Annual Report 2012 (National Merit)

National Merit Scholarship Corporation
201112 Annual Report

AL L E G I A N C E
and
S U P P O R T
BOARD OF DIRECTORS
RICHARD L. KEYSER, Chairman*
Chairman Emeritus
W.W. Grainger, Inc.
DIANA M. SCHMELZER, Vice Chairman*
Former Principal
University High School
Irvine, California
DEBORAH V. TRASKELL, Vice Chairman*
Former Executive Vice President
State Farm Insurance Company
LORI BETTISON-VARGA
President
Scripps College
SCOTT S. COWEN
President
Tulane University
JAMES R. DONNELLEY*
Former Vice Chairman
R. R. Donnelley & Sons Company
GREGORY L. GEOFFROY
Former President
Iowa State University
LINDA R. GORSLINE
Director of the Upper School
Norfolk Academy
Norfolk, Virginia
MARK A. HAUGHT
Principal
Altus High School
Altus, Oklahoma
EDWIN S. HEDGEPETH
Former Director of Secondary Instruction
Knox County Schools
Knoxville, Tennessee
MICHAEL J. HEILMAN
Assistant Superintendent for Secondary Education
Bismarck Public Schools
Bismarck, North Dakota
JOHN C. HITT
President
University of Central Florida
TIMOTHY E. McGUIRE*
President
BRIAN C. MITCHELL
Former President
Bucknell University
CE QUANDT
Former Principal
North Central High School
Indianapolis, Indiana
THOMAS J. QUINLAN III*
President and Chief Executive Offcer
R. R. Donnelley & Sons Company
SUE SLOAN
Executive Director
PPG Industries Foundation
THOMAS R. VOSS
Chairman of the Board,
President and Chief Executive Offcer
Ameren Corporation
DIRLENE WHEELER
Principal
Sheridan High School
Sheridan, Wyoming
ROBERT E. WITT
Chancellor
The University of Alabama System
JAMES H. WOOTEN, JR.
Former Senior Vice President,
General Counsel and Secretary
Illinois Tool Works Inc.
OFFIC ERS
TIMOTHY E. McGUIRE
President
JEFFREY Z. LITTLE
Vice President and Executive Director of Administration
KAREN E. BRUCE
Controller and Treasurer
RICHARD L. SEVCIK
Secretary
*Executive Committee
Presidents message 2
Highlights of the 2012 competitions 4
About the Scholar class of 2012 5
At a glance
National Merit
Scholarship Program 6
National Achievement
Scholarship Program 8
Scholarships 10
Allegiance and Support 12
SponsorsNational Merit Scholarship Program 31
SponsorsNational Achievement Scholarship Program 37
Colleges and universities enrolling 2012 Merit Scholar
awardees 38
Colleges and universities enrolling 2012 Achievement Scholar
awardees 41
Financial Report: June 1, 2011May 31, 2012 43
National Merit Scholarship Corporation (NMSC) is a private, not-for-profit organi-
zation 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 re-
sources are committed to the conduct of its two annual competitions, the National
Merit Scholarship Program and the National Achievement Scholarship Program.
The corporate logo and the names National Merit, National Achievement, Merit
Scholarship, Achievement Scholarship, Merit Scholar, and Achievement Scholar are feder-
ally registered service marks of NMSC. The corporation enforces its rights in these
marks. PSAT/NMSQT is a registered trademark of NMSC and the College Board. SAT is
a trademark of the 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, 2012
CONTENTS
201112 Annual Report 2
Timothy E. McGuire
President
A
PRESIDENTS MESSAGE
It has been our pleasure to partner with National Merit Scholarship Corporation to be able to of-
fer this prestigious scholarship program to our employees. We have participated in the program
for many years and are happy to have been able to increase the number of awards so that more
employees are able to beneft from the program. NMSC has defnitely played a part in this by
supporting our efforts to increase awareness of the program. Our employees are so appreciative
of the scholarship. It means a great deal to them to work for a company that supports their chil-
dren's education and we appreciate NMSC for giving us the opportunity to do this.
Kiesha Boykins, Program Specialist, Siemens Foundation
From its founding in 1955, National Merit Scholarship Corporation (NMSC) has always known that its mission can
only be realized through a strong partnership with Corporate America. In fact, one of the enduring goals of NMSC,
published in the frst Annual Report in 1956, is to provide effcient and effective scholarship program management
for organizations that wish to sponsor college undergraduate scholarships. NMSCs scholarship programs strive to
connect the brightest young minds of our nation with the corporations that are eager to support these talented and
motivated future innovators and leaders.
In 1963, NMSC initiated college sponsorship with nine regionally accredited institutions. Similarly to how NMSC
was able to connect corporations and company foundations with academically outstanding students, we saw an
opportunity to introduce colleges to students who have demonstrated ability and determination in their quest for
intellectual excellence (John M. Stalnaker, founding President, from NMSCs 1963 Annual Report). A partnership
with institutions of higher education to sponsor additional awards was an obvious next step. Since 1956, the frst
year scholarships were offered through NMSC, over 300,000 awards have been funded by our generous corporate
and college sponsors.
In addition to the organizations that sponsor awards through NMSC, we recognize and thank those individuals
who have dedicated many years of support and guidance to the Corporation. NMSCs sixth Chairman of the Board,
James R. Donnelley, stepped down from his leadership role in November of 2011. His sixteen-year tenure as
Chairman is the longest in NMSCs history, and his total service on the Board has lasted more than 20 years. We are
truly thankful for the dedication, commitment, and genuine enthusiasm Mr. Donnelley has shown for NMSC and
its mission of recognizing and honoring the nations academically talented students. We are very fortunate to gain
another long-term NMSC supporter as our seventh Chairman in Richard L. Keyser, a Board member since 1999 and
a member of the Executive Committee since 2004.
Both Mr. Donnelley and Mr. Keyser came to NMSC representing two long-standing scholarship program sponsors,
R. R. Donnelley & Sons Company and W.W. Grainger, Inc. Without the investment in the scholarship competitions
from corporate and college sponsors, NMSC would not be able to carry out its mission that ultimately serves the
long-term good of our country. Throughout this report are comments from some of our sponsors, starting with
the Siemens Foundation below, that express their commitment to this cause. We are extremely grateful for the
ongoing ALLEGIANCE and SUPPORT of all of our sponsors, and the individuals who lead those organizations, to
whom we dedicate this years Annual Report.
James R. Donnelley is the longest serving Chairman of
National Merit Scholarship Corporation (NMSC) with
a sixteen-year tenure in that role. He joined NMSCs
Board of Directors in 1990, was elected Vice Chairman
and a member of the Executive Committee in 1993, and
became the sixth Chairman of the Corporation in 1995.
Over the past two decades, Mr. Donnelley has been a
stalwart supporter of NMSCs mission and has under-
stood that the greatest impact of NMSCs programs may
be the attention focused on the importance of scholastic
excellence and the need to identify and develop the
talents of our countrys young academic champions.
Mr. Donnelley served in the United States Navy for three
years after receiving his BA degree from Dartmouth
College in 1957. He earned his MBA from the
University of Chicago in 1962 and subsequently
joined R. R. Donnelley & Sons Company, where he
worked in increasing capacities until he retired as
Vice Chairman in the year 2000.
Mr. Donnelleys vast business experience in multiple
ventures across the globe, as well as his participation
in a number of educational, civic, and philanthropic
organizations, has made him an invaluable resource in
leading the Board of Directors and advising NMSCs man-
agement team. Upon his retirement as Chairman, NMSCs
Board of Directors and corporate offcers expressed their
deep appreciation for Mr. Donnelleys many years of
service and his willingness to continue to provide his
wisdom and guidance as a Director and a member of the
Executive Committee.
Richard L. Keyser joined NMSCs Board of Directors in
1999 when he was serving as Chairman and Chief Ex-
ecutive Offcer of W.W. Grainger, Inc. In 2004, he was
elected as a member of NMSCs Executive Committee,
and in 2006, he became Vice Chairman. Mr. Keyser was
named the seventh Chairman of the Corporation upon
his election at the Annual Meeting of NMSCs Board of
Directors held on November 15, 2011.
Mr. Keyser received a BS degree from the United States
Naval Academy in 1964. He served in the Navy until
1969 prior to earning an MBA from Harvard Busi-
ness School in 1971. Mr. Keyser became President and
Chief Operating Offcer at W.W. Grainger, Inc. in 1994,
served as Chairman and CEO from 1997 to 2008, and is
currently Chairman Emeritus.
Mr. Keysers successful business career has been com-
plemented with several board leadership positions
for academic institutions, corporations, and civic and
philanthropic organizations. In 2010, he was named
the National Association of Corporate Directors Pub-
lic Company Director of the Year for his boardroom
leadership with one of the quietest voices that carries
the strongest weight and for his immeasurable calm
in the face of a crisis.
Under Mr. Keysers leadership, NMSC can look forward
to further success and growth of the mission. I am
excited to be part of the next chapter in NMSCs history
as we use new technologies to further our goals of
recognizing brilliant students and encouraging the pur-
suit of academic excellence at all levels of education.
NMSCs Board of Directors includes corporate executives, college presidents, and high school administrators
who oversee operation and management of the National Merit Scholarship Program and the National Achieve-
ment Scholarship Program. In November of 2011, James R. Donnelley retired as Chairman and was succeeded by
Richard L. Keyser.
National Merit Scholarship Corporation 3
National Merit Scholarship Corporation (NMSC) conducts two annual academic competitions: the National Merit

Scholarship Program that is open to all students who meet entry requirements and the National Achievement

Scholarship Program in which Black American students can participate. The 2012 competitions began in October
2010 with a qualifying test administered by about 22,000 high schools and were completed in the spring of 2012
when scholarships were awarded.
Total: $49.9 million for 10,244
Merit Scholarship, Special Scholarship,
and Achievement Scholarship awards
$41.9 million for 7,150 awards
$8 million for 3,094 awards
Funding for
Scholarships in 2012
NMSC
SPONSORS
National Merit
Scholarship Program
Over 1.5 million students who met program partici-
pation requirements and took the 2010 Preliminary
SAT/National Merit Scholarship Qualifying Test (PSAT/
NMSQT
) entered the competition for recognition

and college scholarships to be awarded to high school
seniors in the spring of 2012.
37,646 entrants were named Commended Students
in recognition of their outstanding performance on
the qualifying test and their potential for success in
challenging college studies.
16,178 other participants, the highest-scoring en-
trants in each state, were designated Semifnal-
ists and had the opportunity to continue in the
competition for National Merit Scholarships by ful-
flling several additional requirements.
15,110 of the Semifnalists were notifed in February
2012 that they met academic and other requirements
to attain Finalist standing and were being considered
for Merit Scholarship
awards.
8,064 Merit Scholar
designees, chosen from the

Finalist group, received Merit Scholarship awards
worth a total of $35.1 million. In addition, 1,389
other outstanding program participants (who were
not Finalists) received Special Scholarships, valued
at $12.4 million. These Special Scholarships are pro-
vided by corporations, company foundations, and
business organizations to complement their Merit
Scholarship awards.
Scholarship Program
Over 160,000 Black American students in more than
12,000 high schools requested consideration in the
2012 National Achievement Scholarship Program
when they took the 2010 PSAT/NMSQT and entered the
National Merit

Scholarship Program.
3,056 high-scoring participants were referred to
United States colleges and universities for the
purpose of expanding these students educa -
tional opportunities.
1,698 Semifnalists were named on a regional repre-
sentation basis and had the opportunity to advance in
the competition for National Achievement Scholar-
ships by meeting additional requirements.
1,379 of the Semifnalists met all the requirements to
progress to the Finalist level of the competition and were
considered for an Achievement Scholarship
award.
791 Finalists became Achievement Scholar
desig-
nees, winning scholarships worth over $2.4 million
for college undergraduate study.
HIGHLIGHTS OF THE 2012 COMPETITIONS

% taking 4 or more years in each subject area
ENGLISH MATHEMATICS NATURAL/
PHYSICAL
SCIENCE
SOCIAL
SCIENCES/
HISTORY
FOREIGN
LANGUAGES
Scholars
College-bound seniors

% taking honors courses
ENGLISH MATHEMATICS NATURAL/
PHYSICAL
SCIENCE
SOCIAL
SCIENCES/
HISTORY
FOREIGN
LANGUAGES
The 2012 Scholars high academic performance was achieved while taking demanding high school
course loads, as measured by both the number of courses and their diffculty level.
ABOUT THE SCHOLAR CLASS OF 2012
0
20
40
60
80
100
0
20
40
60
80
100
Scholars
College-bound seniors
Average SAT
scores
Scholars College-bound seniors
Tentative college majors
Engineering 15%
Biology/biomedical
science 12%
Health and clinical
science professions 8%
Social sciences/psychology 8%
Physical sciences 6%
Business/fnance 5%
Mathematics/statistics 4%
English/journalism/
creative writing 3%
History/humanities/
pre-law studies 3%
Fine arts/music 3%
Computer and information
sciences 3%
0 100 200 300 400 500 600 700 800
Writing Skills
Mathematics
Critical Reading
%
98 percent of Scholars
had a high school grade
average of A- or above
compared to 45% of all
college-bound seniors.
%
95 percent of Scholars who
attended high schools that rank
students were in the top tenth
of their class compared to 36%
of all college-bound seniors.
The felds of study below were selected by 3% or more of the Scholars.
High school students enter the
annual competition for recog-
nition and awards by taking
the Preliminary SAT/National
Merit Scholarship Qualifying
Test (PSAT/NMSQT
), usually
in the fall of their junior year.
Currently, about 1.5 million
students meet requirements
to enter each annual National
Merit Program.
Some 50,000 students earn
PSAT/NMSQT scores that qualify
them for program recognition.
In the fall, at the beginning of
their senior year, these high
scorers are notified that they
have been designated as either
Commended Students or Semi-
finalists.
About two-thirds of the high
scorers are named Commended
Students on the basis of a na-
tionally applied qualifying score
that is usually at the 96th per-
centile. Students in this group
receive Letters of Commenda-
tion in recognition of their out-
standing performance on the
qualifying test, but they do not
continue in the competition for
National Merit Scholarships.
Approximately one-third (about
16,000) of the high scorers are
designated Semifinalists on a
state representational basis.
They are the top-scoring en-
trants in each state and the only
program participants who have
the opportunity to continue
in the competition for Merit
Scholarship
awards.
In addition to designating Semi-
finalists in each state, NMSC
also has selection units for par-
ticipants attending high schools
in the District of Columbia, U.S.
commonwealths and territories,
schools in other countries that
enroll U.S. citizens, and U.S.
boarding schools that enroll a
sizable proportion of students
from outside the state in which
the school is located.
NMSC sends Semifinalists names
to U.S. colleges and universities
to broaden the students educa-
tional opportunities, and a press
release about them is sent to
news media.
Identifying scholastically talented youth and bringing them
to the attention of colleges and universities and the Ameri-
can public are enduring goals of the National Merit Schol-
arship Program. In the 57 competitions completed to date,
over 2.7 million outstanding students have been honored,
and over 345,000 academic champions have received schol-
arships worth a total of $1.4 billion for undergraduate study.
ENTRANTS
1.5 MILLION
HIGH SCORERS
50,000
COMMENDED STUDENTS
34,000
SEMIFINALISTS
16,000
AT A GLANCENATIONAL MERIT
SCHOLARSHIP PROGRAM
To compete for National Merit
Scholarships, Semifinalists must
advance to the Finalist level
of the competition by meeting
several requirements.
The requirements include sub-
mitting 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 performance, and
being endorsed and recom-
mended by a high school offi-
cial. About 90% (approximately
15,000) of the Semifinalists
fulfill these requirements. They
are notified in early February
that they have become National
Merit Program Finalists and
are being considered for Merit
Scholarship awards. High school
officials are sent Certificates of
Merit to present to these out-
standing students.
The rigorous review process
that Semifinalists undergo to
advance in the competition re-
sults in a talent pool of excep-
tional Finalists who compete
for National Merit Scholarships.
Other high-performing program
participants, who are not Fi-
nalists but meet criteria speci-
fied by corporate and business
sponsors, compete for other
National Merit Program awards
called Special Scholarships.
Each year, over 9,000 scholar-
ship winners are chosen on the
strength of their credentials
and potential for future suc-
cess, without regard for gender,
race, ethnic origin, or religious
preference. All Scholars receive
a certificate in recognition
of their award. The names of
Merit Scholar
awardees are
released to news media.
FINALISTS
15,000
SCHOLARS
OVER 9,000
Alabama 13,168 241 214
Alaska 2,092 53 39
Arizona 18,485 446 312
Arkansas 6,384 43 143
California 167,485 6,327 2,001
Colorado 20,001 526 229
Connecticut 30,417 741 218
Delaware 6,326 122 45
District of Columbia 4,391 207 58
Florida 67,659 1,418 781
Georgia 40,145 1,105 423
Hawaii 7,395 124 70
Idaho 5,761 131 86
Illinois 41,258 1,563 716
Indiana 34,698 585 326
Iowa 8,384 169 179
Kansas 10,155 242 157
Kentucky 11,250 246 199
Louisiana 11,868 139 201
Maine 12,556 147 83
Maryland 43,828 1,392 350
Massachusetts 48,280 1,815 353
Michigan 30,268 558 566
Minnesota 21,964 626 324
Mississippi 5,985 38 136
Missouri 13,650 424 328
Montana 4,449 44 57
Nebraska 6,141 95 108
Nevada 7,791 86 90
New Hampshire 7,604 157 76
New Jersey 67,402 2,274 526
New Mexico 8,751 98 92
New York 146,049 2,997 968
North Carolina 44,839 946 407
North Dakota 1,824 4 32
Ohio 49,918 1,123 633
Oklahoma 8,155 153 190
Oregon 15,295 375 193
Pennsylvania 74,195 1,456 744
Rhode Island 5,738 91 55
South Carolina 17,003 202 207
South Dakota 2,514 23 42
Tennessee 13,647 497 287
Texas 198,169 3,391 1,237
Utah 5,381 115 152
Vermont 4,137 102 43
Virginia 51,726 1,472 433
Washington 31,749 1,059 308
West Virginia 3,733 15 79
Wisconsin 19,476 317 353
Wyoming 1,429 2 27
Other
Selection Units 20,838 1,124 302
TOTAL 1,501,806 37,646 16,178
2012
Program
Entrants
Commended
Students
Semi-
fnalists
Currently, over 160,000 Black
American juniors in more than
12,000 high schools request
consideration in the National
Achievement Program when
they take the Preliminary SAT/
National Merit Scholarship
Qualifying Test (PSAT/NMSQT
)
and enter the National Merit

