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CHARITY REVIEW
Issued: February 2024 Expires: February 2026

Institute for Shipboard Education

Standards Not Met
Standards Not Met
1 7 16
2243 Centre Avenue, Suite 300
Fort Collins, CO, 80526

Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. Complaints

Institute for Shipboard Education does not meet the following 3 Standards for Charity Accountability:

Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

ISE does not meet this Standard because its board of directors does not:

  • Have a voting member of the board who is assigned the responsibility of serving as the treasurer. 

Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

ISE does not meet this Standard because:

  • The organization did not produce a written report outlining the results of its October 2023 effectiveness assessment.

Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

ISE does not meet this Standard because the 2021-22 annual report did not include:

  • The organization’s mission statement.
  • A roster of the board of directors.
  • Total fundraising expenses.

Institute for Shipboard Education meets the remaining 17 Standards for Charity Accountability.

Stated Purpose:
"to provide journeys of discovery that spark bold solutions to global challenges."

Year, State Incorporated:
1971, DE

Also Known As:
Semester at Sea

The Institute for Shipboard Education (ISE) organizes and administers the educational Semester at Sea program. Undergraduate students take college level courses in conjunction with traveling the world for a semester. ISE plans two voyages to coincide with the traditional semiannual semesters offered by most universities. The approximately 100-110 day program circumnavigates the globe with undergraduates visiting from 10 to 11 countries in Asia, Africa, Europe, and South America.

For the year ended May 31, 2023, Institute for Shipboard Education's program expenses were:

Program services $27,878,801
Total Program Expenses $27,878,801

Chief Executive
Scott Marshall, President and Chief Executive Officer

Compensation*
$300,538

Chair of the Board
Dan Garvey

Chair's Profession / Business Affiliation
President and Professor Emeritus, Prescott College

Board Size
17

Paid Staff Size
50

*2021 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Method(s) Used:
Direct mail appeals, Internet, Direct mail appeals, Radio, Special events

Fundraising costs were 34% of related contributions. (Related contributions, which totaled $3,885,653, are donations received as a result of fundraising activities.)

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.

The following information is based on Institute for Shipboard Education's audited financial statements for the year ended May 31, 2023.

Source of Funds
Other income $414,660
Investment return, net $831,540
Contributions $3,885,653
Program services, net $28,458,317
Total Income $33,590,170

Programs: 85% Fundraising: 4% Administrative: 11%

Total Income $33,590,170
Total expenses: $32,919,284
  Program expenses $27,878,801
  Fundraising expenses $1,311,684
  Administrative expenses $3,728,799
  Other expenses $0
Income in Excess of Expenses $670,886
Beginning Net Assets $30,670,184
Other Changes In Net Assets $-168,465
Ending Net Assets $31,172,605
Total Liabilities $26,784,316
Total Assets $57,956,921

Note: In the financial section above, "other changes in net assets" refers to a gain on sale leaseback of vessel ($192,153), loss on foreign currency transactions (-$26,654), and loss on fuel purchase obligation (-$333,964).

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 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 International Association of Better Business Bureaus.

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

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Report completed by:
BBB Wise Giving Alliance