Armed Forces Benefit Association

Organization Overview

Armed Forces Benefit Association is located in Alexandria, VA. The organization was established in 1948. According to its NTEE Classification (Y44) the organization is classified as: Voluntary Employees Beneficiary Associations Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Armed Forces Benefit Association employed 149 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Armed Forces Benefit Association is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.

For the year ending 12/2021, Armed Forces Benefit Association generated $157.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $177.1m during the year ending 12/2021. While expenses have increased by 5.3% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

SEE PART III, LINE 1

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDED BETTER ALTERNATIVE TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 327,085 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $20.7 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 1,207 DEATH CLAIMS TOTALING $53,475,560 IN 2021.


PROVIDED GROUP DECREASING TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 58,190 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $.6 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 2,379 DEATH CLAIMS TOTALING $11,094,200 IN 2021.


PROVIDED LEVEL TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 283,346 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $24.7 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 808 DEATH CLAIMS TOTALING $46,835,250 IN 2021.


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Board, Officers & Key Employees

Name (title)Compensation
Gen Larry O Spencer
President
$1,108,327
D French
CFO
$537,898
A Hoover
Svp, Human Resources
$283,693
B Abebe
Cio
$274,024
C Klein
Cae
$259,794
T Shuey III
VP Regional Operations
$237,116

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Elite Sales Processing Inc
Med Info Services
$423,811
Manning Napier
Inv Mgmt Services
$672,620
Mcdowell Hetherington Llp
Legal Services
$361,948
Theodore G Shuey Jr
Consulting Services
$340,000
Roth Staffing Companies
Temporary Help Svcs.
$231,418
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $2,270,009
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,270,009
Total Program Service Revenue$142,437,770
Investment income $1,979,048
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $205,097
Net Gain/Loss on Asset Sales $10,835,799
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $157,888,211

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