2025-08-15T10:39:07-05:00 2024-09-30 861065772 DELOITTE TAX LLP 50 SOUTH SIXTH STREET MINNEAPOLIS MN 55402 990 2023-10-01 210634479 EDUCATIONAL TESTING SERVICE EDUC 6099219000 660 ROSEDALE ROAD MS 20-J PRINCETON NJ 08541 JEFFREY A MELNICK CHIEF FINANCIAL OFFICER 6099219000 2025-08-14 1 0 ANNA KOLAKALURI P01275237 6123974000 2023 2025-03-06 01:10:19Z JEFFREY A MELNICK 660 ROSEDALE ROAD MS 20-J PRINCETON NJ 08541 1091599460 0 X WWW.ETS.ORG X 1947 NY SEE PAGE 2, PART III, QUESTION 1 18 17 33057 0 8377748 0 4848675 6265513 918618983 908964533 61641187 96182916 73115491 80186498 1058224336 1091599460 1190250 762250 0 0 349952013 412452044 0 0 0 716732363 656044591 1067874626 1069258885 -9650290 22340575 1763847528 1707663326 267920528 296696326 1495927000 1410967000 X EDUCATIONAL TESTING SERVICE (ETS) WAS INCORPORATED IN 1947 BY THE BOARD OF REGENTS FOR THE EDUCATION DEPARTMENT OF THE STATE OF NEW YORK AS AN EDUCATIONAL ORGANIZATION TO ENGAGE IN RESEARCH, SERVICES AND OTHER ACTIVITIES IN THE FIELD OF EDUCATIONAL TESTING. MISSION OUR MISSION IS TO HELP ADVANCE QUALITY AND EQUITY IN EDUCATION BY PROVIDING FAIR AND VALID ASSESSMENTS, RESEARCH AND RELATED SERVICES. OUR PRODUCTS AND SERVICES MEASURE KNOWLEDGE AND SKILLS, PROMOTE LEARNING AND PERFORMANCE, AND SUPPORT EDUCATION AND PROFESSIONAL DEVELOPMENT FOR ALL PEOPLE WORLDWIDE. VISION TO BE THE LEADING ORGANIZATION IN THE WORLD AT PROVIDING THE BEST POSSIBLE ASSESSMENT AND LEARNING PRODUCTS AND SERVICES THAT HELP IMPROVE LIVES AT EVERY STAGE OF THE JOURNEY TO WHAT IS POSSIBLE. 0 0 755266122 762250 747528961 ASSESSMENT RESEARCH, DEVELOPMENT, AND SCORING EDUCATIONAL TESTING SERVICE ("ETS") CONDUCTS RESEARCH ON STATISTICAL AND PSYCHOMETRIC METHODOLOGY TO ADVANCE THE SCIENCE OF EDUCATIONAL MEASUREMENT AND ENSURE THE TECHNICAL QUALITY AND FAIRNESS OF ETS'S ASSESSMENTS AND ASSESSMENT RELATED SERVICES. THROUGH ITS POLICY EVALUATION AND RESEARCH CENTER, ETS ALSO CONDUCTS RESEARCH AND ANALYSES THAT ADDRESS CHALLENGING EDUCATIONAL POLICY ISSUES. IN CONJUNCTION WITH ITS RESEARCH, ETS DEVELOPS EDUCATIONAL ASSESSMENTS FOR USE BY STATES IN K-12 ASSESSMENT, FOR COLLEGE ADMISSIONS AND THE TRANSITION FROM HIGH SCHOOL TO COLLEGE, FOR GRADUATE AND BUSINESS SCHOOL ADMISSIONS, AND FOR USE IN MEASURING KNOWLEDGE AND SKILLS, PROMOTING LEARNING AND PERFORMANCE, AND SUPPORTING EDUCATION AND PROFESSIONAL DEVELOPMENT. ETS HAS DEVELOPED MORE THAN 200 ASSESSMENT PROGRAMS INCLUDING BUT NOT LIMITED TO THE PRAXIS SERIES, TEST OF ENGLISH AS A FOREIGN LANGUAGE (TOEFL), GRADUATE RECORD EXAMINATION (GRE), TEST OF ENGLISH FOR INTERNATIONAL COMMUNICATION (TOEIC), AND STATE SPECIFIC AND PRE-COLLEGE ASSESSMENTS.IN CONJUNCTION WITH ITS RESEARCH, ETS CONTINUES WORKING COLLABORATIVELY WITH THE NATIONAL CENTER FOR EDUCATION STATISTICS (NCES) ON THE NATIONAL ASSESSMENT OF EDUCATIONAL PROGRESS (NAEP). ADDITIONALLY, ETS'S INSTITUTE FOR STUDENT ACHIEVEMENT (ISA) CONTINUES WORKING IN PARTNERSHIP WITH DISTRICTS AND SCHOOLS TO TRANSFORM UNDERPERFORMING HIGH SCHOOLS INTO RIGOROUS AND SUPPORTIVE LEARNING ENVIRONMENTS THAT PREPARE STUDENTS TO BE COLLEGE READY.EACH YEAR, ETS SCORES AND DELIVERS MILLIONS OF ASSESSMENTS AND SCORE REPORTS TO EXAMINEES AND INSTITUTIONS, IN NUMEROUS FORMATS AND USING A VARIETY OF MEANS. 121037018 111800000 ASSESSMENT ADMINISTRATION & DELIVERY THE GROUP ADMINISTERS TENS OF MILLIONS OF ASSESSMENTS ANNUALLY IN THOUSANDS OF LOCATIONS WORLDWIDE. ETS DOES NOT OWN OR OPERATE ANY TEST CENTERS; INSTEAD ETS ENGAGES INDEPENDENT 3RD PARTY SERVICE PROVIDERS TO ADMINISTER AND DELIVER ASSESSMENTS AROUND THE WORLD. 