Nonprofit · EIN 23-7328323
NAVAL ACADEMY SAILING FOUNDATION INC
Tax-exempt · ANNAPOLIS, MD 21402
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $1,084,319 | $2,856,137 | -$1,771,818 | $33,192,620 | $183,486 | $33,009,134 |
| December 31, 2023 | 990 | $171,405 | $2,816,992 | -$2,645,587 | $33,366,293 | $118,658 | $33,247,635 |
| December 31, 2021 | 990 | $847,663 | $3,572,221 | -$2,724,558 | $36,293,200 | $51,155 | $36,242,045 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,729,980
- Program service revenue
- $0
- Investment income
- -$733,636
- Net gain from sales of assets
- -$1,377,815
- Net income from fundraising events
- -$4,256
- Other revenue
- $87,975
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $150,000
- Salaries, compensation and benefits (total)
- $161,475
- Professional fundraising fees
- $0
- Accounting fees
- $28,304
- Occupancy
- $4,695
- Travel
- $1,237
- Depreciation
- $1,416,707
- Program services (functional)
- $2,572,573
- Management and general (functional)
- $265,674
- Fundraising (functional)
- $17,890
Balance sheet and other
- Total assets, start of year
- $33,366,293
- Total assets, end of year
- $33,192,620
- Total liabilities, end of year
- $183,486
- Net assets, end of year
- $33,009,134
- Land, buildings and equipment
- $6,527,858
- Publicly traded securities
- $25,454,116
- Net assets without donor restrictions
- $32,731,111
- Net assets with donor restrictions
- $278,023
- Gross receipts
- $13,776,849
- Employees
- 1
- Volunteers
- 10
- Year formed
- 1973
- State of legal domicile
- MD
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CDR LES SPANHEIMER USN RET | TREASURER & EXECUTIVE DIRE Trustee or director, Officer | 40 | $150,000 |
| CDR NICK MADIGAN USNR RET | PRESIDENT & TRUSTEE Trustee or director, Officer | 1 | $0 |
| MARGARET PODLICH | SECRETARY & TRUSTEE Trustee or director, Officer | 1 | $0 |
| VADM DIXON SMITH USN RET | VICE PRESIDENT & TRUSTEE Trustee or director, Officer | 1 | $0 |
| BRAD RODI | TRUSTEE Trustee or director | 1 | $0 |
| PETER CRAIG | TRUSTEE Trustee or director | 1 | $0 |
| CLARE HARRINGTON | TRUSTEE Trustee or director | 1 | $0 |
| ALEC CUTLER | TRUSTEE Trustee or director | 1 | $0 |
| RADM PAT DAWSON JR USNR RET | TRUSTEE Trustee or director | 1 | $0 |
| HAL GILREATH | TRUSTEE Trustee or director | 1 | $0 |
| ANTHONY PARKER | TRUSTEE Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CDR LES SPANHEIMER USN RET | TREASURER & EXECUTIVE DIRE Trustee or director, Officer | 40 | $128,125 |
| LAWRENCE HUNTINGTON | TRUSTEE Trustee or director | 1 | $0 |
| ANTHONY W PARKER | PRESIDENT & TRUSTEE Trustee or director, Officer | 1 | $0 |
| MARGARET PODLICH | SECRETARY & TRUSTEE Trustee or director, Officer | 1 | $0 |
| CDR NICK MADIGAN USNR RET | VICE PRESIDENT & TRUSTEE Trustee or director, Officer | 1 | $0 |
| BRAD RODI | TRUSTEE Trustee or director | 1 | $0 |
| PETER CRAIG | TRUSTEE Trustee or director | 1 | $0 |
| CLARE HARRINGTON | TRUSTEE Trustee or director | 1 | $0 |
| ALEC CUTLER | TRUSTEE Trustee or director | 1 | $0 |
| RADM PAT DAWSON JR USNR RET | TRUSTEE Trustee or director | 1 | $0 |
| HAL GILREATH | TRUSTEE Trustee or director | 1 | $0 |
990 for the year ended December 31, 2021: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CDR LES SPANHEIMER USN RET | TREASURER & EXECUTIVE DIRE Trustee or director, Officer | 40 | $130,087 |
