Civic Intelligence

Us Navy Memorial Foundation

EIN 52-1104476 • 501(c)3 • Washington, DC

Profile

The navy memorial mission is to honor, recognize and celebrate the men and women of the sea services and the important contributions made by them while serving in the united states navy, marine corps, coast guard and merchant marine. The navy memorial serves to educate and inspire the american people about the vital role that the sea services play in our national security and the rich maritime history of the united states.

701 Pennsylvania Avenue NW 123Washington, DC 20004

www.navymemorial.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.73x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

85th percentile

1.05x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

14th percentile

-18%

Higher net margin than 14% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

93rd percentile

68%

Faster asset growth than 93% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

14th percentile

-18%

Faster revenue growth than 14% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$9,304,820

Up $3,761,546 (+68%) from 2023

Liabilities

Up

$6,799,084

Up $4,851,662 (+249%) from 2023

Net Assets

Down

$2,505,736

Down $1,090,116 (-30%) from 2023

Revenue

Down

$6,467,397

Down $1,420,366 (-18%) from 2023

Expenses

Up

$7,614,558

Up $1,721,563 (+29%) from 2023

Net Income

Down

-$1,147,161

Down $3,141,929 (-158%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0Assets 2010: $2,980,563Liabilities 2010: $1,191,705Net Assets 2010: $1,788,8582010Assets 2011: $2,439,336Liabilities 2011: $1,229,826Net Assets 2011: $1,209,5102011Assets 2012: $2,736,253Liabilities 2012: $1,454,148Net Assets 2012: $1,282,1052012Assets 2013: $3,831,462Liabilities 2013: $1,401,121Net Assets 2013: $2,430,3412013Assets 2014: $3,773,597Liabilities 2014: $1,174,584Net Assets 2014: $2,599,0132014Assets 2015: $3,446,457Liabilities 2015: $1,195,646Net Assets 2015: $2,250,8112015Assets 2016: $3,316,631Liabilities 2016: $1,261,017Net Assets 2016: $2,055,6142016Assets 2017: $3,084,833Liabilities 2017: $940,820Net Assets 2017: $2,144,0132017Assets 2018: $3,181,695Liabilities 2018: $1,190,362Net Assets 2018: $1,991,3332018Assets 2019: $2,949,653Liabilities 2019: $1,086,320Net Assets 2019: $1,863,3332019Assets 2020: $3,149,145Liabilities 2020: $1,373,783Net Assets 2020: $1,775,3622020Assets 2021: $3,731,955Liabilities 2021: $1,307,066Net Assets 2021: $2,424,8892021Assets 2022: $3,653,828Liabilities 2022: $2,069,822Net Assets 2022: $1,584,0062022Assets 2023: $5,543,274Liabilities 2023: $1,947,422Net Assets 2023: $3,595,8522023Assets 2024: $9,304,820Liabilities 2024: $6,799,084Net Assets 2024: $2,505,7362024

Highlighted filing

2024

Assets$9,304,820
Liabilities$6,799,084
Net Assets$2,505,736

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $5,258,2602010Expenses 2011: $5,057,0372011Expenses 2012: $4,990,8982012Revenue 2013: $6,598,224Expenses 2013: $5,534,031Net Income 2013: $1,064,1932013Revenue 2014: $5,671,816Expenses 2014: $5,498,421Net Income 2014: $173,3952014Revenue 2015: $4,863,311Expenses 2015: $5,149,975Net Income 2015: -$286,6642015Revenue 2016: $4,878,470Expenses 2016: $5,107,038Net Income 2016: -$228,5682016Revenue 2017: $5,192,734Expenses 2017: $5,169,781Net Income 2017: $22,9532017Revenue 2018: $5,569,066Expenses 2018: $5,644,119Net Income 2018: -$75,0532018Revenue 2019: $4,793,780Expenses 2019: $5,060,276Net Income 2019: -$266,4962019Revenue 2020: $3,964,388Expenses 2020: $4,130,648Net Income 2020: -$166,2602020Revenue 2021: $5,647,232Expenses 2021: $5,119,251Net Income 2021: $527,9812021Revenue 2022: $5,265,255Expenses 2022: $5,843,410Net Income 2022: -$578,1552022Revenue 2023: $7,887,763Expenses 2023: $5,892,995Net Income 2023: $1,994,7682023Revenue 2024: $6,467,397Expenses 2024: $7,614,558Net Income 2024: -$1,147,1612024

