Friends Of Naval Academy Music
- Assets
- $639.5k
- Revenue
- $217.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Crofton, MD
- Founding
- 12/2014
- Data as of
- 12/2023
- EIN
- 46-1084699
Organization Overview
Friends Of Naval Academy Music, operating under the name Fonam, is located in Crofton, MD. The organization was established in 2014. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fonam 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 12/2023, Fonam generated $217.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.0% each year . All expenses for the organization totaled $85.9k during the year ending 12/2023. While expenses have increased by 25.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION SEEKS TO RAISE FUNDS TO PERMANENTLY SUPPORT AND SUSTAIN THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION SOLICITED FUNDS EXCEEDING $176,000 FOR MISSION SUPPORT. A DIRECT CONTRIBUTION OF $20,000 WAS MADE DURING SUMMER 2023 TO THE MUSIC PROGRAM AT USNA. ANOTHER CONTRIBUTION OF $42,200 WAS AUTHORIZED BY VOTE BY THE BOARD IN DECEMBER 2023, BRINGING OUR TOTAL DONATIONS TO USNA MUSIC TO $62,200 FOR 2023. THESE DONATIONS CONTRIBUTED TO THE MARGIN OF EXCELLENCE, WHICH ENABLED THE MUSIC PROGRAM AT THE UNITED STATES NAVAL ACADEMY TO CONTINUE TO PURSUE ITS MISSION OF TRAINING FUTURE NAVAL AND MARINE CORPS OFFICERS FOR CAREERS IN THE FLEET.
THE ORGANIZATION INFUSED MONEY INTO ITS INVESTMENT ACCOUNTS AND WATCHED THEM GROW DURING 2023. THE VALUE ROSE FROM $405,541 AT THE BEGINNING OF 2023 TO OVER $570,000 BY THE END OF 2023. THE INVESTMENTS, WHICH ARE MANAGED BY OUR DIRECTOR OF INVESTMENTS IN CONNECTION WITH THE INVESTMENT COMMITTEE, SERVE LONG- AND SHORT-TERM PURPOSES OF THE ORGANIZATION. A SMALL PORTION OF OUR INVESTMENTS IS HELD IN A MONEY MARKET FUND, WHERE ALL INCOME IS ACCUMULATED DURING THE YEAR. THIS FUND IS AVAILABLE TO DISTRIBUTE ANNUALLY TO THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY TO SUPPORT ITS ONGOING MISSION AND OPERATIONS. APPROXIMATELY HALF OF THE INVESTMENTS ARE HELD IN A STRATEGIC RESERVE FUND INTENDED TO GROW OVER THE LONG TERM. THE REMAINING INVESTMENTS ARE HELD IN ENDOWMENT FUNDS, WHICH PURPOSE IS TO GROW AND BE USED TO SUPPORT THE MUSICAL ACTIVITIES DEPARTMENT BY THEIR INCOME STREAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Barry Talley Director Of Investments | Trustee | 1 | $0 |
Chris Jensen Director | Trustee | 1 | $0 |
April Mcbride Director | Trustee | 1 | $0 |
Chris O'keefe Director | Trustee | 1 | $0 |
Chad Redmer Director | Trustee | 1 | $0 |
Tabitha Strobel Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $176,501 |
| Noncash contributions included in lines 1a–1f | $2,425 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $176,501 |
| Total Program Service Revenue | $0 |
| Investment income | $20,750 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,995 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $217,246 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $62,200 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $5,818 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $676 |
| All other expenses | $0 |
| Total functional expenses | $85,923 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,921 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $757 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $570,815 |
| Total assets | $639,493 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $42,200 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $42,200 |
| Net assets without donor restrictions | $597,293 |
| Net assets with donor restrictions | $0 |
| 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 | $639,493 |