efile Public Visual Render
ObjectId: 202323179349306242 - Submission: 2023-11-13
TIN: 13-1623965
Form
990
Department of the Treasury
Internal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)
Do not enter social security numbers on this form as it may be made public.
Go to
www.irs.gov/Form990
for instructions and the latest information.
OMB No. 1545-0047
20
22
Open to Public Inspection
A
For the 2022 calendar year, or tax year beginning
01-01-2022
, and ending
12-31-2022
B
Check if applicable:
Address change
Name change
Initial return
Final return/terminated
Amended return
Application pending
C
Name of organization
College Board
Doing business as
Number and street (or P.O. box if mail is not delivered to street address)
250 Vesey Street
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
New York
,
NY
10281
D Employer identification number
13-1623965
E Telephone number
(212) 713-8000
G
Gross receipts $
1,232,565,921
F
Name and address of principal officer:
David Coleman
250 Vesey Street
New York
,
NY
10281
I
Tax-exempt status:
501(c)(3)
501(c)
(
)
(insert no.)
4947(a)(1)
or
527
J
Website:
www.collegeboard.org
H(a)
Is this a group return for
subordinates?
Yes
No
H(b)
Are all subordinates
included?
Yes
No
If "No," attach a list. See instructions.
H(c)
Group exemption number
K
Form of organization:
Corporation
Trust
Association
Other
L
Year of formation:
1900
M
State of legal domicile:
NY
Part I
Summary
1
Briefly describe the organization’s mission or most significant activities:
College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, College Board was created to expand access to higher education. Today, the membership association is made up of over 6,000 of the world's leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, College Board helps more than seven million students prepare for a successful transition to college and career through programs and services in readiness and success-including the SAT, the Advanced Placement Program, and BigFuture. The organization also serves the education community through research and advocacy on behalf of students, educators, and schools. For further information, visit collegeboard.org.
2
Check this box
3
Number of voting members of the governing body (
Part VI
, line 1a)
........
3
31
4
Number of independent voting members of the governing body (
Part VI
, line 1b)
.....
4
30
5
Total number of individuals employed in calendar year 2022 (
Part V
, line 2a)
......
5
1,810
6
Total number of volunteers (estimate if necessary)
.............
6
775
7a
Total unrelated business revenue from
Part VIII
, column (C), line 12
........
7a
8,003,187
b
Net unrelated business taxable income from Form 990-T, Part I, line 11
.........
7b
565,236
Prior Year
Current Year
8
Contributions and grants (
Part VIII
, line 1h)
.........
5,634,279
7,075,822
9
Program service revenue (
Part VIII
, line 2g)
.........
882,298,721
908,477,178
10
Investment income (
Part VIII
, column (A), lines 3, 4, and 7d )
....
96,706,694
126,957,004
11
Other revenue (
Part VIII
, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)
-1,437,723
-2,306,906
12
Total revenue—add lines 8 through 11 (must equal
Part VIII
, column (A), line 12)
983,201,971
1,040,203,098
13
Grants and similar amounts paid (
Part IX
, column (A), lines 1–3 )
...
5,531,109
5,239,323
14
Benefits paid to or for members (
Part IX
, column (A), line 4)
.....
0
15
Salaries, other compensation, employee benefits (
Part IX
, column (A), lines 5–10)
300,922,934
299,920,248
16a
Professional fundraising fees (
Part IX
, column (A), line 11e)
.....
0
b
Total fundraising expenses (
Part IX
, column (D), line 25)
0
17
Other expenses (
Part IX
, column (A), lines 11a–11d, 11f–24e)
....
564,330,452
589,206,996
18
Total expenses. Add lines 13–17 (must equal
Part IX
, column (A), line 25)
870,784,495
894,366,567
19
Revenue less expenses. Subtract line 18 from line 12
.......
112,417,476
145,836,531
Beginning of Current Year
End of Year
20
Total assets (
Part X
, line 16)
.............
1,954,390,358
2,013,045,133
21
Total liabilities (
Part X
, line 26)
.............
286,822,385
457,485,008
22
Net assets or fund balances. Subtract line 21 from line 20
.....
1,667,567,973
1,555,560,125
Part II
Signature Block
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
2023-11-13
Signature of officer
Date
Martha Stratis
CAO & Treasurer
Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
2023-11-13
Check
if
self-employed
PTIN
P00369623
Firm's name
PWC US TAX LLP
Firm's EIN
92-0460586
Firm's address
655 New York Ave NW Suite 1100
Washington
,
DC
20001
Phone no.
(212) 414-1000
May the IRS discuss this return with the preparer shown above? See Instructions.
..........
Yes
No
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y
Form
990
(2022)
Page 2
Form 990 (2022)
Page
2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this
Part III
..............
1
Briefly describe the organization’s mission:
Our mission is to serve over 6,000 members and connect more than 7 million students to college success and career opportunity. Through our programs and initiatives, we expand opportunities for students and challenge them to own their future by practicing hard and taking advantage of every opportunity they earn.
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ?
.....................
Yes
No
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program
services?
...........................
