National Merit Scholarship Corporation
Nonprofit profile at a glance
- EIN
- 362307745
- IRS 990 coverage
- 2012–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Evanston, Illinois, United States
- Phone
- (847) 866-5100
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Scholarships, Student Financial Aid Services, Awards
Reported finances
- Revenue
- $59,091,988
- Expenses
- $44,678,909
- Assets
- $160,676,185
- Liabilities
- $7,827,646
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
29 people listed
Executive titles in this filing
- Timothy E McGuire (President)
- Kamilla L Spoehr (Vice President and Treasurer)
- Kimberly C Greiner (Vice President)
Highest reported compensation
- Timothy E McGuire (President): $545,528 total reported compensation
- Kamilla L Spoehr (Vice President and Treasurer): $250,514 total reported compensation
- Sean M MacCready ED of (Scholar & Donor Svcs (until 1/24/25)): $204,371 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The National Merit Scholarship Corporation (NMSC) is a not-for-profit organization that operates the National Merit Scholarship Program, a nationwide academic competition for recognition and scholarships. Since its founding in 1955, NMSC has recognized over 3.4 million students and provided more than 500,000 scholarships worth over $2.2 billion.
What it reported doing in 2024
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 05/31/25 the National Merit Scholarship Program included: Four-Year Renewable Scholarships: 20,076 recipients One-Time Awards: 2,654 recipients
Operating model
- Revenue model
- Donor-supported. 85% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 82% of its reported program spending out as grants.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 91
- Transparency & Controls: 91
- Accountability: 97
- Sustainability: 79
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 89.4%; rating input score 89
- Fundraising efficiency: $16.28 raised per $1 spent on fundraising; rating input score 53; 53rd percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 5 of 6 controls in place; rating input score 83
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 94.7%; rating input score 95; 47th percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 24.4%; rating input score 90; 90th percentile among comparable filings
- Total-asset coverage ratio: 3.6; rating input score 80; 80th percentile among comparable filings
- Liabilities to assets ratio: 0.05; rating input score 89; 89th percentile among comparable filings
- Officer compensation ratio: 4.2%; rating input score 24; 24th percentile among comparable filings
Growth
- Program expense growth: -3.3% per year; rating input score 0; 3rd percentile among comparable filings
- Revenue growth: -2% per year; rating input score 0; 3rd percentile among comparable filings
- Asset growth: -0.3% per year; rating input score 0; 7th percentile among comparable filings
Details
- What they do: 2 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 100% of revenue deployed · 89.4% of spending went to programs
- Governance: 18 of 19 board members independent · 8 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $39.9M in reported program spending
- Leadership: top reported pay $546K · 29 people listed · 5 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $5.5M reported
- Consistency: 36 of 36 current checks pass
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 12 filing years from 2012 to 2024
- Contacts: How to reach this organization
- Money network: 8 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Financial Efficiency: Fundraising efficiency scored 53/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 24/100.