2022-11-14T12:40:31-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE SUITE 400 PLYMOUTH MEETING PA 19462 990 2021-01-01 237084339 GRADUATE MANAGEMENT ADMISSION COUNCIL GRAD 7036689600 11921 FREEDOM DRIVE 300 RESTON VA 20190 JOY JONES CHIEF EXECUTIVE OFFICER 7036689600 2022-11-08 1 JOY JONES XXX-XX-XXXX CONNIE M LIRA P00481097 2156433900 2022-11-08 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JOY JONES 11921 FREEDOM DRIVE 300 RESTON VA 20190 141848825 0 X WWW.GMAC.COM X 1970 VA TO CREATE A WORLD WHERE EVERY PERSON CAN BENEFIT FROM THE BEST BUSINESS EDUCATION FOR THEM 16 15 140 15 482676 147259 0 0 60437289 63344337 10345787 13606853 1903300 176491 72686376 77127681 328678 329317 0 0 28872770 23154179 0 0 0 46877937 43762816 76079385 67246312 -3393009 9881369 227446325 230212828 42049960 29464855 185396365 200747973 X THE MISSION OF GRADUATE MANAGEMENT ADMISSION COUNCIL (GMAC) IS TO PROVIDE THE TOOLS AND INFORMATION NECESSARY FOR SCHOOLS AND TALENT TO DISCOVER AND EVALUATE EACH OTHER. GMAC BELIEVES THE VALUES OF COURAGE, CREATIVITY, LISTENING, COLLABORATION AND INTEGRITY, BUILD LASTING CONNECTIONS WITHIN GMAC AND THE EDUCATION COMMUNITY, BOTH TODAY AND FOR THE FUTURE. 0 0 24117220 0 53200811 TEST OPERATIONS: GMAC IS COMMITTED TO PROVIDING TOOLS AND SOLUTIONS TO SCHOOLS AND CANDIDATES TO CONNECT WITH AND EVALUATE EACH OTHER SO THAT TALENT DOES NOT GO UNDISCOVERED. GRADUATE MANAGEMENT EDUCATION (GME) PROGRAMS EVALUATE GLOBAL APPLICANTS FROM DIVERSE EDUCATIONAL AND PROFESSIONAL BACKGROUNDS FOR ADMISSION TO MBA AND BUSINESS MASTER'S DEGREE PROGRAMS. THE GMAT (GRADUATE MANAGEMENT ADMISSION TEST), EA (EXECUTIVE ASSESSMENT), AND NMAT BY GMAC ASSESSMENTS ASSIST SCHOOLS IN EVALUATING CANDIDATE ACADEMIC SUCCESS LIKELIHOOD IN GRADUATE MANAGEMENT PROGRAMS ADMISSIONS. AS SUCH, GMAC'S PORTFOLIO OF PREMIER ASSESSMENTS IS RECOGNIZED AS TRUSTED, VALID PREDICTORS OF ACADEMIC SUCCESS FOR GRADUATE BUSINESS PROGRAMS. GMAC'S ASSESSMENTS ARE ACCEPTED BY MORE THAN 7,100 GRADUATE BUSINESS PROGRAMS AND 2,400 SCHOOLS GLOBALLY.THE GMAT EXAM HAS BEEN TRUSTED BY SCHOOLS FOR OVER 65 YEARS AS A PROVEN AND RELIABLE MEASUREMENT IN ADMISSIONS. IN 2015, GMAC ACQUIRED THE NMAT EXAMINATION IN INDIA, RENAMED THE NMAT BY GMAC. IN 2016, GMAC LAUNCHED THE EXECUTIVE ASSESSMENT (EA) FOR EXECUTIVE GRADUATE MANAGEMENT PROGRAMS. MORE INFORMATION CAN BE FOUND AT HTTPS://WWW.GMAC.COM/GMAT-OTHER-ASSESSMENTS/ABOUT-OUR-OTHER-ASSESSMENTS. 