Scholarship Program. Black stu-
dents can compete for scholar-
ships and be honored in both
programs, but they can receive
only one monetary award
through NMSC.
Approximately 4,800 entrants
earn PSAT/NMSQT scores high
enough to qualify for National
Achievement Program recogni-
tion. Their scores place them
in the top 3% of program par-
ticipants. These high performers
are notified of their status in
the fall of their senior year.
About 3,100 young men and
women are brought to the at-
tention of four-year U.S. colleges
and universities. These students
receive certificates in recognition
of the academic potential dem-
onstrated by their high perfor-
mance on the qualifying test, but
they do not continue in the com-
petition for National Achieve-
ment Scholarships.
About 1,700 of the high-
scoring entrants are designated
Semifinalists in regional selec-
tion units.
The number named in each region
is proportional to the regions
population of Black Americans.
Semifinalists are the highest-
scoring participants in the states
that make up each region and
the only National Achievement
Program participants who have
an opportunity to continue in
the competition for Achievement
Scholarship
awards.
NMSC sends Semifinalists names
to U.S. colleges and universities
and distributes a press release
about them to news media.
The National Achievement Scholarship Program was estab-
lished in 1964 specifically to identify academically promis-
ing Black American high school students and encourage
their pursuit of higher education. During the competitions
48-year history, approximately 214,000 entrants have been
brought to the attention of U.S. colleges and universities,
and over 32,000 of the most outstanding participants have
received National Achievement Scholarships worth $100.6
million for undergraduate study.
ENTRANTS
160,000
PROGRAM
RECOGNITION
4,800
OUTSTANDING
PARTICIPANTS
3,100
SEMIFINALISTS
1,700
AT A GLANCENATIONAL ACHIEVEMENT
SCHOLARSHIP PROGRAM
To be considered for a National
Achievement Scholarship, Semi-
finalists must advance to the
Finalist level of the competition
by meeting several requirements.
The requirements include sub-
mitting a detailed scholarship
application, having a consis-
tently high academic record in
all of grades 912, being en-
dorsed and recommended by
a high school official, and sub-
mitting SAT
scores that con-

firm their earlier PSAT/NMSQT
performance. By meeting these
requirements, about 80% (ap-
proximately 1,300) of Semifi-
nalists in each annual competi-
tion become Finalists and earn a
Certificate of Achievement.
About 800 Achievement
Scholar
awardees are se-

lected from the group of
Finalists. Committees of expe-
rienced professionals carefully
evaluate information submitted
about each Finalist and select
winners on the basis of their
abilities, academic and extracur-
ricular accomplishments, and
potential for success in rigor-
ous college work. All Scholars
receive a certificate in recogni-
tion of their award. NMSC sends
a press release to news media in
Scholars communities.
Connecticut, Delaware, District of
Columbia, Maine, Maryland,
Massachusetts, New Hampshire,
New Jersey, New York, Pennsylvania,
Rhode Island, Vermont, and Virginia 59,123 1,033 451

Illinois, Indiana, Kentucky, Michigan,
North Carolina, Ohio, Tennessee,
West Virginia, and Wisconsin 31,006 422 402

Alabama, Arkansas, Florida,
Georgia, Louisiana, Mississippi,
and South Carolina 31,089 468 463

Alaska, Arizona, California, Colorado,
Hawaii, Idaho, Iowa, Kansas,
Minnesota, Missouri, Montana,
Nebraska, Nevada, New Mexico,
North Dakota, Oklahoma, Oregon,
South Dakota, Texas, Utah,
Washington, and Wyoming 39,762 1,036 339

Other Selection Units 2,119 97 43

TOTAL 163,099 3,056 1,698
2012
Program
Entrants
Outstanding
Participants
Referred
to Colleges Semifnalists
FINALISTS
1,300
SCHOLARS
800
Members of the National Achievement Scholarship Selection Com-
mittee convene at NMSCs offce to evaluate applications of all Finalists and
select 700 distinguished winners of National Achievement $2500 Scholarships.
National Merit
$2500 Scholarships
The National Merit $2500 Scholarships are an inte-
gral 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 Committee, made up of college admis-
sion offcers and high school counselors, convenes to
select winners of these one-time awards. In the 2012
program, most of the 2,500 National Merit $2500
Scholarships were fnanced 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.
Corporate-sponsored scholarships
These scholarships are either four-year renewable
awards that provide 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 corporate-sponsored Merit Scholarship awards are
offered to Finalists in the National Merit Scholarship
Program who are children of the grantor organizations
employees or members. Some awards are designated
for Finalists who reside in communities specifed by
SCHOLARSHIPSNATIONAL MERIT
SCHOLARSHIP PROGRAM
the sponsor, and a few are provided for Finalists who
are planning college majors or careers the sponsor
wishes to encourage. Only Finalists in the National
Merit Scholarship Program who meet a sponsors
criteria are considered for that sponsors National Merit
Scholarships.

Special Scholarship awards
Approximately two-thirds of the corporations, company
foundations, and business organizations that fund
Merit Scholarship awards for Finalists in the National
Merit Scholarship Program also provide funding for
Special Scholarship awards. The number of Final-
ists eligible for a particular sponsors scholarships
varies from year to year, but many sponsor organiza-
tions want to provide a fxed number of awards in
each competition. These sponsors utilize NMSCs ser-
vices to supplement their Merit Scholarship awards
with Special Scholarship awards for high-performing
program participants who are not Finalists. Corporate
scholarships are usually named for the grantor organi-
zation; however, the National Merit designation
is not included in the Special Scholarship name. To
be considered for a Special Scholarship, students must
meet the sponsors specifc criteria in addition to the
participation requirements of the National Merit Schol-
arship Program. An Entry Form for the student must
also be submitted to the sponsor organization.
This year, the 244 corporations, company foundations,
and other business organizations listed on pages 3236
committed over $19 million to fnance 1,011 National
Merit Scholarships and 1,389 Special Scholarships.
College-sponsored Merit
Scholarship
awards
Only National Merit Program Finalists who notify
NMSC of plans to attend a sponsoring college and are
admitted to the institution are considered for the
awards fnanced by the institution. College-sponsored
scholarships, which can only be used at the college or
university fnancing the award, are renewable annually
and provide stipends ranging from $500 to $2,000 per
year. In the 2012 National Merit Program, 4,553 college-
sponsored awards, worth $21.9 million, were funded by
193 U.S. colleges and universities, which are listed on
pages 3236.
Using a holistic review process, the National Merit Scholarship
Selection Committee evaluates the applications of all Finalists and
selects 2,500 distinguished winners of National Merit $2500 Scholarships.
NMSC scholarships vary in a number of ways, including candidate criteria and monetary value. Although eligi-
ble 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.
$2500 Scholarships
Every Finalist is considered for one of the 700 National
Achievement $2500 Scholarships offered through the
National Achievement Scholarship Program, an aca-
demic competition for Black American high school stu-
dents. These scholarships are awarded on a regional
representation basis. Award winners are selected by an
independent committee of college admission offcers
and high school counselors who evaluate information
submitted by Finalists and their schools as part of the
application process. Most of these one-time awards are
fnanced by NMSC with its own funds, but support is also
provided by grants from corporate sponsors.
Corporate-sponsored scholarships
Corporations, foundations, business organizations,
and professional associations underwrite Achieve-
ment Scholarship
awards for Finalists in the National

