2015-10-12T15:15:57-05:00 2015-05-31 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2014-06-01 362307745 National Merit Scholarship Corporation NATI 8478665111 1560 Sherman Avenue No 200 Evanston IL 602014897 Kamilla L Spoehr Vice President & Treasurer 8478665111 2015-10-12 1 Marek Rozowicz P01616027 3126343400 2014 2016-02-25 16:41:14Z Timothy E McGuire 1560 Sherman Avenue No 200 Evanston IL 602014897 158048189 0 X www.nationalmerit.org X 1955 IL To conduct nationwide academic competitions for recognition and college undergraduate scholarships 20 19 38 23 0 0 43197541 43765198 2709746 3242855 11432115 24552038 0 0 57339402 71560091 49330033 54174874 0 0 2769586 2893479 0 0 1590907 7790675 7928448 59890294 64996801 -2550892 6563290 171043406 163200777 3016185 3050187 168027221 160150590 X 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 organizations that wish to sponsor scholarships for outstanding scholastic talent. 0 0 53220057 46764373 3242780 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 05/31/15 the National Merit Scholarship Program included:Four-Year Renewable Scholarships: 24,502 recipients One-Time Awards: 2,715 recipients 8008966 7410501 75 The National Achievement Scholarship Program is an academic competition established in 1964 to provide recognition for outstanding Black American high school students. Black students may enter both the National Achievement Program and the National Merit Program by taking the Preliminary SAT/National Merit Scholarship Qualifying Test (PSAT/NMSQT) and meeting other published requirements for participation. A student's standing is determined independently in each program. Black American students can qualify for recognition and be honored as Scholars in both the National Merit Program and the National Achievement Program, but can receive only one monetary award from NMSC. For fiscal year 05/31/15 the National Achievement Scholarship Program included: See Schedule OFour-Year Renewable Scholarships: 331 recipients One-Time Awards: 700 recipientsWith the conclusion of the 2015 program, the National Achievement Scholarship Program will undergo a transition. Beginning in 2016, NMSC is forging a new relationship with United Negro College Fund (UNCF), the nation's largest and most effective minority education organization. UNCF will carry on the name and legacy of the National Achievement Scholarship Program through a newly designed program for college graduates. The new program, which will be administered by UNCF and underwritten by the National Achievement Scholarship Program, will honor and award financial assistance to high-achieving, underrepresented college graduates. 61229023 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 33 0 1 38 1 0 0 0 0 0 0 0 0 0 0 X 20 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AL AR CA CO CT FL GA HI IL KS KY ME MD MA MI MN MS NH NJ NM NV NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X Kamilla L Spoehr 8478665111 1560 Sherman Avenue Suite 200 Evanston IL 602014897 Richard L Keyser Chairman 0.50 X X 0 0 0 Diana M Schmelzer Vice Chairman 0.50 X X 0 0 0 Deborah V Traskell Vice Chairman 0.50 X X 0 0 0 Brian F Begley Director 0.50 X 0 0 0 Judith L Bonner Director 0.50 X 0 0 0 Frank J Dellaquila Director 0.50 X 0 0 0 David A Dohnalek Director 0.50 X 0 0 0 Mark C Dziatczak Director 0.50 X 0 0 0 M Timothy Gott Director 0.50 X 0 0 0 Colleen M Harsin Director 0.50 X 0 0 0 Michael J Heilman Director 0.50 X 0 0 0 John C Hitt Director 0.50 X 0 0 0 Matthew P Horvat Director 0.50 X 0 0 0 Michael G Johnson Director 0.50 X 0 0 0 Jennifer L Moench Director 0.50 X 0 0 0 Thomas J Quinlan III Director 0.50 X 0 0 0 William E Troutt Director 0.50 X 0 0 0 Paul G Weaver Director 0.50 X 0 0 0 James H Wooten Jr Director 0.50 X 0 0 0 Timothy E McGuire President 50.00 X X 248692 0 46009 Jeffrey Z Little Executive Vice President 50.00 X 136534 0 29565 Kamilla L Spoehr Vice President & Treasurer 40.00 X 87067 0 13706 Richard L Sevcik Corporate Secretary 0.50 X 0 0 0 Jerry L Acheson Director of Information Technology 50.00 X 154541 0 26710 626834 0 115990 3 0 1 0 Computer Aid Inc 1390 Ridgeview Dr Allentown PA 18104 IT Consultant 3155130 Sogeti 10100 Innovation Dr Suite 200 Dayton OH 45342 IT Consultant 1926707 Morgan Lewis & Bockius LLP 1701 Market Street Philadelphia PA 19103 Legal Services 591267 GIVEndeavors 1049 W Wellington Suite 2B Chicago IL 60657 IT Consultant 182331 Aon Hewitt Investment Consulting Inc 200 E Randolph Ste 1500 Chicago IL 60601 Investment Consultant 101883 6 43765198 43765198 Test Fee Revenue 900099 3239240 3239240 Sponsor Admin. Service 561000 3615 3615 3242855 1945678 1945678 109094458 86488098 22606360 22606360 22606360 71560091 3242855 0 24552038 8239240 8239240 45935634 45935634 654542 209731 313091 131720 1590461 1193292 283668 113501 301850 177630 87696 36524 179722 134814 31915 12993 166904 110325 40551 16028 236756 104832 104832 27092 38150 38150 2500 950 950 600 273898 273898 193340 119321 48367 25652 503014 378420 48885 75709 3846058 2807622 384606 653830 503815 317403 95725 90687 35268 21200 4976 9092 