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← VMI FOUNDATION

Form 990 for tax year 2022

Filed by VMI FOUNDATION.

Totals

Total revenue
$36,993,722
Total expenses
$27,100,301
Contributions and grants received
$23,270,934
Grants paid
$19,991,136
Program service revenue
$0
Investment income
$13,419,092
Other revenue
$303,696
Total assets, end of year
$584,168,697
Total liabilities, end of year
$20,653,079
Net assets or fund balances, end of year
$563,515,618
Program services expenses (Part IX)
$20,369,634
Management and general expenses
$5,456,331
Fundraising expenses
$1,274,336
Program service expenses (Part III)
$20,369,634

Program services were 75.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $23,270,934

  • 1g · Noncash contributions included above

    $1,540,045

  • 3 · Investment income

    total $13,419,092 · unrelated business $1,587,423 · excluded $11,831,669

  • 11a · Other revenue: ADMINISTRATIVE FEES

    total $303,696 · excluded $303,696

  • 11e · Other revenue, total

    $303,696

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $19,991,136 · program services $19,991,136

  • 5 · Compensation of officers, directors and key employees

    total $374,149 · program services $74,830 · management and general $93,537 · fundraising $205,782

  • 7 · Other salaries and wages

    total $908,184 · program services $181,637 · management and general $197,947 · fundraising $528,600

  • 8 · Pension plan contributions

    total $135,846 · program services $27,169 · management and general $20,377 · fundraising $88,300

  • 9 · Other employee benefits

    total $168,703 · program services $33,741 · management and general $25,305 · fundraising $109,657

  • 10 · Payroll taxes

    total $92,220 · program services $18,444 · management and general $13,833 · fundraising $59,943

  • 11b · Fees: legal

    total $100 · program services $20 · management and general $30 · fundraising $50

  • 11f · Fees: investment management

    total $5,046,169 · management and general $5,046,169

  • 13 · Office expenses

    total $124,351 · program services $38,558 · management and general $12,435 · fundraising $73,358

  • 17 · Travel

    total $110,386 · management and general $22,077 · fundraising $88,309

  • 19 · Conferences, conventions and meetings

    total $13,338 · management and general $6,669 · fundraising $6,669

  • 22 · Depreciation, depletion and amortization

    total $9,633 · management and general $9,633

  • 24a · Other expenses: FUNDRAISING & CAMPAIGN

    total $98,475 · fundraising $98,475

  • 24b · Other expenses: SPECIAL FUNCTIONS

    total $20,496 · program services $4,099 · management and general $2,050 · fundraising $14,347

  • 24c · Other expenses: MISCELLANEOUS

    total $6,537 · management and general $6,038 · fundraising $499

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $578 · management and general $231 · fundraising $347

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $26,260,847 · end of year $25,028,760

  • 3 · Pledges and grants receivable

    beginning of year $10,062,291 · end of year $10,090,269

  • 4 · Accounts receivable

    beginning of year $2,460,562 · end of year $2,503,489

  • 7 · Other notes and loans receivable

    beginning of year $323,932 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $874,225

  • 10b · Land, buildings and equipment: accumulated depreciation

    $850,905

  • 10c · Land, buildings and equipment, net

    beginning of year $32,953 · end of year $23,320

  • 12 · Investments: other securities

    beginning of year $496,641,314 · end of year $543,060,353

  • 15 · Other assets

    beginning of year $3,605,213 · end of year $3,462,506

  • 17 · Accounts payable and accrued expenses

    beginning of year $333,149 · end of year $188,476

  • 25 · Other liabilities

    beginning of year $20,460,484 · end of year $20,464,603

  • 27 · Net assets without donor restrictions

    beginning of year $101,014,460 · end of year $109,995,095

  • 28 · Net assets with donor restrictions

    beginning of year $417,579,019 · end of year $453,520,523

Mission and programs · 2022

Mission

FOR THE ADVANCEMENT, PROMOTION, ENCOURAGEMENT, WELFARE AND PROGRESS OF VIRGINIA MILITARY INSTITUTE (VMI), A STATE-SUPPORTED COLLEGE, AND ADVANCEMENT, WELFARE AND PROGRESS OF THE VMI ALUMNI ASSOCIATION, WHO ALSO SUPPORTS VMI IN CONJUNCTION WITH ALUMNI RELATIONS TO FURTHER SUPPORT.