Achievement Scholarship Program. Most corporate
sponsors specify their awards for Finalists who reside in
an area served by the sponsor, for those who have career
plans the grantor wishes to encourage, or for Finalists
who are children of their employees. Sponsors of this
years Achievement Scholarship awards are listed on
page 37.
These scholarships provide either a single payment of
$2,500 to $5,000 when the Scholar enters college or an
annual stipend that can range from $500 to $10,000
per year for up to four years of undergraduate study. In
2012, 91 corporate-sponsored Achievement Scholarship
awards worth $700,000 were offered to Finalists.
SCHOLARSHIPSNATIONAL ACHIEVEMENT
SCHOLARSHIP PROGRAM
Queenella J. Goddard, winner of a 2012 National Achievement
Harris Corporation Scholarship, is congratulated by Sheldon J. Fox,
Group President of Government Communications Systems. Harris
Corporation has sponsored a total of 66 awards in the National Merit
Program and the National Achievement Program since 1981.
Fifty years ago, in the 1963 National Merit Scholarship
Corporation Annual Report, founding President John
M. Stalnaker wrote:
The quest for intellectual excellence is, frst and fun-
damentally, a personal one. There is no substitute for
individual effort. But the quest is also one that should
command the ALLEGIANCE and SUPPORT of our so-
ciety generally, for the nation has a crucial stake in
the outcome of each persons attempt to achieve as
much as his capability permits.
Because we live in an era when brainpower is speedily
becoming the key to all power, our corporate intel-
lectual achievement is the essential measure of our
corporate ability to achieve in any major enterprise.
This is true regardless of whether the enterprise is
local or national, commercial or cultural, political or
educational. There is, therefore, a true social gain or
loss whenever one individual is either helped or hin-
dered in his quest for intellectual excellence.
Sponsors of NMSC scholarships recognize the value to
their organizations and institutions, as well as the nation,
of supporting the intellectual development of our coun-
trys most accomplished students. They realize that their
investment in these Scholars goes well beyond the mon-
etary value of the awards. Due to the nationwide scope of
the competitions, receiving a scholarship administered
through NMSC is commonly regarded as the highest
academic honor a U.S. high school student can attain.
From the very beginning, sponsor organizations have
been a vital component of NMSCs scholarship activities.
Corporations and company foundations have provided
scholarship support in every annual competition begin-
ning in 1956. Colleges and universities began sponsoring
scholarships in 1963. Corporate organizations and
higher education institutions that support NMSCs goals
underwrite about 74% of scholarships awarded each
year through NMSCs programs.
On the following pages are representatives of the high
caliber of individuals who have won a scholarship
through one of NMSCs two nationwide scholarship
programs. These include winners of National Merit,
National Achievement, and Special Scholarships,
funded by either NMSC or the programs generous spon-
sors. These inspirational examples provide a glimpse of
why corporate and college sponsors are proud and ex-
cited to give their steadfast ALLEGIANCE and SUPPORT
to the pursuit of intellectual excellence.
ALLEGIANCE and SUPPORT
JOHN M. STALNAKER
David J. Sekora is the 2012 recipient of the National
Merit John M. Stalnaker Memorial Scholarship, an
award given to an outstanding National Merit Final-
ist intending to pursue a career in mathematics or
science. The scholarship is a four-year award under-
written by NMSC in honor of its founding President and
Chief Executive Offcer, who recognized a need for in-
creased support of science and math in America. David
is grateful for the recognition and fnancial support his
award has brought him, stating that for many students,
receiving a National Merit Scholarship could mean the
difference between fulflling their dreams and being
forced to settle due to economic circumstances.
During his junior and senior years of high school,
David attended the Carol Martin Gatton Academy of
Mathematics and Science in Kentucky, an extremely
competitive residential school located at Western
Kentucky University (WKU). While there, David took all
his coursework through WKU, completing two years of
college while attaining his high school diploma. Despite
the rigor of his schedule, he was able to maintain a near-
perfect GPA while participating in extracurricular activ-
ities and studying musiche also plays the saxophone
and composes electronic music.
David was named Best Marcher by his high school band,
an award he counts among his most meaningful be-
cause it was earned through hours of practice instead
of some innate talent. He also placed frst in his region
in the National Science Bowl and fourth in the National
Competition in Business Math. David placed 10th in his
state for mathematics in Academic Team, a quiz game
in which groups of students compete against each other
in tournaments. He has also spent time volunteering
for Academic Team at his local elementary school to
encourage younger students to participate.
David has been passionate about mathematics since
the third grade, when he discovered his talent for the
subject in Academic Team. He recently had the op-
portunity to assist a professor at WKU with research;
he says the experience served to cement my love for
mathematics and open my eyes as to what life in aca-
demia could be. Assisting in this research project and
presenting a poster at an American Mathematical Society
conference enabled him to experience life as a
mathematician frsthand. David is currently studying
mathematics and computer science at the University
of Chicago and sees himself becoming a professor of
mathematics and a computer programmer someday.
National Merit John M. Stalnaker
Memorial Scholarship, 2012
DAVID J. SEKORA
THE UNIVERSITY OF CHICAGO
MATHEMATICS
National Merit $2500 Scholarship
and National Achievement
Honorary Scholar, 2012
GABRIELLE R. TATE
VANDERBILT UNIVERSITY
ELECTRICAL ENGINEERING
Gabrielle R. Tate was on the debate team for four years
in high school, serving as president during her junior
and senior years and receiving the Legacy Award from
her teammates for establishing a positive precedent for
them. Debate taught Gabrielle to speak up when the
situation demands it andsay something coherent and
meaningful. Without a coach or funding from their
school, Gabrielles team won second place in the local
league. The win was particularly meaningful because at
that moment, all of the work [they] had done together
was validated.
In high school, Gabrielle was an active member of the
National Honor Society and the Spanish Honor Soci-
ety. She was selected to attend the Virginia Governors
School for Humanities, a residential summer program
for talented high school students at a local university.
Gabrielle was also a tutor at the Student Writing Center,
which improved her writing skills and taught her how to
relate to others. She says, I have deepened my under-
standing and appreciation of the writing process, as well
as grown to value more the writing of others, to realize
that everyone brings something of value to the table.
Gabrielle is currently studying electrical engineering at
Vanderbilt University. She notes, Electrical engineer-
ing combines my love of the hands-on aspect of art with
calculus and physics, and enables me to further study
electricity and magnetism. I like the problem-solving
aspects of mathematics, physics, and art, where one
solves all types of problemsvisual and scientifc.
Gabrielle would like to attend law school to study patent
or intellectual property law after completing her under-
graduate education. She explains, In the long term, I
hope to have a job where I can make a real difference in
the world, and make a positive mark on history.
National Merit $2500
Scholarship, 2008
TRAVIS R. PACE
CARSON-NEWMAN COLLEGE
PHILOSOPHY AND BIOCHEMISTRY
Travis R. Pace graduated summa cum laude from
Carson-Newman College with a bachelor of arts in
philosophy and a bachelor of science in biochemistry. In
addition to his National Merit Scholarship, he received
a Ned McWherter Scholarship, a state-sponsored award
that helps academically superior high school graduates
attend college in Tennessee, and Carson-Newmans
Presidential Fellowship, which covers the four-year
cost of the undergraduate attendance of one student
per year. Travis believes his recognition in the National
Merit Scholarship Program helped him stand out to
scholarship selection committees. He notes, One of
the prime factors differentiating me from other eligible
students was my status as a National Merit Scholar.
Due to the fnancial freedom Traviss scholarships
granted him, he was able to study abroad in Ireland and
Spain during his undergraduate years. He says, Being
overseas introduced me to and immersed me in cultures
(and a language) with which I was relatively unfamiliar.
I met people with drastically different perspectives than
mine, and my encounters improved my ability to re-
late to others, while also teaching me some interesting
things about myself. I feel deeply that those experiences
will help me relate to individuals whom I encounter in
my future studies and in my future career.
In addition to studying abroad, Travis participated in a
number of activities at Carson-Newman. He was elected
to the Honors Advisory Board, served as a Big Buddy
for freshman pre-health profession students, and was
the president of the Kappa Epsilon Mu Club. Travis was
inducted into membership of two national academic
honor societies, Alpha Lambda Delta (for frst-year stu-
dents) and Alpha Chi (for juniors and seniors).
Travis is currently attending the NC Eshelman School of
Pharmacy, which has one of the most highly regarded
pharmacy programs in the United States. Upon com-
pletion of the four-year doctor of pharmacy program,
Travis plans to begin his career as a pharmacist. He
explains, The relationship between an individual and
his or her health care provider is often one of implicit
trust....I deeply respect the pharmacist-patient relation-
ship and am determined to become a pharmacist in
whom such trust is wholly warranted.
Travis perceives the National Merit Scholarship he
received as a sort of tangible manifestation of the
passionate ambition that has driven him and other
National Merit Scholars to pursue excellence.
Because it increased his access to education, Travis says,
The National Merit Scholarship changed my life.
Howard H. Kaufman has found great success in three
careers: as a professor of neurosurgery specializing in
traumatic brain injury, as a medical malpractice defense
attorney, and as a voluntary professor in public health
policy. He has edited several books and written more
than 110 articles and 50 various chapters on many top-
ics, including head trauma, intracerebral hematomas,
and law and ethics in neurosurgery. He has given more
than 150 presentations at conferences and edited for
several peer-reviewed journals, including Neurosurgery
and Clinical Neurosurgery. He also holds two patents.
Howard received his undergraduate degree in history
from Yale University in 1962, graduating magna cum
laude as a Rhodes Scholar fnalist. After he graduated
from medical school at Columbia University in 1966,
he was a surgical intern at the University of Minnesota
Hospital; a clerk and registrar at the National Hospital
for Nervous Diseases in London; and a clinical associ-
ate in surgical neurology at the National Institutes of
Health. He then completed a residency in neurosurgery
at Columbia Presbyterian Medical Center and became
a professor in neurosurgery. He taught at the University
of Arizona Medical School and the University of Texas
Medical School at Houston, where he received tenure
in 1981.
Howard joined the U.S. Army Reserves in 1983 and be-
came a Lieutenant Colonel in 1986. He served as a con-
sultant in neurosurgery at Walter Reed Army Medical
Center and an advisor to the Department of Defense
in a multi-institutional study on gunshot wounds to the
brain. During this time, he became a full professor at
West Virginia University (WVU) Medical School and
received the Distinguished Alumni Award from the
Department of Neurosurgery at Columbia University.
Howard was the chairman of the neurosurgery depart-
ment at WVU Medical School and the chief of neuro-
surgery at WVU Hospitals, where he also directed the
residency program. He chaired committees for the
Congress of Neurological Surgeons and the American
Association of Neurological Surgeons and led the West
Virginia State Neurosurgical Society as their president.
He consulted for a number of government agencies,
including the National Institutes of Health, the Social
Security Administration, and the Food and Drug Ad-
ministration. He taught classes around the country,
becoming a visiting professor at 18 different medical
schools and hospitals.
After an illustrious career of more than thirty years
in the medical feld, Howard attended law school
at Georgetown University, graduating in 2001 and
becoming a medical malpractice defense attorney. He
then received a masters degree in public health in
2005 from George Washington University and became
a voluntary professor at the University of Miami
School of Medicines Department of Epidemiology and
Public Health.
Howard is an amateur genealogist and is active in the
U.S. Coast Guard Auxiliary. He also likes to research
the history of the Neurological Institute of New York
and the history of neurosurgery during the Civil War.
National Merit Scholarship, 1958
HOWARD H. KAUFMAN
PROFESSOR OF NEUROSURGERY
ATTORNEY
VOLUNTARY PROFESSOR OF PUBLIC HEALTH
Caitlin M. Cocilova studied political science and pre-
medicine at the University of Pittsburgh, graduating
magna cum laude in the spring of 2012. She was se-
lected for membership in Phi Beta Kappa and was Vice
President and Director for the National Society of Colle-
giate Scholars. She was also a participant and facilitator
in Emerging Leaders and a peer leader for Leadership
in Action.
Caitlins scholarships enabled her to worry less about the
fnancial burden of college, leading her to seek out intern-
ships and study abroad. According to her, scholarships
are motivators, both fnancially and academically.By
opening the doors for as many budding minds as pos-
sible, we can hopefully strive to obtain a greater global
understanding of how the world works and how we can
continue to improve things.
The extracurricular experiences Caitlin gained as an
undergraduate helped defne the path of her career.
She was an intern at the Alle-Kiski Area HOPE Center, a
domestic violence agency and crisis center; an intern at
Pennsylvania State Representative Matthew Smiths dis-
National Achievement $2500 Scholarship, 2008
CAITLIN M. COCILOVA
UNIVERSITY OF PITTSBURGH
POLITICAL SCIENCE AND GOVERNMENT
trict offce; and a research assistant on traumatic brain
injury studies at Strong Memorial Hospital.
Caitlins desire to enact positive change in the world
only intensifed when she had the opportunity to travel
to Cambodia during a semester abroad at James Cook
University in Australia. She says, My trip to Cambodia
did not necessarily open my eyes to unknown devasta-
tion or change my perspective on the world. What it
did do, however, was solidify my desire to work toward
a better global community and to help me appreciate
different lifestyles.
Caitlin is currently attending Georgetown University
Law Center. She is planning a career in public interest,
where she can make positive change, both with indi-
viduals and in policies that affect the masses.
National Achievement $2500 Scholarship, 2012
SAMUEL E. UDOTONG
MASSACHUSETTS INSTITUTE OF TECHNOLOGY
AEROSPACE ENGINEERING
Samuel E. Udotong has a love of physics, math, and sci-
ence, and is pursuing an undergraduate degree in engi-
neering at Massachusetts Institute of Technology (MIT),
where he is currently a freshman. While he is uncertain
which engineering feld he will study, he says he is lean-
ing towards aerospace or mechanical: those that deal
primarily in the physical aspects of life. Samuel is very
interested in the exploration and commercialization of
space and hopes to work behind the scenes on the frst
manned fight to Mars. He says, Eventually, I want to
be at the top of a space company making decisions that
willlead to an overall stronger familiarity with space
and its mysteries.
Samuel counts his acceptance to MIT and his internship
at Lockheed Martin Corporation as two achievements
that will continually set [him] up for success and lead
to other great accomplishments in the future. Recently,
his high school honored him in their Hall of Fame
and selected him as a Rensselaer Medalist. Samuel is
also a member of the National Honor Society and was
selected to attend the Governors School of Engineer-
ing and Technology at Rutgers, The State University
of New Jersey, a very competitive summer program for
high school juniors interested in studying engineering.
Samuel is also a successful wrestler, having competed
on the varsity team at his high school for three
years, eventually becoming a captain. He explains,
I now realize that wrestling taught me resilience,
patience, responsibility, and work ethic. Wrestling
encompassed a broad depth of necessary evils; from
having to endure grueling practices on a daily basis to
not being able to eat at night for fear of being over-
weight for the next days match, wrestling was really the
stimulant that changed me from kid to man.
Samuel is the recipient of a National Achievement
Scholarship. To potential scholarship sponsors, Samuel
says: Every contribution to the National Achievement
Scholarship [Program] helps further the success of not
only the black population in America but also, there-
fore, the country. Furthering education is arguably the
best solution to solving a lot of the countrys problems,
which is why funding these kinds of scholarships is
crucial to our nation, as well as the world.
National Achievement Motorola
Scholarship, 2008
NICHOLAS S. SPANOUDIS
UNIVERSITY OF FLORIDA
POLITICAL SCIENCE AND GOVERNMENT
Nicholas S. Spanoudis graduated from the University
of Florida with a degree in political science and gov-
ernment in May 2012. His studies were supported by
a National Achievement Motorola Scholarship, which
helped him graduate from college debt-free. He says,
I know many other winners of NMSC scholarships,
and there is not a single one of us that isnt profoundly
grateful for the money granted to us through this or-
ganization. As sponsors, you are able to make higher
education more affordable to intelligent, dedicated,
promising students, and there is no way to accurately
express how much it means to us.
As an undergraduate, Nicholas completed an intern-
ship, studied abroad, and maintained exceptional
grades, making the Deans List several times and win-
ning an award for academic excellence in Italian. In the
summer of 2011, he completed an internship in Wash-
ington, D.C., enabling him to meet senators, UN con-
tractors, and diplomats and learn how he might make
an impact in politics and international development.
The next fall, Nicholas studied abroad at John Cabot
University in Rome, completing a minor in Italian and
traveling throughout Europe. He was immersed in the
local culture and language and learned what it might
be like to work and live abroad once he completes
his studies.
Nicholas is currently attending graduate school at the
University of Kentuckys Patterson School of Diplomacy
and International Commerce, where he is pursuing a
masters degree in diplomacy. He hopes to eventually at-
tain a PhD and work for the U.S. Department of State as
a diplomat to help bring about greater international ac-
cord. Nicholas explains, The possibility of world peace
is by no means a certainty. However, whether or not it is
possible, there is no other goal in the world of political
science more noble, and I would like to be able to do
my part to bring the world closer to that end.
Motorola Solutions Foundation has sponsored 915 awards in the National
Merit Scholarship Program and the National Achievement Scholarship Pro-
gram since frst becoming a sponsor in 1964.
National Merit Marsh & McLennan
Companies Scholarship, 2012
CHRISTOPHER GUNNELL
BARD COLLEGE
MUSIC AND PHILOSOPHY
Christopher Gunnell is currently studying music per-
formance at Bard College in the hopes of becoming a
professional musician. His desire to pursue percussion
performance in college was cemented during a summer
percussion seminar at The Juilliard School. He says, [the
experience] helped me to see that my love for learning and
my love for performing music really go hand in hand.
Christophers love of music began at an early age; he be-
gan studying percussion with the Louisville Youth Orchestra
when he was in sixth grade and continued with the group
for seven years. He also performed with an ensemble at his
high school, where he and twelve other percussionists had
the life-changing experience of commissioning a per-
cussion piece by renowned composer David Maslanka and
performing its world premiere. During his senior year of
high school, Christopher attended the National Heritage
Band Festival in New Orleans, Louisiana, where he received
the Maestro Award for Excellent Solo Performance, an
award given to only fve students across the country. He was
also a member of the National Honor Band and made All-
State and All-County bands.
In addition to his musical accomplishments, Christopher
has been very successful academically. He completed two
separate magnet programs in high schoolthe Youth
Performing Arts School and the Math, Science, and Tech-
nology magnet program. He also received a number of
awards, including the National Spanish Exam Bronze
Award and the duPont Manual Science Fair Award. He was
named an AP Scholar with Distinction and was a member
of the State Governors Cup Competition in Literature. On
being named a National Merit Scholar, Christopher says,
It brought great recognition and respect to me from my
peers, as well as provided me so many opportunities to fur-
ther my learning that it almost made my head spin. I feel so
fortunate to have had all the opportunities that this award
presented to me.
In addition to music performance, Christopher will be
studying philosophy and social policy at Bard, where he is
pursuing a dual degree program. He has enjoyed his studies
in history, literature, and the social sciences and is excited to
continue them as an undergraduate. He says, I feel study-
ing social policy is a way to pull together many of the areas
for which I have a passion, in a way to contribute to society.
Marsh & McLennan Companies, Inc. has sponsored 448 scholarships
through NMSC since frst becoming a sponsor in the National Merit Schol-
arship Program in 1978.
National Merit Honeywell
Scholarship, 2008
AKHILA S. NARLA
WASHINGTON UNIVERSITY IN ST. LOUIS
ENVIRONMENTAL SCIENCE
Akhila S. Narla dedicated much of her time as an
undergraduate to fghting extreme poverty in develop-
ing countries. After her freshman year of college, she
traveled to Uganda to partner with a health and develop-
ment organization that runs a local youth center. By
fnding a market in the United States for jewelry made
at the center, Akhila helped the students earn enough
money to return to school or fnd jobs. She says, I now
know it is possible to improve a few lives with a sincere
effort, and I fnd it to be extremely fulflling and hum-
bling and the work that I love.
Akhilas academic achievements are just as remark-
ableshe graduated magna cum laude with a degree
in environmental science from Washington Univer-
sity in St. Louis. In her time there, she was named a
Newman Civic Fellow, an award acknowledging
emerging problem solvers and civic leaders; a Udall
Scholar, for students committed to careers related to the
environment; a Howard Hughes Medical Institute Sum-
mer Undergraduate Research Fellow; and a Proctor &
Gamble Social Change Grant recipient. She was also
initiated as a member of Sigma Xi, a national honor
society for students who demonstrate noteworthy achieve-
ments in scientifc research. Akhila was motivated in part
by her National Merit Scholarship, which was sponsored
through Honeywell International, Inc., and matched by
her university. She notes, As I progressed throughout my
undergraduate career, knowing that I had the backing of
National Merit [Scholarship Corporation], Honeywell,
and my university gave me the confdence to believe in
myself and my ability to succeed.
For the next two years, Akhila will be teaching high
school science for the Navajo Nation in Arizona through
Teach for America. By working with their Native
Achievement Initiative, she hopes to continue fghting
the type of extreme poverty she has seen on her travels
abroad. She has also designed and implemented a pro-
gram with the Pascua Yaqui Tribe that seeks to prevent
type 2 diabetes through improved family nutrition.
Akhila hopes to attend medical school after she com-
pletes her work with Teach for America. Seeing a need
in rural areas for increased health education and care,
she plans to become a physician and teach preventative,
holistic medicine to those who are often without access.
She hopes her efforts will empower those in rural areas
to improve their own health and wellbeing. Just as she
did in Uganda, Akhila wishes to help lift others out of
poverty and have an impact on communities that have
been overlooked in the past.
Honeywell International, Inc. frst became a sponsor in the National Merit
Scholarship Program in 1970 and has funded a total of 546 scholarships.
TRINITY D. WALLS
WASHINGTON UNIVERSITY IN ST. LOUIS
BIOLOGY
National Achievement Reynolds
American Foundation
Scholarship, 2012
Trinity D. Walls is currently attending Washington Uni-
versity in St. Louis and is proud of the recognition and
support her National Achievement Scholarship has
brought her. Trinity says, Winning a National Achieve-
ment Scholarship is an extremely high honor....Not only
does it give me pride, it also gives me the confdence to
push harder to excel in my future endeavors.
Trinity has found a great deal of success academically
she is a member of the National Honor Society and
was named valedictorian at her high school, a goal
she set for herself in middle school and worked
extremely hard to achieve. She has also won numerous
academic awards at her high school and was named an
AP Scholar with Honor. Trinitys scholarship has moti-
vated her to continue on her path toward success in col-
lege and beyond; she says that being recognized by the
National Achievement Program encourages students
to excel and surpass even their own expectations.
In addition to her academic work, Trinity has
volunteered her time to teach music classes to chil-
dren at bible camps. She has also raised money to help
fght lupus and to support the Brain Injury Association
of North Carolina. Despite a busy schedule, she ran
varsity track in high school, competing at the state level
and becoming a captain of the girls sprint team. She
received an award for her extra effort in practices and
tutored a younger team member in algebra.
Trinity plans to study biology at Washington University in
St. Louis; she has been interested in the subject from
a very young age, when she began bringing frogs,
salamanders, and caterpillars home to keep as pets.
She once brought her sixteenth birthday present, a
tarantula named Anastasia, to school to show off to her
class. She intends to become an entomologist, studying
the anatomy and physiology of insects and arachnids
and educating others about them. With her knowledge
of biology and entomology, she hopes to better the lives
of both animals and humans suffering from disease.
She says that by working with veterinary and medical
specialists, I hope to use the knowledge I gain to fnd
cures or treatments for diseases presently affecting
animals and humans.
Reynolds American Foundation began sponsoring scholarships in the
National Merit Scholarship Program and the National Achievement
Scholarship Program in 2000. The foundation has sponsored a total
of 295 awards through NMSC.
Minnesota Mining and
Manufacturing Merit
Scholarship, 1967
PHILIP W. SAGSTETTER
LOCKHEED MARTIN CORPORATION
SOFTWARE ENGINEER
Philip W. Sagstetter graduated from high school dur-
ing the height of the Vietnam War. His National Merit
Scholarship put college within his reach fnancially,
enabling him to pursue a degree in physics and math-
ematics at St. Marys University of Minnesota instead of
enlisting in the armed forces at eighteen. He says, I
went into military service eventually in 1972, but I was
able to go to Offcer Training and Flight Training as
a result of my college degree.Without the National
Merit Scholarship, I would have joined the Air Force
as an enlisted person, and I would have attended col-
lege eventually. But the scholarship put me on a faster
track to advancement in educational and employment
opportunities.
After college, Philip became an offcer and a navigator
in the U.S. Air Force and learned to fy the F-4 Phantom
aircraft, which he few for eight years in Southeast Asia
and Europe. He trained to defend NATO with nuclear
weapons and received two Air Force Combat Readi-
ness Medals and a Korea Defense Service Medal. Philip
was then selected to attend the Air Force Institute of
Technologya distinct honor, since only two pilots
and two navigators were chosen by the Air Force to
attend each year. He earned a masters degree in
computer systems. For his thesis, Philip researched linear
algebra methods to speed up the matrix calculation
of heat penetration into the space shuttle during
reentry. The software he created was used by the Air
Force to evaluate whether the space shuttle could land at
Vandenberg Air Force Base.
Philip left the Air Force in 1985 and became a
com puter system engineer with Lockheed Martin
Corporation, where he is still employed today. He has
worked on a wide variety of projects and several govern-
ment contracts, using his background in mathematics
to improve large, complex computer systems. He has
designed pieces of software used by the military to con-
trol vehicles in outer space and created communication
protocol software for a network of satellites used in mili-
tary communications. In 2005, he received a Certifcate
in Geographic Information Systems from the University
of Denver Graduate School, which helped in his work
on computer mapping for a military contract. Much of
his other work is classifed.
For the last 27 years, Philips career at Lockheed Martin
Corporation has enabled him to do the kind of engi-
neering work that he always dreamed about. The
support he received through NMSC and his scholarship
sponsor, Minnesota Mining and Manufacturing (3M),
helped him obtain the education he needed to build
a successful career. He says, I was honored to receive
my National Merit Scholarship from the Fortune 100
Corporation that my father worked for.It seems to me
that sponsoring a National Merit Scholarship is a very
altruistic act.
In 1960, 3M Company, then known as Minnesota Mining and Manu-
facturing Company, became a sponsor in the National Merit Scholarship
Program. The company has sponsored 2,658 awards in the years since.
Scholarship, 1992
EARNEST A. DELOACH, JR.
YOUNG DELOACH PLLC
ATTORNEY
In 1992, Earnest A. DeLoach, Jr. received a National
Achievement Scholarship funded by Polaroid Foun-
dation, Inc., which gave him confdence that he
could compete and graduate from a great academic
university. His scholarship supported his studies at the
University of Miami (UM), where he was also the
recipient of an Isaac Bashevis Singer Scholarship, one
of the schools most prestigious merit-based awards. He
majored in international affairs and political science
and graduated cum laude in 1996.
After his four years at UM, Earnest attended law school
at Florida State University, where he continued his
record of high achievementhe was named a Virgil
Hawkins Fellow and graduated as the most decorated
oral advocate in his class. He became an attorney in
1999 and worked at several frms, gaining experience
in litigation and advocacy. In 2006, Earnest formed
DeLoach Law LLC, a law frm specializing in commer-
cial, employment, and construction law. In 2011, his
frm merged with another frm to form Young DeLoach
PLLC, where he is Co-Managing Principal and Senior
Attorney. He has also taught classes at Florida A&M
University College of Law as an adjunct professor, at the
Dwayne O. Andreas School of Law at Barry University,
and at Valencia College.
Beyond his academic and professional accomplish-
ments, Earnest has been very involved in his community
and in many professional organizations. He is currently
the Vice Chairman of the African American Chamber
of Commerce of Central Florida, an executive board
member of the Tiger Bay Club, and a member of the
Omega Psi Phi Fraternity, Inc. He is a member of the
Orange County Charter Review Commission and the
City of Orlando Nominating Board, and he recently
served as Chairman of the Orange County School Board
Reapportionment Committee. He was a member of 100
Black Men of Orlando for several years, and he was for-
merly on the Board of Directors for the Parramore Boys
and Girls Club.
Earnest is a regularly featured speaker and presenter
for numerous civic organizations and youth groups.
He has received many awards for his professional suc-
cess and his service to the community. In 2008, he was
a co-recipient of the Florida A&M University College of
Law Spirit of Service Award, and in 2011 he was a 40
Under 40 Nations Best Advocates honoree. He has also
been honored by Orlando Style Magazine, Orlando Busi-
ness Journal, RYSE Magazine, and Florida Trend Magazine.
Earnest currently lives in the Orlando area with his
wife, who is also an attorney, and their two children.
He is grateful for the scholarships he received from
NMSC and UM during his undergraduate years, which
helped him focus on his studies and gave him greater
educational opportunities. He says, Theres no better
investment than education. Sponsors of this scholarship
arebuilding a better world through educational op-
portunity for deserving students.
Scripps Howard Foundation
Scholarship, 2008
LAUREL SYDNEY TANNER
UNIVERSITY OF COLORADO AT BOULDER
ARCHITECTURE/ENVIRONMENTAL DESIGN
Laurel Sydney Tanner received a Special Scholarship
award in 2008, which she used to study environmental
design at the University of Colorado at Boulder (CU).
She graduated with departmental honors, made the
Deans List, and participated in the Presidents Leader-
ship Class, a program that seeks to develop innovative
and service-oriented leaders.
Sydneys scholarship gave her the fnancial freedom
to explore a variety of clubs and organizations instead
of working long hours; while pursuing her degree, she
served in Americorps and completed two internships.
She says, My undergraduate goals were to explore a
variety of endeavors, and I feel that the scholarship
gave me the opportunity to focus on art, design, the
environment, education, and architecture more than a
minimum wage job.
During her internship with the Children, Youth, and
Environments Center for Civic Engagement at CU,
she had the unique opportunity to work with Jane
Goodall, UN Messenger of Peace, and Marc Bekoff,
CU Professor Emeritus. She helped them design
a childrens book for the Roots and Shoots Foun-
dation, collecting the drawings of children from
around the world to teach about environmentalism
and sustainability.
Uniting her interests in education and design, Sydney
is currently teaching literacy through art to elementary
students in Detroit with Teach for America (TFA). My
study of urban environments, my love of art and design,
and my passion for education have all come together in
what I hope will be a wonderful and life-changing expe-
rience for me and my students. Should she continue
her work in education beyond TFA, she hopes to help
close the achievement gap and ensure that all children
have access to quality education.
Sydney is also considering attending graduate school
to study sustainable urban development and architec-
ture and continue her work in environmental design.
Although she is still choosing from multiple career
options, she is certain of her professional goals: combat-
ing climate change and improving the lives of children.
In the end, I want to contribute to a profession where
the well being of our planet and our children are of the
utmost concern, and fguring out how to do so is a task
all on its own.
(left)
Since frst becoming a sponsor in 1997, Scripps Howard Foundation has
sponsored 197 scholarships for students in the National Merit Scholarship
Program and the National Achievement Scholarship Program.
Sponsor organizations have been an essential component of NMSCs scholarship activities from the very beginning. Busi-
nesses and corporate foundations have provided scholarship support in every annual competition, including the frst
National Merit
Scholarship Program in 1956 and the frst National Achievement
Scholarship Program in 1965. Colleges and

