Association Of Military Banks Of America
- Assets
- $9.6m
- Revenue
- $849.4k
- Investments
- $9.4m
- Employees
- 2
- Location
- Arlington, VA
- Founding
- 03/1977
- Data as of
- 12/2023
- EIN
- 47-0583461
Organization Overview
Association Of Military Banks Of America is located in Arlington, VA. The organization was established in 1977. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Association Of Military Banks Of America employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Association Of Military Banks Of America is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Association Of Military Banks Of America generated $849.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (10.2%) each year. All expenses for the organization totaled $915.6k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (6.9%) per year over the past 9 years. 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 ASSOCIATION OF MILITARY BANKS OF AMERICA (AMBA) IS A NOT-FOR-PROFIT TRADE ASSOCIATION THAT REPRESENTS FINANCIAL INSTITUTIONS SPECIALIZING IN PROVIDING WORLDWIDE BANKING SERVICES FOR MILITARY PERSONNEL, VETERANS, AND THEIR FAMILIES. AMBA, THROUGH ITS MEMBERS AND WITH ITS PARTNERS, IS COMMITTED TO IMPROVING THE FINANCIAL READINESS OF THE U.S. MILITARY AND VETERAN COMMUNITIES BY PROVIDING FINANCIAL PRODUCTS, SERVICES, AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023, AMBA CONTINUED ITS PARTNERSHIP WITH THE VETERANS BENEFITS ADMINISTRATION, U.S. DEPARTMENT OF VETERANS AFFAIRS, IN THE VETERANS BENEFITS BANKING PROGRAM (VBBP). VBBP IS A PROGRAM DESIGNED TO ENCOURAGE UNBANKED AND UNDERBANKED VETERANS TO OPEN BANK OR CREDIT UNION CHECKING ACCOUNTS INTO WHICH THEIR VA MONETARY BENEFITS CAN BE DEPOSITED AND MANAGED. THE PROGRAM IS INTENDED TO HELP VETERANS AVOID THE LACK OF SAFETY, RELIABILITY, AND FLEXIBILITY INHERENT IN THE ONLY OTHER WAYS THEY CAN RECEIVE THEIR GOVERNMENT BENEFITS: PREPAID DEBIT CARDS AND PAPER CHECKS. IN 2023, VBBP TEAMED WITH AMERICA SAVES TO LAUNCH A NEW PROGRAM CALLED VETERAN SAVES, COMBINING AMERICA SAVES' TRIED-AND-TRUE METHODS TO PROMOTE SAVINGS WITH THE ENHANCED FOCUS VBBP HAS PLACED ON VETERAN FINANCIAL WELLBEING. WE ALSO LAUNCHED VETCENTS, OUR NEW INTERACTIVE FINANCIAL JOURNEY THAT WILL CONNECT VETERANS WITH FINANCIAL EDUCATION AND RESOURCES TAILORED TO THEIR NEEDS. AS OF THE END OF 2023, VBBP IS CREDITED WITH "BANKING" OVER 300,000 VETERANS.
AMBA'S SOCIAL MEDIA AND DIRECT MARKETING COMMUNICATION EFFORTS CONTINUED TO ASSIST ITS MEMBERS AND NON-PROFIT ORGANIZATION PARTNERS TO EXPAND FINANCIAL EDUCATION FOR THE MILITARY AND VETERAN COMMUNITIES THROUGH NEWSLETTERS, WEBINARS, AND SOCIAL MEDIA POSTS. IN 2023, AMBA CONTINUED TO MARKET THE HARDCOPY OF ARMED FORCES FINANCIAL GUIDE AND ENCOURAGED MEMBERS TO SUBSCRIBE TO ITS ONLINE VERSION, WHICH CAN BE ACCESSED BY BANK CUSTOMERS.
AMBA HELD ITS ANNUAL WORKSHOP WHICH BUILT ON THE TREMENDOUSLY SUCCESSFUL WORKSHOP FROM 2022, CONTINUING OUR FOCUS ON ISSUES AND GOALS DESIGNED TO HELP OUR MEMBERS SERVE THEIR MILITARY AND VETERAN COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael S League Chairman | OfficerTrustee | 1 | $0 |
Steve Beres Director | Trustee | 1 | $0 |
Tiffany Davis-Schaefer Director | Trustee | 1 | $0 |
Larry T Wilson Director | Trustee | 1 | $0 |
Fred A Alvarado Vice Chairman | OfficerTrustee | 1 | $0 |
W H Bill Croak 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $173,896 |
| Investment income | $675,460 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $849,356 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $295,469 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $56,422 |
| Pension plan accruals and contributions | $13,872 |
| Other employee benefits | $0 |
| Payroll taxes | $16,465 |
| Fees for services: Management | $13,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,400 |
| Fees for services: Lobbying | $80,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,367 |
| Fees for services: Other | $18,890 |
| Advertising and promotion | $0 |
| Office expenses | $4,046 |
| Information technology | $12,800 |
| Royalties | $0 |
| Occupancy | $4,592 |
| Travel | $18,619 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $287,368 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,582 |
| Insurance | $4,437 |
| All other expenses | $0 |
| Total functional expenses | $915,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,069 |
| Savings and temporary cash investments | $168,142 |
| 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 | $0 |
| Net Land, buildings, and equipment | $2,621 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,353,676 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,570,508 |
| Accounts payable and accrued expenses | $839 |
| Grants payable | $0 |
| Deferred revenue | $22,900 |
| 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 | $23,739 |
| Net assets without donor restrictions | $0 |
| 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 | $9,546,769 |
| Total liabilities and net assets/fund balances | $9,570,508 |
Grants Awarded
Over the last fiscal year, Association Of Military Banks Of America has awarded $165,000 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL MILITARY FAMILY ASSOCIATION PURPOSE: TO PROTECT MILITARY FAMILIES AND DEVELOP PROGRAMS TO SUPPORT THEM. | $25,000 |
ARMY EMERGENCY RELIEF PURPOSE: TO PROVIDE SOLDIERS AND THEIR FAMILIES ASSISTANCE FOR A WIDE VARIETY OF FINANCIAL SITUATIONS WITH NO INTEREST OR FEES. | $15,000 |
AIR FORCE AID SOCIETY PURPOSE: TO HELP RELIEVE FINANCIAL DISTRESS OF AIR FORCE MEMBERS AND THEIR FAMILIES AND TO ASSIST THEM IN FINANCING THEIR HIGHER EDUCATION GOALS. | $15,000 |
NAVY-MARINE CORPS RELIEF SOCIETY PURPOSE: TO PROVIDE,IN PARTNERSHIP WITH THE NAVY AND MARINE CORPS,FINANCIAL,EDUCATIONAL,AND OTHER NEED-BASED ASSISTANCE TO ACTIVE-DUTY AND RETIRED SAILORS AND MARINES,THEIR ELIGIBLE FAMILY MEMBERS, AND SURVIVORS. | $15,000 |
TRAGEDY ASSISTANCE PROGRAM FOR SURVIVORS(TAPS) PURPOSE: TO PROVIDE SUPPORT TO SURVIVORS GRIEVING DEATH OF ONE WHO DIED IN MILITARY SERVICE. | $20,000 |
MILITARY OFFICERS ASSOCIATION OF AMERICA SCHOLARSHIP FUND PURPOSE: TO PROVIDE FOR MOAA AMERICAN PATRIOT SCHOLARSHIP GRANTS THAT BENEFIT THE CHILDREN WHOSE MILITARY PARENT DIED WHILE IN ACTIVE SERVICE. | $20,000 |