Civic Intelligence

Naval Academy Sailing Foundation Inc.

990 • Fiscal year 2021 • EIN 23-7328323

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 07, 2022

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

7th percentile

0.00x

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

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

17th percentile

0.06x

Higher debt load relative to revenue than 17% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

1st percentile

-321%

Higher net margin than 1% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

18th percentile

$130,087

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 15.3% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

10th percentile

-5.1%

Faster asset growth than 10% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

3rd percentile

-60%

Faster revenue growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets7th percentile

Assets

Down

$36,293,200

Down $1,943,255 (-5.1%) from 2020

Net Assets

Down

$36,242,045

Down $1,961,495 (-5.1%) from 2020

Liabilities

Up

$51,155

Up $18,240 (+55%) from 2020

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin1st percentile

Revenue

Down

$847,663

Down $1,267,135 (-60%) from 2020

Expenses

Up

$3,572,221

Up $125,097 (+3.6%) from 2020

Net Income

Down

-$2,724,558

Down $1,392,232 (-104%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth10th 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

2021

Assets$36,293,200
Liabilities$51,155
Net Assets$36,242,045
Open 2021 Filing

Operations Trend

Revenue Growth3rd 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

2021

Revenue$847,663
Expenses$3,572,221
Net Income-$2,724,558
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 7, 2022
Return Version
2021v4.2
Gross Receipts
$11,095,552
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$23,543,593$23,913,292▲ $369,699
Land, Buildings, and Equipment, Net$14,158,297$11,037,167▼ $3,121,130
Savings and Temporary Cash Investments$395,723$1,230,170▲ $834,447
Cash and Non-Interest-Bearing Accounts$38,793$53,757▲ $14,964
Prepaid Expenses and Deferred Charges$21,764$3,972▼ $17,792
Accounts Receivable-$638-
Total Assets$38,236,455$36,293,200▼ $1,943,255
Other Assets Total$78,285$54,204▼ $24,081
Liabilities
Accounts Payable and Accrued Expenses$32,915$51,155▲ $18,240
Total Liabilities$32,915$51,155▲ $18,240
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$38,186,137$36,229,437▼ $1,956,700
Net Assets With Donor Restrictions$17,403$12,608▼ $4,795
Total Net Assets Fund Balance$38,203,540$36,242,045▼ $1,961,495
Total Liabilities and Net Assets / Fund Balance$38,236,455$36,293,200▼ $1,943,255

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$10,836,729$10,619,259$21,455,988
Equipment$200,438$2,166$202,604
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cdr Les Spanheimer Usn RetTreasurer & Executive DireFT$130,087$130,087

Board Members and Trustees

NameTitle
Mr Philip LotzPresident & Trustee
Mr Anthony W ParkerVice President & Trustee
Ms Margaret PodlichSecretary & Trustee
Cdr Nick Madigan Usnr RetTrustee
Clare HarringtonTrustee
Hal GilreathTrustee
Lawrence HuntingtonTrustee
Mr Alec CutlerTrustee
Mr Peter CraigTrustee
Radm Pat Dawson Jr Usnr RetTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$120,605
Program Service Revenue
$0
Investment Income
$727,058
Other Revenue
$0
All Other Contributions
$120,605
Change in Net Assets
$-2,724,558

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
Other Non Cash Contri Table13$46,556Fair Market Value (FMV) Appraisal
Other Non Cash Contri Table5$13,500Fair Market Value (FMV) Appraisal
Other Non Cash Contri Table1$9,805Fair Market Value (FMV) Appraisal
Other Non Cash Contri Table1$7,191Fair Market Value (FMV) Appraisal
Total Noncash Contributions20$77,052-

Audited Revenue Reconciliation

Revenue per Audited Statements
$727,188
Revenue Not Reported on Financial Statements
$120,475
Revenue Not Reported on Form 990
$763,063
Total Revenue per Audited Statements
$1,490,251
Total Revenue per Form 990
$847,663
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,431,934
Salaries, Compensation, and Employee Benefits$140,287
Total Fundraising Expense$57,540
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,216,879--$2,216,879
Fees for Services Other$401,974$1,246$890$404,110
Current Officers, Directors, Trustees, and Key Employees$52,035$45,530$32,522$130,087
Fees for Service Investment Mgmnt Fees-$120,496-$120,496
Insurance$83,932$2,893-$86,825
All Other Expenses$53,457$2,224$19,072$74,753
Other Expenses$40,000--$40,000
Fees for Services Accounting$15,242$15,242-$30,484
Payroll Taxes$4,080$3,570$2,550$10,200
Conferences and Meetings$2,631$2,302$1,645$6,578
Office Expenses$1,377$1,997$861$4,235
Information Technology-$2,951-$2,951
Fees for Services Legal$1,445$1,445-$2,890
Occupancy-$2,500-$2,500
Advertising-$612-$612
Total Functional Expenses$3,311,673$203,008$57,540$3,572,221

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,572,221
Expenses per Audited Statements$3,451,746
Total Expenses per Audited Statements$3,451,746
Expenses Not Reported on Financial Statements$120,475
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
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
2022-09-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cdr Les Spanheimer Usn
Formed
1973
Legal Domicile
Md
Voting Board Members
10
Independent Board Members
10
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 IX, Line 11G

“Boat captain fees: program service expenses 136,548. Management and general expenses 0. Fundraising expenses 0. Total expenses 136,548. Payroll processing fee: program service expenses 1,424. Management and general expenses 1,246. Fundraising expenses 890. Total expenses 3,560. Boatyard maintenance assistance: program service expenses 18,894. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,894. Coaches: program service expenses 245,108. Management and general expenses 0. Fundraising expenses 0. Total expenses 245,108.”