Yes
No
If "Yes," describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a
(Code:
) (Expenses $
381,474,112
including grants of $
281,387
) (Revenue $
493,585,536
)
Advanced Placement Program Founded in 1955, the Advanced Placement Program gives students the opportunity to take college-level coursework and exams in high school. Students who succeed on AP Exams are more likely to succeed in college and can potentially earn valuable college credit. Even AP students who earn a lower score have better college outcomes than academically similar college students who did not take an AP course and AP Exam. Nearly 1.2 million students in the class of 2022 took more than 4 million AP Exams in U.S. public high schools nationwide, as educators across the country encourage a wider and more diverse population of students to participate in AP. 34.6% of 2022 U.S. public high school graduates took at least one AP Exam during high school, and 21.6% of the graduating class scored a 3 or higher on at least one AP Exam. Over the past 10 years, the percentage of all U.S. public high school graduates earning a score of 3 or higher (out of 5) on at least one AP Exam has grown by 3.4 percentage points. More than 1 in 5 U.S. public school graduates score 3 or higher on at least one AP Exam. 402,498 traditionally underrepresented students-including Black/African American, Hispanic/Latino, and American Indian/Alaska Native students-graduated in 2022 from U.S. public high schools having taken at least one AP Exam, up 143,176 students from 2012. The growth in both participation and performance for students from all backgrounds reflects the hard work of students and teachers, and the commitment of states and districts, toward providing students with greater access to academic opportunities. The AP Program provides students, teachers, and administrators with free resources, support, and feedback throughout the year. All students have access to free AP Daily videos and AP Daily: Live Review sessions. AP Daily videos are short on-demand segments led by expert AP teachers that cover all course content and skills. Teachers can assign them for out-of-class work and use valuable class time for more focused engagement with students. These resources help schools target instruction and provide practice opportunities. AP Computer Science Principles: In fall 2016, College Board launched AP Computer Science Principles (AP CSP) with the goal of giving all students-especially those who are traditionally underrepresented in the computer science field-tools and opportunities to be successful in today's workforce. AP CSP was the biggest course launch in the history of the AP Program. New research finds that students who take AP CSP in high school are more than 3 times as likely to major in computer science in college, compared to similar students who did not take CSP. Differences are similarly large for female, Black, Hispanic, and first-generation college students. Pre-AP: First piloted in fall 2018, Pre-AP courses are designed to support all students across varying levels of ability, challenging them to build relevant, interdisciplinary critical thinking skills. The program empowers all students to learn, grow, and build confidence through focused course frameworks, engaging instructional resources, learning checkpoints, and collaborative educator workshops. Pre-AP courses help get students ready for the PSAT-related assessments, SAT, and AP. Twelve (12) courses are currently available in five subject areas. AP Potential: AP Potential is a free, web-based tool that helps educators increase access to AP by using SAT, PSAT/NMSQT, PSAT 10, and PSAT 8/9 score data to identify students with the potential to succeed in AP.
4b
(Code:
) (Expenses $
257,330,303
including grants of $
) (Revenue $
289,213,000
)
SAT Suite of Assessments College Board's SAT Suite, which includes the SAT, PSAT/NMSQT, PSAT 10, and PSAT 8/9, measures what research shows students need to succeed after high school. It also connects students with fee waivers, scholarship opportunities, free personalized practice, and college and career planning tools. As schools and communities continue to recover from impacts of the pandemic, SAT testing capacity and SAT test-taking have increased. The 2022 SAT Suite of Assessments Annual Report shows that 1.7 million students in the high school class of 2022 took the SAT at least once, up from 1.5 million in the class of 2021. Most of these students took the assessment through SAT School Day, the in-school program that dramatically expands access and equity. And as SAT test-taking rebounds, College Board survey results continue to show more than 80% of students want to be able to send their scores to colleges. Nearly 1.1 million students in the class of 2022 took the SAT through the SAT School Day program, which provides schools, districts, and states a way to offer the SAT to juniors and seniors in school, on a weekday, often at no cost to students. Overall, more than 63% of SAT takers in the class of 2022 took the SAT on a school day, the highest percentage to date, compared to 62% of the class of 2021, and 49% of the class of 2020. SAT School Day participation has increased more than 18% over the past year, up from 930,000 in the class of 2021. In spring 2022 we started to deliver the SAT Suite of Assessments digitally. More than 43,000 students in 166 countries took the first administration of the digital SAT when it launched at international test centers. We will transition U.S. schools and test centers from paper and pencil to digital in spring of 2024.
