Civic Intelligence

Navy Mutual Aid Association

EIN 53-0116720 • 501(c)23 • Arlington, VA

Profile

And form 990, part iii, line 1:to provide members of the navy, marines, coast guard, national oceanic and atmospheric administration,public health service, and honorably discharged veterans (collectively the "sea services") life insurance at as near the actual net cost as possible, assist members of the sea services and other uniformed personnel and their families in securing federal benefits to which they may be legally entitled, and advise and educate uniformed personnel and their families on matters of financial security.

29 Carpenter Rd - Henderson HallArlington, VA 22212

www.navymutual.org

Siviq Scores

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

Liabilities / Assets

85th percentile

0.91x

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

$1B+ nonprofits • Source year 2024

Liabilities / Revenue

81st percentile

10.62x

Higher debt load relative to revenue than 81% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Net Margin

30th percentile

1.7%

Higher net margin than 30% of similar nonprofits.

$1B+ 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

23rd percentile

0.9%

Faster asset growth than 23% of similar nonprofits.

$1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

11th percentile

-8.6%

Faster revenue growth than 11% of similar nonprofits.

$1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$3,341,207,802

Up $29,002,780 (+0.9%) from 2023

Liabilities

Up

$3,025,740,793

Up $25,059,537 (+0.8%) from 2023

Net Assets

Up

$315,467,009

Up $3,943,243 (+1.3%) from 2023

Revenue

Down

$284,879,145

Down $26,882,865 (-8.6%) from 2023

Expenses

Down

$280,136,104

Down $37,470,047 (-12%) from 2023

Net Income

Up

$4,743,041

Up $10,587,182 (+181%) from 2023

Trend Graphs

Balance Sheet Trend

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

$4.0B$3.0B$2.0B$1.0B$0Assets 2010: $2,571,859,432Liabilities 2010: $2,380,534,008Net Assets 2010: $191,325,4242010Assets 2011: $2,681,325,206Liabilities 2011: $2,481,988,060Net Assets 2011: $199,337,1462011Assets 2012: $2,696,874,214Liabilities 2012: $2,501,698,663Net Assets 2012: $195,175,5512012Assets 2013: $2,779,441,493Liabilities 2013: $2,548,838,990Net Assets 2013: $230,602,5032013Assets 2014: $2,848,318,132Liabilities 2014: $2,596,577,484Net Assets 2014: $251,740,6482014Assets 2015: $2,925,614,194Liabilities 2015: $2,660,111,593Net Assets 2015: $265,502,6012015Assets 2016: $3,003,952,104Liabilities 2016: $2,721,531,498Net Assets 2016: $282,420,6062016Assets 2017: $3,076,919,282Liabilities 2017: $2,772,713,522Net Assets 2017: $304,205,7602017Assets 2018: $3,124,123,706Liabilities 2018: $2,817,302,355Net Assets 2018: $306,821,3512018Assets 2019: $3,184,755,036Liabilities 2019: $2,867,481,151Net Assets 2019: $317,273,8852019Assets 2020: $3,244,413,996Liabilities 2020: $2,919,784,704Net Assets 2020: $324,629,2922020Assets 2021: $3,268,377,418Liabilities 2021: $2,919,241,221Net Assets 2021: $349,136,1972021Assets 2022: $3,300,429,651Liabilities 2022: $2,955,396,883Net Assets 2022: $345,032,7682022Assets 2023: $3,312,205,022Liabilities 2023: $3,000,681,256Net Assets 2023: $311,523,7662023Assets 2024: $3,341,207,802Liabilities 2024: $3,025,740,793Net Assets 2024: $315,467,0092024