universities have sponsored awards through the National Merit Scholarship Program since 1963 and supported the National
Achievement Scholarship Program from 1973 to 2004.
Continuous sponsor support over time has made it possible for the percentage of NMSC Finalists who are
awarded scholarships and the number of scholarships awarded to grow.
ALLEGIANCE and SUPPORT
Number of Scholarships Awarded
Supported by NMSCs own funds
Supported by Sponsors
(corporate and college)
Corporate organizations that sponsored scholarships in the frst National
Merit Scholarship Program in 1956 that are still sponsors today:
2012 Sponsor Name
Pfzer Inc
The Boeing Company
FMC Foundation
General Dynamics
Goodrich Foundation, Inc.
National Distillers Distributors Foundation
PPG Industries Foundation
BP Foundation, Inc.
1956 Sponsor Name
American Cyanamid Company
Boeing Airplane Company
Food Machinery & Chemical Foundation
General Dynamics Corporation
B. F. Goodrich Fund
National Distillers Products Corporation
Pittsburg Plate Glass Foundation
Standard Oil Foundation
Percentage of National Merit Finalists
awarded Merit Scholarship
awards
1956 2012
Percentage of National Achievement
Finalists awarded Achievement
Scholarship
awards
10.9% 53.4%
35.6% 57.4%
565
1,041
4,017
7,024
8,943
10,608
10,244
1956 1962 1972 1982 1992 2002 2012 1965 2012
Total: $1.494 billion for 377,070
Merit, Special, and Achievement
Scholarship awards
Funding for awards
19562012
NMSC
COLLEGE
SPONSORS
CORPORATE
SPONSORS
1963 1972 1982 1992 2002 2012
Number of scholarships sponsored by colleges and
universities in the National Merit Scholarship Program
Value of scholarships sponsored by colleges and
universities in the National Merit Scholarship Program
1963 1972 1982 1992 2002 2012
Bowdoin College
Claremont Mens College
Harvey Mudd College
Michigan State University
Occidental College
Texan Christian University
Nine colleges and universities became sponsors of National Merit Scholarships
in 1963, the frst year higher education institutions began sponsorship. Six
from the original sponsor list are still sponsors today:
4,512
3,651
2,252
175
973
4,553
$
4
0
0
,
0
0
0
2012 marks the 50th year that higher education institutions have been sponsoring Merit Scholarship awards. The
graphs below show the number and value of college-sponsored scholarships in 1963, 1972, 1982, 1992, 2002 and 2012.
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CACI Scholarship, 2012
TIFFANY A. LE
MASSACHUSETTS INSTITUTE OF TECHNOLOGY
COMPUTER SCIENCE AND ELECTRICAL ENGINEERING
Tiffany A. Les interest in computer science began
at an early age, when her father taught her how to
install software and access the Internet. Her experience
in the math, science, and computer science magnet
programs in middle and high school only furthered this
interest. When Tiffany was in ninth grade, she received
a frst place award from the Institute of Electrical and
Electronics Engineering for her independent research
on solar cell effciency. Receiving this award gave her
the confdence to continue to conduct research, which
led to various award-winning science projects.
Selected from over 5,000 applicants, Tiffany partici-
pated in an internship for two consecutive summers at
the Naval Medical Research Center in Silver Springs,
Maryland. There, she completed a research project on
antimicrobial resistance, which won second place at
the science fair. Of this opportunity, Tiffany states, It
gives me satisfaction to know that my research could
potentially lead to new developments in targeting
antibiotic-resistant infections.
Tiffany was a member of the girls varsity tennis team
for all four years of high school and was co-captain
her senior year. As a member of her schools National
Honor Society, she was a mentor and tutor for the mag-
net school freshmen. Outside of school, Tiffany earned
a black belt in the martial arts, and she tutored students
in math at her former middle school. She says, From
these activities, I learned that persistence and resilience
are crucial to success. Whether it is playing tennis or
teaching someone a new math concept, it is important
that one not give up when there are challenges.
Tiffany is currently a freshman at Massachusetts
Institute of Technology, where she is majoring in
computer science and electrical engineering. She plans
to get a masters degree and eventually conduct research
in the feld of artifcial intelligence. She believes that
Companies like CACI International Inc, which sponsors
National Merit Scholarships and Special Scholarship
awards for deserving high school students, also help
the U.S. as some of these Scholars could become great
leaders in the future.
CACI International Inc sponsors scholarships for the children of employees
through NMSC and has been a sponsor in the National Merit Scholarship
Program since 2008.
Photo courtesy of Arizona State University
National Merit Arizona State
University Scholarship, 2008
MICHAEL CHRISTIANSEN
ARIZONA STATE UNIVERSITY
PHYSICS
Michael Christiansen majored in physics at Arizona
State University (ASU) and graduated summa cum
laude in the spring of 2012. Currently, he is pursuing a
PhD in materials science and engineering at Massachu-
setts Institute of Technology (MIT) and plans to design
technological innovations that beneft our society. He
explains, While it is a mistake to hope that technology
will solve all of our problems, I think that there is a real
potential for it to do lasting good.
Michaels years of hard work at ASU culminated in mul-
tiple awards, including the Moeur Award, which honors
students with 4.0 grade point averages who graduate
within eight consecutive semesters. He also received
the Barry M. Goldwater Scholarship, a national award
honoring students studying mathematics, science, or
engineering. Michael was a member of Barrett, The
Honors College at ASU, and traveled with them to
China through a study abroad program in the summer
of 2009 to learn about globalization.
With the fnancial support of ASU, Michael was able to
seek out research-based internships in his feld rather
than work part time during his undergraduate years.
As an ASU Space Grant Intern, he built exper imental
equipment to grow nanostructured materials in an
ultrahigh vacuum. At the National Renewable Energy
Laboratory, Michael contributed to a solar energy
project as an intern with the U.S. Department of
Energy. He also spent a summer at the Research Experi-
ence for Undergraduates at MIT, where he worked on the
desalination of brackish water using nanotechnology;
the experience was instrumental in his decision to
pursue graduate studies at MIT.
To potential sponsors of National Merit Scholar-
ships, Michael says, Thank you, not from benefciary
to benefactor, but from citizen to citizen. I believe
strongly in the value of education, and an investment in
scholarships for promising students is an investment in
our society.
Since becoming a sponsor in 1976, Arizona State University has sponsored
1,836 awards in the National Merit Scholarship Program.
National Merit Oberlin College
Scholarship, 2012
YUTA A. TAKAGI
OBERLIN COLLEGE
ECOLOGY
Yuta A. Takagi spent his junior year of high school in
Guayaquil, Ecuador, as an exchange student with AFS
Intercultural Programs. The experience gave Yuta a
better understanding of the unique challenges facing
developing countries. He says, Through school and
media, I was aware of world problems such as starva-
tion, social injustices, war, and poverty, but being cog-
nizant is not the same as truly knowing. Largely due to
his experiences in Ecuador, Yuta is now determined to
better our world by fnding innovative ways to combat
global warming and environmental degradation. Yuta is
studying ecology at Oberlin and is particularly interested
in bioremediation, the use of micro-organisms to treat
contaminated materials and remove pollutants naturally.
While at Oberlin, Yuta is also studying music, a medium
for expression he fnds very gratifying. In addition to
playing the piano and performing at local venues, he
also creates and produces electronic music and builds
his own instruments. He sees music as a way to give
back to the world and admires the universality of its
appeal to fundamental human sentiments because it
transcend[s] differences in language and thought. He
hopes that music composition can help him contribute
artistically to the global community.
Yuta has successfully met extreme challenges in the past,
which gives him the confdence to meet any goal he sets
for himself. He is from Alaska and grew up skiing and
racing sled dogs. In 2008, he competed in the Junior
Yukon Quest Sled Dog Race, a 120-mile race out of Fair-
banks, Alaska. Yuta crossed the fnish line nine hours
after the previous team, in negative thirty-fve degree
weather with frostbite on his face and ears. He received
the Red Lantern Award, which is given to the fnal team
to complete the race each year in honor of their deter-
mination. He says, This was the most challenging thing
I have ever done, and completing that race engendered
my belief that I can accomplish anything if I put my
mind and heart in it.
Yutas strength and tenacity have helped him suc-
ceed academically. He is proud to be a National Merit
Scholar and is grateful for the recognition provided to
him by NMSC and Oberlin College. He notes, I was very
excited to be a competitor in a selection of the best stu-
dents in the country and found that knowledge to be
just as motivating as the scholarship money.
Oberlin College has sponsored 1,114 awards through NMSC since becom-
ing a sponsor in the National Merit Scholarship Program in 1984.

