US NAVAL ACADEMY FOUNDATION INC

EIN: 237003516 501(c)(3) Education

ANNAPOLIS, MD

Total Revenue
$60,735,637
Total Expenses
$43,615,672
Total Assets
$369,145,916
Net Assets
$343,146,121
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1969
Legal Domicile
MD
Principal Officer
JEFFREY WEBB
Phone
4102954000
Tax Period
2023-07-01 to 2024-06-30

US NAVAL ACADEMY FOUNDATION INC, founded in 1969, is a mid-sized nonprofit in the Education sector that reported $60.7M in total revenue in fiscal year 2023. Revenue surged 42% from the prior year, signaling strong growth momentum. The organization ran a surplus of $17.1M, a strong 28% operating margin.

Mission

TO SUPPORT, PROMOTE AND ADVANCE THE MISSION OF THE NAVAL ACADEMY BY WORKING IN CONJUNCTION WITH ACADEMY LEADERSHIP TO IDENTIFY STRATEGIC INSTITUTIONAL PRIORITIES AND BY RAISING, MANAGING AND DISBURSING PRIVATE GIFT FUNDS THAT PROVIDE A MARGIN OF EXCELLENCE IN SUPPORT OF THE NATION'S PREMIER LEADERSHIP INSTITUTION. THE MISSION STATEMENT OF THE RELATED ENTITY, THE U.S. NAVAL ACADEMY ALUMNI ASSOCIATION: ESTABISHED IN 1886, THE US NAVAL ACADEMY ALUMN ASSOCIATION CONTINUES TO ADHERE TO ITS MISSION TO STRENGHTEN OUR MEMBERS BONDS TO THE ACADEMY AND EACH OTHER, TO HELP THEM THRIVE AS LEADERS IN AND OUT OF UNIFORM, AND REACH THEIR FULL POTENTIAL.

Program Service Accomplishments

Program 1
Expenses: $32,039,769 Revenue: $4,143,518

SUPPORT INCLUDED DIRECT AND INDIRECT SUPPORT FOR USNA ENDOWED POSITIONS AND PROGRAM SUPPORT FOR CYBER SECURITY, ATHLETIC EXCELLENCE, STEM, MINORITY OUTREACH, LEADERSHIP DEVELOPMENT AND INTERNATIONAL...

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SUPPORT INCLUDED DIRECT AND INDIRECT SUPPORT FOR USNA ENDOWED POSITIONS AND PROGRAM SUPPORT FOR CYBER SECURITY, ATHLETIC EXCELLENCE, STEM, MINORITY OUTREACH, LEADERSHIP DEVELOPMENT AND INTERNATIONAL PROGRAMS. GRANTS TO USNA ALSO SUPPORTED PROJECT BASED LEARNING, ADMISSIONS SUPPORT, THE ACADEMIC CENTER AND THE CENTER OF ETHICAL LEADERSHIP. GRANTS TO THE ALUMNI ASSOCIATION WERE IN SUPPORT OF OPERATIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $46,203,415
Program Service Revenue $4,143,518
Investment Income $10,388,704
Other Revenue $0
TOTAL REVENUE $60,735,637

Expense Breakdown

Grants Paid $32,039,769
Salaries & Benefits $6,093,307
Fundraising Expenses $9,323,306
Program Expenses $32,039,769
Other Expenses $5,206,885
TOTAL EXPENSES $43,615,672

Year-over-Year Comparison

2023 2022 Change
Revenue $60,735,637 $42,720,596 +0.4%
Expenses $43,615,672 $44,107,220 0.0%
Net Income $17,119,965 $-1,386,624 -13.3%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
49
Independent Members
48
Employees
66
Volunteers
55

