Skip to content
Nonprofiteer
← NAVY MUTUAL AID ASSOCIATION

Form 990 for tax year 2024

Filed by NAVY MUTUAL AID ASSOCIATION.

Totals

Total revenue
$284,879,145
Total expenses
$280,136,104
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$104,483,931
Investment income
$177,196,191
Other revenue
$3,199,023
Total assets, end of year
$3,341,207,802
Total liabilities, end of year
$3,025,740,793
Net assets or fund balances, end of year
$315,467,009
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: NET EARNED PREMIUM

    total $73,990,871 · related or exempt $73,990,871

  • 2b · Program service revenue: ANNUITY CONSIDERATIONS

    total $30,401,700 · related or exempt $30,401,700

  • 2c · Program service revenue: SURVIVOR INCOME DEPOSITS

    total $91,360 · related or exempt $91,360

  • 3 · Investment income

    total $179,375,025 · unrelated business $327,732 · excluded $179,047,293

  • 7a · Gross sales of assets other than inventory

    securities $273,323,859

  • 7b · Less cost or other basis and sales expenses

    securities $275,502,693

  • 7c · Gain or loss

    securities -$2,178,834

  • 7d · Net gain or loss

    total -$2,178,834 · excluded -$2,178,834

  • 11a · Other revenue: AMORTIZATION OF IMR

    total $3,199,023 · excluded $3,199,023

  • 11e · Other revenue, total

    $3,199,023

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $203,170,104

  • 5 · Compensation of officers, directors and key employees

    total $3,209,095

  • 7 · Other salaries and wages

    total $14,723,886

  • 8 · Pension plan contributions

    total $1,038,846

  • 9 · Other employee benefits

    total $2,529,147

  • 10 · Payroll taxes

    total $1,136,659

  • 11b · Fees: legal

    total $263,594

  • 11c · Fees: accounting

    total $532,448

  • 11f · Fees: investment management

    total $614,733

  • 11g · Fees: other

    total $3,048,421

  • 12 · Advertising and promotion

    total $6,183,710

  • 13 · Office expenses

    total $2,377,228

  • 14 · Information technology

    total $5,388,127

  • 16 · Occupancy

    total $397,362

  • 17 · Travel

    total $498,870

  • 19 · Conferences, conventions and meetings

    total $2,824

  • 22 · Depreciation, depletion and amortization

    total $2,477,512

  • 24a · Other expenses: CHANGE IN LIFE RESERVE

    total $30,907,860

  • 24b · Other expenses: UNDERWRITING

    total $1,227,917

  • 24c · Other expenses: TAXES & LICENSES

    total $217,461

  • 24d · Other expenses: REINSURANCE

    total $100,003

  • 24e · All other expenses

    total $90,297

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,678,275 · end of year $10,400,157

  • 2 · Savings and temporary cash investments

    beginning of year $36,091,048 · end of year $38,434,486

  • 4 · Accounts receivable

    beginning of year $3,972,853 · end of year $732,364

  • 7 · Other notes and loans receivable

    beginning of year $166,457,627 · end of year $171,267,526

  • 10a · Land, buildings and equipment: cost or other basis

    $20,707,417

  • 10b · Land, buildings and equipment: accumulated depreciation

    $20,463,327

  • 10c · Land, buildings and equipment, net

    beginning of year $234,478 · end of year $244,090

  • 11 · Investments: publicly traded securities

    beginning of year $1,889,507,536 · end of year $1,856,474,078

  • 12 · Investments: other securities

    beginning of year $1,171,119,071 · end of year $1,229,095,156

  • 15 · Other assets

    beginning of year $34,144,134 · end of year $34,559,945

  • 17 · Accounts payable and accrued expenses

    beginning of year $54,156,677 · end of year $54,976,101

  • 19 · Deferred revenue

    beginning of year $886,153 · end of year $847,469

  • 21 · Escrow or custodial account liability

    beginning of year $49,106 · end of year $57,388

  • 25 · Other liabilities

    beginning of year $2,945,589,320 · end of year $2,969,859,835

  • 27 · Net assets without donor restrictions

    beginning of year $311,523,766 · end of year $315,467,009

Mission and programs · 2024

Mission

SEE SCHEDULE O

Activities or mission (Part I)

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.

  • 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 TO ASSIST THEM IN UNDERSTANDING MILITARY SURVIVOR BENEFITS. FURTHER, UNDER OPNAV INSTRUCTION 1750.5A, NAVY MUTUAL IS DESIGNATED AS AN APPROVED EDUCATOR OF THE SURVIVOR BENEFIT PROGRAM AND NAVY MUTUAL'S ROLE, AS AN AUTHORIZED NON-PROFIT ORGANIZATION, EXTENDS TO PROVIDING FINANCIAL LITERACY EDUCATION AND TRAINING ON DOD INSTALLATIONS NATIONWIDE AND OVERSEAS IN ACCORDANCE WITH DOD INSTRUCTION 1322.34. THESE SERVICES ARE IN SUPPORT OF THE FINANCIAL READINESS OF SERVICE MEMBERS AND PROVIDED AT NO COST TO THE DOD.

  • 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.

As filed on the 2024 return.

