Organization: FRIENDS OF NAVAL ACADEMY MUSIC INC
Mission: THE ORGANIZATION SEEKS TO RAISE FUNDS TO PERMANENTLY SUPPORT AND SUSTAIN THE MUSIC DEPARTMENT AT THE UNITED STATES NAVAL ACADEMY.
Activities: 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.
NTEE category: Arts, Culture & Humanities
Secondary category: Philanthropy, Voluntarism & Grantmaking Foundations