4c
(Code:
) (Expenses $
88,363,621
including grants of $
4,122,145
) (Revenue $
106,542,549
)
College and Career Opportunities and Enrollment By connecting students to colleges and scholarships, and providing access to credit programs, planning tools, and fee waivers for all who need them, College Board is increasing opportunities and breaking down barriers to college and helping students identify career opportunities. CLEP: The College-Level Examination Program (CLEP), the most widely trusted college-based credit-by-examination program for more than 50 years, is accepted by 2,900 colleges and universities and administered in over 2,000 test centers. CLEP increases opportunities for students by enabling them to earn college credit by demonstrating knowledge they have gained in other settings, such as independent study, workforce training, or other experiences. CLEP exams can save money and time for students of all ages and backgrounds, including students in dual enrollment or continuing education programs, homeschooled, international, and/or transfer students. Members of the military can also take advantage of the financial savings CLEP offers; through a College Board partnership with the Defense Activity for Non-Traditional Education Support (DANTES), military personnel can take CLEP exams for free. Students may take any of 34 examinations in 5 subject areas, covering material usually taught in a 2-year degree program or the first 2 years of a 4-year program. Research shows students who earn course credit for achieving a required minimum CLEP exam score perform as well as or better than their classmates without CLEP exam credit in sequent or subsequent courses. BigFuture: BigFuture is a set of comprehensive digital resources that helps students plan for college, pay for college, and explore careers. It simplifies the path to life after high school by recommending small steps that all students-no matter their high school-can take at just the right time to explore career interests, identify potential majors, find colleges and scholarships, and access financial aid. And it rewards students' efforts directly by providing chances at scholarships. Launched in December 2018 and open to all students, the national BigFuture Scholarship program guides students through the college planning process and offers them multiple chances to earn money for college. Students earn entries in monthly drawings for $500-$40,000 scholarships by completing steps to plan for college. More than $14 million in scholarships has been awarded to more than 15,000 students since the program started. Student Search Service: College Board's Student Search Service, or Search, is a free, voluntary program that connects students with information about educational and financial aid opportunities from nearly 1,900 eligible colleges and universities, and scholarships and other educational programs. Students can opt in to participate in Search when they take certain College Board assessments, or at any time when they visit College Board's website. By choosing to participate, students give College Board permission to share their names and limited information with colleges and scholarship programs looking for students like them. Research shows that students who participate in Search are more likely to go to and finish college. The College Board National Recognition Programs: These awards create pathways to college for underrepresented students by awarding them academic honors and connecting them with universities across the country, helping students stand out during the admissions process. Students who may be eligible include those who take the PSAT/NMSQT, PSAT 10, or AP Exams and are African American or Black, Hispanic American or Latinx, Indigenous, or attend school in a rural area or small town. The College Board National Recognition Programs grant students' academic honors that can be included in college and scholarship applications. Colleges use these honors to identify students from underrepresented groups who have excelled on their PSAT/NMSQT, PSAT 10, or AP Exams and in their classrooms. Expanded Recognition Awards and Scholarship Opportunities: Participating in Student Search Service helps students get found by scholarship providers. In addition to its partnership with the National Merit Scholarship Corporation, College Board connects students to 26 scholarship partners that offer more than $300 million in annual rewards to qualified students based on merit and financial need. Among the organizations College Board works with are the American Indian Graduate Center (AIGC), the APIA Scholarship Program, the Cobell Scholarship (awarded by Indigenous Education, Inc.), the Hispanic Scholarship Fund (HSF), the Jack Kent Cooke Foundation (JKCF), and the United Negro College Fund (UNCF). By using information from the PSAT/NMSQT and PSAT 10, AIGC, APIA, Cobell, HSF, JKCF, and UNCF are able to access a wider group of eligible students from high schools across the country and make sure they're aware of the opportunities they've earned. Fee Waivers: In 2022, College Board provided over $78 million in fee waivers and fee reductions. CSS Profile: CSS Profile is a service that helps colleges award institutional financial aid to the students who need it most. Profile gives schools a complete picture of families' finances so they can distribute aid equitably and strategically. Nearly 400 colleges, universities, graduate and professional schools, and scholarship organizations rely on CSS Profile to help make college a reality for students. Collectively, institutions and organizations that use CSS Profile award more than $9 billion annually in institutional grants and scholarships to students based on financial need. Landscape: In fall 2019, College Board launched Landscape, a comprehensive and free resource that provides consistent high school and neighborhood information so admissions officers can better understand applicants' high school and neighborhood environments.
(Code:
) (Expenses $
40,359,510
including grants of $
835,791
) (Revenue $
19,136,093
)
Other Services Research and Advocacy - College Board's Research and Advocacy efforts are related primarily to the areas of college preparation and access, college affordability and financial aid, college admissions and completion, and the importance of teachers and school counselors. Membership - College Board works to strengthen relationships among members to achieve our shared goals through programs, services, and large-scale conferences, and seeks to foster community, expand knowledge, and enhance the education profession. Puerto Rico and Latin America - College Board Puerto Rico and Latin America develops programs and services specially designed for populations whose vernacular is Spanish and appropriate to the educational conditions of Latin America. These programs are aimed at systematizing the university evaluation and admissions processes, strengthening academic and personal orientation, and promoting educational excellence. ****
4d
Other program services (Describe in Schedule O.)
(Expenses $
40,359,510
including grants of $
835,791
) (Revenue $
19,136,093
)
4e
Total program service expenses
767,527,546
Form
990
(2022)
Page 3
Form 990 (2022)
Page
3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?
If "Yes," complete Schedule A
List of Attached Documents:
// Content
.....................
1
Yes
2
Is the organization required to complete
Schedule B, Schedule of Contributors
? See instructions.
List of Attached Documents:
// Content
...
2
Yes
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?
If "Yes," complete Schedule C,
Part I
.............
3
No
4
Section 501(c)(3) organizations.
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?
If "Yes," complete Schedule C,
Part II
List of Attached Documents:
// Content
.........
4
Yes
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19?
If "Yes," complete Schedule C,
Part III
..
5
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?
If "Yes," complete
Schedule D,
Part I
.........................
6
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures?
If "Yes," complete Schedule D,
Part II
....
7
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets?
If "Yes,"
complete Schedule D,
Part III
..............
8
No
9
Did the organization report an amount in
Part X
, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in
Part X
; or provide credit counseling, debt management, credit repair, or debt negotiation services?
If "Yes," complete Schedule D,
Part IV
..............
9
No
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments?
If "Yes," complete Schedule D,
Part V
......
10
No
11
If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.
a
Did the organization report an amount for land, buildings, and equipment in
Part X
, line 10?
If "Yes," complete
Schedule D,
Part VI
.
List of Attached Documents:
// Content
...................
11a
Yes
b
Did the organization report an amount for investments—other securities in
Part X
, line 12 that is 5% or more of its total assets reported in
Part X
, line 16?
If "Yes," complete Schedule D,
Part VII
List of Attached Documents:
// Content
.......
