national merit scholarship corporation

I am honored to see my hard work pay off and be recognized with this award, and it means a lot to me because it showed me that I could succeed ‐ in spite of having parents who didn’t graduate with college degrees, in spite of not having the resources to obtain certain opportunities...NMSC has a revolutionary mission‐ providing recognition to the brightest of the bright, regardless of gen-der, race, or socioeconomic status. Many Scholars, including myself, rely on scholarships to be able to comfortably afford a higher education. There are so many brilliant students out there who may not be able to attend college due to financial reasons, but the NMSC helps thousands of those students every year in achieving their dreams. Our society needs an influx of college educated people to continue to advance, and a NMSC scholarship could be what stands between a gifted high school student and the worlds next great leader. Speaking from my personal experience, I feel motivated to prove to my scholarship provider that their money was put to good use and I will be successful in college and in my career...Personally, winning this award is attaining the unattainable; I vividly remember being an eighth grader listening to my older sister, who had a 4.0 GPA throughout her entire high school career, say that it was “absolutely impossible” to win the National Merit Scholarship. Despite being discouraged, I refused to accept that it was a futile effort and I worked enough so that I have the opportunity to show my abilities and prove that it is, indeed, possible to be a part of this community. Now, I can proudly say that I have done what was once thought of as the impossible” and, in all honesty, it feels absolutely amazing...I would explain to possible sponsors how they are not just donating to a simple foundation, but rather they are investing in students who have shown great academic capacities and a desire to succeed. NMSC scholars exemplify the characteristics that should also describe CEO’s and other prestigious job‐holders: determination, creativity, ingenuity, intelligence. Support from external organizations would most certainly help these up‐and‐coming students pursue their education, subsequently paving the road to a better future for these talented individuals...Thanks to this scholarship, I can continue to serve the commu-nity while obtaining my Bachelor’s Degree, unhindered by cost. It is because of NMSC that I can pursue my passions knowing I have a community of accomplished individuals who have gone before me. By sponsoring or donating to NMSC, you are helping to build the next generation of critical thinkers and world changers...As I was burning the midnight oil at Harvard to write papers and study for exams, I was encouraged by the NMSC’s “Lamp of Learning” logo. Modeled after an oil‐burning lamp, this logo is a classic symbol of knowledge and wisdom. Looking back on my college life of 4 years, the comfort of knowing that the NMSC was there for me is what inspired me to light my personal “Lamp of Learning.” Because of what has been given to me I feel obliged to not only gain knowledge and wisdom, but also to give and share it with those less fortunate than I...It’s an investment in the future plain and simple. In the grand scope of things, you are contributing to the development of future leaders - leaders who will not only give back to industries and society, but will define new ones as well. But on a personal level, you are giving a young person the chance to focus on developing themselves fully as learners and individuals by lessening the financial strain they experience while attending college...Receiving the National Merit Scholarship was an incredible honor because it gave me the chance to join a community of individuals who seek to use academic success as a conduit for service to others. Financially, I was supported in attending a top-tier school that was somewhat above my family’s financial means, and socially, I was given the confidence to know I could do well in the face of challenges if I put in the right amount of effort...Receiving the scholarship was for me an affirmation of my methods and a realization that I could financially afford to continue to challenge myself and learn more in an environment very different from any I was familiar with. Having the opportunity to attend Princeton introduced me to not only interesting concepts and classes, but also fascinating professors and friends who each had a worthwhile backstory to share. The scholarship was both an acknowledgement of what I’d then accomplished and a call to action to continue testing myself every day...Education is the best tool we have to inspire the younger generations and empower succeeding classes to perform ever better than their predecessors. We should do our best to provide every student the opportunity to maximize their potential and remove any obstacles that we may be able to. Students will be more motivated to reach for the stars when they know there are no glass ceilings obstructing their already‐challenging path...Receiving the National Merit Scholarship was the reason I was able to attend college, period. My parents and I were not able to afford university without major scholarship assistance. The University of Alabama offered me a full-tuition scholarship for up to ten semesters, as well as a yearly 2,500 stipend, a one-time 2,000 stipend for travel or research, room and board for my freshman year, and a laptop. I was able to attend college and not worry about my finances, which led to the opportunity to increase the breadth of my studies. I eventually decided to triple major in History, German, and Latin, in order to best equip myself to study in my field of choice, Reformation Studies. I was also able to travel for research, as I discussed earlier. Because finances were not a burden, I could study hard, forge meaningful relationships with professors, and focus on building up a strong CV. I graduated debt-free as Summa Cum Laude, in the Honors College, and with major awards from each of the departments in which I studied. I will be presenting and publishing a paper I co-wrote with one of my Latin professors this fall. Seeing my name in the table of contents of an edited volume excites me greatly for future possibilities. And in the midst of it all, I will always remember that it all started with a National Merit Scholarship...The National Merit Scholarship Corporation literally rewrites destinies. They enable students like me to go to university and take control of their career paths and lives. If you want to make a difference in a young person’s life, a difference that will better our society forever, donate to NMSC. The students who compete in this program are highly motivated, highly successful young people who could do such great things. The gift of an education is a gift that never ceases to give, first to the student whose life you touch through these scholarships, and then all of these other lives she encounters in the future. NMSC inspires students across the nation to do their best in and outside of school. The hard work that these students put in is the foundation of our coun-try’s future. Motivated by NMSC to achieve excellence in high school, these kids will go on to do even greater things for our world in the future. The support of organizations and foundations like yours is fundamental in facilitating the great service to our country

National Merit Scholarship Corporation2018–19 Annual Report

BOARD OF DIRECTORS

RICHARD L. KEYSER, Chairman*Chairman EmeritusW.W. Grainger, Inc.

MICHAEL G. JOHNSON, Vice Chairman*Former Chief Human Resources OfficerUPS

DIANA M. SCHMELZER, Vice Chairman*Former PrincipalUniversity High School Irvine, California

DEBORAH V. TRASKELL, Vice Chairman*Former Executive Vice PresidentState Farm Insurance Companies

BRIAN F. BEGLEYPrincipalMillard North High SchoolOmaha, Nebraska

JUDITH L. BONNERFormer Provost and Executive Vice PresidentMississippi State University

DAVID A. DOHNALEK*Senior Vice President and TreasurerThe Boeing Company

M. TIMOTHY GOTTPrincipalPalmetto Scholars AcademyNorth Charleston, South Carolina

COLLEEN M. HARSINDirectorThe Davidson Academy of NevadaReno, Nevada

PHILIP A. HOOPERDirector of College CounselingWoodberry Forest SchoolWoodberry Forest, Virginia

HEIDI B. JARKSenior Vice President and Managing DirectorFifth Third Foundation

PETER C. JENNINGS*Director of College CounselingConcord AcademyConcord, Massachusetts

MARC A. JOHNSONPresidentUniversity of Nevada, Reno

TIMOTHY E. McGUIRE*PresidentNational Merit Scholarship Corporation

JENNIFER L. MOENCHExecutive DirectorNiSource Charitable Foundation

BRIAN P. SINCHAKPresidentLakewood Catholic AcademyLakewood, Ohio

DAVID L. STUBBLEFIELDExecutive Director of School Administration Blue Valley SchoolsOverland Park, Kansas

WILLIAM E. TROUTTPresident EmeritusRhodes College

PAUL G. WEAVERFormer District Director of Counseling and GuidancePlano Independent School DistrictPlano, Texas

OFFIC ERS

TIMOTHY E. McGUIREPresident

JEFFREY Z. LITTLEExecutive Vice President

KAMILLA L. SPOEHRVice President and Treasurer

RICHARD L. SEVCIKSecretary

*Executive Committee

President’s Message . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Pledge to the Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

2019 National Merit® Scholarship Program—at a glance . . . . . . . . . . . . . . . . . . . . . . . . 6

Scholarships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Featured Scholars of 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Featured Scholars of 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Sponsors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Colleges and universities enrolling 2019 Merit Scholar® awardees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Financial Report: June 1, 2018–May 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

National Merit Scholarship Corporation (nmsc) is a private, not-for-profit organization that operates without government assistance . nmsc is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code; grants and contributions to nmsc are deductible by the donor under Section 170 of the Code . All nmsc resources are committed to the conduct of the National Merit Scholarship Program .

The corporate “Lamp of Learning” logo and the names National Merit, National Achieve-ment, Merit Scholarship, Achievement Scholarship, Merit Scholar, and Achievement Scholar are federally registered service marks of nmsc . The corporation enforces its rights in these marks . psat/nmsqt is a registered trademark of nmsc and College Board . sat is a registered trade-mark of College Board, which was not involved in the production of this publication . The registration and service mark symbols appear in this report only on initial use in each chapter for reasons of style and format .

October 31, 2019

Contents

2 2018–19 Annual Report

President’s Message

I am honored to see my hard work pay off and be recognized with this award, and it means a lot to me because it showed me that I could succeed ‐ in spite of having parents who didn’t graduate with college degrees, in spite of not having the resources to obtain certain opportunities...NMSC has a revolutionary mission‐ providing recognition to the brightest of the bright, regardless of gender, race, or socioeconomic status. Many Scholars, including myself, rely on scholarships to be able to comfortably afford a higher educa-tion. There are so many brilliant students out there who may not be able to attend college due to financial reasons, but the NMSC helps thousands of those students every year in achieving their dreams. Our society needs an influx of college educated people to continue to advance, and a NMSC scholarship could be what stands between a gifted high school student and the worlds next great leader. Speaking from my personal experience, I feel motivated to prove to my scholarship provider that their money was put to good use and I will be successful in college and in my career...Personally, winning this award is attaining the unattainable; I vividly remember being an eighth grader listening to my older sister, who had a 4.0 GPA throughout her entire high school career, say that it was “absolutely impossible” to win the National Merit Scholarship. Despite being discouraged, I refused to accept that it was a fu-tile effort and I worked enough so that I have the opportunity to show my abilities and prove that it is, indeed, possible to be a part of this community. Now, I can proudly say that I have done what was once thought of as the impossible” and, in all honesty, it feels absolutely amazing...I would explain to possible sponsors how they are not just donating to a simple foundation, but rather they are investing in students who have shown great academic capacities and a desire to succeed. NMSC scholars exemplify the character-istics that should also describe CEO’s and other prestigious job‐holders: determination, creativity, ingenuity, intelligence. Support from external organizations would most certainly help these up‐and‐coming students pursue their education, subsequently paving the road to a better future for these talented individuals...Thanks to this scholarship, I can continue to serve the community while obtaining my Bachelor’s Degree, unhindered by cost. It is because of NMSC that I can pursue my passions knowing I have a com-munity of accomplished individuals who have gone before me. By sponsoring or donating to NMSC, you are helping to build the next generation of critical thinkers and world changers...As I was burning the midnight oil at Harvard to write papers and study for exams, I was encouraged by the NMSC’s “Lamp of Learning” logo. Modelefter an oning lamp, this logo is a classic symbol of knowl-edge and wisdom. Looking back on my college life of 4 years, the comfort of knowing that the NMSC was there for me is what in-spired me to light my personal “Lamp of Learning.” Because of what has been given to me I feel obliged to not only gain knowledge and wisdom, but also to give and share it with those less fortunate than I...It’s an investment in the future plain and simple. In the grand scope of things, you are contributing to the development of future leaders - leaders who will not only give back to industries and society, but will define new ones as well. But on a personal level, you are giving a young person the chance to focus on develop-ing themselves fully as learners and individuals by lessening the financial strain they experience while attending college...Receiving the National Merit Scholarship was an incredible honor because it gave me the chance to join a community of individuals who seek to use academic success as a conduit for service to others. Financially, I was supported in attending a top-tier school that was some-what above my family’s financial means, and socially, I was given the confidence to know I could do well in the face of challenges if I put in the right amount of effort...Receiving the scholarship was for me an affirmation of my methods and a realization that I could financially afford to continue to challenge myself and learn more in an environment very different from any I was familiar with. Having the opportunity to attend Princeton introduced me to not only interesting concepts and classes, but also fascinating professors and friends who each had a worthwhile backstory to share. The scholarship was both an acknowledgement of what I’d then accomplished and a call to action to continue testing myself every day...Education is the best tool we have to inspire the young-er generations and empower succeeding classes to perform ever better than their predecessors. We should do our best to provide every student the opportunity to maximize their potential and remove any obstacles that we may be able to. Students will be more motivated to reach for the stars when they know there are no glass ceilings obstructing their already‐challenging path...Receiving the National Merit Scholarship was the reason I was able to attend college, period. My parents and I were not able to afford univer-sity without major scholarship assistance. The University of Alabama offered me a full-tuition scholarship for up to ten semesters, as well as a yearly 2,500 stipend, a one-time 2,000 stipend for travel or research, room and board for my freshman year, and a laptop. I was able to attend college and not worry about my finances, which led to the opportunity to increase the breadth of my studies. I eventually decided to triple major in History, German, and Latin, in order to best equip myself to study in my field of choice, Refor-mation Studies. I was also able to travel for research, as I discussed earlier. Because finances were not a burden, I could study hard, forge meaningful relationships with professors, and focus on building up a strong CV. I graduated debt-free as Summa Cum Laude, in the Honors College, and with major awards from each of the departments in which I studied. I will be presenting and publishing a paper I co-wrote with one of my Latin professors this fall. Seeing my name in the table of contents of an edited volume excites me greatly for future possibilities. And in the midst of it all, I will always remember that it all started with a National Merit Scholar-ship...The National Merit Scholarship Corporation literally rewrites destinies. They enable students like me to go to university and take control of their career paths and lives. If you want to make a difference in a young person’s life, a difference that will better our society forever, donate to NMSC. The students who compete in this program are highly motivated, highly successful young people who could do such great things. The gift of an education is a gift that never ceases to give, first to the student whose life you touch through these scholarships, and then all of these other lives she encounters in the future. NMSC inspires students across the nation to do their best in and outside of school. The hard work that these students put in is the foundation of our country’s future. Moti-vated by NMSC to achieve excellence in high school, these kids will go on to do even greater things for our world in the future. The support of organizations and foundations like yours is fundamental in facilitating the great service to our country done by NMSC.

This past year not only marks the 64th anniversary of nmsc’s founding—it is also the year that nmsc began to refocus our efforts on a particular part of our mission: to stimulate increased support from individuals and organizations that wish to sponsor scholarships for outstanding scholastic talent . Through conversations with nmsc Scholar Community members and surveys from recent scholarship winners, we found a common theme: the importance of giving . Be it through the donation of time, attention, or finances, nmsc Scholars have made their own pledges to ensure the success of future generations . To encourage this passion and to continue our mission, nmsc is actively pursuing individuals and organizations to support National Merit Scholarships by donating online, or establishing a formal sponsorship or endowment directly with the Corporation .

