Form 990 for tax year 2024
Filed by ARMED FORCES BENEFIT ASSOCIATION.
Totals
- Total revenue
- $162,908,056
- Total expenses
- $147,057,886
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $155,876,953
- Investment income
- $6,001,049
- Other revenue
- $1,030,054
- Total assets, end of year
- $195,351,756
- Total liabilities, end of year
- $82,178,700
- Net assets or fund balances, end of year
- $113,173,056
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- $147,057,886
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: BETTER ALTERNATIVE INSURANCE PROGRAM
total $48,576,868 · related or exempt $48,576,868
-
2b · Program service revenue: GROUP TERM INSURANCE PROGRAM
total $8,918,903 · related or exempt $8,918,903
-
2c · Program service revenue: LEVEL TERM INSURANCE PROGRAM
total $94,549,908 · related or exempt $94,549,908
-
2d · Program service revenue: GROUP SELECT TERM INSURANCE PROGRAM
total $3,634,626 · related or exempt $3,634,626
-
2e · Program service revenue: MILITARY SPOUSE TERM INSURANCE PROGRAM
total $160,515 · related or exempt $160,515
-
2f · All other program service revenue
total $36,133 · related or exempt $36,133
-
3 · Investment income
total $2,445,378 · excluded $2,445,378
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6a · Gross rents
real property $1,083,615
-
6b · Less rental expenses
real property $732,358
-
6c · Rental income or loss
real property $351,257 · personal property $0
-
6d · Net rental income or loss
total $351,257 · related or exempt $351,257
-
7a · Gross sales of assets other than inventory
securities $86,830,613
-
7b · Less cost or other basis and sales expenses
securities $83,274,942
-
7c · Gain or loss
securities $3,555,671
-
7d · Net gain or loss
total $3,555,671 · excluded $3,555,671
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: REFERRAL FEES
total $87,848 · related or exempt $87,848 · excluded $0
-
11b · Other revenue: LEGAL SETTLEMENTS
total $590,949 · related or exempt $590,949 · excluded $0
-
11e · Other revenue, total
$678,797
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $91,681,556
-
5 · Compensation of officers, directors and key employees
total $3,571,759
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $12,623,926
-
8 · Pension plan contributions
total -$246,654
-
9 · Other employee benefits
total $2,125,167
-
10 · Payroll taxes
total $1,139,650
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $210,001
-
11c · Fees: accounting
total $131,099
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $648,470
-
11g · Fees: other
total $3,862,379
-
12 · Advertising and promotion
total $783,766
-
13 · Office expenses
total $1,019,468
-
14 · Information technology
total $2,664,214
-
15 · Royalties
total $0
-
16 · Occupancy
total $1,300,204
-
17 · Travel
total $1,329,567
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $443,069
-
20 · Interest
total $1,341,582
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $499,649
-
23 · Insurance
total $165,570
-
24a · Other expenses: FIELD SERVICE REP FEES
total $20,008,425
-
24b · Other expenses: PAYMENT PROCESSING FEES
total $1,585,029
-
24c · Other expenses: RECRUITMENT EXPENSE
total $60,500
-
24d · Other expenses: STATE AND LOCAL TAXES
total $6,370
-
24e · All other expenses
total $103,120
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,636,090 · end of year $5,767,170
-
2 · Savings and temporary cash investments
beginning of year $6,022,160 · end of year $15,023,294
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $18,104,505 · end of year $16,259,284
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $7,360,208 · end of year $16,319,528
-
10a · Land, buildings and equipment: cost or other basis
$23,486,685
-
10b · Land, buildings and equipment: accumulated depreciation
$11,781,000
-
10c · Land, buildings and equipment, net
beginning of year $12,083,218 · end of year $11,705,685
-
11 · Investments: publicly traded securities
beginning of year $77,355,272 · end of year $83,483,075
-
12 · Investments: other securities
beginning of year $59,793,720 · end of year $46,793,720
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $0 · end of year $0
-
17 · Accounts payable and accrued expenses
beginning of year $19,401,764 · end of year $16,902,561
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $11,316,202 · end of year $10,816,739
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $26,140,682 · end of year $20,261,431
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $34,460,051 · end of year $34,197,969
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $92,036,474 · end of year $113,173,056
Mission and programs · 2024
Mission
PROMOTE THE WELFARE OF MEMBERS OF THE U.S. UNIFORMED SERVICES, FEDERAL GOVERNMENT EMPLOYEES, FIRST RESPONDER EMERGENCY PERSONNEL AND THEIR FAMILIES BY PROVIDING LOW COST LIFE INSURANCE, AND OTHER BENEFITS.
Activities or mission (Part I)
SEE PART III, LINE 1
-
PROVIDED BETTER ALTERNATIVE TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 350,820 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $22.9 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 790 DEATH CLAIMS TOTALING $31,959,668 IN 2024.
