Civic Intelligence

Naval Academy Sailing Foundation Inc.

990 • Fiscal year 2020 • EIN 23-7328323

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 26, 2021

Organization ProfileWWW.NAVALACADEMYSAILINGFOUNDATION.ORG

View Organization Page

58 Bennion Road Mail Stop 23 JAnnapolis, MD 21402-5054

(443) 758-4698

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

5th percentile

0.00x

Higher debt load relative to assets than 5% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

7th percentile

0.02x

Higher debt load relative to revenue than 7% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

5th percentile

-63%

Higher net margin than 5% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

15th percentile

$115,983

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 5.5% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

25th percentile

-0.2%

Faster asset growth than 25% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-90%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets5th percentile

Assets

Down

$38,236,455

Down $58,233 (-0.2%) from 2019

Net Assets

Up

$38,203,540

Up $71,592 (+0.2%) from 2019

Liabilities

Down

$32,915

Down $129,825 (-80%) from 2019

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin5th percentile

Revenue

Down

$2,114,798

Down $19,367,868 (-90%) from 2019

Expenses

Up

$3,447,124

Up $260,829 (+8.2%) from 2019

Net Income

Down

-$1,332,326

Down $19,628,697 (-107%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2011: $5,865,153Liabilities 2011: $28,722Net Assets 2011: $5,836,4312011Assets 2012: $8,839,587Liabilities 2012: $44,469Net Assets 2012: $8,795,1182012Assets 2013: $7,389,579Liabilities 2013: $30,874Net Assets 2013: $7,358,7052013Assets 2014: $7,486,280Liabilities 2014: $59,432Net Assets 2014: $7,426,8482014Assets 2015: $18,006,199Liabilities 2015: $68,118Net Assets 2015: $17,938,0812015Assets 2016: $18,221,210Liabilities 2016: $49,299Net Assets 2016: $18,171,9112016Assets 2017: $15,324,648Liabilities 2017: $69,336Net Assets 2017: $15,255,3122017Assets 2018: $19,858,482Liabilities 2018: $70,923Net Assets 2018: $19,787,5592018Assets 2019: $38,294,688Liabilities 2019: $162,740Net Assets 2019: $38,131,9482019Assets 2020: $38,236,455Liabilities 2020: $32,915Net Assets 2020: $38,203,5402020Assets 2021: $36,293,200Liabilities 2021: $51,155Net Assets 2021: $36,242,0452021Assets 2022: $34,329,304Liabilities 2022: $146,922Net Assets 2022: $34,182,3822022Assets 2023: $33,366,293Liabilities 2023: $118,658Net Assets 2023: $33,247,6352023Assets 2024: $33,192,620Liabilities 2024: $183,486Net Assets 2024: $33,009,1342024

Highlighted filing

2020

Assets$38,236,455
Liabilities$32,915
Net Assets$38,203,540
Open 2020 Filing

Operations Trend

Revenue Growth1st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MExpenses 2011: $611,9712011Expenses 2012: $844,9002012Revenue 2013: -$197,582Expenses 2013: $1,355,368Net Income 2013: -$1,552,9502013Revenue 2014: $990,329Expenses 2014: $970,404Net Income 2014: $19,9252014Revenue 2015: $12,385,300Expenses 2015: $1,838,278Net Income 2015: $10,547,0222015Revenue 2016: $2,612,991Expenses 2016: $2,485,469Net Income 2016: $127,5222016Revenue 2017: -$476,872Expenses 2017: $2,517,292Net Income 2017: -$2,994,1642017Revenue 2018: $7,574,050Expenses 2018: $2,399,990Net Income 2018: $5,174,0602018Revenue 2019: $21,482,666Expenses 2019: $3,186,295Net Income 2019: $18,296,3712019Revenue 2020: $2,114,798Expenses 2020: $3,447,124Net Income 2020: -$1,332,3262020Revenue 2021: $847,663Expenses 2021: $3,572,221Net Income 2021: -$2,724,5582021Revenue 2022: $2,874,725Expenses 2022: $2,638,161Net Income 2022: $236,5642022Revenue 2023: $171,405Expenses 2023: $2,816,992Net Income 2023: -$2,645,5872023Revenue 2024: $1,084,319Expenses 2024: $2,856,137Net Income 2024: -$1,771,8182024

Highlighted filing

2020

Revenue$2,114,798
Expenses$3,447,124
Net Income-$1,332,326
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 26, 2021
Return Version
2020v4.1
Gross Receipts
$13,141,850
Mission and Program Overview

