2024-10-17T09:25:59-05:00 2023-12-31 990 2023-01-01 461084699 FRIENDS OF NAVAL ACADEMY MUSIC INC FRIE 4437165806 1428 CROFTON PARKWAY CROFTON MD 21114 AMY K SMITH CPA TREASURER 4437165806 2024-10-17 1 2023 2024-10-15 13:58:12Z FONAM AMY SMITH 1428 CROFTON PARKWAY CROFTON MD 21114 327251 0 X WWW.FONAM.ORG X 2013 MD THE ORGANIZATION SEEKS TO RAISE FUNDS TO PERMANENTLY SUPPORT AND SUSTAIN THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY. 16 16 0 0 0 0 151604 176501 0 0 15703 40745 0 0 167307 217246 54000 62200 0 0 0 0 0 0 7764 25666 23723 79666 85923 87641 131323 470090 639493 4000 42200 466090 597293 X FRIENDS OF NAVAL ACADEMY MUSIC, INC (FONAM) IS A 501 (C) 3 NON-PROFIT ORGANIZATION ESTABLISHED TO PROVIDE PRIVATE FINANCIAL SUPPORT FOR NAVAL ACADEMY MUSICAL ACTIVITIES. OUR INITIAL GOAL IS TO RAISE $10 MILLION IN OPERATING FUNDS WHICH WOULD GUARANTEE THE SUSTAINABILITY OF THE MUSIC PROGRAM AT USNA FOR YEARS TO COME. FONAM FUNDS ARE 100% ALLOCATED TOWARDS MUSICAL ACTIVITIES, WITH NO RESTRICTIONS IN TIMES OF DEFENSE BUDGETARY CUTS OR SEQUESTRATION, MAKING THEM MORE VITAL NOW THAN EVER. FUNDS RAISED ARE ALLOCATED AMONG BUILDING STRATEGIC AND EMERGENCY RESERVES AND IMMEDIATE PROGRAM FUNDING. 0 0 64204 62200 THE ORGANIZATION SOLICITED FUNDS EXCEEDING $176,000 FOR MISSION SUPPORT. A DIRECT CONTRIBUTION OF $20,000 WAS MADE DURING SUMMER 2023 TO THE MUSIC PROGRAM AT USNA. ANOTHER CONTRIBUTION OF $42,200 WAS AUTHORIZED BY VOTE BY THE BOARD IN DECEMBER 2023, BRINGING OUR TOTAL DONATIONS TO USNA MUSIC TO $62,200 FOR 2023. THESE DONATIONS CONTRIBUTED TO THE MARGIN OF EXCELLENCE, WHICH ENABLED THE MUSIC PROGRAM AT THE UNITED STATES NAVAL ACADEMY TO CONTINUE TO PURSUE ITS MISSION OF TRAINING FUTURE NAVAL AND MARINE CORPS OFFICERS FOR CAREERS IN THE FLEET. THE ORGANIZATION INFUSED MONEY INTO ITS INVESTMENT ACCOUNTS AND WATCHED THEM GROW DURING 2023. THE VALUE ROSE FROM $405,541 AT THE BEGINNING OF 2023 TO OVER $570,000 BY THE END OF 2023. THE INVESTMENTS, WHICH ARE MANAGED BY OUR DIRECTOR OF INVESTMENTS IN CONNECTION WITH THE INVESTMENT COMMITTEE, SERVE LONG- AND SHORT-TERM PURPOSES OF THE ORGANIZATION. A SMALL PORTION OF OUR INVESTMENTS IS HELD IN A MONEY MARKET FUND, WHERE ALL INCOME IS ACCUMULATED DURING THE YEAR. THIS FUND IS AVAILABLE TO DISTRIBUTE ANNUALLY TO THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY TO SUPPORT ITS ONGOING MISSION AND OPERATIONS. APPROXIMATELY HALF OF THE INVESTMENTS ARE HELD IN A STRATEGIC RESERVE FUND INTENDED TO GROW OVER THE LONG TERM. THE REMAINING INVESTMENTS ARE HELD IN ENDOWMENT FUNDS, WHICH PURPOSE IS TO GROW AND BE USED TO SUPPORT THE MUSICAL ACTIVITIES DEPARTMENT BY THEIR INCOME STREAM. 