Friends Of Naval Academy Music
- Assets
- $468.4k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Crofton, MD
- Founding
- 12/2014
- Data as of
- 12/2021
- EIN
- 46-1084699
Organization Overview
Friends Of Naval Academy Music, operating under the name Fonam, is located in Crofton, MD. The organization was established in 2014. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fonam is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Fonam generated $106.9k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 17.3% each year . All expenses for the organization totaled $23.0k during the year ending 12/2021. While expenses have increased by 5.7% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION SEEKS TO RAISE FUNDS TO PERMANENTLY SUPPORT AND SUSTAIN THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY.
Describe the Organization's Program Activity:
Part 3
THE ORGANIZATION SOLICITED FUNDS EXCEEDING $208,000 FOR MISSION SUPPORT. A DIRECT CONTRIBUTION IN THE AMOUNT OF $40,000 WAS MADE TO THE UNITED STATES NAVAL ACADEMY NON-APPROPRIATED FUND ACCOUNT, WHICH PROVIDES OPERATING FUNDS FOR MUSICAL ACTIVITIES.
THE ORGANIZATION INFUSED MONEY INTO ITS INVESTMENT ACCOUNT, WHICH VALUE ROSE FROM $27,751 AT THE BEGINNING OF 2019 TO OVER $218,000 BY THE END OF 2019. THE INVESTMENTS MANAGED BY OUR DIRECTOR OF INVESTMENTS SERVE LONG- AND SHORT-TERM PURPOSES OF THE ORGANIZATION. A SMALL PORTION OF OUR INVESTMENTS IS HELD IN A MONEY MARKET FUND TO GROW WITH DIVIDENDS AND AVAILABLE TO DISTRIBUTE WHEN NEEDED TO THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY. APPROXIMATELY HALF OF THE INVESTMENTS ARE HELD IN A STRATEGIC RESERVE FUND INTENDED TO GROW OVER THE LONG TERM. THE OTHER HALF ARE HELD IN ENDOWMENT FUNDS, WHICH PURPOSE IS TO GROW AND BE USED TO SUPPORT THE MUSICAL ACTIVITIES DEPARTMENT BY THEIR INTEREST INCOME STREAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Barry Talley Director Of Investments | 1 | $0 | |
David Hogen Board Member | 1 | $0 | |
Chris Jensen Board Member | 1 | $0 | |
Donald Nelson Past President And Board M | 1 | $0 | |
Amy Donegan Board Member | 1 | $0 | |
Chris O'keefe Board Member | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $93,271 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $13,647 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $106,918 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $4,560 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $357 |
| Other expenses | $18,075 |
| Total expenses | $22,992 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $82,331 |
| Other assets | $0 |
| Total assets | $468,405 |
| Total liabilities | $5,399 |
| Net assets or fund balances | $463,006 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Friends Of Naval Academy Music has recieved totaling $1,113.
| Awarding Organization | Amount |
|---|---|
Shell Oil Company Foundation Houston, TX PURPOSE: MEF | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $113 |
Peer Organizations
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|---|---|---|
Herbie Hancock Institute Of Jazz Washington, DC | $2,606,776 | $2,382,953 |
Play On Philly Philadelphia, PA | $3,128,034 | $1,933,765 |
Liveconnections Org Philadelphia, PA | $1,829,032 | $2,774,957 |
Opera Lafayette Washington, DC | $934,993 | $1,317,563 |
Dc Jazz Festival Washington, DC | $509,622 | $1,492,287 |
Musicopia Inc Philadelphia, PA | $886,541 | $1,214,458 |
National Association Of Securities Professionals Washington, DC | $381,412 | $1,369,032 |
Garth Newel Music Center Foundation Corp Warm Springs, VA | $11,030,155 | $3,286,449 |
Alliance For Middle East Peace Inc Washington, DC | $1,104,153 | $1,242,168 |
Reading Musical Foundation Reading, PA | $17,638,151 | $3,531,006 |
Certification Board For Music Therapists Downingtown, PA | $1,562,068 | $1,221,804 |
Quakers Ice Hockey Association Sharon Hill, PA | $799,205 | $860,974 |