Mission

To further the mission of the united states naval academy; primarily through direct support to the sail training program at the naval academy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$20,119,140$23,543,593▲ $3,424,453
Land, Buildings, and Equipment, Net$15,197,898$14,158,297▼ $1,039,601
Pledges and Grants Receivable$1,979,900--
Savings and Temporary Cash Investments$923,657$395,723▼ $527,934
Cash and Non-Interest-Bearing Accounts$18,621$38,793▲ $20,172
Prepaid Expenses and Deferred Charges$1,875$21,764▲ $19,889
Loans From Officers Directors$14,625--
Total Assets$38,294,688$38,236,455▼ $58,233
Other Assets Total$53,597$78,285▲ $24,688
Liabilities
Accounts Payable and Accrued Expenses$148,115$32,915▼ $115,200
Total Liabilities$162,740$32,915▼ $129,825
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$38,114,545$38,186,137▲ $71,592
Net Assets With Donor Restrictions$17,403$17,403→ $0
Total Net Assets Fund Balance$38,131,948$38,203,540▲ $71,592
Total Liabilities and Net Assets / Fund Balance$38,294,688$38,236,455▼ $58,233

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$13,629,540$9,031,948$22,661,488
Equipment$528,757$1,973$530,730
Compensation and Service Providers
Top Officer Pay15th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cdr Les Spanheimer Usn RetTreasurer & Executive DireFT$115,983$115,983

Board Members and Trustees

NameTitle
Mr Philip LotzPresident & Trustee
Mr Anthony W ParkerVice President & Trustee
Cdr Nick Madigan Usnr RetTrustee
Mr Al Loomis IiiTrustee
Mr Alec CutlerTrustee
Mr Peter CraigTrustee
Mr Thomas J HarringtonTrustee
Mr William C MartinTrustee
Radm Pat Dawson Jr Usnr RetTrustee
Ms Margaret PodlichSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,217,754
Program Service Revenue
$0
Investment Income
$896,377
Other Revenue
$667
All Other Contributions
$1,217,754
Change in Net Assets
$-1,332,326

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Boats and Planes2$1,144,800Fair Market Value (FMV) Appraisal
Other Non Cash Contri Table6$17,200Fair Market Value (FMV) Appraisal
Other Non Cash Contri Table1$12,000Fair Market Value (FMV) Appraisal
Other Non Cash Contri Table1$5,000Fair Market Value (FMV) Appraisal
Total Noncash Contributions10$1,179,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,035,637
Revenue Not Reported on Financial Statements
$79,161
Revenue Not Reported on Form 990
$1,433,488
Total Revenue per Audited Statements
$3,469,125
Total Revenue per Form 990
$2,114,798
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,331,141
Salaries, Compensation, and Employee Benefits$115,983
Total Fundraising Expense$31,411
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,180,937--$2,180,937
Fees for Services Other$229,274$778$556$230,608
Current Officers, Directors, Trustees, and Key Employees$46,393$40,594$28,996$115,983
Insurance$83,624$383-$84,007
Fees for Service Investment Mgmnt Fees-$79,161-$79,161
All Other Expenses$47,899$2,830-$50,729
Other Expenses$49,146--$49,146
Fees for Services Accounting$8,400$8,400-$16,800
Fees for Services Legal$3,885$3,885-$7,770
Travel$1,462$1,279$914$3,655
Office Expenses$1,207$1,669$755$3,631
Occupancy-$2,500-$2,500
Advertising-$1,080-$1,080
Conferences and Meetings$304$266$190$760
Total Functional Expenses$3,272,888$142,825$31,411$3,447,124

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,447,124
Expenses per Audited Statements$3,367,963
Total Expenses per Audited Statements$3,367,963
Expenses Not Reported on Financial Statements$79,161
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$14,625--
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Provided to members of the audit committee and executive director for review and approval prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Potential conflict of interest issues are discussed at board meetings held twice a year. No such issues in the current year.”

Form 990, Part VI, Section B, Line 15

“Hiring decisions and compensation amounts are reviewed and approved by all members of the board of trustees. Compensation is determined based on experience level with the use of comparability data for reasonablness of compensation amounts. A written compensation agreement has been signed by the foundation and the executive director.”

Form 990, Part VI, Section C, Line 19

“Disclosure of governing documents, policies, and financial statement are provided upon request.”

Filing and Contact Details

Filer

Filer Name
Naval Academy Sailing Foundation Inc
EIN
23-7328323
Phone
4437584698
Address
58 BENNION ROAD MAIL STOP 23 J, ANNAPOLIS, MD 21402-5054

Signing Officer

Name
Cdr Les Spanheimer Usn Ret
Title
Treasurer & Executive Director
Phone
4437584698
Signed
2021-06-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cdr Les Spanheimer Usn
Formed
1973
Legal Domicile
Md
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
10

Preparer

Firm
Lswg Pa
Address
1803 RESEARCH BLVD SUITE 404, ROCKVILLE, MD 20850
Preparer
C Eva Webb
Phone
3016629200
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“No change from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The foundation adopted the revised provisions of fasb asc 740, relating to uncertain income tax positions as required by generally accepted accounting principles, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The foundation believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the foundation's financial condition, results of operations or cash flows. Accordingly, the foundation has not recorded any reserves, or related accruals for interest and penalties for uncertain income taxes. For tax purposes, the foundation's open tax years are 2017-2019.”