| LAWRENCE HUNTINGTON | TRUSTEE Trustee or director | 1 | $0 |
| MR ANTHONY W PARKER | VICE PRESIDENT & TRUSTEE Trustee or director, Officer | 1 | $0 |
| MS MARGARET PODLICH | SECRETARY & TRUSTEE Trustee or director, Officer | 1 | $0 |
| CDR NICK MADIGAN USNR RET | TRUSTEE Trustee or director | 1 | $0 |
| MR PHILIP LOTZ | PRESIDENT & TRUSTEE Trustee or director, Officer | 5 | $0 |
| MR PETER CRAIG | TRUSTEE Trustee or director | 1 | $0 |
| CLARE HARRINGTON | TRUSTEE Trustee or director | 1 | $0 |
| HAL GILREATH | TRUSTEE Trustee or director | 1 | $0 |
| MR ALEC CUTLER | TRUSTEE Trustee or director | 1 | $0 |
| RADM PAT DAWSON JR USNR RET | TRUSTEE Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 58 BENNION RD MSC 23JNAVAL, ANNAPOLIS, MD 21402-5054
- Principal officer (990 for 2024)
- CDR LES SPANHEIMER USN, PO BOX 195, ARNOLD, MD 21012
- Signed the 990
- CDR LES SPANHEIMER USN RET, TREASURER & EXECUTIVE DIRECTOR
- Phone
- (443) 758-4698
- Return prepared by
- LSWG PA
Mission
TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT TO THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY.
Program accomplishments
- EXPENDITURES MADE ON BOATS DONATED TO THE FOUNDATION FOR USE BY THE U.S. NAVY IN THE NAVAL ACADEMY'S TRAINING PROGRAMS. COSTS CONSIST OF REPAIRS, MAINTENANCE, DEPRECIATION, INSURANCE ON VESSELS, AND COST OF ACQUIRING TITLE. ADDITIONALLY, THE FOUNDATION FUNDS THE FULL-TIME SALARIES OF 5 US NAVAL ACADEMY SAILING COACHES.Expenses $2,572,573
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 23-7328323
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 1973
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W30I)
- Assets (IRS master file)
- $33,192,620
- Income (IRS master file)
- $13,776,849
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $1,084,319 | $2,856,137 | $33,192,620 | XML |
| 990 | December 2023 | $171,405 | $2,816,992 | $33,366,293 | XML |
| 990 | December 2022 | $2,874,725 | $2,638,161 | $34,329,304 | IRS |
| 990 | December 2021 | $847,663 | $3,572,221 | $36,293,200 | XML |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 23-7328323).
Questions about NAVAL ACADEMY SAILING FOUNDATION INC
- What is the EIN of NAVAL ACADEMY SAILING FOUNDATION INC?
- The employer identification number (EIN) of NAVAL ACADEMY SAILING FOUNDATION INC is 23-7328323.
- Is NAVAL ACADEMY SAILING FOUNDATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1973.
- Are donations to NAVAL ACADEMY SAILING FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does NAVAL ACADEMY SAILING FOUNDATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NAVAL ACADEMY SAILING FOUNDATION INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NAVAL ACADEMY SAILING FOUNDATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NAVAL ACADEMY SAILING FOUNDATION INC?
- The 990 for the year ended December 31, 2024 names CDR LES SPANHEIMER USN.
- Who are the officers and directors of NAVAL ACADEMY SAILING FOUNDATION INC?
- The 990 for the year ended December 31, 2024 lists 11 people; 1 received compensation from the organization, the highest $150,000 (CDR LES SPANHEIMER USN RET, TREASURER & EXECUTIVE DIRE).
- How much revenue does NAVAL ACADEMY SAILING FOUNDATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $1,084,319, expenses of $2,856,137 and total assets of $33,192,620 at year end.
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