The document provides an activity report from the University of Management and Economics (ISM) for 2011. It highlights several of ISM's achievements in the past year, including launching an excellence partnership program with 100 companies, establishing the first international doctoral program in Lithuania, and working towards EQUIS accreditation. It also discusses ISM's connections to the business community through its business council and executive education programs. The report emphasizes ISM's entrepreneurial spirit and focus on practical business education.

1. UNIVERSITY OF MANAGEMENT
AND ECONOMICS
ENTREPRENEURSHIP:
IDEA, INITIATIVE , IMPLEMENTATION
Activity Report 2011

2. CONTENTS
MESSAGE FROM THE MANAGEMENT 3
ISM IN A NUTSHELL 4
I INSPIRED BY ENTREPRENEURSHIP 5
ISM Excellent 100 Partnership Programme
First International Doctoral Programme in Lithuania
On the Way to EQUIS Accreditation
A Better Place to Study and Work
The Library Tests New Business Models
II STAYING CONNECTED 9
ISM Business Council – True Partnership
Hands-On Executive Education
An ISM Generation of Business Leaders
Vilnius – Shanghai – The Hague
Lithuanian Business Cases – a Breakthrough
III ENTREPRENEURSHIP: SPREADING THE WORD 13
Global Entrepreneurship Week – Being a Part of the
Global Movement
Sharing Knowledge
Advocating Socially Responsible Entrepreneurship
IV ISM: FACTS AND FIGURES 16

3. MESSAGE FROM THE MANAGEMENT 3
The world is changing incredibly fast. The changes that have occurred
over the past few decades have had a greater influence on the world than
those that happened over the past few centuries. Knowledge and the
constant search for new ways to apply it are among the key factors of
change. All of it is perceived as entrepreneurship, which we more often
tend to view as the ability to create a better world and assume personal
responsibility. At our university, we interpret entrepreneurship as the 3I’s:
idea, initiative, and implementation. Ideas are impossible without creativity,
initiative is impossible without responsibility, and implementation is impos-
sible without knowledge.
Everyone has a number of ideas and projects in mind, but only few take
the initiative to turn them into products that are beneficial for the whole
humanity. Entrepreneurs are not afraid of experimenting: they are not
afraid of making mistakes. The fear of making mistakes forces us to behave
stereotypically and think in clichés. If we are to discover new things, we
must take risks—that is, take the path that has never been taken before,
even if mistakes are inevitable.
As we search and discover, learning becomes exceptionally important.
A teacher cannot restrict himself or herself to lecturing only. The mission of
every teacher is to impart wisdom. A university is a ship that we take to
satisfy our hunger for learning, and a teacher is the leader of the expedition
that students are eager to follow to experience the joy of discovery. This is
how entrepreneurs—the real creators of the world—are born.
Dr. Nerijus Pačėsa
President
ISM has done remarkabel achievements in a few years of operation. The
University has become a high quality supplier of business education in Lithuania
and beyond. A major reason for this is the entrepreneurial spirit of the organi-
sation. The effect is recruitment of top quality students and top quality faculty.
ISM will allways focus on how things can be done better and how to improve
the programmes to serve the business society and students even better. ISM
lives as ISM learns.
BI Norwegian Business School is proud to be one of the founders of ISM
and to be a major academic partner on different study programmes and
research. I am sure that ISM in the years to come will take major steps in
achieving even more international recognition.
Jens P. Tøndel
Chairman of the Board, BI Norwegian Business School