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$1,588,092
Total Directors
50
$589,276
Key Employees
4
$832,008
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JEFFREY R WEBB PRESIDENT/CEO (SEE SCH J) 36.00
Officer Director
$337,238 $27,214 $589,276
AMB RICHARD L ARMITAGE DIRECTOR 2.00
Director
$0 $0 $0
DR LYNNE ATKINSON DIRECTOR 2.00
Director
$0 $0 $0
MR WILLIAM A BASTIAN II DIRECTOR 2.00
Director
$0 $0 $0
MR JAMES BELL DIRECTOR 2.00
Director
$0 $0 $0
MAJGEN CHARLES F BOLDEN JR USMC R DIRECTOR 2.00
Director
$0 $0 $0
MR CHARLES H CANNON JR DIRECTOR 2.00
Director
$0 $0 $0
MR HARRY COKER JR DIRECTOR 2.00
Director
$0 $0 $0
MR JOHN F CROWLEY DIRECTOR 2.00
Director
$0 $0 $0
RADM AB CRUZ III DIRECTOR 2.00
Director
$0 $0 $0
MR WILLIAM DAVIS DIRECTOR 2.00
Director
$0 $0 $0
MR DAVID P DAWSON DIRECTOR 2.00
Director
$0 $0 $0
MR GEORGE DENNIS DIRECTOR 2.00
Director
$0 $0 $0
CDR JOHN M DILLON USNR RET DIRECTOR 2.00
Director
$0 $0 $0
ADM JAMES O ELLIS JR USN RET DIRECTOR 2.00
Director
$0 $0 $0
ADM MARK E FERGUSON III USN RET DIRECTOR 2.00
Director
$0 $0 $0
MR ALFRED E FESTA DIRECTOR 2.00
Director
$0 $0 $0
MR MATTHEW R GIBSON DIRECTOR 2.00
Director
$0 $0 $0
ADM CECIL D HANEY USN RET DIRECTOR 2.00
Director
$0 $0 $0
MR MICHAEL HEMOCOVICH DIRECTOR 2.00
Director
$0 $0 $0
VADM MARY JACKSON DIRECTOR 2.00
Director
$0 $0 $0
MR RICHARD L KEYSER DIRECTOR (THRU 10/26/23) 2.00
Director
$0 $0 $0
MR THOMAS C KNUDSON DIRECTOR 2.00
Director
$0 $0 $0
MR TIG H KREKEL DIRECTOR 2.00
Director
$0 $0 $0
MS GREER O LAUTRUP DIRECTOR 2.00
Director
$0 $0 $0
MRS MARY LOOKER DIRECTOR 2.00
Director
$0 $0 $0
MR JERROLD L MILLER DIRECTOR 2.00
Director
$0 $0 $0
MR CHARLEY MOORE DIRECTOR 2.00
Director
$0 $0 $0
ADM WILLIAM F MORAN USN RET DIRECTOR 2.00
Director
$0 $0 $0
ADM MICHAEL G MULLEN USN RET DIRECTOR 2.00
Director
$0 $0 $0
ADM ROBERT J NATTER USN RET DIRECTOR 2.00
Director
$0 $0 $0
LCDR RONALD L NICOL USNR DIRECTOR 2.00
Director
$0 $0 $0
MR C MICHAEL PETTERS DIRECTOR 2.00
Director
$0 $0 $0
MR ROBERT V PRAGADA DIRECTOR 2.00
Director
$0 $0 $0
MR PAUL B PRAGER DIRECTOR 2.00
Director
$0 $0 $0
MR DAVID B RICH DIRECTOR 2.00
Director
$0 $0 $0
VADM JOHN R RYAN USN RET DIRECTOR 2.00
Director
$0 $0 $0
MR JOHN SEMCKEN DIRECTOR 2.00
Director
$0 $0 $0
MR KEVIN W SHARER DIRECTOR 2.00
Director
$0 $0 $0
MS JOANNA SOHOVICH DIRECTOR 2.00
Director
$0 $0 $0
MR PATRICK SULLIVAN DIRECTOR 2.00
Director
$0 $0 $0
MR TIMOTHY P SULLIVAN DIRECTOR 2.00
Director
$0 $0 $0
MR MICHAEL W TAYLOR DIRECTOR 2.00
Director
$0 $0 $0
MR J RONALD TERWILLIGER DIRECTOR 2.00
Director
$0 $0 $0
RADM CYNTHIA M THEBAUD USN RET DIRECTOR 2.00
Director
$0 $0 $0
VADM JAN TIGHE USN DIRECTOR 2.00
Director
$0 $0 $0
MS MARY KAY WEGNER DIRECTOR 2.00
Director
$0 $0 $0
MR SCOTT W WINE DIRECTOR 2.00
Director
$0 $0 $0
MR J MICHAEL YEAGER DIRECTOR 2.00
Director
$0 $0 $0
MR JOHN F YOUNG DIRECTOR 2.00
Director
$0 $0 $0
ROBERT W GAST EVP & CFO/TREAS (THRU 5/10/24) (SEE SCH J) 33.00
Officer
$161,163 $49,233 $342,256
WILLIAM O'CONNOR SEC/EVP DEV (SEE SCH J) 50.00
Officer
$382,539 $54,325 $436,864
LISA STROBEL EXEC DIRECTOR OF FINANCE (SEE SCH J) 27.50
Officer
$109,217 $21,118 $219,696
DONALD HUGHES VP ATHLETIC & SCHOLARSHIP PR (SEE SCH J) 50.00
Key Emp
$222,194 $11,568 $233,762
MIKE HOFFMAN VP, REGIONAL DEV (SEE SCH J) 50.00
Key Emp
$175,911 $46,848 $222,759
GARRETT KEATING DIRECTOR, IT (SEE SCH J) 27.50
Key Emp
$82,950 $41,000 $191,818
JOY JONES ED, HUMAN RESOURCES (SEE SCH J) 27.50
Key Emp
$85,474 $28,261 $183,669
TIMOTHY SMITH DR, FINANCIAL REPORTING (SEE SCH J) 27.50
Highest
$85,043 $16,972 $171,596
NATALIE BRIANAS ED, DONOR ENG & STRAT PTNR (SEE SCH J) 50.00
Highest
$133,088 $40,174 $173,262
ADRIANNA BITOUN ED, STAR TEAM (SEE SCH J) 50.00
Highest
$137,569 $37,510 $175,079
JORDAN BAILEY SR AD, ENTERPRISE NETWORK & SECURITY 27.50
Highest
$72,180 $7,444 $138,679
ASHLEY J BAUER MANAGING REGIONAL DIR, DEVELOPMENT 50.00
Highest
$129,082 $14,319 $143,401
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $60,735,637 $43,615,672 $369,145,916 $17,119,965
2023 $42,720,596 $44,107,220 $327,456,944 $-1,386,624
2022 $47,603,619 $48,937,066 $305,968,176 $-1,333,447
2021 $53,070,983 $32,813,829 $331,714,377 $20,257,154
2020 $66,993,780 $48,811,477 $271,795,250 $18,182,303
2019 $53,398,115 $48,389,329 $258,055,027 $5,008,786
2018 $60,767,594 $34,960,408 $245,078,348 $25,807,186
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