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