Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $14,848

• 1f · All other contributions, gifts and grants

  $46,188,567

• 1g · Noncash contributions included above

  $7,353,823

• 2a · Program service revenue: FUND ADMIN. FEE

  total $4,108,244 · related or exempt $4,108,244

• 2b · Program service revenue: MISCELLANEOUS FEES & S

  total $35,274 · related or exempt $35,274

• 3 · Investment income

  total $2,735,142 · excluded $2,735,142

• 7a · Gross sales of assets other than inventory

  securities $151,023,174

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

  securities $143,369,612

• 7c · Gain or loss

  securities $7,653,562

• 7d · Net gain or loss

  total $7,653,562 · excluded $7,653,562

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $31,537,792 · program services $31,537,792

• 2 · Grants to domestic individuals

  total $352,787 · program services $352,787

• 3 · Grants to foreign organizations and individuals

  total $149,190 · program services $149,190

• 5 · Compensation of officers, directors and key employees

  total $1,791,455 · management and general $156,919 · fundraising $1,634,536

• 7 · Other salaries and wages

  total $3,333,838 · management and general $260,908 · fundraising $3,072,930

• 8 · Pension plan contributions

  total $365,943 · management and general $77,891 · fundraising $288,052

• 9 · Other employee benefits

  total $154,320 · management and general $32,847 · fundraising $121,473

• 10 · Payroll taxes

  total $447,751 · management and general $95,304 · fundraising $352,447

• 11b · Fees: legal

  total $73,995 · management and general $28,700 · fundraising $45,295

• 11c · Fees: accounting

  total $100,296 · management and general $17,155 · fundraising $83,141

• 11e · Fees: professional fundraising services

  total $275,711 · fundraising $275,711

• 11f · Fees: investment management

  total $292,396 · management and general $292,396

• 11g · Fees: other

  total $1,814,537 · management and general $815,611 · fundraising $998,926

• 13 · Office expenses

  total $516,377 · management and general $59,083 · fundraising $457,294

• 16 · Occupancy

  total $158,624 · management and general $54,291 · fundraising $104,333

• 17 · Travel

  total $230,129 · management and general $74,177 · fundraising $155,952

• 19 · Conferences, conventions and meetings

  total $73,414 · management and general $11,268 · fundraising $62,146

• 22 · Depreciation, depletion and amortization

  total $836,064 · management and general $205,209 · fundraising $630,855

• 23 · Insurance

  total $104,976 · management and general $19,349 · fundraising $85,627

• 24a · Other expenses: DONOR CULTIVATION

  total $477,740 · management and general $11,767 · fundraising $465,973

• 24b · Other expenses: BAD DEBT

  total $321,235 · fundraising $321,235

• 24c · Other expenses: TRAINING

  total $58,443 · management and general $13,511 · fundraising $44,932

• 24d · Other expenses: LICENSES AND DUES

  total $33,426 · management and general $3,832 · fundraising $29,594

• 24e · All other expenses

  total $115,233 · management and general $22,379 · fundraising $92,854

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $41,277,489 · end of year $56,073,428

• 3 · Pledges and grants receivable

  beginning of year $56,197,231 · end of year $55,995,307

• 4 · Accounts receivable

  beginning of year $8,796 · end of year $4,485

• 9 · Prepaid expenses and deferred charges

  beginning of year $12,104,291 · end of year $6,010,044

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

  $22,665,804

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

  $3,607,045

• 10c · Land, buildings and equipment, net

  beginning of year $1,362,925 · end of year $19,058,759

• 11 · Investments: publicly traded securities

  beginning of year $40,786,411 · end of year $44,525,274

• 12 · Investments: other securities

  beginning of year $172,438,043 · end of year $183,943,853

• 15 · Other assets

  beginning of year $3,281,758 · end of year $3,534,766

• 17 · Accounts payable and accrued expenses

  beginning of year $637,982 · end of year $285,606

• 19 · Deferred revenue

  beginning of year $372,000 · end of year $269,000

• 25 · Other liabilities

  beginning of year $10,617,506 · end of year $25,445,189

• 27 · Net assets without donor restrictions

  beginning of year $39,961,987 · end of year $36,536,347

• 28 · Net assets with donor restrictions

  beginning of year $275,867,469 · end of year $306,609,774

The filer's explanations (Part III)

PART I, LINE 7

ON AN ANNUAL BASIS, THE COMPENSATION COMMITTEE REVIEWS THE PERFORMANCE OF CERTAIN PERSONS LISTED ON PART VII AND SCHEDULE J, AND IN ITS SOLE DISCRETION, AWARDS BONUSES BASED ON THEIR INTERNAL REVIEW. SOME YEARS BONUSES ARE NOT PAID AS WELL, PER THE SOLE DISCRETION OF THE COMPENSATION COMMITTEE. SUCH BONUSES AWARDED ARE PROPERLY LISTED AS PAID AND AS REPORTABLE COMPENSATION IN PART VII, COLUMN D, AND ON SCHEDULE J, PART II, COLUMN B(II).

PART I, LINE 3:

THE WRITTEN EMPLOYMENT CONTRACT IS AN INTERNAL CONTRACT ONLY.

SCHEDULE J, PART II:

TO PROVIDE CLARITY AS TO THE MAKEUP OF AMOUNT REPORTED FOR LISTED PERSONS ON SCHEDULE J, PART II, THE AMOUNTS ON COLUMNS B (I-III) REPORT INCOME TAXABLE TO THE ORGANIZATION'S PERSONS AND AS PROPERLY REPORTED ON FORM W-2 FOR THE YEAR ENDING ON DECEMBER 31ST WHICH OCCURS WITHIN THE ORGANIZATION'S TAX REPORTING PERIOD. THE AMOUNTS REPORTED IN COLUMN C REPORT INFORMATION RELATED TO CONTRIBUTIONS BY THE ORGANIZATION TO THE EMPLOYEE'S RETIREMENT PLANS PER AGREEMENTS IN PLACE, THE AMOUNTS REPORTED IN COLUMN D, REPORT ITEMS OF NONTAXABLE INCOME THAT ARE GENERALLY REPORTED ON OTHER TAX EXEMPT ORGANIZATION RETURNS, INCLUDING HEALTH INSURANCE, DENTAL INSURANCE, ETC. THESE AMOUNTS REPORTED IN COLUMN D ARE GENERALLY NONTAXABLE TO THE RECIPIENT'S PER OTHER CODE SECTIONS IN THE INTERNAL REVENUE CODE. THE AMOUNTS REPORTED IN COLUMN F REPORT 457(B) PLAN CONTRIBUTIONS THAT WERE REPORTED ON PRIOR YEAR FORMS 990. THESE AMOUNTS WERE PAID OUT DURING THE CALENDAR YEAR AND ARE ALSO INCLUDED IN COLUMN BIII.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (5)

  T · INVESTMENT · MD · controlled entity

  Directly controlled by US NAVAL ACADEMY FOUNDATION INC

• CHARITABLE REMAINDER TRUSTS (2)

  T · INVESTMENT · MD · controlled entity

  Directly controlled by US NAVAL ACADEMY ALUMNI ASSOCIATION INC