Totals
- Total revenue
- $311,762,010
- Total expenses
- $317,606,151
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $118,905,389
- Investment income
- $189,154,836
- Other revenue
- $3,701,785
- Total assets, end of year
- $3,312,205,022
- Total liabilities, end of year
- $3,000,681,256
- Net assets or fund balances, end of year
- $311,523,766
- 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 $70,360,742 · related or exempt $70,360,742
-
2b · Program service revenue: ANNUITY CONSIDERATIONS
total $48,449,184 · related or exempt $48,449,184
-
2c · Program service revenue: SURVIVOR INCOME DEPOSITS
total $95,463 · related or exempt $95,463
-
3 · Investment income
total $173,904,184 · unrelated business -$460,023 · excluded $174,364,207
-
7a · Gross sales of assets other than inventory
securities $249,758,044
-
7b · Less cost or other basis and sales expenses
securities $234,507,392
-
7c · Gain or loss
securities $15,250,652
-
7d · Net gain or loss
total $15,250,652 · excluded $15,250,652
-
11a · Other revenue: AMORTIZATION OF IMR
total $3,701,785 · excluded $3,701,785
-
11e · Other revenue, total
$3,701,785
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $224,716,149
-
5 · Compensation of officers, directors and key employees
total $3,221,898
-
7 · Other salaries and wages
total $14,054,771
-
8 · Pension plan contributions
total $1,440,864
-
9 · Other employee benefits
total $2,303,177
-
10 · Payroll taxes
total $1,122,017
-
11b · Fees: legal
total $268,753
-
11c · Fees: accounting
total $470,532
-
11d · Fees: lobbying
total $15,000
-
11f · Fees: investment management
total $547,653
-
11g · Fees: other
total $4,280,590
-
12 · Advertising and promotion
total $5,641,929
-
13 · Office expenses
total $2,284,359
-
14 · Information technology
total $5,592,110
-
16 · Occupancy
total $385,920
-
17 · Travel
total $426,120
-
19 · Conferences, conventions and meetings
total $2,600
-
22 · Depreciation, depletion and amortization
total $3,487,188
-
24a · Other expenses: CHANGE IN LIFE RESERVE
total $45,800,697
-
24b · Other expenses: UNDERWRITING
total $1,187,632
-
24c · Other expenses: TAXES & LICENSES
total $187,195
-
24d · Other expenses: REINSURANCE
total $104,008
-
24e · All other expenses
total $64,989
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $17,919,470 · end of year $10,678,275
-
2 · Savings and temporary cash investments
beginning of year $20,662,383 · end of year $36,091,048
-
4 · Accounts receivable
beginning of year $852,187 · end of year $3,972,853
-
7 · Other notes and loans receivable
beginning of year $159,215,744 · end of year $166,457,627
-
10a · Land, buildings and equipment: cost or other basis
$67,923,576
-
10b · Land, buildings and equipment: accumulated depreciation
$67,689,098
-
10c · Land, buildings and equipment, net
beginning of year $236,595 · end of year $234,478
-
11 · Investments: publicly traded securities
beginning of year $1,928,651,857 · end of year $1,889,507,536
-
12 · Investments: other securities
beginning of year $1,139,868,712 · end of year $1,171,119,071
-
15 · Other assets
beginning of year $33,022,703 · end of year $34,144,134
-
17 · Accounts payable and accrued expenses
beginning of year $60,493,326 · end of year $54,156,677
-
19 · Deferred revenue
beginning of year $968,357 · end of year $886,153
-
21 · Escrow or custodial account liability
beginning of year $63,113 · end of year $49,106
-
25 · Other liabilities
beginning of year $2,893,872,087 · end of year $2,945,589,320
-
27 · Net assets without donor restrictions
beginning of year $345,032,768 · end of year $311,523,766
Mission and programs · 2023
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 IN ORDER TO ASSIST THEM IN UNDERSTANDING MILITARY SURVIVOR BENEFITS. FURTHER, UNDER OPNAV INSTRUCTION 1750.5A, NAVY MUTUAL IS OFFICIALLY DESIGNATED BY THE DEPARTMENT OF THE NAVY AS ITS PRIMARY EDUCATOR UNDER ITS FINANCIAL MANAGEMENT REGULATION. NAVY MUTUAL'S ROLE EXTENDS TO PROVIDING THESE EDUCATIONAL SERVICES ON BEHALF OF THE U.S. ARMED FORCES ON MILITARY BASES NATIONWIDE AND OVERSEAS. THESE SERVICES ARE IN DIRECT SUPPORT OF MANDATED READINESS COURSES AND ARE 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 2023 return.
