The structural, thermal, magnetic, and magnetocaloric properties of Ni50Mn35In14.5B0.5 melt-spun ribbons have been investigated using room-temperature x-ray diffraction (XRD), differential scanning calorimetry (DSC), and magnetization measurements. Magnetic and structural transitions were found to coincide in temperature leading to large magnetocaloric effects associated with the first-order magnetostructural phase transition. In comparison to the bulk Ni50Mn35In14.5B0.5 alloys, both the martensitic transition temperature (TM) and Curie temperature (TC) shifted to lower temperatures. The MCE parameters were found to be comparable to those reported for bulk Ni50Mn35In14.5B0.5 Heusler alloys and Ni48Mn39In13-xBx ribbons. A comparison of magnetic properties and magnetocaloric effects in Ni50Mn35In14.5B0.5 alloys as a ribbon and in their bulk form has been shown in detail. The roles of the magnetic and structural changes on the transition the temperatures of the ribbons are discussed.