The ETS 990 form for the year ending September 30, 2023 is now available. You can read it on Propublica.
A few things are worth noting here:
- ETS reported revenue of 1.06 billion dollars for the year. That’s down from 1.12 billion in 2022. Other than the pandemic-impacted 2020 financial year, you’ve got to go back to 2011 to find a year with less revenue (note that the 2015 form is for a partial year).
- ETS reported a net loss of about 9 million dollars for the year.
- Program service revenue was 918 million dollars, which I think is the lowest since 2010.
- Total assets are valued at about 1.79 billion dollars, up slightly compared to last year.
- The organization’s top earner was former president Walt MacDonald, who was paid about 2.3 million dollars for the year. He left ETS in June of 2022.
- Indeed, former employees did pretty well, financially. The form lists decent amounts of money paid to key individuals who left as long ago as early 2021.
- Current president Amit Sevak earned 658 thousand dollars for the year.
- Cambium Assessment was paid 26.8 million dollars for subcontracting under the big California contract.
- Prometric got 26.3 million for running test centers.
- ProctorU got 23.4 million for its amazing services.
- About 106 thousand dollars was spent on lobbying.
- I still don’t know how much was spent to purchase PSI, but I guess that will be in the audit (coming soon).
- The ETS hotel brought in revenue of 3.1 million dollars against expenses of 3.5 million dollars. Though one popular YouTuber has described it as “sort of like a glammed up university residence,” I still dream of spending a weekend there. Apparently the nearby ETS hiking trail just got new signage, highlighting the organization’s proud history.
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The standard disclaimer: Why should one care? One probably shouldn’t care. But ETS is a tax-exempt organization that still has an outsized influence on the lives of millions of young people in America and around the world. The point is not to gawk at the large numbers but just to share things that smarter people than me ought to be writing about.