Activities or mission (Part I)

TO SUPPORT THE VIRGINIA MILITARY INSTITUTE (VMI), A STATE-SUPPORTED SCHOOL.

  • 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.

    Expenses $20,369,634 · Grants $19,991,136

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DARYL L DEKE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ALEXANDER M EARLE JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JOHN F FICK III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • RICHARD W FLOWERS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STEPHEN M GODDARD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CHRISTOPHER R GORMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • GARLAND GRAY II

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • COM BREE A GUITERMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • GLEN N JONES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KERRY D KIRK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KIMBER L LATSHA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • BLAND MASSIE JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 7 related

  • JOHNATHAN A MAYO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JONATHAN T MOODY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ANTHONY U MOORE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 9 related

  • MAJ ELIZABETH D MOSKOWITZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KURT A POLK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • WILLIAM G ROBERTSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ERNESTO V SAMPSON JR

    VICE PRESIDENT OF ADMINIST

    Total calculated
    $0
    Hours/week
    2 + 7 related

  • LT GEN CARL A STROCK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STERLING T SWEENEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • WILLIAM L TALIAFERRO JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • LT COL CHARLES L TOOMEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DORCAS G WILKINSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JOHN P WILLIAMS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ELISE G WOODWORTH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • THOMAS H ZARGES

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2 + 7 related

  • DAVID L PRASNICKI

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $300,445
    From this org
    $0
    From related orgs
    $287,005
    Other
    $13,440
    Hours/week
    2 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $258,562 related
    Bonus
    $0 + $26,500 related
    Other
    $0 + $1,943 related
    Deferred
    $0 + $12,000 related
    Nontaxable benefits
    $0 + $1,440 related
    Filer's total
    $0 + $300,445 related

  • CRISSY S ELLIOTT

    CHIEF FINANCIAL OFFICER

    Total calculated
    $217,757
    From this org
    $0
    From related orgs
    $188,184
    Other
    $29,573
    Hours/week
    2 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $169,499 related
    Bonus
    $0 + $18,000 related
    Other
    $0 + $685 related
    Deferred
    $0 + $25,248 related
    Nontaxable benefits
    $0 + $4,325 related
    Filer's total
    $0 + $217,757 related

  • MEADE B KING

    CHIEF OPERATING OFFICER

    Total calculated
    $154,661
    From this org
    $142,095
    From related orgs
    $0
    Other
    $12,566
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $134,996
    Bonus
    $5,900
    Other
    $1,199
    Deferred
    $9,114
    Nontaxable benefits
    $3,452
    Filer's total
    $154,661

  • AMY S REID

    CORPORATE SECRETARY

    Total calculated
    $61,759
    From this org
    $48,478
    From related orgs
    $0
    Other
    $13,281
    Hours/week
    40

  • THERESA I CONRAD

    VICE PRESIDENT DEVELOPMENT

    Total calculated
    $154,900
    From this org
    $154,394
    From related orgs
    $0
    Other
    $506
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $147,976
    Bonus
    $4,000
    Other
    $2,418
    Deferred
    $0
    Nontaxable benefits
    $506
    Filer's total
    $154,900

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
TRAVEL EXPENSES FOR COMPANIONS ARE REIMBURSED TO THE ORGANIZATION.
PART I, LINE 3
THE ORGANIZATION HAS A COMPENSATION COMMITTEE THAT REVIEWS ALL SALARIES. COMPARATIVE DATA IS SUPPLIED FOR ALL POSITIONS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • VMI INVESTMENT HOLDINGS LLC

    ACQUIRE, HOLD AND DISPOSE OF INVESTMENTS, TO INCLUDE AFFILIATED NFP ENTITIES · VA · income $13,091,129 · assets $522,870,452

    Directly controlled by VMI FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2022
IRS schema version
2022v5.0
Source object
202303199349315260

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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