4. 4 ISM IN A NUTSHELL
Established in 1999 by
BI Norwegian Business School and
Innovation Norway
First private university in
Lithuania
Campuses in Vilnius and Kaunas
All levels of studies: executive
education, doctoral, graduate
and undergraduate studies
Over 2,000 students
Almost 2,000 Alumni
International Quality Accredita-
tion by CEEMAN since 2006
One of the TOP 200 business
schools in EDUNIVERSAL global
ranking since 2007
European Credit Transfer Label
(ECTS label)
Accreditation by the Lithuanian
Centre for Quality Assessment in
Higher Education
Best private university in national
ranking since 2010
UNIVERSITY OF MANAGEMENT
AND ECONOMICS
vision:
ISM seeks to be a dynamic and
modern European university of
management and economics,
serving the lifelong educational
needs of individuals, business and
society in general.
values:
EXPERTISE – creative professionalism
ENTREPRENEURSHIP – idea, initiative, implementation
We see entrepreneurship as a desire to explore and imple-
ment new opportunities to enhance quality and generate a
higher value for the organisation as a whole and for each
mission: person individually. For us, entrepreneurship is the realisation
of creativity.
ISM aims to encourage profe- SOCIAL RESPONSIBILITY – harmony of interests of the
ssional and socially responsible organisation, its members and society
development of high relevance
managerial competence and PARTNERSHIP – teaming and cooperation among the staff
economic thought. of the organisation

5. For us, entrepreneurship
is the realisation
of creativity.
City,
Evelina Gasiūnaitė, Agnė Pilkauskaitė,
Dagnė Baltuškaitė, ISM students.
The painting was drawn during
the course of Abstraction and Reality.
INSPIRED BY ENTREPRENEURSHIP I

6. 6 INSPIRED BY ENTREPRENEURSHIP
ISM is itself an excellent
example of entrepreneur-
ship. The initiative of the
founders to be the first in
Lithuania to introduce the
Western tradition of business
education has made ISM the
best business university in the
country. Today ISM has well-
founded ambitions, huge
motivation, and the ability to
see itself in a broader inter-
national context. Our orien-
tation towards success sets
entrepreneurship at the very
heart of the ISM way-of-life.
ISM Excellent 100
Partnership Programme
In 2011 the University launched
an ISM Excellent 100 Partnership
Programme, inviting companies to
establish scholarships for the 100
best students of social sciences. By
establishing scholarships companies
not only contribute to stopping
brain-drain to foreign countries, but
also establish mutually beneficial
relations with students: knowing the
best students, they will be able to
offer them internships or permanent
jobs on graduation.
The ISM Excellent 100 Partnership
Programme is based on financing the
difference between the tuition fee The Results of ISM
charged by the University and the Excellent 100 for 2011
funding allocated by the state. For
the past few years this difference has 71 students admitted
been financed for some of the best
students by the University itself, and 14 companies joined the
from now on a larger number of programme
students will be able to study com-
pletely free of charge. 29 scholarships issued
MARIE DOUŠOVÁ
Nestle Baltics, General Manager,
member of ISM Business Council
I am proud that Nestle is one of
the sponsors of such a leading educa-
tion institution as ISM. We believe ISM
plays an important role in Lithuanian
society and that the 100 Excellent
Programme can help improve its
economic development.

7. INSPIRED BY ENTREPRENEURSHIP 7
On the Way to EQUIS Accreditation
The Quality Centre was established in March 2011 with the aim to monitor and evalu-
ate academic quality at ISM, provide feedback to the social partners (students, professors,
administrative staff, shareholders, employers, and ministry) and propose ways of quality
improvement.
In the same year, the Quality Assurance System Improvement project was started with EQUIS
the help of LTL 1.5 million from EU structural funds. The aim of the project is to review the
processes and to write a Quality Handbook, in line with the EQUIS Standard, which would
help improve quality processes and provision of quality education.
accreditation
ISM strives continuously for the highest study quality standards approved by prestigious
quality assurance institutions worldwide and is applying for EQUIS accreditation to prove
is our strategic
itself as a genuine international, creative and entrepreneurial business university. goal.
First International Doctoral Programme in Lithuania The vision of the Baltic Doctoral
Programme in Management and
The Lithuanian Ministry of Education and Science has approved ISM’s Administration inspires us with
application to organise the Baltic doctoral programme in the Management hope for mutually beneficial
and Administration field in partnership with Aarhus University (Denmark),
BI Norwegian Business School (Norway) and Tartu University (Estonia). outcomes for both the companies
For the first time in Lithuania and in the Baltic region four strong higher and the universities involved in the
education establishments have combined their academic potential and programme’s development.
resources in a joint effort to train International Doctoral students of
Business Administration. Lithuania is currently facing a lack of young Mindaugas Glodas, Microsoft
research fellows, and the new programme is expected to help the univer-
sity train professional researchers and professors. Health Industry Director in CEE,
Member of ISM Business Council