Listed in Part VII

  • Rdml Brian Luther Usn Ret

    PRESIDENT & CEO

    Total calculated
    $926,082
    From this org
    $886,154
    From related orgs
    $0
    Other
    $39,928
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $465,734
    Bonus
    $365,213
    Other
    $55,207
    Deferred
    $36,225
    Nontaxable benefits
    $3,703
    Filer's total
    $926,082

  • James Maltese

    SENIOR VP, INVESTMENTS

    Total calculated
    $560,674
    From this org
    $488,896
    From related orgs
    $0
    Other
    $71,778
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $338,410
    Bonus
    $123,835
    Other
    $26,651
    Deferred
    $41,088
    Nontaxable benefits
    $30,690
    Filer's total
    $560,674

  • Adam Mullins

    CHIEF FIANANCIAL OFFICER

    Total calculated
    $517,429
    From this org
    $471,582
    From related orgs
    $0
    Other
    $45,847
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $339,668
    Bonus
    $128,359
    Other
    $3,555
    Deferred
    $14,631
    Nontaxable benefits
    $31,216
    Filer's total
    $517,429

  • Michelle Ramos Domingue

    GENERAL COUNSEL

    Total calculated
    $434,790
    From this org
    $394,734
    From related orgs
    $0
    Other
    $40,056
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $285,447
    Bonus
    $103,000
    Other
    $6,287
    Deferred
    $36,225
    Nontaxable benefits
    $3,831
    Filer's total
    $434,790

  • Peter Meyers

    VP, SOLUTIONS & TECHNOLOGY

    Total calculated
    $420,675
    From this org
    $381,834
    From related orgs
    $0
    Other
    $38,841
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,752
    Bonus
    $94,704
    Other
    $26,378
    Deferred
    $34,583
    Nontaxable benefits
    $4,258
    Filer's total
    $420,675

  • Lindsay McFarland

    VP, MEMBER SERVICES

    Total calculated
    $401,930
    From this org
    $353,890
    From related orgs
    $0
    Other
    $48,040
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,600
    Bonus
    $93,065
    Other
    $8,225
    Deferred
    $32,991
    Nontaxable benefits
    $15,049
    Filer's total
    $401,930

  • Frederick Molen

    DIRECTOR, ACTUARY

    Total calculated
    $371,847
    From this org
    $328,990
    From related orgs
    $0
    Other
    $42,857
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,111
    Bonus
    $73,874
    Other
    $5,005
    Deferred
    $34,518
    Nontaxable benefits
    $8,339
    Filer's total
    $371,847

  • Brandon Smithhart

    DIRECTOR, UNDERWRITING

    Total calculated
    $293,619
    From this org
    $238,325
    From related orgs
    $0
    Other
    $55,294
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,504
    Bonus
    $43,000
    Other
    $1,821
    Deferred
    $26,339
    Nontaxable benefits
    $28,955
    Filer's total
    $293,619

  • Weihong Li

    ACTUARY

    Total calculated
    $281,903
    From this org
    $235,417
    From related orgs
    $0
    Other
    $46,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,663
    Bonus
    $29,207
    Other
    $547
    Deferred
    $17,272
    Nontaxable benefits
    $29,214
    Filer's total
    $281,903

  • Billie Divver

    SENIOR SALES REPRESENTATIVE

    Total calculated
    $265,816
    From this org
    $224,416
    From related orgs
    $0
    Other
    $41,400
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $69,721
    Bonus
    $153,683
    Other
    $1,012
    Deferred
    $20,004
    Nontaxable benefits
    $21,396
    Filer's total
    $265,816

  • Donald Nisbett

    DIRECTOR, MILITARY AFFAIRS & FACILITIES

    Total calculated
    $260,093
    From this org
    $233,411
    From related orgs
    $0
    Other
    $26,682
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,651
    Bonus
    $41,500
    Other
    $1,260
    Deferred
    $24,390
    Nontaxable benefits
    $2,292
    Filer's total
    $260,093

  • Vadm John Terence Blake

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Radm Christine Hunter

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Vadm Ted N Branch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eric Candelori

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Anthony Cooper

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Heidi A Fleming

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Reggie Howard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Brenda K Malone

    DIRECTOR (INCOMING 2024)

    Total calculated
    $0
    Hours/week
    1

  • Vadm Allen G Myers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Gary A Rogeness

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Nita Sood

    DIRECTOR (OUTGOING 2024)

    Total calculated
    $0
    Hours/week
    1

  • Vadm Michael Vitale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lt Gen Robert Walsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Capt Robert W Warren

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Vadm Anthony Winns

    DIRECTOR (OUTGOING 2024)

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
SOCIAL CLUB DUES WERE PROVIDED TO THE PRESIDENT OF NAVY MUTUAL AID ASSOCIATION IN 2024. THE ENTIRE COST OF $12,715 WAS TREATED AS TAXABLE INCOME TO THE RECIPIENT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CALCFOCUS LLC

    UNRELATED · INVESTMENTS · PA · 72% owned · share of income -$176,991 · share of assets $4,822,429

    Directly controlled by NAVY MUTUAL VENTURES INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • NAVY MUTUAL VENTURES INC

    C · INVESTMENTS · DE · 100% owned · share of assets $5,000,405 · controlled entity

    Directly controlled by NMAA

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202513219349306661

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.