Raw XML AppendixShowing 400 of 493 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/InvestmentIncomeGrp/ExclusionAmt0440942
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0440942
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt020119140
IRS990/InvestmentsPubTradedSecGrp/EOYAmt023543593
IRS990/IRPDocumentCnt011
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt09033921
IRS990/LandBldgEquipBasisNetGrp/BOYAmt015197898
IRS990/LandBldgEquipBasisNetGrp/EOYAmt014158297
IRS990/LandBldgEquipCostOrOtherBssAmt023192218
IRS990/LegalDomicileStateCd0MD
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt042664
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt010984388
IRS990/LoanOutstandingInd00
IRS990/LoansFromOfficersDirectorsGrp/BOYAmt014625
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT TO THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt038131948
IRS990/NetAssetsOrFundBalancesEOYAmt038203540
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0473099
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-17664
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0455435
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt01433488
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt038114545
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt038186137
IRS990/NoncashContributionsAmt01179000
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt02500
IRS990/OccupancyGrp/TotalAmt02500
IRS990/OfficeExpensesGrp/FundraisingAmt0755
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01669
IRS990/OfficeExpensesGrp/ProgramServicesAmt01207
IRS990/OfficeExpensesGrp/TotalAmt03631
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt053597
IRS990/OtherAssetsTotalGrp/EOYAmt078285
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0MAINTENANCE - USNA FLEE
IRS990/OtherExpensesGrp/Desc1MAINTENANCE OF NASF FLE
IRS990/OtherExpensesGrp/Desc2VANDERSTAR CHAIR AND BE
IRS990/OtherExpensesGrp/Desc3YACHT STORAGE
IRS990/OtherExpensesGrp/ProgramServicesAmt0372852
IRS990/OtherExpensesGrp/ProgramServicesAmt1129281
IRS990/OtherExpensesGrp/ProgramServicesAmt2118224
IRS990/OtherExpensesGrp/ProgramServicesAmt349146
IRS990/OtherExpensesGrp/TotalAmt0372852
IRS990/OtherExpensesGrp/TotalAmt1129281
IRS990/OtherExpensesGrp/TotalAmt2118224
IRS990/OtherExpensesGrp/TotalAmt349146
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0OTHER REVENUE
IRS990/OtherRevenueMiscGrp/ExclusionAmt0667
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0667
IRS990/OtherRevenueTotalAmt0667
IRS990/PartialLiquidationInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt01979900
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01875
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt021764
IRS990/PrincipalOfficerNm0CDR LES SPANHEIMER USN
IRS990/PriorPeriodAdjustmentsAmt0-29570
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt022651476
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0-1168810
IRS990/PYOtherExpensesAmt03079548
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt018296371
IRS990/PYSalariesCompEmpBnftPaidAmt0106747
IRS990/PYTotalExpensesAmt03186295
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt021482666
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-1332326
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0923657
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0395723
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType3FuncIntGrp/GovernmentalEntityInd0X
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd00
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE NASF VICE PRESIDENT, MR. ANTHONY PARKER, IS ALSO ON THE U.S. NAVAL ACADEMY BOARD OF VISITORS, WHICH IS A GOVERNING BOARD OF THE ACADEMY. THE FOUNDATION MAINTAINS NEARLY DAILY CONTACT WITH THE DIRECTOR OF SAILING PROGRAM OF THE SUPPORTED ORGANIZATION, AND MEETS WITH THE FALES SAILING ADVISORY COMMITTEE AND THE SUPERINTENDENT OF THE U.S. NAVAL ACADEMY TWICE ANNUALLY TO EVALUATE THE FOUNDATION'S SUPPORT PROVIDED TO THE NAVAL ACADEMY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT OF THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2THE FOUNDATION'S MISSION AND PURPOSE IS TO SUPPORT THE UNITED STATES NAVAL ACADEMY IN THEIR EDUCATION OF THE MIDSHIPMEN. THE FOUNDATION WORKS ALMOST DAILY WITH THE DIRECTOR OF THE NAVAL ACADEMY SAILING PROGRAM IN SAILING EDUCATION, AND MEETS WITH THE SUPERINTENDENT OF THE NAVAL ACADEMY TO EVALUATE THE FOUNDATION'S SUPPORT PROVIDED TO THE ACADEMY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt3THE FOUNDATION PROVIDES THE USE OF SAILING VESSELS TO THE U.S. NAVAL ACADEMY FOR THE USE IN TRAINING ACADEMY MIDSHIPMEN. THE FOUNDATION ACCEPTS DONATIONS OF APPROPRIATE SAILING VESSELS FOR USE IN THE ACADEMY'S SAILING EDUCATION PROGRAM. WITHOUT THE USE OF THESE VESSELS, THE ACADEMY WOULD NOT HAVE SUCH ASSETS AVAILABLE FOR THEIR USE.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION D, LINE 2:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, LINE 1C:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2PART IV, SECTION E, LINE 2A:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc3PART IV, SECTION E, LINE 2B:
IRS990ScheduleA/OtherSupportSumAmt03258662
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0311575142
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt03258662
