FRIENDS OF NAVAL ACADEMY MUSIC INC

The organization infused money into its investment accounts and watched them grow during 2024. The value rose from $570,814 at the beginning of 2024 to over $708,000 by the end of 2024. The investments, which are managed by our director of investments in connection with the investment committee, serve long- and short-term purposes of the organization. A small portion of our investments is held in a money market fund, where all income is accumulated during the year. This fund is available to distribute annually to the music department at the united states naval academy to support its ongoing mission and operations. Approximately half of the investments are held in a strategic reserve fund intended to grow over the long term. The remaining investments are held in endowment funds, which purpose is to grow and be used to support the musical activities department by their income stream.