The feedback we receive from Scholars confirms that nmsc’s recognition motivates students to continue on their path of excellence . Scholars also express that the need for college scholarships in our country remains constant, just as nmsc has been constant in its commitment to recognizing and honoring academically talented students . “Our society needs an influx of college educated people to continue to advance,” says Sarah N. Erne, a 2019 National Merit Omron Scholarship recipient . “nmsc has a revolutionary mission—providing recognition to the brightest of the bright, regardless of gender, race, or socioeconomic status,” she continues, adding, “I feel motivated to prove to my scholarship provider that their money was put to good use and I will be successful in college and in my career .”

Sarah’s words echo the sentiments expressed by nmsc’s founding President John M . Stalnaker in the Corporation’s 1959–60 Annual Report. Reflecting on the first five years of the National Merit Scholarship Program, Mr . Stalnaker saw that nmsc’s pledge to the future led to “more realistic recognition of the challenges which confront the nation and a greater understanding of the value of the trained intellect in solving them . These challenges, and the talents required to deal with them successfully, range across every field of knowledge.”

The Scholars featured in this Annual Report come from various backgrounds and pursue vastly different fields of study—from French language to astrophysics—but they are all united in their desire to give back to others, whether through their careers, volunteer activities, or future financial successes. We hope that their stories serve as inspiration for others to do what they can to support the academically talented students of the United States, and in turn make their own pledge to the future .

Timothy E. McGuirePresident

A

3President’s Message

I am honored to see my hard work pay off and be recognized with this award, and it means a lot to me because it showed me that I could succeed ‐ in spite of having parents who didn’t graduate with college degrees, in spite of not having the resources to obtain certain opportunities...NMSC has a revolutionary mission‐ providing recognition to the brightest of the bright, regardless of gender, race, or socioeconomic status. Many Scholars, including myself, rely on scholarships to be able to comfortably afford a higher educa-tion. There are so many brilliant students out there who may not be able to attend college due to financial reasons, but the NMSC helps thousands of those students every year in achieving their dreams. Our society needs an influx of college educated people to continue to advance, and a NMSC scholarship could be what stands between a gifted high school student and the worlds next great leader. Speaking from my personal experience, I feel motivated to prove to my scholarship provider that their money was put to good use and I will be successful in college and in my career...Personally, winning this award is attaining the unattainable; I vividly remember being an eighth grader listening to my older sister, who had a 4.0 GPA throughout her entire high school career, say that it was “absolutely impossible” to win the National Merit Scholarship. Despite being discouraged, I refused to accept that it was a fu-tile effort and I worked enough so that I have the opportunity to show my abilities and prove that it is, indeed, possible to be a part of this community. Now, I can proudly say that I have done what was once thought of as the impossible” and, in all honesty, it feels absolutely amazing...I would explain to possible sponsors how they are not just donating to a simple foundation, but rather they are investing in students who have shown great academic capacities and a desire to succeed. NMSC scholars exemplify the character-istics that should also describe CEO’s and other prestigious job‐holders: determination, creativity, ingenuity, intelligence. Support from external organizations would most certainly help these up‐and‐coming students pursue their education, subsequently paving the road to a better future for these talented individuals...Thanks to this scholarship, I can continue to serve the community while obtaining my Bachelor’s Degree, unhindered by cost. It is because of NMSC that I can pursue my passions knowing I have a com-munity of accomplished individuals who have gone before me. By sponsoring or donating to NMSC, you are helping to build the next generation of critical thinkers and world changers...As I was burning the midnight oil at Harvard to write papers and study for exams, I was encouraged by the NMSC’s “Lamp of Learning” logo. Modelefter an oning lamp, this logo is a classic symbol of knowl-edge and wisdom. Looking back on my college life of 4 years, the comfort of knowing that the NMSC was there for me is what in-spired me to light my personal “Lamp of Learning.” Because of what has been given to me I feel obliged to not only gain knowledge and wisdom, but also to give and share it with those less fortunate than I...It’s an investment in the future plain and simple. In the grand scope of things, you are contributing to the development of future leaders - leaders who will not only give back to industries and society, but will define new ones as well. But on a personal level, you are giving a young person the chance to focus on develop-ing themselves fully as learners and individuals by lessening the financial strain they experience while attending college...Receiving the National Merit Scholarship was an incredible honor because it gave me the chance to join a community of individuals who seek to use academic success as a conduit for service to others. Financially, I was supported in attending a top-tier school that was some-what above my family’s financial means, and socially, I was given the confidence to know I could do well in the face of challenges if I put in the right amount of effort...Receiving the scholarship was for me an affirmation of my methods and a realization that I could financially afford to continue to challenge myself and learn more in an environment very different from any I was familiar with. Having the opportunity to attend Princeton introduced me to not only interesting concepts and classes, but also fascinating professors and friends who each had a worthwhile backstory to share. The scholarship was both an acknowledgement of what I’d then accomplished and a call to action to continue testing myself every day...Education is the best tool we have to inspire the young-er generations and empower succeeding classes to perform ever better than their predecessors. We should do our best to provide every student the opportunity to maximize their potential and remove any obstacles that we may be able to. Students will be more motivated to reach for the stars when they know there are no glass ceilings obstructing their already‐challenging path...Receiving the National Merit Scholarship was the reason I was able to attend college, period. My parents and I were not able to afford univer-sity without major scholarship assistance. The University of Alabama offered me a full-tuition scholarship for up to ten semesters, as well as a yearly 2,500 stipend, a one-time 2,000 stipend for travel or research, room and board for my freshman year, and a laptop. I was able to attend college and not worry about my finances, which led to the opportunity to increase the breadth of my studies. I eventually decided to triple major in History, German, and Latin, in order to best equip myself to study in my field of choice, Refor-mation Studies. I was also able to travel for research, as I discussed earlier. Because finances were not a burden, I could study hard, forge meaningful relationships with professors, and focus on building up a strong CV. I graduated debt-free as Summa Cum Laude, in the Honors College, and with major awards from each of the departments in which I studied. I will be presenting and publishing a paper I co-wrote with one of my Latin professors this fall. Seeing my name in the table of contents of an edited volume excites me greatly for future possibilities. And in the midst of it all, I will always remember that it all started with a National Merit Scholar-ship...The National Merit Scholarship Corporation literally rewrites destinies. They enable students like me to go to university and take control of their career paths and lives. If you want to make a difference in a young person’s life, a difference that will better our society forever, donate to NMSC. The students who compete in this program are highly motivated, highly successful young people who could do such great things. The gift of an education is a gift that never ceases to give, first to the student whose life you touch through these scholarships, and then all of these other lives she encounters in the future. NMSC inspires students across the nation to do their best in and outside of school. The hard work that these students put in is the foundation of our country’s future. Moti-vated by NMSC to achieve excellence in high school, these kids will go on to do even greater things for our world in the future. The support of organizations and foundations like yours is fundamental in facilitating the great service to our country done by NMSC.

“As I was burning the midnight oil...to write papers and

study for exams, I was encouraged by NMSC’s ‘Lamp of

Learning’ logo. Modeled after an oil-burning lamp, this logo

is a classic symbol of knowledge and wisdom. Looking back

on my college life of four years, the comfort of knowing

that NMSC was there for me is what inspired me to light my

personal lamp of learning. Because of what has been given

to me I feel obliged to not only gain knowledge and wisdom,

but also to give and share it with those less fortunate.”

—Michael K. Bervell 2015 National Achievement $2500 Scholarship

3President’s Message


Pledge to the Future www.nationalmerit.org/pledge

In 2019, National Merit Scholarship Corporation (nmsc) received nearly $16,000 in donations from foundations, members of the public, and National Merit® Scholars from previous program years. Every dollar donated is put into nmsc’s President’s Fund, which is used exclusively to finance National Merit® $2500 Scholarships . Business organizations that provide corporate-sponsored scholarships help underwrite these awards through grants they provide to nmsc instead of paying administrative fees, but nmsc finances most of the National Merit $2500 Schol-arships from its own investments . This year, donations to nmsc helped offset the cost of six scholarships .

Over the next year, nmsc’s goal is to raise $30,000 . Our ultimate goal is to provide each of the 15,000 deserving National Merit Finalists with a scholarship. Currently, only 7,600 Finalists receive National Merit Scholarships annually .

National Merit Scholarships not only provide financial rewards to hard-working students but also offer students recognition for their abilities and encouragement for future successes . Thank you to all who have helped us light the way for these future generations of leaders and innovators .

Every gift to nmsc, no matter the amount, is a pledge to the future and helps us continue to encourage, inspire, and recognize these academic champions .

”Thank you, everyone, for continuing to support this program and recognizing the poten-tial of all of the Scholars. People don’t reach greatness on their own. They’re influenced by everyone around them, and those who have done the most for this world had the strongest network of supporters.”

Hanah Jun2019 National Merit

$2500 Scholarship

Discover how Hanah plans to use her education to give back to others: www.nationalmerit.org/hanah

5Pledge to the Future

2018–19 President’s Fund Donors Unsolicited contributions to support Merit Scholarship® awards were received from the following donors in the 2018–19 fiscal year. They are acknowledged with sincere appreciation.

Lisa J. Braun, 1990 ScholarDavid A. Cape, 1984 ScholarBenjamin C. Chang (1983 Scholar) In Memory of Alexander ChenElise M. Christopher, 2000 ScholarAllan (1962 Scholar) and Sandy JanisIn Memory of Joanne KosteckyIn Memory of Bernard L. McGuireMargaret Murata, 1963 ScholarNicholas FoundationChris Suellentrop and Jen Raymer Suellentrop, 1993 ScholarsJake P. and Deborah V. TraskellAnonymous

Thank You!

“A donation to NMSC isn’t a donation to a run-of-the-mill corporation; it’s an investment in the future. It is the collective responsibil-ity of today’s generations to support and guide the posterity of America, in or-der to ensure a bright and productive future for our nation and the world.”

Aristotle Vainikos2019 National Merit

$2500 Scholarship

Read more about Aristotle’s goals for the future here: www.nationalmerit.org/aristotle


2019 National Merit® Scholarship Program—at a glance

Alabama 23,971 149 217Alaska 2,159 13 37Arizona 26,874 568 288Arkansas 5,369 45 132California 231,402 6,988 1,915Colorado 18,013 647 238Connecticut 34,008 620 185Delaware 6,114 104 37District of Columbia 3,767 185 54Florida 86,925 1,212 894Georgia 34,368 948 516Hawaii 5,626 123 67Idaho 6,892 35 86Illinois 93,176 1,782 756Indiana 54,522 507 321Iowa 7,351 126 145Kansas 7,155 180 147Kentucky 9,937 219 203Louisiana 10,970 174 228Maine 9,688 57 75Maryland 34,658 1,093 293Massachusetts 49,692 1,688 295Michigan 55,943 767 580Minnesota 15,466 595 284Mississippi 5,402 53 140Missouri 11,693 268 333Montana 3,381 21 47Nebraska 5,131 74 110Nevada 7,296 97 105New Hampshire 7,853 103 80New Jersey 82,451 2,356 546New Mexico 5,999 27 92New York 99,068 2,624 1,103North Carolina 43,810 875 441North Dakota 1,430 1 29Ohio 44,284 931 595Oklahoma 8,538 76 169Oregon 14,610 356 192Pennsylvania 75,913 1,319 639Rhode Island 5,527 62 48South Carolina 15,485 109 207South Dakota 1,840 12 43Tennessee 12,897 463 297Texas 222,088 3,175 1,407Utah 5,243 68 167Vermont 3,886 20 33Virginia 48,310 1,454 441Washington 35,304 1,059 300West Virginia 4,367 0 65Wisconsin 15,536 231 320Wyoming 963 0 22Other Selection Units 18,462 1,132 301

TOTAL 1,640,813 35,791 16,265

2019 Program Entrants

Commended Students

Semi-finalists

ENTRANTS1,640,813

Over 55,000 students earned psat/nmsqt scores that qualified them for recognition in the 2019 program . At the beginning of their senior year, these high scorers were notified that they had been designated as either Commended Students or Semifinalists.

Approximately one-third of the high scorers were designated Semifinal-ists on a state representational basis . They were the top-scoring entrants in each state and the only program participants who had the opportunity to continue in the competition for Merit Scholarship awards . In addi-tion to designating Semifinalists in each state, nmsc has created selec-tion units for participants attending high schools in the District of Colum-bia, U .S . commonwealths and territo-ries, schools in other countries that enroll U .S . citizens, and U .S . boarding schools that enroll a sizable propor-tion of students from outside the state in which the school is located . nmsc sent Semifinalists’ names to U.S. colleges and universities to broaden the students’ educational opportuni-ties, and a press release about them was sent to news media .

About two-thirds of the high scor-ers were named Commended Stu-dents on the basis of a nationally applied qualifying score . Students in this group received Letters of Commendation in recognition of their outstanding performance on the qualifying test and their potential for success in challenging college studies . Although they did not continue in the competition for National Merit Scholarships, some of these students became candidates for Special Scholarships provided by corporate sponsors .

HIGH SCORERS52,056

COMMENDED STUDENTS 35,791

SEMIFINALISTS16,265

Each annual Merit Scholarship® competition spans about 18 months . The program begins when over 1 .6 million high school students meet require-ments to enter the competition for recognition and college scholarships, typically in the fall of their junior year, by taking the Preliminary sat/ National Merit Scholarship Qualifying Test (psat/nmsqt®) administered at about 22,000 schools . The program concludes when winners of scholar-ships are notified in the spring of their senior year.

OCTOBER 2017

Entrants took the psat/nmsqtAPRIL 2018

High Scorers identified

SEPTEMBER 2018

Commended Students and Semifinalists designated

7National Merit Scholarship Corporation

To compete for National Merit Scholarships, Semifinalists must advance to the Finalist level of the competition by meeting several requirements . These include: completing a detailed scholarship application, having an outstand-ing academic record in all of grades 9 –12, submitting sat® scores that confirm the earlier psat/nmsqt perfor-mance, and being endorsed and recommended by a high school official. About 90% of the Semifinalists fulfilled these requirements. They were notified in early February that they had become National Merit Program Finalists and were being considered for Merit Scholarship awards. High school officials were sent Certificates of Merit to present to these outstanding students .