8. 8 INSPIRED BY ENTREPRENEURSHIP
A better Place to Study and Work
In 2011 the University received LTL 3.6 million (EUR 1.04 million) from the
EU Structural Funds for its infrastructure upgrade project. The total value of
the project is estimated at LTL 4.2 million (EUR 1.22 million), and the remain-
ing part of the project will be financed from the University’s own funds.
Main Project activities include: Our students,
renewal of audiovisual equipment in classrooms
installation of a new studies information system faculty and
renewal of computers in classrooms and those used by employees
installation of particularly modern lecture-recording and distance administrative staff
learning classrooms in the Vilnius and Kaunas campuses will benefit from more user-friendly and
major renewal of the website up-to-date hardware and software.
The library Tests New Business Models
The Library's main innovation, the online bookstore ISM Books was launched
in 2011.
There is a plethora of specialised thematic literature published in the world
and it becomes very difficult to select the best one. This universally accessible
electronic bookstore offers books and publications that have been evaluated
and recommended by our university professors.
The ISM bookstore is a unique business model not only in Lithuania but
also worldwide. Every day, depending on the information needs of the
academic community, we can make specific titles available. By expanding
the activities of the library to a virtual bookstore accessible to all, we will
become more open and useful.

9. I think ISM is one of the most progressive universities in
Lithuania and I am very lucky to be slightly involved with
the Business Council. It is very rewarding to see how your
experience can translate into useful knowledge and aware-
ness about many different things and help new students
build their lives, business.
Ilja Laurs, member of the ISM Business Council, is the Founder
of GetJar, the world’s largest open mobile application store. Ilja
has been nominated ‘European Manager of the Year 2011’ by the
European Business Press Association, ‘25 European Tech Leaders’
by the Wall Street Journal, ‘10 Start-ups That Will Change Your
Life’ by TIME magazine,‘Technology Pioneer 2011’ by the World
Economic Forum.
151
3
10
STAYING CONNECTED
2
2,323

10. 10 STAYING CONNECTED
Close ties with the business world is a priority. Knowledge, the
ability to anticipate trends, and shared information are impor-
tant in conducting research, educating students, and advising
companies. Business people are encouraged to actively partici-
pate in university life, while students and teachers are encou-
raged to be open to business.
ISM Business Council – True Partnership
The Business Council is an advisory body to the President. The mission of the
Business Council is to provide advice on strategic learning partnerships with
businesses meeting their needs for high competence and best employees. The
Business Council is composed of the following representatives of:
Business partners of the University
Well known businesses and entrepreneurs
Alumni representatives
Respected persons from other institutions or associated bodies
The Business Council holds regular meetings at least once a semester during the
academic year.
ISM Business Council Members, 2011
The mission of
Marius J. Jason AAA Baltic Service Company – Law Firm, Owner;
Radisson Blue Astorija Hotel Vilnius, Owner the Business
Tadas Vizgirda AstraZeneca Lithuania, General Manager
Vladas Lašas UPS Lithuania, General Manager Council
Mindaugas Glodas Microsoft Health Industry Director in CEE is to provide advice on strategic
Sigutė Seemann Lindorff, General Manager learning partnerships with
Ilja Laurs GetJar, Founder and CEO businesses meeting their needs
Aušra Žemaitienė Mars Lithuania, Plant Manager for high competence and best
Arijandas Šliupas Kaunas airport, General Manager employees.
Lina Danienė Swedbank, Sustainability and Societal Affairs Manager;
National School Children Academy, Board Chairperson
Eugenijus Savičius Junior Achievement Lithuania, Director
Giedrius Nomeika Itella Information, Operations Director Outbound CEE
Vygandas Jūras MP Investment Bank, Head of the Branch
Antanas Juozas Zabulis Omnitel, President, CEO
Marie Doušova Nestle Baltics, General Manager
Leif Arne Ulland Royal Norwegian Embassy, the Ambassador of
Norway to Lithuania
Rolandas Barysas Verslo Žinios, Editor-in-Chief
Hands-on Executive Education
ISM Executive School provides Master’s degrees and training for managers
and ensures close ties with the business world.
We see the ISM Executive School as
a space where business and knowledge
professionals together create new
knowledge and its derivatives, develop
new insights and find new opportuni- ISM Executive School in numbers, 2011:
ties for themselves and business
(r)evolution. 151 in-company trainings
Based on the concept of lifelong
learning, the ISM Executive School 3 open training programmes
focuses on the development of 151 Master of Management modules
10
management and leadership skills by
3
10 2
applying different forms:
customised in-company Master of Management modules
Master of Management degree
2,323
2
programme participants in public lectures, seminars and other events
Non-degree executive education
programmes
Research and consultancy 2,323