Highlighted filing

2024

Assets$3,341,207,802
Liabilities$3,025,740,793
Net Assets$315,467,009

Operations Trend

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

$400M$300M$200M$100M$0-$100MExpenses 2010: $234,054,9972010Expenses 2011: $244,665,3132011Revenue 2012: $243,294,039Expenses 2012: $219,125,939Net Income 2012: $24,168,1002012Revenue 2013: $253,112,277Expenses 2013: $223,023,690Net Income 2013: $30,088,5872013Revenue 2014: $250,613,872Expenses 2014: $240,673,242Net Income 2014: $9,940,6302014Revenue 2015: $279,717,085Expenses 2015: $240,998,240Net Income 2015: $38,718,8452015Revenue 2016: $252,271,084Expenses 2016: $235,593,661Net Income 2016: $16,677,4232016Revenue 2017: $259,115,626Expenses 2017: $248,728,952Net Income 2017: $10,386,6742017Revenue 2018: $250,230,031Expenses 2018: $248,840,732Net Income 2018: $1,389,2992018Revenue 2019: $255,614,699Expenses 2019: $248,600,100Net Income 2019: $7,014,5992019Revenue 2020: $255,120,080Expenses 2020: $249,394,879Net Income 2020: $5,725,2012020Revenue 2021: $252,544,818Expenses 2021: $241,942,435Net Income 2021: $10,602,3832021Revenue 2022: $302,645,360Expenses 2022: $298,110,759Net Income 2022: $4,534,6012022Revenue 2023: $311,762,010Expenses 2023: $317,606,151Net Income 2023: -$5,844,1412023Revenue 2024: $284,879,145Expenses 2024: $280,136,104Net Income 2024: $4,743,0412024

Highlighted filing

2024

Revenue$284,879,145
Expenses$280,136,104
Net Income$4,743,041

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,341$3,026$315$285$280$4.74
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,312$3,001$312$312$318$5.84
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,300$2,955$345$303$298$4.53
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,268$2,919$349$253$242$10.6
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,244$2,920$325$255$249$5.73
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,185$2,867$317$256$249$7.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,124$2,817$307$250$249$1.39
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,077$2,773$304$259$249$10.4
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,004$2,722$282$252$236$16.7
2015Detailed filing. Detailed filing data is available for this year.$2,926$2,660$266$280$241$38.7
2014Detailed filing. Detailed filing data is available for this year.$2,848$2,597$252$251$241$9.94
2013Detailed filing. Detailed filing data is available for this year.$2,779$2,549$231$253$223$30.1
2012Summary only. Only limited summary data is available for this year.$2,697$2,502$195$243$219$24.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,681$2,482$199$245
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,572$2,381$191$234
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$560,381,838
Mission and Program Overview

Mission

And form 990, part iii, line 1:to provide members of the navy, marines, coast guard, national oceanic and atmospheric administration,public health service, and honorably discharged veterans (collectively the "sea services") life insurance at as near the actual net cost as possible, assist members of the sea services and other uniformed personnel and their families in securing federal benefits to which they may be legally entitled, and advise and educate uniformed personnel and their families on matters of financial security.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,889,507,536$1,856,474,078▼ $33,033,458
Investments Other Securities$1,171,119,071$1,229,095,156▲ $57,976,085
Other Notes and Loans Receivable, Net$166,457,627$171,267,526▲ $4,809,899
Savings and Temporary Cash Investments$36,091,048$38,434,486▲ $2,343,438
Cash and Non-Interest-Bearing Accounts$10,678,275$10,400,157▼ $278,118
Accounts Receivable$3,972,853$732,364▼ $3,240,489
Land, Buildings, and Equipment, Net$234,478$244,090▲ $9,612
Total Assets$3,312,205,022$3,341,207,802▲ $29,002,780
Other Assets Total$34,144,134$34,559,945▲ $415,811
Liabilities
Other Liabilities$2,945,589,320$2,969,859,835▲ $24,270,515
Accounts Payable and Accrued Expenses$54,156,677$54,976,101▲ $819,424
Deferred Revenue$886,153$847,469▼ $38,684
Escrow Account Liability$49,106$57,388▲ $8,282
Total Liabilities$3,000,681,256$3,025,740,793▲ $25,059,537
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$311,523,766$315,467,009▲ $3,943,243
Total Net Assets Fund Balance$311,523,766$315,467,009▲ $3,943,243
Total Liabilities and Net Assets / Fund Balance$3,312,205,022$3,341,207,802▲ $29,002,780

