Institute for Shipboard Education
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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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.
RELATED CONTENT
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB Wise Giving Alliance