11. STAYING CONNECTED 11
An ISM Generation of Business Leaders
The University sees its alumni as ISM certified ambassadors. We realise that their
professional value depends on the reputation of ISM, while their reputation, in turn,
adds value to ISM.
By 2011 ISM had 1,890 alumni. This is a whole new generation of leaders who
have made a significant impact on the development of Lithuanian businesses. Initia-
tive, creative and striving for success – ISM alumni are among the most wanted
employees and top executives.
To help maintain and nurture the friendship and contacts made during their
studies, the ISM alumni website was launched in June 2011. All graduates are ISM alumni
grouped by employers, industries, positions and cities. As entrepreneurship is
one of the core ISM values, alumni are invited to share their start-up story and employment
spread entrepreneurial ideas, encourage others to take a chance, promote their
company and find business partners or customers. level – 94 %
JŪRATĖ DACIENĖ
Head of the Department of HR
Development at Danske Bankas, Lithuania
As social partners of ISM, we hope to
be able to provide a fully-fledged
contribution to the education of its
students and to win the name of their
potential and desired employer, since
we want ISM alumni to join our team.
Graduates from Executive
Master studies
17% 4% 30%
39%
Managers and Specialists
11% Middle Management 30% 20%
Top Management 20%
68% Self employed, Business owner,
Enterpreneur
11%
39% 11%
Graduate career from Graduates career from
27% 10%
Bachelor studies International Master of
Science studies
68%
Managers and Specialists
Middle Management 17%
Top Management 4%
14%
% 49%
Managers and Specialists
Middle Management 27%
Self employed, Business owner,
Enterpreneur
11%
49% Top Management 10%
Self employed, Business owner,
Enterpreneur
14%

12. 12 STAYING CONNECTED
Vilnius – Shanghai –
The Hague
These are just a few destinations on
our teaching and learning map. We
wish to be where the most important
world business events take place and
where business trends emerge. On the
other hand, we have valuable experi-
ence in a growing and changing market
which is interesting to entrepreneurs
and academics of other countries.
For the second year in a row the De Baak Leadership Institute (The Nether-
lands) is bringing participants of the Young Executive Programme (YEP) to the
ISM Executive School. YEP is an intensive leadership programme intended for
managers between the age of 28-38, who want to give their personal develop-
ment and their leadership development a kick-start. By coming to Lithuania Other executive
participants of YEP swing from ‘safe at home’ to ‘intercultural and international’
and so discover new perspectives which can be of help in their leadership. students
China – is a destination where ISM takes Lithuanian businessmen. The who come for specific
seminar ‘Doing Business in China’ is offered in Shanghai, in cooperation with modules at ISM are from BI
Fudan University and BI Norwegian Business School. It provides knowledge Norwegian Business School
about the Chinese economy and helps understand how to navigate the
Chinese business environment. (Norway) and TiasNimbas (business
school of Tilburg University and
Eindhoven University of Technology,
Lithuanian Business Cases – a Breakthrough the Netherlands).
ISM Executive School is the first in Lithuania (since 2000) to introduce the case
study approach in the Master’s Studies programme for executives. During the
first five years, ISM mostly used case descriptions of foreign firms, because the
Lithuanian case studies were not yet developed.
A few years ago the situation began to change owing to quite a simple
solution – instead of research papers, students of the ISM Executive Master’s
programme began writing Lithuanian case studies. This practice was successful
at the university.
In 2008, ISM started learning the professional methodology for case study
writing, and invited respective lecturers from Great Britain. Today we have the
first professional Lithuanian case studies developed.
VITALIJA FREITAKAITĖ
Director of the company Javinė, ISM Executive School Alumna.
For business communities, the case studies represent an opportunity to
look at their problems through the eyes of focused students. While I was
studying at ISM, I saw how a detailed and in-depth analysis of a business case
helps identify solutions to many problems.
Javinė’s case was one of the first Lithuanian business cases prepared by ISM.