Expenses $48,659,408 · Revenue $48,576,868
-
PROVIDED GROUP DECREASING TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 45,084 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $.5 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 2,008 DEATH CLAIMS TOTALING $8,815,550 IN 2024.
Expenses $11,303,567 · Revenue $8,918,903
-
PROVIDED LEVEL TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 335,574 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $29.1 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 734 DEATH CLAIMS TOTALING $40,518,500 IN 2024.
Expenses $83,076,507 · Revenue $94,549,908
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Gen L Spencer Usaf RetGEN L SPENCER USAF RET
PRESIDENT
- Total calculated
- $1,379,650
- From this org
- $1,357,104
- From related orgs
- $0
- Other
- $22,546
- Hours/week
- 27 + 13 related
Schedule J breakdown matched by us
- Base
- $682,192
- Bonus
- $540,350
- Other
- $134,562
- Deferred
- $20,700
- Nontaxable benefits
- $1,846
- Filer's total
- $1,379,650
-
D FrenchD FRENCH
CFO
- Total calculated
- $614,159
- From this org
- $573,987
- From related orgs
- $0
- Other
- $40,172
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $378,796
- Bonus
- $135,520
- Other
- $59,671
- Deferred
- $20,700
- Nontaxable benefits
- $19,472
- Filer's total
- $614,159
-
M MoserM MOSER
SVP, GENERAL COUNSEL
- Total calculated
- $562,450
- From this org
- $0
- From related orgs
- $521,925
- Other
- $40,525
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $0 + $389,086 related
- Bonus
- $0 + $109,521 related
- Other
- $0 + $23,318 related
- Deferred
- $0 + $20,700 related
- Nontaxable benefits
- $0 + $19,825 related
- Filer's total
- $0 + $562,450 related
-
A HooverA HOOVER
SVP, HUMAN RESOURCES
- Total calculated
- $340,402
- From this org
- $305,738
- From related orgs
- $0
- Other
- $34,664
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $244,509
- Bonus
- $58,056
- Other
- $3,173
- Deferred
- $15,250
- Nontaxable benefits
- $19,414
- Filer's total
- $340,402
-
B AbebeB ABEBE
CIO
- Total calculated
- $333,772
- From this org
- $300,774
- From related orgs
- $0
- Other
- $32,998
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $234,626
- Bonus
- $63,100
- Other
- $3,048
- Deferred
- $13,713
- Nontaxable benefits
- $19,285
- Filer's total
- $333,772
-
C KleinC KLEIN
CAE
- Total calculated
- $316,738
- From this org
- $282,966
- From related orgs
- $0
- Other
- $33,772
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $225,191
- Bonus
- $53,662
- Other
- $4,113
- Deferred
- $14,453
- Nontaxable benefits
- $19,319
- Filer's total
- $316,738
-
J PaulinJ PAULIN
SVP, OPERATIONS
- Total calculated
- $302,845
- From this org
- $270,579
- From related orgs
- $0
- Other
- $32,266
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $209,271
- Bonus
- $58,358
- Other
- $2,950
- Deferred
- $13,104
- Nontaxable benefits
- $19,162
- Filer's total
- $302,845
-
T Shuey IIIT SHUEY III
VP, NATIONAL GUARD MARKET
- Total calculated
- $281,511
- From this org
- $249,648
- From related orgs
- $0
- Other
- $31,863
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $203,261
- Bonus
- $45,712
- Other
- $675
- Deferred
- $12,744
- Nontaxable benefits
- $19,119
- Filer's total
- $281,511
-
R FuentesR FUENTES
VP, MKTG & COMMS
- Total calculated
- $272,244
- From this org
- $0
- From related orgs
- $241,060
- Other
- $31,184
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $0 + $193,137 related
- Bonus
- $0 + $45,060 related
- Other
- $0 + $2,863 related
- Deferred
- $0 + $12,136 related
- Nontaxable benefits
- $0 + $19,048 related
- Filer's total
- $0 + $272,244 related
-
E JenkinsE JENKINS
ASSOCIATION SECRETARY
- Total calculated
- $270,876
- From this org
- $0
- From related orgs
- $238,622
- Other
- $32,254
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $0 + $215,462 related
- Bonus
- $0 + $20,210 related
- Other
- $0 + $2,950 related
- Deferred
- $0 + $13,094 related
- Nontaxable benefits
- $0 + $19,160 related
- Filer's total
- $0 + $270,876 related
-
T TranT TRAN
CONTROLLER
- Total calculated
- $250,820
- From this org
- $220,871
- From related orgs
- $0
- Other
- $29,949
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $182,437
- Bonus
- $34,850
- Other
- $3,584
- Deferred
- $11,031
- Nontaxable benefits
- $18,918
- Filer's total
- $250,820
-
D Almaraz
VP, DISTRI SUPPORT SVCS
- Total calculated
- $244,756
- From this org
- $214,985
- From related orgs
- $0
- Other
- $29,771
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $185,307
- Bonus
- $25,109
- Other
- $4,569
