2025-10-08T15:24:39-05:00 2024-12-31 PwC US Tax LLP 655 New York Ave NW Suite 1100 Washington DC 20001 990 2024-01-01 530209087 ARMED FORCES BENEFIT ASSOCIATION % JOSEPH P STANGL ARME 7035494455 909 N WASHINGTON STREET ALEXANDRIA VA 223141556 GENERAL L SPENCER USAF RET PRESIDENT 7035494455 2025-10-06 true true MICHAEL HOFFMAN P01345551 2024141000 2025-10-06 2024 2025-03-06 01:10:19Z LARRY O SPENCER CEO 909 N WASHINGTON ST ALEXANDRIA VA 22314 246915356 false X WWW.AFBA.COM X 1947 VA SEE PART III, LINE 1 10 9 148 0 0 0 0 0 149953515 155876953 1630424 6001049 4629003 1030054 156212942 162908056 0 0 92161014 91681556 19925375 19213848 0 0 0 35879460 36162482 147965849 147057886 8247093 15850170 183355173 195351756 91318699 82178700 92036474 113173056 X PROMOTE THE WELFARE OF MEMBERS OF THE U.S. UNIFORMED SERVICES, FEDERAL GOVERNMENT EMPLOYEES, FIRST RESPONDER EMERGENCY PERSONNEL AND THEIR FAMILIES BY PROVIDING LOW COST LIFE INSURANCE, AND OTHER BENEFITS. false false 48659408 0 48576868 PROVIDED BETTER ALTERNATIVE TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 350,820 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $22.9 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 790 DEATH CLAIMS TOTALING $31,959,668 IN 2024. 11303567 0 8918903 PROVIDED GROUP DECREASING TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 45,084 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $.5 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 2,008 DEATH CLAIMS TOTALING $8,815,550 IN 2024. 83076507 0 94549908 PROVIDED LEVEL TERM LIFE INSURANCE COVERAGE TO A POPULATION OF 335,574 MEMBERS AND SPOUSES. INSURANCE IN FORCE OF $29.1 BILLION, UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. PAID OUT 734 DEATH CLAIMS TOTALING $40,518,500 IN 2024. 4018404 0 3831274 147057886 false false false false false false false false false true true false false true false false true false false false false false false false false false false false true false false false false false false false false false false false true true true false true 60 0 true 148 true false false false false false false true false X 10 9 false false false false true false false true true false false true true true true true true true false false X JOSEPH P STANGL 8007762322 909 N WASHINGTON ST ALEXANDRIA VA 22314 GEN L SPENCER USAF RET PRESIDENT 27.0 13.0 X X 1357104 0 22546 D FRENCH CFO 40.0 0.0 X 573987 0 40172 M MOSER SVP, GENERAL COUNSEL 20.0 20.0 X 0 521925 40525 A HOOVER SVP, HUMAN RESOURCES 40.0 0.0 X 305738 0 34664 B ABEBE CIO 40.0 0.0 X 300774 0 32998 C KLEIN CAE 40.0 0.0 X 282966 0 33772 J PAULIN SVP, OPERATIONS 40.0 0.0 X 270579 0 32266 T SHUEY III VP, NATIONAL GUARD MARKET 40.0 0.0 X 249648 0 31863 R FUENTES VP, MKTG & COMMS 20.0 20.0 X 0 241060 31184 E JENKINS ASSOCIATION SECRETARY 40.0 0.0 X 0 238622 32254 T TRAN CONTROLLER 40.0 0.0 X 220871 0 29949 D Almaraz VP, DISTRI SUPPORT SVCS 40.0 0.0 X 214985 0 29771 R LAMBERT DIR OF STATISTICS & ANALYSIS 40.0 0.0 X 215328 0 27571 A GORDON-MONROE TREASURER & CUSTOMER ADVO 40.0 0.0 X 197429 0 30439 GEN C MCKINLEY USAF RET CHAIRMAN 2.0 0.0 X 67600 0 0 VADM P TRACEY USN RET DIRECTOR 2.0 0.0 X 56160 0 0 BG A SOLOMON USAF RET DIRECTOR 2.0 0.0 X 56160 0 0 CMSAF J ROY USAF RET DIRECTOR 2.0 0.0 X 56160 0 0 SMA K PRESTON USA RET DIRECTOR 2.0 0.0 X 56160 0 0 SMMC A MCMICHAEL USMC RET DIRECTOR 2.0 0.0 X 50232 0 0 MR LARRY LYNCH DIRECTOR 2.0 0.0 X 50232 0 0 PC C LANIER DCMPD RET DIRECTOR 2.0 0.0 X 50232 0 0 MAJ GEN A L COLLINS USA RET DIRECTOR (AS OF 02/24) 2.0 0.0 X 37674 0 0 4670019 1001607 449974 44 false true false MANNING NAPIER 290 WOODCLIFF DRIVE FAIRPORT NY 14450 INV MGMT SERVICES 585930 MRS INSURTECH LLC 219 N MILWAUKEE ST 6TH FLOOR STE MILWAUKEE WI 53202 MED INFO SERVICES 332777 TENPEARLS LLC 8614 WESTWOOD CENTER DR STE 540 VIENNA VA 22182 IT CONSULTING SVCS. 308181 ROTH STAFFING COMPANIES 4350 FAIRFAX DRIVE SUITE 800 ARLINGTON VA 22203 TEMPORARY HELP SVCS. 199934 DATAVAIL CORPORATION 11800 RIDGE PKWY STE 125 BROOMFIELD CO 80025 IT CONSULTING SVCS. 178286 9 0 BETTER ALTERNATIVE INSURANCE PROGRAM 524298 48576868 48576868 GROUP TERM INSURANCE PROGRAM 524298 8918903 8918903 LEVEL TERM INSURANCE PROGRAM 524298 94549908 94549908 GROUP SELECT TERM INSURANCE PROGRAM 524298 3634626 3634626 MILITARY SPOUSE TERM INSURANCE PROGRAM 524298 160515 160515 36133 36133 155876953 2445378 2445378 0 0 1083615 732358 351257 0 351257 351257 86830613 83274942 3555671 3555671 3555671 0 0 0 0 0 0 0 0 0 REFERRAL FEES 900099 87848 87848 0 LEGAL SETTLEMENTS 900099 590949 590949 0 678797 162908056 156907007 6001049 0 0 0 91681556 3571759 0 12623926 -246654 2125167 1139650 0 210001 131099 0 0 648470 3862379 783766 1019468 2664214 0 1300204 1329567 0 443069 1341582 0 499649 165570 FIELD SERVICE REP FEES 20008425 PAYMENT PROCESSING FEES 1585029 RECRUITMENT EXPENSE 60500 STATE AND LOCAL TAXES 6370 103120 147057886 2636090 5767170 6022160 15023294 0 0 18104505 16259284 0 0 0 0 0 0 0 0 7360208 16319528 23486685 11781000 12083218 11705685 77355272 83483075 59793720 46793720 0 0 0 0 0 0 183355173 195351756 19401764 16902561 0 0 11316202 10816739 0 0 0 0 0 0 26140682 20261431 0 0 34460051 34197969 91318699 82178700 X 0 0 0 0 92036474 113173056 92036474 113173056 183355173 195351756 X 15850170 1535298 3751114 X false true X true false 0 8843211 8843211 0 2899196 1884478 1014718 0 4448293 3986459 461834 0 7296190 5910063 1386127 -205 -205 11705685 INVEST IN 5STAR FINANCIAL LLC 46793720 C 46793720 