NAVY MUTUAL AID ASSOCIATION

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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

1879

Legal Domicile

Principal Officer

RDML BRIAN LUTHER

Phone

8006286011

Tax Period

2023-01-01 to 2023-12-31

NAVY MUTUAL AID ASSOCIATION, founded in 1879, is a major nonprofit in the Public & Societal Benefit sector that reported $311.8M in total revenue in fiscal year 2023.

Mission

AND FORM 990, PART III, LINE 1:TO PROVIDE MEMBERS OF THE NAVY, MARINES, COAST GUARD, NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION,PUBLIC HEALTH SERVICE, AND HONORABLY DISCHARGED VETERANS (COLLECTIVELY THE "SEA SERVICES") LIFE INSURANCE AT AS NEAR THE ACTUAL NET COST AS POSSIBLE, ASSIST MEMBERS OF THE SEA SERVICES AND OTHER UNIFORMED PERSONNEL AND THEIR FAMILIES IN SECURING FEDERAL BENEFITS TO WHICH THEY MAY BE LEGALLY ENTITLED, AND ADVISE AND EDUCATE UNIFORMED PERSONNEL AND THEIR FAMILIES ON MATTERS OF FINANCIAL SECURITY.

Program Service Accomplishments

Program 1

THE NAVY MUTUAL AID ASSOCIATION ("NAVY MUTUAL") IS A MUTUAL AID ASSOCIATION THAT CONSERVATIVELY MANAGES ITS ASSETS TO PAY PROMISED LIFE INSURANCE BENEFITS TO ITS MEMBERS AND THEIR BENEFICIARIES. NAVY MUTUAL'S BENEFIT PLANS ARE DESIGNED AT AS NEAR ACTUAL NET COST AS POSSIBLE IN ORDER TO PROVIDE MEMBERS OF THE UNIFORMED SERVICES WITH LIFE INSURANCE COVERAGE THAT IS NOT LIMITED BY WAR, TERRORISM, OR AVIATION CLAUSES. NAVY MUTUAL'S INSURANCE IS NOT SUBJECT TO LIMITS ON COVERAGE BASED ON ACTIVE DUTY STATUS OR GEOGRAPHICAL LOCATION.

Program 2

AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PRESENTS EDUCATIONAL PROGRAMS TO MEMBERS OF THE UNIFORMED SERVICES AND THEIR FAMILIES IN ORDER TO ASSIST THEM IN UNDERSTANDING...

AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PRESENTS EDUCATIONAL PROGRAMS TO MEMBERS OF THE UNIFORMED SERVICES AND THEIR FAMILIES IN ORDER TO ASSIST THEM IN UNDERSTANDING MILITARY SURVIVOR BENEFITS. FURTHER, UNDER OPNAV INSTRUCTION 1750.5A, NAVY MUTUAL IS OFFICIALLY DESIGNATED BY THE DEPARTMENT OF THE NAVY AS ITS PRIMARY EDUCATOR UNDER ITS FINANCIAL MANAGEMENT REGULATION. NAVY MUTUAL'S ROLE EXTENDS TO PROVIDING THESE EDUCATIONAL SERVICES ON BEHALF OF THE U.S. ARMED FORCES ON MILITARY BASES NATIONWIDE AND OVERSEAS. THESE SERVICES ARE IN DIRECT SUPPORT OF MANDATED READINESS COURSES AND ARE PROVIDED AT NO COST TO THE DOD.

Program 3

AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PROVIDES BENEFICIARY ASSISTANCE AND COUNSELING TO ASSIST MEMBERS' SURVIVORS THROUGH THE DEATH PROCESS AND TO HELP SECURE THE...

AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PROVIDES BENEFICIARY ASSISTANCE AND COUNSELING TO ASSIST MEMBERS' SURVIVORS THROUGH THE DEATH PROCESS AND TO HELP SECURE THE FEDERAL BENEFITS TO WHICH THEY MAY BE ENTITLED, INCLUDING REPRESENTATION BEFORE THE VETERANS BENEFITS ADMINISTRATION AND BOARD OF VETERANS' APPEALS.