761017 0 0 RESEARCH: GMAC RESEARCH PROVIDES DATA-DRIVEN MARKET INTELLIGENCE AND INSIGHTS FOR THE GRADUATE MANAGEMENT EDUCATION COMMUNITY. AREAS OF FOCUS INCLUDE ANALYSIS OF GRADUATE MANAGEMENT CANDIDATE TEST TAKERS, APPLICATION TRENDS, CORPORATE RECRUITING OUTLOOKS, ALUMNI PERSPECTIVES, AND GLOBAL AND REGIONAL TRENDS IN AREAS OF PROGRAMS, DIVERSITY, TALENT MOBILITY, AND PSYCHOMETRIC VALIDITY. RESEARCH DIRECTLY SUPPORTS AND ENABLES GMAC MEMBER SCHOOLS AND THE GRADUATE MANAGEMENT EDUCATION COMMUNITY WITH INTERACTIVE AND CUSTOM REPORTS AND PROVIDES INSIGHTS THAT ENABLE TWO-WAY DISCOVERY BETWEEN SCHOOLS AND CANDIDATES. MORE INFORMATION CAN BE SEEN AT HTTPS://WWW.GMAC.COM/MARKET-INTELLIGENCE-AND-RESEARCH. 21555122 329317 10287884 OTHER EDUCATIONAL SERVICES FOR SCHOOLS AND GME CANDIDATES: INCLUDING BUT NOT LIMITED TO, MBA.COM, GMAC.COM, PROFESSIONAL DEVELOPMENT AND EVENTS, AND DISCOVERY AND ENGAGEMENT SOLUTIONS.MBA.COM: GME CANDIDATES ARE PROVIDED A RICH PORTAL VIA WWW.MBA.COM, WHERE THEY CAN LEARN ABOUT THE BENEFITS OF GRADUATE MANAGEMENT EDUCATION AND HOW TO FURTHER THEIR CAREER JOURNEY. ON THE SITE, THERE ARE MYRIAD OPPORTUNITIES TO ASSIST THEM WITH PREPARING FOR THEIR APPLICATIONS, REGISTERING FOR EXAMS, CONNECTING WITH SCHOOLS AND ACCESSING FREE AND PAID TEST PREPARATION MATERIALS.GMAC.COM: BUSINESS SCHOOL AND HIGHER EDUCATION PROFESSIONALS CAN ACCESS A WEALTH OF INFORMATION VIA GMAC.COM, INCLUDING MARKET INTELLIGENCE, INSIGHTS AND ANALYSIS, WHITE PAPERS, NEWS DIGESTS, NEWSLETTERS, ASSESSMENT RESOURCES, AND TOOLS TO HELP THEM SHARPEN THEIR SKILLS, BE ABREAST OF TRENDS AND TAP INTO INFORMATION AND SERVICES SPECIFICALLY FOR GME PROFESSIONALS.PROFESSIONAL DEVELOPMENT AND EVENTS: GMAC PROVIDES ESSENTIAL PROFESSIONAL LEARNING AND DEVELOPMENT OPPORTUNITIES FOR ADMISSIONS PROFESSIONALS AND OTHER BUSINESS SCHOOL LEADERS, INCLUDING CONVENING GLOBAL EDUCATION CONFERENCES, WORKSHOPS, TRAINING, SEMINARS, SCHOOL EVENTS, WEBINARS AND MORE, BOTH VIRTUAL AND IN-PERSON.DISCOVERY AND ENGAGEMENT SOLUTIONS: GMAC HELPS SCHOOLS REACH THE LARGEST QUALIFIED, GLOBAL CANDIDATE POOL INTERESTED IN PURSUING AN MBA OR BUSINESS MASTER'S DEGREE THROUGH DATA-DRIVEN MARKETING, TOURS AND CONTENT SERVICES. 46433359 1 0 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 1 1 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 X 82 0 140 1 1 1 1 CH HK IN UK 0 0 0 0 0 0 0 0 0 0 X 16 15 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X JENNIFER MARTIN 7036689600 11921 FREEDOM DRIVE STE 300 RESTON VA 20190 SANGEET CHOWFLA PRESIDENT & CEO 40.00 0.00 X X 742845 0 35047 ASHISH BHARDWAJ SR VP & HEAD, MARKET DEVELOPMENT 40.00 0.00 X 569873 0 21447 JOY JACKSON JONES CPO & GM, ASSESSMENT 40.00 0.00 X 490006 0 45660 BETTY SU SR VP & GM, GMAC CONNECT 40.00 0.00 X 394078 0 28883 MAITE SALAZAR CHIEF MARKETING OFFICER 40.00 0.00 X 360573 0 40077 ASHOK SARATHY VP, PRODUCT MANAGEMENT OPERATIONS 40.00 0.00 X 339875 0 44363 KEVIN LEFEW CHIEF TECHNOLOGY OFFICER 40.00 0.00 X 358202 0 25477 ELDA BAHAR-ENGLER CHIEF ADMINISTRATIVE OFFICER 40.00 0.00 X 353343 