United States Naval Academy Foundation Inc
- Assets
- $306.0m
- Revenue
- $47.6m
- Investments
- $173.3m
- Employees
- 53
- Location
- Annapolis, MD
- Founding
- 02/1969
- Data as of
- 06/2022
- EIN
- 23-7003516
Organization Overview
United States Naval Academy Foundation Inc is located in Annapolis, MD. The organization was established in 1969. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2022, United States Naval Academy Foundation Inc employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United States Naval Academy Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, United States Naval Academy Foundation Inc generated $47.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $48.9m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, United States Naval Academy Foundation Inc has awarded 16 individual grants totaling $241,722,939. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT, PROMOTE, AND ADVANCE THE MISSION OF THE NAVAL ACADEMY.
Describe the Organization's Program Activity:
SUPPORT INCLUDED DIRECT AND INDIRECT SUPPORT FOR USNA ENDOWED POSITIONS AND PROGRAM SUPPORT FOR CYBER SECURITY, ATHLETIC EXCELLENCE, STEM, MINORITY OUTREACH, LEADERSHIP DEVELOPMENT AND INTERNATIONAL PROGRAMS. GRANTS TO USNA ALSO SUPPORTED PROJECT BASED LEARNING, ADMISSIONS SUPPORT, THE ACADEMIC CENTER AND THE CENTER OF ETHICAL LEADERSHIP. GRANTS TO THE ALUMNI ASSOCIATION WERE IN SUPPORT OF OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Daniel F Akerson Director | Trustee | 2 | $0 |
Amb Richard L Armitage Director | Trustee | 2 | $0 |
Mr William A Bastian II Director | Trustee | 2 | $0 |
Majgen Charles F Bolden Jr Usmc R Director | Trustee | 2 | $0 |
Mr Charles H Cannon Jr Director | Trustee | 2 | $0 |
Mr Harry Coker Jr Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Catapult Fundraising Inc Fundraising | 6/29/22 | $306,780 |
Honorcraft Llc Donor Recognition Products/services | 6/29/22 | $173,097 |
Naval Academy Catering Catering | 6/29/22 | $107,996 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $13,707 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,280,644 |
| Noncash contributions included in lines 1a–1f | $13,000,280 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $30,294,351 |
| Total Program Service Revenue | $3,776,417 |
| Investment income | $827,981 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,704,870 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,603,619 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $38,347,873 |
| Grants and other assistance to domestic individuals. | $435,745 |
| Grants and other assistance to Foreign Orgs/Individuals | $223,156 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $907,422 |
| Compensation of current officers, directors, key employees. | $96,025 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,266,068 |
| Pension plan accruals and contributions | $267,561 |
| Other employee benefits | $275,995 |
| Payroll taxes | $362,686 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,113 |
| Fees for services: Accounting | $86,147 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $351,416 |
| Fees for services: Investment Management | $228,590 |
| Fees for services: Other | $721,172 |
| Advertising and promotion | $0 |
| Office expenses | $420,998 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $102,542 |
| Travel | $115,619 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $118,274 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $310,549 |
| Insurance | $56,445 |
| All other expenses | $345,672 |
| Total functional expenses | $48,937,066 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $62,799,131 |
| Pledges and grants receivable | $53,001,071 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $236,050 |
| Net Land, buildings, and equipment | $1,984,953 |
| Investments—publicly traded securities | $11,568,982 |
| Investments—other securities | $173,271,417 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,106,572 |
| Total assets | $305,968,176 |
| Accounts payable and accrued expenses | $437,940 |
| Grants payable | $0 |
| Deferred revenue | $480,210 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,836,529 |
| Total liabilities | $10,754,679 |
| Net assets without donor restrictions | $26,585,513 |
| Net assets with donor restrictions | $268,627,984 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $305,968,176 |
Grants Awarded
Over the last fiscal year, United States Naval Academy Foundation Inc has awarded $38,347,873 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
US NAVAL ACADEMY ALUMNI ASSOCIATION INC PURPOSE: GENERAL SUPPORT | $2,949,586 |
US NAVAL ACADEMY PURPOSE: GENERAL SUPPORT | $35,398,287 |