11b
Yes
c
Did the organization report an amount for investments—program related in
Part X
, line 13 that is 5% or more of its total assets reported in
Part X
, line 16?
If "Yes," complete Schedule D,
Part VIII
.......
11c
No
d
Did the organization report an amount for other assets in
Part X
, line 15 that is 5% or more of its total assets reported in
Part X
, line 16?
If "Yes," complete Schedule D,
Part IX
List of Attached Documents:
// Content
............
11d
Yes
e
Did the organization report an amount for other liabilities in
Part X
, line 25?
If "Yes," complete Schedule D,
Part X
11e
No
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)?
If "Yes," complete Schedule D,
Part X
List of Attached Documents:
// Content
11f
Yes
12a
Did the organization obtain separate, independent audited financial statements for the tax year?
If "Yes," complete
Schedule D, Parts XI and XII
List of Attached Documents:
// Content
......................
12a
Yes
b
Was the organization included in consolidated, independent audited financial statements for the tax year?
If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional
12b
No
13
Is the organization a school described in section 170(b)(1)(A)(ii)?
If "Yes," complete Schedule E
13
No
14a
Did the organization maintain an office, employees, or agents outside of the United States?
.....
14a
No
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?
If "Yes," complete Schedule F, Parts I and IV
.........
List of Attached Documents:
// Content
14b
Yes
15
Did the organization report on
Part IX
, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization?
If “Yes,” complete Schedule F, Parts II and IV
.....
15
No
16
Did the organization report on
Part IX
, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals?
If “Yes,” complete Schedule F, Parts III and IV
...
16
No
17
Did the organization report a total of more than $15,000 of expenses for professional fundraising services on
Part IX
, column (A), lines 6 and 11e?
If "Yes," complete Schedule G,
Part I.
See instructions.
....
17
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on
Part VIII
, lines 1c and 8a?
If "Yes," complete Schedule G,
Part II
............
18
No
19
Did the organization report more than $15,000 of gross income from gaming activities on
Part VIII
, line 9a?
If "Yes," complete Schedule G,
Part III
...................
19
No
20a
Did the organization operate one or more hospital facilities?
If "Yes," complete Schedule H
....
20a
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on
Part IX
, column (A), line 1?
If “Yes,” complete Schedule I, Parts I and II
.....
List of Attached Documents:
// Content
21
Yes
Form
990
(2022)
Page 4
Form 990 (2022)
Page
4
Part IV
Checklist of Required Schedules
(continued)
Yes
No
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on
Part IX
, column (A), line 2?
If “Yes,” complete Schedule I, Parts I and III
........
List of Attached Documents:
// Content
22
Yes
23
Did the organization answer "Yes" to
Part VII
, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees?
If "Yes," complete Schedule J
.......................
List of Attached Documents:
// Content
23
Yes
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?
If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a
...............
24a
No
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?
...
24b
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?
...............
24c
d
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?
...
24d
25a
Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations.
Did the organization engage in an excess benefit transaction with a disqualified person during the year?
If "Yes," complete Schedule L,
Part I
....
25a
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ?
If "Yes," complete Schedule L,
Part I
.......................
25b
No
26
Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons?
If "Yes," complete Schedule L,
Part II
...........
26
No
27
Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," complete
Schedule L,
Part III
.........................
27
No
28
Was the organization a party to a business transaction with one of the following parties (see the Schedule L,
Part IV
instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor?
If "Yes," complete Schedule L,
Part IV
......................
28a
No
b
A family member of any individual described in line 28a?
If "Yes," complete Schedule L,
Part IV
.....
28b
No
c
A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b?
If "Yes," complete Schedule L,
Part IV
.....................
28c
No
29
Did the organization receive more than $25,000 in non-cash contributions?
If "Yes," complete Schedule M
..
29
No
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?
If "Yes," complete Schedule M
.................
30
No
31
Did the organization liquidate, terminate, or dissolve and cease operations?
If "Yes," complete Schedule N,
Part I
31
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?
If "Yes," complete Schedule N,
Part II
........................
32
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?
If "Yes," complete Schedule R,
Part I
............
List of Attached Documents:
// Content
33
Yes
34
Was the organization related to any tax-exempt or taxable entity?
If "Yes," complete Schedule R,
Part II
, III, or IV, and
Part V
, line 1
.........................
List of Attached Documents:
// Content
34
Yes
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
Yes
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)?
If "Yes," complete Schedule R,
Part V
, line 2
...
List of Attached Documents:
// Content
35b
Yes
36
Section 501(c)(3) organizations.
Did the organization make any transfers to an exempt non-charitable related organization?
If "Yes," complete Schedule R,
Part V
, line 2
.............
36
No
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?
If "Yes," complete Schedule R,
Part VI
37
No
38
Did the organization complete Schedule O and provide explanations on Schedule O for
Part VI
, lines 11b and 19?
Note.
All Form 990 filers are required to complete Schedule O.
............
38
Yes
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this
Part V
...........
Yes
No
1a
Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable
..
1a
1,938
b
Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable
.
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?
..................
1c
Yes
Form
990
(2022)
Page 5
Form 990 (2022)
Page
5
Part V
Statements Regarding Other IRS Filings and Tax Compliance
(continued)
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return
..................
2a
1,810
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
2b
Yes
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?
...
3a
Yes
b
If “Yes,” has it filed a Form 990-T for this year?
If “No” to line 3b, provide an explanation in Schedule O
...
3b
Yes
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?
..
4a
Yes
b
If "Yes," enter the name of the foreign country:
UK
,
VI
,
CA
,
CJ
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?
