ARMED FORCES BENEFIT 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

1947

Legal Domicile

Principal Officer

LARRY O SPENCER CEO

Phone

7035494455

Tax Period

2024-01-01 to 2024-12-31

ARMED FORCES BENEFIT ASSOCIATION, founded in 1947, is a major nonprofit that reported $162.9M in total revenue in fiscal year 2024. Expenses of $147.1M left a modest 10% surplus.

Mission

PROMOTE THE WELFARE OF MEMBERS OF THE U.S. UNIFORMED SERVICES, FEDERAL GOVERNMENT EMPLOYEES, FIRST RESPONDER EMERGENCY PERSONNEL AND THEIR FAMILIES BY PROVIDING LOW COST LIFE INSURANCE, AND OTHER BENEFITS.

Program Service Accomplishments

Program 1

Expenses: $48,659,408 Revenue: $48,576,868

PROVIDED BETTER ALTERNATIVE TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 350,820 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $22.9 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD...

PROVIDED BETTER ALTERNATIVE TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 350,820 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $22.9 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 790 DEATH CLAIMS TOTALING $31,959,668 IN 2024.

Program 2

Expenses: $11,303,567 Revenue: $8,918,903

PROVIDED GROUP DECREASING TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 45,084 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $.5 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY...

PROVIDED GROUP DECREASING TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 45,084 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $.5 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 2,008 DEATH CLAIMS TOTALING $8,815,550 IN 2024.

Program 3

Expenses: $83,076,507 Revenue: $94,549,908

PROVIDED LEVEL TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 335,574 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $29.1 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE...

PROVIDED LEVEL TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 335,574 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $29.1 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 734 DEATH CLAIMS TOTALING $40,518,500 IN 2024.

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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 $0

Program Service Revenue $155,876,953

Investment Income $6,001,049

Other Revenue $1,030,054

TOTAL REVENUE $162,908,056

Expense Breakdown

Grants Paid $0

Salaries & Benefits $19,213,848

Fundraising Expenses $0

Program Expenses $147,057,886

Other Expenses $36,162,482

TOTAL EXPENSES $147,057,886

Year-over-Year Comparison

	2024	2023	Change
Revenue	$162,908,056	$156,212,942	+0.0%
Expenses	$147,057,886	$147,965,849	0.0%
Net Income	$15,850,170	$8,247,093	+0.9%

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

148

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

$4,393,136

Total Directors

$1,860,260

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GEN L SPENCER USAF RET	PRESIDENT	27.0	Officer Director	$1,357,104	$22,546	$1,379,650
D FRENCH	CFO	40.0	Officer	$573,987	$40,172	$614,159
M MOSER	SVP, GENERAL COUNSEL	20.0	Officer	$0	$40,525	$562,450
A HOOVER	SVP, HUMAN RESOURCES	40.0	Officer	$305,738	$34,664	$340,402
B ABEBE	CIO	40.0	Officer	$300,774	$32,998	$333,772
C KLEIN	CAE	40.0	Officer	$282,966	$33,772	$316,738
J PAULIN	SVP, OPERATIONS	40.0	Officer	$270,579	$32,266	$302,845
T SHUEY III	VP, NATIONAL GUARD MARKET	40.0	Highest	$249,648	$31,863	$281,511
R FUENTES	VP, MKTG & COMMS	20.0	Officer	$0	$31,184	$272,244
E JENKINS	ASSOCIATION SECRETARY	40.0	Officer	$0	$32,254	$270,876
T TRAN	CONTROLLER	40.0	Highest	$220,871	$29,949	$250,820
D Almaraz	VP, DISTRI SUPPORT SVCS	40.0	Highest	$214,985	$29,771	$244,756
R LAMBERT	DIR OF STATISTICS & ANALYSIS	40.0	Highest	$215,328	$27,571	$242,899
A GORDON-MONROE	TREASURER & CUSTOMER ADVO	40.0	Highest	$197,429	$30,439	$227,868
GEN C MCKINLEY USAF RET	CHAIRMAN	2.0	Director	$67,600	$0	$67,600
VADM P TRACEY USN RET	DIRECTOR	2.0	Director	$56,160	$0	$56,160
BG A SOLOMON USAF RET	DIRECTOR	2.0	Director	$56,160	$0	$56,160
CMSAF J ROY USAF RET	DIRECTOR	2.0	Director	$56,160	$0	$56,160
SMA K PRESTON USA RET	DIRECTOR	2.0	Director	$56,160	$0	$56,160
SMMC A MCMICHAEL USMC RET	DIRECTOR	2.0	Director	$50,232	$0	$50,232
MR LARRY LYNCH	DIRECTOR	2.0	Director	$50,232	$0	$50,232
PC C LANIER DCMPD RET	DIRECTOR	2.0	Director	$50,232	$0	$50,232
MAJ GEN A L COLLINS USA RET	DIRECTOR (AS OF 02/24)	2.0	Director	$37,674	$0	$37,674

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	$162,908,056	$147,057,886	$195,351,756	$15,850,170
2023	$156,212,942	$147,965,849	$183,355,173	$8,247,093
2022	$134,666,831	$155,746,044	$181,302,582	$-21,079,213
2021	$157,888,211	$177,056,271	$212,566,568	$-19,168,060
2020	$154,702,786	$152,872,624	$224,379,089	$1,830,162
2019	$147,971,648	$141,521,880	$215,707,690	$6,449,768
2018	$131,162,407	$146,954,585	$209,940,311	$-15,792,178