Total: $40.8 million for 8,713 Merit Scholarship and Special Scholarship awards

Funding for scholarships in 2019

$34.7 million for 6,278 awards

$6.1 million for 2,435 awards

Sponsors provided funding for the vast major-ity of scholarships offered in nmsc’s programs this year.

SPONSORS

nmsc

Merit and Special Scholarship winners were chosen on the strength of their credentials and potential for future success, without regard for gender, race, ethnic origin, or religious preference. All Scholars received certificates in recognition of their awards .

A total of 7,642 Merit Scholar® designees in 2019 were chosen from the Finalist group to receive Merit Scholarship awards worth a total of $31.2 million. The rigorous review process that Semifinalists undergo to advance in the com-petition results in a talent pool of exceptional Finalists who compete for National Merit Scholarships. The names of Merit Scholar awardees were released to news media in four separate announcements in the spring and summer .

An additional 1,071 outstanding program participants, who were not Finalists but met criteria specified by corporate and business sponsors, received Special Scholarships valued at $9 .6 million . These Special Scholarships were provided by corporations, company foundations, and business organizations to complement their Merit Scholarship awards . Special Scholarship winner announcements were handled independently by the corporate sponsors .

SCHOLARS8,713

FINALISTS15,148

FEBRUARY 2019

Finalists notified

MARCH–JUNE 2019

Scholars selected

APRIL–JULY 2019

Scholars announced

JANUARY 2020

Scholars invited to the nmsc Scholar Community

Shining a spotlight on brilliant students and encouraging the pur-suit of academic excellence are enduring goals of the National Merit Scholarship Program.

• To date, 64 competitions have been completed.

• Over 3.1 million outstanding students have been honored.

• More than 406,000 students received scholarships worth over $1.6 billion for undergraduate study.


National Merit ® $2500 ScholarshipsThe National Merit $2500 Scholarships are an integral part of the National Merit Scholarship Program because all Finalists compete for these awards and winners are named in every state and selection unit. A Selection Com-mittee, made up of college admission officers and high school counselors, convenes to select winners of these one-time awards. In the 2019 program, most of the 2,500 National Merit $2500 Scholarships were financed by nmsc with its own funds . Business organizations that provide corporate-sponsored awards also helped underwrite a portion of these scholarships with grants they provided in lieu of paying administrative fees .

Scholarships

National Merit® Scholarships vary in a number of ways, including can-didate criteria and monetary value . Although eligible candidates can be considered for more than one type of scholarship, they can receive only one monetary award through nmsc . The awards must be used by Scholars for undergraduate study at regionally accredited colleges and universities in the United States .

Corporate-sponsored scholarshipsThese scholarships are either four-year renewable awards that pro-vide stipends ranging from $500 to $10,000 per year or single-payment awards of $2,500 to $5,000 . They consist of two types:

Merit Scholarship® awards . Most cor-porate-sponsored Merit Scholarship awards are offered to Finalists in the National Merit Scholarship Program who are children of the grantor or-ganization’s employees or members . Some awards are designated for Fi-nalists who reside in communities specified by the sponsor, and a few are provided for Finalists who are pursu-ing college majors or careers the spon-sor wishes to encourage. Only Finalists in the National Merit Scholarship Pro-gram who meet a sponsor’s criteria are considered for that sponsor’s National Merit Scholarships .

Shiva R. Menta—2019 National Merit $2500 Scholarship“Economics,” Shiva says, “is a constant moving puzzle that controls how the world works.” He hopes to learn more about this field while studying at Northwestern University. Read the rest of Shiva’s story here: www.nationalmerit.org/shiva

Sarah N. Erne—2019 National Merit Omron ScholarshipSarah plans to “take to the skies” by studying aerospace engineering at the Uni-versity of Illinois at Urbana-Champaign. Read more about her career aspirations here: www.nationalmerit.org/sarah


Special Scholarship awards. Approximately two-thirds of the corporations, company founda-tions, and business organizations that fund Merit Scholarship awards for Finalists in the National Merit Program also provide funding for Special Scholarships . The number of Finalists eligible for a particular sponsor’s scholarships varies from year to year, but many sponsor or-ganizations want to provide a fixed number of awards in each competi-tion . These sponsors use nmsc’s ser-vices to supplement their National Merit Scholarships with Special Scholarships for high-performing program participants who are not Finalists. Corporate scholarships are usually named for the grantor or-ganization; however, the “National Merit” designation is not included in the Special Scholarship name . To be considered for a Special Scholar-

College-sponsored Merit Scholarship awardsOnly National Merit Program Fi-nalists who notify nmsc of plans to attend a sponsoring college and are admitted to the institution are con-sidered for these awards . A spon-sor college may decide to offer a Merit Scholarship award to every eligible Finalist who is admitted to the institution or choose to limit the number of awards it provides . College-sponsored scholarships, which can be used only at the college or university financing the award, are renewable annually and provide stipends ranging from $500 to $2,000 per year . In the 2019 National Merit Program, 4,123 college-sponsored awards worth over $18 million were funded by 164 U .S . colleges and universities, which are listed on pages 33–37 .

ship, students must meet the spon-sor’s specific criteria in addition to the participation requirements of the National Merit Scholarship Pro-gram. An Entry Form for the stu-dent must also be submitted to the sponsor organization .

This year, the 205 corporations, company foundations, and other business organizations listed on pages 33–37 committed over $16 million to finance 1,019 National Merit Scholarships and 1,071 Special Scholarships .

Darren T. Redic—2019 Sony Electronics Inc. ScholarshipA freshman at Stanford University, Darren is studying mechanical engineering with the goal of one day designing roller coasters. Read more about Darren here: www.nationalmerit.org/darren

Rohini M. Kumar—2019 National Merit University of Florida ScholarshipRohini believes that donating to NMSC will help “support the future of Ameri-can science, art, business, politics, and more.” With her scholarship funds, Rohini is combining business management and pre-med majors. Read her story here: www.nationalmerit.org/rohini


Attaining the Unattainable

“I look out onto the span of so-lar panels in the desert not too far from my home, and I feel less over-whelmed by the magnitude of the climate crises,” Tianna N . Chemello says when speaking of her motiva-tion for pursuing a degree in envi-ronmental engineering . Tianna lists further inspirations, such as peo-ple who buy organic foods or plant bee-friendly flowers—“People like me,” she says, “attempting to save our planet .”

A freshman at Arizona State Uni-versity, Tianna enjoys the creativity of engineering . “Solving modern problems requires innovation,” she explains, “and I am always prepared to face a task with the most imagi-native solutions .” Tianna’s goal to use her environmental engineering education to “find a way where all of humanity can live on Earth without putting it in jeopardy,” may seem lofty and unattainable to some, yet Tianna is determined to see it through . She believes it is feasible to live a lifestyle where everything is biodegradable, up-cycled, environ-mentally friendly, and cost-efficient. Already, she has noticed “green” al-ternatives to everyday items, such as soap bars in place of single-use bot-tles, metal straws instead of plastic ones, and edible cups .

Tianna is also encouraged by new technology that promotes green en-ergy. Specifically, she plans to help people who live in extreme heat by finding a solution for clean water and cost-effective air conditioning that does not damage the environ-ment . “I am more than aware that this is a daunting task and it can-not be accomplished on my own,”

Featured Scholars of 2019

she says, “therefore I aspire to be one of the scientists creating the technology needed to solve worldwide problems .”

Tianna’s commitment to solving problems on a global scale is not lim-ited to environmental engineering . She is also a student of languages and values learning about foreign cultures as a means of connecting with others . In high school, Tianna studied French for the required two years, but her course work felt more like a hobby than a prerequi-site for graduation. Tianna’s French teacher created a “very sociable” atmosphere and “spoke so highly of his native country” that, when given the opportunity, she eagerly applied for a cultural exchange pro-gram in France. Her participation in this program hinged on gradu-ating from high school a year early and completing a rigorous applica-tion process .

Tianna was aware that spending ten months in a foreign country would be difficult. “The uncertainty of a new culture and the inevitable homesickness made me feel that it was impossible,” she says, yet the “sense of accomplishment and dis-belief when I read my acceptance letter was like nothing I had felt before.” While abroad, Tianna im-mersed herself in French culture, food, music, and ideologies . She overcame the initial anxiety she felt as a non-native French speaker and built solid friendships . Now, Tianna has her sights set on exploring other countries and cultures, possibly through study abroad in college . She quips, “I intend on visiting the world as soon as I can .”

Regarding her high school successes —the exchange program, a 4.0 GPA, a healthy social life—Tianna says

that her National Merit® recogni-tion meant “attaining the unattain-able .” Although she eagerly accepts and overcomes challenges, Tianna recalls being daunted by the compe-tition . “I vividly remember,” she says, “being an eighth grader listening to my older sister, who had a 4.0 GPA throughout her entire high school career, say that it was ‘absolutely impossible’ to win a National Merit Scholarship .” However, Tianna says she “refused to accept that it was a futile effort” and applied herself enough to “prove that it is, indeed, possible to be a part of this commu-nity . Now,” she says, “I can proudly say that I have done what was once thought of as the impossible, and, in all honesty, it feels absolutely amazing .”

When asked what she would say to help nmsc further its mission, Tianna explains that National Merit Finalists often “exemplify the characteristics that should also de-scribe CEOs and other prestigious job holders,” so financial support would “certainly help these up-and- coming students pursue their educa-tion” and could even allow them to attain what was once thought to be unattainable .

“I aspire to be one of the scientists creating the technology needed to solve world-wide problems.”

11Featured Scholars of 2019

Tianna N. Chemello 2019 National Merit Arizona State University Scholarship


Reese D. Borlin 2019 National Merit State Farm Companies Foundation Scholarship


Keeping the Wilderness WildScholar, Eagle Scout, Volunteer, Athlete—Reese D. Borlin hopes to eventu-ally add “Park Ranger” to the list of titles he has earned so far . As a forestry major at Southern Illinois University at Carbondale, Reese focuses his stud-ies on forest recreation and park management, often venturing outside the classroom . In the past few years, Reese has visited 20 national parks and numerous state and national forests and recreational areas . He is pictured here near a frozen alpine lake in Rocky Mountain National Park .

“The time I’ve spent backpacking, hiking, and trail running through our public lands has shaped who I am and what I value,” Reese says of his pas-sion for protecting nature . Reese is excited by the “prospect of working to help others safely and sustainably enjoy our natural areas,” and he hopes that a career as a park ranger will allow him to “help others to see the value in keeping public lands public and wilderness wild .”

Given his love for the outdoors, Reese’s participation in extracurricular activities such as Boy Scouts of America is unsurprising . In high school, Reese took on an Eagle Scout project at a local park, where he explored the “many different ways a natural area can have a positive effect on the community .” He also became a member of the Order of the Arrow, and was named Outstanding Senior Patrol Leader in his troop . An avid runner since the sixth grade, Reese served as co-captain of his high school varsity cross country team. He qualified for the 2019 Boston Marathon, and dis-covered an interest in ultramarathons . “An ‘ultra’ is any race longer than the traditional marathon,” Reese explains . He is fascinated by “the idea of looking at perceived limits of human ability and determination and then pushing past them .”

Reese recalls one ultramarathon where he and other contestants were chal-lenged to complete as many circuits of a 2 .5 mile loop as possible within six hours. In pursuit of his 45-mile goal, Reese says that he finished the race because of willpower alone. “When life is simplified into a black and white choice to continue or to turn back, to succeed or fail,” he says, “limits be-come increasingly obvious . I know my limit lies somewhere beyond those 45 miles, and I intend to find it.”

This “deeply rooted drive” to put forth his best effort is what led Reese to succeed academically in high school . As in his marathon running, Reese tried to not merely go through the motions but to focus on his goals and be mindful of the value his hard work held . The high standards Reese set for himself led to his National Merit Scholarship Program recognition . “I am honored to have won this award,” he says, “and I have found that the ‘National Merit Scholar’ title is incredibly recognizable . I have had people I barely know find me at school to offer congratulations.” He adds that “do-nating to nmsc is a way to make sure the leaders of the future have access to the education they need.” With his commitment to “protecting the land for future generations,” and his endless pursuit of excellence both in and outside of the classroom, Reese is well on his way to becoming the kind of leader nmsc is proud to honor .


Chixue (Sybil) Fu2019 National Merit $2500 Scholarship


Possibility of Progress

As a student enrolled in Columbia College’s economics and political science program, Chixue (Sybil) Fu could look up to any number of prominent economists and poli-ticians, but “I ultimately look up to my mother,” she says . Sybil explains that her mother is an immigrant and single parent who has worked as a janitor for the past 13 years and has “witnessed the discrimination imposed upon immigrants and ex-perienced the economic struggles that ensue .” Sybil believes that she “would not have the same passion” for her studies had it not been for the inspiration from her mother .

“I strive to gain insight into economic and cultural factors that prevent communities from succeed-ing,” Sybil says of her career plans . Specifically, she plans to focus on breaking down language barriers that often lead to socioeconomic disadvantages, particularly for U .S . immigrants. A self-taught French speaker, Sybil has chosen to pursue a minor in Italian while studying at Columbia. By becoming fluent in another language, Sybil says, “I can deepen my cultural understanding, broaden my knowledge of interna-tional affairs, and make an impact .”

Already, Sybil has begun to meet these goals . In high school she translated over 30 web pages for environmental activism nonprof-its, traveled to France to volunteer for the nonprofit organization La Giraudiere, and acted as the lead translator for a French-based envi-ronmental activism initiative .

Looking forward, Sybil is excited about the “possibility of progress”

that can come from “working towards political egalitarianism, developing economic infrastruc-ture, finding a voice for all socio-economic groups in society,” and working alongside “organizations that focus on improving economic policy and helping struggling com-munities obtain the resources and support they need to thrive .” She counts nmsc among the organi-zations she believes are worthy of support . “It means a lot to me,” she says of her National Merit Scholar-ship, “because it showed me that I could succeed in spite of having parents who didn’t graduate with college degrees and in spite of not having the resources to obtain cer-tain opportunities .”

“I strive to gain insight into economic and cultural factors that prevent communities from succeeding.”


Morgan B. Reynolds 2019 ametek Scholarship


Having Integrity and Being KindAt first glance, Morgan B. Reynolds’s passion for rodeo is obvious, from the broad brim of her hat to the pattern of her western-style shirt . “There is something special about this sport,” she says and describes how she loves the connection between a horse and its rider and the “moment of perfect calm, yet of extreme intensity” in breakaway roping, a rodeo event that involves riding on horseback to rope a calf. When she is fully immersed in the experience, Morgan says, “the only things left in the world are the calf, the horse, and myself .”

