Overview
What is First Marine Division Associationscholarship Fund Inc?
First Marine Division Associationscholarship Fund Inc is a nonprofit organization situated in Oceanside, California. Their primary mission is to honor the service and sacrifice of Marines associated with the 1st Marine Division by providing educational support. In 2022, they awarded 19 scholarships to university students whose parents served in or supported the 1st Marine Division, with a similar number of scholarships granted in 2021 and 2022. The scholarships are awarded to students whose parents are either deceased or 100% disabled due to their service in or support of the 1st Marine Division. Through this initiative, the fund fosters a sense of patriotism and promotes education within the 1st Marine Division community.
Official website here: www.oldbreedscholarshipfund.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 39% (Zero-Star out of Four Star Rating)
The First Marine Division Association Scholarship Fund Inc has received a low rating of 39%, resulting in a Zero-Star rating based on its Accountability & Finance. The overall score reflects concerns primarily related to financial management, particularly its low program expense ratio of 38.47%, indicating that a significant portion of its resources may not be directed towards its mission-driven activities.
While the organization benefits from having a fully independent board and shows no material diversion of assets, it lacks several critical policies such as a conflict of interest policy and a whistleblower policy, which are essential for transparency and accountability. This absence raises concerns about governance practices within the organization, affecting its overall trustworthiness.
Despite having some positive attributes, such as proper documentation of board meeting minutes and the availability of tax forms on its website, the significant issues noted in financial management and governance overshadow these strengths. As a result, potential donors and stakeholders should approach this nonprofit with caution, given the current rating and feedback.
This AI summary has been generated from information found on Charity Navigator.
Is First Marine Division Associationscholarship Fund Inc legitimate?
First Marine Division Associationscholarship Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. First Marine Division Associationscholarship Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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For more financial information, click here
Official website here: www.oldbreedscholarshipfund.com
What is the mission statement of First Marine Division Associationscholarship Fund Inc?
The First Marine Division Associationscholarship Fund Inc's mission is centered around fostering patriotism and education within the 1st Marine Division community. They accomplish this by approving college scholarships for eligible university students whose parent or guardian served in or supported the 1st Marine Division, and who have been either killed in action or rendered 100% disabled due to their service. The scholarships aim to provide financial assistance, thereby enabling these students to pursue their higher education. In 2022, the Fund awarded 19 scholarships, with similar numbers awarded in 2021 and 2020.
Official website here: www.oldbreedscholarshipfund.com
Who is the CEO of First Marine Division Associationscholarship Fund Inc?
James J Mcmonagle Chairman is the Chairman of First Marine Division Associationscholarship Fund Inc.
Official website here: www.oldbreedscholarshipfund.com
What is the revenue of First Marine Division Associationscholarship Fund Inc?
First Marine Division Associationscholarship Fund Inc's revenue in 2022 was $30,581.
Official website here: www.oldbreedscholarshipfund.com
Who are the executives of First Marine Division Associationscholarship Fund Inc and what are their salaries?
There 20 volunteers at First Marine Division Associationscholarship Fund Inc.
Here are 9 key members and their salaries:
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Official website here: www.oldbreedscholarshipfund.com
Where can I find the form 990 for First Marine Division Associationscholarship Fund Inc?
First Marine Division Associationscholarship Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.oldbreedscholarshipfund.com
Learn more at the official website: www.oldbreedscholarshipfund.com
Mission Statement of First Marine Division Associationscholarship Fund Inc
The First Marine Division Associationscholarship Fund Inc, in its mission, aims to nurture a sense of loyalty and education towards the 1st Marine Division. This is accomplished through the approval of college scholarships for eligible students. The organization focuses on supporting the dependents of Marines who have served in or supported the 1st Marine Division. These individuals must either have been rendered 100% disabled as a result of their service or have lost their lives in action or due to service-related disabilities. By offering these scholarships, the First Marine Division Associationscholarship Fund Inc contributes to the education of the next generation, fostering a continued connection with the 1st Marine Division and its values. In 2022, the fund awarded scholarships to nineteen qualified university students, following the award of twenty scholarships in 2021 and nineteen in 2022.
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Impact
October, 2024
The First Marine Division Association Scholarship Fund Inc has a significant impact on the lives of the dependents of Marines who have served in or supported the 1st Marine Division, particularly those who have been killed in action or rendered 100% disabled. By awarding scholarships, the Fund helps pave the way for higher education, providing financial assistance to eligible students who might otherwise face barriers to pursuing their academic goals.
In 2022, the Fund supported nineteen university students, continuing its commitment to honor the sacrifice of Marines through educational opportunities. This not only fosters a sense of patriotism among recipients but also strengthens the community by empowering young scholars to achieve their aspirations. The previous year, in 2021, twenty-four scholarships were awarded, demonstrating a consistent dedication to support those affected by military service.
By focusing on education, the Fund plays an important role in ensuring that the children of Marines and service members receive the support they need to excel academically, ultimately contributing to their personal development and future success.
This information is meant to be a general summary of First Marine Division Associationscholarship Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $18,449
- Gross Receipts: $30,581
Assets and Liabilities:
- Total Assets: $958,053
- Total Liabilities: $0
- Net Assets: $958,053
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Organization Details
Founding Year
2008
Phone
(281) 615-6275Principal Officer
James J Mcmonagle Chairman
Main Address
P O Box 9000 Box 902, Oceanside, CA, 92051
NTEE Category
Code: B820 - Education
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