I am excited to announce that an issue that I was search for an answer to for a while was solved with the "Ultimate Branding" plugin. In order to change the Buddypress Term "Groups" or "Group Admin" to something else without editing code follow the following steps:
1. Download Ultimate Branding Plugin.
2. In Dashboard click "Branding"
3. In Branding Dashboard Enable "Network Wide Text Change" feature.
4. Click on the new "Text Change" tab at the top of the page.
5. Click "Add New"
6. Enter in the Text that you want to change, the domain you want it to pertain to (leave blank if all domains), and enter the text that you want it to be displayed as in the future.
That's it! It will change your text to something else! Boomski!