Marine Corps Scholarship Foundation Inc
- Assets
- $149.1m
- Revenue
- $34.3m
- Investments
- $0.0
- Employees
- 37
- Location
- Alexandria, VA
- Founding
- 04/1995
- Data as of
- 06/2021
- 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 06/2021, Marine Corps Scholarship Foundation Inc employed 37 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 06/2021, Marine Corps Scholarship Foundation Inc generated $34.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $15.2m during the year ending 06/2021. While expenses have increased by 0.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HONOR MARINES BY EDUCATING THEIR CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OIN THE 2021-22 ACADEMIC YEAR, THE MARINE CORPS SCHOLARSHIP FOUNDATION AWARDED $9.2 MILLION TO 2,510 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.GIVEN THE EVENTS OF 2020, WE ANTICIPATE THE NEXT 5-10 YEARS WILL BRING ITS OWN SET OF NEW DEMANDS FOR SUPPORT. DURING THIS UNPRECEDENTED TIME, WE ARE MONITORING THE UNEXPECTED IMPACTS OF COVID-19 ON HIGHER EDUCATION, THE DEMAND FOR OUR SCHOLARSHIPS, AND THE ACADEMIC PLANS OF INDIVIDUAL STUDENTS.
SEE SCHEDULE OIN THE 2021-22 ACADEMIC YEAR, THE MARINE CORPS SCHOLARSHIP FOUNDATION AWARDED $9.2 MILLION TO 2,510 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.GIVEN THE EVENTS OF 2020, WE ANTICIPATE THE NEXT 5-10 YEARS WILL BRING ITS OWN SET OF NEW DEMANDS FOR SUPPORT. DURING THIS UNPRECEDENTED TIME, WE ARE MONITORING THE UNEXPECTED IMPACTS OF COVID-19 ON HIGHER EDUCATION, THE DEMAND FOR OUR SCHOLARSHIPS, AND THE ACADEMIC PLANS OF INDIVIDUAL STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ruark Robert R President And CEO | OfficerTrustee | 40 | $245,304 |
Probert Edward Executive Vp, Development | Officer | 40 | $221,084 |
Peterson Steven D Executive Vp, Operations | Officer | 40 | $200,491 |
Saville Ashley E Senior Philanthropic Officer | 40 | $163,903 | |
Thakur Rita Senior Dir Of Accounting & Finance | Officer | 40 | $137,794 |
Tristan Stephanie Director Of Development | 40 | $136,944 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Anne Lewis Strategies Llc Digital Marketing Program | 6/29/21 | $422,433 |
Anne Lewis Strategies Llc Digital Marketing Program | 6/29/21 | $422,433 |
Datocwitten Group Inc Event Management | 6/29/21 | $308,740 |
Inconic Collective Llc Contracted Communications Services | 6/29/21 | $151,479 |
Patricia J Hurley & Associates Inc Event Management | 6/29/21 | $117,239 |
Data Axle Inc Digital Marketing Program | 6/29/21 | $165,965 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $16,522 |
| Membership dues | $0 |
| Fundraising events | $5,930,446 |
| Related organizations | $0 |
| Government grants | $564,622 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,491,467 |
| Noncash contributions included in lines 1a–1f | $118,998 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,003,057 |
| Total Program Service Revenue | $0 |
| Investment income | $2,468,567 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,436,881 |
| Net Income from Fundraising Events | $2,368,016 |
| Net Income from Gaming Activities | $9,195 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,285,716 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,792,204 |
| Grants and other assistance to Foreign Orgs/Individuals | $26,876 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $912,186 |
| Compensation of current officers, directors, key employees. | $186,093 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,288,258 |
| Pension plan accruals and contributions | $86,842 |
| Other employee benefits | $153,701 |
| Payroll taxes | $208,132 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,803 |
| Fees for services: Accounting | $60,894 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $442,592 |
| Fees for services: Investment Management | $230,384 |
| Fees for services: Other | $598,587 |
| Advertising and promotion | $353,006 |
| Office expenses | $135,564 |
| Information technology | $208,316 |
| Royalties | $0 |
| Occupancy | $188,128 |
| Travel | $54,392 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,886 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,331 |
| Insurance | $40,866 |
| All other expenses | $91,652 |
| Total functional expenses | $15,244,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,401,949 |
| Savings and temporary cash investments | $1,338,566 |
| Pledges and grants receivable | $13,877,692 |
| Accounts receivable, net | $86,284 |
| 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 | $862,300 |
| Net Land, buildings, and equipment | $27,444 |
| Investments—publicly traded securities | $109,397,864 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $136,094 |
| Total assets | $149,128,193 |
| Accounts payable and accrued expenses | $592,219 |
| Grants payable | $8,011,204 |
| 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 | $1,888,821 |
| Total liabilities | $10,492,244 |
| Net assets without donor restrictions | $22,428,658 |
| Net assets with donor restrictions | $116,207,291 |
| 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 | $149,128,193 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Marine Corps Scholarship Foundation Inc has recieved totaling $205,750.
| Awarding Organization | Amount |
|---|---|
Timothy T Day Foundation Inc Phoenix, AZ PURPOSE: EDUCATION | $150,000 |
Quinn Emanuel Foundation Los Angeles, CA PURPOSE: CHARITABLE | $26,750 |
Urbanek Family Foundation Menlo Park, CA PURPOSE: UNRESTRICTED CHARITABLE DONATION | $20,000 |
Niamogue Foundation Chicago, IL PURPOSE: ANNUAL EVENT | $5,000 |
La Speranza Charitable Foundation Blue Bell, PA PURPOSE: GENERAL SUPPORT | $2,000 |
Tronvold Foundation Lakewood Ranch, FL PURPOSE: UNRESTRICTED | $2,000 |
Endowment Analysis
| Beg. Balance | $67,499,548 |
| Earnings | $11,755,040 |
| Net Contributions | $641,055 |
| Grants | $2,278,601 |
| Ending Balance | $77,617,042 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Educational Foundation Inc Chapel Hill, NC | $193,854,804 | $63,834,996 |
Nc Student Aid Association Inc Raleigh, NC | $102,296,557 | $23,877,668 |
Breakthrough Prize Foundation Washington, DC | $10,581,357 | $48,295,695 |
Virginia Student Aid Foundation Charlottesville, VA | $165,530,915 | $45,876,846 |
Foundation For Advanced Education In The Sciences Inc Bethesda, MD | $54,757,501 | $41,367,941 |
The North Carolina A&t Real Estate Foundation Inc Greensboro, NC | $169,150,909 | $33,021,773 |
Horatio Alger Association Of Distinguished Americans Inc Alexandria, VA | $58,355,936 | $27,092,429 |
Somerset Community Services Inc Marion Station, MD | $23,511,474 | $20,221,070 |
American Association Of University Women Inc Washington, DC | $138,843,361 | $18,528,803 |
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Indian Paintbrush Foundation Washington, DC | $2,617,521,485 | $1,521,981,843 |