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← ASSOCIATION OF MILITARY BANKS OF AMERICA

Form 990 for tax year 2022

Filed by ASSOCIATION OF MILITARY BANKS OF AMERICA.

Totals

Total revenue
$991,805
Total expenses
$932,816
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$130,072
Investment income
$861,733
Other revenue
$0
Total assets, end of year
$9,615,106
Total liabilities, end of year
$2,071
Net assets or fund balances, end of year
$9,613,035
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: WORKSHOP

    total $108,049 · related or exempt $108,049

  • 2b · Program service revenue: DUES

    total $22,022 · related or exempt $22,022

  • 2c · Program service revenue: AFFILIATION FEES

    total $1 · unrelated business $1

  • 3 · Investment income

    total $861,733 · related or exempt $861,733

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $294,644

  • 7 · Other salaries and wages

    total $56,769

  • 8 · Pension plan contributions

    total $15,128

  • 10 · Payroll taxes

    total $16,643

  • 11a · Fees: management

    total $12,000

  • 11c · Fees: accounting

    total $15,200

  • 11d · Fees: lobbying

    total $120,000

  • 11f · Fees: investment management

    total $55,677

  • 13 · Office expenses

    total $19,559

  • 16 · Occupancy

    total $18,563

  • 17 · Travel

    total $9,775

  • 19 · Conferences, conventions and meetings

    total $282,339

  • 22 · Depreciation, depletion and amortization

    total $1,503

  • 23 · Insurance

    total $6,027

  • 24a · Other expenses: PAYROLL SERVICE

    total $6,026

  • 24b · Other expenses: GIFTS

    total $2,913

  • 24c · Other expenses: TAXES AND LICENSES

    total $50

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $55,645 · end of year $34,285

  • 2 · Savings and temporary cash investments

    beginning of year $518,243 · end of year $430,482

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

    $12,149

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

    $8,897

  • 10c · Land, buildings and equipment, net

    beginning of year $4,755 · end of year $3,252

  • 12 · Investments: other securities

    beginning of year $8,975,242 · end of year $9,146,087

  • 15 · Other assets

    beginning of year $1,000 · end of year $1,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $839 · end of year $2,071

  • 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 $9,554,046 · end of year $9,613,035

Mission and programs · 2022

Mission

SEE SCHEDULE O.

Activities or mission (Part I)

THE ASSOCIATION OF MILITARY BANKS OF AMERICA (AMBA) IS A NOT-FOR-PROFIT TRADE ASSOCIATION THAT REPRESENTS FINANCIAL INSTITUTIONS SPECIALIZING IN PROVIDING WORLDWIDE BANKING SERVICES FOR MILITARY PERSONNEL, VETERANS, AND THEIR FAMILIES. AMBA, THROUGH ITS MEMBERS AND WITH ITS PARTNERS, IS COMMITTED TO IMPROVING THE FINANCIAL READINESS OF THE U.S. MILITARY AND VETERAN COMMUNITIES BY PROVIDING FINANCIAL PRODUCTS, SERVICES, AND EDUCATION.

  • IN 2022, AMBA CONTINUED ITS PARTNERSHIP WITH THE VETERANS BENEFITS ADMINISTRATION, U.S. DEPARTMENT OF VETERANS AFFAIRS, IN THE VETERANS BENEFITS BANKING PROGRAM (VBBP). VBBP IS A PROGRAM, STARTED IN 2019, DESIGNED TO ENCOURAGE UNBANKED AND UNDERBANKED VETERANS TO OPEN BANK OR CREDIT UNION CHECKING ACCOUNTS INTO WHICH THEIR VA MONETARY BENEFITS CAN BE DEPOSITED AND MANAGED. THE PROGRAM IS INTENDED TO HELP VETERANS AVOID THE LACK OF SAFETY, RELIABILITY, AND FLEXIBILITY INHERENT IN THE ONLY OTHER WAYS THEY CAN RECEIVE THEIR GOVERNMENT BENEFITS: PREPAID DEBIT CARDS AND PAPER CHECKS. VBBP 2.0, WHICH ADDED FINANCIAL EDUCATION AND FINANCIAL AND CREDIT COUNSELING, WAS SUCCESSFULLY LAUNCHED IN 2022. AS OF THE END OF 2022, VBBP IS CREDITED WITH "BANKING" OVER 200,000 VETERANS.

