National Merit Scholarship Corporation
- Assets
- $147.2m
- Revenue
- $44.1m
- Investments
- $5.7m
- Employees
- 36
- Location
- Evanston, IL
- Founding
- 01/1957
- Data as of
- 05/2023
- 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 05/2024, 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 05/2023, National Merit Scholarship Corporation generated $44.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $46.7m during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 8 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
2023
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 OVER 1.3 MILLION ENTRANTS EACH YEAR-AND BY MEETING PUBLISHED PROGRAM ENTRY/PARTICIPATION REQUIREMENTS. FOR FISCAL YEAR 05/31/24 THE NATIONAL MERIT SCHOLARSHIP PROGRAM INCLUDED:FOUR-YEAR RENEWABLE SCHOLARSHIPS: 20,963 RECIPIENTS ONE-TIME AWARDS: 2,725 RECIPIENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy E Mcguire President | OfficerTrustee | 50 | $428,570 |
Michael G Johnson Chairman | OfficerTrustee | 0.5 | $0 |
Frank J Dellaquila Vice Chairman | OfficerTrustee | 0.5 | $0 |
Peter C Jennings Vice Chairman | OfficerTrustee | 0.5 | $0 |
Richard C Benson Director | Trustee | 0.5 | $0 |
Brad R Carson Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Computer Aid Inc It Consultant | 5/30/24 | $2,586,909 |
Community Counselling Service Llc Fundraising Services | 5/30/24 | $469,630 |
Capgemini America Inc It Consultant | 5/30/24 | $1,590,426 |
Rt New Ventures Llc It Consultant | 5/30/24 | $433,415 |
John Drake & Associates Llc It Services | 5/30/24 | $277,647 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $32,789,948 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,789,948 |
| Total Program Service Revenue | $3,655,940 |
| Investment income | $2,177,546 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,450,153 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $44,073,587 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $36,108,912 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $724,229 |
| Compensation of current officers, directors, key employees. | $424,681 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,848,389 |
| Pension plan accruals and contributions | $334,971 |
| Other employee benefits | $247,566 |
| Payroll taxes | $174,133 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $130,037 |
| Fees for services: Accounting | $55,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $243,750 |
| Fees for services: Investment Management | $227,704 |
| Fees for services: Other | $218,794 |
| Advertising and promotion | $0 |
| Office expenses | $270,016 |
| Information technology | $5,003,694 |
| Royalties | $0 |
| Occupancy | $639,440 |
| Travel | $41,920 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $76,542 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $216,166 |
| Insurance | $127,366 |
| All other expenses | $0 |
| Total functional expenses | $46,689,079 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150 |
| Savings and temporary cash investments | $8,575,933 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $597,108 |
| 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 | $149,024 |
| Net Land, buildings, and equipment | $220,328 |
| Investments—publicly traded securities | $129,820,958 |
| Investments—other securities | $5,711,850 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,148,458 |
| Total assets | $147,223,809 |
| Accounts payable and accrued expenses | $762,901 |
| Grants payable | $0 |
| Deferred revenue | $2,058,615 |
| 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 | $2,335,513 |
| Total liabilities | $5,157,029 |
| Net assets without donor restrictions | $136,767,963 |
| Net assets with donor restrictions | $5,298,817 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $147,223,809 |
Grants Awarded
Over the last fiscal year, National Merit Scholarship Corporation has awarded $8,239,240 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COLLEGE ENTRANCE EXAMINATION BOARD PURPOSE: Preliminary SAT/National Merit Scholarship Qualifying Test | $3,239,240 |
UNITED NEGRO COLLEGE FUND PURPOSE: To endow Achievement Capstone Program | $5,000,000 |