13. The purpose of spreading the idea of entrepreneur-
ship is to bring together different stakeholders – gov-
ernment, experts, academia, businesses, and youth to
share knowledge, experience, good practices, and to
raise awareness that entrepreneurship is a life-long
learning experience, which starts at school level and
continues into further education.
ENTREPRENEURSHIP: SPREADING THE WORD

14. 14 ENTREPRENEURSHIP: SPREADING THE WORD
Global Entrepreneurship Week – Being a Part of
the Global Movement
Global Entrepreneurship Week (GEW) is the world’s largest celebra-
tion of innovators and job creators who launch start-ups that bring ideas
to life, drive economic growth and expand human welfare. During one ISM is the
week each November, GEW inspires people everywhere through local,
national and global activities designed to help them explore their poten- national host
tial as self-starters and innovators.
ISM is the national host of GEW in Lithuania. It has become the tradition of GEW in
for GEW Lithuania to involve the following groups: schools, universities,
youth organisations, government institutions, and business. Lithuania
The 4th GEW, 2011:
Vilnius Mayor Artūras Zuokas and Ilja Laurs, the founder of GetJar,
the world’s largest open mobile application store, expressed their
support for promoting entrepreneurship in Lithuania
12 partners from governmental institutions, business and
academia
More than 2000 activities and events
Over 13,000 people from schools, universities and business were
involved or participated
Sharing Knowledge
ISM has achieved growing recognition among high school pupils and their
teachers in Lithuania through the considerable number of educational
programmes promoting social entrepreneurship and business education in
general. The most recent example is ISM University for teachers and high school
The ISM students organised free of charge. The event was organised for the second time in
2011 attracting more than 1,000 participants to a series of lectures on leadership,
university creativity, management and economics.
The project is focused on the idea that entrepreneurship education should not
for teachers and high school be limited to teaching it as a single subject. Instead, it should be integrated into the
students attracted more than whole curriculum. To unleash and foster the entrepreneurship spirit, high school
teachers should be equipped with interactive, creative methods of teaching.
1000 participants

15. ENTREPRENEURSHIP: SPREADING THE WORD 15
Advocating Socially Responsible Entrepreneurship
In 2011 ISM joined a new professional volunteer work project ‘Who Needs It?!’
aimed at introducing business experiences into the classroom. This will not only help
pupils in choosing their professional career path but also inspire them to learn and be
creative.
It is expected that during the first 4 years of the project 95% of schools will take The professional
part in it and 3,000 meetings with pupils will be held as planned. The professional
volunteer work project will involve 2,000 professionals from various businesses.
ISM advises and helps businessmen in the preparation of study materials, and also
volunteer
work project will involve 2,000
encourages its community to become volunteers and share their experience. Thus
almost 20 ISM employees will travel around Lithuania and give lectures for school professionals from various
students in their subject areas. businesses.
Other Social Projects:
values:
EXPERTISE – creative professionalism
Joint initiative by Lithuanian Forum for the Disabled and ISM to boost the
study possibilities for disabled people ENTREPRENEURSHIP – idea, initiative, implementation
We see entrepreneurship as a desire to explore and imple-
Participation in the Lithuanian Junior Achievement ment new opportunities to enhance quality and generate a
programme ‘Young
Colleague’ higher value for the organisation as a whole and for each
person individually. For us, entrepreneurship is the realisation
Participation of employees and students in the traditional initiative (Let’s Do
of creativity.
It) for tidying up the environment
SOCIAL RESPONSIBILITY – harmony of interests of the
organisation, its members and society
PARTNERSHIP – teaming and cooperation among the staff
of the organisation