- Deferred
- $10,778
- Nontaxable benefits
- $18,993
- Filer's total
- $244,756
-
R LambertR LAMBERT
DIR OF STATISTICS & ANALYSIS
- Total calculated
- $242,899
- From this org
- $215,328
- From related orgs
- $0
- Other
- $27,571
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $178,961
- Bonus
- $32,000
- Other
- $4,367
- Deferred
- $8,666
- Nontaxable benefits
- $18,905
- Filer's total
- $242,899
-
A Gordon-MonroeA GORDON-MONROE
TREASURER & CUSTOMER ADVO
- Total calculated
- $227,868
- From this org
- $197,429
- From related orgs
- $0
- Other
- $30,439
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,485
- Bonus
- $3,000
- Other
- $6,944
- Deferred
- $11,469
- Nontaxable benefits
- $18,970
- Filer's total
- $227,868
-
Gen C McKinley Usaf RetGEN C MCKINLEY USAF RET
CHAIRMAN
- Total calculated
- $67,600
- From this org
- $67,600
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Vadm P Tracey Usn RetVADM P TRACEY USN RET
DIRECTOR
- Total calculated
- $56,160
- From this org
- $56,160
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Bg A Solomon Usaf RetBG A SOLOMON USAF RET
DIRECTOR
- Total calculated
- $56,160
- From this org
- $56,160
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Cmsaf J Roy Usaf RetCMSAF J ROY USAF RET
DIRECTOR
- Total calculated
- $56,160
- From this org
- $56,160
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Sma K Preston Usa RetSMA K PRESTON USA RET
DIRECTOR
- Total calculated
- $56,160
- From this org
- $56,160
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Smmc A McMichael Usmc RetSMMC A MCMICHAEL USMC RET
DIRECTOR
- Total calculated
- $50,232
- From this org
- $50,232
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Mr Larry LynchMR LARRY LYNCH
DIRECTOR
- Total calculated
- $50,232
- From this org
- $50,232
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Pc C Lanier Dcmpd RetPC C LANIER DCMPD RET
DIRECTOR
- Total calculated
- $50,232
- From this org
- $50,232
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Maj Gen A L Collins Usa RetMAJ GEN A L COLLINS USA RET
DIRECTOR (AS OF 02/24)
- Total calculated
- $37,674
- From this org
- $37,674
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
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 · First-class or charter travel
- 1a · Travel for companions
- 1a · Personal services (maid, chauffeur, chef)
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Form 990 of other organizations
- 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)
- SCH J PART I LINE 1
- FIRST CLASS AND COMPANION AIR TRAVEL FOR THE ASSOCIATION'S PRESIDENT WAS PAID BY THE ASSOCIATION. THE TOTAL COST OF AIR TRAVEL PAID BY THE ASSOCIATION IN 2024 WAS $1,625 THE ASSOCIATION PROVIDED TAX PREPARATION SERVICES FOR THE ASSOCIATION'S PRESIDENT IN 2024. THE TOTAL AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(iii). THE ASSOCIATION PROVIDED AN AUTOMOBILE ALLOWANCE TO THE ASSOCIATION'S PRESIDENT IN 2024. THE TOTAL AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(iii).
- SCH J PART I LINE 3
- THE PRESIDENT OF THE ASSOCIATION ALSO SERVES AS THE PRESIDENT OF THE ASSOCIATION'S AFFILIATE, 5STAR LIFE INSURANCE COMPANY, WHICH PERIODICALLY CONSIDERS AN INDEPENDENT FIRM'S COMPENSATION STUDY WHEN APPROVING ITS PRESIDENT'S COMPENSATION.
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 corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
AFBA INVESTMENT TRUST
TRUST · GRANTOR TRUST · VA · 100% owned · share of income $0 · share of assets $0 · controlled entity
Directly controlled by AFBA
-
5STAR FINANCIAL LLC
C CORP · FINANCIAL SRVS · VA · 100% owned · share of income $2,911,746 · share of assets $61,438,530 · controlled entity
Directly controlled by AFBA INV TRUST
-
5STAR LIFE INSURANCE COMPANY
C CORP · LIFE INSURANCE · VA · 100% owned · share of income $3,397,865 · share of assets $380,460,795 · controlled entity
Directly controlled by 5STAR FIN LLC
-
5STAR GENERAL AGENCY LLC
C CORP · INSURANCE SALES · VA · 100% owned · share of income $0 · share of assets $0 · controlled entity
Directly controlled by 5STAR LIFE INS
-
5STAR ADMINISTRATORS INC
C CORP · INACTIVE · VA · 100% owned · share of income $0 · share of assets $0 · controlled entity
Directly controlled by 5STAR FIN LLC
-
5STAR ADVERTISING COMPANY
C CORP · INACTIVE · VA · 100% owned · share of income $0 · share of assets $0 · controlled entity
Directly controlled by 5STAR FIN LLC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 6 October 2025
- IRS schema version
- 2024v5.2
- Source object
- 202502819349301825
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.