The independent audit of ETS for the year ending September 30, 2023 is now available from the Federal Audit Clearinghouse. Update: You can also get it on Propublica, which is much easier to use. A few things are worth highlighting here:
- ETS had operating revenues of $1.024 billion for the year. That’s lower than during the pandemic years. I believe it is the lowest number reported since 2010.
- Operating expenses for the year were $1.109 billion. That means the operating loss for the year was about $84.5 million.
- Total assets are valued at $1.811 billion.
As the audit notes, 30% of ETS’s revenue (about 300 million bucks) comes from a contract with one client. That client is the College Board. According to the audit, the contract expires on June 30, 2024. If anyone knows of any press coverage about the renewal of this contract (or lack thereof) I will be happy to read it. It looks to me like both parties are cutting it pretty close.
ETS spent $8.4 million on media advertising in the year (up from 6.4 million the year before) and spent an additional $17.2 million on ad agencies (up from 16.4 million).
ETS received $69 million in federal expenditures for the year. The projects are listed in the audit.
ETS paid $12.2 million dollars to buy something. I’m quite certain it was Wheebox.
ETS sold something for $10.0 million in a deal that closed in January. I have no idea what it was.