0 25532 JENNIFER MARTIN CHIEF OF STAFF 40.00 0.00 X 334755 0 44005 ROBIN EVERETT VP, LEGAL 40.00 0.00 X 321972 0 50158 SABRINA WHITE VP, SCHOOL & INDUSTRY ENGAGEMENT 40.00 0.00 X 344070 0 20801 DAVID COOKE SR DIR, APP DEV & INTEGRATION 40.00 0.00 X 250118 0 41533 KYUNGTYEK HAN SR DIR, PSYCHOMETRICIAN 40.00 0.00 X 231060 0 42192 JON ERICKSON CHAIR 1.00 0.00 X X 0 0 0 MARTIN BOEHM CO-CHAIR 1.00 0.00 X X 0 0 0 WILLIAM BOULDING DIRECTOR 1.00 0.00 X 0 0 0 TOM BUIOCCHI DIRECTOR 1.00 0.00 X 0 0 0 YUAN DING DIRECTOR 1.00 0.00 X 0 0 0 ERIKA H JAMES DIRECTOR 1.00 0.00 X 0 0 0 PETER JOHNSON DIRECTOR 1.00 0.00 X 0 0 0 SANJIV KAPUR DIRECTOR 1.00 0.00 X 0 0 0 SOOJIN KWON DIRECTOR 1.00 0.00 X 0 0 0 KATY MONTGOMERY DIRECTOR 1.00 0.00 X 0 0 0 JAY NIBBE DIRECTOR 1.00 0.00 X 0 0 0 FRANCOIS ORTALO-MAGNE DIRECTOR 1.00 0.00 X 0 0 0 DONNA RAPACCIOLI DIRECTOR 1.00 0.00 X 0 0 0 GIUSEPPE SODA DIRECTOR 1.00 0.00 X 0 0 0 THEMIN SUWARDY DIRECTOR 1.00 0.00 X 0 0 0 ENASE OKONEDO DIRECTOR - LEFT JANUARY 2021 1.00 0.00 X 0 0 0 RANJAN BANERJEE DIRECTOR - LEFT APRIL 2021 1.00 0.00 X 0 0 0 LEILA GUERRA DIRECTOR - LEFT JUNE 2021 1.00 0.00 X 0 0 0 PETER TUFANO DIRECTOR - LEFT JUNE 2021 1.00 0.00 X 0 0 0 5090770 0 465175 60 0 1 0 MINDSTREAM MEDIA LLC 100 WALNUT STREET STE 112 PEORIA IL 61602 MARKETING 697569 EASTBANC TECHNOLOGIES LLC 1211 31ST STREET NW WASHINGTON DC 20007 CLOUD SERVICES 239515 TIBER SOLUTIONS LLC 4094 MAJESTIC LANE STE 370 FAIRFAX VA 22033 MARKETING CONSULTING 206187 ULLOA CONSULTING LLC 20084 BLACKWOLF RUN PLACE ASHBURN VA 20147 CONSULTING 206000 ANGIE BROWN 14 W LADUE ESTATES DR ST LOUIS MO 63141 CONSULTING 153425 13 TEST OPERATIONS 900099 53200811 53200811 SCHOOL/STUDENT PRODUCTS 900099 8139076 8139076 MEDIA PRODUCTS 900099 1620473 1137797 482676 PROFESSIONAL DEVELOPMENT 900099 383977 383977 63344337 3332422 3332422 74924821 64650390 10274431 10274431 10274431 215112 70754 144358 144358 GAIN ON BAD DEBT 900099 29325 29325 ADVOCACY 900099 2808 2808 32133 77127681 63006019 482676 13638986 121500 121500 40141 40141 167676 167676 3991366 1574592 2416774 15242949 10502151 4740798 537146 381069 156077 2223013 1414060 808953 1159705 760558 399147 570353 53613 516740 618121 58103 560018 482411 482411 4143535 3031539 1111996 2550443 2227409 323034 1519943 1262661 257282 5615580 3147885 2467695 2061608 420156 1641452 178351 119109 59242 823207 803070 20137 118399 118399 3917755 331861 3585894 227740 46413 181327 TEST OPERATIONS 18133512 18462829 -329317 GST TAX 1257154 995451 261703 MEDIA/STUDENT RECRUIT 474753 217442 257311 INCOME TAX EXPENSE 228438 102249 126189 841513 191822 649691 67246312 46433359 20812953 0 21608241 21738424 2518135 2262164 1488823 13854 13891 2604095 3955393 15385591 12577195 3451631 2808396 168128329 