64204 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 MD TN FL CO ME MN SC GA NY HI PA X AMY K SMITH CPA 4437165806 180 ADMIRAL COCHRANE DRIVE SUITE ANNAPOLIS MD 21401 X JOHN BARRY TALLEY DIRECTOR OF INVESTMENTS 1.00 X 0 0 0 CHRIS JENSEN DIRECTOR 1.00 X 0 0 0 APRIL MCBRIDE DIRECTOR 1.00 X 0 0 0 CHRIS O'KEEFE DIRECTOR 1.00 X 0 0 0 CHAD REDMER DIRECTOR 1.00 X 0 0 0 TABITHA STROBEL DIRECTOR 1.00 X 0 0 0 KATE KRANZ JORDAN DIRECTOR 1.00 X 0 0 0 ALICE ANN CALHOUN DIRECTOR 1.00 X 0 0 0 DAVID EDGERTON DIRECTOR 1.00 X 0 0 0 BRIAN FONTAINE-ISAAC DIRECTOR 1.00 X 0 0 0 PAUL WEITLISBACH DIRECTOR 1.00 X 0 0 0 NATHAN SHENCK PRESIDENT 1.00 X 0 0 0 PAUL WOOD VICE PRESIDENT 1.00 X 0 0 0 CAROL KEPLER SECRETARY 1.00 X 0 0 0 AMY SMITH TREASURER 1.00 X 0 0 0 0 0 0 0 0 0 0 0 176501 2425 176501 20750 20750 130000 110005 19995 19995 19995 217246 0 0 40745 62200 62200 5818 1940 1939 1939 676 676 STATE REGISTRATION FEES 7786 7786 RECEPTIONS 5762 5762 CREDIT CARD PROCESSING 3491 3491 POSTAGE 190 64 63 63 85923 64204 13955 7764 63885 67921 664 757 405541 570815 470090 639493 4000 0 0 42200 4000 42200 X 466090 597293 466090 597293 470090 639493 X 131323 73437 -73557 X 1 X 0 0 0 X 208857 91512 93271 151604 181501 726745 208857 91512 93271 151604 181501 726745 5455 7760 8532 16194 19155 57096 0 5455 7760 8532 16194 19155 57096 669649 5654 14184 13647 15703 20750 69938 5654 14184 13647 15703 20750 69938 214511 105696 106918 167307 202251 796683 0.84050 0.86490 0.08780 0.07180 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 INVESTMENTS OF PUBLICLY TRADED SECURITIES 570815 570815 1 UNITED STATES NAVAL ACADEMY 121 BLAKE ROAD ANNAPOLIS MD 21402 62200 0 TO SUPPORT THE MUSIC DEPARTMENT 1 PART I, LINE 2: THIS ORGANIZATION EXISTS TO SUPPORT THE MUSIC DEPARTMENT OF THE UNITED STATES NAVAL ACADEMY (USNA), A GOVERNMENT ENTITY. CURRENTLY OUR POLICY IS TO RAISE FUNDS TO SUPPORT USNA MUSIC. OF THE FUNDS RAISED, TWO THIRDS ARE INVESTED IN STRATEGIC RESERVES TO BUILD A LONG-TERM ENDOWMENT AND TO BUILD A RESERVE FOR EMERGENCY USES IF OR WHEN THE NEED ARISES. ONE-THIRD OF FUNDS RAISED ARE DISTRIBUTED TO THE MUSIC DEPARTMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS THE ANNUAL FORM 990 OR 990-EZ BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION C, LINE 19 THIS INFORMATION IS MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: TO MOVE PRIOR CUMULATIVE UNREALIZED EARNINGS TO P&L FROM FUND BALANCE -73,557.