FRIENDS OF NAVAL ACADEMY MUSIC INC

EIN: 461084699 501(c)(3) Arts, Culture & Humanities

CROFTON, MD

Total Revenue
$232,627
Total Expenses
$79,088
Total Assets
$730,291
Net Assets
$730,291
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
MD
Principal Officer
AMY SMITH
Phone
4437165806
Tax Period
2024-01-01 to 2024-12-31

FRIENDS OF NAVAL ACADEMY MUSIC INC, founded in 2013, is a small nonprofit in the Arts, Culture & Humanities sector that reported $233K in total revenue in fiscal year 2024. The organization ran a surplus of $154K, a strong 66% operating margin.

Mission

FRIENDS OF NAVAL ACADEMY MUSIC, INC (FONAM) IS A 501 (C) 3 NON-PROFIT ORGANIZATION ESTABLISHED TO PROVIDE PRIVATE FINANCIAL SUPPORT FOR NAVAL ACADEMY MUSICAL ACTIVITIES. OUR INITIAL GOAL IS TO RAISE $10 MILLION IN OPERATING FUNDS WHICH WOULD GUARANTEE THE SUSTAINABILITY OF THE MUSIC PROGRAM AT USNA FOR YEARS TO COME. FONAM FUNDS ARE 100% ALLOCATED TOWARDS MUSICAL ACTIVITIES, WITH NO RESTRICTIONS IN TIMES OF DEFENSE BUDGETARY CUTS OR SEQUESTRATION, MAKING THEM MORE VITAL NOW THAN EVER. FUNDS RAISED ARE ALLOCATED AMONG BUILDING STRATEGIC AND EMERGENCY RESERVES AND IMMEDIATE PROGRAM FUNDING.

Program Service Accomplishments

Program 1
Expenses: $57,510

THE ORGANIZATION SOLICITED FUNDS EXCEEDING $124,510 FOR MISSION SUPPORT DURING 2024. FONAM PURCHASED AND DONATED 150 TABLETS TO THE USNA MUSIC DEPARTMENT TOTALING $12,150 WAS MADE IN AUGUST 2024...

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THE ORGANIZATION SOLICITED FUNDS EXCEEDING $124,510 FOR MISSION SUPPORT DURING 2024. FONAM PURCHASED AND DONATED 150 TABLETS TO THE USNA MUSIC DEPARTMENT TOTALING $12,150 WAS MADE IN AUGUST 2024. THIS DONATION ENABLED MIDSHIPMEN MARCHING IN THE DRUM & BUGLE CORPS TO READ MUSIC ELECTRONICALLY WHILE MARCHING ON THE FIELD DURING FOOTBALL GAMES AND OTHER EVENTS INSTEAD OF HAVING TO FLIP MUSIC PAGES USING THEIR HANDS WHILE ALSO TRYING TO PLAY. ANOTHER DONATION OF $43,245 WAS AUTHORIZED BY VOTE BY THE BOARD IN DECEMBER 2024, BRINGING OUR TOTAL DONATIONS TO USNA MUSIC TO $55,395 FOR 2024. THESE DONATIONS CONTRIBUTED TO THE MARGIN OF EXCELLENCE, WHICH ENABLED THE MUSIC PROGRAM AT THE UNITED STATES NAVAL ACADEMY TO CONTINUE TO PURSUE ITS MISSION OF TRAINING FUTURE NAVAL AND MARINE CORPS OFFICERS FOR CAREERS IN THE FLEET.

Program 2

THE ORGANIZATION INFUSED MONEY INTO ITS INVESTMENT ACCOUNTS AND WATCHED THEM GROW DURING 2024. THE VALUE ROSE FROM $570,814 AT THE BEGINNING OF 2024 TO OVER $708,000 BY THE END OF 2024. THE...

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THE ORGANIZATION INFUSED MONEY INTO ITS INVESTMENT ACCOUNTS AND WATCHED THEM GROW DURING 2024. THE VALUE ROSE FROM $570,814 AT THE BEGINNING OF 2024 TO OVER $708,000 BY THE END OF 2024. THE INVESTMENTS, WHICH ARE MANAGED BY OUR DIRECTOR OF INVESTMENTS IN CONNECTION WITH THE INVESTMENT COMMITTEE, SERVE LONG- AND SHORT-TERM PURPOSES OF THE ORGANIZATION. A SMALL PORTION OF OUR INVESTMENTS IS HELD IN A MONEY MARKET FUND, WHERE ALL INCOME IS ACCUMULATED DURING THE YEAR. THIS FUND IS AVAILABLE TO DISTRIBUTE ANNUALLY TO THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY TO SUPPORT ITS ONGOING MISSION AND OPERATIONS. APPROXIMATELY HALF OF THE INVESTMENTS ARE HELD IN A STRATEGIC RESERVE FUND INTENDED TO GROW OVER THE LONG TERM. THE REMAINING INVESTMENTS ARE HELD IN ENDOWMENT FUNDS, WHICH PURPOSE IS TO GROW AND BE USED TO SUPPORT THE MUSICAL ACTIVITIES DEPARTMENT BY THEIR INCOME STREAM.

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Trantor Score

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $124,511
Program Service Revenue $0
Investment Income $108,116
Other Revenue $0
TOTAL REVENUE $232,627

Expense Breakdown

Grants Paid $55,395
Salaries & Benefits $0
Fundraising Expenses $7,749
Program Expenses $57,510
Other Expenses $23,693
TOTAL EXPENSES $79,088

Year-over-Year Comparison

2024 2023 Change
Revenue $232,627 $217,246 +0.1%
Expenses $79,088 $85,923 -0.1%
Net Income $153,539 $131,323 +0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
15
Independent Members
15
Employees
N/A
Volunteers
N/A

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
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOHN BARRY TALLEY DIRECTOR OF INVESTMENTS 1.00
Director
$0 $0 $0
CHRIS JENSEN DIRECTOR 1.00
Director
$0 $0 $0
APRIL MCBRIDE DIRECTOR 1.00
Director
$0 $0 $0
CHRIS O'KEEFE DIRECTOR 1.00
Director
$0 $0 $0
CHAD REDMER DIRECTOR 1.00
Director
$0 $0 $0
NATE SHENCK PAST PRESIDENT AND DIRECTOR 1.00
Director
$0 $0 $0
KATE KRANZ JORDAN DIRECTOR 1.00
Director
$0 $0 $0
ALICE ANN CALHOUN DIRECTOR 1.00
Director
$0 $0 $0
DAVID EDGERTON DIRECTOR 1.00
Director
$0 $0 $0
BRIAN FONTAINE-ISAAC DIRECTOR 1.00
Director
$0 $0 $0
PAUL WEITLISBACH DIRECTOR 1.00
Director
$0 $0 $0
PAUL WOOD PRESIDENT 1.00
Officer
$0 $0 $0
TABITHA STROBEL VICE PRESIDENT 1.00
Officer
$0 $0 $0
CAROL KEPLER SECRETARY 1.00
Officer
$0 $0 $0
AMY SMITH TREASURER 1.00
Officer
$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
2025 No data No data No data No data
2024 $232,627 $79,088 $730,291 $153,539
2023 $217,246 $85,923 $639,493 $131,323
2019 $214,511 $48,715 $278,983 $165,796
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