National Merit Scholarship Corporation in Evanston, Illinois (IL)

Organization representatives - add corrected or new information about National Merit Scholarship Corporation »

Non-representatives - add comments about National Merit Scholarship Corporation»

National Merit Scholarship Corporation
Employer Identification Number (EIN)362307745
Name of OrganizationNational Merit Scholarship Corporation
Address1560 Sherman Ave Ste 200, Evanston, IL 60201-4816
ActivitiesScholarships (other)
SubsectionEducational Organization
Ruling Date01/1957
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period05/2014
Assets$50,000,000 to greater
Income$50,000,000 to greater
Filing Requirement990 (all other) or 990EZ return
Asset Amount$171,043,406
Amount of Income$132,652,299
Form 990 Revenue Amount$57,339,402
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Scholarships, Student Financial Aid Services, Awards


Non-representatives - add comments:


CAPTCHA

Your IP address 18.222.22.244 will be logged.

Amount of income in 2014: $132,652,299
This organization: 

 $132,652,299
Other organizations performing similar types of work: 

 $299,534

Assets in 2014: $171,043,406
National Merit Scholarship Corporation: 

 $171,043,406
Other organizations performing similar types of work: 

 $1,135,383

Expenses in 2014: $59,890,294
This organization: 

 $59,890,294
Other organizations performing similar types of work: 

 $135,405

Income to expenses ratio in 2014: 2.2
This organization: 

 2.2
Other organizations performing similar types of work: 

 1.8

Expenses allocated to program services in 2007: 96.2%
National Merit Scholarship Corporation: 

 96.2%
Other organizations performing similar types of work: 

 82.4%

Employees paid over $100,000 in 2014: 21.3%
National Merit Scholarship Corporation: 

 21.3%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2014: 75.3%
National Merit Scholarship Corporation: 

 75.3%
Other organizations performing similar types of work: 