16. ISM: FACTS AND FIGURES

17. ISM: FACTS AND FIGURES 17
Study Programmes
Bachelor
Programmes in English International Business and Communication
Economics and Politics
Programmes partly in English Business Management and Analysis
Economics
Finance
Finance and Accounting
Master of Science
Programmes in English Financial Economics
International Marketing and Management
Master of Management (Executive Education)
Programmes in Lithuanian Applied Organisational Psychology
Financial Strategy and Management
Human Resource Management
Leadership: Power and Sense-Making
Managerial Accounting Analysis
Managerial Economics
Marketing Strategy and Management
Project Management
Process Management
Strategic Management
Doctoral Studies
Programme in English Baltic Doctoral Programme in Management and Business Administration
Programme in Lithuanian Economics
Students
Number of students
in 2011
Bachelor – 1,540
Master of Science –177
Executive – 168
Doctoral – 18
ISM Graduates Full time
by 2011 international
students – 27
Bachelor – 1,315 Nationalities
Master of Science – 182
Executive – 373
represented – 25
(exchange students
Doctoral – 12 included)

18. 18 PRIĖMIMAS AND FIGURES
ISM: FACTS
INTERNATIONAL SCOPE Student exchange
The ratio of ISM incoming and outgoing students is one of the best among Outgoing – 168
universities in Lithuania. The National Agency for Lifelong Learning Programme (Erasmus/other exchange/
ranked ISM as Number One among Lithuanian universities in terms of the
quality of the way it organises programmes for incoming foreign students. double degree/internships)
Incoming – 87
Double degree
agreements
BI Norwegian Business School
(Norway)
INSEEC Bordeaux (France)
INSEEC Paris (France)
HEC Management School –
University of Liege (Belgium)
Groupe Euromed Management
(France)
Partner universities 96:
Europe 81
North America 2 Asia 7
Central and
South America 3
Africa 2
Oceania 1

19. ISM: FACTS AND FIGURES 19
RESEARCH
ISM fields of research:
Knowledge development in
management and economics
Application of the developed
knowledge in producing study and
training innovations
Business development solutions
Activities:
4 seminars for researchers with participants from 7 different countries
Teachers summer academy for the ISM faculty
International scientific conference ‘Customer as a Change Driving Force’ with
70 participants from 8 countries
EDEN Doctoral Seminar on Writing a Doctoral Thesis, led by world-known
researchers – Prof. Andrew Van de Ven (Carlson School of Management of the
University of Minnesota, USA) and Prof. Pervez N Ghauri (King's College London,
UK) with 23 participants from 10 countries
3 volumes of the Baltic Journal of Management, including 1 special issue ‘Innova-
tion in Services’
Research project ‘Factors influencing successful management of organisational
change in SMEs caused by the economic crisis’ approved by the Lithuanian
Research Council
Total of 8 new Lithuanian business case studies developed
Participation in a new project on strategic management games within the frame-
work of Leonardo da Vinci Programme
In-company research in Barclays Lithuania, Lithuanian Post, Synergium using
P360 tool. The research team is preparing to test the Lithuanian version of the
tool

