Friends of Naval Academy Music Inc

Nonprofit profile at a glance

EIN
461084699
IRS 990 coverage
2019–2025
Forms available
Form 990 2025, Form 990-EZ 2022, Form 990-N 2017
Location
Crofton, MD, USA
Phone
4437165806
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$184,324
Expenses
$81,031
Assets
$889,938
Liabilities
$986

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • NATE SHENCK (PAST PRESIDENT AND DIRECTO)
  • PAUL WOOD (PRESIDENT)
  • TABITHA STROBEL (VICE PRESIDENT)

People named in this filing

  • JOHN BARRY TALLEY (DIRECTOR OF INVESTMENTS)
  • CHRIS JENSEN (DIRECTOR)
  • APRIL MCBRIDE (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2025

The organization infused money into its investment and endowment accounts and watched them grow during 2025. The value rose from $708,000 at the beginning of 2025 to over $831,000 by the end of 2025. Of this growth, $53,756 came from transfers into the investment accounts during 2025. 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.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 95% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 94
  • Accountability: 76
  • Sustainability: 84
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 46.2%; rating input score 46
  • Program expense ratio: 78.2%; rating input score 78
  • Fundraising efficiency: $19.57 raised per $1 spent on fundraising; rating input score 55; 55th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 81st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 56%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 10.98; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 6.1% per year; rating input score 100; 55th percentile among comparable filings
  • Revenue growth: 11% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: 23.6% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 46.2% of revenue deployed · 78.2% of spending went to programs
  • Governance: 15 of 15 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $63K in reported program spending
  • Leadership: top reported pay $0 · 16 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 4 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 46/100.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Review — Financial Efficiency: Fundraising efficiency scored 55/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.