Association Of Military Banks Of America
- Assets
- $9.6m
- Revenue
- $1.7m
- Investments
- $9.0m
- Employees
- 2
- Location
- Washington, DC
- Founding
- 03/1977
- Data as of
- 12/2021
- EIN
- 47-0583461
Organization Overview
Association Of Military Banks Of America is located in Washington, DC. 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 12/2021, 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 12/2021, Association Of Military Banks Of America generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.5%) each year. All expenses for the organization totaled $746.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (11.4%) per year over the past 7 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
2021
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 COMMUNITY BY PROVIDING FINANCIAL PRODUCTS, SERVICES, AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, 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, STARTED IN 2019, 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. AS OF THE END OF 2021, VBBP IS CREDITED WITH "BANKING" OVER 110,000 VETERANS.
AMBA'S SOCIAL MEDIA AND DIRECT MARKETING COMMUNICATIONS EFFORTS ASSISTED ITS MEMBERS AND NON-PROFIT ORGANIZATION PARTNERS TO PROVIDE INFORMATION REGARDING THE FINANCIAL IMPACT OF THE COVID-19 PANDEMIC. THROUGH OUR NEWSLETTERS, WEBINARS, AND SOCIAL MEDIA POSTS, WE FOCUSED THE ATTENTION OF THE MILITARY AND VETERAN COMMUNITIES OUR MEMBERS SERVE ON STRATEGIES TO HELP THEM MANAGE THEIR FINANCES THROUGH THE PANDEMIC.
AMBA'S ANNUAL WORKSHOP WAS FULLY VIRTUAL AGAIN IN 2021, FOLLOWING THE PRECEDENT WE SET IN 2020. BECAUSE THE PANDEMIC PREVENTED US FROM HOSTING AN IN-PERSON EVENT, WE SHIFTED TO A VIRTUAL FORMAT. FORTUNATELY, DUE TO THE CONTINUED SUPPORT OF SPEAKERS AND OUR INTENDED AUDIENCE, WE WERE ABLE TO ASSEMBLE AND BROADCAST TWO DAYS OF PROGRAMMING. MUCH OF THE PROGRAM'S SUBSTANCE WAS DEVOTED TO THE NAVIGATION OF FINANCIAL OBSTACLES DURING THE PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven J Lepper President/treasurer/secy | Officer | 40 | $283,884 |
Michael S League Vice Chairman | OfficerTrustee | 1 | $0 |
W H Bill Croak Director | OfficerTrustee | 1 | $0 |
John M Bird Chairman | OfficerTrustee | 1 | $0 |
James A Cerrone Immediate Past Chairman | OfficerTrustee | 1 | $0 |
Steve Beres 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 | $104,349 |
| Investment income | $1,643,965 |
| 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 | $1,748,314 |
| 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. | $283,884 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,743 |
| Pension plan accruals and contributions | $14,581 |
| Other employee benefits | $0 |
| Payroll taxes | $17,114 |
| Fees for services: Management | $12,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $130,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,731 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,425 |
| Information technology | $30,094 |
| Royalties | $0 |
| Occupancy | $24,960 |
| Travel | $9,535 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $82,390 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,537 |
| Insurance | $3,897 |
| All other expenses | $20 |
| Total functional expenses | $746,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,645 |
| Savings and temporary cash investments | $518,243 |
| 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 | $4,755 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,975,242 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,000 |
| Total assets | $9,554,885 |
| Accounts payable and accrued expenses | $839 |
| Grants payable | $0 |
| 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 | $839 |
| 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 | $9,554,046 |
| Total liabilities and net assets/fund balances | $9,554,885 |
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 |
|---|---|
Harker Heights, TX PURPOSE: TO ENSURE INCLUSIVE, QUALITY EDUCATIONAL OPPORTUNITIES FOR ALL MILITARY AND VETERAN-CONNECTED CHILDREN AFFECTED BY MOBILITY,TRANSITION, AND FAMILY SEPARATION. | $25,000 |
Alexandria, VA PURPOSE: TO PROTECT MILITARY FAMILIES AND DEVELOP PROGRAMS TO SUPPORT THEM. | $25,000 |
Arlington, VA PURPOSE: TO PROVIDE SUPPORT TO SURVIVORS GRIEVING DEATH OF ONE WHO DIED IN MILITARY SERVICE. | $20,000 |
Alexandria, VA PURPOSE: TO PROVIDE FOR MOAA AMERICAN PATRIOT SCHOLARSHIP GRANTS THAT BENEFIT THE CHILDREN WHOSE MILITARY PARENT DIED WHILE IN ACTIVE SERVICE. | $20,000 |
Arlington, VA 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 |
Arlington, VA PURPOSE: TO PROVIDE SOLDIERS AND THEIR FAMILIES ASSISTANCE FOR A WIDE VARIETY OF FINANCIAL SITUATIONS WITH NO INTEREST OR FEES. | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Center For Community Change Action Washington, DC | $13,750,563 | $15,082,091 |
American Conservative Union Alexandria, VA | $4,885,240 | $15,442,633 |
Center For American Progress Action Fund Washington, DC | $5,490,835 | $12,854,526 |
Consumer Bankers Association Washington, DC | $14,757,474 | $11,272,002 |
Centre For Public Impact North America Inc Washington, DC | $15,029,956 | $20,852,661 |
Public Citizen Inc Washington, DC | $4,340,834 | $7,987,999 |
Common Cause Washington, DC | $11,922,837 | $10,088,774 |
American Road And Transportation Builders Association Washington, DC | $8,270,430 | $9,321,021 |
Alliance For Telecommunications Industry Solutions Washington, DC | $11,826,639 | $10,016,608 |
Americans For Tax Reform Washington, DC | $22,926,988 | $9,199,721 |
Electronic Transactions Association Washington, DC | $10,336,129 | $4,909,988 |
International Association Of Refrigerated Warehouses Arlington, VA | $5,555,867 | $6,081,078 |