Education
(B820)
IRS Verified
DX Registered
990 on File
NATIONAL MERIT SCHOLARSHIP CORPORATION
Financial strength (30%)
92/100
Reliability (20%)
55/100
Effectiveness (25%)
85/100
Impact (25%)
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CharityAI™ Score
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Mission Statement
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.
Financial Overview — FY 2025
$59.1M
Total Revenue
$44.7M
Total Expenses
$152.8M
Net Assets
39
Employees
Revenue Sources
Expense Breakdown
Program Expense Ratio
89.4%
Fundraising Efficiency
N/A
Operating Reserve
41.05x
Liability-to-Asset
4.9%
Revenue Diversification
50.5%
Executive Compensation
$842K
Compared with Peers
FY 2025
Compared with 1,600 similar organizations
(United States, Education, $10M–$100M in expenses), FY 2025.
This organization
Middle half of peers (P25–P75)
Peer median
| Ratio | This org | Peer median | Position (P10 → P90) | |
|---|---|---|---|---|
|
Program expense ratio
Program expenses / total expenses
· higher is better
|
89.4% | 84.4% |
P10P90
|
Above median |
|
Admin expense ratio
Management and general / total expenses
· lower is better
|
6.5% | 13.6% |
P10P90
|
Top quarter |
|
Fundraising expense ratio
Fundraising expenses / total expenses
· lower is better
|
4.1% | 0.5% |
P10P90
|
Bottom quarter |
|
Operating reserve
Months of expenses covered by net assets
· higher is better
|
41.1 mo | 10.5 mo |
P10P90
|
Top quarter |
|
Liabilities to assets
Total liabilities / total assets
· lower is better
|
4.9% | 32.5% |
P10P90
|
Top quarter |
|
Revenue concentration
Share of revenue from the largest source
· lower is better
|
50.5% | 88.2% |
P10P90
|
Top quarter |
|
Revenue growth
Year over year revenue growth
|
51.1% | 5.8% |
P10P90
|
|
|
Expense growth
Year over year expense growth
|
-3.3% | 5.7% |
P10P90
|
|
|
Surplus margin
Surplus as a share of revenue
|
24.4% | 3.2% |
P10P90
|
Financial History
| Year | Revenue | Expenses | Net Assets | Program % | Staff |
|---|---|---|---|---|---|
| 2025 | $59.1M | $44.7M | $152.8M | 89.4% | 39 |
| 2024 | $39.1M | $46.2M | $151.2M | 89.8% | 36 |
| 2023 | $44.1M | $46.7M | $142.1M | 91.8% | 36 |
| 2022 | $48.8M | $49.7M | N/A | — | 36 |
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