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Nonprofiteer
← NATIONAL MERIT SCHOLARSHIP CORPORATION

Form 990 for tax year 2022

Filed by NATIONAL MERIT SCHOLARSHIP CORPORATION.

Totals

Total revenue
$44,073,587
Total expenses
$46,689,079
Contributions and grants received
$32,789,948
Grants paid
$36,108,912
Program service revenue
$3,655,940
Investment income
$7,627,699
Other revenue
$0
Total assets, end of year
$147,223,809
Total liabilities, end of year
$5,157,029
Net assets or fund balances, end of year
$142,066,780
Program services expenses (Part IX)
$42,853,665
Management and general expenses
$2,487,793
Fundraising expenses
$1,347,621
Program service expenses (Part III)
$42,853,665

Program services were 91.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $32,789,948

  • 2a · Program service revenue: Test Fee Revenue

    total $3,652,206 · related or exempt $3,652,206

  • 2b · Program service revenue: Sponsor Admin Service

    total $3,734 · related or exempt $3,734

  • 3 · Investment income

    total $2,177,546 · excluded $2,177,546

  • 7a · Gross sales of assets other than inventory

    securities $18,704,708

  • 7b · Less cost or other basis and sales expenses

    securities $13,254,555

  • 7c · Gain or loss

    securities $5,450,153

  • 7d · Net gain or loss

    total $5,450,153 · excluded $5,450,153

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $36,108,912 · program services $36,108,912

  • 5 · Compensation of officers, directors and key employees

    total $724,229 · program services $151,209 · management and general $424,681 · fundraising $148,339

  • 7 · Other salaries and wages

    total $1,848,389 · program services $1,309,564 · management and general $375,938 · fundraising $162,887

  • 8 · Pension plan contributions

    total $334,971 · program services $176,163 · management and general $114,900 · fundraising $43,908

  • 9 · Other employee benefits

    total $247,566 · program services $151,433 · management and general $68,919 · fundraising $27,214

  • 10 · Payroll taxes

    total $174,133 · program services $106,198 · management and general $49,365 · fundraising $18,570

  • 11b · Fees: legal

    total $130,037 · program services $23,102 · management and general $77,360 · fundraising $29,575

  • 11c · Fees: accounting

    total $55,450 · management and general $55,450

  • 11e · Fees: professional fundraising services

    total $243,750 · fundraising $243,750

  • 11f · Fees: investment management

    total $227,704 · management and general $227,704

  • 11g · Fees: other

    total $218,794 · program services $154,777 · management and general $49,685 · fundraising $14,332

  • 13 · Office expenses

    total $270,016 · program services $223,167 · management and general $25,739 · fundraising $21,110

  • 14 · Information technology

    total $5,003,694 · program services $3,752,771 · management and general $750,554 · fundraising $500,369

  • 16 · Occupancy

    total $639,440 · program services $415,636 · management and general $127,888 · fundraising $95,916

  • 17 · Travel

    total $41,920 · management and general $32,694 · fundraising $9,226

  • 19 · Conferences, conventions and meetings

    total $76,542 · program services $76,542

  • 22 · Depreciation, depletion and amortization

    total $216,166 · program services $140,508 · management and general $43,233 · fundraising $32,425

  • 23 · Insurance

    total $127,366 · program services $63,683 · management and general $63,683

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $150 · end of year $150

  • 2 · Savings and temporary cash investments

    beginning of year $7,902,233 · end of year $8,575,933

  • 4 · Accounts receivable

    beginning of year $53,874 · end of year $597,108

  • 9 · Prepaid expenses and deferred charges

    beginning of year $140,878 · end of year $149,024

  • 10a · Land, buildings and equipment: cost or other basis

    $23,709,843

  • 10b · Land, buildings and equipment: accumulated depreciation

    $23,489,515

  • 10c · Land, buildings and equipment, net

    beginning of year $418,547 · end of year $220,328

  • 11 · Investments: publicly traded securities

    beginning of year $140,521,946 · end of year $129,820,958

  • 12 · Investments: other securities

    beginning of year $6,707,111 · end of year $5,711,850

  • 15 · Other assets

    beginning of year $26,369 · end of year $2,148,458

  • 17 · Accounts payable and accrued expenses

    beginning of year $694,168 · end of year $762,901

  • 19 · Deferred revenue

    beginning of year $2,369,577 · end of year $2,058,615

  • 25 · Other liabilities

    beginning of year $0 · end of year $2,335,513

  • 27 · Net assets without donor restrictions

    beginning of year $147,179,406 · end of year $136,767,963

  • 28 · Net assets with donor restrictions

    beginning of year $5,527,957 · end of year $5,298,817

Mission and programs · 2022

Mission

The mission of National Merit Scholarship Corporation (NMSC) is to recognize and honor the academically talented students of the United States. NMSC accomplishes its mission by conducting nationwide academic scholarship programs. The enduring goals of NMSC's scholarship programs are: to promote a wider and deeper respect for learning in general and for exceptionally talented individuals in particular; to shine a spotlight on brilliant students and encourage the pursuit of academic excellence at all levels of education; and to stimulate increased support from individuals and organizations that wish to sponsor scholarships for outstanding scholastic talent.