Highlighted filing

2024

Revenue$6,467,397
Expenses$7,614,558
Net Income-$1,147,161

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.30$6.80$2.51$6.47$7.61$1.15
2023Detailed filing. Detailed filing data is available for this year.$5.54$1.95$3.60$7.89$5.89$1.99
2022Detailed filing. Detailed filing data is available for this year.$3.65$2.07$1.58$5.27$5.84$0.58
2021Detailed filing. Detailed filing data is available for this year.$3.73$1.31$2.42$5.65$5.12$0.53
2020Detailed filing. Detailed filing data is available for this year.$3.15$1.37$1.78$3.96$4.13$0.17
2019Detailed filing. Detailed filing data is available for this year.$2.95$1.09$1.86$4.79$5.06$0.27
2018Detailed filing. Detailed filing data is available for this year.$3.18$1.19$1.99$5.57$5.64$0.08
2017Detailed filing. Detailed filing data is available for this year.$3.08$0.94$2.14$5.19$5.17$0.02
2016Detailed filing. Detailed filing data is available for this year.$3.32$1.26$2.06$4.88$5.11$0.23
2015Detailed filing. Detailed filing data is available for this year.$3.45$1.20$2.25$4.86$5.15$0.29
2014Detailed filing. Detailed filing data is available for this year.$3.77$1.17$2.60$5.67$5.50$0.17
2013Detailed filing. Detailed filing data is available for this year.$3.83$1.40$2.43$6.60$5.53$1.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.74$1.45$1.28$4.99
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.44$1.23$1.21$5.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.98$1.19$1.79$5.26
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 9, 2025
Return Version
2024v5.2
Gross Receipts
$8,675,046
Mission and Program Overview

Mission

The navy memorial mission is to honor, recognize and celebrate the men and women of the sea services and the important contributions made by them while serving in the united states navy, marine corps, coast guard and merchant marines. The navy memorial serves to educate and inspire the american people about the vital role that the sea services play in our national security and the rich maritime history of the united states.

The us navy memorial's mission is to honor, recognize and celebrate the men and women of the sea services, and to inform the public about their service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,904,124$1,270,570▼ $633,554
Land, Buildings, and Equipment, Net$1,128,343$1,017,546▼ $110,797
Savings and Temporary Cash Investments$186,446$501,209▲ $314,763
Prepaid Expenses and Deferred Charges$439,270$280,286▼ $158,984
Inventories for Sale or Use$138,746$211,509▲ $72,763
Accounts Receivable$419,633$179,091▼ $240,542
Pledges and Grants Receivable$215,876$143,871▼ $72,005
Cash and Non-Interest-Bearing Accounts$5,681$26,918▲ $21,237
Intangible Assets$4,565$3,771▼ $794
Total Assets$5,543,274$9,304,820▲ $3,761,546
Other Assets Total$1,100,590$5,670,049▲ $4,569,459
Liabilities
Other Liabilities$1,051,250$6,210,890▲ $5,159,640
Deferred Revenue$281,519$332,556▲ $51,037
Accounts Payable and Accrued Expenses$614,653$255,638▼ $359,015
Total Liabilities$1,947,422$6,799,084▲ $4,851,662
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,940,500$1,948,836▼ $991,664
Net Assets With Donor Restrictions$655,352$556,900▼ $98,452
Total Net Assets Fund Balance$3,595,852$2,505,736▼ $1,090,116
Total Liabilities and Net Assets / Fund Balance$5,543,274$9,304,820▲ $3,761,546