As a member of the Idaho High School Rodeo Association, Morgan learned how to take failure in stride and truly commit to her goals . “It’s all you,” she says of the training process, “and you get out of it what effort you put in .” Morgan remembers initially failing to qualify for the state finals and slowly working through her disappointment: “You can surrender all the work and effort you’ve put in, or you can build upon what you’ve learned,” she says, noting that her perseverance led her to win first place in breakaway roping and place seventh in pole bending at the state rodeo competition . “There’s no better time than now to pick yourself up, jump back in the saddle, and take another swing,” she imparts, “because who knows?—There may just be a win right around the corner .”

In high school, Morgan applied a similar sense of self-discipline to a num-ber of other activities in addition to her academics . She held leadership positions in her school’s student council and key clubs, participated in Business Professionals of America, and acted as president of her school’s 4-H club . Mostly, she is proud of her personal growth throughout this time, gaining self confidence and prioritizing the things that matter most to her, like pursuing a career that will allow her to help others . “I found that hav-ing integrity and being kind was more important than popularity,” she says, “and I was able to help those around me and find a lasting type of happi-ness, one that will keep me smiling for my entire life!”

Morgan currently attends Brigham Young University-Idaho, where she is studying to become a registered nurse . “I know that my job will not al-ways be fun,” she says, “as I will have to administer shots, clean up bodily fluids, etc. But I hope that the reward will be worth the sacrifice as I help others find health and feel like someone cares about them.” In-fluenced by the experiences of her mother, who is a licensed practi-cal nurse, and the enthusiastic teachings of her high school anatomy teacher, Morgan plans to specialize in infant care once she receives her degree .


For the Love of Language

“Too often,” Kevin N . Medansky says, “we believe that people are sim-ply born for languages or they are not. It is my firm belief, however, that these skills come from work and dedication.” From the campus of Haverford College in Pennsyl-vania to the 11th Arrondissement in Paris, Kevin focused his college experiences around his certainty that language can be learned by anyone and can be utilized to bring people together .

As part of his French and Franco-phone studies, Kevin traveled to the Université Sorbonne Nouvelle in Paris . “This was an entirely immer-sive French language and culture experience,” he says . Kevin lived with a host family and took classes at the Institute of Theater Studies as well as the Cinema and Audiovi-sual Studies Department at the Sor-bonne, all the while communicating exclusively in French. He notes that this experience awakened his pas-sion for theater and the performing arts and recalls attending nearly 100 plays and performances during his stay in Paris . Kevin then accepted an opportunity to work as a publicity assistant for a French theater com-pany over the next summer during the Avignon Festival, which is the largest theater festival in the world .

Kevin was so enthralled by the French language and inspired by the performances he viewed, that he decided to complete a creative thesis project on the history and development of the French mono-logue . Kevin translated a play from French to English and then memo-rized and performed that play as a one-man show (as pictured here)

entirely in French, with his origi-nal English translation displayed as surtitles . Since receiving his bache-lor’s degree, Kevin has returned to the Sorbonne to pursue a Master’s in Theater Studies. While complet-ing this degree, he plans to teach English at several private high schools and middle schools and tu-tor English on the side.

“My goal is to help my English stu-dents feel that language learning is accessible to them,” he says of his future . “I want to show my students that if they work hard, they will im-prove in English and whatever other endeavors they pursue . If I can be a role model to them, too,” he adds, “that would be nice, but that may be a bit much to ask!”

Any doubts Kevin may have about his ability to make a difference to students seem small in the face of the advice he eagerly imparts to those who are competing in the Na-tional Merit Scholarship Program: “If you are intelligent, passionate, and kind, all you need to do is show it! You are already doing so much for yourself, your community, and the world .”

Featured Scholars of 2015


Kevin N. Medansky 2015 Lord & Taylor Scholarship


Michael K. Bervell2015 National Achievement $2500 Scholarship


Brave, Bold, and Willing to Take

RisksBefore he studied philosophy and computer science at Harvard Col-lege, Michael K . Bervell was a high school student from Snohomish, Washington. Michael maintained ties with his home state, despite attending college across the coun-try, serving as Vice President of Programs for the Harvard Club of Seattle, which he refers to as “the most impactful and enriching” of his college experiences because it led to the opportunity to launch the Harvard Club of Seattle Crim-son Achievement Program . Based in Washington state, this mentor-ship program pairs high-achieving, low-income high school students with Harvard students “to support a path to college .” Michael hopes to help his mentees learn “the power of being brave, being bold, and being willing to take risks if you want something to happen .”

Michael has taken his own words to heart, traveling to countries all over Africa as part of “Hugs for,” a nonprofit organization focused on face-to-face philanthropy that he created with his siblings while in high school . “Since its found-ing,” Michael says, “‘Hugs for’ has impacted over 300,000 youth in Tanzania, Ghana, Uganda, Kenya, and Sierra Leone; fundraised over $500,000 in material and mon-etary donations; and changed the lives of over 250 volunteers .”

Speaking academically, Michael recalls “burning the midnight oil” while writing papers and studying for exams at Harvard . “I was encour-aged by nmsc’s ‘Lamp of Learning’ logo,” he says, “a classic symbol of knowledge and wisdom.” When he looks back on his college experienc-es, Michael explains: “The comfort of knowing that nmsc was there for me is what inspired me to light my personal lamp of learning . Because of what has been given to me, I feel obliged to not only gain knowledge and wisdom, but also to give and

share it with those less fortunate .”

Michael intends to give back to oth-ers through his career at the inter-section of technology and business because he believes “technology has the potential to be used for im-mense social change .” Michael re-cently moved back to Washington and works as a program manager at Microsoft . “As I continue to grow my life in business and technology,” he says, “I hope to use the lessons I learn and networks I have for good by helping local nonprofit organiza-tions as a volunteer or board mem-ber .” Michael has also received an offer for deferred enrollment to Harvard Business School, which he plans to attend in the next few years .

NMSC conducted the National Achievement® Scholarship Program for academically talented Black American high school students from 1965 to 2015. Although the program was redesigned in 2015 to provide awards for high-achieving under-represented college graduates through the UNCF Achievement Capstone Program, NMSC con-tinues to celebrate the success of past National Achievement Scholars.

“I hope to use the lessons I learn and networks I have for good.”


Molly K. Buffington2015 National Merit University of Alabama Scholarship


Reforming Resources “Receiving the National Merit Scholarship was the reason I was able to at-tend college, period,” Molly K. Buffington emphasizes when explaining the impact that donations to nmsc could make on the lives of hard-working students . An alumna of the University of Alabama, Molly triple majored in history, German, and Latin. “I was able to attend college and not worry about my finances,” she says of her National Merit Program recognition, “which led to the opportunity to increase the breadth of my studies .”

Molly’s combination of majors set her up to pursue academic research on Reformation Studies. She finds this era of European history fascinating, in part because of the commonalities it shares with the world today . “Topics like mass media that befuddle us today in the form of social media, fake news, and the proliferation of information through the Internet were all dealt with—minus the WiFi—in this period, with the printing press and the political turmoil that swept across central Europe,” she explains. Molly was also drawn to the Reformation era because of the staggering number of documents yet to be closely studied and translated for classroom use . “I found myself frustrated by how little most people knew about this radically important period of history,” Molly recalls . She notes that most of the scholarly material about the Reformation is “written in such a way that dis-suades non-experts from reading,” and she is invigorated by the challenge of producing more introductory-level resources as part of her future career in academia .

Through college internships, Molly became confident in her abilities as a researcher and historian . She interned at Morgan County Archives in Deca-tur, Alabama, where she transcribed and researched two journals written by natives of Decatur . She also embarked on research trips to the special col-lections library at the Concordia Historical Institute in St . Louis, Missouri, as well as the Newberry in Chicago and the University of Chicago’s Special Collections Research Center . At each of these institutions, Molly conducted primary source research for a project on Lutheran worship in the six-teenth century . This past summer she interned at Concordia Publishing House in St . Louis, where she assisted in book development and completed duties such as research, graphic design, and video editing . Molly was of-fered a freelance position at the end of the summer and currently splits her time between this opportunity and her graduate studies . She is pursuing a masters-to-doctorate program in early modern German history at St. Louis University .

“National Merit Scholarship Corporation literally rewrites destinies,” Molly asserts, looking back on the opportunities that she had in college . “I graduated debt-free as summa cum laude, in the Honors College, and with major awards from each of the departments in which I studied .” Of special importance to Molly is a published paper that she co-wrote with one of her Latin professors . “Seeing my name in the table of contents of an edited volume excites me greatly for future possibilities . And in the midst of it all,” she says, “I will always remember that it all started with a National Merit Scholarship .”


Making Science Accessible Standing at an elevation of 16,503 feet, Madelyn I . Broome con-ducts research using the Atacama Large Millimeter/submillimeter Array (alma) radio telescope, which is located in Chile’s Atacama Desert—one of the highest and driest deserts in the world . Madelyn spent two months before her senior year at Princeton University as an in-tern at alma. Each day she would “ascend through windswept plateaus and volcanoes” to the array of 60 radio dishes and research the giant microwave space lasers that surround supermassive black holes in distant galaxies .

As an astrophysics major, Madelyn was set to follow a career path in ac-ademia, but “the idea of fully independent research in grad school was daunting.” When her advisor was absent during the last week of her intern-ship, Madelyn was forced to confront an anomaly in the data on her own . “I didn’t know enough to figure out that anomaly,” Madelyn recalls, “but I realized I could figure out what questions to ask and what steps I could take to solve the mystery . I knew in that moment that I could really do grad school .” Later, when she presented the results of her research to an audi-ence of alma astronomers, the mystery of the data led to a lengthy and ani-mated discussion . The stimulating interactions she had with other scientists confirmed to Madelyn that she was meant to be a part of “this international community of the incurably curious .”

Madelyn now attends Cambridge University, where she is pursuing an ac-celerated master’s degree in astrophysics. From there, she plans to attend the University of California at Santa Cruz to attain her PhD . Ultimately, Madelyn aims to make science accessible for everyone by “empowering, ex-citing, and engaging as many people as possible in stem through science communication and outreach .” She has already served as editor-in-chief of a student-run general audience science magazine, as a science education and outreach ambassador for Princeton’s Council on Science and Technol-ogy, and as co-founder of the Undergraduate Women in Physics group at Princeton . “I want to elevate others as I follow my own upwards trajectory,” she says and will use her passion as an educator to create curriculum that is accessible and engaging .

“I want to elevate others as I follow my own upwards trajectory.”


Madelyn I. Broome2015 National Merit $2500 Scholarship


Deirdre J. Austin2015 National Achievement Reynolds American Foundation Scholarship


Faith and Social Justice

Deirdre J . Austin sees an intrinsic commonality between ministry, so-cial justice, politics, and academia . “I want to work to ensure that all people are treated equally and can live a life of flourishing, not just sur-viving,” she says and has dedicated herself to academic studies that will help her accomplish this goal .

A recent graduate of Georgetown University, Deirdre majored in culture and politics, with a focus on religion and social justice . She also pursued minors in African- American studies and received a cer-tificate in religion, ethics, and world affairs . Her studies culminated in a degree in foreign service .

“Going into college,” Deirdre re-calls, “I was very passionate about human rights and international relations, and yet my internships as well as my Georgetown expe-rience helped me to develop a deeper understanding of the issues .” Deirdre learned that international relations and foreign service work don’t only happen abroad . An in-ternship with the Charlotte Office of International Relations demon-strated to her the ways in which her hometown strives to be welcoming to immigrants .

Deirdre also served as an intern for the World Affairs Council of Char-lotte, a global-centric nonprofit which provided her with “a different side of engagement” in the commu-nity, “through international-focused speaker events, luncheons, and even world quests for students .”

Deirdre was able to draw from her experiences at these organizations

when she later worked with the Missions Ministry at Myers Park United Methodist Church, collab-orating with local nonprofits and leading a book study on immigra-tion . She also established and led a social justice ministry at Greater Mt . Sinai Baptist Church, where she regularly attends services. “Faith has often been abused and misused to oppress people,” Deirdre explains, “and I look forward to exploring Christianity more as it relates to its possibilities for liberation and un-derstanding the true tenets of jus-tice present within it .”

To communicate her passions to others, Deirdre writes extensively on her own faith and social justice blog, and she recently wrote an article for Sojourners . As part of the Doyle Undergraduate Fellows Program at Georgetown, Deirdre completed a research project on affordable hous-ing in the Washington DC area.

Another of Deirdre’s favorite forms of ministry is liturgical dance . She is pictured here with her dance teacher (left) and pastor (center) at Greater Mt . Sinai Baptist Church . Deirdre’s experiences range from choreo-graphing dances for herself and her

sister to relaunching the liturgical dance ministry at Georgetown. She plans to take her dance ministry to a women’s prison in her area and to further explore “how dance min-istry can be used for healing from personal and racial trauma .”

Recently, Deirdre received a Dean’s Scholarship to Emory Universi-ty’s Candler School of Theology, where she will pursue a Master of Divinity . She will focus on black church studies and Baptist studies . “I look forward to exploring more of what my own faith looks like for me as a black woman and the ways in which the black church can en-gage and be engaged in discourse of justice,” she says of her imme-diate future, and adds, “I want to be the representation I never had in undergrad—a black woman theology professor .”

“I want to work to ensure that all people are treated equally and can live a life of flourishing, not just surviving.”


Ryan M. Leone2015 National Merit $2500 Scholarship


A Force of Stability

A recent graduate of the University of Pennsylvania’s Roy & Diana Vage-los Life Sciences and Management Dual Degree Program, Ryan M . Leone boasts a resume packed with accolades and achievements . The list of Ryan’s accomplishments—ba in biological basis of behavior, bs in economics with a concentration in healthcare management and policy, founder of the Wharton Neuro-science Initiative, member of the Varsity Sprint football team, and internships with the U .S . Army In-stitute of Surgical Research and the Defense Health Agency—is impres-sive . At the heart of Ryan’s college experiences, however, resides a simple goal: “to serve as a force of stability” for others . He hopes to ac-complish this goal through a career as an emergency physician and med-ical commander in the U .S . Army .

“Medicine excites me because it enables me to tie my desire to un-derstand the human body with my ability to help others,” Ryan says of his field of study. He also describes the “added level of excitement” that comes from the military aspect of his career and the opportunity to practice medicine abroad in war zones or areas in great need of hu-manitarian aid . To ensure that a military career was the right path to pursue, Ryan spent his time in college learning about the military from research, clinical, and mana-gerial perspectives . His internship at the U .S . Army Institute of Surgical Research provided the chance to collaborate with the Department of Defense Joint Trauma System as well as focus on his research in blood co-agulation . At the same time, Ryan took on a part-time remote intern-ship for Gauze, a start-up company

that provides travelers with an ex-tensive database of reliable hospitals they can access abroad . He searched for and input information about clinics in the countries of Azerbai-jan and South Africa .