..
5a
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T?
............
5c
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?
...
6a
No
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?
......................
6b
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?
....................
7a
No
b
If "Yes," did the organization notify the donor of the value of the goods or services provided?
.....
7b
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?
.........................
7c
No
d
If "Yes," indicate the number of Forms 8282 filed during the year
....
7d
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?
..
7f
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?
......................
7g
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?
..........................
7h
8
Sponsoring organizations maintaining donor advised funds.
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?
........
8
9
Sponsoring organizations maintaining donor advised funds.
a
Did the sponsoring organization make any taxable distributions under section 4966?
........
9a
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?
...
9b
10
Section 501(c)(7) organizations.
Enter:
a
Initiation fees and capital contributions included on
Part VIII
, line 12
...
10a
b
Gross receipts, included on Form 990,
Part VIII
, line 12, for public use of club facilities
10b
11
Section 501(c)(12) organizations.
Enter:
a
Gross income from members or shareholders
.........
11a
b
Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.)
..........
11b
12a
Section 4947(a)(1) non-exempt charitable trusts.
Is the organization filing Form 990 in lieu of Form 1041?
12a
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year.
12b
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state?
.........
Note.
See the instructions for additional information the organization must report on Schedule O.
13a
b
Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans
....
13b
c
Enter the amount of reserves on hand
............
13c
14a
Did the organization receive any payments for indoor tanning services during the tax year?
.....
14a
No
b
If "Yes," has it filed a Form 720 to report these payments?
If "No," provide an explanation in Schedule O
..
14b
15
Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year?
....................
If "Yes," see the instructions and file Form 4720, Schedule N.
15
Yes
16
Is the organization an educational institution subject to the section 4968 excise tax on net investment income?
..
If "Yes," complete Form 4720, Schedule O.
16
No
17
Section 501(c)(21) organizations.
Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953?
..
If "Yes," complete Form 6069.
17
Form
990
(2022)
Page 6
Form 990 (2022)
Page
6
Part VI
Governance, Management, and Disclosure.
For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines
8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this
Part VI
..............
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year
1a
31
If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
b
Enter the number of voting members included in line 1a, above, who are independent
1b
30
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee?
.................
2
No
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person?
.
3
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed?
.
4
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets?
.
5
No
6
Did the organization have members or stockholders?
................
6
Yes
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body?
....................
7a
Yes
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body?
...................
7b
Yes
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body?
.......................
8a
Yes
b
Each committee with authority to act on behalf of the governing body?
............
8b
Yes
9
Is there any officer, director, trustee, or key employee listed in
Part VII
, Section A, who cannot be reached at the organization’s mailing address?
If "Yes," provide the names and addresses in Schedule O
.......
9
No
Section B. Policies
(
This Section B requests information about policies not required by the Internal Revenue Code.
)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates?
............
10a
No
b
If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?
10b
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form?
............................
11a
Yes
b
Describe on Schedule O the process, if any, used by the organization to review this Form 990.
.....
12a
Did the organization have a written conflict of interest policy?
If "No," go to line 13
.......
12a
Yes
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts?
..........................
12b
Yes
c
Did the organization regularly and consistently monitor and enforce compliance with the policy?
If "Yes," describe on Schedule O how this was done
...................
12c
Yes
13
Did the organization have a written whistleblower policy?
...............
13
Yes
14
Did the organization have a written document retention and destruction policy?
.........
14
Yes
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official
...........
15a
Yes
b
Other officers or key employees of the organization
................
15b
Yes
If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year?
......................
16a
No
b
If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements?
............
16b
Section C. Disclosure
17
List the states with which a copy of this Form 990 is required to be filed
CA
,
DC
,
OR
18
Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
Own website
Another's website
Upon request
Other (explain in Schedule O)
19
Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
Martha Stratis
250 Vesey Street
New York
,
NY
10281
(212) 713-8000
Form
990
(2022)
Page 7
Form 990 (2022)
Page
7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this
Part VII
..............
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a
Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
List all of the organization’s
current
officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.
List all of the organization’s
current
key employees, if any. See the instructions for definition of "key employee."
List the organization’s five
current
highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.
List all of the organization’s
former
officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.
List all of the organization’s
former directors or trustees
that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.
See the instructions for the order in which to list the persons above.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.
(A)
Name and title
(B)
Average hours per week (list any hours for related organizations below dotted line)
(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee)
(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)
(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(F)
Estimated amount of other compensation from the organization and related organizations
(1)
DAVID COLEMAN
CEO/TRUSTEE
40.0
.................
X
X
1,826,946
0
315,631
(2)
RONNE P TURNER
TRUSTEE
2.0
.................
X
X
0
0
0
(3)
THOMAS MOORE
TRUSTEE
2.0
.................
X
X
0
0
0
(4)
ADRIAN EPPS
TRUSTEE
2.0
.................
X
0
0
0
(5)
ADRIAN PALAZUELOS
TRUSTEE
2.0
.................
X
0
0
0
(6)
ANNE HOUTMAN
TRUSTEE
2.0
.................
X
0
0
0
(7)
ARIELA ROZMAN
TRUSTEE
2.0
.................
X
0
0
0
(8)
BARBARA A GILL
TRUSTEE/RECLASSIFIED AS NON-OFFICER
2.0
.................
X
0
0
0
(9)
CATALINA CIFUENTES
TRUSTEE
2.0
.................
X
0
0
0
(10)
CHRISTOPH GUTTENTAG
TRUSTEE
2.0
.................
