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← NAVY LEAGUE FOUNDATION

Form 990 for tax year 2022

Filed by NAVY LEAGUE FOUNDATION.

Totals

Total revenue
$160,406
Total expenses
$115,648
Contributions and grants received
$69,182
Grants paid
$50,000
Program service revenue
$0
Investment income
$91,224
Other revenue
$0
Total assets, end of year
$3,324,754
Total liabilities, end of year
$12,159
Net assets or fund balances, end of year
$3,312,595
Program services expenses (Part IX)
$53,000
Management and general expenses
$62,648
Fundraising expenses
$0
Program service expenses (Part III)
$53,000

Program services were 45.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1f · All other contributions, gifts and grants

    $69,182

  • 3 · Investment income

    total $68,631 · excluded $68,631

  • 7a · Gross sales of assets other than inventory

    securities $22,593

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

    securities $0

  • 7c · Gain or loss

    securities $22,593

  • 7d · Net gain or loss

    total $22,593 · excluded $22,593

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $50,000 · program services $50,000

  • 11c · Fees: accounting

    total $9,870 · management and general $9,870

  • 11f · Fees: investment management

    total $17,155 · management and general $17,155

  • 11g · Fees: other

    total $30,000 · program services $3,000 · management and general $27,000

  • 23 · Insurance

    total $2,413 · management and general $2,413

  • 24a · Other expenses: SUBSCRIPTIONS

    total $4,077 · management and general $4,077

  • 24b · Other expenses: OTHER EXPENSES

    total $1,847 · management and general $1,847

  • 24c · Other expenses: BANK CHARGES

    total $286 · management and general $286

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $118,724 · end of year $65,458

  • 3 · Pledges and grants receivable

    end of year $35,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,003 · end of year $4,423

  • 11 · Investments: publicly traded securities

    beginning of year $3,730,823 · end of year $2,238,170

  • 12 · Investments: other securities

    end of year $981,703

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,750 · end of year $6,275

  • 25 · Other liabilities

    beginning of year $1,944 · end of year $5,884

  • 27 · Net assets without donor restrictions

    beginning of year $668,029 · end of year $761,534

  • 28 · Net assets with donor restrictions

    beginning of year $3,184,827 · end of year $2,551,061

Mission and programs · 2022

Mission

THE MISSION OF THE NAVY LEAGUE FOUNDATION IS TO SUPPORT EDUCATIONAL, ADVOCACY, AND RELATED PROGRAMS THAT BENEFIT THE MEN AND WOMEN OF THE US SEA SERVICES AND THEIR FAMILIES. THE FOUNDATION IS RESPONSIBLE FOR THE MANAGEMENT OF THE NAVY LEAGUE FOUNDATION SCHOLARSHIP PROGRAM AND ALLOCATION OF OTHER FUNDS DONATED TO THE FOUNDATION FOR CHARITABLE OR EDUCATIONAL PURPOSES.

Activities or mission (Part I)

THE MISSION OF THE NAVY LEAGUE FOUNDATION IS TO SUPPORT EDUCATIONAL, ADVOCACY, AND RELATED PROGRAMS THAT BENEFIT MEN AND WOMEN OF THE US SEA SERVICES AND THEIR FAMILIES. THE FOUNDATION IS RESPONSIBLE FOR THE MANAGEMENT OF THE NAVY LEAGUE FOUNDATION SCHOLARSHIP PROGRAM AND ALLOCATION OF OTHER FUNDS DONATED TO THE FOUNDATION FOR CHARITABLE OR EDUCATIONAL PURPOSES.

  • SCHOLARSHIPS-PROVIDE COLLEGE SCHOLARSHIPS TO DEPENDENTS OR DESCENDENTS OF U.S. NAVY, U.S. MARINE CORPS, U.S. COAST GUARD AND U.S.-FLAGGED MERCHANT MARINE PERSONNEL. APPLICANTS MUST BE A GRADUATING HIGH SCHOOL SENIOR WHO WILL BE ENTERING THEIR FIRST YEAR OF AN ACCREDITED FOUR YEAR COLLEGE OR UNIVERSITY.

    Expenses $53,000 · Grants $50,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tom Higgins

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Pamela Ammerman

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joseph Giambrone

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Bruce Mosler

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • David Silverman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Matthew Nolty

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael Stevens

    NLUS CEO

    Total calculated
    $380,688
    From this org
    $0
    From related orgs
    $350,881
    Other
    $29,807
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $349,720 related
    Bonus
    $0
    Other
    $0 + $1,161 related
    Deferred
    $0 + $24,780 related
    Nontaxable benefits
    $0 + $5,027 related
    Filer's total
    $0 + $380,688 related

  • Ryan Donaldson

    NLUS VP BUS. OPS., GEN. COUNSEL

    Total calculated
    $246,344
    From this org
    $0
    From related orgs
    $213,822
    Other
    $32,522
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $213,678 related
    Bonus
    $0
    Other
    $0 + $144 related
    Deferred
    $0 + $12,431 related
    Nontaxable benefits
    $0 + $20,091 related
    Filer's total
    $0 + $246,344 related

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
1 November 2023
IRS schema version
2022v5.0
Source object
202313059349303351

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