Overview
What is Armed Forces Benefit Association?
The Armed Forces Benefit Association (AFBA) is a nonprofit organization based in Alexandria, Virginia, with a US address at 909 N Washington Street, ZIP code 22314. Dedicated to enhancing the welfare of members from the US uniformed services, federal government employees, first responder emergency personnel, and their families, AFBA offers affordable life insurance coverage. In 2022, they provided better alternative term life insurance to 331,294 members and their spouses, ensuring a combined insurance coverage of $21.2 billion. This coverage is underwritten by related organizations and third-party life insurance companies in support of AFBA's mission. In the past year, they paid out 948 death claims, totaling $38,990,049.
Official website here: www.afba.com
Is Armed Forces Benefit Association legitimate?
Armed Forces Benefit Association is a legitimate nonprofit organization registered as a 501(c)(9) entity. Armed Forces Benefit Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $3,384,502
Professional Fundraising Fees: $0
Other Salaries and Wages: $11,402,950
For more financial information, click here
Official website here: www.afba.com
What is the mission statement of Armed Forces Benefit Association?
The Armed Forces Benefit Association is an organization dedicated to enhancing the welfare of members from the U.S. military, federal government employees, first responder emergency personnel, and their families. Through the provision of affordable life insurance and other benefits, they aim to support this population and promote their overall well-being. In 2022, they served 331,294 members and their spouses, offering coverage with a total value of $21.2 billion from related organizations and third-party insurance companies. Their efforts resulted in 948 death claims paid out, totaling $38,990,049.
Official website here: www.afba.com
Who is the CEO of Armed Forces Benefit Association?
Larry Spencer is the Principal Officer of Armed Forces Benefit Association.
Official website here: www.afba.com
What is the revenue of Armed Forces Benefit Association?
Armed Forces Benefit Association's revenue in 2022 was $134,666,831.
Official website here: www.afba.com
Who are the executives of Armed Forces Benefit Association and what are their salaries?
The average compensation at Armed Forces Benefit Association during 2022 was $104,137. There are 142 employees at Armed Forces Benefit Association.
Here are 25 key members and their salaries:
- Compensation: $1,122,226
- Related: $0
- Other: $70,566
- Compensation: $507,486
- Related: $0
- Other: $33,759
- Compensation: $0
- Related: $431,858
- Other: $88,504
- Compensation: $268,542
- Related: $0
- Other: $115,212
- Compensation: $0
- Related: $350,641
- Other: $32,790
- Compensation: $276,639
- Related: $0
- Other: $73,374
- Compensation: $208,775
- Related: $0
- Other: $104,118
- Compensation: $198,640
- Related: $0
- Other: $93,378
- Compensation: $229,353
- Related: $0
- Other: $61,903
- Compensation: $252,331
- Related: $0
- Other: $29,849
- Compensation: $235,384
- Related: $0
- Other: $28,955
- Compensation: $200,394
- Related: $0
- Other: $27,829
- Compensation: $197,005
- Related: $0
- Other: $26,360
- Compensation: $175,529
- Related: $0
- Other: $27,074
- Compensation: $77,250
- Related: $111,152
- Other: $0
- Compensation: $53,460
- Related: $0
- Other: $0
- Compensation: $53,460
- Related: $0
- Other: $0
- Compensation: $53,460
- Related: $0
- Other: $0
- Compensation: $53,460
- Related: $0
- Other: $0
- Compensation: $47,835
- Related: $0
- Other: $0
- Compensation: $47,835
- Related: $0
- Other: $0
- Compensation: $47,835
- Related: $0
- Other: $0
- Compensation: $47,835
- Related: $0
- Other: $0
- Compensation: $47,835
- Related: $0
- Other: $0
- Compensation: $16,100
- Related: $0
- Other: $0
Official website here: www.afba.com
Where can I find the form 990 for Armed Forces Benefit Association?
Armed Forces Benefit Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.afba.com
Learn more at the official website: www.afba.com
Mission Statement of Armed Forces Benefit Association
Armed Forces Benefit Association (AFBA), a nonprofit organization, is dedicated to enhancing the welfare of members belonging to the U.S. military, federal government employees, first responder emergency personnel, and their families. By providing affordable term life insurance and additional benefits, AFBA strives to support its members and their loved ones.
With a membership base of 331,294 individuals and their spouses, AFBA has become a reliable alternative for those seeking cost-effective life insurance coverage. The organization's insurance plans, underwritten by related organizations and third-party life insurance companies, have a total amount in force of $21.2 billion. This substantial coverage is a testament to AFBA's commitment to promoting the well-being of its members and their families.
In 2022 alone, AFBA paid out 948 death claims, totaling $38,990,049. These claims served as a reminder of the vital role AFBA plays in providing financial security during times of loss for its members. By offering comprehensive life insurance coverage and other benefits, AFBA is an essential resource for the U.S. military community and other eligible groups, empowering them with peace of mind and financial stability.
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Impact
October, 2024
The Armed Forces Benefit Association significantly enhances the financial security of over 331,000 members and their spouses by offering affordable term life insurance. With an insurance portfolio totaling $21.2 billion, the association underwrites policies through both related organizations and third-party life insurance companies. In 2022 alone, it disbursed nearly $39 million in death claims, reflecting its commitment to supporting members of the U.S. uniformed services, federal employees, and first responders. This vital financial support not only promotes the welfare of its members and their families but also ensures peace of mind in times of need.
This information is meant to be a general summary of Armed Forces Benefit Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$10,267,553
- Program Service Revenue: $144,692,090
- Gross Receipts: $201,195,519
Assets and Liabilities:
- Total Assets: $181,302,582
- Total Liabilities: $111,890,850
- Net Assets: $69,411,732
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BETTER ALTERNATIVE INSURANCE PROGRAM
Revenue
$49,183,837
GROUP TERM INSURANCE PROGRAM
Revenue
$10,632,172
LEVEL TERM INSURANCE PROGRAM
Revenue
$79,957,429
GROUP SELECT TERM INSURANCE PROGRAM
Revenue
$4,709,379
MILITARY SPOUSE TERM INSURANCE PROGRAM
Revenue
$176,718
Organization Details
Founding Year
1947
Phone
(703) 549-4455Principal Officer
Larry Spencer
Main Address
909 N WASHINGTON STREET, ALEXANDRIA, VA, 223141556
Website
www.afba.comNTEE Category
Code: Y40 - Mutual benefit
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