V M I Keydet Club
- Assets
- $105.5m
- Revenue
- $12.1m
- Investments
- $86.6m
- Employees
- 3
- Location
- Lexington, VA
- Founding
- 09/1983
- Data as of
- 06/2023
- EIN
- 52-1300039
Organization Overview
V M I Keydet Club is located in Lexington, VA. The organization was established in 1983. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2023, V M I Keydet Club employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. V M I Keydet Club is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, V M I Keydet Club generated $12.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $8.2m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, V M I Keydet Club has awarded 43 individual grants totaling $41,160,799. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE VMI KEYDET CLUB IS TO SUPPORT, STRENGTHEN, AND DEVELOP THE INTERCOLLEGIATE ATHLETIC PROGRAM AT VMI.
Describe the Organization's Program Activity:
ATHLETIC SCHOLARSHIPS AND SUPPORT OF VIRGINIA MILITARY INSTITUTE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald J Acuff Jr Immediate Past President | Trustee | 2 | $0 |
Julian J Bowers Board Member | Trustee | 2 | $0 |
Robert R Chapman III Board Member | Trustee | 2 | $0 |
Ralph L Costen Jr Board Member | Trustee | 2 | $0 |
Steven C Craddock Board Member | Trustee | 2 | $0 |
Matthew F Daniel Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $102,196 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,747,439 |
| Noncash contributions included in lines 1a–1f | $192,515 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,849,635 |
| Total Program Service Revenue | $0 |
| Investment income | $2,241,031 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,099,526 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,837,067 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $142,141 |
| Compensation of current officers, directors, key employees. | $21,321 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $70,653 |
| Pension plan accruals and contributions | $24,015 |
| Other employee benefits | $33,820 |
| Payroll taxes | $16,001 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $855,149 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $10,793 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,047 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,342 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $8,223,057 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,110,745 |
| Pledges and grants receivable | $7,284,606 |
| Accounts receivable, net | $793 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $86,553,290 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $524,087 |
| Total assets | $105,473,521 |
| Accounts payable and accrued expenses | $56,326 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,337,605 |
| Total liabilities | $7,393,931 |
| Net assets without donor restrictions | -$2,878,163 |
| Net assets with donor restrictions | $100,957,753 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $105,473,521 |
Grants Awarded
Over the last fiscal year, V M I Keydet Club has awarded $6,831,623 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA MILITARY INSTITUTE PURPOSE: INSURANCE PREMIUMS | $8,082 |
VIRGINIA MILITARY INSTITUTE PURPOSE: ATHLETIC SCHOLARSHIPS | $2,094,098 |
VMI FOUNDATION PURPOSE: ADMINISTRATIVE SUPPORT | $342,004 |
VIRGINIA MILITARY INSTITUTE PURPOSE: INTERCOLLEGIATE ATHLETICS | $4,387,439 |