Organizations Filed Purposes:
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. IN AN ERA OF BUDGET UNCERTAINTY, AND WITH BUDGET CUTS ON THE IMMEDIATE HORIZON, THE UNAVAILABILITY OF SUFFICIENT FUTURE GOVERNMENT FUNDING TO SUPPORT MUSIC PROGRAMS AT USNA IS A REALITY. THE MOST RECENT SEQUESTRATION RESULTED IN THE CANCELLATION OF SEVERAL MAJOR MUSICAL EVENTS. THE TIME IS NOW TO SECURE PRIVATE FUNDING IN ORDER TO SUSTAIN THE LEVEL OF MUSICAL ACTIVITY THAT HAS BENEFITTED GENERATIONS OF MIDSHIPMEN. OUR INITIAL GOAL IS TO RAISE $10 MILLION IN OPERATING FUNDS WHICH WOULD GUARANTEE THE SUSTAINABILITY OF THIS PROGRAM 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.
THE ORGANIZATION SEEKS TO RAISE FUNDS TO PERMANENTLY SUPPORT AND SUSTAIN THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY.
THE ORGANIZATION SOLICITED FUNDS EXCEEDING $208,000 FOR MISSION SUPPORT. A DIRECT CONTRIBUTION IN THE AMOUNT OF $40,000 WAS MADE TO THE UNITED STATES NAVAL ACADEMY NON-APPROPRIATED FUND ACCOUNT, WHICH PROVIDES OPERATING FUNDS FOR MUSICAL ACTIVITIES.
THE ORGANIZATION INFUSED MONEY INTO ITS INVESTMENT ACCOUNT, WHICH VALUE ROSE FROM $27,751 AT THE BEGINNING OF 2019 TO OVER $218,000 BY THE END OF 2019. THE INVESTMENTS MANAGED BY OUR DIRECTOR OF INVESTMENTS SERVE LONG- AND SHORT-TERM PURPOSES OF THE ORGANIZATION. A SMALL PORTION OF OUR INVESTMENTS IS HELD IN A MONEY MARKET FUND TO GROW WITH DIVIDENDS AND AVAILABLE TO DISTRIBUTE WHEN NEEDED TO THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY. APPROXIMATELY HALF OF THE INVESTMENTS ARE HELD IN A STRATEGIC RESERVE FUND INTENDED TO GROW OVER THE LONG TERM. THE OTHER HALF ARE HELD IN ENDOWMENT FUNDS, WHICH PURPOSE IS TO GROW AND BE USED TO SUPPORT THE MUSICAL ACTIVITIES DEPARTMENT BY THEIR INTEREST INCOME STREAM.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Amy Smith | TREASURER | 1 | $0 |
| Carol Kepler | SECRETARY | 1 | $0 |
| Nathan Shenck | VICE PRESIDENT | 1 | $0 |
| Donald Nelson | PRESIDENT | 1 | $0 |
| David Hogen | DIRECTOR | 1 | $0 |
| Paul Wood | DIRECTOR | 1 | $0 |
| Jensin Sommer | DIRECTOR | 1 | $0 |
| Chad Redmer | DIRECTOR | 1 | $0 |
| Marjorie Rawhouser | DIRECTOR | 1 | $0 |
| Chris O'Keefe | DIRECTOR | 1 | $0 |
| Scott Mckee | DIRECTOR | 1 | $0 |
| April Mcbride | DIRECTOR | 1 | $0 |
| Giles Kyser Iv | DIRECTOR | 1 | $0 |
| Chris Jensen | DIRECTOR | 1 | $0 |
| Amy Semeraro Donegan | DIRECTOR | 1 | $0 |
| John Barry Talley | DIRECTOR OF INVESTMENTS | 1 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202033109349300928_public.xml