X
0
0
0
(11)
COURTNEY MCANUFF
TRUSTEE
2.0
.................
X
0
0
0
(12)
ELIZEBETH CHACKO
TRUSTEE
2.0
.................
X
0
0
0
(13)
ELMER GUY
TRUSTEE
2.0
.................
X
0
0
0
(14)
ERIC ZARNIKOW
TRUSTEE
2.0
.................
X
0
0
0
(15)
JASON KLEIN
TRUSTEE
2.0
.................
X
0
0
0
(16)
JENNIFER NORRELL
TRUSTEE
2.0
.................
X
0
0
0
(17)
JOHN BARNHILL
TRUSTEE
2.0
.................
X
0
0
0
Form
990
(2022)
Page 8
Form 990 (2022)
Page
8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
(continued)
(A)
Name and title
(B)
Average hours per week (list any hours for related organizations below dotted line)
(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee)
(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)
(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(F)
Estimated amount of other compensation from the organization and related organizations
(18)
JUDY WHITE
TRUSTEE
2.0
.......................
X
0
0
0
(19)
KEDRA ISHOP
TRUSTEE
2.0
.......................
X
0
0
0
(20)
KELLY WALTER
TRUSTEE
2.0
.......................
X
0
0
0
(21)
KIMBERLY SCOTT
TRUSTEE
2.0
.......................
X
0
0
0
(22)
KRISTINA WONG DAVIS
TRUSTEE
2.0
.......................
X
0
0
0
(23)
MAGDALENA HINOJOSA
TRUSTEE
2.0
.......................
X
0
0
0
(24)
MANUEL FRENCH
TRUSTEE
2.0
.......................
X
0
0
0
(25)
MARK THOMAS
TRUSTEE
2.0
.......................
X
0
0
0
(26)
MELODY BUSTILLOS
TRUSTEE
2.0
.......................
X
0
0
0
(27)
MEREDITH NADEAU
TRUSTEE
2.0
.......................
X
0
0
0
(28)
MJ KNOLL-FINN
TRUSTEE
2.0
.......................
X
0
0
0
(29)
NAN DAVIS
TRUSTEE
2.0
.......................
X
0
0
0
(30)
NIKKI DANOS
TRUSTEE
2.0
.......................
X
0
0
0
(31)
PATRICIA MCCARTHY
TRUSTEE
2.0
.......................
X
0
0
0
(32)
RACHELLE HERNANDEZ
TRUSTEE
2.0
.......................
X
0
0
0
(33)
RAUL HINOJOSA
TRUSTEE
2.0
.......................
X
0
0
0
(34)
SAMANTHA VEEDER
TRUSTEE
2.0
.......................
X
0
0
0
(35)
SHAH ARDALAN
TRUSTEE
2.0
.......................
X
0
0
0
(36)
SUSAN ENFIELD
TRUSTEE
2.0
.......................
X
0
0
0
(37)
THOMAS MCDERMOTT
TRUSTEE
2.0
.......................
X
0
0
0
(38)
TIMOTHY KEIRN
TRUSTEE
2.0
.......................
X
0
0
0
(39)
YVETTE GULLATT
TRUSTEE
2.0
.......................
X
0
0
0
(40)
DANIELA BERGER POLLACK
CHIEF FINANCIAL OFFICER
40.0
.......................
X
469,916
0
31,993
(41)
JAMES MONTOYA
SEC'Y & CHIEF OF MEMBERSHIP, GOVERNANCE, & GLOBAL HIGHER ED
40.0
.......................
X
557,642
0
50,981
(42)
JEFF OLSON
Chief Data Officer and SVP, Technology Strategy
40.0
.......................
X
593,056
0
68,262
(43)
JEREMY SINGER
PRESIDENT
40.0
.......................
X
1,770,946
0
57,787
(44)
MARTHA STRATIS
CHIEF ACCOUNTING OFFICER AND TREASURER
40.0
.......................
X
342,940
0
38,669
(45)
PETER SCHWARTZ
CHIEF RISK OFFICER & GENERAL COUNSEL
40.0
.......................
X
595,046
0
41,806
(46)
STEFANIE SANFORD
CHIEF OF GLOBAL POLICY, ADVOCACY & COMMUNICATIONS
40.0
.......................
X
572,684
0
48,242
(47)
PRISCILLA RODRIGUEZ
Vice President, College Readiness Assessments
40.0
.......................
X
381,310
0
54,014
(48)
TARLIN RAY
Senior vice president, bigfuture
40.0
.......................
X
444,188
0
56,669
(49)
TREVOR PACKER
SVP, AP PROGRAMS
40.0
.......................
X
600,236
0
49,263
(50)
AUDITI CHAKRAVARTY
SVP, Learning and Assessment
40.0
.......................
X
440,184
0
49,822
(51)
ELISSA KIM
SVP, Global Strategy and Talent
40.0
.......................
X
473,963
0
37,886
(52)
JASON MANOHARAN
VP, AP program development
40.0
.......................
X
427,877
0
65,631
(53)
JOHN MCGRATH
Chief Communications & Marketing Officer
40.0
.......................
X
522,519
0
67,595
(54)
STEVE BUMBAUGH
SVP, COLLEGE, CAREER, AND DIGITAL ACCESS
40.0
.......................
X
503,482
0
55,462
1b
Sub-Total
..............
c
Total from continuation sheets to
Part VII
, Section A
..
d
Total (add lines 1b and 1c)
.........
10,522,935
0
1,089,713
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization
1,238
Yes
No
3
Did the organization list any
former
officer, director or trustee, key employee, or highest compensated employee on line 1a?