  • AMBA'S SOCIAL MEDIA AND DIRECT MARKETING COMMUNICATION EFFORTS CONTINUED TO ASSIST ITS MEMBERS AND NON-PROFIT ORGANIZATION PARTNERS TO EXPAND FINANCIAL EDUCATION FOR THE MILITARY AND VETERAN COMMUNITIES THROUGH NEWSLETTERS, WEBINARS, AND SOCIAL MEDIA POSTS. IN 2022, AMBA CONTINUED TO MARKET THE UPDATED HARDCOPY OF ARMED FORCES FINANCIAL GUIDE AND ENCOURAGED MEMBERS TO SUBSCRIBE TO ITS ONLINE VERSION, WHICH CAN BE ACCESSED BY BANK CUSTOMERS.

  • AMBA HELD ITS FIRST IN-PERSON ANNUAL WORKSHOP SINCE THE PANDEMIC, WHICH WAS A RESOUNDING SUCCESS. THIS PROGRAM BROUGHT TOGETHER THE ENTIRE MILITARY AND VETERAN FINANCIAL WELLNESS PUBLIC-PRIVATE PARTNERSHIP FOR DISCUSSIONS ABOUT HOW WE MIGHT COLLABORATE BETTER.

As filed on the 2022 return.

Listed in Part VII

  • Michael S League

    CHAIRMAN ELECT

    Total calculated
    $0
    Hours/week
    1

  • Steve Beres

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tiffany Davis-Schaefer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larry T Wilson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Fred A Alvarado

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • W H Bill Croak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John M Bird

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Todd Fox

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James M Carlile

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lindsey Streeter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Geoffrey P Hickman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Baeuchle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sean Passmore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelly Hughes

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Jill Castilla

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steven J Lepper

    PRESIDENT/TREASURER/SECY

    Total calculated
    $426,089
    From this org
    $294,644
    From related orgs
    $115,625
    Other
    $15,820
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,734 + $115,625 related
    Bonus
    $79,910
    Other
    $0
    Deferred
    $11,361 + $4,459 related
    Nontaxable benefits
    $0
    Filer's total
    $306,005 + $120,084 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

  • 1a · Travel for companions
  • 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 · Form 990 of other organizations
  • 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
NONRESIDENT SOCIAL CLUB DUES FOR THE PRESIDENT/CEO ARE FOR THE BENEFIT OF THE ASSOCIATION IN FURTHERANCE OF ITS PUBLIC AFFAIRS ACTIVITIES AND ARE REIMBURSED QUARTERLY. THE ASSOCIATION REIMBURSES COMPANION TRAVEL FOR BOARD MEMBERS TO ATTEND BOARD MEETINGS. REIMBURSEMENTS OVER $600 ARE REPORTED ON A FORM 1099 EACH YEAR.
PART I, LINE 3
COMPENSATION OF THE PRESIDENT/CEO IS DETERMINED UPON THE RECOMMENDATION OF THE EXECUTIVE COMMITTEE (CHARIMAN OF THE BOARD OF DIRECTORS, IMMEDIATE PAST CHAIRMAN, CHAIRMAN-ELECT AND VICE CHAIRMAN) SUBSEQUENT TO A PERFORMANCE REVIEW. THE VOTING MEMBERS OF THE BOARD OF DIRECTORS APPROVE THE COMPENSATION OF THE PRESIDENT/CEO.

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.

  • AMBA SERVICES INC

    C · SUPPORT SERVICES · FL · 100% owned · share of income $512,721 · share of assets $179,061 · controlled entity

    Directly controlled by ASSOCIATION OF MILITARY BANKS OF AMERICA

Provenance

Return type
form_990
Tax year
2022
Filed
18 April 2023
IRS schema version
2022v5.0
Source object
202311119349300801

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