0 PREMIUMS DUE UNDERWRITERS 34594138 CONTINGENT LIAB. HEALTH & FSA 1146 ANNUAL REFUNDS DUE MEMBERS 300 INTEREST RATE SWAP FAIR VALUE -397615 34197969 163873976 1535298 -648470 886828 162987148 -79092 -79092 162908056 146326724 -82691 -82691 146409415 648471 648471 147057886 PART XI, LINE 2D - INVESTMENT MANAGEMENT FEES (648,470) PART XI, LINE 4B - RENTAL EXPENSES (670,041) ADJUSTMENT FOR LEGAL SETTLEMENTS 590,949 --------- TOTAL (79,092) PART XII, LINE 2D - RENTAL EXPENSES 670,041 ADJUSTMENT FOR LEGAL SETTLEMENTS (590,949) ADJUSTMENT FOR MEMBER CONTRIBUTIONS REFUNDS (228) ADJUSTMENT FOR ACCRUED GRANTS (161,555) --------- TOTAL (82,691) X X X true true X X X false false false GEN L SPENCER USAF RET PRESIDENT 682192 0 540350 0 134562 0 20700 0 1846 0 1379650 0 0 0 B ABEBE CIO 234626 0 63100 0 3048 0 13713 0 19285 0 333772 0 0 0 D FRENCH CFO 378796 0 135520 0 59671 0 20700 0 19472 0 614159 0 0 0 R FUENTES VP, MKTG & COMMS 0 193137 0 45060 0 2863 0 12136 0 19048 0 272244 0 0 E JENKINS ASSOCIATION SECRETARY 0 215462 0 20210 0 2950 0 13094 0 19160 0 270876 0 0 A HOOVER SVP, HUMAN RESOURCES 244509 0 58056 0 3173 0 15250 0 19414 0 340402 0 0 0 C KLEIN CAE 225191 0 53662 0 4113 0 14453 0 19319 0 316738 0 0 0 M MOSER SVP, GENERAL COUNSEL 0 389086 0 109521 0 23318 0 20700 0 19825 0 562450 0 0 J PAULIN SVP, OPERATIONS 209271 0 58358 0 2950 0 13104 0 19162 0 302845 0 0 0 A GORDON-MONROE TREASURER & CUSTOMER ADVO 187485 0 3000 0 6944 0 11469 0 18970 0 227868 0 0 0 D Almaraz VP, DISTRI SUPPORT SVCS 185307 0 25109 0 4569 0 10778 0 18993 0 244756 0 0 0 T SHUEY III VP, NATIONAL GUARD MARKET 203261 0 45712 0 675 0 12744 0 19119 0 281511 0 0 0 T TRAN CONTROLLER 182437 0 34850 0 3584 0 11031 0 18918 0 250820 0 0 0 R LAMBERT DIR OF STATISTICS & ANALYSIS 178961 0 32000 0 4367 0 8666 0 18905 0 242899 0 0 0 SCH J PART I LINE 1 FIRST CLASS AND COMPANION AIR TRAVEL FOR THE ASSOCIATION'S PRESIDENT WAS PAID BY THE ASSOCIATION. THE TOTAL COST OF AIR TRAVEL PAID BY THE ASSOCIATION IN 2024 WAS $1,625 THE ASSOCIATION PROVIDED TAX PREPARATION SERVICES FOR THE ASSOCIATION'S PRESIDENT IN 2024. THE TOTAL AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(iii). THE ASSOCIATION PROVIDED AN AUTOMOBILE ALLOWANCE TO THE ASSOCIATION'S PRESIDENT IN 2024. THE TOTAL AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(iii). SCH J PART I LINE 3 THE PRESIDENT OF THE ASSOCIATION ALSO SERVES AS THE PRESIDENT OF THE ASSOCIATION'S AFFILIATE, 5STAR LIFE INSURANCE COMPANY, WHICH PERIODICALLY CONSIDERS AN INDEPENDENT FIRM'S COMPENSATION STUDY WHEN APPROVING ITS PRESIDENT'S COMPENSATION. FORM 990, PART III, LINE 4D - OTHER PROGRAM SERVICES: THE ORGANIZATION PROVIDED GROUP SELECT TERM, MILITARY SPOUSE AND CONTINUING CHILDREN LIFE INSURANCE COVERAGE TO A POPULATION OF 9,321 MEMBERS AND SPOUSES. INSURANCE IN FORCE TOTALLED $1.5 BILLION AND WAS UNDERWRITTEN BY RELATED ORGANIZATIONS AND OTHER THIRD PARTY LIFE INSURANCE COMPANIES, IN SUPPORT OF AFBA'S OBJECTIVE TO PROMOTE THE WELFARE OF ITS MEMBERS AND THEIR FAMILIES. 