 74.1%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Support schedule

Checklist
201220132014
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?NoNo
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?NoNo
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?NoNo
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?YesYes
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?YesYes
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?NoNo
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?NoNo
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?NoNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201220132014
The number reported in Box 3 of Form 10963133
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return4947
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?NoNoNo
Has it filed a Form 990-T for this year?NoNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?NoNo
Did the organization notify the donor of the value of the goods or services provided?NoNo
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
201220132014
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$523,590$585,576
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$96,913$103,342
Total number of individuals who received more than $100,000 of reportable compensation from the organization23
Total number of independent contractors who received more than $100,000 of compensation from the organization77
Statement of Revenue
201220132014
Total revenue$54,927,234$53,396,173$57,339,402
Contributions, Gifts, Grants and Other Similar Amounts$46,077,398$44,256,847$43,197,541
Program Service Revenue$2,691,597$2,685,289$2,709,746
900099$2,673,756$2,700,000
561000$11,533$9,746
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$1,896,408$2,003,053$1,370,041
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$0$0$0
Net rental income$0$0$0
Net gain/loss from sales of assets other than inventory$4,261,312$4,450,984$10,062,074
Gross amount from sales of assets other than inventory (Securities / Other)$30,434,911 / $0$83,955,113 / $0$85,374,971 / $0
Less: cost or other basis and sales expenses (Securities / Other)$26,173,599 / $0$79,504,129 / $0$75,312,897 / $0
Gain or (loss) (Securities / Other)$4,261,312 / $0$4,450,984 / $0$10,062,074 / $0
Net income/loss from fundraising events$0$0$0
Net income/loss from gaming activities$0$0$0
Net income/loss from sales of inventory$0$0$0
Miscellaneous Revenue$519$0$0
Statement of Functional Expenses
201220132014
Total functional expenses$61,654,400$58,781,453$59,890,294
Grants and other assistance to domestic organizations and domestic governments$2,673,756$2,700,000
Grants and other assistance to domestic individuals$47,425,907$46,630,033
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$564,623$485,147$456,925
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$1,534,656$1,679,170$1,715,053
Pension plan accruals and contributions$247,104$251,131
Other employee benefits$153,708$162,499
Payroll taxes$197,870$197,499$183,978
Fees for services (non-employees)
Management$0$0
Legal$163,647$582,915
Accounting$36,240$39,735
Lobbying$0$0
Professional fundraising services$0$0$0
Investment management fees$267,274$271,117
Other$360,558$225,728
Advertising and promotion$0$0
Office expenses$342,161$400,278
Information technology$2,964,898$3,700,897
Royalties$0$0
Occupancy$450,719$440,973
Travel$29,804$45,216
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$77,664$84,633
Interest$0$0
Payments to affiliates$0$0
Depreciation, depletion, and amortization$1,182,940$1,963,514
Insurance$43,257$35,669
Balance Sheet
201220132014
Total assets$150,045,003$164,839,554$171,043,406
Cash - non-interest-bearing$150$150
Savings and temporary cash investments$9,950,701$10,652,340
Pledges and grants receivable, net$0$0
Accounts receivable, net$81,590$5,011
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$0$0
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$45,598$66,902
Land, buildings, and equipment: cost or other basis$7,757,809$6,797,005
Investments - publicly traded securities$146,950,923$153,369,495
Investments - other securities$0$0
Investments - program-related$0$0
Intangible assets$0$0
Other assets$52,783$152,503
Total liabilities$3,860,008$3,231,104$3,016,185
Accounts payable and accrued expenses$1,483,985$1,069,162
Grants payable$0$0
Deferred revenue$1,747,119$1,947,023
Tax-exempt bond liabilities$0$0$0
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$0$0$0
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$0$0
Total net assets or fund balances$146,184,995$161,608,450$168,027,221
Unrestricted net assets$157,503,195$163,571,441
Temporarily restricted net assets$1,044,239$1,394,764
Permanently restricted net assets$3,061,016$3,061,016
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014)
2010 - 2014 Total
Public Support$208,502,246
Subtotal Support$218,197,462
Gifts, grants, contributions, and membership fees received$218,197,462
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$9,695,216
Total Support$228,641,634
Public Support$218,197,462
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$10,444,172
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$0
Gross receipts from related activities, etc.$10,789,584
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$50,944,059$51,886,186$44,894,508$47,695,536$49,848,044$48,630,048$49,255,441$54,755,833
Contributions, gifts, grants, and similar amounts received$38,924,367$40,681,571$41,585,208$41,889,599$41,212,529$41,019,993$41,124,549$41,537,015
Contributions to donor advised funds$0$0
Direct public support$38,924,367$40,681,571$41,585,208$41,889,599$41,212,529$41,019,993$41,124,549$41,537,015
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$3,044$949$1,519$9,836$1,114$7,587$5,682$5,739
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$1,230,734$589,007$341,339$196,537$363,711$789,465$1,121,463$1,040,863
Dividends and interest from securities$4,775,758$4,390,845$3,578,323$2,787,447$3,162,130$3,910,972$4,057,971$4,327,750
Net rental income or (loss)$0$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$6,010,156$6,223,814$-611,881$2,812,117$5,108,560$2,891,643$2,945,301$7,843,793
Gross amount from sales of assets other than inventory$101,337,907$150,703,098$66,018,025$31,816,330$86,795,021$16,378,351$17,983,764$32,827,612
Less: cost or other basis and sales expenses$95,327,751$144,479,284$66,629,906$29,004,213$81,686,461$13,486,708$15,038,463$24,983,819