876303140 1 1 0 1 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 1 X 10551 0 33057 1 1 1 1 AE CA CH FR GM HK IN IS IT JA KS NL PL SA SP SW TU UK 0 0 0 0 0 0 0 0 1 0 X 18 17 0 0 1 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA DE IN NJ NY OR X NANCI LEVI 6099219000 660 ROSEDALE ROAD MS 20-J PRINCETON NJ 08541 AMIT SEVAK PRESIDENT & CEO 40.00 0.00 X X 1586797 0 146023 STEPHANIE WOOD-GARNETT PRESIDENT (1/5/2024) 40.00 2.00 X X 287623 0 71148 EARL LEWIS TRUSTEE 2.00 0.00 X 119362 0 0 YOUNGSUK CHI TRUSTEE 2.00 0.00 X 117494 0 0 JAMES PELLEGRINO TRUSTEE 2.00 0.00 X 100500 0 0 KURT LANDGRAF TRUSTEE 2.00 0.00 X 90584 0 0 BARBARA JENKINS TRUSTEE 2.00 0.00 X 87536 0 0 MILDRED GARCA TRUSTEE 2.00 0.00 X 86701 0 0 KEVIN GUTHRIE TRUSTEE 2.00 0.00 X 84839 0 0 MARTHA KANTER TRUSTEE 2.00 0.00 X 84833 0 0 JEFFREY SINE TRUSTEE 2.00 0.00 X 84418 0 0 BEVERLY DANIEL TATUM TRUSTEE 2.00 0.00 X 78667 0 0 LAVERNE SRINIVASAN TRUSTEE 2.00 0.00 X 78499 0 0 WILHELM KRULL TRUSTEE 2.00 0.00 X 73167 0 0 CANDACE THILLE TRUSTEE 2.00 0.00 X 72907 0 0 PATRICIA GANDARA TRUSTEE 2.00 0.00 X 72000 0 0 MARIET WESTERMANN TRUSTEE 2.00 0.00 X 71000 0 0 DARIENNE HUDSON TRUSTEE 2.00 0.00 X 69000 0 0 ANTONIA HERNNDEZ TRUSTEE 2.00 0.00 X 65854 0 0 SCOTT FORRESTER NELSON SVP & CHIEF MARKETING OFFICER 40.00 0.00 X 1005888 0 60973 SHEREE L GREGORY END 100723 DEPUTY GENERAL COUNSEL & CDO 40.00 0.00 X 851426 0 175353 JEFFREY ALAN MELNICK SVP & CHIEF FINANCIAL OFFICER 40.00 0.00 X 917822 0 103702 RALPH TAYLOR-SMITH VP CORPORATE DEVELOPMENT 40.00 0.00 X 920837 0 49420 ROHIT SHARMA SVP GLOB HIGHER ED & WORKSKILL 40.00 0.00 X 698525 0 77121 KADRIYE ERCIKAN-ALPER VP PSYCH, STAT & DATA SCIENCE 40.00 2.00 X 682990 0 58577 STEVEN E SANTANA CHIEF INFORMATION OFFICER 40.00 0.00 X 645430 0 92842 DENNIS STETZEL SVP, PRODUCTION & DELIVERY 40.00 0.00 X 598518 0 64886 MICHELLE ELAINE FROAH SVP GLOBAL STRATEGY & GROWTH 40.00 0.00 X 622950 0 30288 PAUL GOLLASH VP, K-12-PRAXIS 40.00 2.00 X 571010 0 78640 WALLACE FRANK DALRYMPLE JR VP, CHIEF SECURITY OFFICER 40.00 0.00 X 513160 0 81749 MOHAMMAD KOUSHA AVP GLOBAL STRAT & GROWTH 40.00 0.00 X 466371 0 48305 RUKSHANA K MAZAGONWALLA VP HR 40.00 0.00 X 429893 0 64018 KELLY L ODENHEIMER AVP MARKETING AND SALES 40.00 0.00 X 413942 0 74328 PETER V BETANELI VP, DEP GEN COUNS & CORP SEC 40.00 0.00 X 408778 0 40300 KARA N MCWILLIAMS VP OF PRODUCTION INNOVATION 40.00 0.00 X 374533 0 70270 KAREN ELIZABETH BARTON VP ASSESSMENT OPERATIONS 40.00 0.00 X 162098 0 30596 IRWIN KIRSCH TYLER CHAIR LG SCALE ASSESSMNT 40.00 0.00 X 416227 0 87721 RANDY E BENNETT FREDERIKSEN CHAIR-ASSESS INNOV 40.00 0.00 X 407651 0 71090 ANTHONY PEKALA AVP IT 40.00 0.00 X 362909 0 76158 PETER CHAN MANAGING DIRECTOR 40.00 0.00 X 360561 0 74835 DENNIS J JONES AVP OCIO (IT) 40.00 0.00 X 352671 0 76953 MICHELA ENGLISH FORMER TRUSTEE 0.00 0.00 X 28578 0 0 JACK HAYON END 30223 FORMER SVP & CHIEF FINANCIAL OFFICER 0.00 0.00 X 904529 0 289874 IDA LAWRENCE END 100323 CHAIR SR VP-RESEARCH & DEVELOPMENT 40.00 2.00 X 756852 0 306137 SARA LESTER END 30223 FORMER VP HUMAN RESOURCES & LEARNING 0.00 0.00 X 963262 0 14458 MICHAEL T NETTLES END 10723 FORMER SVP-CTR POLICY EVAL & RSRCH 0.00 0.00 X 665409 0 25291 WILLIAM C DRAPER JR END 70123 FORMER VP & COO COLLEGE BOARD 0.00 0.00 X 614537 0 40144 THERESA KERI END 30223 FORMER VP PRODUCTION & DELIVERY 0.00 0.00 X 596112 0 9852 TRACY HUDE END 30223 FORMER VP - FINANCE 0.00 0.00 X 462668 0 9374 MICHAEL FREDDO END 20223 FORMER VP & CONTROLLER 0.00 0.00 X 356886 0 31039 ROSA KIM TILTON END 30223 FORMER VP & CORPORATE SECRETARY 0.00 0.00 X 314436 0 14422 ANDREAS ORANJE END 32523 FORMER VP ASSESS & LEARNING TECH DEV 0.00 0.00 X 299853 0 16138 SCOTT V WEAVER END 5322 FORMER VP CHIEF STRATEGY OFFICER 0.00 0.00 X 166943 0 0 21626036 0 2562025 1490 1 1 0 CAPGEMINI AMERICA INC 623 FIFTH AVENUE NEWYORK NY 10022 CONSULTING SVC 30968990 CAMBIUM ASSESSMENT INC 1000 THOMAS JEFFERSON STREET NW WASHINGTON DC 20007 SUBCONTRATING 29376056 ACCENTURE LLP 161 NORTH CLARK STREET CHICAGO IL 60601 SUPPLY CHAIN 18501772 PROMETRIC LLC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 SUBCONTRACTING 15193306 AMAZON WEB SERVICES INC 410 TERRY AVENUE NORTH SEATTLE WASHINGTON WA 98109 IT SERVICES 15133914 257 5349786 915727 6265513 TEST