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 2018-2020.”

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IRS990/IndependentVotingMemberCnt010
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt02951
IRS990/InformationTechnologyGrp/TotalAmt02951
IRS990/InsuranceGrp/ManagementAndGeneralAmt02893
IRS990/InsuranceGrp/ProgramServicesAmt083932
IRS990/InsuranceGrp/TotalAmt086825
IRS990/InvestmentIncomeGrp/ExclusionAmt0448469
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0448469
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt023543593
IRS990/InvestmentsPubTradedSecGrp/EOYAmt023913292
IRS990/IRPDocumentCnt05
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt010621425
IRS990/LandBldgEquipBasisNetGrp/BOYAmt014158297
IRS990/LandBldgEquipBasisNetGrp/EOYAmt011037167
IRS990/LandBldgEquipCostOrOtherBssAmt021658592
IRS990/LegalDomicileStateCd0MD
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt0984527
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt09263362
IRS990/LoanOutstandingInd00
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/NetAssetsOrFundBalancesBOYAmt038203540
IRS990/NetAssetsOrFundBalancesEOYAmt036242045
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0852616
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-574027
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0278589
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0763063
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt038186137
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt036229437
IRS990/NoncashContributionsAmt080277
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt02500
IRS990/OccupancyGrp/TotalAmt02500
IRS990/OfficeExpensesGrp/FundraisingAmt0861
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01997
IRS990/OfficeExpensesGrp/ProgramServicesAmt01377
IRS990/OfficeExpensesGrp/TotalAmt04235
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt078285
IRS990/OtherAssetsTotalGrp/EOYAmt054204
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0MAINTENANCE - USNA FLEE
IRS990/OtherExpensesGrp/Desc1VANDERSTAR CHAIR AND BE
IRS990/OtherExpensesGrp/Desc2MAINTENANCE OF NASF FLE
IRS990/OtherExpensesGrp/Desc3BROKERAGE FEES
IRS990/OtherExpensesGrp/ProgramServicesAmt0170884
IRS990/OtherExpensesGrp/ProgramServicesAmt1134008
IRS990/OtherExpensesGrp/ProgramServicesAmt2133729
IRS990/OtherExpensesGrp/ProgramServicesAmt340000
IRS990/OtherExpensesGrp/TotalAmt0170884
IRS990/OtherExpensesGrp/TotalAmt1134008
IRS990/OtherExpensesGrp/TotalAmt2133729
IRS990/OtherExpensesGrp/TotalAmt340000
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/FundraisingAmt02550
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt03570
IRS990/PayrollTaxesGrp/ProgramServicesAmt04080
IRS990/PayrollTaxesGrp/TotalAmt010200
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt021764
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03972
IRS990/PrincipalOfficerNm0CDR LES SPANHEIMER USN
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01217754
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0896377
IRS990/PYOtherExpensesAmt03331141
IRS990/PYOtherRevenueAmt0667
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-1332326
IRS990/PYSalariesCompEmpBnftPaidAmt0115983
IRS990/PYTotalExpensesAmt03447124
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02114798
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-2724558
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0395723
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01230170
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/OtherSupportSumAmt03305672
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0311575142
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt03305672
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt06000
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0US NAVAL ACADEMY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
IRS990ScheduleA/SupportSumAmt06000
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/BookValueAmt0200438
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02166
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0202604
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt0120475
IRS990ScheduleD/ExpensesSubtotalAmt03451746
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt0120475
IRS990ScheduleD/InvestmentExpensesNotIncldAmt0120475
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0763063
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt010836729
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt010619259
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt021455988
IRS990ScheduleD/RevenueNotReportedAmt0763063
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0120475
IRS990ScheduleD/RevenueSubtotalAmt0727188
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 2018-2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011037167
IRS990ScheduleD/TotalExpensesPerForm990Amt03572221
IRS990ScheduleD/TotalRevenuePerForm990Amt0847663
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01490251
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03451746
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt013
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt15
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt21
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt31
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0SAILS AND MISCELLANEOUS RIGGING
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc1FARR 40 SPINNAKERS
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc2GEAR TRAILER
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc3RACING EQUIPMENT
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt0FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt1FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt2FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt3FMV APPRAISAL
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd1X
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd2X
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd3X
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt046556
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt113500
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt29805
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt37191
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.

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$36,293,200
Liabilities
$51,155
Net assets
$36,242,045
Revenue
$847,663
Expenses
$3,572,221
Net income
-$2,724,558
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
2021Detailed filing. Detailed filing data is available for this year.$36.3$0.05$36.2$0.85$3.57$2.72
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$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