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$423,194$6,654,419$7,077,613
Equipment$594,352$4,508,695$5,103,047
Other Assets Org$5,387,536--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$186,193-▲ $31,922$27,134$190,981
2023$203,684-▲ $4,711$22,202$186,193
2022$196,662-▲ $7,022-$203,684
2021$192,887-▲ $3,775-$196,662
2020$192,657-▲ $5,729$5,499$192,887
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rdml Frank Thorp Iv Usn RetPresident/CEO (thru 6/14/24)FT$125,382$78,521$203,903
Mr Scott D MatirneCFOFT$141,546$38,296$179,842
Vadm John Nowell Jr Usn RetPresident/CEO (from 6/14/24)FT$151,442$21,694$173,136
Ms Lisa BarkerVP of Development (thru 11/15/24)FT$133,245$24,627$157,872
Cmdcm Victor Smith Usn RetVP of Programs & EventsFT$129,245$22,371$151,616
Ms Terese WineganDirector, Sales & Event OpFT$121,807$9,180$130,987
Cmdcm Glenda Atwood Usn RetDPT DIRECTOR, NATIONAL CHIEF'S MESSFT$117,196$9,295$126,491
Mr Wesley SmithVP Programs & Engmnt (thru 12/2/24)FT$110,116-$110,116

Highest Paid Contractors

ContractorServicesLocationCompensation
Production Solutions INCDirect Mail Printing & Fulfillment1953 GALLOWS ROAD SUITE 500, Vienna, VA 22182$322,330
Loud And Clear INCAudio Visual Design & Installation10310 JULIAN DRIVE, Cincinnati, OH 45215$314,625
Nne Marketing LLCDirect Marketing Consulting1666 MASSACHUSETTS AVE STE 14, Lexington, MA 02420$303,520
Cloud For GoodDatabase ManagementPO BOX 200254, Dallas, TX 75320-0254$280,367
Bloomfield & CoEmployment Search Firm1900 RESTON METRO PLAZA 6TH FLOOR, Reston, VA 20190$153,000
Revenue and Support

Revenue Composition

Contributions and Grants
$4,271,948
Program Service Revenue
$775,669
Investment Income
$120,356
Other Revenue
$1,299,424
All Other Contributions
$4,271,948
Change in Net Assets
$-1,147,161

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$273,731Fair Market Value (FMV)
Total Noncash Contributions3$273,731-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,612,810
Revenue Not Reported on Financial Statements
$-145,413
Revenue Not Reported on Form 990
$57,045
Other Revenue Adjustments
$-145,413
Total Revenue per Audited Statements
$6,669,855
Total Revenue per Form 990
$6,467,397
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,707,185
Salaries, Compensation, and Employee Benefits$2,603,853
Total Fundraising Expense$1,433,782
Professional Fundraising Fees$303,520
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$1,660,430$68,098$46,331$1,774,859
Other Salaries and Wages$1,311,027$149,053$267,676$1,727,756
Office Expenses$1,106,829$27,724$171,283$1,305,836
Current Officers, Directors, Trustees, and Key Employees$427,868$71,353$57,661$556,882
Fees for Services Other$373,801$12,847$166,300$552,948
Conferences and Meetings$353,807$19,858$30,352$404,017
Information Technology$6,529$47,395$291,597$345,521
Fees for Services Professional Fundraising--$303,520$303,520
Payroll Taxes$154,595$19,427$28,976$202,998
Depreciation Depletion$123,981$19,081$5,169$148,231
Other Employee Benefits$65,001$7,096$12,408$84,505
Fees for Services Accounting-$52,140-$52,140
Travel$27,008$3,397$11,926$42,331
Advertising$23,047$938$11,586$35,571
Pension Plan Contributions$24,502$2,259$4,951$31,712
Other Expenses-$20,566$24,046$20,566
Fees for Services Legal-$1,119-$1,119
Total Functional Expenses$580,120$0$145,030$725,150

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,759,971
Expenses per Audited Statements$7,614,558
Total Expenses per Form 990$7,614,558
Expenses Not Reported on Form 990$145,413
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$303,520
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease$6,112,428
Annuities Payable$98,462
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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 A, Line 1A

The executive committee of the board of directors is authorized to act on behalf of the board of directors. The membership of the executive committee consists of the chairman of the board, vice-chairman, secretary, treasurer and all board committee chairmen, as well as the president and ceo of the organization.