31
The National Merit Scholarship Program strives
to provide scholarships for as many students as
possible. With the support of 437 independent spon-
sor organizations, over half of the Finalists and a
substantial number of other deserving program
participants in the 2012 competition received scholar-
ships for their undergraduate education. Corporations,
foundations, and other business organizations have
provided scholarships in all 57 Merit Scholarship

competitions completed to date. Colleges and uni-
versities began underwriting awards in 1963. In 2012,
sponsor organizations fnanced 74% of the scholarships
awarded. All funds provided by sponsors are used for
scholarships and are 100% tax-deductible.
Corporate sponsorship
The 244 corporate organizations that sponsored awards
in the 2012 competition represent the broad spec-
trum of U.S. business, including many Fortune 500
companies. They share the belief that supporting the
educational development of intellectually talented
youth is a wise investment in the future, and they value
the relationships that develop with their award recipi-
ents. Commonly regarded as the highest honor a U.S.
high school student can earn, 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 ft
their objectives by specifying candidate qualifcations
that match their particular interests. The number of
scholarships a company or foundation offers annually
ranges from one to more than 100. These sponsors also
select the monetary limits of scholarships they fnance.
All aspects of program management, from iden-
tifcation of candidates to distribution of scholar-
ship payments to winners, are handled by NMSC
without charge. Services include providing sam-
ple materials for publicizing a sponsors program,
Web-based entry for award candidates, scholarship
application processing, selection and notifcation of
award winners, public announcement of National
Merit Scholarship recipients, and certifcates for pre-
sentation to winners. NMSC also monitors the Scholars
progress during their undergraduate years and sends
their sponsors periodic status reports.
College and university sponsorship
The 193 higher education institutions that provided
Merit Scholarship awards in 2012 range from small
private colleges to fagship state universities, and they
all share the ability to attract National Merit Program
Finalists to their campuses. NMSC provides college
sponsors with lists of Finalists who have selected their
institutions as frst choice; college offcials then choose
the winners of their institutions awards. NMSC sends
scholarship offers to winners, issues press releases,
provides certifcates for presentation to Scholars, and
administers the awards during the recipients under-
graduate years, all without charge.
Texas Instruments Incorporated, a sponsor since 1996, honored
many of its 2012 National Merit Jerry R. Junkins Memorial Scholarship
winners at a luncheon held at the companys headquarters in Dallas.
SPONSORSNATIONAL MERIT
SCHOLARSHIP PROGRAM
The University of Alabama is committed to
academic excellence, and for that reason,
participates in the National Merit Scholar-
ship Program to recruit and matriculate
high academic achievers to the state's
fagship institution of higher learning.
Mary K. Spiegel, Associate Provost and Execu-
tive Director of Undergraduate Admissions,
The University of Alabama

Abilene Christian University 5
Accenture LLP 6
The Acushnet Company, Inc. 3
ADP Foundation 9 31
Affymetrix, Inc. 1
Air Products and Chemicals, Inc. 6
Akzo Nobel Inc. 1 5
Albany International 2
The Alcon Foundation, Inc. 9
The Allergan Foundation 4 2
Allscripts Solutions, Inc. 3
Alma College 6
Ameren Corporation Charitable Trust 4 1
American City Business Journals, Inc. 2
American Electric Power Company, Inc. 3
American Financial Group 2
American University 10
AmerisourceBergen Corporation 4 4
The AMETEK Foundation 7
Anadarko Petroleum Corporation 4
Aon Foundation 12
Apache Corporation 1
Arch Chemicals, Inc. 1 2
Archer Daniels Midland Company 1 9
Arizona State University 75
Arkema Inc. Foundation 2 2
Armstrong Foundation 1 17
ASC Partners, LLC 2
ASM Materials Education Foundation 1
Astellas US LLC 1 1
AstraZeneca Pharmaceuticals LP 7 3
Auburn University 50
Ball State University 6
BASF Corporation 10 10
Battelle 9
Bayer USA Foundation 9
Baylor University 71
Bethel University (Minnesota) 2
Trust Under The Will of Mary E. Beyerle 8
Birmingham-Southern College 1
Black & Veatch Corporation 1
BMC Software, Inc. 3 3
BNSF Foundation 1
The Boeing Company 52
BookItOut, Inc. 1
BorgWarner Inc. 3
Boston College 6
Boston University 29
Bowdoin College 32
BP Foundation, Inc. 22 27
Bradley University 1
Branch Banking & Trust Company 2 8
Brandeis University 6
Bridgestone Americas Trust Fund 1 36
Brigham Young University 50
Bristol-Myers Squibb Foundation, Inc. 17 33
Broadridge Financial Solutions, Inc. 4
Brocade Communications Systems, Inc. 2
Brooks Brothers Group, Inc. 1
Bucknell University 7
Bunge North America, Inc. 3
Bunzl USA, Inc. 1 4
Butler University 5
CACI International Inc 4 1
Calvin College 21
Cardinal Health Foundation 3
Cargill, Incorporated 5 5
Carleton College 70
Carlisle Companies Incorporated 1 1
Carpenter Technology Corporation 1 2
Case Western Reserve University 48
CBS Corporation 5
Centre College 3
Chemtura Corporation 1
Chevron U.S.A. Inc. 16
Chicos FAS, Inc. 2
Claremont McKenna College 11
Clemson University 31
Colby College (Maine) 3
Colgate-Palmolive Company 2 8
Collective Brands Foundation 5
College of Charleston 7
College of Wooster 4
Colorado College 6
Colorado State University 6
Computer Sciences Corporation 15
Sponsor Merit Special Sponsor Merit Special
Sponsors and the scholarships they supported in the 2012 National Merit
Scholarship Program
Bayer has been a proud sponsor of the National Merit Scholarship
Program for 25 years. The program is a great way to provide our
employees and their children with fnancial support for opportunities
in higher education.
Diana Kamyk, Head of U.S. Diversity and Inclusion, Bayer Corporation

ConAgra Foods Foundation 1
Concordia College (Minnesota) 3
CONSOL Energy Inc. 1 14
Continental Grain Foundation 1 1
Corning Incorporated 5
Corporate sponsor grants 118
COUNTRY Financial 5
Covidien 3 17
Creighton University 3
CSX Corporation 9
Cytec Industries Inc. 2 2
Davidson College 3
The Delphi Foundation 4
Denison University 18
DePauw University 2
Dickinson College (Pennsylvania) 1
Dole Food Company, Inc. 1
R. R. Donnelley Foundation 1 15
The Dow Chemical Company Foundation 15
Dow Jones Foundation 2 13
Drake University 4
Dresser, Inc. 2
E*TRADE Financial Corporation 2
Earlham College 2
Eastman Chemical Company Foundation, Inc. 2
Eaton Charitable Fund 5 10
El Paso Corporation 1 16
Electrolux North America 2
Emerson Charitable Trust 6
Emory University 34
Estee Lauder Companies, Inc. 3
ETHICON, INC. 1 1
FedEx Custom Critical, Inc. 2
FedEx Freight Corporation 20
FedEx Ground Package System, Inc. 6
Ferro Foundation 2
Fifth Third Foundation 10 7
FIL Holdings Corporation Inc. 1
Florida State University 7
Fluor Foundation 4
FMC Corporation 2 1
FMC Technologies, Inc. 2
Fordham University 29
Formosa Plastics Corporation, U.S.A. 3
Franklin and Marshall College 2
Furman University 9
GAF 2
Gannett Foundation, Inc. 4 8
GEICO Philanthropic Foundation 2
GenCorp Foundation, Incorporated 5
General Dynamics 14
General Dynamics Ordnance and Tactical Systems 1
General Mills Foundation 2
George Washington University 13
Georgia Institute of Technology 91
Georgia-Pacifc Foundation, Inc. 1 49
GKN Foundation 5
Gleason Foundation 2
Global Tungsten & Powders Corp. 1
Gonzaga University 2
Goodrich Foundation, Inc. 3
The Goodyear Tire & Rubber Company 6 2
Gordon College (Massachusetts) 4
Goshen College 2
W.W. Grainger, Inc. 1 9
Greyhound Lines, Inc. 4
Grinnell College 22
Gustavus Adolphus College 3
Hampshire College 1
Harding University 8
Harris Corporation 2
Harsco Corporation Fund 2
Harvey Mudd College 38
H. J. Heinz Company Foundation 6
Hendrix College 8
Henkel of America, Inc. 3 3
Hillsdale College 14
Hoffmann-La Roche Inc. 18 6
Honeywell International, Inc. 21
Hope College 10
Hormel Foods Charitable Trust 1 17
Houghton Miffin Harcourt 1 1
The Harvey Hubbell Foundation 1 3
The IKON Offce Solutions Foundation 2 8
Illinois Tool Works Foundation 5 25
Indiana University Bloomington 44
Ingersoll-Rand Charitable Foundation 4 12
Insperity Services, L.P. 3
Intermec Foundation 5
International Specialty Products Inc. 2
International Union of Bricklayers 3
and Allied Craftworkers
Iowa State University 30
Ithaca College 8
Jacobs Engineering Foundation 2
Janssen Pharmaceuticals, Inc. 4 1
Janssen Research & Development, LLC 3
Janssen Supply Chain 2
John Bean Technologies Corporation 2
Johnson & Johnson Consumer Companies, Inc. 1 5
Johnson & Johnson World Headquarters 2
Kalamazoo College 3
Kaman Corporation 3
Kansas State University 8
The Kennametal Foundation 5
Kenyon College 17
Knovel 2
Knox College 4
LANXESS Corporation 1
Lawrence University (Wisconsin) 9
Lehigh University 11
Lennox International Inc. 2 8
Lewis & Clark College 4
Liberty Mutual Scholarship Foundation 6 8
Liberty University 15
LMI Aerospace, Inc. 2
Lockheed Martin Corporation Foundation 44 56
Loews Foundation 1 3
Lord & Taylor Foundation 2
Lorillard Tobacco Company 8
Louisiana State University 33
Louisiana Tech University 4
Loyola University Chicago 11
The Lubrizol Foundation 3
Luther College 2
Luxottica Retail North America Inc. 8
Macalester College 25
Macys, Inc. 12 43
Marquette University 8
Marsh & McLennan Companies, Inc. 10 10
McDonalds Corporation 1
The McGraw-Hill Companies, Inc. 7 13
McKesson Foundation Inc. 8 12
Mead Johnson & Company, LLC 1 1
Mead Witter Foundation, Inc. 10
Medline Industries, Inc. 1
Glenn and Ruth Mengle Foundation 1
Messiah College 6
MetLife Foundation 5
Miami University 6
Michigan State University 33
Michigan Technological University 3
Mississippi State University 14
Missouri University of Science and Technology 10
The MITRE Corporation 1
The Modine Manufacturing Company 2
Foundation, Inc.
Montana State University-Bozeman 9
The Moodys Foundation 1 1
Motorola Mobility Foundation 9
Motorola Solutions Foundation 4
National Distillers Distributors Foundation 9
National Merit Scholarship Corporation 2,383
Nationwide Foundation 7 3
Navistar Foundation 1
New College of Florida 5
New Jersey Manufacturers Insurance Group 1 2
New York Life Foundation 5
The NewMarket Foundation 2
NextEra Energy Foundation, Inc. 5
NiSource Charitable Foundation 15
Norfolk Southern Foundation 3 7
North Dakota State University 5
Northeastern University (Massachusetts) 84
Northrop Grumman Corporation 48 13
Northwestern University 169
Novartis Corporation 20
Novo Nordisk Inc. 2
NSTAR Foundation 2
Oberlin College 28
Occidental College 4
Occidental Petroleum Corporation 2
ODonnell Foundation 2
Ohio State University 41
Ohio University 4
Oklahoma Christian University 4
Oklahoma City University 1
Oklahoma State University 14
Old National Bank Foundation 3
Franklin W. Olin College of Engineering 19
OMNOVA Solutions Foundation, Inc. 1
Omron Foundation, Inc. 5
Oregon State University 9
Ouachita Baptist University 3
Scholarship Program (continued)

The State Farm Companies Foundation believes in developing visionary
youth through the power of education. To encourage students pursuit
of their dreams, the Foundation partners with NMSC to fund National
Merit Scholarships and to provide scholarships to the children of State
Farm associates. We are proud to support these young leaders as they
invest in building bright futures.
Mary Crego, Vice President and Secretary, State Farm Companies Foundation

Panavision Inc. 2
Parker Hannifn Foundation 2
Frank E. Payne and Seba B. Payne Foundation 3
The Penn Mutual Life Insurance Company 1
Pennsylvania State University 5
Pepperdine University 3
PepsiCo Foundation, Inc. 20
Pfzer Inc 21 29
Pilkington North America, Inc. 2
Pomona College 6
PPG Industries Foundation 18 42
PPG Industries, Inc. 1
PPL 1 3
Putnam Investments, Inc. 2
Rensselaer Polytechnic Institute 14
Research Triangle Institute 4
Rexam Inc. Foundation 2
Reynolds American Foundation 3 14
Rheem Manufacturing Company 4
Rhodes College 13
Rice University 104
Robbins & Myers Foundation 1
Rochester Institute of Technology 12
Rockwell Automation Charitable Corporation 2
Rockwell Collins Charitable Corporation 12
Rolls-Royce North America Inc. 3
Rose-Hulman Institute of Technology 9
Rutgers, The State University of New Jersey 16
Saint Louis University 3
St. Olaf College 21
Samford University 4
Santa Clara University 4
SAP America, Inc. 9
Schindler Elevator Corporation 9
Schneider Electric North America Foundation 4 13
Schweinburg Fund 3
Science Applications International Corporation 15
Scripps College 8
Scripps Howard Foundation 1 10
Scripps Networks Interactive, Inc. 1 1
Sensient Technologies Foundation 2 1
Sentry Insurance Foundation, Inc. 5
The Shaw Group Inc. 5
Siemens Foundation 30 120
Snap-on Incorporated 5
Sogeti USA LLC 2
Solvay North America, LLC 4
Sony Electronics Inc. 3
South Dakota State University 3
Southern Company Services, Inc. 7
Southern Methodist University 14
Southwest Airlines Co. 5
Southwestern University 2
C. D. Spangler Foundation, Inc. 1
Spirit AeroSystems, Inc. 1
SRI International 2
State Farm Companies Foundation 8 92
Stony Brook University 9
Suburban Propane, L.P. 1 2
Tate & Lyle Americas LLC 2
Taylor Publishing Company 1
TD Ameritrade Services Company, Inc. 2 3
Telcordia Technologies 5
Tellabs Foundation 3
Tennessee Technological University 3
Teradata Corporation 7
Texas A&M University 113
Texas Christian University 10
Texas Instruments Incorporated 24
Texas Tech University 3
Textron Charitable Trust 4 6
J. Walter Thompson Company Fund, Inc. 2
3M Company 12 28
Tomkins Corporation Foundation 10
Towers Watson and Company 4
Transylvania University 2
The Travelers Employees Club 3 2
Tredegar Corporation 2
Trinity University 11
Truman State University 13
Tufts University 41
Tulane University 32
tw telecom, Inc. 2
United Services Automobile Association 1
Our ability to assist the children of fellow
UPSers in securing the opportunity for
post-secondary education is paramount to
helping build community resiliency for the
future.
Eduardo Martinez, President , The UPS Foundation

