GRADUATE MANAGEMENT ADMISSION COUNCIL

EIN: 237084339 501(c)(3) Education

RESTON, VA

Total Revenue
$63,740,699
Total Expenses
$73,947,044
Total Assets
$191,084,951
Net Assets
$164,575,689
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Financial Trends

Organization Details

Formation Year
1970
Legal Domicile
VA
Principal Officer
JOY JONES
Phone
7036689600
Tax Period
2023-01-01 to 2023-12-31

GRADUATE MANAGEMENT ADMISSION COUNCIL, founded in 1970, is a mid-sized nonprofit in the Education sector that reported $63.7M in total revenue in fiscal year 2023. Expenses of $73.9M exceeded revenue, resulting in a 16% operating deficit.

Mission

THE MISSION OF GRADUATE MANAGEMENT ADMISSION COUNCIL (GMAC) IS TO PROVIDE THE TOOLS AND INFORMATION NECESSARY FOR SCHOOLS AND TALENT TO DISCOVER AND EVALUATE EACH OTHER (SEE SCHEDULE O).GMAC BELIEVES THE VALUES OF COURAGE, CREATIVITY, LISTENING, COLLABORATION AND INTEGRITY, BUILD LASTING CONNECTIONS WITHIN GMAC AND THE EDUCATION COMMUNITY, BOTH TODAY AND FOR THE FUTURE.

Program Service Accomplishments

Program 1
Expenses: $50,432,847 Revenue: $51,336,900

TEST OPERATIONS: GMAC IS COMMITTED TO PROVIDING TOOLS AND SOLUTIONS TO SCHOOLS AND CANDIDATES TO CONNECT WITH AND EVALUATE EACH OTHER SO THAT TALENT DOES NOT GO UNDISCOVERED. GRADUATE MANAGEMENT...

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TEST OPERATIONS: GMAC IS COMMITTED TO PROVIDING TOOLS AND SOLUTIONS TO SCHOOLS AND CANDIDATES TO CONNECT WITH AND EVALUATE EACH OTHER SO THAT TALENT DOES NOT GO UNDISCOVERED. GRADUATE MANAGEMENT EDUCATION (GME) PROGRAMS EVALUATE GLOBAL APPLICANTS FROM DIVERSE EDUCATIONAL AND PROFESSIONAL BACKGROUNDS FOR ADMISSION TO MBA AND BUSINESS MASTER'S DEGREE PROGRAMS. THE GMAT (GRADUATE MANAGEMENT ADMISSION TEST), EA (EXECUTIVE ASSESSMENT), AND NMAT BY GMAC ASSESSMENTS ASSIST SCHOOLS IN EVALUATING CANDIDATE ACADEMIC SUCCESS LIKELIHOOD IN GRADUATE MANAGEMENT PROGRAMS ADMISSIONS. AS SUCH, GMAC'S PORTFOLIO OF PREMIER ASSESSMENTS IS RECOGNIZED AS TRUSTED, VALID PREDICTORS OF ACADEMIC SUCCESS FOR GRADUATE BUSINESS PROGRAMS. GMAC'S ASSESSMENTS ARE ACCEPTED BY MORE THAN 7,000 SCHOOLS GLOBALLY.(SEE SCHEDULE O)THE GMAT EXAM HAS BEEN TRUSTED BY SCHOOLS FOR OVER 60 YEARS AS A PROVEN AND RELIABLE MEASUREMENT IN ADMISSIONS. IN 2015, GMAC ACQUIRED THE NMAT EXAMINATION IN INDIA, RENAMED THE NMAT BY GMAC. IN 2016, GMAC LAUNCHED THE EXECUTIVE ASSESSMENT (EA) FOR EXECUTIVE GRADUATE MANAGEMENT PROGRAMS. MORE INFORMATION CAN BE FOUND AT HTTPS://WWW.GMAC.COM/GMAT-OTHER-ASSESSMENTS/ABOUT-OUR-OTHER-ASSESSMENTS.

Program 2
Expenses: $3,533,003 Revenue: $5,630,290

OTHER EDUCATIONAL SERVICES FOR SCHOOLS AND GME CANDIDATES: INCLUDING BUT NOT LIMITED TO, MBA.COM, GMAC.COM, PROFESSIONAL DEVELOPMENT AND EVENTS, AND DISCOVERY AND ENGAGEMENT SOLUTIONS.MBA.COM: GME...

