There is no PFT for ISR selection, but the fitness test is required for scholarship activation. My son completed his CFA at NASS with no problems, so that will transfer over. He told me his scores, but I forgot what they were other than maxing out on situps and pushups, pullups in the low teens, and a 5:40 something mile. I think he did OK on the basketball throw and shuttle.
The minimum SAT for an ISR is 1230 (CR+Math) with a minimum 600 Math. Alternatively the minimum ACT is 54 combined Math + English with a minimum 26 Math. My son will take both tests one more time each in October to be more competitive for college admission, but the CO said he didn't need to report his scores as far as he was concerned.
An ISR is offered for those meeting minimum academic criteria (top 20% of HS class, the minimum scores listed above) based on the whole person concept. (ECs, leadership, volunteering, varsity sports, music, etc.) Everything else (DodMERB, etc.) applies and they have to get into a school on their own. My son is DodMERB qualified and working on getting into a school.
They do not want to reserve the immediate scholarship for those they sense are shopping for back pocket Plan Bs. They want these to be used. Expect a line of questioning if you have applied to 5 SAs and 3 ROTC scholarships. "Are you serious about Navy ROTC?" From statistics I found online, fewer than 50% of the offered ISRs in that one particular year were activated. I suspect appointments to USNA or another SA make up the bulk of the difference beyond attrition to other opportunities, but have no concrete evidence to support that guess.
ISRs do not specifically target URMs. ISRs are open to anyone who qualifies and anyone the recruiters want to specifically target, so they are not lost to other scholarship opportunities.
Paragraph 17 of the linked document indicates that ISR recipients will not go before a board. Those who do not qualify or are not selected for an ISR will remain in the scholarship pool and go before boards. The CO has the final interview for the ISR. That was made clear to my son numerous times. The CO was the last person to sign the ISR contract.
You have 30 days once the contract is signed for everything to clear. We were told that scholarship confirmation would come on the NROTC website. It has been more than two weeks since his ISR was signed, but his status has not changed: 'Processing officer interview.' My son has contacted the District recruiting officers to make sure everything is OK and is waiting for a return call. Applying to universities with an outside scholarship in hand makes for very attractive candidates. He wants to include this information on his Common App Supplements.
31 pages of NROTC recruiting details including ISR are here if anyone is inclined to read it:
www.cnrc.navy.mil/publications/Directives/1533.4.pdf
You don't find an ISR; it finds you.