United States Fire Insurance Company 2
University of Alabama at Tuscaloosa 208
University of Alabama at Birmingham 9
University of Arizona 69
University of Arkansas, Fayetteville 31
University of Central Florida 57
University of Chicago 217
University of Cincinnati 28
University of Dallas 10
University of Dayton 3
University of Evansville 6
University of Florida 116
University of Georgia Foundation 42
University of Houston 24
University of Idaho 12
University of Illinois at Urbana-Champaign 40
University of Iowa 20
University of Kansas 29
University of Kentucky 54
University of Louisville 14
University of Maine 7
University of Maryland 47
University of Miami 23
University of Minnesota 115
University of Mississippi 28
University of Missouri-Columbia 26
University of Montana 2
University of Nebraska-Lincoln 38
University of Nevada, Reno 13
University of Nevada, Las Vegas 1
University of New Mexico 13
University of North Carolina at Chapel Hill 101
University of North Dakota 3
University of North Texas 7
University of Oklahoma 160
University of Oregon 8
University of Pittsburgh 3
University of Richmond 6
University of Rochester 24
University of St. Thomas (Minnesota) 6
University of the South 4
University of South Carolina 34
University of South Florida 20
University of Southern California 228
University of Southern Mississippi 8
University of Tennessee 17
University of Texas at Dallas 56
University of Tulsa 41
University of Utah 14
University of Vermont 3
University of Wisconsin-Madison 5
University of Wisconsin-Eau Claire 4
University of Wyoming 3
The UPS Foundation 22 103
Ursinus College 2
USG Foundation, Inc. 4 1
Utility Workers Union of America, AFL-CIO 2
Valparaiso University 2
Vanderbilt University 137
Villanova University 6
Virginia Polytechnic Institute and State University 14
Vulcan Materials Company Foundation 1 2
Wabash College 1
Walgreen Co. 11
Washington and Lee University 5
Washington State University 2
Washington University in St. Louis 142
Waste Management 2
Wayne State University (Michigan) 7
West Virginia University Foundation, Inc. 12
Western Washington University 3
Westminster College (Utah) 3
Westmont College 4
Wheaton College (Illinois) 22
Whitman College 16
Whitworth University 1
Wichita State University 3
Willamette University 2
Wirtz Corporation 2
Wofford College 2
Worcester Polytechnic Institute 17
Wm. Wrigley Jr. Company 7
Wyeth 3 33
Xavier University (Ohio) 3
The Xerox Foundation 10
National Merit
$2500 Scholarships
All corporate sponsors also provide grants in lieu of paying administrative fees
to help NMSC underwrite National Merit $2500 Scholarships.
Presidents Fund
Unsolicited contributions to support Merit Scholarship
awards were received

from the following donors in the 201112 fscal year. They are acknowledged
with sincere appreciation.
Lillian Hanzlik Trust
Judy Hitchcock
Nicholas Foundation
Beth L. ODonohoe
Jake P. and Deborah V. Traskel
8,064 1,389
Scholarship Program (continued)


37
Corporations, foundations, business organizations,
and professional associations have fnanced National
Achievement Scholarships in every competition, includ-
ing the frst in 1965. They have expended or committed
approximately $50 million for some 13,800 awards for
outstanding Black American high school students to con-
tinue their education. Sponsors provide Achievement
791
Sponsors of scholarships in the 2012 National
Achievement
Scholarship Program
ADP Foundation 1
Ameren Corporation Charitable Trust 1
Bayer USA Foundation 1
Black Contractors United 1
The Boule Foundation 12
BP Foundation, Inc. 1
Cardinal Health Foundation 1
Chevron U.S.A. Inc. 1
Computer Sciences Corporation 1
Con Edison 1
Delta Sigma Theta Sorority, Inc. 1
R. R. Donnelley Foundation 2
Gaylord and Dorothy Donnelley Foundation 1
ExxonMobil 2
Fifth Third Foundation 1
General Mills Foundation 1
GKN Foundation 2
Goodrich Foundation, Inc. 1
Harris Corporation 1
The IKON Offce Solutions Foundation 1
Loews Foundation 1
Mead Witter Foundation, Inc. 5
MetLife Foundation 1
Motorola Solutions Foundation 3
Navistar Foundation 1
The NewMarket Foundation 1
PepsiCo Foundation, Inc. 2
PPG Industries Foundation 2
Reynolds American Foundation 5
Sony Electronics Inc. 3
SRI International 2
Textron Charitable Trust 1
The UPS Foundation 3
Walgreen Co. 5
Wirtz Corporation 1
The Xerox Foundation 11
Sponsor # awards
Craig S. Ivey, President of Con Edison, presents a certificate to Derrick
C. Holman, winner of a 2012 National Achievement Con Edison
Scholarship. Con Edison has provided scholarships for the children of its
employees since 1979.
Scholarship
awards through an agreement with NMSC.

The National Achievement Programs professional ser-
vices for sponsors are provided by NMSC without charge
and include all aspects of candidate identifcation and
award administration. Certifcates are provided for spon-
sors to present to their winners, and a press release is sent
to news media in each Scholars community.
SPONSORSNATIONAL ACHIEVEMENT
SCHOLARSHIP PROGRAM
6* Abilene Christian University (5)
1 Agnes Scott College
6* Alma College (6)
14* American University (10)
8 Amherst College
97* Arizona State University (75)
62* Auburn University (50)
1 Azusa Pacifc University
6* Ball State University (6)
2 Bard College
1 Barnard College
83* Baylor University (71)
1 Belmont University
1 Bennington College
1 Bethel College (Kansas)
2* Bethel University (2)
1* Birmingham-Southern College (1)
1 Boise State University
11* Boston College (6)
39* Boston University (29)
36* Bowdoin College (32)
1* Bradley University (1)
7* Brandeis University (6)
63* Brigham Young University (50)
79 Brown University
1 Bryan College (Tennessee)
7* Bucknell University (7)
6* Butler University (5)
49 California Institute of Technology
3 California Polytechnic State
University, San Luis Obispo
24* Calvin College (21)
76* Carleton College (70)
1 Carlow University
33 Carnegie Mellon University
58* Case Western Reserve
University (48)
3 Cedarville University
6* Centre College (3)
1 Charleston Southern University
2 City College of New York
of the City University
of New York
15* Claremont McKenna College (11)
1 Clark University (Massachusetts)
42* Clemson University (31)
1 Cleveland Institute of Music
4* Colby College (Maine) (3)
1 Colgate University
10* College of Charleston (7)
1 College of the Holy Cross
4 College of New Jersey
1 College of St. Benedict
6 College of William and Mary
4* College of Wooster (4)
8* Colorado College (6)
4 Colorado School of Mines
6* Colorado State University (6)
91 Columbia University
4* Concordia College (Minnesota) (3)
1 Cooper Union for the Advancement
of Science & Art
1 Cornell College (Iowa)
54 Cornell University (New York)
1 Covenant College
6* Creighton University (3)
76 Dartmouth College
12* Davidson College (3)
22* Denison University (18)
4* DePauw University (2)
1* Dickinson College
(Pennsylvania) (1)
1 Dordt College
4* Drake University (4)
5 Drexel University
112 Duke University
2* Earlham College (2)
1 Eastern Mennonite University
1 Elmhurst College
1 Elon University
1 Embry-Riddle Aeronautical University
(Arizona)
1 Emerson College
43* Emory University (34)
1 Florida Institute of Technology
11* Florida State University (7)
Fordham University
37* Bronx (27)
4* College at Lincoln Center (2)
1 Franciscan University
of Steubenville
2* Franklin and Marshall College (2)
10* Furman University (9)
1 George Mason University
16* George Washington University (13)
36 Georgetown University
119* Georgia Institute of Technology (91)
1 Gettysburg College
3* Gonzaga University (2)
4* Gordon College (Massachusetts) (4)
2* Goshen College (2)
26* Grinnell College (22)
2 Grove City College
4* Gustavus Adolphus College (3)
1 Hamilton College
1* Hampshire College (1)
9* Harding University (8)
268 Harvard College
54* Harvey Mudd College (38)
1 Haverford College
11* Hendrix College (8)
16* Hillsdale College (14)
12* Hope College (10)
1 Houghton College
1 Illinois Wesleyan University
59* Indiana University
Bloomington (44)
35* Iowa State University (30)
8* Ithaca College (8)
1 James Madison University
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 2012 entering class of Merit Scholar
awardees
Participation in the National Merit Scholarship Program elevates the
academic setting at Emory University. Supporting academically high
achieving students through the funding of National Merit Scholarships
refects the desire Emory has to recruit and retain talented students
from across the United States while lessening the students fnancial
responsibility. The recognition that Emory receives through our part-
nership with National Merit Scholarship Corporation solidifes Emorys
place among the most distinguished colleges, universities, companies
and corporations who assist in the education of tomorrows leaders.
John Sisk, Assistant Director of Financial Aid, Emory University

*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. *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.
Merit
Scholars
Merit
Scholars
Merit
Scholars
1 Jewish Theological Seminary
of America
1 John Brown University
26 Johns Hopkins University
1 Juniata College
3* Kalamazoo College (3)
12* Kansas State University (8)
21* Kenyon College (17)
1 Kettering University
4* Knox College (4)
3 Lafayette College
9* Lawrence University
(Wisconsin) (9)
11* Lehigh University (11)
4* Lewis & Clark College
(Oregon) (4)
18* Liberty University (15)
3 Lipscomb University
37* Louisiana State University at
Baton Rouge (33)
4* Louisiana Tech University (4)
1 Loyola Marymount University
11* Loyola University Chicago (11)
3* Luther College (2)
32* Macalester College (25)
9* Marquette University (8)
1 Maryville University
of St. Louis
160 Massachusetts Institute
of Technology
1 Meredith College
7* Messiah College (6)
11* Miami University-Oxford (6)
39* Michigan State University (33)
4* Michigan Technological
University (3)
4 Middlebury College
1 Millsaps College
16* Mississippi State University (14)
12* Missouri University of Science
and Technology (10)
11* Montana State University-
Bozeman (9)
1 Morehouse College
4 Mount Holyoke College
1 Muhlenberg College
1 Murray State University
(Kentucky)
5* New College of Florida (5)
16 New York University
6 North Carolina State University
6* North Dakota State University (5)
1 North Georgia College &
State University
103* Northeastern University
(Massachusetts) (84)
1 Northern Arizona University
1 Northwestern College (Iowa)
236* Northwestern University (169)
37* Oberlin College (28)
4* Occidental College (4)
1 Ohio Northern University
57* Ohio State University-
Columbus (41)
6* Ohio University-Athens (4)
1 Ohio Wesleyan University
7* Oklahoma Christian University (4)
1* Oklahoma City University (1)
17* Oklahoma State University (14)
19* Franklin W. Olin College of
Engineering (19)
11* Oregon State University (9)
1 Otterbein University
3* Ouachita Baptist University (3)
23* Pennsylvania State University-
University Park (5)
8* Pepperdine University (3)
17* Pomona College (6)
181 Princeton University
1 Providence College
15 Purdue University
2 Reed College
20* Rensselaer Polytechnic
Institute (14)
15* Rhodes College (13)
147* Rice University (104)
13* Rochester Institute
of Technology (12)
1 Rollins College
13* Rose-Hulman Institute of
Technology (9)
24* Rutgers, The State University
of New Jersey (16)
5* Saint Louis University (3)
1 Saint Martins University
1 Saint Marys College of California
1 St. Norbert College
31* St. Olaf College (21)
1 St. Thomas Aquinas College
4* Samford University (4)
5* Santa Clara University (4)
1 Sarah Lawrence College
9* Scripps College (8)
3* South Dakota State University (3)
20* Southern Methodist University (14)
2* Southwestern University
(Texas) (2)
195 Stanford University
State University of New York at
2 Binghamton
1 Buffalo
12* Stony Brook (9)
1 Stevens Institute of Technology
15 Swarthmore College
4* Tennessee Technological
University (3)
136* Texas A&M University (113)
12* Texas Christian University (10)
3* Texas Tech University (3)
3* Transylvania University (2)
11* Trinity University (Texas) (11)
14* Truman State University (13)
49* Tufts University (41)
36* Tulane University (32)
2 Union University (Tennessee)
3 University of Akron
University of Alabama,
241* Tuscaloosa (208)
11* Birmingham (9)
81* University of Arizona (69)
35* University of Arkansas,
Fayetteville (31)
University of California,
90 Berkeley
2 Davis
2 Irvine
26 Los Angeles
11 San Diego
2 Santa Barbara
2 University of Central Arkansas
67* University of Central Florida (57)
1 University of Charleston
303* University of Chicago (217)
37* University of Cincinnati (28)
6 University of Colorado at Boulder
1 University of Connecticut-Storrs
14* University of Dallas (10)
4* University of Dayton (3)
1 University of Delaware
1 University of Denver
7* University of Evansville (6)
136* University of Florida (116)
51* University of Georgia (42)
1 University of Hartford
27* University of Houston-
University Park (24)
40
12* University of Idaho (12)
University of Illinois at
64* Urbana-Champaign (40)
3 Chicago
23* University of Iowa (20)
37* University of Kansas (29)
70* University of Kentucky (54)
17* University of Louisville (14)
8* University of Maine (7)
University of Maryland,
61* College Park (46)
3* Baltimore County (1)
1 University of Massachusetts
Amherst
33* University of Miami (23)
46 University of Michigan
University of Minnesota-
143* Twin Cities (114)
1* Morris (1)
40* University of Mississippi (28)
University of Missouri-
29* Columbia (26)
2 Kansas City
2* University of Montana-Missoula (2)
University of Nebraska
46* Lincoln (38)
1 Omaha
University of Nevada,
16* Reno (13)
1* Las Vegas (1)
1 University of New England
15* University of New Mexico (13)
136* University of North Carolina at
Chapel Hill (101)
4* University of North Dakota (3)
7* University of North Texas (7)
51 University of Notre Dame
194* University of Oklahoma (160)
8* University of Oregon (8)
1 University of the Pacifc
117 University of Pennsylvania
Colleges and universities enrolling the 2012 entering class of Merit Scholar
awardees (continued)
*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.
Scholars
enrolled
4,888
3,176
8,064
Colleges
attended
212
123
335
private institutions
public institutions
20* University of Pittsburgh (3)
1 University of Puget Sound
7* University of Richmond (6)
30* University of Rochester (24)
6* University of St. Thomas
(Minnesota) (6)
7* University of the South (4)
41* University of South Carolina-
Columbia (34)
1 University of South Dakota
22* University of South Florida (20)
263* University of Southern
California (228)
9* University of Southern
Mississippi (8)
20* University of Tennessee,
Knoxville (17)
University of Texas at
57 Austin
1 Arlington
63* Dallas (56)
1 Pan American
48* University of Tulsa (41)
21* University of Utah (14)
7* University of Vermont (3)
31 University of Virginia
13 University of Washington
University of Wisconsin-
20* Madison (5)
4* Eau Claire (4)
1 La Crosse
3* University of Wyoming (3)
2* Ursinus College (2)
2* Valparaiso University (2)
187* Vanderbilt University (137)
6 Vassar College
6* Villanova University (6)
15* Virginia Polytechnic Institute and
State University (14)
1* Wabash College (1)
1 Wake Forest University
1 Walla Walla University
13* Washington and Lee
University (5)
4* Washington State University (2)
206* Washington University in
St. Louis (142)
8* Wayne State University
(Michigan) (7)
5 Wellesley College
1 Wesleyan University (Connecticut)
16* West Virginia University (12)
1 Western Illinois University
2 Western Kentucky University
1 Western Michigan University
4* Western Washington
University (3)
3* Westminster College (Utah) (3)
4* Westmont College (4)
25* Wheaton College (Illinois) (22)
16* Whitman College (16)
1* Whitworth University (1)
5* Wichita State University (3)
3* Willamette University (2)
39 Williams College
1 Wisconsin Lutheran College
3* Wofford College (2)
19* Worcester Polytechnic Institute (17)
3* Xavier University (Ohio) (3)
206 Yale University
1 Yeshiva University
The University of Central Florida is proud to be a sponsor of the
National Merit Scholarship Program. The talented students who be-
come National Merit Finalists and who choose to attend UCF are among
the best and brightest students in the nation. We often hear from our
Scholars that a college education would not have been possible were
it not for the support provided by NMSC and UCF. We are thankful
for our association with NMSC and the wonderful opportunities that
the scholarship support provides to so many deserving young people.
Gordon D. Chavis, Jr., J.D., Associate Vice President, University of Central Florida
Merit
Scholars
Merit
Scholars
Merit
Scholars
Allegiance and Support
41
1 Albany State University
2 American University
3 Amherst College
1 Andrews University (Michigan)
1 Appalachian State University
2 Arizona State University
1 Barnard College
1 Baylor University
2 Belmont University
1 Berklee College of Music
1 Bethel College (Kansas)
1 Biola University
5 Boston University
2 Brigham Young University
1 Brooklyn College
of the City University
of New York
22 Brown University
2 California Institute
of Technology
2 Calvin College
1 Carleton College
5 Carnegie Mellon University
1 Case Western Reserve University
1 Cedarville University
1 Claremont McKenna College
1 Clemson University
1 College of Charleston
1 College of New Jersey
6 College of William and Mary
1 College of Wooster
1 Colorado School of Mines
1 Columbia College Chicago
37 Columbia University
12 Cornell University (New York)
3 Dartmouth College
23 Duke University
1 Earlham College
1 Elon University
10 Emory University
1 Florida A&M University
1 Florida International University
3 Florida State University
1 Fordham University
1 Franciscan University
of Steubenville
3 George Washington University
3 Georgetown University
8 Georgia Institute of Technology
1 Georgia State University
1 Goucher College
1 Grand Valley State University
4 Hampton University
54 Harvard College
1 Harvey Mudd College
1 Hendrix College
1 Hope College
8 Howard University
1 Hunter College of the
City University of New York
6 Indiana University Bloomington
1 Iowa State University
6 Johns Hopkins University
1 La Sierra University
Louisiana State University at
1 Baton Rouge
1 Shreveport
1 Loyola University New Orleans
1 Macalester College
1 Marymount Manhattan College
31 Massachusetts Institute
of Technology
1 Michigan State University
1 MidAmerica Nazarene University
1 Middlebury College
1 Mills College
1 Millsaps College
1 Mississippi State University
1 Moody Bible Institute
1 Morehouse College
2 Mount Holyoke College
12 New York University
2 North Carolina Agricultural
and Technical State University
6 North Carolina State University
2 Northeastern University
(Massachusetts)
4 Northwestern University
1 Oberlin College
5 Ohio State University-Columbus
1 Ohio University-Athens
2 Oklahoma State University
2 Pomona College
35 Princeton University
1 Purdue University
1 Rensselaer Polytechnic Institute
15 Rice University
1 Rochester Institute of Technology
1 St. Johns University (New York)
1 Shawnee State University (Ohio)
1 South Carolina State University
1 Southern Arkansas University
1 Southern Methodist University
6 Spelman College
47 Stanford University
5 Swarthmore College
1 Syracuse University
1 Texas A&M University
2 Tufts University
3 Tulane University
University of Alabama,
20 Tuscaloosa
1 Birmingham
1 Huntsville
4 University of Arizona
1 University of Arkansas,
Fayetteville
University of California,
2 Berkeley
1 Los Angeles
1 San Diego
2 Santa Barbara
1 University of Central Florida
13 University of Chicago
1 University of Cincinnati
1 University of Delaware
11 University of Florida
5 University of Georgia
3 University of Houston-
University Park
6 University of Illinois at
Urbana-Champaign
1 University of Kentucky
2 University of Louisville
University of Maryland,
5 College Park
2 Baltimore County
8 University of Miami
7 University of Michigan
1 University of Mississippi
1 University of New Mexico
11 University of North Carolina at
Chapel Hill
6 University of Notre Dame
2 University of Oklahoma
36 University of Pennsylvania
7 University of Pittsburgh
4 University of Richmond
1 University of Rochester
1 University of South Alabama
Achievement
Scholars
Achievement
Scholars
Achievement
Scholars
Colleges and universities enrolling the 2012 entering class of Achievement Scholar
awardees