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OTHER EDUCATIONAL SERVICES FOR SCHOOLS AND GME CANDIDATES: INCLUDING BUT NOT LIMITED TO, MBA.COM, GMAC.COM, PROFESSIONAL DEVELOPMENT AND EVENTS, AND DISCOVERY AND ENGAGEMENT SOLUTIONS.MBA.COM: GME CANDIDATES ARE PROVIDED A RICH PORTAL VIA WWW.MBA.COM, WHERE THEY CAN LEARN ABOUT THE BENEFITS OF GRADUATE MANAGEMENT EDUCATION AND HOW TO FURTHER THEIR CAREER JOURNEY. ON THE SITE, THERE ARE MYRIAD OPPORTUNITIES TO ASSIST THEM WITH PREPARING FOR THEIR APPLICATIONS, REGISTERING FOR EXAMS, CONNECTING WITH SCHOOLS AND ACCESSING FREE AND PAID TEST PREPARATION MATERIALS. (SEE SCHEDULE O)GMAC.COM: BUSINESS SCHOOL AND HIGHER EDUCATION PROFESSIONALS CAN ACCESS A WEALTH OF INFORMATION VIA GMAC.COM, INCLUDING MARKET INTELLIGENCE, INSIGHTS AND ANALYSIS, WHITE PAPERS, NEWS DIGESTS, NEWSLETTERS, ASSESSMENT RESOURCES, AND TOOLS TO HELP THEM SHARPEN THEIR SKILLS, BE ABREAST OF TRENDS AND TAP INTO INFORMATION AND SERVICES SPECIFICALLY FOR GME PROFESSIONALS.PROFESSIONAL DEVELOPMENT AND EVENTS: GMAC PROVIDES ESSENTIAL PROFESSIONAL LEARNING AND DEVELOPMENT OPPORTUNITIES FOR ADMISSIONS PROFESSIONALS AND OTHER BUSINESS SCHOOL LEADERS, INCLUDING CONVENING GLOBAL EDUCATION CONFERENCES, WORKSHOPS, TRAINING, SEMINARS, SCHOOL EVENTS, WEBINARS AND MORE, BOTH VIRTUAL AND IN-PERSON.DISCOVERY AND ENGAGEMENT SOLUTIONS: GMAC HELPS SCHOOLS REACH THE LARGEST QUALIFIED, GLOBAL CANDIDATE POOL INTERESTED IN PURSUING AN MBA OR BUSINESS MASTER'S DEGREE THROUGH DATA-DRIVEN MARKETING, TOURS AND CONTENT SERVICES.

Program 3
Expenses: $1,048,502

RESEARCH: GMAC RESEARCH PROVIDES DATA-DRIVEN MARKET INTELLIGENCE AND INSIGHTS FOR THE GRADUATE MANAGEMENT EDUCATION COMMUNITY. AREAS OF FOCUS INCLUDE ANALYSIS OF GRADUATE MANAGEMENT CANDIDATE TEST...

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RESEARCH: GMAC RESEARCH PROVIDES DATA-DRIVEN MARKET INTELLIGENCE AND INSIGHTS FOR THE GRADUATE MANAGEMENT EDUCATION COMMUNITY. AREAS OF FOCUS INCLUDE ANALYSIS OF GRADUATE MANAGEMENT CANDIDATE TEST TAKERS, APPLICATION TRENDS, CORPORATE RECRUITING OUTLOOKS, ALUMNI PERSPECTIVES, AND GLOBAL AND REGIONAL TRENDS IN AREAS OF PROGRAMS, DIVERSITY, TALENT MOBILITY, AND PSYCHOMETRIC VALIDITY. RESEARCH DIRECTLY SUPPORTS AND ENABLES GMAC MEMBER SCHOOLS AND THE GRADUATE MANAGEMENT EDUCATION COMMUNITY WITH INTERACTIVE AND CUSTOM REPORTS AND PROVIDES INSIGHTS THAT ENABLE TWO-WAY DISCOVERY BETWEEN SCHOOLS AND CANDIDATES. MORE INFORMATION CAN BE SEEN AT HTTPS://WWW.GMAC.COM/MARKET-INTELLIGENCE-AND-RESEARCH.