87433 87433 2166362 1364808 411609 389945 41854 26368 7952 7534 64996801 61229023 2176871 1590907 150 150 10652340 9532139 5011 128731 66902 71794 13450055 6164211 6797005 7285844 153369495 146154157 152503 27962 171043406 163200777 1069162 1071273 1947023 1978914 3016185 3050187 X 163571441 155672544 1394764 1417030 3061016 3061016 168027221 160150590 171043406 163200777 6563290 -14439921 0 X 0 1 X 1 0 X 43101344 46077398 44256847 43197541 43765198 220398328 43101344 46077398 44256847 43197541 43765198 220398328 9925231 210473097 2003558 1896408 2003053 1370041 1945678 9218738 229617066 14024477 0.91660 0.91190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 2500 2500 64994301 64996801 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 0 0 0 2500 2500 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 4826067 207341 185075 4848333 4475542 522370 171845 4826067 4003146 637146 164750 4475542 4392393 -220742 168505 4003146 3816944 732473 157024 4392393 0.07640 0.63140 0.29220 0 0 390349 263845 126504 144362 97306 47056 12915344 5803060 7112284 7285844 X 56846272 -14439921 -14439921 71286193 273898 273898 71560091 64722903 0 64722903 273898 273898 64996801 Part V, Line 4: The income from the endowment funds is used to pay for scholarships sponsored by the donors in the National Merit Program and the National Achievement Program. Part X, Line 2: NMSC is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, NMSC may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management evaluated NMSC's tax positions for all open tax years and has concluded that NMSC had taken no uncertain tax positions that require adjustment to the financial statements. Generally, NMSC is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before fiscal year 2012, which is the standard statute of limitations look-back period. 1 College Entrance Examination Board 250 Vesey Street New York NY 10281 131623965 501(c)(3) 3239240 Preliminary SAT/National Merit Scholarship Qualifying Test United Negro College Fund 1805 7th Street NW Washington DC 20001 131624241 501(c)(3) 5000000 To endow Achievement Capstone Program 2 0 National Merit Program Scholarship Grants 27217 43525133 National Achievement Program Scholarship Grants 1031 2410501 Part I, Line 2: In order to monitor the use of the scholarship grants, NMSC prepares checks that are payable to the selected Scholars or their universities/colleges. These checks are mailed directly to the applicable college or university. NMSC instructs the college or university to verify the Scholar's eligibility for the payment prior to distributing the checks to students or applying them to the Scholar's university account. If the student is ineligible for the payment, NMSC asks the college or university to either send the check back to NMSC or to provide NMSC with a refund if the check has already been deposited by the institution. Scholars have an agreement with NMSC that their stipend checks are only to be used for college undergraduate studies and that any unused portion must be returned to NMSC. X X X X X 0 0 0 0 0 0 0 0 0 Timothy E McGuire President 248692 0 0 0 0 0 45081 0 928 0 294701 0 0 0 Jeffrey Z Little Executive Vice President 136534 0 0 0 0 0 22798 0 6767 0 166099 0 0 0 Jerry L Acheson Director of Information Technology 154541 0 0 0 0 0 25354 0 1356 0 181251 0 0 0 Form 990, Part VI, Section B, line 11 The Form 990 is prepared by McGladrey LLP and then is reviewed internally by NMSC's Treasurer. McGladrey LLP makes any necessary edits and the Form 990 is then reviewed by NMSC's President, and is then forwarded to NMSC's legal counsel for an additional review. The completed Form 990 is then mailed to NMSC's Audit Committee and Board of Directors prior to filing. Form 990, Part VI, Section B, line 12c NMSC requires all members of NMSC's Board of Directors and all Officers to complete a disclosure form on an annual basis to disclose any interests that could give rise to conflicts. In addition, the written policy is provided to all new employees and is constantly available to all directors, employees, and officers along with all other policies and procedures on NMSC's network. Form 990, Part VI, Section B, line 15 NMSC's Executive Committee annually determines the salary for NMSC's President and senior executives based on comparable market data. All other salaries are determined by NMSC's President within the parameters of the compensation budget which is approved annually by the Board of Directors. NMSC regularly receives and reviews salary survey data from comparable not-for-profit organizations. This information is reviewed by NMSC's Chairman and the President before determining annual salary adjustments. The process for determining compensation was recorded in the Executive Committee's minutes. Form 990, Part VI, Section C, line 19 NMSC's annual audited financial statements are made available to the public as part of NMSC's Annual Report, which is posted on NMSC's website each year. At this time, NMSC's governing documents and conflict of interest policy are not made available to the public.