Civic Intelligence

Naval Academy Athletic Association Veba Benefit Trust

990 • Fiscal year 2021 • EIN 81-6529931

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 09, 2022

Organization ProfileWWW.NAVYSPORTS.COM
566 Brownson RoadAnnapolis, MD 21402

(410) 293-2700

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2021 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

45th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2021 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2021

Net Margin

83rd percentile

43%

Higher net margin than 83% of similar nonprofits.

2021 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

99th percentile

$1,014,458

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 444.6% of source-year revenue.

2021 filings • 501(c)9 • $1M-$5M nonprofits • Source year 2021

Asset Growth

58th percentile

8.3%

Faster asset growth than 58% of similar nonprofits.

2021 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

59th percentile

4.7%

Faster revenue growth than 59% of similar nonprofits.

2021 filings • 501(c)9 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Up

$3,880,303

Up $298,530 (+8.3%) from 2020

Net Assets

Up

$3,880,303

Up $298,530 (+8.3%) from 2020

Liabilities

Flat

$0

Flat from 2020

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin83rd percentile

Revenue

Up

$228,154

Up $10,207 (+4.7%) from 2020

Expenses

Up

$130,611

Up $5,618 (+4.5%) from 2020

Net Income

Up

$97,543

Up $4,589 (+4.9%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2016: $2,640,914Liabilities 2016: $3,088Net Assets 2016: $2,637,8262016Assets 2017: $3,035,770Liabilities 2017: $2,640Net Assets 2017: $3,033,1302017Assets 2018: $2,821,165Liabilities 2018: $0Net Assets 2018: $2,821,1652018Assets 2019: $3,266,959Liabilities 2019: $0Net Assets 2019: $3,266,9592019Assets 2020: $3,581,773Liabilities 2020: $0Net Assets 2020: $3,581,7732020Assets 2021: $3,880,303Liabilities 2021: $0Net Assets 2021: $3,880,3032021Assets 2022: $3,208,959Liabilities 2022: $0Net Assets 2022: $3,208,9592022Assets 2023: $3,507,084Liabilities 2023: $0Net Assets 2023: $3,507,0842023Assets 2024: $3,818,633Liabilities 2024: $0Net Assets 2024: $3,818,6332024

Highlighted filing

2021

Assets$3,880,303
Liabilities$0
Net Assets$3,880,303
Open 2021 Filing

Operations Trend

Revenue Growth59th percentile

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

$3.0M$2.0M$1.0M$0Revenue 2016: $2,007,614Expenses 2016: $44,057Net Income 2016: $1,963,5572016Revenue 2017: $129,953Expenses 2017: $68,264Net Income 2017: $61,6892017Revenue 2018: $178,816Expenses 2018: $87,968Net Income 2018: $90,8482018Revenue 2019: $138,014Expenses 2019: $107,813Net Income 2019: $30,2012019Revenue 2020: $217,947Expenses 2020: $124,993Net Income 2020: $92,9542020Revenue 2021: $228,154Expenses 2021: $130,611Net Income 2021: $97,5432021Revenue 2022: $257,272Expenses 2022: $126,156Net Income 2022: $131,1162022Revenue 2023: $260,208Expenses 2023: $132,115Net Income 2023: $128,0932023Revenue 2024: $385,774Expenses 2024: $137,559Net Income 2024: $248,2152024

Highlighted filing

2021

Revenue$228,154
Expenses$130,611
Net Income$97,543
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 9, 2022
Return Version
2021v4.2
Gross Receipts
$403,050
Mission and Program Overview

Mission

Naaa veba benefit trust (the trust) is a voluntary employees' beneficiary association whose primary exempt purpose is to provide group health benefits and medicare part-d coverage for eligible retirees of the naval academy athletic association.

To provide group health benefits for eligible retirees of the naval academy athletic association.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$3,581,773$3,880,303▲ $298,530
Investments in Publicly Traded Securities$3,445,329$3,879,459▲ $434,130
Accounts Receivable$9,052$807▼ $8,245
Savings and Temporary Cash Investments$127,392$37▼ $127,355
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$3,581,773$3,880,303▲ $298,530
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,581,773$3,880,303▲ $298,530
Total Liabilities and Net Assets / Fund Balance$3,581,773$3,880,303▲ $298,530
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleBaseTotal
-Trustee$11,000$11,000

Board Members and Trustees

NameTitle
Chet GladchukNaaa President
M Colleen JordanNaaa CFO/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$228,154
Other Revenue
$0
Change in Net Assets
$97,543
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$35,611
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$95,000
Fees for Service Investment Mgmnt Fees---$24,266
Fees for Services Management---$11,000
Other Expenses---$345
Total Functional Expenses$0$0$0$130,611
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The trust agreement, dated september 11, 2015, was signed by and between the naval academy athletic association, a maryland 501(c)(3) unincorporated association (the employer) and comerica bank & trust, national association, a national banking association (the trustee). The employer established a trust with the trustee entitled naaa veba benefit trust (the trust). The assets of the trust and all income thereon (the fund) are in the name of the trustee under this trust agreement. The assets are managed by ubs financial services. Ubs receives and places in the fund any contributions it receives from the employer. The trustee is accountable to the employer for all such contributions it receives, but has no duty to see that the contributions received comply with the provisions of the plan and the code, nor shall the trustee be obliged to collect any contributions from the employer, or otherwise see that contributions are deposited according to the provisions of the plan and the code. The trustee from time to time on written direction of the board, makes payments out of the fund to such persons (including any member of the board who qualifies under the terms of the plan), in such manner and amounts, and for such purposes as may be specified in such direction.”

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

“Once the initial 990 is completed, it is reviewed by the trustee of the organization. Once the trustee approves the return, it will be filed with irs.”

Form 990, Part VI, Section C, Line 19

“The organization makes its documents available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Naval Academy Athletic Association
EIN
81-6529931
Phone
4102932700
Address
566 BROWNSON ROAD, ANNAPOLIS, MD 21402

Signing Officer

Name
Carolina Morga
Title
Assistant Vice President
Phone
4102932700
Signed
2022-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
M Colleen Jordan
Formed
2016
Legal Domicile
Md
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Cliftonlarsonallen Llp
Address
2523 US HIGHWAY 27 S, SEBRING, FL 33870-4926
Preparer
Kristina Himrod
Phone
8633851577
Raw XML Appendix323 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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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE SUPERINTENDENT OF THE UNITED STATES NAVAL ACADEMY. THE PRESIDENT DETERMINES COMPENSATION OF CHIEF FINANCIAL OFFICER/TREASURER.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TRUST AGREEMENT, DATED SEPTEMBER 11, 2015, WAS SIGNED BY AND BETWEEN THE NAVAL ACADEMY ATHLETIC ASSOCIATION, A MARYLAND 501(C)(3) UNINCORPORATED ASSOCIATION (THE EMPLOYER) AND COMERICA BANK & TRUST, NATIONAL ASSOCIATION, A NATIONAL BANKING ASSOCIATION (THE TRUSTEE). THE EMPLOYER ESTABLISHED A TRUST WITH THE TRUSTEE ENTITLED NAAA VEBA BENEFIT TRUST (THE TRUST). THE ASSETS OF THE TRUST AND ALL INCOME THEREON (THE FUND) ARE IN THE NAME OF THE TRUSTEE UNDER THIS TRUST AGREEMENT. THE ASSETS ARE MANAGED BY UBS FINANCIAL SERVICES. UBS RECEIVES AND PLACES IN THE FUND ANY CONTRIBUTIONS IT RECEIVES FROM THE EMPLOYER. THE TRUSTEE IS ACCOUNTABLE TO THE EMPLOYER FOR ALL SUCH CONTRIBUTIONS IT RECEIVES, BUT HAS NO DUTY TO SEE THAT THE CONTRIBUTIONS RECEIVED COMPLY WITH THE PROVISIONS OF THE PLAN AND THE CODE, NOR SHALL THE TRUSTEE BE OBLIGED TO COLLECT ANY CONTRIBUTIONS FROM THE EMPLOYER, OR OTHERWISE SEE THAT CONTRIBUTIONS ARE DEPOSITED ACCORDING TO THE PROVISIONS OF THE PLAN AND THE CODE. THE TRUSTEE FROM TIME TO TIME ON WRITTEN DIRECTION OF THE BOARD, MAKES PAYMENTS OUT OF THE FUND TO SUCH PERSONS (INCLUDING ANY MEMBER OF THE BOARD WHO QUALIFIES UNDER THE TERMS OF THE PLAN), IN SUCH MANNER AND AMOUNTS, AND FOR SUCH PURPOSES AS MAY BE SPECIFIED IN SUCH DIRECTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ONCE THE INITIAL 990 IS COMPLETED, IT IS REVIEWED BY THE TRUSTEE OF THE ORGANIZATION. ONCE THE TRUSTEE APPROVES THE RETURN, IT WILL BE FILED WITH IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
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ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$3,880,303
Liabilities
$0
Net assets
$3,880,303
Revenue
$228,154
Expenses
$130,611
Net income
$97,543
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.82$0.00$3.82$0.39$0.14$0.25
2023Detailed filing. Detailed filing data is available for this year.$3.51$0.00$3.51$0.26$0.13$0.13
2022Detailed filing. Detailed filing data is available for this year.$3.21$0.00$3.21$0.26$0.13$0.13
2021Detailed filing. Detailed filing data is available for this year.$3.88$0.00$3.88$0.23$0.13$0.10
2020Detailed filing. Detailed filing data is available for this year.$3.58$0.00$3.58$0.22$0.12$0.09
2019Detailed filing. Detailed filing data is available for this year.$3.27$0.00$3.27$0.14$0.11$0.03
2018Detailed filing. Detailed filing data is available for this year.$2.82$0.00$2.82$0.18$0.09$0.09
2017Detailed filing. Detailed filing data is available for this year.$3.04$0.00$3.03$0.13$0.07$0.06
2016Detailed filing. Detailed filing data is available for this year.$2.64$0.00$2.64$2.01$0.04$1.96