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$244,090$20,463,327$20,707,417
Other Securities$1,532,933--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rdml Brian Luther Usn RetPresident & CEOFT$465,734$460,348$926,082
James MalteseSenior VP, InvestmentsFT$338,410$222,264$560,674
Adam MullinsChief Fianancial OfficerFT$339,668$177,761$517,429
Michelle Ramos DomingueGeneral CounselFT$285,447$149,343$434,790
Peter MeyersVP, Solutions & TechnologyFT$260,752$159,923$420,675
Lindsay McfarlandVP, Member ServicesFT$252,600$149,330$401,930
Frederick MolenDirector, ActuaryFT$250,111$121,736$371,847
Brandon SmithhartDirector, UnderwritingFT$193,504$100,115$293,619
Weihong LiActuaryFT$205,663$76,240$281,903
Billie DivverSenior Sales RepresentativeFT$69,721$196,095$265,816
Donald NisbettDirector, Military Affairs & FacilitiesFT$233,411$26,682$260,093
Donald NisbettDirector, Military Affairs & Facilit-$190,651$69,442$260,093

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
The Life & Annuity Group INCConsulting Services29 BRIAR HILL ROAD, Avon, CT 06001$3,714,372
Accenture Intl LtdIt ServicesPO BOX 29889, Chicago, IL 60673$1,203,175
Calcfocus LLCIt Services1500 JFK BLVD SUITE 1220, Philadelphia, PA 19102$710,800
Merakata INCConsulting Services4094 OLD RIVER TRAIL, Powhatan, VA 23139$533,064
Sureify Labs INCIt Services1100 LINCOLN AVENUE, San Jose, CA 95125$496,331
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$104,483,931
Investment Income
$177,196,191
Other Revenue
$3,199,023
Change in Net Assets
$4,743,041

Audited Revenue Reconciliation

Revenue per Audited Statements
$281,264,412
Revenue Not Reported on Financial Statements
$3,614,733
Revenue Not Reported on Form 990
$4,403,836
Total Revenue per Audited Statements
$285,668,248
Total Revenue per Form 990
$284,879,145
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$54,328,367
Salaries, Compensation, and Employee Benefits$22,637,633
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$203,170,104
Other Salaries and Wages---$14,723,886
Advertising---$6,183,710
Information Technology---$5,388,127
Current Officers, Directors, Trustees, and Key Employees---$3,209,095
Fees for Services Other---$3,048,421
Other Employee Benefits---$2,529,147
Depreciation Depletion---$2,477,512
Office Expenses---$2,377,228
Payroll Taxes---$1,136,659
Pension Plan Contributions---$1,038,846
Fees for Service Investment Mgmnt Fees---$614,733
Fees for Services Accounting---$532,448
Travel---$498,870
Occupancy---$397,362
Fees for Services Legal---$263,594
Other Expenses---$100,003
All Other Expenses---$90,297
Conferences and Meetings---$2,824
Total Functional Expenses$0$0$0$280,136,104

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$280,136,104
Expenses per Audited Statements$276,521,371
Total Expenses per Audited Statements$276,521,371
Expenses Not Reported on Financial Statements$3,614,733
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$384,444,000

International Compliance

Activity in boycott countries
Yes
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeInvestments-00$129,050,000
North AmericaInvestments-00$114,835,000
Central America and the CaribbeanInvestments-00$48,614,000
East Asia and the PacificInvestments-00$46,203,000
Middle East and North AfricaInvestments-00$21,813,000
South AmericaInvestments-00$15,764,000
South AsiaInvestments-00$6,036,000
Sub-saharan AfricaInvestments-00$2,129,000
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
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Lauren BloomFormer Key EmployeeLegal ServicesNo$39,250
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Reserve for Life Contracts$2,848,710,464
Liability for Deposit-type Contracts$79,568,727
Asset Valuation Reserve$32,241,742
Interest Maintenance Reserve$10,171,140
Employee Benefits$-832,238
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
Yes
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 6

Navy mutual has a membership of approximately 115,000. Voting members have the opportunity elect board members, including the board chair. All members will share in the profit / net assets of the organization in the unlikely event of a dissolution.

Form 990, Part VI, Section A, Line 7A

Navy mutual holds annual elections in which its voting members vote to fill open board positions. Board terms are three years, and board members can serve for a maximum of three consecutive terms, unless elected to serve an additional three year term as board chair or vice chair.

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

A draft of navy mutual's form 990 is made available to the board of directors for review prior to filing with the irs. Questions are answered on a timely basis.

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

Members of navy mutual's board of directors annually disclose any conflicts of interest in writing. Our legal department reviews the disclosure statements to ensure compliance. Potential conflicts are shared with the chair of the governance committee. Our code of ethics is posted on our hris and we require annual training for all employees. Employees must acknowledge in writing that they have completed the training and agree to be bound by the code. Breaching the code of ethics is grounds for discipline, up to and including termination.