166743187 5662113 6480313 1202690 1189591 20768414 25021469 227446325 230212828 13104799 15154511 5685508 2759206 20024193 96740 3138720 11551138 42049960 29464855 X 185396365 200747973 185396365 200747973 227446325 230212828 9881369 5568090 -97851 0 X 0 1 X 1 0 X 91289062 90287591 89556966 60118407 63076773 394328799 91289062 90287591 89556966 60118407 63076773 394328799 0 0 0 394328799 2732876 3324655 3363163 4572565 3332422 17325681 2732876 3324655 3363163 4572565 3332422 17325681 148683 294942 147259 590884 1724406 32133 1756539 94021938 93612246 93068812 66710320 66588587 414001903 0.95250 0.95860 0.04180 0.03650 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: GAIN ON DEBT EXTINGUISHMENT - 2020 AMOUNT: $ 1,724,406. GAIN ON BAD DEBT - 2021 AMOUNT: $ 29,325. ADVOCACY - 2021 AMOUNT: $ 2,808. 0 0 0 0 0 0 0 7848882 5239556 2609326 4532183 4456668 75515 3004526 2880971 123555 2808396 CAPITALIZED TEST ITEMS 16987684 DEFERRED COMPENSATION PLAN 450638 RIGHT OF USE ASSETS 7583147 25021469 DEFERRED LEASE OBLIGATIONS 11075966 DEFERRED COMPENSATION LIABILITY 475172 11551138 X PART X, LINE 2: THE COUNCIL IS EXEMPT FROM THE PAYMENT OF INCOME TAXES ON ITS EXEMPT ACTIVITIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THAT THE COUNCIL IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) OF THE IRC. THE COUNCIL IS REQUIRED TO REPORT UNRELATED BUSINESS INCOME TO THE IRS. THE ORGANIZATION FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS EVALUATED ITS TAX POSITIONS AND DETERMINED THAT ITS TAX POSITIONS ARE MORE-LIKELY-THAN-NOT TO BE SUSTAINED ON EXAMINATION. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, LOCAL, AND FOREIGN AUTHORITIES. 1 EUROPE 1 5 PROGRAM SERVICES CONDUCT EDUCATIONAL RESEARCH, PROVIDE SERVICES, AND FACILITATE INFORMATION EXCHANGE 1881318 EUROPE 1 13 PROGRAM SERVICES ONLINE PUBLISHER OF BUSINESS SCHOOLS NEWS, APPLICANT ADVICE AND CAREER INSPIRATIONS 1670247 EAST ASIA & THE PACIFIC 1 4 PROGRAM SERVICES CONDUCT EDUCATIONAL RESEARCH, PROVIDE SERVICES, AND FACILITATE INFORMATION EXCHANGE WITHIN GREATER CHINA. 928803 SOUTH ASIA 1 7 PROGRAM SERVICES CONDUCT EDUCATIONAL RESEARCH, PROVIDE SERVICES, AND FACILITATE INFORMATION EXCHANGE 677283 SOUTH ASIA 1 21 PROGRAM SERVICES SELL NMAT AND RELATED TEST PREP PRODUCTS, AND FACILITATE INFORMATION EXCHANGE. 177915 EUROPE 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION (ORGANIZATION) SPONSORSHIP FOR GLOBAL ACTIVITIES 125000 EAST ASIA & THE PACIFIC 1 0 PROGRAM SERVICES CONDUCT EDUCATIONAL RESEARCH, PROVIDE SERVICES, AND FACILITATE INFORMATION EXCHANGE 109279 EUROPE 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION (ORGANIZATION) SPONSORSHIP FOR GLOBAL ACTIVITIES 30573 NORTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION (ORGANIZATION) SPONSORSHIP FOR GLOBAL ACTIVITIES 6000 SOUTH ASIA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION (INDIVIDUALS) FEE WAIVER 2806 EUROPE 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION (INDIVIDUALS) FEE WAIVER 2757 EAST ASIA & THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION (INDIVIDUALS) FEE WAIVER 540 EAST ASIA & THE PACIFIC 0 0 INVESTMENTS -1809449 6 50 0 0 6 50 5600418 -1797346 3803072 EUROPE SPONSORSHIP FOR GLOBAL ACTIVITIES 30573 WIRE 0 N/A N/A NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES SPONSORSHIP FOR ANNUAL CONFERENCE 6000 WIRE 0 N/A N/A EUROPE SPONSORSHP FOR GLOBAL ACTIVITIES 125000 WIRE 0 N/A N/A 3 0 FEE WAIVER EAST ASIA AND THE PACIFIC 9 540 SCHOOL DISBURSES TEST VOUCHER TO TEST TAKERS WHO ARE UNABLE TO PAY N/A FMV FEE WAIVER EUROPE 26 2757 SCHOOL DISBURSES TEST VOUCHER TO TEST TAKERS WHO ARE UNABLE TO PAY N/A FMV FEE WAIVER SOUTH ASIA 61 2806 SCHOOL DISBURSES TEST VOUCHER TO TEST TAKERS WHO ARE UNABLE TO PAY N/A FMV 0 0 0 0 0 0 PART I, LINE 2: GMAC MAINTAINS POLICIES, PROCEDURES, CONTRACTS OR SUMMARY TERMS AND RECORDS TO GUIDE CORPORATE CHARITABLE GIVING, INCLUDING GUIDANCE REGARDING ELIGIBILITY AND SELECTION CRITERIA, EXPENDITURE TRACKING AND SUBSTANTIATION OF THE AMOUNT OF GRANTS OR ASSISTANCE. GMAC EMPLOYEES WHO ARE DIRECTLY RESPONSIBLE FOR THE BUDGETED FUNDS FROM WHICH GRANTS ARE MADE ARE RESPONSIBLE FOR MONITORING THE USE OF GRANT FUNDS BY THE RECIPIENTS. PART I, LINE 3: THE ORGANIZATION USES THE ACCRUAL BASIS OF ACCOUNTING TO ACCOUNT FOR EXPENDITURES. PART III ACCOUNTING METHOD: 1 AACSB INTERNATIONAL THE ASSOC TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS 777 S HARBOUR ISLAND BLVD NO 750 TAMPA FL 33602 436036286 501(C)(3) 28500 0 N/A N/A PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. EXECUTIVE MBA COUNCIL 25283 CABOT ROAD STE 225 LAGUNA HILLS CA 92653 943095701 501(C)(3) 30000 0 N/A N/A PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. GLOBAL BUSINESS SCHOOL NETWORK 1010 BERMONT AVENUE NW STE 201 WASHINGTON DC 20005 200670910 501(C)(3) 8000 0 N/A N/A PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. THE FORTE FOUNDATION 9600 ESCARPMENT 745 NO PMB72 AUSTIN TX 78749 611457145 501(C)(3) 50000 0 N/A N/A PROMOTING GMAC PRODUCTS, SERVICES, AND RESEARCH AND PROVIDING INDUSTRY SUPPORT. 4 0 FEE WAIVER 462 40141 0 FMV N/A PART I, LINE 2: GMAC MAINTAINS POLICIES, PROCEDURES, CONTRACTS OR SUMMARY TERMS AND RECORDS TO GUIDE CORPORATE CHARITABLE GIVING, INCLUDING GUIDANCE REGARDING ELIGIBILITY AND SELECTION CRITERIA, EXPENDITURE TRACKING AND SUBSTANTIATION OF THE AMOUNT OF GRANTS OR ASSISTANCE. GMAC EMPLOYEES WHO ARE DIRECTLY RESPONSIBLE FOR THE BUDGETED FUNDS FROM WHICH GRANTS ARE MADE ARE RESPONSIBLE FOR MONITORING