Vmi Foundation
- Assets
- $539.4m
- Revenue
- $24.3m
- Investments
- $496.6m
- Employees
- 34
- Location
- Lexington, VA
- Founding
- 02/1939
- Data as of
- 06/2022
- EIN
- 54-0505966
Organization Overview
Vmi Foundation is located in Lexington, VA. The organization was established in 1939. 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, Vmi Foundation employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vmi Foundation 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 06/2022, Vmi Foundation generated $24.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.9%) each year. All expenses for the organization totaled $26.1m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Vmi Foundation has awarded 152 individual grants totaling $127,641,855. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE VIRGINIA MILITARY INSTITUTE (VMI), A STATE-SUPPORTED SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDS RAISED BY THE FOUNDATION ARE USED FOR PROVIDING SCHOLARSHIPS AND OTHER ACADEMIC AND ATHLETIC PROGRAM SUPPORT TO THE VIRGINIA MILITARY INSTITUTE AND ITS RELATED ALUMNI ASSOCIATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daryl L Deke Board Member | Trustee | 2 | $0 |
Alexander M Earle Jr Board Member | Trustee | 2 | $0 |
John F Fick III Board Member | Trustee | 2 | $0 |
Richard W Flowers Board Member | Trustee | 2 | $0 |
Stephen M Goddard Board Member | Trustee | 2 | $0 |
Christopher R Gorman Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bny Mellon Na Investment Management | 6/29/23 | $4,593,209 |
Mcguirewoods Llp Legal Services | 6/29/23 | $443,523 |
Northern Trust Investment Management | 6/29/23 | $452,959 |
Roy Thompson & Sons Llc Construction | 6/29/23 | $111,730 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,476,624 |
| Investment income | $6,985,522 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,369 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,254,314 |
| Statement of Expenses | |
|---|---|
| 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. | $298,033 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $748,858 |
| Pension plan accruals and contributions | $98,480 |
| Other employee benefits | $163,256 |
| Payroll taxes | $78,700 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,338,151 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $83,723 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $117,452 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,736 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,072 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $26,063,917 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $26,260,847 |
| Pledges and grants receivable | $10,062,291 |
| Accounts receivable, net | $2,460,562 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $323,932 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $496,641,314 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,605,213 |
| Total assets | $539,387,112 |
| Accounts payable and accrued expenses | $333,149 |
| 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 | $20,460,484 |
| Total liabilities | $20,793,633 |
| Net assets without donor restrictions | $101,014,460 |
| Net assets with donor restrictions | $417,579,019 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $518,593,479 |
Grants Awarded
Over the last fiscal year, Vmi Foundation has awarded $19,991,136 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA MILITARY INSTITUTE PURPOSE: UNDESIGNATED AID | $2,592,611 |
VIRGINIA MILITARY INSTITUTE PURPOSE: OTHER | $3,182,975 |
VIRGINIA MILITARY INSTITUTE PURPOSE: PHYSICAL PLANT | $332,936 |
VIRGINIA MILITARY INSTITUTE PURPOSE: TRUST DISTRIBUTIONS | $66,768 |
VIRGINIA MILITARY INSTITUTE PURPOSE: LIBRARY | $40,000 |
VIRGINIA MILITARY INSTITUTE PURPOSE: PUBLIC SUPPORT | $56,900 |