100 DEATH CLAIMS WERE PAID OUT IN 2024 TOTALLING TO $5,080,890. FORM 990, PART VI, SEC A, LINE 6 - MEMBER DESCRIPTION: IN SUMMARY, THE FOLLOWING ARE ELIGIBLE FOR MEMBERSHIP IN AFBA: MEMBERS OF THE UNIFORMED SERVICES (ACTIVE DUTY, RETIRED, SEPARATED, NATIONAL GUARD, AND RESERVES), FEDERAL CIVILIAN EMPLOYEES AND CONTRACTORS OF THE U.S. GOVERNMENT, STATE AND LOCAL GOVERNMENT FIRST RESPONDERS, AND THOSE WHO SHARE A COMMON BOND WITH THE MEMBER GROUP INCLUDING CURRENT AND FORMER SPOUSES AND DEPENDENTS. AN ELIGIBLE PERSON BECOMES A MEMBER UPON ISSUANCE OF A MEMBERSHIP CERTIFICATE, INDICATING THE PERSON HAS APPLIED FOR, BEEN APPROVED AND PAID FOR GROUP TERM LIFE INSURANCE OFFERED BY THE ASSOCIATION. THIS INSURANCE IS UNDERWRITTEN PRIMARILY BY 5STAR LIFE INSURANCE COMPANY. FORM 990, PART VI, SEC A, LINE 7A - ELECTION OF BOARD: PURSUANT TO THE DISTRICT OF COLUMBIA'S NOT-FOR-PROFIT CORPORATION STATUTES, WHICH IS THE LAW APPLICABLE TO AFBA AS A D.C. NON-PROFIT CORPORATION, AFBA'S BOARD OF DIRECTORS IS ELECTED BY ITS EXISTING DIRECTORS UPON RECEIPT OF NOMINATIONS PROFFERED BY THE BOARD'S PLANNING AND GOVERNANCE COMMITTEE. NOMINEES ARE IDENTIFIED BASED ON CRITERIA SET FORTH IN AFBA'S GOVERNING BYLAWS, INCLUDING THOSE WITH THE EXPERIENCE, REPUTATION, ABILITY, AVAILABILITY, AND COMMITMENT TO THE OBJECTIVES OF THE ASSOCIATION FROM THE FOLLOWING CATEGORIES: RETIRED SENIOR OFFICERS AND NON-COMMISSIONED OFFICERS, AS WELL AS OTHER SENIOR PERSONS FROM THE ARMY, NAVY, AIR FORCE, MARINE CORPS, COAST GUARD, NATIONAL GUARD, RESERVE AND, OTHER BRANCHES OF THE UNIFORMED SERVICES OF THE UNITED STATES; AND RETIRED SENIOR OFFICIALS FROM ORGANIZATIONS THAT PROTECT AND SERVE THE UNITED STATES HOMELAND INCLUDING THE DEPARTMENT OF HOMELAND SECURITY, POLICE, FIRE, EMERGENCY MANAGEMENT, AND OTHER GOVERNMENTAL ENTITIES, AND ACKNOWLEDGED BUSINESS LEADERS FROM PRIVATE INDUSTRY. A DIRECTOR MAY NOT SERVE PAST THE AGE OF 75. FORM 990, PART VI, SEC B, LINE 11B - REVIEW OF THE FORM 990: THE ASSOCIATION'S FORM 990 IS COMPILED AND REVIEWED BY MEMBERS OF MANAGEMENT AND SENIOR MANAGEMENT. THE NATURE OF THE QUESTION DETERMINES THE EMPLOYEES INVOLVED IN THE REVIEW TO ENSURE ACCURACY AND HAS INCLUDED THE FOLLOWING INDIVIDUALS: CEO, GENERAL COUNSEL, CFO, DIRECTOR OF AUDIT, DIRECTOR OF HUMAN RESOURCES, AND CONTROLLER. THE CFO COMPILES A DRAFT, WITH SUPPORTING WORKPAPERS, AND PROVIDES THIS TO THE ASSOCIATION'S TAX PREPARER, PWC US TAX LLP (PWC). A DRAFT FORM 990 