5 University of South Carolina-
Columbia
3 University of South Florida
7 University of Southern California
1 University of Tennessee, Knoxville
University of Texas at
6 Austin
1 Dallas
1 University of the Virgin Islands
1 University of Tulsa
4 University of Virginia
1 University of West Florida
University of Wisconsin-
1 Madison
1 Stevens Point
20 Vanderbilt University
2 Vassar College
1 Villanova University
1 Virginia Commonwealth University
2 Virginia Polytechnic Institute and
State University
3 Wake Forest University
28 Washington University in St. Louis
3 Wellesley College
3 Wesleyan University (Connecticut)
1 West Chester University
of Pennsylvania
3 Wheaton College (Illinois)
5 Williams College
1 Xavier University (Ohio)
1 Xavier University of Louisiana
43 Yale University
Achievement
Scholars
Scholars
enrolled
599
192
791
Colleges
attended
90
72
162
private institutions
public institutions
Colleges and universities enrolling the 2012 entering class of Achievement Scholar
awardees (continued)
%
reported a GPA of A- or
above upon graduation.
%
grad uated from college
with some form of honors
(summa, magna, or cum
laude). 40% graduated
summa cum laude (with
highest honors).
65 percent reported receiving academic honors,
awards, or fellowships/scholarships in addition to
their awards from National Merit Scholarship Corpo-
ration. Examples include a Marshall Scholarship or
Fulbright Fellowship.
%
%
86 percent of students surveyed reported that they had
partici pated in one or more extracurricular activities, in-
cluding athletics, community service/tutoring, teaching/
research, serving as an offcer of an organization, or pub-
lishing papers/research articles.
Interesting facts about the Merit and Achievement
Scholars graduating from college in 2012
Top Post Graduate Plans:
Graduate school - 25% Education career - 6%
Business career - 12% Engineering career - 6%
Medical school - 11% Law school - 4%
To the Board of Directors
Evanston, Illinois
We have audited the accompanying statements of fnancial position of National Merit Scholar-
ship Corporation (NMSC) as of May 31, 2012 and 2011 and the related statements of activities
and cash ows for the years then ended. These fnancial statements are the responsibility of
NMSCs management. Our responsibility is to express an opinion on these fnancial 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 reason-
able assurance about whether the fnancial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the fnancial statements. An audit also includes assessing the accounting principles used and
signifcant estimates made by management, as well as evaluating the overall fnancial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the fnancial statements referred to above present fairly, in all material respects,
the fnancial position of National Merit Scholarship Corporation as of May 31, 2012 and 2011,
and the changes in its net assets and its cash ows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
McGladrey LLP
Chicago, Illinois
August 6, 2012
FINANCIAL REPORT
June 1, 2011May 31, 2012
43
44
See Notes to Financial Statements.
Assets 2012 2011
Cash and cash equivalents $ 395,621 $ 855,182
Investments, at fair value
Money market funds 2,892,628 6,915,375
Common and preferred stocks (cost: 2012, $13,995,230; 2011, $13,887,429) 14,610,221 16,481,572
Mutual funds (cost: 2012, $112,777,529; 2011, $117,409,433) 125,624,681 136,734,298
143,127,530 160,131,245
Other assets
Accrued interest and dividend income receivable 55,048 69,376
Other receivables and prepaid expenses 920,905 707,771
Software, equipment, furniture and leasehold improvements 5,545,899 2,582,744
6,521,852 3,359,891
$ 150,045,003 $ 164,346,318
Liabilities and Net Assets
Liabilities
Sponsor grants received in advance $ 1,751,065 $ 1,950,715
Accounts payable and accrued expenses 2,030,467 1,006,811
Payable to brokers and banks 78,476 19,765
3,860,008 2,977,291
Net assets
Unrestricted
National Merit Program 129,064,735 140,647,833
National Achievement Program 13,487,401 16,699,088
142,552,136 157,346,921
Temporarily restricted
National Merit Program 436,164 740,007
National Achievement Program 135,679 221,083
571,843 961,090
Permanently restricted
National Merit Program 2,421,016 2,421,016
3,061,016 3,061,016
146,184,995 161,369,027
$ 150,045,003 $ 164,346,318
STATEMENTS OF FINANCIAL POSITION May 31, 2012 and 2011
45
Unrestricted 2012 2011
Revenue: Merit Achievement Total Total
Sponsor grants and donor contributions $ 40,201,501 $ 493,474 $ 40,694,975 $ 42,126,370
Investment income, net 1,486,720 158,057 1,644,777 1,687,542
Test fee revenue 2,160,208 522,280 2,682,488 2,692,553
Operational contributions 4,305,938 1,076,485 5,382,423 974,974
Other 9,416 212 9,628 3,327
Net assets released from restriction 132,084 36,421 168,505 157,024
48,295,867 2,286,929 50,582,796 47,641,790
Expenses:
Sponsor scholarship expense 39,477,575 458,484 39,936,059 40,557,202
NMSC scholarship expense 5,962,500 1,925,792 7,888,292 7,849,460
Contribution expense 2,160,208 522,280 2,682,488 2,692,553
Operating expenses 8,902,988 1,986,842 10,889,830 5,192,649
56,503,271 4,893,398 61,396,669 56,291,864
Net realized and unrealized gain (loss) on investments (3,375,694) (605,218) (3,980,912) 23,778,368
Change in unrestricted net assets (11,583,098) (3,211,687) (14,794,785) 15,128,294
Temporarily restricted
Investment loss, net (4,537) (1,563) (6,100) (4,703)
Net realized and unrealized gain (loss) on investments (167,222) (47,420) (214,642) 737,176
Net assets released from restriction (132,084) (36,421) (168,505) (157,024)
Change in temporarily restricted net assets (303,843) (85,404) (389,247) 575,449
Increase (decrease) in net assets (11,886,941) (3,297,091) (15,184,032) 15,703,743
Net assets
Beginning of year 143,808,856 17,560,171 161,369,027 145,665,284
End of year $ 131,921,915 $ 14,263,080 $146,184,995 $ 161,369,027
STATEMENTS OF ACTIVITIES years ended May 31, 2012 and 2011
46
NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Activities and Signifcant Accounting Policies
National Merit Scholarship Corporation (NMSC) is an Illinois not-for-proft corporation. NMSC executes agreements with some 450 corpora-
tions, company foundations, other business organizations, and colleges and universities to provide grants in support of scholarships awarded
by NMSC to students for college undergraduate study. NMSC conducts two annual competitions: the National Merit Scholarship Program, which
is open to all U.S. high school students, and the National Achievement Scholarship Program, in which Black American students participate.
The fnancial statements have been prepared in conformity with accounting principles applicable to nonproft organizations, which require that
net assets and related revenue, expenses, gains and losses be classifed as unrestricted, temporarily restricted, or permanently restricted based
on the existence or absence of donor-imposed restrictions. Unrestricted net assets are not subject to donor-imposed restrictions, and include
funds designated by the Board of Directors for specifc purposes. Temporarily restricted net assets are subject to donor-imposed restrictions
which will be met either by NMSCs actions or the passage of time. Temporarily restricted net assets are reclassifed to unrestricted net assets
when the restrictions have been met or have expired. Temporarily restricted net assets of NMSC include earnings on the endowment fund
which have not yet been appropriated for expenditure. Permanently restricted net assets are subject to donor-imposed restrictions requiring
the principal to be maintained in perpetuity, and the income to be used only for NMSCs scholarship programs.
The preparation of fnancial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions affecting the amounts reported in the fnancial statements and accompanying notes. Actual
results could differ from those estimates.
The carrying amounts of fnancial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued
expenses approximates fair value due to the short maturity of these instruments.
STATEMENTS OF CASH FLOWS years ended May 31, 2012 and 2011
Cash Flows from Operating Activities 2012 2011
Change in net assets $ (15,184,032) $ 15,703,743
Unrealized (gain) loss on investments 8,456,866 (16,497,188)
Realized gain on investments (4,261,312) (8,018,356)
Depreciation and amortization 401,747 141,159
Changes in:
Accrued interest and dividend income receivable 14,328 14,094
Other receivables and prepaid expenses (213,134) (641,337)
Sponsor grants received in advance (199,650) (100,233)
Accounts payable and accrued expenses 1,023,656 517,138
Payable to brokers and banks 58,711 4,427
Net cash used in operating activities (9,902,820) (8,876,553)
Cash Flows from Investing Activities
Purchase of investments (83,184,887) (102,936,912)
Proceeds from sale of investments 95,993,048 113,639,343
Purchase of software, equipment, furniture and leasehold improvements (3,364,902) (1,592,630)
Net cash provided by investing activities 9,443,259 9,109,801
Increase (decrease) in cash and cash equivalents (459,561) 233,248
Cash and cash equivalents:
Beginning of year 855,182 621,934
End of year $ 395,621 $ 855,182
47
Cash and cash equivalents consist 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. NMSC had cash balances on deposit at May 31, 2012 and 2011 that exceeded
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 signifcant credit risk on cash.
Investments are reected at fair value based on quoted market prices for those or similar investments. The net gains or losses on the sale of
investment securities are computed using the average cost method. Transactions in all securities are recorded on a trade-date basis.
NMSCs 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 fnancial position.
Investment income is reected net of related portfolio management fees of $257,731 and $320,719 for the years ended May 31, 2012 and
2011, respectively.
Software, equipment, furniture, and leasehold improvements are stated at cost. Expenditures for major additions and improvements are
capitalized and minor replacements and maintenance expenditures are charged to expense. Leasehold improvements are amortized over the
remaining lease term. For fnancial reporting purposes, annual depreciation is computed using the straight-line method over the estimated
useful lives of the assets. Equipment and software are depreciated over fve years and furniture is depreciated over 10 years.
NMSC receives grants for scholarships from various sponsors, and the grants are recognized as revenue when the applicable scholarship pay-
ments 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. Contributions received with donor-imposed restrictions are recorded as temporarily
or permanently restricted revenue dependent on the nature of the restriction.
Pursuant to an agreement with the College Board, NMSC is entitled to receive a percentage of the annual testing fees the College Board
collects from the Preliminary SAT/National Merit Scholarship Qualifying Test (PSAT/NMSQT). For fscal years 2012 and 2011, NMSC chose to
waive receipt of these fees, and has effectively donated them back to the College Board as an investment in the exams quality and validity,
and ensuring the cost per exam is kept to a minimum. These fees are reected on the statements of activities as equivalent amounts of test
fee revenue and contribution expense. In fscal years 2012 and 2011, NMSC recorded contribution revenue of $5,382,423 and $974,974,
respectively, from the College Board to support a signifcant software and systems renovation, as well as certain ongoing operational services.
NMSC is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law. The accounting standard
on accounting for uncertainty in income taxes addresses the determination of whether tax benefts claimed or expected to be claimed on a tax
return should be recorded in the fnancial statements. Under this guidance, NMSC may recognize the tax beneft from an uncertain tax position
only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of
the position. The tax benefts recognized in the fnancial statements from such a position are measured based on the largest beneft that has
a greater than 50 percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes
also addresses de-recognition, classifcation, interest and penalties on income taxes, and accounting in interim periods.
Management evaluated NMSCs tax positions for all open tax years and has concluded that NMSC had taken no uncertain tax positions that
require adjustment to the fnancial statements. Generally, NMSC is no longer subject to income tax examinations by the U.S. federal, state, or
local tax authorities for years before 2009, which is the standard statute of limitations look-back period.
NMSC has evaluated subsequent events for potential recognition and/or disclosure through August 6, 2012, the date the fnancial statements
were available to be issued.
Note 2. Endowment Net Assets
Endowment net assets are comprised of permanently restricted contributions, all of which are invested in perpetuity as required by the donors,
and accumulated unspent earnings on those contributions. The endowments are held in a mix of broad based stock and fxed income funds.
The income from these endowments is used to pay for scholarships sponsored by donors in the National Merit Program and the National
Achievement Program.
Interpretation of Relevant Law NMSCs management has interpreted the Illinois Uniform Prudent Management of Institutional Funds Act
(UPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent
explicit donor stipulations to the contrary. As a result of this interpretation, management has classifed as permanently restricted net assets
48
NOTES TO FINANCIAL STATEMENTS (continued)
(a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment,
and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time
the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classifed in permanently
restricted net assets is classifed as temporarily restricted net assets until those amounts are appropriated for expenditure by management in
a manner consistent with the standard of prudence prescribed by UPMIFA. Board-designated endowment funds represent the unspent endow-
ment earnings accumulated prior to NMSCs adoption of 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 ination and deation; (5) The expected total return from income and the appreciation of investments; and (6) The
investment policy of NMSCs endowment fund.
NMSCs endowment net asset composition at May 31, 2012 and 2011 is as follows:
2012 2011
Unrestricted
Temporarily
Restricted
Permanently
Restricted Total
Endowment
Total
Donor-restricted funds $ - $ 571,843 $ 3,061,016 $ 3,632,859 $ 4,002,106
Board-designated funds 370,287 - - 370,287 370,287
$ 370,287 $ 571,843 $ 3,061,016 $ 4,003,146 $ 4,392,393
Endowment net assets are comprised of the following amounts related to the National Merit Program and National Achievement Program
at May 31, 2012 and 2011:
2012 2011
National Merit Program $ 3,129,395 $ 3,433,238
$ 4,003,146 $ 4,392,393
Changes in endowment assets for the years ended May 31, 2012 and 2011 were as follows:
2012
Unrestricted
Temporarily
Restricted
Permanently
Restricted Total 2011
Balance, beginning of year $ 370,287 $ 961,090 $ 3,061,016 $ 4,392,393 $ 3,816,944
Investment loss, net - (6,100) - (6,100) (4,703)
Net realized and unrealized gain
(loss) on investments - (214,642) - (214,642) 737,176
Endowment net assets
appropriated for expenditure - (168,505) - (168,505) (157,024)
Balance, end of year $ 370,287 $ 571,843 $ 3,061,016 $ 4,003,146 $ 4,392,393
Return Objectives and Risk Parameters NMSC has adopted endowment investment and spending policies that attempt to provide a predict-
able stream of funding to provide scholarships as indicated by the donor while ensuring that the original value of the endowment contributions
is preserved. While acknowledging that unfavorable capital market conditions may cause the market value of the endowment fund 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 4.4 percent real annual growth. Actual returns in any given year may vary from this amount.
Strategies Employed for Achieving Objectives To satisfy its long-term rate-of-return objectives, NMSC determines the overall target asset al-
location for the endowment funds total investment portfolio. This determination is 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
49
Spending Policy NMSC has a policy of appropriating expenditures from the endowment fund each year.
Note 3. Fundraising Costs
Total fundraising costs incurred by NMSC were $1,810,091 and $790,393 for the years ended May 31, 2012 and 2011, respectively. Such costs
are reected in National Merit Program and National Achievement Program operating expenses in the statements of activities.
Note 4. Total NMSC Expenses
Total NMSC expenses incurred for the years ended May 31, 2012 and 2011 were allocated as follows:
2012
Program Services Management
and General Fundraising Total Merit Achievement
Scholarship expense $ 45,440,075 $ 2,384,276 $ - $ - $ 47,824,351
Contribution expense 2,160,208 522,280 - - 2,682,488
Compensation and employee benefts 1,645,843 194,012 545,202 348,896 2,733,953
Printing, general offce, and depreciation 427,946 105,313 102,072 143,983 779,314
Professional services 3,961,571 670,558 892,008 1,226,900 6,751,037
Rent, maintenance, and amortization of
leasehold improvements 224,115 67,234 80,681 76,199 448,229
Advisory council and selection committees 53,357 19,837 - - 73,194
Directors meetings and employees travel 55,272 12,976 21,742 14,113 104,103
$ 53,968,387 $ 3,976,486 $ 1,641,705 $ 1,810,091 $ 61,396,669
2011
Program Services Management
and General Fundraising Total Merit Achievement
Scholarship expense $ 45,922,702 $ 2,483,960 $ - $ - $ 48,406,662
Contribution expense 2,194,431 498,122 - - 2,692,553
Compensation and employee benefts 1,585,038 318,180 557,896 393,304 2,854,418
Printing, general offce, and depreciation 331,880 74,363 62,456 114,224 582,923
Professional services 697,354 122,412 232,212 213,703 1,265,681
Rent, maintenance, and amortization of
leasehold improvements 187,054 56,116 67,339 63,598 374,107
Advisory council and selection committees 56,256 20,308 - - 76,564
Directors meetings and employees travel 19,894 5,149 8,349 5,564 38,956
$ 50,994,609 $ 3,578,610 $ 928,252 $ 790,393 $ 56,291,864
Equity 65% 6268%
Fixed income 35% 3040%
Normal
Allocation Asset Class
Allowable
Range
Note 5. Investment Gains and Losses
Net realized and unrealized gains and losses for the years ended May 31, 2012 and 2011 consisted of the following:
2012 2011
Merit Achievement Total Total
Net unrealized gain at end of year $ 12,041,307 $ 1,420,836 $ 13,462,143 $ 21,919,009
Net unrealized gain at beginning of year 19,418,040 2,500,969 21,919,009 5,421,821
Net unrealized gain (loss) for the year (7,376,733) (1,080,133) (8,456,866) 16,497,188
Net realized gain for the year 3,833,817 427,495 4,261,312 8,018,356
Net realized and unrealized gain on $ (3,542,916) $ (652,638) $ (4,195,554) $ 24,515,544
investments for the year
the probabilities of achieving acceptable rates of return and defned the target asset allocation deemed most appropriate for the needs of the
endowment fund. Currently the overall target asset allocation for the endowment fund is as follows:
50
NOTES TO FINANCIAL STATEMENTS (continued)
Note 6. Fair Value Disclosures
Investments are presented in the fnancial statements at fair value in accordance with accounting principles generally accepted in the United
States of America. Guidance provided by the Financial Accounting Standards Board defnes 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 defned 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.
Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly.
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 signifcant management judgment
or estimation.
NMSC assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the
event or change in circumstances that caused the transfer. For the years ended May 31, 2012 and 2011, there were no such transfers.
For the years ended May 31, 2012 and 2011, the application of valuation techniques applied to similar assets and liabilities has been consistent.
The following table summarizes NMSCS investments accounted for at fair value. The fair values of such investments as defned by the fair value
hierarchy at May 31, 2012 and 2011 consisted of the following:
Common and preferred stocks
2012 Total Level 1 Level 2
Large-cap $ 13,104,374 $ 13,104,374 $ -
Mid-cap 1,505,847 1,505,847 -
Mutual funds
U.S. Stock Funds 31,474,670 11,701,541 19,773,129
Global Stock Funds 43,634,186 39,795,405 3,838,781
Fixed Income Funds 50,515,825 26,236,337 24,279,488
Money market funds 2,892,628 2,892,628 -
$ 143,127,530 $ 95,236,132 $ 47,891,398
Common and preferred stocks
2011 Total Level 1 Level 2
Large-cap $ 14,674,504 $ 14,674,504 $ -
Mid-cap 1,807,068 1,807,068 -
Mutual funds
U.S. Stock Funds 35,373,357 11,372,197 24,001,160
Global Stock Funds 48,071,911 43,846,470 4,225,441
Fixed Income Funds 53,289,030 26,156,192 27,132,838
Money market funds 6,915,375 6,915,375 -
$ 160,131,245 $ 104,771,806 $ 55,359,439
Quoted Prices in
Active Markets for
Identical Assets
Signifcant Other
Observable Inputs
Quoted Prices in
Active Markets for
Identical Assets
Signifcant Other
Observable Inputs
Note 8. Commitments for Future Scholarship Payments
The obligation for future payments to scholarship recipients presently in college and those appointed and entering college in the fall of
2012 is estimated to be $110,100,000; this includes the National Merit Program, $106,600,000, and the National Achievement Program,
$3,500,000. 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 $8,500,000; this includes the National Merit Program, $6,100,000, and the National Achievement Program, $2,400,000.
Note 9. Lease Commitments
NMSC has a noncancelable lease for offce space expiring September 30, 2019. Rent expense for the years ended May 31, 2012 and
2011 was $407,345 and $346,332, respectively. Minimum rental commitments for each of the fve succeeding fscal years are as follows:
$415,996 for 2013; $424,493 for 2014; $432,991 for 2015; $441,502 for 2016; and $450,019 for 2017. Commitments for years after
2017 total $940,714. Future rentals may be adjusted for increases in certain taxes and operating expenses incurred by the lessor.
Note 10. Employee Beneft Plan
NMSC maintains a defned contribution 403(b) Retirement Plan for its eligible employees who have completed at least one year of service.
The total contributed by NMSC was $262,079 and $265,529 for the years ended May 31, 2012 and 2011, respectively. At the employees
election, each contribution is made as a premium on an annuity contract or a contribution to a mutual fund custodial account.
Note 7. Property and Equipment
Property and equipment for the years ended May 31, 2012 and 2011 consisted of the following:
2012 2011
Software $ 5,856,876 $ 2,546,885
Equipment 163,353 151,227
Furniture & Fixtures 125,915 125,915
Leasehold improvements 448,098 405,313
6,594,242 3,229,340
Accumulated depreciation and amortization (1,048,343) (646,596)
$ 5,545,899 $ 2,582,744
The provisions for depreciation and amortization amounted to $401,747 and $141,159 for the years ended May 31, 2012 and 2011, respectively.
51
The National Merit SAIC Scholarship Program recognizes the exceptional sons and
daughters of SAIC employees. For 26 years our scholarships have helped accelerate
the students, the institutions of higher learning, and the solutions driven by science,
technology, engineering and mathematics.
Douglas Koelemay, Vice President, Community Relations
Science Applications International Corporation
The Scripps Howard Foundation is proud to sponsor undergraduate scholarships through the National Merit
Scholarship Program. We cant think of a better way to reward and encourage scholastic achievement than to iden-
tify, honor and fnancially assist the sons and daughters of Scripps employees.
Mike Philipps, President and CEO
Scripps Howard Foundation
The RR Donnelley Foundation believes education is critical to the continued success of our nation. We partner
with National Merit Scholarship Corporation, as their goal to identify and promote academically talented high
school students aligns well with the values of our company in supporting youth and education.
Thomas M. Carroll, Executive Vice President,
Chief Human Resource Offcer, RR Donnelley Foundation President
We are proud to recognize the achieve-