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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 $0

Program Service Revenue $118,905,389

Investment Income $189,154,836

Other Revenue $3,701,785

TOTAL REVENUE $311,762,010

Expense Breakdown

Grants Paid $0

Salaries & Benefits $22,142,727

Fundraising Expenses $0

Other Expenses $70,747,275

TOTAL EXPENSES $317,606,151

Year-over-Year Comparison

	2023	2022	Change
Revenue	$311,762,010	$302,645,360	+0.0%
Expenses	$317,606,151	$298,110,759	+0.1%
Net Income	$-5,844,141	$4,534,601	-2.3%

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

Governance

Voting Members

Independent Members

Employees

149

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

$1,483,264

Total Directors

$872,782

Key Employees

$2,023,162

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RDML BRIAN LUTHER	PRESIDENT & CEO	40.00	Officer Director	$836,429	$36,353	$872,782
ADAM MULLINS	CHIEF FIANANCIAL OFFICER	40.00	Officer	$469,602	$140,880	$610,482
JAMES MALTESE	SENIOR VP, INVESTMENTS	40.00	Key Emp	$473,446	$134,642	$608,088
LINDSAY MCFARLAND	VP, MEMBER SERVICES	40.00	Key Emp	$335,381	$109,305	$444,686
MICHELLE RAMOS DOMINGUE	GENERAL COUNSEL	40.00	Key Emp	$371,935	$37,897	$409,832
PETER MEYERS	VP, SOLUTIONS & TECHNOLOGY	40.00	Key Emp	$336,533	$35,298	$371,831
FREDERICK MOLEN	DIRECTOR, ACTUARY	40.00	Highest	$319,185	$40,656	$359,841
RYAN HUTCHISON	SENIOR NEW MEMBER SPECIALIST	40.00	Highest	$272,202	$49,612	$321,814
WEIHONG LI	ACTUARY	40.00	Highest	$230,202	$52,537	$282,739
BRANDON SMITHHART	DIRECTOR, UNDERWRITING	40.00	Highest	$218,138	$50,468	$268,606
DONALD NISBETT	DIRECTOR, MILITARY AFFAIRS & FACILITIES	40.00	Highest	$225,335	$25,805	$251,140
STEVEN COONEY	VP, SALES, UNDERWRITING, NEW BUSINESS (OUTGOING 20	40.00	Key Emp	$181,856	$6,869	$188,725
VADM JOHN TERENCE BLAKE	CHAIR	1.00	Director	$0	$0	$0
VADM STANLEY SZEMBORSKI	CHAIR (OUTGOING 2023)	1.00	Director	$0	$0	$0
RADM CHRISTINE HUNTER	VICE CHAIR	1.00	Director	$0	$0	$0
RDML FRANK THORP IV	VICE CHAIR (OUTGOING 2023)	1.00	Director	$0	$0	$0
VADM TED N BRANCH	DIRECTOR	1.00	Director	$0	$0	$0
ERIC CANDELORI	DIRECTOR	1.00	Director	$0	$0	$0
CAPT ANTHONY COOPER	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER DEAN ESQ	DIRECTOR (OUTGOING 2023)	1.00	Director	$0	$0	$0
CAPT HEIDI A FLEMING	DIRECTOR	1.00	Director	$0	$0	$0
CAPT REGGIE HOWARD	DIRECTOR	1.00	Director	$0	$0	$0
CAPT CATHERINE MULE	DIRECTOR (OUTGOING 2023)	1.00	Director	$0	$0	$0
VADM ALLEN G MYERS	DIRECTOR (INCOMING 2023)	1.00	Director	$0	$0	$0
CAPT GARY A ROGENESS	DIRECTOR (INCOMING 2023)	1.00	Director	$0	$0	$0
CAPT NITA SOOD	DIRECTOR	1.00	Director	$0	$0	$0
RADM CARI B THOMAS	DIRECTOR (OUTGOING 2023)	1.00	Director	$0	$0	$0
VADM MICHAEL VITALE	DIRECTOR	1.00	Director	$0	$0	$0
LT GEN ROBERT WALSH	DIRECTOR	1.00	Director	$0	$0	$0
CAPT ROBERT W WARREN	DIRECTOR (INCOMING 2023)	1.00	Director	$0	$0	$0
VADM ANTHONY WINNS	DIRECTOR	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	No data	No data	No data	No data
2023	$311,762,010	$317,606,151	$3,312,205,022	$-5,844,141
2022	$302,645,360	$298,110,759	$3,300,429,651	$4,534,601
2021	$252,544,818	$241,942,435	$3,268,377,418	$10,602,383
2020	$255,120,080	$249,394,879	$3,244,413,996	$5,725,201
2019	$255,614,699	$248,600,100	$3,184,755,036	$7,014,599
2018	$250,230,031	$248,840,732	$3,124,123,706	$1,389,299