Graduate Management Admission Council
- Assets
- $230.2m
- Revenue
- $77.1m
- Investments
- $6.5m
- Employees
- 169
- Location
- Reston, VA
- Founding
- 08/1999
- Data as of
- 12/2021
- EIN
- 23-7084339
Organization Overview
Graduate Management Admission Council is located in Reston, VA. The organization was established in 1999. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2022, Graduate Management Admission Council employed 169 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Graduate Management Admission Council is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Graduate Management Admission Council generated $77.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $67.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Graduate Management Admission Council has awarded 70 individual grants totaling $2,568,138. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE A WORLD WHERE EVERY PERSON CAN BENEFIT FROM THE BEST BUSINESS EDUCATION FOR THEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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.
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sangeet Chowfla CEO (to 10/22); Sr Advisor To Board | OfficerTrustee | 40 | $850,321 |
Joy Jones Chief Product Officer And General Manager | OfficerTrustee | 40 | $590,802 |
Ashish Bhardwaj Sr VP & Head, Market Development | Officer | 40 | $455,792 |
Betty Su Sr VP & Gm, Gmac Connect(to 12/15/22) | Officer | 40 | $456,596 |
Jennifer Martin CFO & Head, Corporate Development | Officer | 40 | $428,440 |
Kevin Lefew Chief Technology Officer | Officer | 40 | $414,753 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Xela Group Technology Consulting | 12/30/22 | $522,066 |
Eastbanc Technologies Software Development And Support | 12/30/22 | $284,011 |
Mindstream Media Advertising And Media | 12/30/22 | $435,963 |
Rda Company Llc Software Development Services | 12/30/22 | $160,490 |
Nooqleo Marketing And Project Management | 12/30/22 | $167,088 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $63,344,337 |
| Investment income | $3,332,422 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,274,431 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $144,358 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,127,681 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $121,500 |
| Grants and other assistance to domestic individuals. | $40,141 |
| Grants and other assistance to Foreign Orgs/Individuals | $167,676 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,991,366 |
| Compensation of current officers, directors, key employees. | $2,416,774 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,242,949 |
| Pension plan accruals and contributions | $537,146 |
| Other employee benefits | $2,223,013 |
| Payroll taxes | $1,159,705 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $570,353 |
| Fees for services: Accounting | $618,121 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $482,411 |
| Fees for services: Other | $4,143,535 |
| Advertising and promotion | $2,550,443 |
| Office expenses | $1,519,943 |
| Information technology | $5,615,580 |
| Royalties | $0 |
| Occupancy | $2,061,608 |
| Travel | $178,351 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $823,207 |
| Interest | $118,399 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,917,755 |
| Insurance | $227,740 |
| All other expenses | $841,513 |
| Total functional expenses | $67,246,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,738,424 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,262,164 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,891 |
| Prepaid expenses and deferred charges | $3,955,393 |
| Net Land, buildings, and equipment | $2,808,396 |
| Investments—publicly traded securities | $166,743,187 |
| Investments—other securities | $6,480,313 |
| Investments—program-related | $0 |
| Intangible assets | $1,189,591 |
| Other assets | $25,021,469 |
| Total assets | $230,212,828 |
| Accounts payable and accrued expenses | $15,154,511 |
| Grants payable | $0 |
| Deferred revenue | $2,759,206 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,551,138 |
| Total liabilities | $29,464,855 |
| Net assets without donor restrictions | $200,747,973 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $230,212,828 |
Grants Awarded
Over the last fiscal year, Graduate Management Admission Council has awarded $231,700 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
PHD PROJECT ASSOCIATION PURPOSE: PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. | $75,000 |
FORTE FOUNDATION PURPOSE: PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. | $50,000 |
GLOBAL BUSINESS SCHOOL NETWORK (GBSN) PURPOSE: PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. | $8,000 |
EXECUTIVE MBA COUNCIL PURPOSE: PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. | $20,000 |
ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS (AACSB) PURPOSE: PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. | $78,700 |