DEVELOPMENT & SCO 611710 797164533 797164533 TEST ADMIN & DELIVERY 611710 111800000 111800000 908964533 445267 -3061448 3506715 68643339 68643339 103963 0 103963 103963 103963 95737649 0 95737649 95737649 95737649 OCCUPATIONAL & PROFESS 611600 7382543 7382543 CHAUNCEY CONFERENCE CE 721000 4056653 4056653 11439196 1091599460 908964533 8377748 167991666 X 520107 520107 242143 242143 22185483 5822896 16362587 3395149 3395149 327713790 255168292 72545498 22936004 16943644 5992360 15775012 11653564 4121448 20446606 15104637 5341969 6664919 2095227 4569692 3528345 1137289 2391056 56400 56400 1780245 1780245 463378093 430977613 32400480 10154600 10084537 70063 81038985 51509795 29529190 917047 887093 29954 12885881 12622156 263725 6023246 3971844 2051402 3547524 2057129 1490395 178077 178077 58668500 53503411 5165089 3435563 3435563 CHAUNCEY CONFERENCE CEN 4106737 4104032 2705 0 MISCELLANEOUS 1452682 0 1452682 0 MEMBERSHIPS AND DUES 937947 607931 330016 0 INCOME TAXES -2710200 -2710200 0 0 1069258885 876303140 192955745 0 195619326 10568672 16214500 36126000 0 119288711 94617879 13260468 247873731 19300242 18754941 240524593 174609613 72114962 65914980 109231657 1028029940 1080552647 117136935 82777986 73650787 70476490 1763847528 1707663326 161204442 191957973 0 53333842 44236109 53382244 60502244 267920528 296696326 X 1495927000 1410967000 1495927000 1410967000 1763847528 1707663326 X 22340575 -52799125 -54501450 X 0 1 X 1 1 1 X 5888044 4572369 5080530 6457641 6265513 28264097 944976526 969524994 960231330 878818098 908197357 4661748305 950864570 974097363 965311860 885275739 914462870 4690012402 0 282269172 313272903 303764691 280113068 271759399 1451179233 282269172 313272903 303764691 280113068 271759399 1451179233 3238833169 61971237 79870513 76228341 72791037 69959746 360820874 61971237 79870513 76228341 72791037 69959746 360820874 1012835807 1053967876 1041540201 958066776 984422616 5050833276 0.64120 0.50560 0.07140 0.06890 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 56400 56400 1065872284 1065928684 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 58959 125870 106892 56400 348121 250000 250000 250000 250000 1000000 1500000 PART II-A, LINE 2, LOBBYING ACTIVITIES: TOTAL ETS FEDERAL AND STATE LOBBYING EXPENSES WERE $56,400.00. THE TOTAL LOBBYING EXPENDITURES OF ETS WERE MINIMAL IN COMPARISON TO TOTAL REVENUES. 1197618 1197618 153263125 104123405 49139720 19892027 16525294 3366733 66171823 53960914 12210909 65914980 INVESTMENT IN AFFILIATED ENTITIES 326701682 F NON-PUBLICLY TRADED SECURITIES 753850965 F 1080552647 INTERCOMPANY PAYABLE 3861372 LEASE LIABILITY - OPERATING LEASES 12778427 OTHER LONG TERM LIABILITIES 43862445 60502244 X PART X, LINE 2: THIS SUMMARY REFLECTS THE ETS PORTION OF THE ASC 740-10(FIN 48) NOTE IN THE CONSOLIDATED FINANCIAL STATEMENTS. EDUCATIONAL TESTING SERVICE ADOPTED ASC 740-10(FIN 48) ON JANUARY 1, 2009 IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PROCEDURES (US GAAP). IN ACCORDANCE WITH THE US GAAP REQUIREMENTS, EDUCATIONAL TESTING SERVICE ADJUSTED ITS NET ASSETS FOR ITS UNCERTAIN TAX POSITIONS. IT IS REASONABLY POSSIBLE THAT THE BALANCE OF GROSS UNRECOGNIZED TAX BENEFITS MAY CHANGE WITHIN THE NEXT TWELVE MONTHS, DUE TO LAPSE OF APPLICABLE STATUTES OF LIMITATIONS OR CLOSURE OF AN EXAMINATION, OR CHANGE IN TAX LAW. CENTRAL AMERICA AND THE CARIBBEAN 888 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 193809 EAST ASIA AND THE PACIFIC 4579 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 45445973 EUROPE (INCLUDING ICELAND & GREENLAND) 549 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 26394579 MIDDLE EAST AND NORTH AFRICA 1842 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 2584117 NORTH AMERICA 1205 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 4402897 RUSSIA AND NEIGHBORING STATES 2331 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 506164 SOUTH AMERICA 1165 