Ryan spent the next summer as a front office intern at the Defense Health Agency, where he worked under his role model, dha Director Dr . Raquel Bono . Here, he assisted in transferring electronic health re-cords in the Military Health System to a new database . Ryan, yet again, completed two internships simulta-neously by participating in another remote internship, this time for the Philadelphia chapter of Bunker Labs, a nonprofit which works to support veteran entrepreneurs .

While in college, Ryan also pur-sued opportunities abroad; he attended the Wharton International Program in Spain, pursued biomedical research through the World Hellenic Biomedical Association Summer School in Greece, and vol-unteered with physicians through medlife in Ecuador. “Ultimately,” Ryan says, “all of these experiences

further reinforced my desire to serve as an Army physician and subsequently go down the admin-istrative path to take on management roles .”

nmsc is not the only organization to recognize Ryan’s academic poten-tial; he is the recipient of a Thouron Award through an exchange pro-gram between the United Kingdom (U .K .) and the University of Penn-sylvania, which facilitates scholarships for postgraduate studies abroad . He is now attending King’s College London in the War & Psy-chiatry MSc program . Ryan, who enjoys performing magic tricks and attending concerts featuring his fa-vorite pop-punk bands, intends to also spend his time outside of classes volunteering at a U .K . National Health Service hospital, joining the rowing team, and working as a tutor . He hopes that, by 2021, he will ma-triculate to medical school on a U .S . Army scholarship .


Looking Forward to Giving Back“Education is the best tool we have to inspire the younger generations,” Rishiprotim Nag asserts when considering the importance of nmsc’s mis-sion. “Receiving the National Merit Scholarship was, for me, an affirma-tion,” Rishiprotim says, “and a realization that I could financially afford to continue to challenge myself and learn more in an environment very different from any I was familiar with .” The challenging environment Rishiprotim found was Princeton University, where he studied engineering in operations research and financial engineering. His scholarship served as “a call to action,” he says, “to continue testing myself every day .” Rishiprotim sought out college internships that were both demanding and rewarding . He conducted research in graph theory at Rice University and worked as a quantitative researcher at a hedge fund in New York . “These internships,” he says, “have shown me that the academic environment of research can be found in industry, with its demand for tangible goals and meritocratic results .” Currently, Rishiprotim is working as a quantitative re-searcher at Radix Trading in Chicago .

Outside of his career, Rishiprotim is excited to find ways to become in-volved in his community . “I look forward to giving back to the many institu-tions that have helped me thus far,” he says, “in the hopes that others may have the opportunities I have been fortunate to have .” He is also interested in supporting causes such as language rights and the protection of wolves .

Thinking back to his Baccalaureate ceremony at Princeton (pictured at right), Rishiprotim explains that he read a few verses from the Bhagavad Gita that emphasized “the importance of focusing on one’s actions rather than their results .” He passes this tenet on to students who are competing in the National Merit Scholarship Program . “Continue trying your best in the aspects of life you can control,” he says to younger students and ex-plains that, through “dedicating yourself to your passions and your com-munity, you can become a role model that inspires others and the type of student nmsc would be happy to reward .”

“Education is the best tool we have to inspire the younger generations.”


Rishiprotim Nag2015 National Merit Jerry R. Junkins Memorial Scholarship


The National Merit® Scholarship Program strives to provide schol-arships for as many students as possible. With the support of 369 independent sponsor organiza-tions, over half of the Finalists and a substantial number of other deserving program participants in the 2019 competition received scholarships for their undergrad-uate education . Corporations, foundations, and other business organizations have provided schol-arships in all 64 Merit Scholar-ship® competitions completed to date . Colleges and universities be-gan underwriting awards in 1963 . In 2019 sponsor organizations fi-nanced 72% of the scholarships awarded . All funds provided by sponsors are used for scholarships and are 100% tax-deductible.

Corporate sponsorshipThe 205 corporate organizations that sponsored awards in the 2019 National Merit Program repre-sent the broad spectrum of U .S . business, including many For-tune 500 companies . They share the belief that supporting the

educational development of intel-lectually talented youth is a wise investment in the future, and they value the relationships they de-velop with their award recipients . Commonly regarded as the highest honor a U .S . high school student can attain, the Merit Scholar® title is a distinction with which corporate sponsors are proud to be associated .

Through a formal agreement with nmsc, corporate and foundation sponsors tailor their programs to fit their objectives by specifying candi-date qualifications that match their particular interests . The number of scholarships a company or foun-dation offers annually ranges from one to more than 100 . These spon-sors also select the monetary levels of scholarships they finance.

All aspects of program manage-ment, from identification of candi-dates to distribution of scholarship payments to winners, are handled by nmsc without charge . Services include providing sample materials for publicizing a sponsor’s program, web-based entry for award candi-

National Merit Moody’s Scholarship winners David Xu and Joshua M. Weiner (at center) are presented with certificates at a Moody’s Foundation award ceremony. They are pictured here with some family members and Moody’s employees, including Arlene Isaacs-Lowe, Global Head of CSR of Moody’s Corporation and Presi-dent of Moody’s Foundation (third from right) and Ray McDaniel, President and CEO of Moody’s Corporation (far right). A sponsor of National Merit Scholarships since 2006, Moody’s Founda-tion provides awards to the children of Moody’s Corporation employees.

dates, scholarship application pro-cessing, selection and notification of award winners, public announce-ment of National Merit Scholar-ship recipients, and certificates for presentation to winners . nmsc also monitors the Scholars’ progress during their undergraduate years and sends their sponsors periodic status reports .

College and university sponsorshipThe 164 higher education institu-tions that provided Merit Schol-arship awards in 2019 range from small private colleges to flagship state universities, and they all share the ability to attract National Merit Program Finalists to their cam-puses . nmsc provides college spon-sors with lists of Finalists who have selected their institutions as first choice; college officials then choose the winners of their institutions’ awards . nmsc sends scholarship of-fers to winners, issues press releases, provides certificates for pre-sentation to Scholars, and ad-ministers the awards during the recipients’ undergraduate years, all without charge .

Sponsors


AbbVie Inc. 19

Abilene Christian University 2

aci Worldwide, Inc. 2

Acushnet Company 3

adp Foundation 12 28

Aerojet Rocketdyne Foundation 1 9

Air Products Foundation 1

Akzo Nobel Inc. 3

Albany International 1

The Allergan Foundation 8 9

Alliance Data Systems Corporation 2

Ameren Corporation Charitable Trust 3 3

American City Business Journals, Inc. 2

American Electric Power Company, Inc. 5

American Financial Group 2 American University 6

AmerisourceBergen Corporation 3 5

The ametek Foundation 4 3

Anadarko Petroleum Corporation 4

Anixter Inc. 2

Aon Foundation 4 8

Apache Corporation 1 1

Archer Daniels Midland Company 2 8

Arizona State University 113

Arkema Inc. Foundation 3 1

arris International, plc 9

asc Partners, llc 2

Ascension 16

Aspen Technology, Inc. 1

Astellas us llc 2

AstraZeneca Pharmaceuticals lp 5 11

Auburn University 30

basf Corporation 5

Battelle 16

Baylor University 22

bb&t Corporation 6 14

Belmont University 1

Bentley Systems, Incorporated 2

Bethel University 1

Trust Under The Will of Mary E. Beyerle 100

bnsf Railway Foundation 7

The Boeing Company 36

BorgWarner Inc. 2 4

Boston College 7

Boston University 57

Bowdoin College 20

Bradley University 2 Brady Corporation Foundation, Inc. 5

Brandeis University 8

Bridgestone Americas Trust Fund 1 20

Brigham Young University 51

Bristol-Myers Squibb Foundation, Inc. 18 32

Broadridge Financial Solutions, Inc. 2 4

Brooks Brothers Group, Inc. 2

Brown & Brown, Inc. 4

Bucknell University 3

Bunge North America, Inc. 1 3

Bunzl usa, llc 1 4

Butler University 3

caci International Inc 10

Calvin University 5

Cardinal Health Foundation 5

Carleton College 30

Carlisle Companies Incorporated 2

Carpenter Technology Corporation 4

Case Western Reserve University 43

cbs Corporation 4

cc Services, Inc. 5

cdk Global, llc 2 3

Centre College 2

Chevron u.s.a. Inc. 10

Claremont McKenna College 4

Clemson University 33

Colby College (Maine) 5

Colgate-Palmolive Company 1 12

College of Charleston 2

College of Wooster 5

Colorado College 8

Colorado State University 6

Commvault Systems, Inc. 3

Computer Aid, Inc. 1 1

Corning Incorporated 5

Corporate sponsor grants 66 Creighton University 3

Crum & Forster 10

csx Corporation 2

Davidson College 3

Dentsply Sirona Inc. 2

Gaylord and Dorothy Donnelley Foundation 1

Drake University 6

e*trade Financial Corporation 2

Eastman Foundation 6

Eaton Charitable Fund 4 11

Electrolux North America 2

Ellucian Company l.p. 2

Embry-Riddle Aeronautical University 5

Emerson Charitable Trust 8

Emory University 48

The Estée Lauder Companies Inc. 1 2

Eversource Energy Foundation, Inc. 5

Sponsor Merit Special Sponsor Merit Special

Sponsors and the scholarships they supported in the 2019 National Merit® Scholarship Program


FedEx Freight Corporation 1 19

FedEx Ground Package System, Inc. 1 9

Ferro Corporation 1

Fifth Third Foundation 5 13

Florida Atlantic University 23

Florida State University 16

Fluor Foundation 11

fmc Corporation 3

Fordham University 57

fts International, llc 1

Furman University 6

gaf 1 1

Gannett Foundation, Inc. 1 5

Gates Industrial Corporation Foundation 5

Genentech, Inc. 13 7

General Dynamics Corporation 20

General Dynamics Ordnance and Tactical Systems 2

Georgia-Pacific Foundation, Inc. 5 42

gkn Foundation 5

Gleason Family Foundation 1 3

Global Tungsten & Powders Corp. 1

Goshen College 1

W.W. Grainger, Inc. 6 4

Greyhound Lines, Inc. 2

Grinnell College 20

The Guardian Life Insurance Company of America 2

Gustavus Adolphus College 4

Harding University 1

Harris Corporation 2

Harvey Mudd College 29

Hendrix College 4

Henkel Corporation 2 4

Hill-Rom Holdings, Inc. 2 1

Hillsdale College 8

Hope College 4

Hormel Foods Corporation Charitable Trust 17

The Harvey Hubbell Foundation 4

Illinois Tool Works Foundation 1 16

Indiana University Bloomington 43

Ingalls Shipbuilding Division of Huntington 2 2 Ingalls IndustriesIngersoll-Rand Charitable Foundation 3 12

Insperity Services, l.p. 3 1

International Union of Bricklayers 3

and Allied CraftworkersIowa State University 27

Ithaca College 3

J. Walter Thompson Company Fund, Inc. 3

Jack Henry & Associates, Inc. 2

Jacobs Engineering Foundation 11

John Bean Technologies Corporation 2

Johnson & Johnson Services Inc. 20

Kalamazoo College 2

Kaman Corporation 3

Kansas State University 5

The Kennametal Foundation 3

Kenyon College 6

lanxess Corporation 3 2

Lawrence University (Wisconsin) 5

Lehigh University 7

Leidos, Inc. 13

Lewis & Clark College (Oregon) 5

Liberty Mutual Scholarship Foundation 12 18

Liberty University 17

Loews Foundation 3

Louisiana State University 24

Louisiana Tech University 1

Loyola University Chicago 4


Sponsors and the scholarships they supported in the 2019 National Merit® Scholarship Program (continued)

“I started my musical education before I started my official one,” Evan D. Hochstein says of the piano lessons he has taken for 14 years. When he isn’t performing pieces by Chopin and Debussy, Evan studies cognitive science at Yale University, and he is excited to pursue a career that inte-grates psychology, neuroscience, linguistics, and philosophy. Evan’s 2019 National Merit $2500 Scholarship, which is underwritten by State Farm Companies Foundation, will help him pursue studies that “examine the basis of what makes us who we are and how we think.” State Farm has funded a total of 3,845 scholarships through the National Merit Program during 57 years as a sponsor.


