THE NAVAL INSTITUTE FOUNDATION INC

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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

1992

Legal Domicile

Principal Officer

RAYMOND A SPICER

Phone

4102686110

Tax Period

2024-01-01 to 2024-12-31

THE NAVAL INSTITUTE FOUNDATION INC, founded in 1992, is a community nonprofit that reported $6.1M in total revenue in fiscal year 2024. Revenue fell 35% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $1.3M, a strong 22% operating margin.

Mission

THE NAVAL INSTITUTE FOUNDATION WAS ORGANIZED TO OPERATE EXCLUSIVELY TO RAISE FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES TO FURTHER THE MISSION AND POLICIES OF THE UNITED STATES NAVAL INSTITUTE.

Program Service Accomplishments

Program 1

Expenses: $3,267,311

THE FOUNDATION RAISED FUNDS TO SUPPORT THE ACTIVITIES OF THE UNITED STATES NAVAL INSTITUTE. THIS ORGANIZATION IS A SEC. 509(A)(3) SUPPORTING ORGANIZATION. MISSION: PROVIDE AN INDEPENDENT FORUM FOR...

THE FOUNDATION RAISED FUNDS TO SUPPORT THE ACTIVITIES OF THE UNITED STATES NAVAL INSTITUTE. THIS ORGANIZATION IS A SEC. 509(A)(3) SUPPORTING ORGANIZATION. 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. VISION: GIVING VOICE TO ALL WHO SEEK THE FINEST NAVY, MARINE CORPS, AND COAST GUARD.

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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 (2024)

Revenue Breakdown

Contributions & Grants $5,895,369

Program Service Revenue $0

Investment Income $225,512

Other Revenue $0

TOTAL REVENUE $6,120,881

Expense Breakdown

Grants Paid $3,267,311

Salaries & Benefits $1,087,018

Fundraising Expenses $1,284,231

Program Expenses $3,267,311

Other Expenses $447,585

TOTAL EXPENSES $4,801,914

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,120,881	$9,412,802	-0.3%
Expenses	$4,801,914	$5,200,662	-0.1%
Net Income	$1,318,967	$4,212,140	-0.7%

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

N/A

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

$858,166

Total Directors

$609,308

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RADM RAYMOND A SPICER USN RET	CEO, DIRECTOR	10.00	Officer Director	$0	$25,400	$387,646
HEATHER LANCASTER	COO, SECRETARY, DIRECTOR	35.00	Officer Director	$0	$10,395	$221,662
GEN PETER PACE USMC RET	CHAIRMAN, DIRECTOR	2.00	Officer Director	$0	$0	$0
MICHAEL M WISEMAN ESQ	VICE-CHAIRMAN, DIRECTOR	1.00	Officer Director	$0	$0	$0
RADM KENDELL PEASE USN RET	DIRECTOR	1.00	Director	$0	$0	$0
MR STEPHEN M WATERS	DIRECTOR	1.00	Director	$0	$0	$0
CDR GREGORY E GLAROS USN RET	DIRECTOR	1.00	Director	$0	$0	$0
ADM JONATHAN GREENERT USN RET	DIR. - BOARD LIAISON (THRU MAY)	1.00	Director	$0	$0	$0
MEL IMMERGUT	DIRECTOR - BOARD LIASON	1.00	Director	$0	$0	$0
MARTIN J BOLLINGER	DIRECTOR	1.00	Director	$0	$0	$0
JANE CLAYTON JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
DIRK P MOSIS	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL J SALVATO	DIRECTOR	1.00	Director	$0	$0	$0
JOHN MAJORAS	DIRECTOR (AS OF NOV)	1.00	Director	$0	$0	$0
DOUGLAS WALLEN	TREASURER	8.00	Officer	$0	$35,235	$248,858
VADM PETER H DALY USN RET	FORMER CEO, CONSULTANT	2.00		$0	$94	$165,333

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	$6,120,881	$4,801,914	$14,727,671	$1,318,967
2023	$9,412,802	$5,200,662	$11,834,384	$4,212,140
2022	$5,073,698	$5,558,232	$13,167,023	$-484,534
2021	$8,459,950	$15,378,539	$16,478,320	$-6,918,589
2020	$6,051,865	$18,580,025	$14,182,062	$-12,528,160
2019	$9,775,538	$8,299,571	$27,448,325	$1,475,967
2018	$21,058,052	$6,965,407	$24,278,547	$14,092,645