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 762243 SOUTH ASIA 3362 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 15796347 SUB-SAHARAN AFRICA 1008 PROGRAM SERVICES ASSESSMENT ADMINISTRATION 619185 NORTH AMERICA 0 INVESTMENTS INVESTMENT IN SUBSIDIARIES EUROPE (INCLUDING ICELAND & GREENLAND) 0 INVESTMENTS INVESTMENT IN SUBSIDIARIES CENTRAL AMERICA AND THE CARIBBEAN 0 INVESTMENTS INTERNATIONAL INVESTMENTS EUROPE (INCLUDING ICELAND & GREENLAND) 0 INVESTMENTS INTERNATIONAL INVESTMENTS 0 15921 0 1008 0 16929 96086129 619185 96705314 1 0 1 1 1 1 1 COUNCIL OF CHIEF STATE SCHOOL OFFICERS (CCSSO) ONE MASSACHUSSETTS AVE NW SUITE 700 WASHINGTON DC 20001 530198090 501(C)(13) 0 64979 CHAUNCEY CONFERENCE CENTER (CCC) SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS THE GEORGE WASHINGTON UNIVERSITY 45155 REARCH PLACE SUITE 260 ASHBURN VA 20147 541784758 501(C)(13) 7500 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS UNIVERSITY OF FLORIDA PO BOX 113201 SUITE 1250 EAST CAMPUS OFFICE BLDG GAINESVILLE FL 32611 596002052 501(C)(3) 7500 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS TOUGALOO COLLEGE WEST COUNTY LINE ROAD TOUGALOO MS 39174 640303093 501(C)(3) 10000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS EDUCATION LAW CENTER INC 60 PARK PLACE SUITE 300 NEWARK NJ 07102 222104555 501(C)(13) 50000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS TRENTON AREA SOUP KITCHEN (TASK) PO BOX 872 TRENTON NJ 08605 222392881 501(C)(3) 7500 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS HISPA INC PO BOX 702 PRINCETON NJ 08542 521825305 501(C)(3) 0 28690 DONATION OF PENS, PORTFOLIOS, POST IT BOOKS, NOTEBOOKS, TOTE BAGS, MESSENGER SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS MERCER STREET FRIENDS FOODBANK 151 MERCER STREET TRENTON NJ 08611 210733990 501(C)(3) 0 6300 ETS DONATED 1080 REUSABLE BAGS, 600 CANVAS TOTE BAGS, 780 ZIPPER TOTE BAGS, SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS AMERICAN ASSOCIATION FOR HISPANICS IN HIGHER EDUCATION 2598 EAST SUNRISE BOULEVARD SUITE 2104 FORT LAUDERDALE FL 33304 300150324 501(C)(3) 25000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS BOYS AND GIRLS CLUB OF MERCER COUNTY 212 CENTRE STREET TRENTON NJ 08611 210634556 501(C)(3) 10000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS HOMEFRONT INC 1880 PRINCETON TRENTON NJ 08648 223165145 501(C)(3) 0 15999 DONATION OF MULTI CABLE USB, CONTIGO MUGS, CHARGER BANKS, STAINLESS BOTTLES, SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS SHILOH COMMUNITY DEVELOPMENT CORP 416 BELLEVUE AVE SUITE 407 TRENTON NJ 08618 123799161 501(C)(3) 20000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE 9201 UNIVERSITY CITY BLVD CHARLOTTE NC 28223 560791228 501(C)(3) 25000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS COUNCIL OF CHIEF STATE SCHOOL OFFICERS (CCSSO) ONE MASSACHUSSETTS AVE NW SUITE 700 WASHINGTON WA 20001 530198090 501(C)(3) 50000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS UNIVERSITY OF SOUTH ALABAMA 307 UNIVERSITY BLVD MOBILE LA 36688 630477348 501(C)(3) 7500 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS WASHINGTON UNIVERSITY IN ST LOUIS 7425 FORSYTH BOULEVARD MSC 1299-414-355 ST LOUIS MO 63105 430653611 501(C)(3) 10000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS WAYNE STATE UNIVERSITY 5700 CASS AVENUE SUITE 4200 AAB DETROIT MI 48202 386028429 501(C)(3) 7500 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS CHILDRENS HOME SOCIETY OF NEW JERSEY 635 SOUTH CLINTON AVE TRENTON NJ 08611 210634966 501(C)(3) 0 20371 NON-CASH CONTRIBUTION OF VARIOUS MERCHANDISE SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS LAWRENCE TOWNSHIP EDUCATION FOUNDATION 17 PHILLIPS AVE LAWRENCEVILLE NJ 08648 223192024 501(C)(3) 25000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS JUNIOR ACHIEVEMENT OF NEW JERSEY 360 PEAR BLOSSOM DRIVE EDISON NJ 08837 221774147 501(C)(3) 20000 