THE USE OF GRANT FUNDS BY THE RECIPIENTS. X X X X 0 0 0 0 0 0 0 0 0 SANGEET CHOWFLA PRESIDENT & CEO 548311 0 171866 0 22668 0 13103 0 21944 0 777892 0 0 0 ASHISH BHARDWAJ SR VP & HEAD, MARKET DEVELOPMENT 310350 0 82672 0 176851 0 6354 0 15093 0 591320 0 0 0 JOY JACKSON JONES CPO & GM, ASSESSMENT 371063 0 98339 0 20604 0 14430 0 31230 0 535666 0 0 0 BETTY SU SR VP & GM, GMAC CONNECT 309929 0 83429 0 720 0 15059 0 13824 0 422961 0 0 0 MAITE SALAZAR CHIEF MARKETING OFFICER 272058 0 81090 0 7425 0 14447 0 25630 0 400650 0 0 0 ASHOK SARATHY VP, PRODUCT MANAGEMENT OPERATIONS 269104 0 70014 0 757 0 14330 0 30033 0 384238 0 0 0 KEVIN LEFEW CHIEF TECHNOLOGY OFFICER 266695 0 69943 0 21564 0 15267 0 10210 0 383679 0 0 0 ELDA BAHAR-ENGLER CHIEF ADMINISTRATIVE OFFICER 287349 0 64890 0 1104 0 15223 0 10309 0 378875 0 0 0 JENNIFER MARTIN CHIEF OF STAFF 263805 0 70445 0 505 0 12775 0 31230 0 378760 0 0 0 ROBIN EVERETT VP, LEGAL 238117 0 63214 0 20641 0 13743 0 36415 0 372130 0 0 0 SABRINA WHITE VP, SCHOOL & INDUSTRY ENGAGEMENT 272717 0 70031 0 1322 0 11930 0 8871 0 364871 0 0 0 DAVID COOKE SR DIR, APP DEV & INTEGRATION 212954 0 35901 0 1263 0 11603 0 29930 0 291651 0 0 0 KYUNGTYEK HAN SR DIR, PSYCHOMETRICIAN 200025 0 30518 0 517 0 10962 0 31230 0 273252 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 GRADUATE MANAGEMENT ADMISSION COUNCIL SHALL HAVE ONE (1) CLASS OF VOTING MEMBERS, WHICH SHALL CONSIST OF GRADUATE BUSINESS AND MANAGEMENT SCHOOLS. THE CRITERIA FOR ADMISSION SHALL INCLUDE, AT A MINIMUM, A REQUIREMENT THAT THE PROSPECTIVE MEMBER (1) CAN AWARD DEGREES, AND (2) IS ACCREDITED BY A RELEVANT ACCREDITATION AGENCY OR ALTERNATIVELY PROVIDES EVIDENCE THAT ITS PROGRAMS MEET GENERALLY ACCEPTED STANDARDS OF HIGH QUALITY IN THE FIELD OF MANAGEMENT EDUCATION. THE CRITERIA SHALL ALSO INCLUDE AS A RELEVANT, BUT NOT DISPOSITIVE, QUALITATIVE FACTOR WHETHER THE GRADUATE MANAGEMENT ADMISSION TEST (GMAT) EXAM IS REQUIRED BY THE PROSPECTIVE MEMBER FOR ADMISSION TO ALL PROGRAMS GRANTING A MASTER'S DEGREE IN BUSINESS ADMINISTRATION (MBA) OR ANY EQUIVALENT PROGRAM. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER THAT IS IN GOOD STANDING SHALL BE ENTITLED TO VOTE FOR THE ELECTION OF DEAN AND REPRESENTATIVE DIRECTORS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THERE IS ONE CLASS OF MEMBERS. DECISIONS THAT REQUIRE THEIR APPROVAL ARE AMENDMENTS TO THE ARTICLES OF INCORPORATION AND REVISIONS TO THE BYLAWS. EACH MEMBER HAS EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FINAL DRAFT IS SUBMITTED TO SENIOR MANAGEMENT BEFORE IT IS PROVIDED TO THE AUDIT AND RISK COMMITTEE FOR REVIEW AND APPROVAL. EACH PARTY IS EXPECTED TO THOROUGHLY READ THE FORM 990 IN ITS ENTIRETY AND HAS ACCESS TO THE YEAR-END FINANCIALS TO