ments of our associates children through
the National Merit Macys, Inc. Schol-
arship Program and are proud to be af-
fliated with a respected and prestigious
organization such as NMSC. The scholar-
ship program also helps us reinforce our
support of education, which is one of the
companys focus areas for philanthropy.
Sharon Bateman, Vice President of
Corporate Giving, Macys, Inc.
AmerisourceBergen is committed to fur-

thering education. The National Merit
Scholarship Program recognizes and en-
courages academically talented students,
which helps reinforce this commitment to
our associates and their families.
Donna Dasher, Vice President
Compensation, Benefts and Payroll
AmerisourceBergen Corporation
AMY E. BELSTRA
College Counselor
Libertyville High School
Libertyville, Illinois
BARBARA B. BERGMAN
Director of College Counseling
Georgetown Day School
Washington, District of Columbia
ROBERT CELEBREZZE
Principal
Moscow High School
Moscow, Idaho
MARK C. DZIATCZAK
Principal
Troy High School
Troy, Michigan
ALAN L. FIELDS
Principal
Kenai Central High School
Kenai, Alaska
M. TIMOTHY GOTT
Director
The Gatton Academy of Mathematics and
Science in Kentucky
Bowling Green, Kentucky
MATTHEW P. HORVAT
High School Principal
The University of Chicago Laboratory Schools
Chicago, Illinois
ANNE G. JOHNS
Director of Guidance
Solon High School
Solon, Ohio
DONALD J. KAVANAGH
Principal
La Salle Academy
Providence, Rhode Island
KEVIN C. LILLEY
Senior Counselor
George Washington High School
Charleston, West Virginia
GLENN MILEWSKI
Executive Director, PSAT/NMSQT Program
The College Board
New York, New York
KATHERINE C. PELTZ
Concord Academy
Concord, Massachusetts
LOREN J. RATHERT
Principal
Catalina Foothills High School
Tucson, Arizona
LINDA A. RAWLINGS
Principal
Westlake High School
Austin, Texas
Merit
MYRON ARAKAWA
Punahou School
Honolulu, Hawaii
WALTER A. BLAKE
Senior Associate Director of Admissions
Wabash College
WENDY M. BOATMAN
Counselor
Nicholas Senn High School
Chicago, Illinois
GARY CLARK
Assistant Dean
Offce of Admission
University of Southern California
TONI CORRY
Director of Guidance and Counseling
Barrington High School
Barrington, Rhode Island
CLINTON EVERHART
Associate Director of Admissions
The University of Kansas
MARY E. MASLAR
Charter School of Wilmington
Wilmington, Delaware
NANCY HARGRAVE MEISLAHN
Dean of Admission and Financial Aid
Wesleyan University
W. CRAIG PARTRIDGE
The Adelson Educational Campus
Las Vegas, Nevada
CHARLENE RENCHER
Dean of College Counseling
Cranbrook Kingswood Upper School
Bloomfeld Hills, Michigan
WAYNE SIGLER
Director of Admissions
University of Minnesota-Twin Cities
KEITH SOUTHERGILL
Director of Admissions
Barrett, The Honors College
Arizona State University
MARY K. SPIEGEL
Executive Director of Enrollment Services
University of Alabama
JULIE STAYNER
Jackson Hole High School
Jackson, Wyoming
Achievement
ANTHONY M. BROOKS
Director of Undergraduate Admissions
North Carolina Central University
JULIE K. ENDERSBE
School Counselor
Rosemount High School
Rosemount, Minnesota
RHOAN D. GARNETT
Former Assistant Dean of Admissions
Bowdoin College
MICHELLE G. KLEVE
Counselor, Department Coordinator
Smoky Hill High School
Aurora, Colorado
ALLENE P. NIEMIEC
Associate Director of College Guidance
Saint Andrews School
Boca Raton, Florida
WILLIAM L. PIERCE
Director of BBA Admissions
Stephen M. Ross School of Business
University of Michigan
LOUIS E. QUINN, JR.
School Counselor
Greenwich High School
Greenwich, Connecticut
MELVIN R. TARDY, JR.
Assistant Professional Specialist, First Year of Studies
University of Notre Dame
SELECTION COMMITTEES: National Scholarships in 2012
2012 National Merit Scholarship Corporation. All rights reserved. Printed in U.S.A.
ADVISORY COUNCIL: 201112
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 NMSCs 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 organizations that wish to sponsor
scholarships for outstanding scholastic talent
NMSC Lamp of Learning Logo
NMSCs Lamp of Learning logo is modeled after an oil-burning lamp----a classic
symbol of knowledge and wisdom. Education fuels the fame 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 NMSCs scholarship programs.
1560 Sherman Avenue, Suite 200
Evanston, IL 60201-4897
(847) 866-5100
www.nationalmerit.org

Annual Report 2012 (National Merit)

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Annual Report 2012 (National Merit)

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National Merit Scholarship Corporation

201112 Annual Report

) entered the competition for recognition

designees, chosen from the

scores that con-

awardees are se-

awards for Finalists in the National

Scholarship Program in 1956 and the frst National Achievement

Scholarship Program in 1965. Colleges and

201112 Annual Report 32

National Merit Scholarship Corporation 33

Scholarship Program (continued)

National Merit Scholarship Corporation 35

201112 Annual Report 36

awards were received

Scholarship Program (continued)

awards through an agreement with NMSC.

National Merit Scholarship Corporation 39

We are proud to recognize the achieve-

AmerisourceBergen is committed to fur-

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