20. 20 ISM: FACTS AND FIGURES
STUDENT LIFE
something new to do every day,
such as joining educational pro-
jects, student organisations,
sport teams and clubs, to men-
tion but a few:
Educational and cultural events, 2011
Charity action ‘Christmas with ISM SA’: visit to a children’s home and
giving out Christmas gifts that were collected at ISM
ISM Movie of the Year
Photography competition ‘Living Outside’: moments from studies abroad
ISM Live Music Evening
University sales competition ‘Sales Guru 2011’: the ISM team came 3rd
Spring regatta: the ISM team came 1st
University League on the national TV ‘Future Leaders’: the ISM student
team came 2nd
Cultural event ‘A night at ISM’
Event ‘A day without corruption’
Case competition developed and implemented by ISM students
‘Creative Shock’: more than 30 teams from universities in Lithuania
and abroad participated
International Village: international students introduced their coun-
tries and cultures as well as shared experiences of living in Lithuania.
ISM Freshmen Event
Business competition ‘Business for those starting out’
Basketball tournament ‘ISM President’s Cup’ Student organisations
Interactive pre-election discussion ‘Vilnius 2015 and clubs
ISM Students’ Association (ISM SA)
AIESEC in ISM
ISM Choir
ISM Business Initiatives’ Club
ISM Politics Club
ISM Junior Researchers’ Club
ISM Investors’ Club
ISM Debate Club
ISM Rowing Club
ISM Basketball team
ISM Volleyball team
ISM Football team

21. ISM: FACTS AND FIGURES 21
ISM CAMPUS AND
STUDENT FACILITIES
The ISM campus in Vilnius is
located in the Old Town. It occu-
pies a historic 16th century
building, which used to be a
Bazillion monastery.
Buildings
The Kaunas campus is located in
Total area in m2: the former tobacco factory. The
ISM building in the centre of
Kaunas campus Kaunas is an example of modern
2,693, architecture. The revived and
reconstructed former tobacco
Vilnius campus factory has been adapted to the
6,099 students’ needs.
Library
The aim of the library is to
provide the university commu-
nity with the most up-to-date,
-
tions. The library stores books
and periodicals on business,
management and economics as
well as audio and video materials,
doctoral theses, and the best
Master and Bachelor theses. It
also provides access to numerous
electronic databases and
e-books.

22. 22 ISM: FACTS AND FIGURES
Organizational Management Shareholders‘
Structure of ISM Meeting
Board/Chairman
of the Board
Business Council
President
Senate/Chairman ISM Fund
of Senate
Director of
International Strategic
Executive Dean of Research Relations Quality Faculty HR Finance
School Marketing Develop-
Director Studies Director and Career Director Dean Director Director Director ment and
Director Infrastruc-
ture
Memebers of the Board, 2011:
Jens P. Tøndel, Chairman of the Board, BI Norwegian Business School
Erik Welle-Watne, Innovation Norway
Anne Martory
Rolv P. Amdam, BI Norwegian Business School
Arūnas K. Pemkus, Integrity PR
Jolita Butkienė, ISM University of Management and Economics
Juozas Granskas, ISM University of Management and Economics
Gintarė Alaburdaitė, ISM student representative
FINANCIAL STATEMENTS
All amounts are in LTL unless otherwise stated
Balance Sheet
ASSETS 31.12.2011 31.12.2010 Adjusted
Total Fixed Assets 2.348.135 1.805.735
Total Current Assets 2.348.816 1.859.671
TOTAL ASSETS 4.696.951 3.665.406
TOTAL EQUITY 251.881 1.069.322
Total Subsidies 1.062.850 149.738
Total Liabilities after 1 year 435.622 721.819
Total Current Liabilities 2.946.598 1.724.527
TOTAL LIABILITIES 3.382.220 2.446.346
EQUITY AND LIABILITIES 4.696.951 3.665.406
Profit (Loss) Statement
2011 2010
Sales and Services 20.321.518 18.537.203
Cost of Services 9.236.587 8.489.708
GROSS PROFIT 11.084.931 10.047.495
TOTAL OPERATING EXPENSES 9.749.686 9.874.685
OPERATING PROFIT 1.335.245 172.810

23. UNIVERSITY OF MANAGEMENT
AND ECONOMICS
Vilnius: Arklių st. 18, tel. +370 5 2123960, Kaunas: E. Ožeškienės st. 18, tel. + 370 3 7302405,
Lithuania, ism@ism.lt, www.ism.lt