Form 990, Part VI, Section B, Line 15

Members of navy mutual's board constitute our compensation committee. This committee meets 2 times/year to discuss and analyze the president's and staffs' salary and bonus for the following year. The committee uses several benchmarks in its discussion/analysis, including an independent not-for-profit salary study, an insurance company salary study and a local area salary study. The committee also utilizes an outside compensation consultant to verify compensation by grade and by job description for all employees, including the president. This comparability study is conducted every 3 years for employees and every year for the president. The results of the committee's analysis are presented to the full board of directors for approval prior to implementation. The president's compensation was last reviewed in january 2025.

Form 990, Part VI, Section C, Line 19

All public documents are available upon request. A financial statement summary is included in navy mutual's annual report, which is available on-line.

Filing and Contact Details

Filer

Filer Name
Navy Mutual Aid Association
EIN
53-0116720
Phone
8006286011
Address
29 CARPENTER RD - HENDERSON HALL, ARLINGTON, VA 22212

Signing Officer

Name
Rdml Brian Luther Usn Ret
Title
President
Phone
7036141638
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rdml Brian Luther Usn Re
Formed
1879
Legal Domicile
Va
Voting Board Members
14
Independent Board Members
13
Employees
148
Volunteers
15

Preparer

Firm
Johnson Lambert Llp
Address
4242 SIX FORKS ROAD SUITE 1500, RALEIGH, NC 27609
Preparer
J Calvin Marks
Phone
9197196400
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in asset valuation reserve -7,060,013. Change in non-admitted assets -242,572. Change in additional minimum liability for postretirement benefits 2,098,951.

Financial Statement Notes

PART IV, LINE 2B:

Navy mutual holds amounts in escrow for medical and dependent care.

Raw XML AppendixShowing 400 of 877 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt054156677
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt054976101
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IRS990/AccountsReceivableGrp/EOYAmt0732364
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0AND FORM 990, PART III, LINE 1:TO PROVIDE MEMBERS OF THE NAVY, MARINES, COAST GUARD, NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION,PUBLIC HEALTH SERVICE, AND HONORABLY DISCHARGED VETERANS (COLLECTIVELY THE "SEA SERVICES") LIFE INSURANCE AT AS NEAR THE ACTUAL NET COST AS POSSIBLE, ASSIST MEMBERS OF THE SEA SERVICES AND OTHER UNIFORMED PERSONNEL AND THEIR FAMILIES IN SECURING FEDERAL BENEFITS TO WHICH THEY MAY BE LEGALLY ENTITLED, AND ADVISE AND EDUCATE UNIFORMED PERSONNEL AND THEIR FAMILIES ON MATTERS OF FINANCIAL SECURITY.
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt0THE LIFE & ANNUITY GROUP INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1ACCENTURE INTL LTD
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2CALCFOCUS LLC
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt4SUREIFY LABS INC
IRS990/ContractorCompensationGrp/ServicesDesc0CONSULTING SERVICES
IRS990/ContractorCompensationGrp/ServicesDesc1IT SERVICES
IRS990/ContractorCompensationGrp/ServicesDesc2IT SERVICES
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IRS990/ContractorCompensationGrp/ServicesDesc4IT SERVICES
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IRS990/Desc0THE NAVY MUTUAL AID ASSOCIATION ("NAVY MUTUAL") IS A MUTUAL AID ASSOCIATION THAT CONSERVATIVELY MANAGES ITS ASSETS TO PAY PROMISED LIFE INSURANCE BENEFITS TO ITS MEMBERS AND THEIR BENEFICIARIES. NAVY MUTUAL'S BENEFIT PLANS ARE DESIGNED AT AS NEAR ACTUAL NET COST AS POSSIBLE IN ORDER TO PROVIDE MEMBERS OF THE UNIFORMED SERVICES WITH LIFE INSURANCE COVERAGE THAT IS NOT LIMITED BY WAR, TERRORISM, OR AVIATION CLAUSES. NAVY MUTUAL'S INSURANCE IS NOT SUBJECT TO LIMITS ON COVERAGE BASED ON ACTIVE DUTY STATUS OR GEOGRAPHICAL LOCATION.
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