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

Prior to the filing of the form 990 with the internal revenue service, each member of the finance and investment committee is given a copy for their review. Once the finance and investment committee has reviewed the returns, the returns are sent to the entire governing body, which has five days to review and submit questions. All questions are collectively answered electronically prior to submission of the 990.

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

Annually, at the spring meeting, the board and senior staff complete the conflict of interest statement. It is emailed or faxed to those not attending the meeting. When returned, the statements are reviewed by senior management. Senior management is usually aware of the conflict prior to adding the person to the board or to the staff. Between spring board meetings, the chairman advises the directors and senior staff that they are to update the conflict of interest statements in the event of a possible conflict of interest. In the event of a conflict of interest, the interested person may make a presentation at the meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest.

Form 990, Part VI, Section B, Line 15

The compensation process at the united states navy memorial foundation is designed to provide compensation that is at the median level of foundations and associations in the national capital region. The leadership team at the united states navy memorial foundation, consisting of the president, ceo and the chief financial officer, meet annually to review the position descriptions and the level of work to ensure that the individuals in the foundation are effectively being compared to their peers in other organizations. During the compensation review process, the work performance of all employees are reviewed, and a determination is made regarding any increases in salary. Additionally, a decision is made about whether any raise is possible based on the foundation's financial condition. Quarterly, employees are reviewed on the basis of performance. The performance review document is written for each individual evaluating their performance against the goals that are established for the year. The compensation committee also reviews the aggregate salary structure for the remainder of the employees to ensure that the aggregate compensation appears fair and reasonable. The compensation for the president is reviewed annually by the compensation committee of the board. The total compensation pool for staff is also reviewed annually by this committee. The president and ceo's most recent compensation review was held in december 2023.

Form 990, Part VI, Section C, Line 19

The governing documents and conflict of interest policy are not made available to the public, however the audited financial statements and the 990 are available on the organization's website.

Filing and Contact Details

Filer

Filer Name
US Navy Memorial Foundation
EIN
52-1104476
Phone
2023800762
Address
701 PENNSYLVANIA AVENUE NW 123, WASHINGTON, DC 20004

Signing Officer

Name
Vadm John B Nowell Jr Usn Ret
Title
President and CEO
Phone
2023800762
Signed
2025-07-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Vadm John B Nowell Jr
Formed
1977
Legal Domicile
Il
Voting Board Members
20
Independent Board Members
19
Employees
29
Volunteers
22

Preparer

Firm
Cherry Bekaert Advisory LLC
Address
6116 EXECUTIVE BLVD STE 600, ROCKVILLE, MD 20852
Preparer
Bree-ann Weidner
Phone
3015899000
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

In april of 2024, the united states navy memorial opened the national chief's mess digital platform. The platform is an online membership platform for active-duty, reserve, and retired us navy and us coast guard chief petty officers. Chiefs are one of the most connected communities in the us military. The platform provides a centralized hub of information and resources which enables chiefs to stay connected worldwide. This platform embodies the mission of the national chief's mess to "connect active-duty, reserve, or retired navy and coast guard chiefs in a collaborative environment; to promote professional networking and social interactions; to create opportunity for maintaining a sense of purpose and belonging; and to support each other and the ideals of "once a chief, always a chief.""

Form 990, Page 2, Part III, Line 4B

Educational services - educate the public about the heritage of the united states as a maritime nation and the contributions of men and women in the sea services through exhibits, film and video presentations, lectures, tours, publications, and events. In 2024, the united states navy memorial continued its online education offerings to include a digital version of the junior sailor program, online course materials for k-12 on history and heritage, sea service traditions and archival research. In 2024, the united states navy memorial continued hosting a summer internship program for students at the high school level to create a dialogue focused on united states military history through an interdisciplinary approach founded on the principles of historical preservation, education, and academic research. During the week-long program, students participate in interactive learning activities. They learn how to conduct interviews with sea service veterans to preserve their stories. The students also take part in historical preservation experiences with the library of congress and the national archives. Honor a chief program - in 2024, the united states navy memorial established a program as part of the delbert d. Black national chief's mess that enables individuals to honor and recognize a chief petty officer who provided inspiration, mentorship, and guidance to them throughout their naval career. This program is designed to highlight the significant and ongoing impact that chief petty officers have on the development of sailors and officers alike and to show the vital role these outstanding individuals play in shaping the present and future of the us navy.

