Marine Corps Scholarship Foundation Inc

“The form 990 is reviewed and approved by the marine corps scholarship foundation management team, the foundation's board of directors and general counsel before filing with irs.”

“The marine corps scholarship foundation's board members and staff are required to read and acknowledge compliance with the foundation's conflict of interest policy on an annual basis. Board members must list any potential conflicts of interest at such time. There are periodic reviews to ensure compliance. If any matter comes before the board in such a way as to give rise to a conflict of interest, the interested board member or officer, if attending the meeting, shall make known the potential conflict, whether or not disclosed on his or her conflict of interest form. After answering any questions that might be asked of such officer or director, he or she shall withdraw from the meeting for so long as the matter shall continue under discussion. Should the matter be brought to a vote, neither the interested director nor any other director having a pecuniary benefit transaction with the foundation shall vote on the issue. A two-thirds (66 2/3%) vote of the entire board is required to authorize any transaction or other matter in which an officer or director has a potential conflict of interest. All proceedings related to conflicts of interest are documented in the meeting minutes.”

“The marine corps scholarship foundation uses an outside compensation consultant to conduct a compensation study of comparable nonprofit organizations nationally and in the washington dc area. The compensation study examines the roles of president and ceo and the executive management team. The board's compensation committee reviews and discusses the president and ceo's performance against the predetermined goals for the period in question, normally the fiscal year. Based on this discussion and the results of the compensation study, the compensation committee prepares a final compensation package and presents to the executive committee for approval. This process was last taken in june 2024/fy 2024.”

“The foundation publishes an annual report that includes financial data. The annual report, as well as audited financial statements, are posted to the website. The governing documents and conflict of interest statement are available to the public upon request.”

“The board of directors, by resolution adopted by a majority of the entire board, shall appoint from among the directors an executive committee, and from among the directors and, in the board's sole discretion, persons who are not directors, a corporate governance committee (which shall include nominations among its functions), a scholarship committee, a development committee, a finance and investment committee, a compensation committee, and an audit committee. Directors shall comprise a majority of any such standing committee to which persons who are not directors may be appointed. The board, in its sole discretion, may also appoint from among the directors and persons who are not directors one or more other committees, each of which shall have one or more committee members including at least one director. The number of directors to be appointed to the executive committee shall not exceed ten and shall include the chairman, the vice chairman or, if there is more than one, the vice chairman designated to succeed the chairman in his or her absence, the president, the chair of each of the other standing committees, the treasurer, and the general counsel. The executive committee shall have and exercise the full authority of the board of directors in the management of the corporation. All other committees, to the extent provided in their respective enabling resolutions and not restricted by law, shall have and exercise such authority as the board of directors shall prescribe in the management of the corporation. The designation of any committee, whether under these bylaws or by resolution adopted by the board, and the delegation thereto of authority marine corps scholarship foundation, shall not operate to relieve the board of directors, or any individual director, of any responsibility imposed on it, him, or her by law.”

“Change in values of obligations under charitable trusts -488,084.”