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS MONTGOMERY TOWNSHIP BOARD OF EDUCATION 1014 ROUTE 601 SKILLMAN NJ 08558 216007046 501(C)(3) 66490 0 SUPPORT OF LOCAL COMMUNITY EDUCATIONAL PROGRAMS 18 3 HISTORICALLY BLACK COLLEGES AND UNIVERSITIES PRESIDENTIAL SCHOLARSHIP 15 157143 TRENTON CENTRAL HIGH SCHOOL SCHOLARSHIP 17 85000 PART I, LINE 2: EDUCATIONAL TESTING SERVICE REQUIRES APPLICANTS FOR SCHOLARSHIPS TO PROVIDE TRANSCRIPTS AND OTHER INFORMATION UPON WHICH THEY ARE EVALUATED. DURING FISCAL YEAR 2024, SCHOLARSHIP FUNDS WERE MADE PAYABLE DIRECTLY TO THE UNIVERSITY OR COLLEGE THAT THE AWARDED RECIPIENT ATTENDS OR MADE PAYABLE TO BOTH THE INSTITUTION AND THE STUDENT. THE ETS CENTER FOR ADVOCACY AND PHILANTHROPY, A DIVISION OF ETS THAT MANAGES ETS'S CONTRIBUTIONS, HAS ESTABLISHED CRITERIA FOR MAKING GRANTS AND OTHER CONTRIBUTIONS. IT ALSO MAINTAINS RECORDS TO SUBSTANTIATE THE AMOUNT OF GRANTS OR IN-KIND CONTRIBUTIONS, AS WELL AS THE GRANTEES ELIGIBILITY FOR THE GRANTS. IRS FORM W-9 IS REQUESTED FROM ALL ORGANIZATIONS TO ASCERTAIN THE LEGAL NAME, EIN OR TAXPAYER IDENTIFICATION NUMBER AND ADDRESS. ETS TYPICALLY MAINTAINS CLOSE CONTACT WITH ITS GRANTEES TO MONITOR THEIR PROGRESS IN THE USE OF FUNDS AND, WHENEVER FEASIBLE, THE EXTENT TO WHICH THE FUNDED PROGRAM MET ITS OBJECTIVES. SMALL CONTRIBUTIONS (UNDER $2,000) ARE SOMETIMES MADE TO 501(C)(3) ORGANIZATIONS TO PROMOTE VOLUNTEERISM AND PHILANTHROPY AMONG EMPLOYEES AT ETS. ETS MONITORS THE USE OF FUNDS IN SEVERAL WAYS: (1) REQUESTS WRITTEN REPORTS ON THE USE OF RESTRICTED FUNDS AND THE ORGANIZATION'S ANNUAL REPORT WHEN THE GRANT IS UNRESTRICTED; (2) FOR SPONSORED EVENTS, SUCH AS CONFERENCES AND WORKSHOPS, ETS REQUESTS PROGRAMS AND OTHER MATERIALS PREPARED FOR THE EVENT; (3) STAFF MEMBERS ATTEND A NUMBER OF SPONSORED EVENTS SO THAT THERE IS DIRECT OBSERVATION; (4) ETS REMAINS IN CONTACT WITH GRANT RECIPIENTS VIA EMAIL, PHONE CALLS AND FACE-TO-FACE MEETINGS; AND (5) ETS OBTAINS COPIES OF ANY RESEARCH PAPERS THAT MIGHT BE DEVELOPED AS A RESULT OF THE GRANT. X X X 1 1 X X X X 1 1 0 0 0 1 0 1 0 AMIT SEVAK PRESIDENT & CEO 822574 0 523950 0 240273 0 114000 0 32023 0 1732820 0 0 0 JACK HAYON END 30223 FORMER SVP & CHIEF FINANCIAL OFFICER 43196 0 232141 0 629192 0 230269 0 59605 0 1194403 0 0 0 SCOTT FORRESTER NELSON SVP & CHIEF MARKETING OFFICER 351264 0 320513 0 334111 0 28950 0 32023 0 1066861 0 0 0 IDA LAWRENCE END 100323 CHAIR SR VP-RESEARCH & DEVELOPMENT 272302 0 179100 0 305450 0 206038 0 100099 0 1062989 0 0 0 SHEREE L GREGORY END 100723 DEPUTY GENERAL COUNSEL & CDO 300957 0 213985 0 336484 0 137710 0 37643 0 1026779 0 0 0 JEFFREY ALAN MELNICK SVP & CHIEF FINANCIAL OFFICER 494402 0 393125 0 30295 0 68284 0 35418 0 1021524 0 0 0 SARA LESTER END 30223 FORMER VP HUMAN RESOURCES & LEARNING 55163 0 158868 0 749231 0 5829 0 8629 0 977720 0 0 0 RALPH TAYLOR-SMITH VP CORPORATE DEVELOPMENT 338732 0 533181 0 48924 0 49420 0 0 0 970257 0 0 0 ROHIT SHARMA SVP GLOB HIGHER ED & WORKSKILL 400395 0 253125 0 45005 0 57750 0 19371 0 775646 0 0 0 KADRIYE ERCIKAN-ALPER VP PSYCH, STAT & DATA SCIENCE 285142 0 275653 0 122195 0 25554 0 33023 0 741567 0 0 0 STEVEN E SANTANA CHIEF INFORMATION OFFICER 369574 0 228250 0 47606 0 55294 0 37548 0 738272 0 0 0 MICHAEL T NETTLES END 10723 FORMER SVP-CTR POLICY EVAL & RSRCH 16960 0 0 0 648449 0 16441 0 8850 0 690700 0 0 0 DENNIS STETZEL SVP, PRODUCTION & DELIVERY 300932 0 251813 0 45773 0 45515 0 19371 0 663404 0 0 0 WILLIAM C DRAPER JR END 70123 FORMER VP & COO COLLEGE BOARD 141933 0 174213 0 298391 0 32070 0 8074 0 654681 0 0 0 MICHELLE ELAINE FROAH SVP GLOBAL STRATEGY & GROWTH 280385 0 319375 0 23190 0 30288 0 0 0 653238 0 0 0 PAUL GOLLASH VP, K-12-PRAXIS 317020 0 196875 0 57115 0 48000 0 30640 0 649650 0 0 0 THERESA KERI END 30223 FORMER VP PRODUCTION & DELIVERY 33979 0 136500 0 425633 0 5009 0 4843 0 605964 0 0 0 WALLACE FRANK DALRYMPLE JR VP, CHIEF SECURITY OFFICER 318657 0 140625 0 53878 0 48000 