Dolphin Scholarship Foundation
Nonprofit profile at a glance
- EIN
- 546038828
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Virginia Beach, VA, USA
- Phone
- 7576713200
- Rating
- 91
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Secondary, High School
Reported finances
- Revenue
- $612,629
- Expenses
- $761,199
- Assets
- $9,001,838
- Liabilities
- $37,777
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
15 people listed
Executive titles in this filing
- STEVEN W MAAS (PRESIDENT)
Highest reported compensation
- ANDREW CLARK (EXECUTIVE DI): $100,596 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The dolphin scholarship foundation (dsf) believes that enhancement of both human potential and quality of life is achievable through education. Many sons, daughters, and spouses of u.s. Navy submariners face financial obstacles while pursuing undergraduate and vocational education. Dsf is committed to minimizing those obstacles by assisting them in reaching their fullest potential.
What it reported doing in 2024
Dolphin scholarship foundation is organized exclusively for charitable and educational purposes as set forth under section 501(c)(3) of the internal revenue code of 1986 or the corresponding provision of any future federal law of taxation (the code) and primarily for the purpose of holding, investing, administering and distributing funds to provide financial assistance to certain of the dependents of officers and enlisted personnel of the submarine force of the united states navy in order to enable and assist such dependents to pursue a post-secondary education. Dolphin scholarship foundation also administers scholarships to provide financial assistance to enlisted personnel, and the dependents of officers and enlisted personnel who are serving or have served on specific u.s. Navy submarines to enable and assist them in pursuing a post-secondary education.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Grant intermediary. The nonprofit sent 71% of its reported program spending out as grants.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 92
- Transparency & Controls: 94
- Accountability: 95
- Sustainability: 43
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 89.7%; rating input score 90
- Fundraising efficiency: $19.06 raised per $1 spent on fundraising; rating input score 57; 57th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 7 of 8 controls in place; rating input score 88
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -24.3%; rating input score 8; 8th percentile among comparable filings
- Total-asset coverage ratio: 11.83; rating input score 93; 93rd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 74; 74th percentile among comparable filings
- Officer compensation ratio: 13.2%; rating input score 27; 27th percentile among comparable filings
Growth
- Program expense growth: 3.2% per year; rating input score 100; 33rd percentile among comparable filings
- Revenue growth: 0.6% per year; rating input score 100; 17th percentile among comparable filings
- Asset growth: 6.3% per year; rating input score 100; 45th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 89.7% of spending went to programs
- Governance: 14 of 14 board members independent · 7 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $683K in reported program spending
- Leadership: top reported pay $101K · 15 people listed
- Consistency: 36 of 36 current checks pass
- Schedules: 6 filed schedules · includes major donors and grants
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 8/100.
- Review — Financial Efficiency: Fundraising efficiency scored 57/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- High — Sustainability: Officer compensation ratio scored 27/100.