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Marine Corps Scholarship Foundation

CharityWatch report issued
May 2021

C-
CharityWatch Grade
This rating has been downgraded from B- due to the charity having 4.2 years worth of available assets in reserve.
 
67%
Program Percentage
Amount spent on programs
relative to overhead.
 
$21
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Large Asset Reserves

CharityWatch reduces the grade of any charity that has available assets equal to three to five years of operating expenses. Charities with "years of available assets" of more than five years receive an "F" grade regardless of other measurements. In CharityWatch's view, a reserve of less than three years is reasonable and does not affect a charity's grade. These reductions in grades are based solely on the charities' asset reserves as compared to budget. The CharityWatch definition of "years of available assets" includes funds currently available for the charity's use, including investments that the charity has set aside as a reserve but could choose to spend if it wanted to do so. Marine Corps Scholarship Foundation's letter grade rating has been downgraded because it has 3 or more years of available assets.

See Our Process to learn more about how CharityWatch considers a charity’s asset reserves and the High Asset List for a list of charities whose ratings have been reduced due to high assets.

Contact Information

Marine Corps Scholarship Foundation
909 N. Washington St.
Suite 400
Alexandria, VA 22314

Other Names

None

Tax Status

501(c)3

Website

www.mcsf.org

Stated Mission

To provide access to affordable education for the children of Marines & Navy Corpsmen attending post-high school, undergraduate, and career technical education programs.

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Data based on Fiscal Year Ended 06/30/2020

Program Percentage: 67%

The percentage of Marine Corps Scholarship Foundation's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$15,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $21

How many dollars Marine Corps Scholarship Foundation spends on fundraising to raise each $100 of contributions.

$17,000,000

Calculated Total Contributions

(rounded)

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

Entity Document Type Tax ID
Marine Corps Scholarship Foundation IRS Form 990 22-1905062
Marine Corps Scholarship Foundation Audited Financial Statements 22-1905062
Entity: Marine Corps Scholarship Foundation
Document Type: IRS Form 990
Tax ID: 22-1905062
Entity: Marine Corps Scholarship Foundation
Document Type: Audited Financial Statements
Tax ID: 22-1905062

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
Marine Corps Scholarship Foundation
meets governance benchmarks.
 
Marine Corps Scholarship Foundation
meets transparency benchmarks.
Transparency
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy No Sharing  

  Name Title Compensation
1 Robert R. Ruark President/CEO $293,942
2 Edward W. Probert, Jr. Executive VP, Development $279,203
3 Steven D. Peterson Executive VP, Operations $214,291
1
Name: Robert R. Ruark
Title: President/CEO
Compensation: $293,942
2
Name: Edward W. Probert, Jr.
Title: Executive VP, Development
Compensation: $279,203
3
Name: Steven D. Peterson
Title: Executive VP, Operations
Compensation: $214,291

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

According to the Marine Corps Scholarship Foundation tax filing for the fiscal year ended June 30, 2020, the Foundation reports receiving donated services and use of facilities on which it placed a value of $38,054 (IRS Form 990, Schedule D, Part XI). In addition, the Foundation reports receiving contributions of non-cash items in fiscal 2020 on which it placed a value of $31,432 (IRS Form 990, Schedule M).

[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.]

According to the Marine Corps Scholarship Foundation audit of June 30, 2020 (Note 15, Risks and Uncertainties):

"During March 2020, the World Health Organization declared the spread of coronavirus disease (COVID-19) a worldwide pandemic. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities. Specific to the Foundation, COVID-19 may impact various parts of its 2021 operations and financial results, including, but not limited to, loss of revenue due to cancellation of certain special events, and other reductions in certain revenue streams. Management believes the Foundation is taking appropriate actions to mitigate the negative impact of the COVID-19 pandemic, including pursuing financial relief from the federal government (see Note 8 [cited below]) and the availability of a line of credit for immediate operational needs... As of February 25, 2021, the amount and likelihood of loss relating to these events is not determined and cannot be reasonably estimated as these events are still developing."


According to the Marine Corps Scholarship Foundation audit of June 30, 2020 (Note 8, Paycheck Protection Program):

"In May 2020, the Foundation received a loan from a financial institution in the amount of $564,622 to fund payroll, rent, and utilities through the Paycheck Protection Program (the PPP Loan). ... The PPP Loan bears interest at a fixed rate of 1.0% per annum, with the first six months of interest deferred, has a term of two years, and is unsecured and guaranteed by the U.S. Small Business Administration. Payment of principal and interest is deferred until the date on which the amount of forgiveness is remitted to the lender or, if the Foundation fails to apply for forgiveness within 10 months after the covered period, then payment of principal and interest shall begin on that date. These amounts may be forgiven subject to compliance and approval based on the timing and use of these funds in accordance with the program. The covered period is a 24-week period starting May 15, 2020, and is the time that the Foundation has to spend its PPP Loan funds."

According to the Marine Corps Scholarship Foundation audit of June 30, 2020 (Note 14, Commitments, Other Commitments):

"The Foundation has entered into agreements with hotels for room and space accommodations and various event providers for services. The agreements indicated that the Foundation is liable for liquidated damages in the event of cancellation. At June 30, 2020 and 2019, the Foundation commitment for liquidated damages totaled approximately $468,000 and $458,000, respectively."


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