MERF is a philanthropic, nonprofit, tax-exempt organization funded primarily by gifts from Mensa members and others. MERF awards scholarships, sponsors colloquia, grants research awards, and publishes articles. Of particular interest to MERF is the study of the intellectually gifted. Research projects in the social and psychological sciences supported by MERF have included: measurement of the upper levels of intelligence; psycho-social adjustment; identification of cultural differences; educational strategies and neurophysiological attributes of giftedness; and intelligence and aging.

Scholarships are awarded to approximately 60 students nationwide each year. More than 5,000 students apply for these awards, which range from $200 to $1,000. Awards are made to applicants enrolled in degree-granting programs at accredited American colleges and universities based on a competitive essay. There are also awards made from several endowed funds, including awards to women who re-enter academic study after a period of employment or family management, and awards for the study of engineering, mathematics, medicine, the physical sciences, and history.

MERF also sponsors weekend-long meetings on serious issues. Authorities are invited to speak and discussion follows. Themes for past meetings (Colloquia) have included "Science and Society: Our Critical Challenges," "The Impact of the Arts on Civilization," "The Gifted in Society," and "Forecasting a Valid Tomorrow."