Listed in Part VII
-
Rdml Brian LutherRDML BRIAN LUTHER
PRESIDENT & CEO
- Total calculated
- $872,782
- From this org
- $836,429
- From related orgs
- $0
- Other
- $36,353
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $446,179
- Bonus
- $342,050
- Other
- $48,200
- Deferred
- $34,650
- Nontaxable benefits
- $1,703
- Filer's total
- $872,782
-
Adam MullinsADAM MULLINS
CHIEF FIANANCIAL OFFICER
- Total calculated
- $610,482
- From this org
- $469,602
- From related orgs
- $0
- Other
- $140,880
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $327,389
- Bonus
- $131,050
- Other
- $11,163
- Deferred
- $113,939
- Nontaxable benefits
- $26,941
- Filer's total
- $610,482
-
James MalteseJAMES MALTESE
SENIOR VP, INVESTMENTS
- Total calculated
- $608,088
- From this org
- $473,446
- From related orgs
- $0
- Other
- $134,642
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $326,073
- Bonus
- $130,550
- Other
- $16,823
- Deferred
- $107,887
- Nontaxable benefits
- $26,755
- Filer's total
- $608,088
-
Lindsay McFarlandLINDSAY MCFARLAND
VP, MEMBER SERVICES
- Total calculated
- $444,686
- From this org
- $335,381
- From related orgs
- $0
- Other
- $109,305
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $240,783
- Bonus
- $82,500
- Other
- $12,098
- Deferred
- $97,202
- Nontaxable benefits
- $12,103
- Filer's total
- $444,686
-
Michelle Ramos DomingueMICHELLE RAMOS DOMINGUE
GENERAL COUNSEL
- Total calculated
- $409,832
- From this org
- $371,935
- From related orgs
- $0
- Other
- $37,897
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $267,972
- Bonus
- $101,050
- Other
- $2,913
- Deferred
- $34,650
- Nontaxable benefits
- $3,247
- Filer's total
- $409,832
-
Peter MeyersPETER MEYERS
VP, SOLUTIONS & TECHNOLOGY
- Total calculated
- $371,831
- From this org
- $336,533
- From related orgs
- $0
- Other
- $35,298
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $248,421
- Bonus
- $87,550
- Other
- $562
- Deferred
- $33,040
- Nontaxable benefits
- $2,258
- Filer's total
- $371,831
-
Frederick MolenFREDERICK MOLEN
DIRECTOR, ACTUARY
- Total calculated
- $359,841
- From this org
- $319,185
- From related orgs
- $0
- Other
- $40,656
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $243,130
- Bonus
- $71,000
- Other
- $5,055
- Deferred
- $33,257
- Nontaxable benefits
- $7,399
- Filer's total
- $359,841
-
Ryan HutchisonRYAN HUTCHISON
SENIOR NEW MEMBER SPECIALIST
- Total calculated
- $321,814
- From this org
- $272,202
- From related orgs
- $0
- Other
- $49,612
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $114,332
- Bonus
- $157,338
- Other
- $532
- Deferred
- $38,193
- Nontaxable benefits
- $11,419
- Filer's total
- $321,814
-
Weihong LiWEIHONG LI
ACTUARY
- Total calculated
- $282,739
- From this org
- $230,202
- From related orgs
- $0
- Other
- $52,537
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $201,584
- Bonus
- $27,895
- Other
- $723
- Deferred
- $25,170
- Nontaxable benefits
- $27,367
- Filer's total
- $282,739
-
Brandon SmithhartBRANDON SMITHHART
DIRECTOR, UNDERWRITING
- Total calculated
- $268,606
- From this org
- $218,138
- From related orgs
- $0
- Other
- $50,468
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $176,197
- Bonus
- $41,500
- Other
- $441
- Deferred
- $24,118
- Nontaxable benefits
- $26,350
- Filer's total
- $268,606
-
Donald NisbettDONALD NISBETT
DIRECTOR, MILITARY AFFAIRS & FACILITIES
- Total calculated
- $251,140
- From this org
- $225,335
- From related orgs
- $0
- Other
- $25,805
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $185,623
- Bonus
- $38,500
- Other
- $1,212
- Deferred
- $23,547
- Nontaxable benefits
- $2,258
- Filer's total
- $251,140
-
Steven CooneySTEVEN COONEY
VP, SALES, UNDERWRITING, NEW BUSINESS (OUTGOING 20
- Total calculated
- $188,725
- From this org
- $181,856
- From related orgs
- $0
- Other
- $6,869
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $82,679
- Bonus
- $99,000
- Other
- $177
- Deferred
- $6,359
- Nontaxable benefits
- $510
- Filer's total
- $188,725
-
Vadm John Terence BlakeVADM JOHN TERENCE BLAKE
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Vadm Stanley SzemborskiVADM STANLEY SZEMBORSKI
CHAIR (OUTGOING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Radm Christine HunterRADM CHRISTINE HUNTER
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Rdml Frank Thorp IVRDML FRANK THORP IV
VICE CHAIR (OUTGOING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Vadm Ted N BranchVADM TED N BRANCH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eric CandeloriERIC CANDELORI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Capt Anthony CooperCAPT ANTHONY COOPER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Christopher Dean EsqCHRISTOPHER DEAN ESQ
DIRECTOR (OUTGOING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Capt Heidi A FlemingCAPT HEIDI A FLEMING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Capt Reggie HowardCAPT REGGIE HOWARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Capt Catherine MuleCAPT CATHERINE MULE
DIRECTOR (OUTGOING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Vadm Allen G MyersVADM ALLEN G MYERS
DIRECTOR (INCOMING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Capt Gary A RogenessCAPT GARY A ROGENESS
DIRECTOR (INCOMING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Capt Nita SoodCAPT NITA SOOD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Radm Cari B ThomasRADM CARI B THOMAS
DIRECTOR (OUTGOING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Vadm Michael VitaleVADM MICHAEL VITALE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lt Gen Robert WalshLT GEN ROBERT WALSH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Capt Robert W WarrenCAPT ROBERT W WARREN
DIRECTOR (INCOMING 2023)
- Total calculated
- $0
- Hours/week
- 1
-
Vadm Anthony WinnsVADM ANTHONY WINNS
DIRECTOR
- 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 2023. THE ENTIRE COST OF $8,508 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.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 6 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423139349300907
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