Marine Corps Scholarship Foundation
Meets Standards
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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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.
RELATED CONTENT
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB Wise Giving Alliance