lpl Financial llc 3 6

The Lubrizol Foundation 4

Macalester College 8

Macy’s, Inc. 15 28

Mannington Mills, Inc. 2

Maritz Holdings Inc. 1 2

Marquette University 3

Marsh & McLennan Companies, Inc. 12 13

McGraw-Hill Global Education Holdings, llc 1 3

Mead Johnson & Company, llc 2

Mead Witter Foundation, Inc. 10

Miami University-Oxford 14

Michigan State University 43

Michigan Technological University 10

Mississippi State University 24

Missouri University of Science and Technology 8

The mitre Corporation 4

Molex llc 3

Montana State University-Bozeman 8

Moody’s Foundation 2

Motorola Solutions Foundation 12

National Distillers Distributors Foundation 10

National Merit Scholarship Corporation 2,435

National Oilwell Varco, lp 2

Nationwide Foundation 11 1

New College of Florida 1

New Jersey Manufacturers Insurance Company 3

New York Life Foundation 5

The NewMarket Foundation 2

NextEra Energy Foundation, Inc. 3 1

NiSource Charitable Foundation 1 14

Norfolk Southern Foundation 10

North Dakota State University 4

Northeastern University (Massachusetts) 133

Northrop Grumman Corporation 31 24

Northwestern University 188

Nouryon Chemicals llc 1 1

Novartis us Foundation 19 1

Novo Nordisk Inc. 1 1

nvidia Corporation 11

Oberlin College 14

Occidental College 6

Occidental Petroleum Corporation 3

Ohio University-Athens 3

Oklahoma Christian University 1

Oklahoma State University 19

Old National Bancorp 1 2

Franklin W. Olin College of Engineering 8

omnova Solutions Foundation, Inc. 1

Omron Foundation, Inc. 3 2

on Semiconductor 6

Oregon State University 5

Ouachita Baptist University 1

Owens Corning Foundation 1

Parker Hannifin Foundation 2

Frank E. Payne and Seba B. Payne Foundation 3

The Penn Mutual Life Insurance Company 2

Pennsylvania State University 5

Pepperdine University 3

The PepsiCo Foundation, Inc. 10

Pfizer Inc 33 17

Pilkington North America, Inc. 1

Pomona College 6

ppg Foundation 11 16

ppl 2 2

PricewaterhouseCoopers Charitable Foundation, Inc. 21

Purdue University 101

Putnam Investments, llc 2

Quanex Foundation 1

Raytheon Company 31 44

Rensselaer Polytechnic Institute 14

Research Triangle Institute 3 1

Reynolds American Foundation 1 8

Rheem Manufacturing Company 4

Rhodes College 12

Robert Half International Inc. 2

Rochester Institute of Technology 13

Rockwell Automation Charitable Corporation 1

Rolls-Royce North America Inc. 5

Rose-Hulman Institute of Technology 11

rsm us llp 2

Rutgers, The State University of New Jersey 43

s&p Global 3 3

Saint Louis University 3

St. Olaf College 7

Samford University 2

Santa Clara University 4 Schindler Elevator Corporation 5

Schneider Electric North America Foundation 12 13

Scripps College 5

Sensient Technologies Foundation 3

Sentry Insurance Foundation, Inc. 1 4

Siemens Foundation 43 37

Snap-on Incorporated 1 5

Sogeti usa 1

Solvay America 4

Sony Electronics Inc. 2

South Carolina Sports Medicine 4

and Orthopaedic CenterSouth Dakota School of Mines and Technology 2



South Dakota State University 3

Southern Company Services, Inc. 4

Southern Methodist University 20

Southwest Airlines Co. 5

C. D. Spangler Foundation, Inc. 1

Spirit AeroSystems, Inc. 2

sri International 2

State Farm Companies Foundation 6 94

Stony Brook University 3

Suburban Propane, l.p. 1 2

Tate & Lyle Americas llc 1 1

td Ameritrade Services Company, Inc. 1 4

Teachers Insurance and Annuity Association 5 of America

Technipfmc plc 2

tegna Foundation, Inc. 6

The TeleTech Community Foundation 1

Tennessee Technological University 2

Teradata Corporation 3 1

Texas a&m University 144

Texas Christian University 10

Texas Instruments Foundation 15

Texas Tech University 9

Textron Charitable Trust 8 2

3M Company 20 20

The Travelers Employees’ Club 7

Tredegar Corporation 1 2

Trinity University (Texas) 8

Truman State University 2

Tufts University 33

Tulane University 28

United Services Automobile Association 5

University of Alabama at Tuscaloosa 210

University of Alabama at Birmingham 14

University of Arizona 60

University of Arkansas, Fayetteville 28

University of Central Florida 79

University of Chicago 174

University of Cincinnati 25

University of Dallas 10

University of Dayton 3

University of Evansville 3

University of Florida 231

University of Georgia Foundation 52

University of Houston-Main Campus 10

University of Idaho 8

University of Iowa 25

University of Kansas 15

University of Kentucky 57

University of Louisville 20

University of Maine 3

University of Maryland 61

University of Miami 24

University of Minnesota 96

University of Mississippi 36

University of Missouri-Columbia 32

University of Montana-Missoula 3

University of Nebraska-Lincoln 40

University of Nevada, Reno 5

University of Nevada, Las Vegas 3

University of New Mexico 5

University of North Dakota 3

University of North Texas 27

University of Oklahoma 70

University of Oregon 5

University of Pittsburgh 3

University of Puget Sound 2

University of Richmond 6

University of Rochester 31

University of St. Thomas (Minnesota) 3

University of South Carolina 47

University of South Florida 32

University of Southern California 206

University of Southern Mississippi 3

University of Tennessee 27

University of Texas at Dallas 173

University of Tulsa 19

University of Utah 32

University of Wisconsin-Madison 5

University of Wyoming 3

The ups Foundation 17 163

usg Foundation, Inc. 2 6


Sponsors and the scholarships they supported in the 2019 National Merit® Scholarship Program (continued)

“You are funding the future. The kids that you are helping will cure diseases, build bridges, plan cities, go to the moon, save lives, but more importantly, they will succeed and they will persevere and you, you are their ticket. You could give them a fast pass on the roller coaster of life that will lead them to amazing destinations. Do not miss this opportunity to mobilize and inspire your future.”

—Madyson L. Knoerr, 2019 James E. Casey Scholarship


Utility Workers Union of America, afl-cio 2

Valparaiso University 1

Vanderbilt University 168

Varian Medical Systems 2

Verus Claims Services, llc 1

ViaSat, Inc. 3

Villanova University 8

Virginia Commonwealth University 8

Vulcan Materials Company Foundation 3

Walgreen Co. 17

Washington and Lee University 6

7,642 1,071

Sponsor Merit Special

Washington State University 5

Wayne State University 5

West Virginia University Foundation, Inc. 12

Western Washington University 3

Westlake Chemical Corporation 2

Wheaton College (Illinois) 17

Whitman College 2

Wichita State University 5

Willamette University 2

Wofford College 2

Zoetis Inc. 5

Sponsor Merit Special

The recipient of a 2019 Raytheon Scholarship, Elisa McRae studies molecular biology at Brigham Young University. Elisa’s AP Biology class first introduced her to the idea of a career in biomedical research, and a recent internship with the National Institutes of Health gave her first-hand experience working with patients and doctors. “By diligently and persistently searching for answers to the unknown,” she says, “I hope to serve others in a way that will improve their quality of life, as well as their love of life.” Raytheon Company sponsored a total of 75 Merit Scholarship awards and Special Scholarships in 2019.

National Merit ® $2500 ScholarshipsAll corporate sponsors also provide grants in lieu of paying administrative fees to help nmsc underwrite National Merit $2500 Scholarships.


2* Abilene Christian University (2) 9* American University (6) 6 Amherst College 1 Andrews University 136* Arizona State University (113) 34* Auburn University (30) 1 Augusta University 1 Azusa Pacific University 1 Baldwin Wallace University 6 Barnard College 1 Bates College 38* Baylor University (22) 2* Belmont University (1) 1 Benedictine College (Kansas) 1 Bethany Lutheran College 1* Bethel University (1) 17* Boston College (7) 66* Boston University (57) 26* Bowdoin College (20) 2* Bradley University (2) 9* Brandeis University (8) 63* Brigham Young University (51) 1 Brooklyn College of the City University of New York 87 Brown University 3 Bryn Mawr College 5* Bucknell University (3) 4* Butler University (3) 40 California Institute of Technology 2 California Polytechnic State University, San Luis Obispo 7* Calvin University (5) 1 Campbell University 37* Carleton College (30) 51 Carnegie Mellon University 51* Case Western Reserve University (43) 1 Central Michigan University 2* Centre College (2) 1 Chapman University 1 Christopher Newport University 7* Claremont McKenna College (4) 1 Clark University (Massachusetts) 44* Clemson University (33) 1 Cleveland State University (Ohio) 1 Coe College 5* Colby College (Maine) (5) 3 Colgate University 3* College of Charleston (2) 1 College of the Holy Cross 1 College of New Jersey

4 College of William and Mary 5* College of Wooster (5) 9* Colorado College (8) 7 Colorado School of Mines 7* Colorado State University (6) 67 Columbia College of Columbia University 1 Concordia University (Wisconsin) 74 Cornell University (New York) 3* Creighton University (3) 58 Dartmouth College 5* Davidson College (3) 1 Delta State University 1 Denison University 1 Dordt University 9* Drake University (6) 3 Drexel University 119 Duke University 6* Embry-Riddle Aeronautical University (3) 2* Embry-Riddle Aeronautical University (Arizona) (2) 67* Emory University (48) 24* Florida Atlantic University (23) 20* Florida State University (16) 63* Fordham University (57) 1 Freed-Hardeman University 9* Furman University (6) 36 Georgetown University 88 Georgia Institute of Technology 1 Gettysburg College 2* Goshen College (1) 23* Grinnell College (20) 1 Grove City College 6* Gustavus Adolphus College (4) 2 Hamilton College 2* Harding University (1) 207 Harvard University 45* Harvey Mudd College (29) 4 Haverford College 4* Hendrix College (4) 10* Hillsdale College (8) 1 Hofstra University 1 Hood College 4* Hope College (4) 1 Hunter College of the City University of New York 64* Indiana University Bloomington (43) 34* Iowa State University (27) 4* Ithaca College (3) 1 John Brown University

51 Johns Hopkins University 2* Kalamazoo College (2) 8* Kansas State University (5) 6* Kenyon College (6) 1 Lafayette College 5* Lawrence University (Wisconsin) (5) 8* Lehigh University (7) 5* Lewis & Clark College (Oregon) (5) 19* Liberty University (17) 30* Louisiana State University at Baton Rouge (24) 1* Louisiana Tech University (1) 1 Loyola Marymount University 9* Loyola University Chicago (4) 9* Macalester College (8) 4* Marquette University (3) 1 Marshall University 134 Massachusetts Institute of Technology 1 Messiah College 19* Miami University-Oxford (14) 51* Michigan State University (43) 11* Michigan Technological University (10) 1 Middle Tennessee State University 3 Middlebury College 1 Mills College 31* Mississippi State University (24) 10* Missouri University of Science and Technology (8) 1 Molloy College 9* Montana State University- Bozeman (8) 1 Muhlenberg College 1 Murray State University (Kentucky) 2* New College of Florida (1) 19 New York University 9 North Carolina State University 4* North Dakota State University (4) 155* Northeastern University (Massachusetts) (133) 1 Northwest University 244* Northwestern University (188) 1 Nova Southeastern University 1 Oakland University (Michigan) 19* Oberlin College (14) 6* Occidental College (6) 36 Ohio State University- Columbus 4* Ohio University-Athens (3) 3* Oklahoma Christian University (1)

Merit Scholars

Merit Scholars

Merit Scholars

*An asterisk indicates that Merit Scholars whose scholarships are sponsored by the institution are included; the number sponsored by the college is shown in parentheses.

Colleges and universities enrolling the 2019 entering class of Merit Scholar® awardees


Merit Scholars

Merit Scholars

Merit Scholars

23* Oklahoma State University (19) 8* Franklin W. Olin College of Engineering (8) 5* Oregon State University (5) 2* Ouachita Baptist University (1) Pennsylvania State University- 18* University Park (4) 1* Beaver(1) 4* Pepperdine University (3) 1 Pitzer College 17* Pomona College (6) 114 Princeton University 116* Purdue University (101) 1 Purdue University Fort Wayne 3 Reed College 18* Rensselaer Polytechnic Institute (14) 14* Rhodes College (12) 65 Rice University 13* Rochester Institute of Technology (13) 13* Rose-Hulman Institute of Technology (11)

55* Rutgers, The State University of New Jersey (43) 1 Saint Charles Borromeo Seminary, Overbrook 1 St. John’s College (Maryland) 1 Saint John’s University (Minnesota) 1 St. Louis College of Pharmacy 4* Saint Louis University (3) 11* St. Olaf College (7) 2* Samford University (2) 7* Santa Clara University (4) 1 Savannah College of Art and Design 6* Scripps College (5) 2 Smith College 2* South Dakota School of Mines and Technology (2) 3* South Dakota State University (3) 1 Southern Adventist University 1 Southern Illinois University Carbondale 24* Southern Methodist University (20) 124 Stanford University

State University of New York at 2 Binghamton 9* Stony Brook (3) 2 Stevens Institute of Technology 5 Swarthmore College 1 Syracuse University 1 Temple University- Philadelphia 2* Tennessee Technological University (2) 188* Texas a&m University (144) 14* Texas Christian University (10) 16* Texas Tech University (9) 1 Thomas Aquinas College 10* Trinity University (Texas) (8) 3* Truman State University (2) 38* Tufts University (33) 35* Tulane University (28) University of Alabama, 258* Tuscaloosa (210) 17* Birmingham (14) 1 Huntsville 73* University of Arizona (60)



University of Arkansas, 39* Fayetteville (28) University of California, 132 Berkeley 4 Davis 2 Irvine 79 Los Angeles 18 San Diego 7 Santa Barbara 91* University of Central Florida (79) 233* University of Chicago (174) 30* University of Cincinnati (25) University of Colorado 8 Boulder 1 Colorado Springs 4 University of Connecticut 11* University of Dallas (10) 4* University of Dayton (3) 3 University of Delaware 1 University of Denver 3* University of Evansville (3) 270* University of Florida (231) 62* University of Georgia (52) 11* University of Houston- Main Campus (10) 9* University of Idaho (8) University of Illinois at 39 Urbana-Champaign 7 Chicago 30* University of Iowa (25) 21* University of Kansas (15) 70* University of Kentucky (57) 2 University of Louisiana at Lafayette 21* University of Louisville (20) 4* University of Maine (3) University of Maryland, 87* College Park (60) 1* Baltimore County (1) 2 University of Massachusetts Amherst 2 University of Memphis 28* University of Miami (24) 68 University of Michigan University of Minnesota- 107* Twin Cities (95) 1* Duluth (1) 42* University of Mississippi (36) University of Missouri- 41* Columbia (32) 1 Kansas City

Merit Scholars

Scholars enrolled

3,9873,6557,642

Colleges attended

171135306

private institutions

public institutions

4* University of Montana- Missoula (3) 45* University of Nebraska- Lincoln (40) University of Nevada, 7* Reno (5) 4* Las Vegas (3) 1 University of New Hampshire 8* University of New Mexico (5) 1 University of North Alabama University of North Carolina, 25 Chapel Hill 1 Charlotte 3* University of North Dakota (3) 32* University of North Texas (27) 53 University of Notre Dame 87* University of Oklahoma (70) 6* University of Oregon (5) 126 University of Pennsylvania 20* University of Pittsburgh (3) 1 University of Portland 3* University of Puget Sound (2) 7* University of Richmond (6) 38* University of Rochester (31) 5* University of St. Thomas (Minnesota) (3) 1 University of South Alabama 53* University of South Carolina- Columbia (47) 35* University of South Florida (32) 265* University of Southern California (206) 4* University of Southern Mississippi (3) 31* University of Tennessee, Knoxville (27) University of Texas at 86 Austin 200* Dallas (173) 23* University of Tulsa (19) 37* University of Utah (32) 2 University of Vermont 33 University of Virginia 25 University of Washington 1 University of West Florida University of Wisconsin- 22* Madison (5) 1 Eau Claire 5* University of Wyoming (3) 3 Utah State University 1 Utah Valley University 1* Valparaiso University (1)

Merit Scholars

222* Vanderbilt University (168) 4 Vassar College 14* Villanova University (8) 8* Virginia Commonwealth University (8) 5 Virginia Polytechnic Institute and State University 3 Wake Forest University 1 Walla Walla University 1 Washington & Jefferson College 8* Washington and Lee University (6) 5* Washington State University (5) 35 Washington University in St. Louis 1 Washtenaw Community College 6* Wayne State University (Michigan) (5) 2 Weber State University 6 Wellesley College 3 Wesleyan University (Connecticut) 18* West Virginia University (12) 4* Western Washington University (3) 22* Wheaton College (Illinois) (17) 2* Whitman College (2) 7* Wichita State University (5) 3* Willamette University (2) 23 Williams College 3* Wofford College (2) 3 Worcester Polytechnic Institute 140 Yale University 2 Yeshiva University

Merit Scholars

Colleges and universities enrolling the 2019 entering class of Merit Scholar® awardees (continued)


To the Board of Directors National Merit Scholarship CorporationEvanston, Illinois

Report on the Financial StatementsWe have audited the accompanying fi nancial statements of National Merit Scholarship Corporation, which comprise the statements of fi nancial position as of May 31, 2019 and 2018, and related statements of activities and cash fl ows for the years then ended, and the related notes to the fi nancial statements.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these fi nancial statements in accordance with accountingprinciples generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these fi nancial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of signifi cant accounting estimates made by management, as well as evaluating the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the fi nancial statements referred to above present fairly, in all material respects, the fi nancial position of National Merit Scholarship Corporation as of May 31, 2019 and 2018, and the changes in its net assets and its cash fl ows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of MatterNational Merit Scholarship Corporation adopted Accounting Standards Update 2016–14, Not-for-Profi t Entities (Topic 958): Presenta-tion of Financial Statements of Not-for-Profi t Entities, during the year ended May 31, 2019. The adoption of the standard resulted in additional footnote disclosures and changes to classifi cation of and disclosures related to net assets. Our opinion is not modifi ed with respect to this matter.