DO A COMPARATIVE REVIEW AS WELL. FEEDBACK IS PROVIDED TO MANAGEMENT WHETHER OR NOT CHANGES ARE REQUIRED. A FINAL APPROVAL OF THE FORM 990 IS OBTAINED EITHER DURING AN AUDIT AND RISK COMMITTEE MEETING OR A MEETING BY EMAIL PRIOR TO FILING. IN ADDITION, ALL VOTING MEMBER OF THE BOARD ARE PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR HAS AN ONGOING ANNUAL OBLIGATION TO DISCLOSE POTENTIAL OR ACTUAL CONFLICTS. FOR DIRECTORS, THE BOARD OR ANY COMMITTEE OF THE BOARD AT WHICH A TRANSACTION IS CONSIDERED, IS RESPONSIBLE FOR REVIEWING AND DETERMINING WHETHER A CONFLICT EXISTS. IF A CONFLICT EXISTS, THE DIRECTOR SHALL NOT PARTICIPATE OR BE PRESENT AT THAT PORTION OF THE MEETING OF THE BOARD OR COMMITTEE. IF THE BOARD OR COMMITTEE DETERMINES THAT THE DIRECTOR HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE BOARD OR COMMITTEE WILL TAKE THE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS IS RESPONSIBLE FOR DETERMINING THE COMPENSATION OF THE CEO. THE BOARD ANNUALLY REVIEWS AND APPROVES GMAC CORPORATE GOALS AND OBJECTIVES, EVALUATES THE CEO'S PERFORMANCE IN LIGHT OF SUCH GOALS AND OBJECTIVES AND THEN DETERMINES COMPENSATION BASED ON THAT EVALUATION AND IN ACCORDANCE WITH ANY APPLICABLE EMPLOYMENT AGREEMENT. THE BOARD RETAINS AN INDEPENDENT COMPENSATION CONSULTANT TO ASSIST IN EVALUATING PERFORMANCE, INCLUDING OBTAINING AN ANNUAL COMPARABILITY ANALYSIS AS APPROPRIATE TO COMPLY WITH THE "REBUTTABLE PRESUMPTION" UNDER THE INTERMEDIATE SANCTION RULES OF IRC SECTION 4958. GMAC RETAINS INDEPENDENT COMPENSATION CONSULTANTS AND REPUTABLE SALARY SURVEY MARKET DATA TO EVALUATE COMPENSATION COMPARABILITY. THIS PROCESS MOST RECENTLY TOOK PLACE IN 2021. FORM 990, PART VI, SECTION C, LINE 19 GMAC MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. BUSINESSBECAUSE LIMITED 20 RED LION STREET HOLBORN LONDON UK WC1R 4PQ 830763539 PUBLISH AND SELL DIGITAL STORIES ABOUT STUDENT LIFE UK 1700586 1444083 GRADUATE MANAGEMENT GLOBAL CONNECTION UK LTD GRADUATE MANAGEMENT ADMISSION COUNCIL (HONG KONG) LIMITED 13 FLOOR 40-44 BONHAM STRAND SHEUNG WAN HK 237084339 MARKET DEVELOPMENT FOR GMAC WITHIN EAST ASIA AND SOUTHEAST ASIA HK -15554 -142029 GRADUATE MANAGEMENT ADMISSION COUNCIL GRADUATE MANAGEMENT ADMISSION COUNCIL (SHANGHAI) MANAGEMENT CONSULTING LTD WEWORK 627 HUAIHAI MIDDLE ROAD SHANGHAI HUANGPU DISTRICT CH 851550597 MARKET DEVELOPMENT FOR GMAC WITHIN EAST ASIA AND SOUTHEAST ASIA CH 1007805 1791585 GRADUATE MANAGEMENT ADMISSION COUNCIL (HONG KONG) LIMITED GRADUATE MANAGEMENT ADMISSION COUNCIL INDIA PRIVATE LIMITED SUITE 405/SUITE 406 SUNCITY BUSINE GURUGRAM HARYANA IN 1222011 980699911 MARKET DEVELOPMENT FOR GMAC WITHIN SOUTH ASIA, AFRICA AND THE MIDDLE EAST. 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