Navy Mutual Aid Association
- Assets
- $3.3b
- Revenue
- $302.6m
- Investments
- $1.1b
- Employees
- 152
- Location
- Arlington, VA
- Founding
- 03/1942
- Data as of
- 12/2022
- EIN
- 53-0116720
Organization Overview
Navy Mutual Aid Association is located in Arlington, VA. The organization was established in 1942. 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 12/2022, Navy Mutual Aid Association employed 152 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Navy Mutual Aid Association is a 501(c)(23) and as such, is described as a "Veterans Organization" by the IRS.
For the year ending 12/2022, Navy Mutual Aid Association generated $302.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $298.1m during the year ending 12/2022. While expenses have increased by 2.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
AND FORM 990, PART III, LINE 1:TO PROVIDE MEMBERS OF THE NAVY, MARINES, COAST GUARD, NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION,PUBLIC HEALTH SERVICE, AND HONORABLY DISCHARGED VETERANS (COLLECTIVELY THE "SEA SERVICES") LIFE INSURANCE AT AS NEAR THE ACTUAL NET COST AS POSSIBLE, ASSIST MEMBERS OF THE SEA SERVICES AND OTHER UNIFORMED PERSONNEL AND THEIR FAMILIES IN SECURING FEDERAL BENEFITS TO WHICH THEY MAY BE LEGALLY ENTITLED, AND ADVISE AND EDUCATE UNIFORMED PERSONNEL AND THEIR FAMILIES ON MATTERS OF FINANCIAL SECURITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NAVY MUTUAL AID ASSOCIATION ("NAVY MUTUAL") IS A MUTUAL AID ASSOCIATION THAT CONSERVATIVELY MANAGES ITS ASSETS TO PAY PROMISED LIFE INSURANCE BENEFITS TO ITS MEMBERS AND THEIR BENEFICIARIES. NAVY MUTUAL'S BENEFIT PLANS ARE DESIGNED AT AS NEAR ACTUAL NET COST AS POSSIBLE IN ORDER TO PROVIDE MEMBERS OF THE UNIFORMED SERVICES WITH LIFE INSURANCE COVERAGE THAT IS NOT LIMITED BY WAR, TERRORISM, OR AVIATION CLAUSES. NAVY MUTUAL'S INSURANCE IS NOT SUBJECT TO LIMITS ON COVERAGE BASED ON ACTIVE DUTY STATUS OR GEOGRAPHICAL LOCATION.
AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PRESENTS EDUCATIONAL PROGRAMS TO MEMBERS OF THE UNIFORMED SERVICES AND THEIR FAMILIES IN ORDER TO ASSIST THEM IN UNDERSTANDING MILITARY SURVIVOR BENEFITS.
AS A FEDERALLY RECOGNIZED VETERANS SERVICE ORGANIZATION, NAVY MUTUAL PROVIDES BENEFICIARY ASSISTANCE AND COUNSELING TO ASSIST MEMBERS' SURVIVORS THROUGH THE DEATH PROCESS AND TO HELP SECURE THE FEDERAL BENEFITS TO WHICH THEY MAY BE ENTITLED, INCLUDING REPRESENTATION BEFORE THE VETERANS BENEFITS ADMINISTRATION AND BOARD OF VETERANS' APPEALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rdml Brian Luther President | OfficerTrustee | 40 | $782,485 |
James Maltese Senior Vp, Investments | Officer | 40 | $454,354 |
Steven Cooney Vp, Sales & Underwriting | Officer | 40 | $340,228 |
Peter Meyers Vp, Solutions & Technology | Officer | 40 | $328,327 |
Michelle Ramos Domingue General Counsel | Officer | 40 | $326,716 |
Frederick Molen Director, Actuary | 40 | $309,011 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Life & Annuity Group Inc Consulting Services | 12/30/22 | $5,463,415 |
Accenture Intl Ltd It Services | 12/30/22 | $1,828,923 |
Ibu Inc Underwriting Services | 12/30/22 | $461,569 |
Examone World Wide Medical Underwriting Services | 12/30/22 | $406,743 |
Fionta Incorporated It Services | 12/30/22 | $327,360 |
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 | $131,836,152 |
| Investment income | $165,930,258 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,314,915 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $302,645,360 |
| 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 | $210,839,223 |
| Compensation of current officers, directors, key employees. | $3,786,989 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,698,926 |
| Pension plan accruals and contributions | $1,739,798 |
| Other employee benefits | $2,143,427 |
| Payroll taxes | $984,901 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $321,530 |
| Fees for services: Accounting | $392,966 |
| Fees for services: Lobbying | $15,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $681,097 |
| Fees for services: Other | $5,204,240 |
| Advertising and promotion | $4,341,711 |
| Office expenses | $2,249,086 |
| Information technology | $6,140,557 |
| Royalties | $0 |
| Occupancy | $377,918 |
| Travel | $311,712 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,143 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,859,859 |
| Insurance | $0 |
| All other expenses | $78,067 |
| Total functional expenses | $298,110,759 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,919,470 |
| Savings and temporary cash investments | $20,662,383 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $852,187 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $159,215,744 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $236,595 |
| Investments—publicly traded securities | $1,928,651,857 |
| Investments—other securities | $1,139,868,712 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,022,703 |
| Total assets | $3,300,429,651 |
| Accounts payable and accrued expenses | $60,493,326 |
| Grants payable | $0 |
| Deferred revenue | $968,357 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $63,113 |
| 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 | $2,893,872,087 |
| Total liabilities | $2,955,396,883 |
| Net assets without donor restrictions | $345,032,768 |
| 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 | $3,300,429,651 |