BBB Wise Giving Report for
Marine Corps Scholarship Foundation

BBB Wise Giving Report issued October 2011
BBB Wise Giving Report expires June 2013


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Marine Corps Scholarship Foundation
Address: 121 South Saint Asaph Street
  Alexandria, VA 22314
Phone: 703-549-0060
866-496-5462
Web Address: www.mcsf.org
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1962, New Jersey
Affiliates: 22 chapters
Stated Purpose: "to provide financial assistance in the form of scholarships for higher education to deserving sons and daughters of Marines and Navy Corpsmen and children of former Marines and Navy Corpsmen, with particular attention being given to children whose parent was killed, wounded, or disabled in action."

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Evaluation Conclusions

               

Marine Corps Scholarship Foundation (MCSF) does not meet the following Standard for Charity Accountability.

Standard 12: Detailed Functional Breakdown of Expenses - Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that shows what portion of these expenses was allocated to program, fund raising, and administrative activities. If the charity has more than one major program category, the schedule should provide a breakdown for each category.

MCSF does not meet this Standard because, in the organization's financial statements, the detailed functional breakdown of expenses:

  • Was not included. A detailed functional breakdown shows expenses by natural classification (e.g., salaries, travel, postage, etc.) and indicates what portion of these expenses was allocated to program, fund raising, and administrative activities.
In addition, the BBB Wise Giving Alliance requested but did not receive complete information on the organization’s effectiveness measures and is unable to verify the organization's compliance with the following 2 Standards for Charity Accountability: 6 and 7.
Marine Corps Scholarship Foundation (MCSF) meets the remaining 17 Standards for Charity Accountability.
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Programs

               

MCSF provides scholarships to, the sons and daughters of Marines with particular attention given to children whose parent was killed or wounded in action. MCSF report that for the 2010-2011 academic year, the organization awarded $5 million in scholarships to over 1,500 students.

For the year ended December 31, 2010, MCSF's program expenses were:

  
Scholarships 5,442,549
Total Program Expenses: $5,442,549
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Governance

               

Chief Executive : Margaret B. Davis, President and CEO
Compensation*:
 $234,536

Chair of the Board: General Robert Magnus, USMC (Retired)
Chair's Profession / Business Affiliation: Assistant Commandant (Retired)

Board Size: 32

Paid Staff Size: 16

*2010 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

Direct mail, special events, print advertisements, grant proposals, Internet appeals, planned giving, cause-related marketing, and personal solicitation.
Fund raising costs were 12% of related contributions. (Related contributions, which totaled $11,243,252, are donations received as a result of fund raising activities.)
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Tax Status

               

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.
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Financial

               

The following information is based on MCSF's audited financial statements for the year ended December 31, 2010.

Source of Funds  
Contributions 6,469,460
Special events, net 4,773,792
Investment gain 3,147,841
Other revenue 439,041
Total Income $14,830,134


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Uses of Funds as a % of Total Expenses

Programs: 68%  Fund Raising: 17%  Administrative: 15% 

Total income   $14,830,134
  Program expenses $5,442,549
  Fund raising expenses 1,364,330
  Administrative expenses 1,233,544
 
Total expenses   $8,040,423
Income in Excess of Expenses   6,789,711
Beginning net assets   33,930,779
Ending net assets   40,720,490
Total liabilities   1,918,991
Total assets   $42,639,481

Note: According to MCSF's 2009 audited financial statements, the organization received in-kind contributions in the amount of $124,001 including public relations ($110,000), board travel costs ($11,318), catering $2,183), and donated meeting space ($500).

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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 BBB 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 Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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