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt014226
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0US NAVAL ACADEMY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
IRS990ScheduleA/SupportSumAmt014226
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt0528757
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01973
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0530730
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt079161
IRS990ScheduleD/ExpensesSubtotalAmt03367963
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt079161
IRS990ScheduleD/InvestmentExpensesNotIncldAmt079161
IRS990ScheduleD/NetUnrealizedGainsInvstAmt01433488
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt013629540
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt09031948
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt022661488
IRS990ScheduleD/RevenueNotReportedAmt01433488
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt079161
IRS990ScheduleD/RevenueSubtotalAmt02035637
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION ADOPTED THE REVISED PROVISIONS OF FASB ASC 740, RELATING TO UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, WITH NO CUMULATIVE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE FOUNDATION BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE FOUNDATION'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE FOUNDATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAXES. FOR TAX PURPOSES, THE FOUNDATION'S OPEN TAX YEARS ARE 2017-2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt014158297
IRS990ScheduleD/TotalExpensesPerForm990Amt03447124
IRS990ScheduleD/TotalRevenuePerForm990Amt02114798
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03469125
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03367963
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/BoatsAndPlanesGrp/ContributionCnt02
IRS990ScheduleM/BoatsAndPlanesGrp/MethodOfDeterminingRevenuesTxt0FMV APPRAISAL
IRS990ScheduleM/BoatsAndPlanesGrp/NonCashCheckboxInd0X
IRS990ScheduleM/BoatsAndPlanesGrp/NoncashContributionsRptF990Amt01144800
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt06
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt11
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt21
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0SAILS AND MISCELLANEOUS RIGGING
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc1SPARCRAFT J/105 MAST
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc2ELECTRONIC GEAR
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt0FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt1FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt2FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd1X
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd2X
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt017200
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt112000
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt25000
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd01
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROVIDED TO MEMBERS OF THE AUDIT COMMITTEE AND EXECUTIVE DIRECTOR FOR REVIEW AND APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1POTENTIAL CONFLICT OF INTEREST ISSUES ARE DISCUSSED AT BOARD MEETINGS HELD TWICE A YEAR. NO SUCH ISSUES IN THE CURRENT YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2HIRING DECISIONS AND COMPENSATION AMOUNTS ARE REVIEWED AND APPROVED BY ALL MEMBERS OF THE BOARD OF TRUSTEES. COMPENSATION IS DETERMINED BASED ON EXPERIENCE LEVEL WITH THE USE OF COMPARABILITY DATA FOR REASONABLNESS OF COMPENSATION AMOUNTS. A WRITTEN COMPENSATION AGREEMENT HAS BEEN SIGNED BY THE FOUNDATION AND THE EXECUTIVE DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DISCLOSURE OF GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENT ARE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO CHANGE FROM THE PRIOR YEAR.

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,236,455
Liabilities
$32,915
Net assets
$38,203,540
Revenue
$2,114,798
Expenses
$3,447,124
Net income
-$1,332,326
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.2$0.18$33.0$1.08$2.86$1.77
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.4$0.12$33.2$0.17$2.82$2.65
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.3$0.15$34.2$2.87$2.64$0.24
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$36.3$0.05$36.2$0.85$3.57$2.72
2020Detailed filing. Detailed filing data is available for this year.$38.2$0.03$38.2$2.11$3.45$1.33
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$38.3$0.16$38.1$21.5$3.19$18.3
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.9$0.07$19.8$7.57$2.40$5.17
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.3$0.07$15.3$0.48$2.52$2.99
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.2$0.05$18.2$2.61$2.49$0.13
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.0$0.07$17.9$12.4$1.84$10.5
2014Detailed filing. Detailed filing data is available for this year.$7.49$0.06$7.43$0.99$0.97$0.02
2013Detailed filing. Detailed filing data is available for this year.$7.39$0.03$7.36$0.20$1.36$1.55
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.84$0.04$8.80$0.84
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.87$0.03$5.84$0.61
Peer Organizations

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