National Merit Scholarship Corporation
- Assets
- $183.8m
- Revenue
- $50.2m
- Investments
- $6.8m
- Employees
- 36
- Location
- Evanston, IL
- Founding
- 01/1957
- Data as of
- 05/2021
- EIN
- 36-2307745
Organization Overview
National Merit Scholarship Corporation is located in Evanston, IL. The organization was established in 1957. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 05/2022, National Merit Scholarship Corporation employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Merit Scholarship Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2021, National Merit Scholarship Corporation generated $50.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $47.8m during the year ending 05/2021. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CONDUCT NATIONWIDE ACADEMIC COMPETITIONS FOR RECOGNITION AND COLLEGE UNDERGRADUATE SCHOLARSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NATIONAL MERIT SCHOLARSHIP PROGRAM IS AN ACADEMIC COMPETITION FOR RECOGNITION AND SCHOLARSHIPS THAT BEGAN IN 1955. HIGH SCHOOL STUDENTS ENTER THE NATIONAL MERIT PROGRAM BY TAKING THE PRELIMINARY SAT/NATIONAL MERIT SCHOLARSHIP QUALIFYING TEST (PSAT/NMSQT) - A TEST WHICH SERVES AS AN INITIAL SCREEN OF APPROXIMATELY 1.5 MILLION ENTRANTS EACH YEAR-AND BY MEETING PUBLISHED PROGRAM ENTRY/PARTICIPATION REQUIREMENTS. FOR FISCAL YEAR 05/31/22 THE NATIONAL MERIT SCHOLARSHIP PROGRAM INCLUDED:FOUR-YEAR RENEWABLE SCHOLARSHIPS: 22,480 RECIPIENTS ONE-TIME AWARDS: 2,813 RECIPIENTS
THE NATIONAL ACHIEVEMENT SCHOLARSHIP PROGRAM IS AN ACADEMIC COMPETITION ESTABLISHED IN 1964 TO PROVIDE RECOGNITION FOR OUTSTANDING BLACK AMERICAN HIGH SCHOOL STUDENTS. BLACK STUDENTS COULD ENTER BOTH THE NATIONAL ACHIEVEMENT SCHOLARSHIP PROGRAM AND THE NATIONAL MERIT SCHOLARSHIP PROGRAM BY TAKING THE PRELIMINARY SAT/NATIONAL MERIT SCHOLARSHIP QUALIFYING TEST (PSAT/NMSQT) AND MEETING OTHER PUBLISHED REQUIREMENTS FOR PARTICIPATION. A STUDENT'S STANDING WAS DETERMINED INDEPENDENTLY IN EACH PROGRAM. BLACK AMERICAN STUDENTS COULD QUALIFY FOR RECOGNITION AND BE HONORED AS SCHOLARS IN BOTH THE NATIONAL MERIT PROGRAM AND THE NATIONAL ACHIEVEMENT PROGRAM, BUT COULD RECEIVE ONLY ONE MONETARY AWARD FROM NMSC. THE LAST AWARDS IN THE NATIONAL ACHIEVEMENT SCHOLARSHIP PROGRAM, WHICH INCLUDED FOUR-YEAR RENEWABLE SCHOLARSHIPS, WERE OFFERED IN 2015 AND NMSC FORGED A RELATIONSHIP WITH THE UNITED NEGRO COLLEGE FUND (UNCF) TO CARRY ON THE NAME AND LEGACY OF THE NATIONAL ACHIEVEMENT SCHOLARSHIP PROGRAM. IN 2015, NMSC CONTRIBUTED $5 MILLION TO UNCF TO ENDOW THE ACHIEVEMENT CAPSTONE PROGRAM UNDERWRITTEN BY THE NATIONAL ACHIEVEMENT SCHOLARSHIP PROGRAM TO HONOR AND AWARD FINANCIAL ASSISTANCE TO HIGH ACHIEVING, UNDERREPRESENTED COLLEGE GRADUATES. IN JUNE 2021, AFTER ALL REMAINING SCHOLARSHIP OBLIGATIONS WERE SATISFIED FOR THE NATIONAL ACHIEVEMENT SCHOLARSHIP PROGRAM, NMSC MADE AN ADDITIONAL AND FINAL GRANT OF NEARLY $2.1 MILLION TO UNCF FOR THE ACHIEVEMENT CAPSTONE PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy E Mcguire President | OfficerTrustee | 50 | $331,869 |
Jeffrey Z Little Executive Vice President | Officer | 50 | $195,779 |
Yucheng Yuan Director Of It | 40 | $131,069 | |
Kamilla L Spoehr Vice President And Treasurer | Officer | 40 | $131,018 |
Brooke E Smart Sr. Business & Systems Analyst | 40 | $112,457 | |
Jennifer B Ryan Controller | 40 | $110,254 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Computer Aid Inc It Consultant | 5/30/22 | $2,258,490 |
Capgemini America Inc It Consultant | 5/30/22 | $1,413,472 |
John Drake & Associates Llc It Services | 5/30/22 | $243,117 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,654,056 |
| Investment income | $979,775 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,555,987 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,191,294 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $37,120,847 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $677,317 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,097,029 |
| Pension plan accruals and contributions | $402,312 |
| Other employee benefits | $261,486 |
| Payroll taxes | $178,620 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $107,508 |
| Fees for services: Accounting | $47,494 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $253,770 |
| Fees for services: Other | $139,595 |
| Advertising and promotion | $0 |
| Office expenses | $277,608 |
| Information technology | $3,718,632 |
| Royalties | $0 |
| Occupancy | $553,593 |
| Travel | $3,902 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $29,678 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,853,897 |
| Insurance | $85,612 |
| All other expenses | $0 |
| Total functional expenses | $47,808,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150 |
| Savings and temporary cash investments | $9,124,966 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,054 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $91,984 |
| Investments—publicly traded securities | $166,522,468 |
| Investments—other securities | $6,811,806 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,212 |
| Total assets | $183,825,978 |
| Accounts payable and accrued expenses | $924,032 |
| Grants payable | $0 |
| Deferred revenue | $2,645,183 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,569,215 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $180,256,763 |
Grants Awarded
Over the last fiscal year, National Merit Scholarship Corporation has awarded $8,239,240 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Washington, DC PURPOSE: To endow Achievement Capstone Program | $5,000,000 |
New York, NY PURPOSE: Preliminary SAT/National Merit Scholarship Qualifying Test | $3,239,240 |
Grants Recieved
Over the last fiscal year, we have identified 25 grants that National Merit Scholarship Corporation has recieved totaling $1,740,985.
| Awarding Organization | Amount |
|---|---|
Adp Foundation Roseland, NJ PURPOSE: CHARITABLE CONTRIBUTION | $309,591 |
Illinois Tool Works Foundation Glenview, IL PURPOSE: UNRESTRICTED - GENERAL USE | $193,280 |
Novartis Us Foundation East Hanover, NJ PURPOSE: 2020-2021 ACADEMIC YEAR SCHOLARSHIP | $165,234 |
Ingersoll-Rand Charitable Foundation Davidson, NC PURPOSE: PROVIDE SCHOLARSHIPS TO CHILDREN OF EMPLOYEES. | $136,048 |
Hormel Foods Corporation Chartible Tr Austin, MN PURPOSE: EDUCATION | $126,854 |
Columbus Foundation Columbus, OH PURPOSE: EDUCATION | $109,238 |
Endowment Analysis
| Beg. Balance | $6,191,379 |
| Earnings | -$429,673 |
| Grants | $233,749 |
| Ending Balance | $5,527,957 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |