2025-10-01T09:45:38-05:00 2024-12-31 521273734 LSWG PA 1801 RESEARCH BLVD SUITE 320 ROCKVILLE MD 20850 990 2024-01-01 237328323 NAVAL ACADEMY SAILING FOUNDATION INC NAVA 4437584698 PO BOX 195 ARNOLD MD 21012 CDR LES SPANHEIMER USN RET TREASURER & EXECUTIVE DIRECTOR 4437584698 2025-10-01 1 0 C EVA WEBB P01251814 3016629200 2025-10-01 2024 2025-03-06 01:10:19Z X CDR LES SPANHEIMER USN PO BOX 195 ARNOLD MD 21012 13776849 0 X WWW.NAVALACADEMYSAILINGFOUNDATION.ORG X 1973 MD TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT TO THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY. 10 10 1 10 0 0 78714 1729980 0 0 92691 -733636 0 87975 171405 1084319 0 0 0 0 138208 161475 0 0 17890 2678784 2694662 2816992 2856137 -2645587 -1771818 33366293 33192620 118658 183486 33247635 33009134 TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT TO THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY. 0 0 2572573 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. 2572573 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 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 1 7 0 1 1 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MD X CDR LES SPANHEIMER USN RET 4437584698 1846 BALTIMORE-ANNAPOLIS BLVD ANNAPOLIS MD 21409 CDR LES SPANHEIMER USN RET TREASURER & EXECUTIVE DIRE 40.00 X X 150000 0 0 CDR NICK MADIGAN USNR RET PRESIDENT & TRUSTEE 1.00 X X 0 0 0 MARGARET PODLICH SECRETARY & TRUSTEE 1.00 X X 0 0 0 VADM DIXON SMITH USN RET VICE PRESIDENT & TRUSTEE 1.00 X X 0 0 0 BRAD RODI TRUSTEE 1.00 X 0 0 0 PETER CRAIG TRUSTEE 1.00 X 0 0 0 CLARE HARRINGTON TRUSTEE 1.00 X 0 0 0 ALEC CUTLER TRUSTEE 1.00 X 0 0 0 RADM PAT DAWSON JR USNR RET TRUSTEE 1.00 X 0 0 0 HAL GILREATH TRUSTEE 1.00 X 0 0 0 ANTHONY PARKER TRUSTEE 1.00 X 0 0 0 150000 0 0 1 0 0 0 0 1729980 1607818 1729980 644179 644179 10165210 1135000 9540514 3137511 624696 -2002511 -1377815 -2002511 624696 10249 14505 -4256 -4256 OTHER REVENUE 900099 92231 92231 92231 1084319 -1910280 0 1264619 150000 97500 37500 15000 11475 7459 2869 1147 28304 28304 119087 119087 54073 1806 51989 278 8370 428 7877 65 4695 4695 1237 804 309 124 10514 6834 2629 1051 1416707 1416707 145583 137333 8250 SAILING PROGRAM SALARY 440399 440399 MAINTENANCE OF NASF FLE 201099 201099 BROKERAGE FEES 150102 148500 1602 SAILING PROGRAM SUPPORT 69046 69046 45446 44658 563 225 2856137 2572573 265674 17890 101132 198399 1308430 885982 103000 8033 19611 9764886 3237028 9472806 6527858 22303295 25454116 69597 106654 33366293 33192620 118658 183486 118658 183486 X 32983852 32731111 263783 278023 33247635 33009134 33366293 33192620 -1771818 1533317 0 X X 0 1 X 1 0 X X 1 US NAVAL ACADEMY 311575142 6 1 3890 2568683 1 3890 2568683 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 X PART IV, SECTION D, LINE 2: NONE OF THE FOUNDATION'S OFFICERS, DIRECTORS, OR TRUSTEES WERE APPOINTED OR ELECTED BY THE SUPPORTED ORGANIZATION, OR SERVE ON THE GOVERNING BOARD OF THE SUPPORTED ORGANIZATION. THE FOUNDATION MAINTAINS NEARLY DAILY CONTACT WITH THE DIRECTOR OF SAILING PROGRAM OF THE SUPPORTED ORGANIZATION, AND MEETS WITH THE FALES SAILING ADVISORY COMMITTEE AND THE SUPERINTENDENT OF THE U.S. NAVAL ACADEMY TWICE ANNUALLY TO EVALUATE THE FOUNDATION'S SUPPORT PROVIDED TO THE NAVAL ACADEMY. PART IV, SECTION E, LINE 1C: TO FURTHER THE MISSION OF THE UNITED STATES NAVAL ACADEMY; PRIMARILY THROUGH DIRECT SUPPORT OF THE SAIL TRAINING PROGRAM AT THE NAVAL ACADEMY PART IV, SECTION E, LINE 2A: THE FOUNDATION'S MISSION AND PURPOSE IS TO SUPPORT THE UNITED STATES NAVAL ACADEMY IN THEIR EDUCATION OF THE MIDSHIPMEN. THE FOUNDATION WORKS ALMOST DAILY WITH THE DIRECTOR OF THE NAVAL ACADEMY SAILING PROGRAM IN SAILING EDUCATION, AND MEETS WITH THE SUPERINTENDENT OF THE NAVAL ACADEMY TO EVALUATE THE FOUNDATION'S SUPPORT PROVIDED TO THE ACADEMY. PART IV, SECTION E, LINE 2B: THE FOUNDATION PROVIDES THE USE OF SAILING VESSELS TO THE U.S. NAVAL ACADEMY FOR THE USE IN TRAINING ACADEMY MIDSHIPMEN. THE FOUNDATION ACCEPTS DONATIONS OF APPROPRIATE SAILING VESSELS FOR USE IN THE ACADEMY'S SAILING EDUCATION PROGRAM. WITHOUT THE USE OF THESE VESSELS, THE ACADEMY WOULD NOT HAVE SUCH ASSETS AVAILABLE FOR THEIR USE. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9764886 3237028 6527858 6527858 X 2513054 1533317 14505 1547822 965232 119087 119087 1084319 2751555 14505 14505 2737050 119087 119087 2856137 PART X, LINE 2: THE FOUNDATION ADOPTED THE REVISED PROVISIONS OF FASB ASC 740, RELATING TO UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, WITH NO CUMULATIVE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE FOUNDATION BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE FOUNDATION'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE FOUNDATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAXES. FOR TAX PURPOSES, THE FOUNDATION'S OPEN TAX YEARS ARE 2021-2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 14,505. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 14,505. X SAILBOAT 2024 MILLS 41 1 1549000 FMV APPRAISAL X SWAN 601 RACING SAILS 4 44918 FMV APPRAISAL 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B PROVIDED TO MEMBERS OF THE AUDIT COMMITTEE AND EXECUTIVE DIRECTOR FOR REVIEW AND APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C POTENTIAL CONFLICT OF INTEREST ISSUES ARE DISCUSSED AT BOARD MEETINGS HELD TWICE A YEAR. NO SUCH ISSUES IN THE CURRENT YEAR. FORM 990, PART VI, SECTION B, LINE 15 HIRING DECISIONS AND COMPENSATION AMOUNTS ARE REVIEWED AND APPROVED BY ALL MEMBERS OF THE BOARD OF TRUSTEES. COMPENSATION IS DETERMINED BASED ON EXPERIENCE LEVEL WITH THE USE OF COMPARABILITY DATA FOR REASONABLENESS OF COMPENSATION AMOUNTS. A WRITTEN COMPENSATION AGREEMENT HAS BEEN SIGNED BY THE FOUNDATION AND THE EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION C, LINE 19 DISCLOSURE OF GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENT ARE PROVIDED UPON REQUEST. FORM 990, PART XII, LINE 2C: NO CHANGE FROM THE PRIOR YEAR.