0 33749 0 594909 0 0 0 MOHAMMAD KOUSHA AVP GLOBAL STRAT & GROWTH 300506 0 105000 0 60865 0 28934 0 19371 0 514676 0 0 0 IRWIN KIRSCH TYLER CHAIR LG SCALE ASSESSMNT 309076 0 69773 0 37378 0 62240 0 25481 0 503948 0 0 0 RUKSHANA K MAZAGONWALLA VP HR 236628 0 146250 0 47015 0 35466 0 28552 0 493911 0 0 0 KELLY L ODENHEIMER AVP MARKETING AND SALES 299656 0 86625 0 27661 0 42579 0 31749 0 488270 0 0 0 RANDY E BENNETT FREDERIKSEN CHAIR-ASSESS INNOV 347064 0 30587 0 30000 0 59989 0 11101 0 478741 0 0 0 TRACY HUDE END 30223 FORMER VP - FINANCE 9813 0 138125 0 314730 0 5068 0 4306 0 472042 0 0 0 PETER V BETANELI VP, DEP GEN COUNS & CORP SEC 245673 0 90000 0 73105 0 38370 0 1930 0 449078 0 0 0 KARA N MCWILLIAMS VP OF PRODUCTION INNOVATION 275679 0 81375 0 17479 0 39383 0 30887 0 444803 0 0 0 ANTHONY PEKALA AVP IT 269125 0 62429 0 31355 0 40533 0 35625 0 439067 0 0 0 PETER CHAN MANAGING DIRECTOR 267699 0 61533 0 31329 0 38986 0 35849 0 435396 0 0 0 DENNIS J JONES AVP OCIO (IT) 259756 0 60900 0 32015 0 39513 0 37440 0 429624 0 0 0 MICHAEL FREDDO END 20223 FORMER VP & CONTROLLER 0 0 118452 0 238434 0 20446 0 10593 0 387925 0 0 0 STEPHANIE WOOD-GARNETT PRESIDENT (1/5/2024) 257314 0 0 0 30309 0 38517 0 32631 0 358771 0 0 0 ROSA KIM TILTON END 30223 FORMER VP & CORPORATE SECRETARY 46732 0 73750 0 193954 0 11868 0 2554 0 328858 0 0 0 ANDREAS ORANJE END 32523 FORMER VP ASSESS & LEARNING TECH DEV 77615 0 140963 0 81275 0 7855 0 8283 0 315991 0 0 0 KAREN ELIZABETH BARTON VP ASSESSMENT OPERATIONS 108734 0 25125 0 28239 0 17265 0 13331 0 192694 0 0 0 SCOTT V WEAVER END 5322 FORMER VP CHIEF STRATEGY OFFICER 0 0 0 0 166943 0 0 0 0 0 166943 0 0 0 MICHELA ENGLISH FORMER TRUSTEE 28578 0 0 0 0 0 0 0 0 0 28578 0 0 0 PART I, LINE 1A TAX GROSS-UP PAYMENTS/PERSONAL SERVICES: NINETEEN OFFICERS RECEIVED THIS BENEFIT (RELATED TO FINANCIAL PLANNING) DURING 2024. IT WAS TREATED AS TAXABLE COMPENSATION TO THE INDIVIDUALS. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: ONE OFFICER RECEIVED THIS BENEFIT DURING 2024. IT WAS TREATED AS TAXABLE COMPENSATION TO THE INDIVIDUAL. PART I, LINES 4A-B LINE 4A: LINE 4A: THE CURRENT OR FORMER OFFICERS, WILLIAM C DRAPER JR.; MICHAEL FREDDO; JACK HAYON; TRACY HUDE; THERESA KERI; IDA LAWRENCE; SARA LESTER; MICHAEL T NETTLES; ROSA KIM TILTON; SCOTT V WEAVER, RECEIVED SEVERANCE PAYMENTS OF $246,260; $178,031; $306,634; $185,143; $366,271; $121,731; $425,087; $533,827; $177,146; AND $166,943, RESPECTIVELY, FROM THE ORGANIZATION IN 2024. LINE 4B: OFFICERS AND OTHER EXECUTIVES PARTICIPATED IN A SUPPLEMENTAL NON QUALIFIED RETIREMENT PLAN UNDER 457(F). THE NON-VESTED PORTION OF EACH OFFICER'S DEFERRED COMPENSATION IS REPORTED IN COLUMN C. THE VESTED PORTION OF EACH OFFICER'S DEFERRED COMPENSATION IS REPORTED IN COLUMNS B & F. PART I, LINE 6 ETS INCENTIVE COMPENSATION PROGRAMS ARE VARIABLE CASH COMPENSATION PROGRAMS TO PROVIDE EMPLOYEES EARNINGS OPPORTUNITIES IN ADDITION TO BASE PAY. THESE VARIABLE COMPENSATION COMPONENTS RECOGNIZE AND REWARD BASED ON INDIVIDUAL AND ETS PERFORMANCE. PAYMENT UNDER THESE PROGRAMS ARE REALIZED WHEN ETS MEETS AND ACHIEVES ITS ANNUAL PERFORMANCE TARGETS FOR THE YEAR, AS DETERMINED BY A HOLISTIC ASSESSMENT OF METRICS FROM ETS'S BALANCED SCORECARD OBJECTIVES INCLUDING FINANCIAL, OPERATIONAL, CUSTOMER AND GROWTH GOALS. PART I, LINE 7 ETS INCENTIVE COMPENSATION PROGRAMS ARE VARIABLE CASH COMPENSATION PROGRAMS TO PROVIDE EMPLOYEES EARNINGS OPPORTUNITIES IN ADDITION TO BASE PAY. THESE VARIABLE COMPENSATION COMPONENTS RECOGNIZE AND REWARD BASED ON INDIVIDUAL AND ETS PERFORMANCE. PAYMENT UNDER THESE PROGRAMS ARE REALIZED WHEN ETS MEETS AND ACHIEVES ITS ANNUAL PERFORMANCE TARGETS FOR THE YEAR, AS DETERMINED BY A HOLISTIC ASSESSMENT OF METRICS FROM ETS'S BALANCED SCORECARD OBJECTIVES INCLUDING FINANCIAL, OPERATIONAL, CUSTOMER AND GROWTH GOALS. PART I, LINE 3 ETS ENGAGES AN EXTERNAL INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT ORGANIZATION ("IECCO") TO REVIEW AND ADVISE ON WORKERS COMPENSATION LAWS. FURTHER, THE IECCO PREPARES AN ANNUAL REPORT OF PROPOSED COMPENSATION FOR ETS' CEO AND OFFICERS EVALUATING THE REASONABLENESS OF THE COMPENSATION, AS DEFINED BY THE IRS INTERMEDIATE SANCTION RULES UNDER IRC SECTION 4958. THE REPORT ASSESSES THE RELEVANT LABOR MARKET FOR OFFICER ROLES USING NATIONAL DATA FROM COMPARABLE ORGANIZATIONS OF SIMILAR COMPLEXITY. THEN CONSISTENT WITH THE COMPOSITION OF THE LABOR MARKETS IN WHICH ETS COMPETES FOR EXECUTIVE TALENT, APPROPRIATE COMPARATIVE ANALYSIS ARE DEVELOPED FROM BOTH NOT-FOR-PROFIT AND FOR-PROFIT DATA. FINALLY, THE IECCO PREPARES A LETTER OF REASONABLENESS REGARDING THE ANALYSIS OF OFFICER PAY CONSISTENT WITH GOVERNMENT GUIDELINES WHICH IS PRESENTED TO THE GOVERNANCE AND HUMAN RESOURCES AND THE BOARD FOR REVIEW, COMMENT AND APPROVAL. NAIM ALPER FAMILY MEMBER OF OFFICER - KADRIYE ERICKAN-ALPER 227738 SALARY AND BENEFITS 0 CHRISTINE BETANELI FAMILY MEMBER OF OFFICER - PETER BETANELI 410762 SALARY AND BENEFITS 0 FORM 990, PART VI, SECTION A, LINE 4 THE CURRENT ETS BYLAWS HAVE BEEN CHANGED SINCE IN FY24 TO DECREASE THE NUMBER OF TRUSTEES TO 19. AN OVERVIEW OF THE CHANGES IS SUMMARIZED BELOW. SECTION 3. NUMBER, TERM OF OFFICE, ELECTION AND ELIGIBILITY. THE BOARD OF TRUSTEES SHALL CONSIST OF UP TO TWENTY-TWO TRUSTEES, CHOSEN IN THE FOLLOWING MANNER: (A) THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE CORPORATION, UPON APPOINTMENT AS PRESIDENT AND CHIEF EXECUTIVE OFFICER BY THE BOARD OF TRUSTEES. (B) AT THE ANNUAL MEETING, THE BOARD OF TRUSTEES SHALL ELECT SUCH A NUMBER OF TRUSTEES AS NEEDED TO MAINTAIN A BOARD OF UP TO SEVENTEEN TRUSTEES IN ADDITION TO THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE CORPORATION. TRUSTEES SHALL BE ELECTED FOR A THREE-YEAR TERM FROM A PANEL OF CANDIDATES NOMINATED BY THE COMMITTEE ON GOVERNANCE AND HUMAN RESOURCES OF THE BOARD OF TRUSTEES OF THE CORPORATION, OR NOMINATED BY ANY TRUSTEE AT THE MEETING. FORM 990, PART VI, SECTION B, LINE 11B ALL TRUSTEES RECEIVE A COPY OF FORM 990 FOR REVIEW AND INFORMATION. FORM 990 IS REVIEWED BY THE BOARD OF TRUSTEES' AUDIT COMMITTEE AND THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE TRUSTEES OF EDUCATIONAL TESTING SERVICE, INDIVIDUALLY AND COLLECTIVELY, ARE EXPECTED TO ACT IN ACCORDANCE WITH THE HIGHEST STANDARDS OF ETHICAL BEHAVIOR. ANNUALLY, THE AUDIT COMMITTEE REVIEWS THE ETS CODE OF ETHICS FOR MEMBERS OF THE BOARD OF TRUSTEES. SUBSEQUENTLY, EACH TRUSTEE RECEIVES A COPY OF THE CODE OF ETHICS AND SIGNS A STATEMENT AGREEING TO ABIDE BY THE CODE. THE CODE OF ETHICS STATES A CLEAR POLICY ON CONFLICTS OF INTEREST. ETS ALSO HAS A CONFLICT OF INTEREST POLICY THAT IS SUPPLIED TO THE BOARD OF TRUSTEES, OFFICERS AND KEY EMPLOYEES. THE TRUSTEES ANNUALLY COMPLETE A TRUSTEE DISCLOSURE STATEMENT AND A TRUSTEE AFFILIATION FORM. THE DISCLOSURE STATEMENT REQUESTS IF THERE ARE ANY TRUSTEES WITH MATERIAL FINANCIAL INTEREST TO WHICH ETS IS A PARTY. THE AFFILIATION FORM REQUESTS INFORMATION REGARDING THE TRUSTEES EMPLOYMENT AS A STAFF MEMBER OR AS A CONSULTANT OF ETS, AS WELL AS THEIR AFFILIATION WITH OTHER ORGANIZATIONS. THE CORPORATE SECRETARY REVIEWS THESE DISCLOSURES FOR POTENTIAL CONFLICTS OR THE POTENTIAL APPEARANCE OF A CONFLICT. SHOULD A SITUATION BE DISCLOSED THAT PRESENTS A POTENTIAL CONFLICT, THE CORPORATE SECRETARY WOULD SEEK RESOLUTION WITH THE INVOLVEMENT OF THE APPROPRIATE AUTHORITY SUCH AS THE AUDIT COMMITTEE OR THE ETS GENERAL COUNSEL. INTRINSIC TO THE POLICY IS A TRUSTEE RECUSING THEMSELVES ON CERTAIN MATTERS OR RESIGNING FROM THE BOARD TO PREVENT A CONFLICT OF INTEREST OR AVOID AN APPEARANCE OF A CONFLICT OF INTEREST. FAILURE TO RESPOND TO THE ANNUAL DISCLOSURE PROCESS WOULD RESULT IN THE REQUISITE FOLLOW UP BY THE CORPORATE SECRETARY. CANDIDATES FOR TRUSTEES RECEIVE GENERAL INFORMATION ON RELEVANT ETS POLICIES, SUCH AS THE CODE OF ETHICS AND CONFLICT