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$10,388$475$673
Total expenses$46,358,262$50,056,711$50,740,820$51,473,583$51,586,177$50,935,894$51,547,756$52,379,538
Program services$45,191,533$48,692,681$49,350,059$49,989,790$50,109,450$49,144,215$49,760,172$50,365,112
Management and general$696,931$832,275$828,770$899,690$908,330$1,217,186$1,196,487$1,314,805
Fundraising$469,798$531,755$561,991$584,103$568,397$574,493$591,097$699,621
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$175,518,950$161,037,663$150,184,687$161,024,392$164,377,709$168,852,506$186,437,725$175,494,658
Excess or (deficit) for the year$4,585,797$1,829,475$-5,846,312$-3,778,047$-1,738,133$-2,305,846$-2,292,315$2,376,295
Net assets or fund balances at beginning of year$184,976,489$175,518,950$161,037,663$150,184,687$161,024,392$164,377,709$168,852,506$186,437,725
Other changes in net assets or fund balances$-14,043,336$-16,310,762$-5,006,664$14,617,752$5,091,450$6,780,643$19,877,534$-13,319,362
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$52,379,538$50,365,112$1,314,805$699,621
Grants paid from donor advised funds$0
Other grants and allocations$47,834,461
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$514,304$115,077$263,658$135,569
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$1,582,626$1,122,971$255,487$204,168
Pension plan contributions not included above$197,839$143,135$30,022$24,682
Employee benefits not included above$172,937$128,234$22,633$22,070
Payroll taxes$149,608$92,892$33,603$23,113
Professional fundraising fees$0$0$0$0
Accounting fees$25,240$0$25,240$0
Legal fees$133,124$47,906$47,906$37,312
Supplies$77,922$51,870$11,052$15,000
Telephone$21,186$13,347$1,272$6,567
Postage and shipping$71,998$57,713$267$14,018
Occupancy$332,837$206,359$73,224$53,254
Equipment rental and maintenance$13,833$8,704$2,909$2,220
Printing and publications$44,586$32,985$2,308$9,293
Travel$29,305$5,720$17,737$5,848
Conferences, conventions, and meetings$58,792$58,792$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$35,562$22,049$7,823$5,690
Other expenses not covered above$1,083,378$422,897$519,664$140,817
Balance Sheets
20002001200220032004200520062007
Total assets$180,791,129$166,241,430$153,567,236$163,769,929$167,131,691$171,218,661$189,012,636$178,004,488
Cash - non-interest-bearing$1,650$1,650$1,650$1,650$1,650$1,650$1,650$2,649
Savings and temporary cash investments$10,033,088$9,484,690$10,777,497$9,576,115$9,580,681$10,588,967$11,835,958$11,272,104
Accounts receivable less allowance for doubtful accounts$1,800$7,514$12,590$7,853$186,479$185,712$180,227$5,032
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$25,877$29,537$30,364$27,158$32,155$31,776$30,630$39,222
Investments - publicly-traded securities$28,973,033$22,158,932
Investments - other securities$169,798,874$155,776,818$141,795,787$153,321,464$156,856,951$160,234,508$147,765,364$144,292,531
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$159,275$193,280$153,765$136,010$132,771$100,222$126,448$123,759
Other assets, including program-related investments$770,565$747,941$795,583$699,679$341,004$75,826$99,326$110,259
Total liabilities$5,272,179$5,203,767$3,382,549$2,745,537$2,753,982$2,366,155$2,574,911$2,509,830
Accounts payable and accrued expenses$3,084,164$3,093,727$1,090,077$718,863$766,626$358,284$457,037$443,374
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$2,188,015$2,110,040$2,292,472$2,026,674$1,987,356$2,007,871$2,117,874$2,066,456
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$0$0$0$0
Other liabilities$0$0$0$0$0$0$0$0
Total liabilities and net assets/fund balances$180,791,129$166,241,430$153,567,236$163,769,929$167,131,691$171,218,661$189,012,636$178,004,488
Total net assets or fund balances$175,518,950$161,037,663$150,184,687$161,024,392$164,377,709$168,852,506$186,437,725$175,494,658
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$50,944,059$51,886,186$44,894,508$47,695,536$49,848,044$48,630,048$49,255,441$54,755,833
Total revenue, gains, and other support per audited financial statements$36,900,723$35,575,424$39,887,844$62,313,288$54,939,494$54,967,746$68,674,875$40,994,978
Other expenses$-14,043,336$-16,310,762$-5,006,664$14,617,752$5,091,450$6,780,643$19,877,534$-13,319,362
Net unrealized gains on investments$-14,043,336$-16,310,762$-5,006,664$14,617,752$5,091,450$6,780,643$19,877,534$-13,319,362
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$442,945$458,100$441,493
Investment expenses$0$0$0$0$0$442,945$458,100$441,493
Other$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$46,358,262$50,056,711$50,740,820$51,473,583$51,586,177$50,935,894$51,547,756$52,379,538
Total expenses and losses per audited financial statements$46,358,262$50,056,711$50,740,820$51,473,583$51,586,177$50,492,949$51,089,656$51,938,045
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$442,945$458,100$441,493
Investment expenses$0$0$0$0$0$442,945$458,100$441,493
Other$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
35$157,400$27,220$0
35$114,729$24,487$0
35$77,646$16,446$0
35$79,625$16,751$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings21
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200638
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$13,213,079$5,739
Program service revenue
Program service revenue 1000000$000$0$5,739
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,040,863$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$4,327,750$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$7,843,793$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$673$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$74,573$15,762$0
$71,125$11,710$0
$68,725$10,717$0
$63,700$15,912$0
$61,250$13,917$0
Total number of other employees paid over $50,0003
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
19992000200120022003200420052006
Total$43,477,449$44,933,903$45,662,372$45,506,389$44,883,419$44,739,484$45,738,405$46,310,140
Gifts, grants, and contributions received$37,300,803$38,924,367$40,681,571$41,585,208$41,889,599$41,212,529$41,019,993$41,124,549
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$4,314$3,044$949$1,519$9,836$1,114$17,975$6,157
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$6,172,332$6,006,492$4,979,852$3,919,662$2,983,984$3,525,841$4,700,437$5,179,434
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$52,379,538
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$52,379,538
Lobbying nontaxable amount$1,000,000
Grassroots nontaxable amount$250,000
Write your review!