If "Yes," complete Schedule J for such individual
..............
3
Yes
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000?
If "Yes," complete Schedule J for such
individual
...........................
4
Yes
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization?
If "Yes," complete Schedule J for such person
........
5
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address
(B)
Description of services
(C)
Compensation
EDUCATIONAL TESTING SERVICES
4897 COLLECTION CENTER DRIVE
CHICAGO
,
IL
60693
TESTING SERVICES
316,719,691
NEXTSOURCE INC
1040 AVENUE OF THE AMERICAS
NEW YORK
,
NY
10018
IT CONSULTING
35,967,547
NCS PEARSON
21866 NETWORK PLACE
CHICAGO
,
IL
60673
TESTING SERVICES
25,301,527
ALORICA INC
8151 PETERS ROAD
PLANTATION
,
FL
33324
CALL CENTER SERVICES
17,364,736
AMAZON WEB SERVICES
1200 12TH AVE S
SEATTLE
,
WA
98144
CLOUD SERVICES
8,580,559
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization
206
Form
990
(2022)
Page 9
Form 990 (2022)
Page
9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this
Part VIII
.............
(A)
Total revenue
(B)
Related or
exempt
function
revenue
(C)
Unrelated
business
revenue
(D)
Revenue
excluded from
tax under sections
512 - 514
1a
Federated campaigns
..
1a
b
Membership dues
..
1b
c
Fundraising events
..
1c
d
Related organizations
1d
e
Government grants (contributions)
1e
5,176,907
f
All other contributions, gifts, grants, and similar amounts not included above
1f
1,898,915
g
Noncash contributions included in lines 1a - 1f:$
1g
h Total.
Add lines 1a-1f
.......
7,075,822
Business Code
2a
ADVANCED PLACEMENT PROGRAM
611710
493,585,536
493,585,536
b
SAT SUITE OF ASSESSMENTS
611710
289,213,000
289,213,000
c
COLLEGE & CAREER OPPORTUNITIES & ENROLLMENT
611710
106,542,549
106,542,549
d
OTHER SERVICES
611710
19,136,093
19,136,093
e
f
All other program service revenue.
0
0
0
0
g
Total.
Add lines 2a–2f
.....
908,477,178
3
Investment income (including dividends, interest, and other
similar amounts)
......
19,770,626
2,017,226
17,753,400
4
Income from investment of tax-exempt bond proceeds
5
Royalties
...........
(ii) Personal
(i) Real
6a
Gross rents
3,796,474
6a
b
Less: rental expenses
6,103,380
6b
c
Rental income or (loss)
0
-2,306,906
6c
d
Net rental income or (loss)
.......
-2,306,906
-2,306,906
(ii) Other
(i) Securities
7a
Gross amount from sales of assets other than inventory
261,451,298
31,994,523
7a
b
Less: cost or other basis and sales expenses
158,313,746
27,945,697
7b
c
Gain or (loss)
103,137,552
4,048,826
7c
d
Net gain or (loss)
.........
107,186,378
5,985,961
101,200,417
8a
Gross income from fundraising events (not including $
of contributions reported on line 1c).
See
Part IV
, line 18
....
8a
b
Less: direct expenses
...
8b
c
Net income or (loss) from fundraising events
..
9a
Gross income from gaming activities.
See
Part IV
, line 19
...
9a
b
Less: direct expenses
...
9b
c
Net income or (loss) from gaming activities
..
10a
Gross sales of inventory, less
returns and allowances
..
10a
b
Less: cost of goods sold
..
10b
c
Net income or (loss) from sales of inventory
..
Business Code
11a
b
c
d
All other revenue
....
0
0
0
0
e
Total.
Add lines 11a–11d
......
0
12
Total revenue.
See instructions
....
1,040,203,098
908,477,178
8,003,187
116,646,911
Form
990
(2022)
Page 10
Form 990 (2022)
Page
10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).
Check if Schedule O contains a response or note to any line in this
Part IX
..............
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of
Part VIII
.
(A)
Total expenses
(B)
Program service
expenses
(C)
Management and
general expenses
(D)
Fundraising
expenses
1
Grants and other assistance to domestic organizations and domestic governments. See
Part IV
, line 21
....
820,791
820,791
2
Grants and other assistance to domestic individuals. See
Part IV
, line 22
...........
4,418,532
4,418,532
3
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See
Part IV
, lines 15 and 16.
.............
4
Benefits paid to or for members
.......
5
Compensation of current officers, directors, trustees, and key employees
...........
8,968,226
1,570,913
7,397,313
6
Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
.........
7
Other salaries and wages
........
232,895,690
171,491,430
61,404,260
8
Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions)
....
23,504,693
17,098,824
6,405,869
9
Other employee benefits
.......
17,494,689
12,830,593
4,664,096
10
Payroll taxes
...........
17,056,950
12,268,547
4,788,403
11
Fees for services (non-employees):
a
Management
......
b
Legal
.........
1,590,026
1,228,513
361,513
c
Accounting
...........
611,234
611,234
d
Lobbying
...........
813,842
813,842
e
Professional fundraising services.
See
Part IV
, line 17
f
Investment management fees
......
11,052,474
11,052,474
g
Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)
40,604,374
40,604,374
0
0
12
Advertising and promotion
....
4,591,060
4,591,060
13
Office expenses
.......
7,464,389
6,336,550
1,127,839
14
Information technology
......
38,868,835
27,663,210
11,205,625
15
Royalties
..