RSM US LLP

Chicago, Illinois August 12, 2019

FINANCIAL REPORTJune 1, 2018–May 31, 2019

41

See Notes to Financial Statements.

Assets 2019 2018Cash and cash equivalents $ 7,541,828 $ 8,579,547

Accrued interest and dividend income receivable 29,197 27,238

Other receivables 28,523 601,736

Prepaid expenses 62,960 53,605

Investments 137,316,706 142,829,348

Software, equipment, furniture, and leasehold improvements, net 5,563,281 8,247,595$ 150,542,495 $ 160,339,069

Liabilities and Net AssetsLiabilities Payable to brokers and banks $ ,1,424,688 $ 8,040

Accounts payable and accrued expenses 821,926 1,037,564

Sponsor grants received in advance 2,313,230 2,334,566

3,159,844 3,380,170

Net assets Without donor restrictions 142,430,221 152,060,430

With donor restrictions 4,952,430 4,898,469

147,382,651 156,958,899$ 150,542,495 $ 160,339,069

STATEMENTS OF FINANCIAL POSITION May 31, 2019 and 2018

42


Changes in net assets without donor restrictions 2019 2018 Revenue: Sponsor grants and donor contributions $ 34,286,918 $ 35,255,701

Test fee revenue 3,581,542 3,824,691

Operational contributions 1,500,000 1,500,000

Other 4,290 6,500

Net assets released from restriction 17,654 -

39,390,404 40,586,892

Expenses: Sponsor scholarship expense 33,495,240 34,557,893

NMSC scholarship expense 6,173,835 6,184,749

Operating expenses 11,053,562 12,380,628

50,722,637 53,123,270

Change in net assets without donor restrictions before investment return, net (11,332,233) (12,536,378)

Investment return, net 1,702,024 13,041,104

Change in net assets without donor restrictions (9,630,209) 504,726

Changes in net assets with donor restrictions Investment return, net 71,615 367,031

Net assets released from restriction (17,654) -

Change in net assets with donor restrictions 53,961 367,031

Change in net assets (9,576,248) 871,757

Net assets Beginning of year 156,958,899 156,087,142

End of year $147,382,651 $156,958,899

STATEMENTS OF ACTIVITIES years ended May 31, 2019 and 2018

43

NOTES TO FINANCIAL STATEMENTS

Note 1. Nature of Activities National Merit Scholarship Corporation (NMSC) is an Illinois not-for-profi t corporation whose mission is to recognize and honor the academi-cally talented students of the United States. NMSC accomplishes its mission by conducting the National Merit Scholarship Program, an annual academic competition for recognition and college undergraduate scholarships, which is open to all U.S. high school students who meet pub-lished participation requirements. Each year, NMSC executes agreements with some 410 corporations, company foundations, other business organizations, and colleges and universities to provide grants in support of scholarships awarded by NMSC to students for college undergradu-ate study. Additionally, NMSC uses its own funds to offer approximately 2,500 National Merit $2500 Scholarships annually, which are selected by NMSC’s Selection Committee made up of college admissions offi cers and high school offi cials.

From 1965 through 2015, NMSC also conducted the National Achievement Scholarship Program, in which Black American students partici-pated. The last awards were offered in 2015, and NMSC forged a relationship with the United Negro College Fund (UNCF) to carry on the name and legacy of the National Achievement Scholarship Program. In 2015, NMSC contributed $5 million to UNCF to endow the Achievement Capstone Program underwritten by the National Achievement Scholarship Program to honor and award fi nancial assistance to high achieving, underrepresented college graduates.

Note 2. Summary of Signifi cant Accounting PoliciesBasis of presentation — The fi nancial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP), which require NMSC to report its fi nancial position and activities according to the following net asset classifi cations based on the existence or absence of donor-imposed restrictions:

Net assets without donor restrictions are not subject to donor-imposed restrictions, and include funds designated by the Board of Directors for specifi c purposes.

STATEMENTS OF CASH FLOWS years ended May 31, 2019 and 2018

44

Cash Flows from Operating Activities 2019 2018 Change in net assets $ (9,576,248) $ 871,757)

Adjustments to reconcile change in net assets to net cash used in operating activities: Unrealized loss (gain) on investments 7,597,259 (1,866,390)

Realized gain on investments (7,635,111) (10,120,911)

Depreciation and amortization 2,768,135 3,020,782

Changes in: Accrued interest and dividend income receivable (1,959) 9,363

Other receivables 573,213 1,610,457

Prepaid expenses (9,355) 9,550

Payable to brokers and banks 16,648 (23,762)

Accounts payable and accrued expenses (215,638) (197,741)

Sponsor grants received in advance (21,336) 908,391

Net cash used in operating activities (6,504,392) (5,778,504)

Cash Flows from Investing Activities Purchase of investments (10,744,099) (31,839,606)

Proceeds from sale of investments 16,294,593 39,981,663

Purchase of software, equipment, furniture, and leasehold improvements (83,821) (1,677,284)

Net cash provided by investing activities 5,466,673 6,464,773

(Decrease) increase in cash and cash equivalents (1,037,719) 686,269

Cash and cash equivalents: Beginning of year 8,579,547 7,893,278

End of year $ 7,541,828 $ 8,579,547


Net assets with donor restrictions are subject to donor-imposed restrictions, which will be met either by NMSC’s actions or the passage of time. Net assets with donor restrictions are reclassifi ed to net assets without donor restrictions when the restrictions have been met or have expired. NMSC’s net assets with donor restrictions include donor-restricted endowments requiring the principal to be maintained in perpetuity, and the income to be used only for NMSC’s scholarship programs.

Cash and cash equivalents — Cash consists primarily of checking accounts held in a major national bank. The cash balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per bank. From time to time, NMSC has cash balances on deposit that exceed the balance insured by the FDIC. NMSC has not experienced any losses in such accounts and management believes that NMSC is not exposed to any signifi cant credit risk on cash. Cash equivalents represent money market mutual funds held for the purpose of meeting short-term liquidity requirements, rather than for investment purposes.

Investments — Investments are refl ected at fair value based on quoted market prices for those or similar investments. Investment return, net in the statements of activities includes realized and unrealized gains and losses on investments, interest, dividends, and other investment income net of related portfolio management fees.

NMSC’s investments are exposed to various risks such as interest rate, market, and credit risk. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in values of investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of fi nancial position.

Software, equipment, furniture, and leasehold improvements, net — Software, equipment, furniture, and leasehold improvements are stated at cost. For software developed or obtained for internal use, NMSC capitalizes costs incurred during the application development stage. Software costs that do not meet capitalization criteria are expensed as incurred. Expenditures for major additions and improvements are capitalized and minor replacements and maintenance expenditures are charged to expense. Leasehold improvements are amortized over the shorter of useful life or remaining lease term. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Equipment is depreciated over fi ve years and furniture is depreciated over 10 years. Software is amortized over fi ve years beginning when the software is ready for its intended use.

Sponsor grants and donor contributions — NMSC receives grants for scholarships from various sponsors. These grants are conditional, requiring NMSC to fund related scholarships; therefore, the grants are recognized as revenue when the applicable scholarship payments are disbursed. Amounts received in advance of the disbursement of the applicable scholarship payment are recorded as a liability under sponsor grants received in advance.

Donor contributions are recognized in the period received in either net assets with donor restrictions or net assets without donor restrictions, depending on the existence of any donor-imposed restrictions. Donor-restricted contributions whose restrictions are met in the same reporting period in which the contribution is recognized are recorded as increases in net assets without donor restrictions. When a time restriction expires or a purpose restriction is met, net assets with donor restrictions are reclassifi ed to net assets without donor restrictions and reported in the statements of activities as net assets released from restriction.

Test fee revenue and operational contributions — Pursuant to an agreement with College Board, NMSC is entitled to receive a per-centage of the annual testing fees College Board collects from the Preliminary SAT/National Merit Scholarship Qualifying Test (PSAT/NMSQT). These fees are refl ected on the statements of activities as test fee revenue. In both fi scal years 2019 and 2018, NMSC recorded operational contributions revenue of $1,500,000 from College Board to support certain ongoing operational services.

Use of estimates — The preparation of fi nancial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting the amounts reported in the fi nancial statements and accompanying notes. Actual results could differ from those estimates.

Income taxes — NMSC is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code (the Code) and applicable state law, though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. NMSC has determined that there are no material uncertain tax positions that require recognition or disclosure in the fi nancial statements.

Grants and contributions to NMSC are deductible by the donor under Section 170 of the Code.

Reclassifi cations — Certain 2018 balances have been reclassifi ed to conform to the current year presentation without any effect on previ-ously reported net assets or changes in net assets. Certain highly-liquid short-term investments, which were previously reported in investments, were reclassifi ed to cash and cash equivalents.

45

NOTES TO FINANCIAL STATEMENTS (continued)

Recent accounting pronouncements — In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU provides a robust framework for addressing revenue recognition issues and, upon its effective date, will replace almost all existing revenue recognition guidance. The new standard is effective for NMSC in the fi scal year ending May 31, 2020.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the statement of fi nancial position for all leases with terms longer than twelve months. Leases will be classifi ed as either fi nance or operating, with classifi cation affecting the pattern of expense recognition in the statement of activities. The new standard is effective for NMSC in the fi scal year ending May 31, 2021.

NMSC is currently evaluating the impact of the adoption of these standards on its fi nancial statements.

Subsequent events — NMSC has evaluated subsequent events for potential recognition and/or disclosure through August 12, 2019, the date the fi nancial statements were available to be issued.

Note 3. Availability and LiquidityTo meet cash needs for NMSC’s anticipated scholarship obligations and operating costs within one year of the statement of fi nancial position date, NMSC has available cash and cash equivalents of $7,541,828, receivables of $57,720, and investments of $127,972,370. The available investments exclude investments measured at net asset value and endowments. None of the fi nancial assets are subject to donor or other contractual restrictions that make them unavailable for general expenditure within one year of the statement of fi nancial position date. The receivables are subject to implied time restrictions but are expected to be collected within one year. NMSC invests cash in excess of daily requirements in money market funds.

The primary objective of NMSC’s investments is to provide suffi cient funds to cover operating expenses and a designated number of NMSC scholarships each fi scal year. The amount to be spent from the investments is approved annually by NMSC’s Board of Directors, after account-ing for any anticipated revenue and expected returns on investments, with the goal of preserving the corpus of the investments in infl ation adjusted dollars. For the fi scal year ending May 31, 2020, the Board of Directors has approved investment withdrawals of $8,160,000, to be taken in twelve equal monthly installments from the $127,972,370 of available investments. These withdrawals, as well as NMSC’s anticipated revenue and available assets, will be used to meet NMSC’s cash needs of about $6,200,000 for anticipated scholarship obligations and ap-proximately $9,600,000 for operating costs. In the event of an unanticipated liquidity need, NMSC management would need the approval of the Board of Directors in order to take additional withdrawals from its investments.

Note 4. Fair Value DisclosuresInvestments are presented in the fi nancial statements at fair value in accordance with U.S. GAAP. Guidance provided by the FASB defi nes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defi ned under this guidance as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy under this guidance are described below:

Level 1: Unadjusted quoted prices in active markets for identical assets that NMSC has the ability to access at the measurement date. NMSC’s Level 1 funds are reported at fair value based on quoted market prices for those or similar investments.

Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly. Level 2 investments also include alternative investments that do not have any signifi cant redemption restrictions or other characteristics that would cause liquidation and report date net asset value to be signifi cantly different. NMSC’s Level 2 funds are reported at net asset values, which are provided by the trustee and are based on the fair value of the underlying securities and generally represent the amount NMSC would expect to receive if it were to liquidate the investments, which can occur daily.

Level 3: Inputs are unobservable for the asset and include situations where there is little, if any, market activity for the asset. The inputs into the determination of fair value are based upon the best information in the circumstances and may require signifi cant management judgment or estimation.

For the years ended May 31, 2019 and 2018, the application of valuation techniques applied to similar assets and liabilities has been consistent.

