation

VICE PRESIDENT--REGION V

Katherine C. Castillo

US Tax Director--Audits & Special Projects

Guardian Industries

VICE PRESIDENT--REGION VI

Janet L. Kreilein

Assistant Director & Sr. Director of Tax

Fortis Management Group LLC

VICE PRESIDENT--REGION VII

James A. Kennedy

Senior Vice President, Finance & Chief Tax Officer

OppenheimerFunds, Inc.

VICE PRESIDENT--REGION VIII

Mitchell S. Trager

Senior Tax Counsel

Georgia-Pacific LLC

VICE PRESIDENT--REGION IX

Wayne Monfries E

Vice President & Chief Tax Officer

NIKE, Inc.

VICE PRESIDENT--REGION X

Bonnie Noble

Sr. Director, Global Tax

Pulse Electronics Corporation

VICE PRESIDENT--REGION XI

Clive M. Baxter

Head of Group Tax

Maersk Group

Audited Consolidating Financial Statements

Tax Executives Institute, Inc. and TEI Education Fund

June 30, 2015

Independent Auditor's Report CONSOLIDATING FINANCIAL STATEMENTS Consolidating statements of financial position Consolidating statements of activities Consolidating statements of cash flows Notes to the consolidating financial statements Independent Auditor's Report

To the Board of Directors

Tax Executives Institute, Inc. and

TEI Education Fund

We have audited the accompanying consolidating financial statements of Tax Executives Institute, Inc. and TEI Education Fund (collectively, the Organization), which comprise the consolidating statements of financial position as of June 30, 2015 and 2014, and the related consolidating statements of activities and cash flows for the years then ended, and the related notes to the consolidating financial statements.

Management's Responsibility for the Consolidating Financial Statements

Management is responsible for the preparation and fair presentation of these consolidating 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 consolidating 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 consolidating 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 audits to obtain reasonable assurance about whether the consolidating financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidating financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidating financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Organization's preparation and fair presentation of the consolidating 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 Organization'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 consolidating 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 consolidating financial statements referred to above present fairly, in all material respects, the individual and consolidated financial positions of Tax Executives Institute, Inc. and TEI Education Fund as of june 30, 2015 and 2014, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Tate & Tryon

Washington, DC

July 21, 2015

Consolidating Statements of Financial Position Years Ended June 30, 2015 and 2014 2015 TEI TEIF Total Assets Cash and cash equivalents $ 649,769 $ 97,880 $ 747,649 Investments 10,859,690 10,859,690 Accounts receivable 29,605 29,605 Due (to) from affiliate (6,424) 6,424 -- Prepaid expenses 77,293 77,293 Property and equipment 84,796 84,796 Total assets $ 11,694,729 $ 104,304 $ 11,799,033 Liabilities and net assets Accounts payable $ 122,084 $ -- $ 122,084 Accrued liabilities 189,929 189,929 Deferred revenue 2,925,446 2,925,446 Deferred rent and lease incentive 227,209 227,209 Total liabilities 3,464,668 -- 3,464,668 Commitment and contingencies -- Net assets--unrestricted 8,230,061 104,304 8,334,365 Total liabilities and net assets $ 11,694,729 $ 104,304 $ 11,799,033 2014 TEI TEIF Total Assets Cash and cash equivalents $ 718,223 $ 87,819 $ 806,042 Investments 10,626,723 10,626,723 Accounts receivable 31,288 31,288 Due (to) from affiliate (7,548) 7,548 -- Prepaid expenses 69,893 69,893 Property and equipment 127,220 127,220 Total assets $ 11,565,799 $ 95,367 $ 11,661,166 Liabilities and...