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Nonprofiteer
← V M I KEYDET CLUB

Form 990 for tax year 2024

Filed by V M I KEYDET CLUB.

Totals

Total revenue
$8,501,922
Total expenses
$9,337,330
Contributions and grants received
$6,784,943
Grants paid
$8,329,681
Program service revenue
$0
Investment income
$1,716,979
Other revenue
$0
Total assets, end of year
$118,883,177
Total liabilities, end of year
$7,975,744
Net assets or fund balances, end of year
$110,907,433
Program services expenses (Part IX)
$8,477,323
Management and general expenses
$565,426
Fundraising expenses
$294,581
Program service expenses (Part III)
$8,477,323

Program services were 90.8% 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

    $6,784,943

  • 1g · Noncash contributions included above

    $956,680

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,716,979 · unrelated business $396,535 · excluded $1,320,444

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $8,329,681 · program services $8,329,681

  • 5 · Compensation of officers, directors and key employees

    total $172,171 · program services $34,434 · management and general $25,826 · fundraising $111,911

  • 8 · Pension plan contributions

    total $19,646 · program services $3,929 · management and general $2,947 · fundraising $12,770

  • 9 · Other employee benefits

    total $27,528 · program services $5,506 · management and general $4,129 · fundraising $17,893

  • 10 · Payroll taxes

    total $13,354 · program services $2,671 · management and general $2,003 · fundraising $8,680

  • 11f · Fees: investment management

    total $501,237 · management and general $501,237

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $8,197 · program services $652 · management and general $3,185 · fundraising $4,360

  • 17 · Travel

    total $7,652 · management and general $765 · fundraising $6,887

  • 19 · Conferences, conventions and meetings

    total $67,897 · program services $61,107 · management and general $6,790

  • 24a · Other expenses: SPECIAL FUNCTIONS

    total $185,436 · program services $37,087 · management and general $18,544 · fundraising $129,805

  • 24b · Other expenses: Dues & Subscriptions

    total $2,425 · program services $1,940 · fundraising $485

  • 24c · Other expenses: Miscellaneous

    total $2,106 · program services $316 · fundraising $1,790

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $11,160,704 · end of year $13,370,656

  • 3 · Pledges and grants receivable

    beginning of year $6,046,139 · end of year $5,126,733

  • 4 · Accounts receivable

    beginning of year $793

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,292 · end of year $20,753

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

    $1,179

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

    $1,179

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $94,086,539 · end of year $99,785,114

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $565,235 · end of year $579,921

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $7,629,807 · end of year $7,975,744

  • 27 · Net assets without donor restrictions

    beginning of year -$2,878,163 · end of year -$2,878,163

  • 28 · Net assets with donor restrictions

    beginning of year $107,117,058 · end of year $113,785,596

Mission and programs · 2024

Mission

THE MISSION OF VMI KEYDET CLUB IS TO SUPPORT, STRENGTHEN, AND DEVELOP THE INTERCOLLEGIATE ATHLETIC PROGRAM AT VIRGINIA MILITARY INSTITUTE.

Activities or mission (Part I)

The purpose of the VMI Keydet Club is to support, strengthen, and develop the intercollegiate athletic program at VMI.

  • Athletic scholarships and support of Virginia Military Institute.

    Expenses $8,477,323 · Grants $8,329,681

As filed on the 2024 return.

Listed in Part VII

  • Dr Bland Massie Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Lt Col R Peel Dillard USMCR

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Daniel P Thornton

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 5 related

  • Mr Dustin H DeVore

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Ernesto V Sampson Jr

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Francis R Boehling

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Frederick J Killmeyer IV

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Gordon E Williams

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Graham A Nuttycombe

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr J Coleman Lawrence

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Jeremy W Ingram

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr John D Dodge II

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Joseph W Keyes Jr

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Keith B Gabriel

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Kelly M Sweppenhiser

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 5 related

  • Mr Kenneth B Luxhoj

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Matthew R Hermenez

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Michael B Kemp

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Pablo A Martinez

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Ralph L Costen Jr

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Robert R Chapman III

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Stephen E Hupp Sr

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Thomas J Langston

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr Timothy M Keilty

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mr William H Talley

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Ms Lezshell A Pauling

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Ms Simone R Jimenez

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Andrew C Deal

    Chief Operating Officer

    Total calculated
    $168,733
    From this org
    $143,585
    From related orgs
    $0
    Other
    $25,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,085
    Bonus
    $7,500
    Other
    $0
    Deferred
    $22,357
    Nontaxable benefits
    $2,791
    Filer's total
    $168,733

  • Crissy S Elliott

    Chief Financial Officer

    Total calculated
    $216,271
    From this org
    $0
    From related orgs
    $182,835
    Other
    $33,436
    Hours/week
    2 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $176,835 related
    Bonus
    $0 + $6,000 related
    Other
    $0
    Deferred
    $0 + $30,500 related
    Nontaxable benefits
    $0 + $2,936 related
    Filer's total
    $0 + $216,271 related

  • David L Prasnicki

    Chief Executive Officer

    Total calculated
    $298,915
    From this org
    $0
    From related orgs
    $280,759
    Other
    $18,156
    Hours/week
    2 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $272,259 related
    Bonus
    $0 + $8,500 related
    Other
    $0
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $4,156 related
    Filer's total
    $0 + $298,915 related

  • Kevin A Ryan

    Financial Controller

    Total calculated
    $168,110
    From this org
    $0
    From related orgs
    $163,894
    Other
    $4,216
    Hours/week
    2 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $157,394 related
    Bonus
    $0 + $6,500 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $4,216 related
    Filer's total
    $0 + $168,110 related

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 · Health or social club dues or initiation fees
  • 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)

Schedule J, Part I, Line 1a Health or social club dues or initiation fees
Type of Benefit: Health or social club dues or initiation fees Listed person who received the benefit: CEO of VMI Keydet Club Was the benefit treated as taxable to listed person? yes
Schedule J, 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

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.

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.1
Source object
202523189349314312

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