PREPARED BY PWC IS THEN PROVIDED TO THE ASSOCIATION'S AUDIT COMMITTEE IN ADVANCE OF A REGULARLY SCHEDULED MEETING FOR REVIEW AND APPROVAL PRIOR TO SUBMISSION. A COPY IS ALSO MADE AVAILABLE UPON REQUEST TO ALL BOARD MEMBERS PRIOR TO FILING. THE CFO WORKS WITH PWC TO RESPOND TO QUESTIONS RAISED DURING THE REVIEW PROCESS AND REVIEWS THE FINAL DRAFT PRIOR TO SUBMISSION. FORM 990, PART VI, SEC B, LINE 12C - CONFLICT OF INTEREST POLICY: DIRECTORS, OFFICERS AND KEY EMPLOYEES OF THE AFBA ARE REQUIRED TO COMPLETE AN ANNUAL ETHICS COMPLIANCE STATEMENT, WHICH IS REVIEWED BY THE GENERAL COUNSEL'S OFFICE FOR COMPLETENESS AND COMPLIANCE WITH AFBA'S POLICY. RESPONSES REQUIRING FURTHER REVIEW ARE GIVEN TO AFBA'S GENERAL COUNSEL FOR INVESTIGATION AND DISCUSSION WITH AFBA'S PRESIDENT, TO ENSURE APPROPRIATE ACTION IS TAKEN, IF REQUIRED. FORM 990, PART VI, SEC B, LINE 15 - COMPENSATION REVIEW: THE PRESIDENT'S COMPENSATION PACKAGE IS AUTHORIZED BY A BOARD APPROVED EMPLOYMENT CONTRACT. ANNUALLY, THE BOARD'S COMPENSATION COMMITTEE REVIEWS THE PRESIDENT'S PERFORMANCE AGAINST BOARD APPROVED METRICS AND RECOMMENDS TO THE BOARD ANY CHANGES IN COMPENSATION OR BONUS TO BE PAID. PERIODICALLY, INCLUDING AT THE TIME OF CONTRACT RENEWAL, COMPARABILITY DATA FROM INDEPENDENT SOURCES INCLUDING OTHER FORM 990 FILINGS IS FORMALLY REVIEWED. COMPENSATION OF SENIOR MANAGEMENT IS ESTABLISHED BY THE PRESIDENT, UPON CONSIDERATION OF COMPARABILITY DATA FROM THIRD PARTIES. INDIVIDUAL PERFORMANCE IS EVALUATED ANNUALLY BY THE PRESIDENT AGAINST ESTABLISHED METRICS FOR EACH POSITION, TO DETERMINE ANY BONUS TO BE PAID OR ADJUSTMENTS IN COMPENSATION. THE COMPENSATION OF EACH MEMBER OF SENIOR MANAGEMENT IS REVIEWED BY THE BOARD'S COMPENSATION COMMITTEE ON AN ANNUAL BASIS. FORM 990, PART VI, SEC C, LINE 19 - DISCLOSURE COMMENTS: THE ASSOCIATION'S FORM 990 IS MADE AVAILABLE UPON REQUEST. GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC TO THE EXTENT FILED WITH THE IRS. THE ASSOCIATION MAKES CERTAIN INFORMATION AVAILABLE ON ITS WEBSITE. OTHER INFORMATION REQUESTS ARE CONSIDERED BASED ON THE AVAILABILITY OF THE INFORMATION AND THE RELEVANT PRIVACY POLICY. FORM 990, PART XI, LINE 9 - RECONCILIATION OF NET ASSETS: OTHER CHANGES IN NET ASSETS CONSIST OF: OTHER COMPREHENSIVE GAIN - PENSION 3,672,690 ANNUAL REFUNDS DUE MEMBERS 228 INTEREST RATE SWAP FAIR MARKET VALUE (13,733) ADJUSTMENT FOR ACCRUED GRANTS 161,555 OTHER COMPREHENSIVE LOSS - DEBT SECURITIES (69,626) ------------- 3,751,114 THE ADJUSTMENT FOR ACCRUED GRANTS OF $161,555 ON THE 2024 RETURN IS DUE TO THE EXPIRATION AND CORRESPONDING WRITE-OFF OF BENEFITS TO CERTAIN FAMILIES, WHICH EXCEEDED THE ACCRUAL OF NEW BENEFITS FOR THE YEAR. 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