Amvets
- Assets
- $3.3m
- Revenue
- $541.9k
- Investments
- $0.0
- Employees
- 45
- Location
- Millsboro, DE
- Founding
- 02/1954
- Data as of
- 06/2023
- EIN
- 51-0408786
Organization Overview
Amvets is located in Millsboro, DE. The organization was established in 1954. According to its NTEE Classification (W30) the organization is classified as: Military & Veterans Organizations, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2023, Amvets employed 45 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Amvets is a 501(c)(19) and as such, is described as a "Post or Organization of Past or Present Members of the Armed Forces" by the IRS.
For the year ending 06/2023, Amvets generated $541.9k 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 (10.5%) each year. All expenses for the organization totaled $487.1k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (12.0%) 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BENEFITS TO VETERANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS VETERANS ORGANIZATION GIVES SCHOLARSHIP MONEY TO DESERVING STUDENTS; PROVIDES FUNDS TO OTHER CIVIC GROUPS AND ACTIVELY PARTICIPATE IN LOCAL EVENTS WHICH BENEFIT THE COMMUNITY.
FUND RAISING EVENTS ARE HELD TO RAISE MONEY FOR THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Jones Trustee | Trustee | 5 | $0 |
Taylor Magargal Trustee | Trustee | 5 | $0 |
John Reeser Chaplain | Trustee | 4 | $0 |
James Bailey Finance Offi | Officer | 40 | $0 |
Bill Biggs 2nd Vice Com | Officer | 5 | $0 |
Gene Bradley Past Command | Officer | 3 | $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 | $13,383 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,383 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$92,365 |
| Net Income from Gaming Activities | $517,704 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $541,851 |
| 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 | $15,650 |
| 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 | $6,787 |
| Information technology | $0 |
| 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 | $86,121 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,982 |
| Insurance | $11,254 |
| All other expenses | $87,080 |
| Total functional expenses | $487,053 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $118,075 |
| Savings and temporary cash investments | $230,000 |
| 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 | $2,910,910 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,258,985 |
| Accounts payable and accrued expenses | $77,803 |
| 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 | $1,829,476 |
| Other liabilities | $0 |
| Total liabilities | $1,907,279 |
| Net assets without donor restrictions | $1,351,706 |
| 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 | $3,258,985 |