Armed Forces Benefit Association
- Assets
- $212.6m
- Revenue
- $157.9m
- Investments
- $66.7m
- Employees
- 149
- Location
- Alexandria, VA
- Founding
- 12/1948
- Data as of
- 12/2021
- EIN
- 53-0209087
Organization Overview
Armed Forces Benefit Association is located in Alexandria, VA. The organization was established in 1948. According to its NTEE Classification (Y44) the organization is classified as: Voluntary Employees Beneficiary Associations Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Armed Forces Benefit Association employed 149 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Armed Forces Benefit Association is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Armed Forces Benefit Association generated $157.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $177.1m during the year ending 12/2021. While expenses have increased by 5.3% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III, LINE 1
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED BETTER ALTERNATIVE TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 327,085 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $20.7 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 1,207 DEATH CLAIMS TOTALING $53,475,560 IN 2021.
PROVIDED GROUP DECREASING TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 58,190 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $.6 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 2,379 DEATH CLAIMS TOTALING $11,094,200 IN 2021.
PROVIDED LEVEL TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 283,346 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $24.7 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 808 DEATH CLAIMS TOTALING $46,835,250 IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gen Larry O Spencer President | OfficerTrustee | 27 | $1,108,327 |
D French CFO | Officer | 40 | $537,898 |
A Hoover Svp, Human Resources | Officer | 40 | $283,693 |
B Abebe Cio | Officer | 40 | $274,024 |
C Klein Cae | Officer | 40 | $259,794 |
T Shuey III VP Regional Operations | 40 | $237,116 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Elite Sales Processing Inc Med Info Services | 12/30/21 | $423,811 |
Manning Napier Inv Mgmt Services | 12/30/21 | $672,620 |
Mcdowell Hetherington Llp Legal Services | 12/30/21 | $361,948 |
Theodore G Shuey Jr Consulting Services | 12/30/21 | $340,000 |
Roth Staffing Companies Temporary Help Svcs. | 12/30/21 | $231,418 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,270,009 |
| 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 | $2,270,009 |
| Total Program Service Revenue | $142,437,770 |
| Investment income | $1,979,048 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $205,097 |
| Net Gain/Loss on Asset Sales | $10,835,799 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $157,888,211 |
| 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 | $124,119,533 |
| Compensation of current officers, directors, key employees. | $3,588,592 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,706,424 |
| Pension plan accruals and contributions | $3,319,993 |
| Other employee benefits | $1,998,036 |
| Payroll taxes | $985,192 |
| Fees for services: Management | $1,039,695 |
| Fees for services: Legal | $122,093 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $726,100 |
| Fees for services: Other | $4,061,907 |
| Advertising and promotion | $672,041 |
| Office expenses | $995,994 |
| Information technology | $2,535,876 |
| Royalties | $0 |
| Occupancy | $1,401,972 |
| Travel | $1,149,838 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $211,092 |
| Interest | $1,127,634 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $693,904 |
| Insurance | $128,108 |
| All other expenses | $69,083 |
| Total functional expenses | $177,056,271 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,463,305 |
| Savings and temporary cash investments | $7,777,683 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,002,461 |
| 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 | $6,248,169 |
| Net Land, buildings, and equipment | $12,641,084 |
| Investments—publicly traded securities | $94,764,090 |
| Investments—other securities | $66,669,776 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $212,566,568 |
| Accounts payable and accrued expenses | $13,440,510 |
| Grants payable | $0 |
| Deferred revenue | $10,479,878 |
| 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 | $38,206,066 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $78,748,215 |
| Total liabilities | $140,874,669 |
| 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 | $71,691,899 |
| Total liabilities and net assets/fund balances | $212,566,568 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Board Of Education Of Montgomery County Employee Benefit Trust Fund Rockville, MD | $76,472,586 | $526,148,010 |
North Carolina Teachers And State Employees Benefit Trust Raleigh, NC | $0 | $42,228,301 |
Special Agents Mutual Benefit Rockville, MD | $232,831,711 | $241,820,483 |
Compass Rose Benefits Group Reston, VA | $127,142,865 | $233,746,948 |
Armed Forces Benefit Association Alexandria, VA | $212,566,568 | $157,888,211 |
Transit Employees Health And Welfare Plan Forestville, MD | $79,100,100 | $161,587,014 |
Nea Members Insurance Trust Gaithersburg, MD | $192,678,262 | $114,296,496 |
Worldwide Assurance For Employees Of Public Agencies Inc Falls Church, VA | $165,780,632 | $47,586,387 |
Military Benefit Association Chantilly, VA | $29,815,084 | $33,634,241 |
United Mine Workers Of America Prefunded Benefit Plan Washington, DC | $160,345,805 | $11,288,065 |
Howard Hughes Medical Institute Retiree Welfare Benefit Plan Tr Chevy Chase, MD | $39,043,078 | $43,854,397 |
Miles & Stockbridge Health & Welfare Benefits Tr Baltimore, MD | $0 | $3,764,039 |