Your Ratings

You can rate this nonprofit in different categories from 1 star (worst) to 5 stars (best) or leave category unrated

Program:
Fundraising:
Expenses:
Transparency:

Your Review


Would you recommend National Merit Scholarship Corporation to others? (optional)
  
Add photo of National Merit Scholarship Corporation (optional)

About You

Your nickname:

Optional Verification

(additional info to increase the weight and the placement of your review and ratings)

Real Name:
Email (won't be published):
Date and time of your visit to this nonprofit:
Phone number (won't be published):
Leave your signature»
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Scholarship America Inc, S-V Dollars For Scholars1024 South Locust, Sesser, IL 62884IL1962-04$222,454,367
2Illinois Masonic Charities Fund2866 Via Verde St, Springfield, IL 62703-4388IL1966-06$173,802,688
3National Merit Scholarship Corporation1560 Sherman Ave Ste 200, Evanston, IL 60201-4816IL1957-01$132,652,299
4Evans Scholars Foundation1 Briar Rd, Golf, IL 60029-2000IL1976-09$37,708,563
5Louise Orr Scott Fdn 680100410010 S Dearborn Il1-0117, Chicago, IL 60603-2300IL1970-07$5,254,464
6Western Illinois Regional Council Community Action Agency223 S Randolph St, Macomb, IL 61455-2209IL1994-06$4,776,975
7W W Wannamaker Citadel Star Of The West MaPO BOX 2904, Wilson, NC 27894-2904NC1953-02$2,852,405
8Donald S Pichitino Educational Tr10 S Dearborn, Chicago, IL 60603-2300IL1998-08$2,437,936
9Midwestern University Foundation555 31st St, Downers Grove, IL 60515-1235IL1994-07$1,341,555
10Leiby S Hall Scholarship Tr, Alsup Harold E TteePO BOX 1488, Decatur, IL 62525-1488IL1999-04$1,008,419
11Wilmington School District 209-U Foundation For Excellence209u Wildcat Ct, Wilmington, IL 60481-4500IL2000-02$81,508
12Westmont Chamber Of Commerce Educational Foundation1 S Cass Ave Ste 101, Westmont, IL 60559-1895IL2009-07$15,151
13Wiet Family Foundation168 Foxborough Pl, Burr Ridge, IL 60527-6481IL2002-05$11,016
14Free The Children Trust745 Concord Lane, Barrington, IL 60010IL1990-03$0
15Illinois Life Underwriters Foundation, Naifa Illinois Foundation60 Adloff Lane, Springfield, IL 62703IL1999-12$0
16Top Ladies Of Distinction Inc, East St Louis8917 Woestboul St, E Saint Louis, IL 62203-2219IL$0
17Top Ladies Of Distinction Inc, Evergreen Park20649 Promethian Way, Olympia Flds, IL 60461-1517IL1974-11$0
18Top Ladies Of Distinction Inc, Midway3701 W 79th Pl, Chicago, IL 60652-1833IL1974-11$0
19Top Ladies Of Distinction Inc, West Suburban Chicago4726 Mckinley Ave, Lisle, IL 60532-1733IL1974-11$0
20Westside 40 Plus Inc303 Desplaines Ave, Forest Park, IL 60130IL2001-04$0
Number of organizations performing similar types of work
Alaska3
Alabama12
Arkansas12
Arizona19
California92
Colorado3
Connecticut3
District of Columbia7
Delaware2
Florida9
Georgia9
Hawaii3
Iowa8
Idaho1
Illinois28
Indiana7
Kentucky4
Louisiana4
Massachusetts15
Maryland8
Michigan3
Minnesota27
Missouri8
Mississippi3
Montana1
North Carolina16
North Dakota2
Nebraska2
New Hampshire2
New Jersey12
New Mexico1
Nevada1
New York16
Ohio17
Oklahoma3
Oregon1
Pennsylvania16
Rhode Island1
South Carolina5
South Dakota2
Tennessee5
Texas37
Utah1
Virginia14
Vermont1
Washington5
Wisconsin12
Wyoming3
International3
Total469

NonProfitFacts.com is not associated with, endorsed by, or sponsored by National Merit Scholarship Corporation and has no official or unofficial affiliation with National Merit Scholarship Corporation