Dedicated to Ocean Exploration, Protection and Education, the Philip Stephenson Foundation was founded in 2005 as a U.S. 501(c)(3) private non-profit charity. Motivated by its grantor's long engagement with and love of the sea, the Foundation provides funding for marine exploration, protection and education, with a focus on U.S. and Eastern Caribbean coastal regions. The Foundation makes grants and investments based on the following criteria (which use the acronym FIRST): FOCUS on marine exploration, protection and education IMPACT of measurable, meaningful results REPLICABLE in other locations and/or on a larger scale SATISFACTION, even fun, results from the projects undertaken TAKING CREDIT for the Foundation, thereby building its brand and inspiring others Preference in funding consideration is given to institutional partners with established track records and to multi-year commitments with defined terms and measurable outcomes (3 to 5 years).