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $57,533,693
Investment Income $6,101,400
Other Revenue $105,606
TOTAL REVENUE $63,740,699

Expense Breakdown

Grants Paid $561,568
Salaries & Benefits $24,905,079
Fundraising Expenses $0
Program Expenses $55,014,352
Other Expenses $48,480,397
TOTAL EXPENSES $73,947,044

Year-over-Year Comparison

2023 2022 Change
Revenue $63,740,699 $63,026,606 +0.0%
Expenses $73,947,044 $69,629,243 +0.1%
Net Income $-10,206,345 $-6,602,637 +0.5%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
15
Employees
116
Volunteers
15

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
9
$3,206,417
Total Directors
18
$875,837
Key Employees
1
$484,175
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOY JONES CHIEF PRODUCT OFFICER & GENERAL MGR. 40.00
Officer Director
$824,671 $51,166 $875,837
JON ERICKSON CHAIR (TO 7/1/23) 1.00
Officer Director
$0 $0 $0
THEMIN SUWARDY DIRECTOR (TO 7/1/23); CHAIR 1.00
Officer Director
$0 $0 $0
ISABELLE BAJEUX-BESNAINOU DIRECTOR 1.00
Director
$0 $0 $0
MARTIN BOEHM DIRECTOR 1.00
Director
$0 $0 $0
MUKESH BUTANI DIRECTOR 1.00
Director
$0 $0 $0
ITZIAR DE ROS DIRECTOR 1.00
Director
$0 $0 $0
BRUCE DELMONICO DIRECTOR 1.00
Director
$0 $0 $0
YUAN DING DIRECTOR 1.00
Director
$0 $0 $0
CATHERINE DUGGAN DIRECTOR 1.00
Director
$0 $0 $0
CURTIS FERGUSON DIRECTOR (FROM 7/1/23) 1.00
Director
$0 $0 $0
SANJIV KAPUR DIRECTOR 1.00
Director
$0 $0 $0
KATY MONTGOMERY DIRECTOR (TO 6/30/23) 1.00
Director
$0 $0 $0
JAY NIBBE DIRECTOR 1.00
Director
$0 $0 $0
FRANCOIS ORTALO-MAGNE DIRECTOR 1.00
Director
$0 $0 $0
ANA MARIA ZERMENO PADILLA DIRECTOR (FROM 7/1/23) 1.00
Director
$0 $0 $0
GIUSEPPE SODA DIRECTOR 1.00
Director
$0 $0 $0
ANTHONY WILBON DIRECTOR 1.00
Director
$0 $0 $0
ASHISH BHARDWAJ SR VP & HEAD, MARKET DEVELOPMENT 40.00
Officer
$548,700 $51,582 $600,282
JENNIFER MARTIN CFO & HEAD, CORPORATE DEVELOPMENT 40.00
Officer
$523,741 $44,158 $567,899
KEVIN LEFEW CHIEF TECHNOLOGY OFFICER 40.00
Officer
$501,071 $26,725 $527,796
MAITE SALAZAR CHIEF MARKETING OFFICER (TO 4/24/23) 40.00
Officer
$242,492 $15,109 $257,601
ADAM WITWER CHIEF PRODUCT OFFICER (FROM 6/19/23) 40.00
Officer
$171,741 $19,056 $190,797
SARAH BENNETT CHIEF MARKETING OFC. (FROM 6/15/23) 40.00
Officer
$162,341 $23,864 $186,205
ASHOK SARATHY VP, PRODUCT MANAGEMENT OPERATIONS 40.00
Key Emp
$435,894 $48,281 $484,175
ROBIN EVERETT VP, LEGAL 40.00
Highest
$424,843 $49,440 $474,283
SABRINA WHITE VP, SCHOOL & INDUSTRY ENGAGEMENT 40.00
Highest
$442,425 $25,717 $468,142
KYUNGTYEK HAN SR DIR, PSYCHOMETRICIAN 40.00
Highest
$261,532 $40,581 $302,113
ELAINE ALBERS SR DIR, PRODUCT MANAGEMENT 40.00
Highest
$259,604 $24,205 $283,809
DAVID EELMAN SR DIR, GLOBAL CONTROLLER 40.00
Highest
$252,366 $24,369 $276,735
SANGEET CHOWFLA FORMER SR ADVISOR TO BOARD 40.00
$748,417 $5,004 $753,421
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $63,740,699 $73,947,044 $191,084,951 $-10,206,345
2022 $63,026,606 $69,629,243 $191,283,214 $-6,602,637
2021 $77,127,681 $67,246,312 $230,212,828 $9,881,369
2020 $72,686,376 $76,079,385 $227,111,983 $-3,393,009
2019 $95,385,559 $101,133,934 $203,899,196 $-5,748,375
2018 $96,959,120 $95,373,780 $191,024,106 $1,585,340
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