16
Occupancy
...........
24,969,667
17,914,928
7,054,739
17
Travel
............
9,311,042
7,612,920
1,698,122
18
Payments of travel or entertainment expenses for any federal, state, or local public officials
.
19
Conferences, conventions, and meetings
....
6,119,102
5,592,709
526,393
20
Interest
...........
21
Payments to affiliates
.......
22
Depreciation, depletion, and amortization
..
20,198,939
15,082,775
5,116,164
23
Insurance
...
2,050,265
2,050,265
24
Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a
ASSESSMENT ADMINISTRATION & DEVELOPMENT
395,896,636
395,896,636
b
PRINTING AND PUBLICATIONS
11,914,448
11,845,477
68,971
c
RESEARCH
11,723,581
11,723,581
d
MARKETING
1,195,555
785,994
409,561
e
All other expenses
231,527
149,189
82,338
0
25
Total functional expenses.
Add lines 1 through 24e
894,366,567
767,527,546
126,839,021
0
26
Joint costs.
Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation.
Check here
if following SOP 98-2 (ASC 958-720).
Form
990
(2022)
Page 11
Form 990 (2022)
Page
11
Part X
Balance Sheet
Check if Schedule O contains a response or note to any line in this
Part IX
..............
(A)
Beginning of year
(B)
End of year
1
Cash–non-interest-bearing
........
7,977,853
1
5,937,461
2
Savings and temporary cash investments
.........
244,973,122
2
378,298,490
3
Pledges and grants receivable, net
......
2,685,214
3
1,499,288
4
Accounts receivable, net
.............
143,391,042
4
111,810,600
5
Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons
.......
0
5
0
6
Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B)
...
0
6
0
7
Notes and loans receivable, net
...........
7
8
Inventories for sale or use
............
8
9
Prepaid expenses and deferred charges
......
17,182,943
9
20,190,371
10a
Land, buildings, and equipment: cost or other basis. Complete
Part VI
of Schedule D
10a
149,684,896
b
Less: accumulated depreciation
10b
54,941,102
89,163,185
10c
94,743,794
11
Investments—publicly traded securities
.
257,315,419
11
243,764,106
12
Investments—other securities. See
Part IV
, line 11
.....
1,159,002,131
12
946,183,660
13
Investments—program-related. See
Part IV
, line 11
..
24,729,145
13
25,751,871
14
Intangible assets
...............
14
15
Other assets. See
Part IV
, line 11
...........
7,970,304
15
184,865,492
16
Total assets.
Add lines 1 through 15 (must equal line 33)
...
1,954,390,358
16
2,013,045,133
17
Accounts payable and accrued expenses
.....
209,199,533
17
360,490,744
18
Grants payable
...
18
19
Deferred revenue
.........
77,622,852
19
96,994,264
20
Tax-exempt bond liabilities
.........
20
21
Escrow or custodial account liability.
Complete
Part IV
of Schedule D
21
22
Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons
.........
0
22
0
23
Secured mortgages and notes payable to unrelated third parties
..
23
24
Unsecured notes and loans payable to unrelated third parties
..
24
25
Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24).
Complete
Part X
of Schedule D
0
25
0
26
Total liabilities.
Add lines 17 through 25
..
286,822,385
26
457,485,008
Organizations that follow FASB ASC 958,
check here
and complete lines 27, 28, 32, and 33.
27
Net assets without donor restrictions
..........
1,666,571,875
27
1,552,128,690
28
Net assets with donor restrictions
...........
996,098
28
3,431,435
Organizations that do not follow FASB ASC 958,
check here
and complete lines 29 through 33.
29
Capital stock or trust principal, or current funds
.....
29
30
Paid-in or capital surplus, or land, building or equipment fund
...
30
31
Retained earnings, endowment, accumulated income, or other funds
31
32
Total net assets or fund balances
...........
1,667,567,973
32
1,555,560,125
33
Total liabilities and net assets/fund balances
........
1,954,390,358
33
2,013,045,133
Form
990
(2022)
Page 12
Form 990 (2022)
Page
12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this
Part XI
..............
1
Total revenue (must equal
Part VIII
, column (A), line 12)
............
1
1,040,203,098
2
Total expenses (must equal
Part IX
, column (A), line 25)
............
2
894,366,567
3
Revenue less expenses. Subtract line 2 from line 1
..............
3
145,836,531
4
Net assets or fund balances at beginning of year (must equal
Part X
, line 32, column (A))
..
4
1,667,567,973
5
Net unrealized gains (losses) on investments
...............
5
-273,397,247
6
Donated services and use of facilities
.................
6
7
Investment expenses
.....................
7
8
Prior period adjustments
.....................
8
9
Other changes in net assets or fund balances (explain in Schedule O)
........
9
15,552,868
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal
Part X
, line 32, column (B))
10
1,555,560,125
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this
Part XII
.............
Yes
No
1
Accounting method used to prepare the Form 990:
Cash
Accrual
Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:
Separate basis
Consolidated basis
Both consolidated and separate basis
b
Were the organization’s financial statements audited by an independent accountant?
2b
Yes
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:
Separate basis
Consolidated basis
Both consolidated and separate basis
c
If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight
of the audit, review, or compilation of its financial statements and selection of an independent accountant?
2c
Yes
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?
3a
Yes
b
If "Yes," did the organization undergo the required audit or audits?
If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.
3b
Yes
Form
990
(2022)
Form 990 (2022)
Additional Data
Software ID:
22016089
Software Version:
2022v5.0
Form 990, Special Condition Description:
Special Condition Description