46

2018

UnrestrictedTemporarily Restricted

Permanently Restricted Total

Donor-restricted funds $ - $ 1,837,453 $ 3,061,016 $ 4,898,469 Board-designated funds 184,803 - - 184,803

$ 184,803 $ 1,837,453 $ 3,061,016 $ 5,083,272

2017

UnrestrictedTemporarily Restricted

Permanently Restricted Total

Donor-restricted funds $ - $ 1,470,422 $ 3,061,016 $ 4,531,438

Board-designated funds 370,287 - - 370,287

$ 370,287 $ 1,470,422 $ 3,061,016 $ 4,901,725

47

The fair values of investments as defi ned by the fair value hierarchy at May 31, 2019 and 2018 consisted of the following:

Level 1 Level 2 2019 Total Money market funds $ 256,036 $ - $ 256,036 Common and preferred stocks Large-cap 9,305,507 - 9,305,507 Mid-cap 766,687 - 766,687 Investment funds U.S. Stock Funds 5,701,384 12,319,470 18,020,854 Global Stock Funds 57,763,242 3,131,793 60,895,035 Fixed Income Funds 21,573,395 22,111,392 43,684,787

$ 95,366,251 $ 37,562,655 $ 132,928,906 Investments measured at NAV (1) 4,387,800 $ 137,316,706

Level 1 Level 2 2018 Total Money market funds $ 213,572 $ - $ 213,572 Common and preferred stocks Large-cap 9,528,582 - 9,528,582 Mid-cap 621,743 - 621,743 Investment funds U.S. Stock Funds 6,817,735 12,847,733 19,665,468 Global Stock Funds 64,428,259 3,167,255 67,595,514 Fixed Income Funds 20,252,818 23,219,236 43,472,054

$ 101,862,709 $ 39,234,224 $ 141,096,933 Investments measured at NAV (1) 1,732,415

$ 142,829,348

(1) Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of fi nancial position.

Investments which are reported at fair value using the NAV practical expedient are estimated using NMSC’s ownership interest in partners’ capital. These investments measured at the NAV practical expedient can never be redeemed, rather distributions will be received as the under-lying investments are liquidated over the next 6 to 8 years.

The following table sets forth information related to investments measured at fair value using the NAV practical expedient at May 31, 2019:

2019 Fair Value

Unfunded Commitment

Redemption Frequency

Redemption Notice Period

Multi-asset private fund $ 4,387,800 $ 2,430,992 Not allowed N/A

The multi-asset private fund includes U.S. and non-U.S. based performing, sub-performing, re-performing, or non-performing loans, and other private credit assets; structured products, securitizations, and other asset-based securities; residential and commercial real estate; and invest-ments in public and private equity securities, equity-linked securities, and/or debt instruments.

Note 5. EndowmentsNMSC’s endowments are comprised of three individual donor-restricted endowment funds established to support scholarship programs and funds designated by the Board of Directors to function as an endowment fund. As required by U.S. GAAP, net assets associated with endow-ment funds are classifi ed and reported based on the existence or absence of donor-imposed restrictions. NMSC’s endowment funds are pooled and held in a mix of broad-based stock and fi xed income funds. The income from these endowment funds is used to pay for scholarships sponsored by donors.


48

Interpretation of Relevant Law — NMSC is subject to the Illinois Uniform Prudent Management of Institutional Funds Act (UPMIFA) and, therefore, classifi es amounts in its donor-restricted endowment funds as net assets with donor restrictions because those net assets are both purpose and time restricted until NMSC management appropriates such amounts for expenditure. Amounts appropriated for expenditure by management in a manner consistent with the standard of prudence prescribed by UPMIFA are reported as net assets released from restriction and reclassifi ed to net assets without donor restrictions. Board-designated endowment funds represent the unspent endowment earnings accumulated prior to NMSC’s adoption of UPMIFA. NMSC’s endowment earnings are designated for scholarships.

NMSC’s management has interpreted UPMIFA as not requiring the maintenance of purchasing power of the original gift amounts contributed to an endowment fund, unless a donor stipulates the contrary. As a result of this interpretation, when reviewing its donor-restricted endow-ment funds, NMSC considers a fund to be underwater if the fair value of the fund is less than the sum of (a) the original value of initial and subsequent gift amounts donated to the fund and (b) any accumulations to the fund that are required to be maintained in perpetuity in accordance with the direction of the applicable donor gift instrument. NMSC has interpreted UPMIFA to permit spending from underwater funds in accordance with the standards of prudence prescribed by UPMIFA.

In accordance with UPMIFA, NMSC considers the following factors in making a determination to appropriate or accumulate earnings on donor-restricted endowment funds:

(1) The duration and preservation of the fund; (2) The purpose of the donor-restricted endowment fund; (3) General economic conditions; (4) The possible effect of infl ation and defl ation; (5) The expected total return from income and the appreciation of investments; and (6) The investment policy of NMSC’s pooled endowment.

NMSC’s endowment net asset composition at May 31, 2019 and 2018 is as follows:

2019

Without Donor Restrictions

With Donor Restrictions Total

Donor-restricted funds Original donor-restricted gift amounts $ - $ 3,061,016 $ 3,061,016

Accumulated investment return, net - 1,891,414 1,891,414$ - $ 4,952,430 $ 4,952,430

2018



Donor-restricted funds Original donor-restricted gift amounts $ - $ 3,061,016 $ 3,061,016

Accumulated investment return, net - 1,837,453 1,837,453

Board-designated funds 184,803 - 184,803$ 184,803 $ 4,898,469 $ 5,083,272

49

Return Objectives and Risk Parameters — NMSC has adopted endowment investment and spending policies that attempt to provide a predictable stream of funding to provide scholarships as indicated by the donor while ensuring that the original value of the endowment con-tributions is preserved. While acknowledging that unfavorable capital market conditions may cause the market value of the endowment funds to fall below the value of the corpus during short-term periods, NMSC intends to at least preserve the value of the corpus over the long-term horizon while experiencing 4 percent real annual growth. Actual returns in any given year may vary from this amount.

Strategies Employed for Achieving Objectives — To satisfy NMSC’s long-term rate-of-return objectives, the overall target asset alloca-tion for NMSC’s endowments is determined based upon a study of the actual rates of return achieved by various asset classes, both separately and in various combinations, over periods in the past. Based on the analysis, NMSC has evaluated the probabilities of achieving acceptable rates of return and defi ned the target asset allocation deemed most appropriate for the needs of NMSC’s endowments.

Currently the overall target asset allocation for NMSC’s pooled endowment is as follows:

Changes in endowment net assets for the years ended May 31, 2019 and 2018 were as follows:

2019



Balance, beginning of year $ 184,803 $ 4,898,469 $ 5,083,272

Investment return, net - 71,615 71,615

Transfer from board-designated endowment (184,803) - (184,803)

Endowment net assets appropriated for expenditure - (17,654) (17,654)

Balance, end of year $ - $ 4,952,430 $ 4,952,430

2018



Balance, beginning of year $ 370,287 $ 4,531,438 $ 4,901,725

Investment return, net - 367,031 367,031

Transfer from board-designated endowment (185,484) - (185,484)

Balance, end of year $ 184,803 $ 4,898,469 $ 5,083,272

Spending Policy — NMSC has a policy of appropriating expenditures from the endowment funds each year, limited to a percentage of the endowment market value. The percentage is set by taking into account the long-term expected return on NMSC’s pooled endowment while maintaining purchasing power over time. NMSC has a policy that permits spending from underwater endowment funds depending on the degree to which the fund is underwater, unless otherwise precluded by donor intent or relevant laws and regulations. During 2018, no appro-priation was made as board-designated funds were spent instead; in 2019, the remaining board-designated funds of $184,803 were spent, and management approved an appropriation of $17,654 (for a total of 4 percent of the funds).

Equity 65% 62–68%

Fixed income 35% 30–40%

NormalAllocationAsset Class

Allowable Range

50

Note 6. Property and EquipmentProperty and equipment for the years ended May 31, 2019 and 2018 consisted of the following:

2019 2018 Software $ 22,820,819 $ 22,820,819 Equipment 238,304 154,483 Furniture 102,078 102,078 Leasehold improvements 471,768 471,768

23,632,969 23,549,148 Accumulated depreciation and amortization (18,069,688) (15,301,553)

$ 5,563,281 $ 8,247,595

The provisions for depreciation and amortization amounted to $2,768,135 and $3,020,782 for the years ended May 31, 2019 and 2018, respectively.

Note 7. Functional and Natural Classifi cation of ExpensesThe fi nancial statements report certain categories of expenses that are attributable to more than one supporting function. Therefore, these expenses require allocation on a reasonable basis consistently applied. Expenses incurred for the years ended May 31, 2019 and 2018 were allocated on the basis of time and effort as follows:

2019Program Management

and General Fundraising TotalServices Scholarship expense $ 39,669,075 $ - $ - $ 39,669,075 Compensation and benefi ts 1,927,597 1,063,673 469,270 3,460,540 Information technology services 2,650,385 353,385 530,077 3,533,847 Professional services 150,887 152,711 37,402 341,000 General offi ce 285,385 39,887 36,668 361,940 Rent and maintenance 313,489 96,458 72,344 482,291 Travel and meetings 90,571 3,124 12,114 105,809 Depreciation and amortization 1,799,288 553,627 415,220 2,768,135

$ 46,886,677 $ 2,262,865 $ 1,573,095 $ 50,722,637

2018Program Management

and General Fundraising TotalServices Scholarship expense $ 40,742,642 $ - $ - $ 40,742,642

Compensation and benefi ts 1,969,856 1,061,160 479,841 3,510,857

Information technology services 3,272,896 436,386 654,579 4,363,861

Professional services 175,849 178,449 48,897 403,195

General offi ce 358,255 53,457 68,976 480,688

Rent and maintenance 316,675 97,438 73,079 487,192

Travel and meetings 94,422 4,922 14,709 114,053

Depreciation and amortization 1,963,508 604,157 453,117 3,020,782$ 48,894,103 $ 2,435,969 $ 1,793,198 $ 53,123,270

Note 8. Commitments for Future Scholarship PaymentsThe obligation for future payments to scholarship recipients presently in college and those appointed and entering college in the fall of 2019 is estimated to be $90,900,000. The majority of the total obligation is to be funded by grantors for scholarships they are sponsoring; future payments are covered by agreements between NMSC and such grantors. The portion of the total obligation for scholarships to be paid by NMSC with its own funds is approximately $6,300,000.

Note 9. Lease CommitmentsNMSC has a lease for offi ce space under an agreement that was amended effective October 2016 to extend the lease term through September 30, 2028. This amended agreement includes a tenant improvement allowance totaling $181,960 for improvements to the


premises, all of which was utilized by May 31, 2018. Rent expense for the years ended May 31, 2019 and 2018 was $474,777 and $462,546, respectively. Minimum rental commitments for each of the fi ve succeeding fi scal years are as follows: $469,501 for 2020; $478,599 for 2021; $487,697 for 2022; $450,171 for 2023; and $434,986 for 2024. Commitments for years after 2024 are $1,972,386, resulting in total rental commitments of $4,293,340 for the remaining life of the lease. Future rentals may be adjusted for increases in certain taxes and operating expenses incurred by the lessor.

Note 10. Employee Benefi t PlanNMSC maintains the NMSC 403(b) Retirement Plan, a defi ned contribution plan, for its eligible employees who have completed at least one year of service. The total contributed by NMSC was $360,345 and $370,261 for the years ended May 31, 2019 and 2018, respectively. At the employee’s election, each contribution is made as a premium on an annuity contract or a contribution to a mutual fund custodial account.

51


“NMSC inspires students across the nation to do their best in and outside of school. The hard work that these students put in is the foundation of our country’s future. Motivated by NMSC to achieve excellence in high school, these kids will go on to do even greater things for our world in the future. The support of organizations and foundations like yours is fundamental in facilitating the great service to our country done by NMSC.”

Ryan M. Wixen 2019 National Merit $2500 Scholarship

JAMES P. FADELY Director of College CounselingBrebeuf Jesuit Preparatory SchoolIndianapolis, Indiana

ERIN B. KOHLPrincipalOshkosh West High School Oshkosh, Wisconsin

BRANDON P. KOSATKADirector of Student ServicesThomas Jefferson High School for Science and TechnologyAlexandria, Virginia

THOMAS W. LOVETTHeadmasterSt. Johnsbury Academy St. Johnsbury, Vermont

ANNA N. MAHON PrincipalAmity Regional High SchoolWoodbridge, Connecticut

EMILY McCARRENAcademy PrincipalPunahou SchoolHonolulu, Hawaii

MOIRA E. McKINNONDirector of College CounselingBerwick AcademySouth Berwick, Maine

THOMAS E. PITTMANPrincipalFleming Island High SchoolFleming Island, Florida

MARK E. REEDHead of SchoolCharlotte Country Day SchoolCharlotte, North Carolina

KARLA H. RUSSOPrincipalHaynes Academy for Advanced StudiesMetairie, Louisiana

CARRIE C. STEAKLEYUpper School HeadSt. Mary’s Episcopal SchoolMemphis, Tennessee

KENNETH L. ANSELMENT, IIIDean of AdmissionsLawrence University

KATE W. BRITTAINDirector, Recruitment & OutreachRutgers – The State University of New Jersey

EMILY R. FERGUSON-STEGERDirector of Undergraduate AdmissionsUniversity of Montana – Missoula

TIMOTHY L. FIELDSAssociate Dean of AdmissionEmory University

JUDY FRIARFormer Counselor – Highly Gifted ProgramWest Anchorage High School Anchorage, Alaska

PATRICIA F. GOLDSMITHFormer Dean of College CounselingThe Nueva SchoolSan Mateo, California

KATHLEEN B. GRANTFormer Director of College CounselingCatlin Gabel SchoolPortland, Oregon

LOLETHIA LOMAX-FRAZIERProfessional School CounselorEleanor Roosevelt High SchoolGreenbelt, Maryland

JEREMY J. LOWEAssociate Director of AdmissionsAmerican University

CHUCK MAYDirector of AdmissionsUniversity of Missouri

JEFFREY S. STAHLMANCollege CounselorSt. Charles Preparatory SchoolColumbus, Ohio

JUDY STATHAMFormer Counseling Department ChairMadison Central High SchoolMadison, Mississippi

SHANNON E. VOLLMERDirector of College CounselingMillbrook SchoolMillbrook, New York

PETER B. WILSONDeputy Dean and Director of Admissions & Chief of StaffThe University of Chicago

SELECTION COMMITTEE: 2019

© 2019 National Merit Scholarship Corporation. All rights reserved. Printed in U.S.A.

ADVISORY COUNCIL: 2018–19

National Merit Scholarship Corporation1560 Sherman Avenue, Suite 200

Evanston, IL 60201-4897(847) 866-5100

www.nationalmerit.org

NMSC 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

• To stimulate increased support from individuals and organizations that wish to sponsor scholarships for outstanding scholastic talent

NMSC Lamp of Learning Logo

NMSC’s “Lamp of Learning” logo is modeled after an oil-burning lamp----a classic symbol of knowledge and wisdom. Education fuels the flame that burns from the lamp, which is shown resting on a base that represents the Book of Knowledge. The logo is symbolic of the enduring goals of NMSC’s scholarship programs.

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national merit scholarship corporation

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