Stop everything. The annual audit of ETS is now available via the Federal Audit Clearinghouse! This is my favorite day of the year. The audit covers the year ending September 30, 2024. Since there is no time to waste, here are a few highlights:
- Operating revenues are up 139 million dollars compared to 2023. They now total 1.16 billion dollars.
- Operating expenses are also up, resulting in an operating loss of 146 million dollars. Last year, the operating loss was 84 million dollars.
- Net assets are 1.4 billion dollars, down about 88 million dollars from last year.
- Of the contract ETS once had with the College Board, the audit says:
“The Enterprise had a significant client under contract that ended on June 30, 2024. A contract was renewed with this same client on July 1, 2024, which expires June 30, 2029. Under the new contract, new terms were negotiated that resulted in a significant decrease in the level of services to be provided to this customer.”
For the last full year of the contract, it accounted for 30% of ETS’s operating revenue. We shall see the impact in next year’s audit.
- ETS spent 18 million dollars on advertising, down about 6 million dollars.
- ETS spent 530 million dollars to purchase PSI Services. Wow.
- ETS spent 12 million dollars to acquire an unnamed thing in September of 2023. That thing was Wheebox.
- The cost of this year’s employee buyout will come to 88.7 million dollars. $49.5 million will be on the books this year, and 39.2 million dollars next year.
You can read the whole thing by searching the Federal Audit Clearinghouse. Let me know if you are unsure about how to do that.