OF INTEREST AND ARE REQUIRED TO COMPLETE THE AFFILIATIONS FORM PRIOR TO STANDING FOR ELECTION. TRUSTEES CAN OBTAIN ASSISTANCE WITH THE INTERPRETATION OR ADMINISTRATION OF THE CODE OF ETHICS CONFLICTS POLICY OR PROCEDURES FROM THE CORPORATE SECRETARY OR THE GENERAL COUNSEL. TRUSTEES RECEIVE THE COMPLETE POLICY STATEMENTS UPON THEIR ELECTION. EDUCATIONAL TESTING SERVICE REQUIRES THAT EMPLOYEES, INCLUDING OFFICERS, WHO ARE UNCERTAIN WHETHER AN OUTSIDE ACTIVITY COMES WITHIN THE SCOPE OF ETS'S CODE OF ETHICS OR CONFLICT OF INTEREST POLICY, DISCUSS THE MATTER WITH THEIR SUPERVISORS. EMPLOYEES WISHING TO ENGAGE IN OUTSIDE ACTIVITIES MUST SUBMIT AN OUTSIDE ACTIVITIES REPORT TO THEIR DIVISION VICE PRESIDENT FOR REVIEW AND APPROVAL PRIOR TO ENGAGING IN THE ACTIVITY. EMPLOYEES MUST SUBMIT AN AMENDED REPORT WHENEVER THE ACTIVITY CHANGES. THE REPORT IS REVIEWED AND THE EMPLOYEE IS INFORMED WHETHER THE REQUEST IS APPROVED. THE EMPLOYEE'S DIVISION VICE PRESIDENT AND THE VICE PRESIDENT OF HUMAN RESOURCES (HR) RECEIVE A COPY OF ALL SUCH REPORTS REGARDLESS OF WHETHER THE REQUEST IS APPROVED. ANY SITUATION INVOLVING A POTENTIAL CONFLICT OF INTEREST MUST BE REVIEWED BY HR TO VERIFY THAT NO CONFLICT EXISTS. ANY EMPLOYEE WHO ACQUIRES INFORMATION THAT GIVES THE EMPLOYEE REASON TO BELIEVE THAT ANY EMPLOYEE, OFFICER OR TRUSTEE IS ENGAGED IN CONDUCT THAT IS PROHIBITED BY ETS'S CODE OF ETHICS OR SUBJECT TO ETS'S CONFLICT OF INTEREST POLICY, OR THAT ANY SALES REPRESENTATIVE, DISTRIBUTOR OR OTHER PERSON OR FIRM REPRESENTING ETS IN ANY TRANSACTION IS ENGAGED IN THE TYPE OF CONDUCT (WHETHER OR NOT IN CONNECTION WITH A TRANSACTION INVOLVING ETS OR ITS PRODUCTS) WHICH, IF ENGAGED IN BY AN EMPLOYEE, WOULD VIOLATE THIS POLICY IS REQUIRED TO REPORT THIS INFORMATION IMMEDIATELY. ALL COMPLAINTS REGARDING POTENTIAL CONFLICTS OF INTEREST ARE INVESTIGATED PROMPTLY, AND WHERE NECESSARY, IMMEDIATE AND APPROPRIATE ACTION IS TAKEN TO STOP AND REMEDY ANY SUCH CONDUCT. ANY EMPLOYEE OR OFFICER, FOUND IN VIOLATION OF THIS POLICY WILL BE SUBJECT TO DISCIPLINARY ACTION, UP TO AND INCLUDING TERMINATION, DEPENDING UPON THE SEVERITY OF THE VIOLATION. THIS POLICY IS REVIEWED ON AN ANNUAL BASIS BY THE VICE PRESIDENT OF HUMAN RESOURCES. ALL ETS EMPLOYEES RECEIVE A COPY OF THE CODE OF ETHICS ON AN ANNUAL BASIS. THE ANNUAL REVIEW AND SIGNATURE INDICATING THEIR AGREEMENT TO COMPLY WITH THE POLICY IS MANDATORY AS PART OF EMPLOYMENT WITH ETS. FORM 990, PART VI, SECTION B, LINE 15 ETS ENGAGES AN EXTERNAL INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT ORGANIZATION (IECCO) TO REVIEW AND ADVISE ON WORKER COMPENSATION LAWS. FURTHER, THE IECCO PREPARES AN ANNUAL REPORT OF PROPOSED COMPENSATION FOR ETS'S CEO AND OFFICERS EVALUATING THE REASONABLENESS OF THE COMPENSATION, AS DEFINED BY THE IRS INTERMEDIATE SANCTION RULES. THE REPORT ASSESSES THE RELEVANT LABOR MARKET FOR OFFICER ROLES USING NATIONAL DATA FROM COMPARABLE ORGANIZATIONS OF SIMILAR SIZE AND COMPLEXITY. THEN, CONSISTENT WITH THE COMPOSITION OF THE LABOR MARKETS IN WHICH ETS COMPETES FOR EXECUTIVE TALENT, APPROPRIATE COMPARATIVE ANALYSES ARE DEVELOPED FROM BOTH NOT-FOR-PROFIT AND FOR-PROFIT DATA. FINALLY, THE IECCO PREPARES A LETTER OF REASONABLENESS REGARDING THE ANALYSES OF OFFICER PAY CONSISTENT WITH GOVERNMENT GUIDELINES WHICH IS PRESENTED TO THE COMMITTEE ON GOVERNANCE AND HUMAN RESOURCES AND THE BOARD FOR REVIEW, COMMENT AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 ETS DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G TEST ADMIN & CONSULTANTS: PROGRAM SERVICE EXPENSES 430,977,613. MANAGEMENT AND GENERAL EXPENSES 32,400,480. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 463,378,093. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF PENSION ADJUSTMENT -11,406,000. SUBSIDIARY EQUITY -44,140,000. SUBPART F INCOME INCLUSION PRIOR YEAR ADJUSTMENT 1,146,000. OTHER -101,450. 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