Marine Corps Scholarship Foundation meets the 20 Standards for Charity Accountability.
Marine Corps Scholarship Foundation (MCSF) assists the families of United States Marines and United States Navy Corpsmen by providing their children with scholarships to attend accredited community colleges, universities and vocational and technical institutions. The organization reports they are the largest provider of need-based scholarships to military children, awarding over 2,750 scholarships, totaling $8,500,000, in the 2020-2021 academic year.
For the year ended June 30, 2019, Marine Corps Scholarship Foundation's program expenses were:
Scholarship programs |
$13,555,556 |
Total Program Expenses: |
$13,555,556 |
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Chief Executive
LtGen. Robert Ruark USMC (Ret.), President and Chief Executive Officer
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Compensation*
$271,128
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Chair of the Board
Gen. Neller USMC (Ret.)
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Chair's Profession / Business Affiliation
Retired, United States Marine Corps
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Board Size
28
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Paid Staff Size
29
*2018 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: LtCol Ted Probert USMC (Ret.), Executive Vice President of Development, was the highest paid employee, receiving $284,201 in compensation.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Invitations to fund raising events, Planned giving arrangements, Print advertisements (newspapers, magazines, etc.), Cause- related marketing (affinity credit cards, consumer product sales, etc.)
Fundraising costs were 16% of related contributions. (Related contributions, which totaled $17,596,867, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Marine Corps Scholarship Foundation's audited financial statements for the year ended June 30, 2019.
Source of Funds |
Special events |
$9,742,479 |
Contributions |
$7,854,388 |
Investment income, net |
$4,564,333 |
Other revenue |
$556,746 |
Total Income |
$22,717,946 |
- Programs: 76%
- Fundraising: 16%
- Administrative: 8%
Total Income |
$22,717,946 |
Program expenses |
$13,555,556 |
Fundraising expenses |
$2,843,545 |
Administrative expenses |
$1,449,826 |
Other expenses |
$0 |
Total expenses: |
$17,848,927 |
Income in Excess of Expenses |
$4,869,019 |
Beginning Net Assets |
$104,149,905 |
Other Changes In Net Assets |
$-14,881 |
Ending Net Assets |
$109,004,043 |
Total Liabilities |
$10,102,814 |
Total Assets |
$119,106,857 |
Note 1: As noted in the above financial section "other changes in net assets" refers to a change in values of obligations under charitable trusts (-$14,881).
Note 2: According to the organization for the year ended June 30, 2019, MCSF received in-kind gifts totaling $90,250 in the form of donated airline miles ($77,000), donor gifts ($9,000), travel expenses ($2,763), and services ($1,487).