Fellow Members of the U.S. Naval Institute,
We are pleased to communicate this summarized annual report on the State of the Institute in its 134th year of service. You will find the full 2007 Annual Report, together with the 2007 Financial Statement, on the USNI Web site (www.usni.org). In accordance with the Constitution & By-Laws, we will also provide the Annual Report to members at the USNI Annual Meeting in April 2008.
The Institute's goals remain constant—to build improved financial security and increase our operational relevance. To reach these goals we set three financial objectives: increase the Foundation portfolio, deliver a positive USNI net operating margin, and maintain a positive cash flow. We also set two operational objectives: grow membership/constituents and increase the Institute's mission-related contribution to national defense.