UNITED STATES NAVAL INSTITUTE

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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

1942

Legal Domicile

Principal Officer

RAYMOND SPICER

Phone

4102686110

Tax Period

2023-01-01 to 2023-12-31

UNITED STATES NAVAL INSTITUTE, founded in 1942, is a community nonprofit that reported $9.1M in total revenue in fiscal year 2023. Revenue decreased 14% compared to the prior year. Expenses of $10.6M exceeded revenue, resulting in a 17% operating deficit.

Mission

PROVIDE AN INDEPENDENT FORUM FOR THOSE WHO DARE TO READ, THINK, SPEAK, AND WRITE TO ADVANCE THE PROFESSIONAL, LITERARY, AND SCIENTIFIC UNDERSTANDING OF SEA POWER AND OTHER ISSUES CRITICAL TO GLOBAL SECURITY.

Program Service Accomplishments

Program 1

Expenses: $4,815,657 Revenue: $3,121,700

PUBLISHING COSTS:INCLUDES COSTS OF PRODUCING PROCEEDINGS WHICH IS AN INDEPENDENT, OPEN FORUM FOR ARTICLES FROM NAVAL PROFESSIONALS AND CIVILIAN CONTRIBUTORS FEATURING CURRENT PROFESSIONAL TOPICS AND ISSUES. ALSO, NAVAL HISTORY MAGAZINE SHOWCASES HISTORICAL TOPICS WITH FOCUS ON THE SEA SERVICES. ADDITIONALLY, THE NAVAL INSTITUTE PRESS, WHICH IS THE BOOK-PUBLISHING ARM OF THE NAVAL INSTITUTE PUBLISHES ABOUT SEVENTY TITLES EACH YEAR, RANGING FROM BOOKS ON NAVIGATION TO BATTLE HISTORIES, UNITED STATES NAVAL ACADEMY TEXTBOOKS AND REFERENCE BOOKS, BIOGRAPHIES, SHIP AND AIRCRAFT GUIDES, AND NOVELS.

Program 2

Expenses: $1,270,453 Revenue: $1,861,386

CONFERENCE EXPENSES:THE INSTITUTE PROVIDES FOR VARIOUS SEMINARS AND MEETINGS THROUGHOUT ITS FISCAL YEAR ON CURRENT AND HISTORICAL TOPICS. THESE MEETINGS OFFER A CONCENTRATED OPPORTUNITY FOR THE...

CONFERENCE EXPENSES:THE INSTITUTE PROVIDES FOR VARIOUS SEMINARS AND MEETINGS THROUGHOUT ITS FISCAL YEAR ON CURRENT AND HISTORICAL TOPICS. THESE MEETINGS OFFER A CONCENTRATED OPPORTUNITY FOR THE EXCHANGE OF IDEAS AND DISCUSSION OF KEY NAVAL ISSUES AMONG NAVAL PROFESSIONALS ANDOTHERS.

Program 3

Expenses: $341,224

ROYALTIES: REPRESENT AGREED-UPON PAYMENTS MADE BY THE INSTITUTE TO VARIOUS AUTHORS FOR THEIR RESPECTIVE BOOKS. THE AMOUNT OF THE ROYALTY IS BASED UPON THE ACTUAL SALES OF THE RESPECTIVE BOOKS AND ANY...

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $3,531,747

Program Service Revenue $3,304,513

Investment Income $80,662

Other Revenue $2,147,869

TOTAL REVENUE $9,064,791

Expense Breakdown

Grants Paid $39,347

Salaries & Benefits $5,942,345

Fundraising Expenses $0

Program Expenses $6,715,534

Other Expenses $4,581,902

TOTAL EXPENSES $10,563,594

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,064,791	$10,573,853	-0.1%
Expenses	$10,563,594	$10,507,303	+0.0%
Net Income	$-1,498,803	$66,550	-23.5%

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$836,621

Total Directors

$602,430

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VADM PETER H DALY USN RET	CEO, PUBLISHER, DIR THRU NOV 2023	30.00	Officer Director	$499,136	$10,191	$509,327
RADM RAYMOND SPICER USN	CEO, PUBLISHER, DIR BEG DEC 2023	30.00	Officer Director	$88,723	$4,380	$93,103
ROBERT O WORK	CHAIR, DIRECTOR	2.00	Officer Director	$0	$0	$0
JONATHAN W GREENERT	VICE CHAIR, DIRECTOR	2.00	Officer Director	$0	$0	$0
THAD W ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
MARGARET D KLEIN	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT S WALSH	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL S ROGERS	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTINE FOX	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES BOLDEN	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS FURLONG	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM MORAN	DIRECTOR (THRU 9/2023)	1.00	Director	$0	$0	$0
SCOTT SWIFT	DIRECTOR	1.00	Director	$0	$0	$0
MEL IMMERGUT	DIRECTOR	1.00	Director	$0	$0	$0
HARRY HARRIS	DIRECTOR	1.00	Director	$0	$0	$0
ELLEN LORD	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM HANNIGAN	DIRECTOR	1.00	Director	$0	$0	$0
CALVIN CASS JR	DIRECTOR (BEG 9/2023)	1.00	Director	$0	$0	$0
THOMAS E CLARITY	DIRECTOR (BEG 9/2023)	1.00	Director	$0	$0	$0
TROY THOMPSON JR	DIRECTOR (THRU 8/2023)	1.00	Director	$0	$0	$0
MICHELLE FOSTER	DIRECTOR (THRU 8/2023)	1.00	Director	$0	$0	$0
DOUGLAS WALLEN	CFO	32.00	Officer	$200,793	$33,398	$234,191
APRIL PARRECO	EVP CONFERENCES & EVENTS	40.00	Highest	$185,595	$21,291	$206,886
HEATHER LANCASTER	EVP DEVELOPMENT	5.00	Highest	$179,248	$7,135	$186,383
WILLIAM HAMBLET	EVP PERIODIC, MEMBERS, MARKETING	40.00	Highest	$196,665	$8,120	$204,785
ADAM KANE	DIRECTOR, NAVAL INSTITUTE PRESS	40.00	Highest	$158,911	$20,359	$179,270
KERRI MASSARO	CONTROLLER	40.00	Highest	$156,314	$21,262	$177,576

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	No data	No data	No data	No data
2023	$9,064,791	$10,563,594	$6,986,699	$-1,498,803
2022	$10,573,853	$10,507,303	$37,452,353	$66,550
2021	$21,773,020	$8,902,248	$39,807,452	$12,870,772
2020	$24,447,598	$8,244,211	$27,665,507	$16,203,387
2019	$12,930,154	$10,300,409	$8,806,500	$2,629,745
2018	$12,378,436	$10,710,483	$6,525,826	$1,667,953