NAVAL ACADEMY SAILING FOUNDATION INC

EIN: 237328323 501(c)(3) Public & Societal Benefit

ARNOLD, MD

Total Revenue
$1,084,319
Total Expenses
$2,856,137
Total Assets
$33,192,620
Net Assets
$33,009,134
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1973
Legal Domicile
MD
Principal Officer
CDR LES SPANHEIMER USN
Phone
4437584698
Tax Period
2024-01-01 to 2024-12-31

NAVAL ACADEMY SAILING FOUNDATION INC, founded in 1973, is a community nonprofit in the Public & Societal Benefit sector that reported $1.1M in total revenue in fiscal year 2024. Revenue surged 533% from the prior year, signaling strong growth momentum. Expenses of $2.9M exceeded revenue, resulting in a 163% operating deficit.

Mission

TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT TO THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY.

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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 (2024)

Revenue Breakdown

Contributions & Grants $1,729,980
Program Service Revenue $0
Investment Income $-733,636
Other Revenue $87,975
TOTAL REVENUE $1,084,319

Expense Breakdown

Grants Paid $0
Salaries & Benefits $161,475
Fundraising Expenses $17,890
Program Expenses $2,572,573
Other Expenses $2,694,662
TOTAL EXPENSES $2,856,137

Year-over-Year Comparison

2024 2023 Change
Revenue $1,084,319 $171,405 +5.3%
Expenses $2,856,137 $2,816,992 +0.0%
Net Income $-1,771,818 $-2,645,587 -0.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
10
Independent Members
10
Employees
1
Volunteers
10

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
$150,000
Total Directors
11
$150,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CDR LES SPANHEIMER USN RET TREASURER & EXECUTIVE DIRE 40.00
Officer Director
$150,000 $0 $150,000
CDR NICK MADIGAN USNR RET PRESIDENT & TRUSTEE 1.00
Officer Director
$0 $0 $0
MARGARET PODLICH SECRETARY & TRUSTEE 1.00
Officer Director
$0 $0 $0
VADM DIXON SMITH USN RET VICE PRESIDENT & TRUSTEE 1.00
Officer Director
$0 $0 $0
BRAD RODI TRUSTEE 1.00
Director
$0 $0 $0
PETER CRAIG TRUSTEE 1.00
Director
$0 $0 $0
CLARE HARRINGTON TRUSTEE 1.00
Director
$0 $0 $0
ALEC CUTLER TRUSTEE 1.00
Director
$0 $0 $0
RADM PAT DAWSON JR USNR RET TRUSTEE 1.00
Director
$0 $0 $0
HAL GILREATH TRUSTEE 1.00
Director
$0 $0 $0
ANTHONY PARKER TRUSTEE 1.00
Director
$0 $0 $0
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
2024 $1,084,319 $2,856,137 $33,192,620 $-1,771,818
2023 $171,405 $2,816,992 $33,366,293 $-2,645,587
2022 $2,874,725 $2,638,161 $34,329,304 $236,564
2021 $847,663 $3,572,221 $36,293,200 $-2,724,558
2020 $2,114,798 $3,447,124 $38,236,455 $-1,332,326
2019 $21,482,666 $3,186,295 $38,294,688 $18,296,371
2018 $7,574,050 $2,399,990 $19,858,482 $5,174,060
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