Form 990, Page 2, Part III, Line 4C

The united states navy memorial hosts several special events throughout the year to support its program activities. The events carried out during 2024 included the following: 1. The lone sailor awards dinner is an annual black-tie gala during which the us navy memorial recognizes sea service veterans who have excelled with distinction in their respective careers during or after their service. The award recipients join an impressive list of men and women who have distinguished themselves by drawing upon their military experience to become successful in their subsequent careers and lives, while exemplifying the core values of honor, courage and commitment. The naval heritage award is given to americans who have excelled with distinction in their respective careers, distinguished themselves with their significant support of the nation's sea services, and whose lives and careers exemplify the core values of honor, courage, and commitment. These award recipients join an impressive list of men and women who have made a direct and significant contribution to the sea services in their lives. In 2024 we continued the in-person lone sailor awards dinner at the national building museum in washington, dc, where the awards were presented to the honorees. 2. Delbert d. Black leadership award dinner - recognizes one outstanding first-tour command master chief, chief of the boat, or command senior chief whose performance and leadership of sailors embodies the navy core values and chief petty officer expectations and demonstrates those same ideals of service with sacrifice as demonstrated by mcpon black, and upholds the highest standards of professionalism and integrity. 3. Commemorative plaque program - permanent commemorative plaques of ships, reunion groups, historical events, individuals and families, etc. On the plaque wall within the visitor center. 4. Sailor of the year - in order to expand the recognition of the outstanding sailors in the fleet, the navy increased the number of sailors recognized as sailors of the year from 4 in 2020 to 18 in subsequent years. The sailor of the year program at the united states navy memorial recognizes these sailors with a permanent sailor of the year exhibit that is located inside the delbert d. Black national chief's mess in the united states navy memorial visitor center. 5. Fantail breakfasts - invitation only events that bring together senior navy leadership to discuss current navy projects and future plans with defense industry leaders. The fantail breakfasts are operated under chatham house rule. 6. Bridge wing chats - brings together senior navy leaders and junior officers for discussions on career paths, current topics affecting the navy, educational opportunities for professional development of junior officers, etc. 7. Movies on the memorial - navy-themed movies shown outside on the navy memorial plaza, free and open to the public. 8. Statue program - pays tribute to all members of the sea services by placing replicas of the lone sailor statue in cities around the us and abroad (normandy, france). The program also places smaller bronze lone sailor statues on us navy ships being commissioned. 9. Sitrep speaker series - the sitrep (situation report) speaker series was developed as a direct result of the covid-19 pandemic. The sitrep speaker series focuses on a one-on-one chat between the navy memorial president and ceo and a high-ranking guest from the navy or the department of defense. The topics discussed range from current operations and initiatives within the navy to the guest's personal thoughts on certain matters. Questions are also solicited from virtual attendees and presented to the guest for answers in real time. The sitrep speaker series is livestreamed and recorded as it occurs then posted to the united states navy memorial's website and youtube channel. 10. Veteran group visit program - the united states navy memorial enthusiastically hosts visits by active-duty and retired military

Financial Statement Notes

PART III, LINE 4:

The art collection consists of oil paintings of the eight us presidents who either served in the us navy or were secretaries of the navy. The foundation's exempt purpose is to educate the public about maritime heritage. These paintings show men who were a part of that maritime heritage. The collection also includes a service and sacrifice statue received from the us war dogs association.

PART V, LINE 4:

The foundation's endowment funds were established for the purpose of securing the foundation's long-term financial viability and continuing to meet the needs of the foundation. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditure.

PART X, LINE 2:

The foundation is exempt from federal income taxes under section 501(c)(3) of the internal revenue code ("irc"). The foundation is not considered a private foundation. The foundation is required to pay federal and state income taxes only on unrelated business income. Management has concluded that the foundation has maintained its tax-exempt status and that there are no significant uncertain tax positions as of december 31, 2024 and 2023.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Cost of goods sold -145,413.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 145,413.

Raw XML AppendixShowing 400 of 970 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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