Activities or mission (Part I)

To conduct nationwide academic competitions for recognition and college undergraduate scholarships.

  • 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 05/31/23 the National Merit Scholarship Program included:Four-Year Renewable Scholarships: 21,862 recipients One-Time Awards: 2,716 recipients

    Expenses $42,853,665 · Grants $36,108,912 · Revenue $3,655,940

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Timothy E McGuire

    President

    Total calculated
    $461,454
    From this org
    $374,250
    From related orgs
    $0
    Other
    $87,204
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $374,250
    Bonus
    $0
    Other
    $0
    Deferred
    $54,756
    Nontaxable benefits
    $32,448
    Filer's total
    $461,454

  • Kamilla L Spoehr

    Vice President and Treasurer

    Total calculated
    $180,880
    From this org
    $135,393
    From related orgs
    $0
    Other
    $45,487
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,393
    Bonus
    $0
    Other
    $0
    Deferred
    $21,600
    Nontaxable benefits
    $23,887
    Filer's total
    $180,880

  • Jennifer B Ryan

    Controller

    Total calculated
    $170,593
    From this org
    $114,443
    From related orgs
    $0
    Other
    $56,150
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,443
    Bonus
    $0
    Other
    $0
    Deferred
    $20,205
    Nontaxable benefits
    $35,945
    Filer's total
    $170,593

  • Yucheng Yuan

    Exec. Director of IT

    Total calculated
    $167,187
    From this org
    $136,653
    From related orgs
    $0
    Other
    $30,534
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,653
    Bonus
    $0
    Other
    $0
    Deferred
    $20,835
    Nontaxable benefits
    $9,699
    Filer's total
    $167,187

  • Joon K Han

    Assistant Director of IT

    Total calculated
    $155,195
    From this org
    $113,088
    From related orgs
    $0
    Other
    $42,107
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,088
    Bonus
    $0
    Other
    $0
    Deferred
    $18,158
    Nontaxable benefits
    $23,949
    Filer's total
    $155,195

  • Nancy A Bogart

    Exec. Dir. Of Sponsor Services

    Total calculated
    $148,679
    From this org
    $114,061
    From related orgs
    $0
    Other
    $34,618
    Hours/week
    40

  • Eileen M Artemakis

    Exec. Dir. of Public Information

    Total calculated
    $144,066
    From this org
    $103,277
    From related orgs
    $0
    Other
    $40,789
    Hours/week
    40

  • Jeffrey Z Little

    Past Executive Vice President

    Total calculated
    $143,887
    From this org
    $116,251
    From related orgs
    $0
    Other
    $27,636
    Hours/week
    50

  • Kimberly C Greiner

    Vice President

    Total calculated
    $138,187
    From this org
    $105,946
    From related orgs
    $0
    Other
    $32,241
    Hours/week
    40

  • Michael G Johnson

    Chairman

    Total calculated
    $0
    Hours/week
    0.5

  • Frank J Dellaquila

    Vice Chairman

    Total calculated
    $0
    Hours/week
    0.5

  • Peter C Jennings

    Vice Chairman

    Total calculated
    $0
    Hours/week
    0.5

  • Richard C Benson

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Curley M Dossman Jr

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Diane E Earll

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • M Timothy Gott

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Colleen M Harsin

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Philip A Hooper

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Heidi B Jark

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Erin B Kohl

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Rosemary E Matzl

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas E Pittman

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Mark E Reed

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Brian P Sinchak

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • David L Stubblefield

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Justin C Walker

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Wendy A Watkins

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Marc A Johnson

    Past Director

    Total calculated
    $0
    Hours/week
    0.5

  • Richard L Keyser

    Past Director

    Total calculated
    $0
    Hours/week
    0.5

  • Richard L Sevcik

    Corporate Secretary

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
4 October 2023
IRS schema version
2022v5.0
Source object
202342869349302469

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