Vmi Foundation
- Assets
- $567.2m
- Revenue
- $26.8m
- Investments
- $525.5m
- Employees
- 25
- Location
- Lexington, VA
- Founding
- 02/1939
- Data as of
- 06/2021
- 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 06/2022, Vmi Foundation employed 25 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 06/2021, Vmi Foundation generated $26.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $23.0m during the year ending 06/2021. While expenses have increased by 1.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Vmi Foundation has awarded 132 individual grants totaling $107,650,719. 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
2021
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 |
|---|---|---|---|
Terrie I Conrad Vice President Development | Officer | 2 | $147,081 |
Meade B King Chief Operating Officer | Officer | 20 | $129,101 |
Amy S Reid Corporate Secretary | Officer | 40 | $45,613 |
Thomas H Zarges President | OfficerTrustee | 2 | $0 |
Stephen M Maconi CEO Through 10/2021 | Officer | 2 | $0 |
David L Prasnicki Chief Executive Officer | Officer | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcguire Woods Consulting Legal Services | 6/29/22 | $751,990 |
Bny Mellon Na Investment Management | 6/29/22 | $7,338,151 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,226,132 |
| Investment income | $6,187,650 |
| 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 | $26,799,966 |
| 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. | $361,301 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $490,374 |
| Pension plan accruals and contributions | $71,234 |
| Other employee benefits | $143,341 |
| Payroll taxes | $61,245 |
| 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 | $4,515,173 |
| Fees for services: Other | $0 |
| Advertising and promotion | $61,192 |
| Office expenses | $93,993 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $21,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $820 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,734 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $22,967,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1 |
| Savings and temporary cash investments | $28,945,728 |
| Pledges and grants receivable | $6,461,690 |
| Accounts receivable, net | $2,445,047 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $333,239 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $525,476,288 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,439,490 |
| Total assets | $567,221,875 |
| Accounts payable and accrued expenses | $728,681 |
| 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 | $17,308,182 |
| Total liabilities | $18,036,863 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $549,185,012 |
Grants Awarded
Over the last fiscal year, Vmi Foundation has awarded $16,959,674 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
Lexington, VA PURPOSE: SCHOLARSHIPS | $5,382,196 |
Lexington, VA PURPOSE: OTHER | $2,785,414 |
Lexington, VA PURPOSE: UNDESIGNATED AID | $1,748,760 |
Lexington, VA PURPOSE: JACKSON HOPE | $1,429,264 |
Lexington, VA PURPOSE: ADMINISTRATIVE SUPPORT | $1,380,291 |
Lexington, VA PURPOSE: INSTRUCTION | $1,355,119 |
Grants Recieved
Over the last fiscal year, we have identified 27 grants that Vmi Foundation has recieved totaling $1,228,905.
| Awarding Organization | Amount |
|---|---|
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $374,600 |
V M I Keydet Club Lexington, VA PURPOSE: ADMINISTRATIVE SUPPORT | $296,968 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $188,081 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: EDUCATION | $65,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $64,329 |
The Savannah Community Foundation Inc Savannah, GA PURPOSE: FINANCIAL SUPPORT | $60,360 |
Endowment Analysis
| Beg. Balance | $279,133,803 |
| Earnings | -$11,137,551 |
| Net Contributions | $13,144,986 |
| Other Expense | $2,833,526 |
| Grants | $10,879,757 |
| Ending Balance | $267,427,955 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Unc Health Foundation Inc Chapel Hill, NC | $571,825,040 | $92,147,897 |
William & Mary Foundation Williamsburg, VA | $1,122,551,962 | $79,373,462 |
University Of Virginia Foundation Charlottesville, VA | $508,958,321 | $36,530,024 |
North Carolina State University Foundation Inc Raleigh, NC | $679,121,022 | $52,520,062 |
University Health Services Inc Richmond, VA | $34,736,696 | $16,366,834 |
Medical College Of Virginia Foundation Richmond, VA | $645,911,510 | $54,318,573 |
University Of Memphis Foundation Memphis, TN | $175,396,802 | $38,710,840 |
Virginia Commonwealth University College Of Engineering Foundation Richmond, VA | $131,974,636 | $12,076,889 |
University Of Maryland Foundation Inc Adelphi, MD | $2,110,990,979 | $62,167,598 |
Communities In Schools Inc Alexandria, VA | $73,470,009 | $25,993,702 |
University Of Virginia Law School Foundation Charlottesville, VA | $789,832,433 | $37,875,854 |
University Of Maryland Baltimore Foundation Inc Baltimore, MD | $437,980,331 | $59,974,746 |