Marine Corps Scholarship Foundation Inc
- Assets
- $143.5m
- Revenue
- $37.4m
- Investments
- $0.0
- Employees
- 40
- Location
- Alexandria, VA
- Founding
- 04/1995
- Data as of
- 06/2022
- EIN
- 22-1905062
Organization Overview
Marine Corps Scholarship Foundation Inc is located in Alexandria, VA. The organization was established in 1995. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Marine Corps Scholarship Foundation Inc employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Marine Corps Scholarship Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Marine Corps Scholarship Foundation Inc generated $37.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $17.2m during the year ending 06/2022. While expenses have increased by 2.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SCHOLARSHIPS TO THE CHILDREN OF MARINES & NAVY CORPSMEN ATTENDING POST-HIGH SCHOOL, UNDERGRADUATE, AND CAREER TECHNICAL EDUCATION PROGRAMS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OFOR THE 2022-2023 ACADEMIC YEAR, THE MARINE CORPS SCHOLARSHIP FOUNDATION AWARDED $10 MILLION TO 2,611 CHILDREN OF MARINES AND NAVY CORPSMEN IN ALL 50 STATES AND OVERSEAS. THE QUALITY OF THE STUDENTS WE INVEST IN, CHILDREN RAISED BY HONORABLE MARINE AND NAVY CORPSMAN PARENTS, IS HIGHLIGHTED IN THEIR ACADEMIC ACCOMPLISHMENTS. THEY GRADUATE AT A RATE OF 91% (COMPARED TO 56% NATIONALLY), DEMONSTRATING THAT OUR INVESTMENT IN THEIR EDUCATION PAYS OFF. WITH 50% OF OUR RECIPIENTS REPORTING LITTLE TO NO DEBT AT GRADUATION (COMPARED TO 30% NATIONALLY), WE ARE CONFIDENT THAT OUR SCHOLARSHIP SUPPORT MAKES A SIGNIFICANT IMPACT IN THEIR LIVES AFTER GRADUATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Probert President And CEO | OfficerTrustee | 37.5 | $290,843 |
Robert B Neller Chair | OfficerTrustee | 1 | $0 |
Eric J Candelori Vice Chair | OfficerTrustee | 1 | $0 |
Richard D Stephens Treasurer | OfficerTrustee | 1 | $0 |
Steven M Post General Counsel | OfficerTrustee | 1 | $0 |
Micheal P Barrett Director Until Sept 2021 | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Anne Lewis Strategies Llc Digital Marketing Program | 6/29/22 | $445,900 |
Iconic Collective Llc Contracted Communications Services | 6/29/22 | $374,133 |
Pebble Beach Resorts Event Space Services | 6/29/22 | $105,058 |
Datocwitten Group Inc Event Management | 6/29/22 | $363,123 |
Data Axle Direct Marking Program | 6/29/22 | $149,812 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $13,561 |
| Membership dues | $0 |
| Fundraising events | $9,889,844 |
| Related organizations | $0 |
| Government grants | $569,670 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,109,416 |
| Noncash contributions included in lines 1a–1f | $4,792,758 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,582,491 |
| Total Program Service Revenue | $0 |
| Investment income | $2,694,084 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,357,443 |
| Net Income from Fundraising Events | $757,945 |
| Net Income from Gaming Activities | $8,062 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,411,876 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,763,889 |
| Grants and other assistance to Foreign Orgs/Individuals | $24,313 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $640,415 |
| Compensation of current officers, directors, key employees. | $171,341 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,230,735 |
| Pension plan accruals and contributions | $88,221 |
| Other employee benefits | $161,743 |
| Payroll taxes | $206,085 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,590 |
| Fees for services: Accounting | $64,914 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $537,865 |
| Fees for services: Investment Management | $335,681 |
| Fees for services: Other | $501,281 |
| Advertising and promotion | $672,969 |
| Office expenses | $196,560 |
| Information technology | $343,159 |
| Royalties | $0 |
| Occupancy | $174,000 |
| Travel | $278,763 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $276,067 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,059 |
| Insurance | $45,021 |
| All other expenses | $75,644 |
| Total functional expenses | $17,245,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,579,698 |
| Savings and temporary cash investments | $1,769,369 |
| Pledges and grants receivable | $10,577,217 |
| Accounts receivable, net | $115,474 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $481,294 |
| Net Land, buildings, and equipment | $10,135 |
| Investments—publicly traded securities | $102,765,314 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $163,119 |
| Total assets | $143,461,620 |
| Accounts payable and accrued expenses | $326,858 |
| Grants payable | $8,860,046 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,330,386 |
| Total liabilities | $10,517,290 |
| Net assets without donor restrictions | $31,610,300 |
| Net assets with donor restrictions | $101,334,030 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $143,461,620 |