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CHARITY REVIEW
Issued: June 2024 Expires: June 2026

Marine Corps Scholarship Foundation

Accredited Charity
Accredited Charity

Meets Standards

Accreditation seal
909 North Washington Street, Suite 400
Alexandria, VA, 22314

Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. Complaints

Marine Corps Scholarship Foundation meets the 20 Standards for Charity Accountability.

Stated Purpose:
"to honor Marines by educating their children."

Year, State Incorporated:
1962, NJ

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 provide need-based scholarships to military children, awarding 2,758 scholarships totaling $10.8 million, in the 2022-2023 academic year.

For the year ended June 30, 2023, Marine Corps Scholarship Foundation's program expenses were:

Scholarship programs $12,998,564
Total Program Expenses $12,998,564

Chief Executive
Edward "Ted" Probert, President and Chief Executive Officer

Compensation*
$372,190

Chair of the Board
Robert B. Neller

Chair's Profession / Business Affiliation
Retired, General, United States Marine Corps

Board Size
28

Paid Staff Size
33

*2023 compensation, as reported by the organization, includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Direct mail appeals, Radio, Special events, Foundation grants, Print advertisements

Fundraising costs were 16% of related contributions. (Related contributions, which totaled $22,672,415, 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, 2023.

Source of Funds
Contributions $14,511,356
Investment gain $11,514,824
Special events $8,161,059
Other revenue $839,768
Investment gain under charitable trust $21,668
Total Income $35,048,675

Programs: 62% Fundraising: 17% Administrative: 8%

Total Income $35,048,675
Total expenses: $20,962,571
  Program expenses $12,998,564
  Fundraising expenses $3,640,840
  Administrative expenses $1,633,486
  Other expenses $2,689,681
Income in Excess of Expenses $14,086,104
Beginning Net Assets $133,068,355
Other Changes In Net Assets $0
Ending Net Assets $147,154,459
Total Liabilities $13,761,926
Total Assets $160,916,385

An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.

This report is not to be used for fundraising or promotional purposes.

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Report completed by:
BBB Wise Giving Alliance