Civic Intelligence

VMI Foundation

EIN 54-0505966 • 501(c)3 • Lexington, VA

Profile

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.

PO Box 932Lexington, VA 24450

www.vmialumni.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

15th percentile

0.04x

Higher debt load relative to assets than 15% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

75th percentile

1.05x

Higher debt load relative to revenue than 75% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Net Margin

17th percentile

-7.2%

Higher net margin than 17% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

53rd percentile

$298,915

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

$250M-$1B nonprofits • Source year 2025

Asset Growth

60th percentile

7.7%

Faster asset growth than 60% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

31st percentile

1.7%

Faster revenue growth than 31% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Assets

Up

$691,343,869

Up $49,257,018 (+7.7%) from 2024

Liabilities

Up

$27,922,723

Up $3,605,007 (+15%) from 2024

Net Assets

Up

$663,421,146

Up $45,652,011 (+7.4%) from 2024

Revenue

Up

$26,717,885

Up $449,369 (+1.7%) from 2024

Expenses

Up

$28,632,189

Up $2,658,744 (+10%) from 2024

Net Income

Down

-$1,914,304

Down $2,209,375 (-749%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800M$600M$400M$200M$0Assets 2011: $256,801,892Liabilities 2011: $4,762,877Net Assets 2011: $252,039,0152011Assets 2012: $243,910,048Liabilities 2012: $4,353,771Net Assets 2012: $239,556,2772012Assets 2013: $273,644,882Liabilities 2013: $4,649,183Net Assets 2013: $268,995,6992013Assets 2014: $308,677,731Liabilities 2014: $4,994,761Net Assets 2014: $303,682,9702014Assets 2015: $318,475,713Liabilities 2015: $6,083,656Net Assets 2015: $312,392,0572015Assets 2016: $310,449,373Liabilities 2016: $6,399,854Net Assets 2016: $304,049,5192016Assets 2017: $369,547,108Liabilities 2017: $5,915,659Net Assets 2017: $363,631,4492017Assets 2018: $397,361,347Liabilities 2018: $5,733,719Net Assets 2018: $391,627,6282018Assets 2019: $416,531,805Liabilities 2019: $6,166,460Net Assets 2019: $410,365,3452019Assets 2020: $421,257,842Liabilities 2020: $8,614,440Net Assets 2020: $412,643,4022020Assets 2021: $567,221,875Liabilities 2021: $18,036,863Net Assets 2021: $549,185,0122021Assets 2022: $539,387,112Liabilities 2022: $20,793,633Net Assets 2022: $518,593,4792022Assets 2023: $584,168,697Liabilities 2023: $20,653,079Net Assets 2023: $563,515,6182023Assets 2024: $642,086,851Liabilities 2024: $24,317,716Net Assets 2024: $617,769,1352024Assets 2025: $691,343,869Liabilities 2025: $27,922,723Net Assets 2025: $663,421,1462025

Highlighted filing

2025

Assets$691,343,869
Liabilities$27,922,723
Net Assets$663,421,146

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0-$20MExpenses 2011: $15,713,3992011Revenue 2012: $11,727,590Expenses 2012: $16,619,933Net Income 2012: -$4,892,3432012Expenses 2013: $17,822,4062013Revenue 2014: $15,887,614Expenses 2014: $20,061,224Net Income 2014: -$4,173,6102014Revenue 2015: $25,310,898Expenses 2015: $20,612,743Net Income 2015: $4,698,1552015Revenue 2016: $17,872,352Expenses 2016: $20,040,921Net Income 2016: -$2,168,5692016Revenue 2017: $46,421,134Expenses 2017: $19,726,637Net Income 2017: $26,694,4972017Revenue 2018: $24,023,675Expenses 2018: $20,685,372Net Income 2018: $3,338,3032018Revenue 2019: $21,413,954Expenses 2019: $19,249,379Net Income 2019: $2,164,5752019Revenue 2020: $28,563,258Expenses 2020: $21,395,409Net Income 2020: $7,167,8492020Revenue 2021: $26,799,966Expenses 2021: $22,967,138Net Income 2021: $3,832,8282021Revenue 2022: $24,254,314Expenses 2022: $26,063,917Net Income 2022: -$1,809,6032022Revenue 2023: $36,993,722Expenses 2023: $27,100,301Net Income 2023: $9,893,4212023Revenue 2024: $26,268,516Expenses 2024: $25,973,445Net Income 2024: $295,0712024Revenue 2025: $26,717,885Expenses 2025: $28,632,189Net Income 2025: -$1,914,3042025

Highlighted filing

2025

Revenue$26,717,885
Expenses$28,632,189
Net Income-$1,914,304

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Summary only. Only limited summary data is available for this year.$691$27.9$663$26.7$28.6$1.91
2024Summary only. Only limited summary data is available for this year.$642$24.3$618$26.3$26.0$0.30
2023Summary only. Only limited summary data is available for this year.$584$20.7$564$37.0$27.1$9.89
2022Summary only. Only limited summary data is available for this year.$539$20.8$519$24.3$26.1$1.81
2021Summary only. Only limited summary data is available for this year.$567$18.0$549$26.8$23.0$3.83
2020Summary only. Only limited summary data is available for this year.$421$8.61$413$28.6$21.4$7.17
2019Summary only. Only limited summary data is available for this year.$417$6.17$410$21.4$19.2$2.16
2018Summary only. Only limited summary data is available for this year.$397$5.73$392$24.0$20.7$3.34
2017Summary only. Only limited summary data is available for this year.$370$5.92$364$46.4$19.7$26.7
2016Summary only. Only limited summary data is available for this year.$310$6.40$304$17.9$20.0$2.17
2015Summary only. Only limited summary data is available for this year.$318$6.08$312$25.3$20.6$4.70
2014Summary only. Only limited summary data is available for this year.$309$4.99$304$15.9$20.1$4.17
2013Summary only. Only limited summary data is available for this year.$274$4.65$269$17.8
2012Summary only. Only limited summary data is available for this year.$244$4.35$240$11.7$16.6$4.89
2011Summary only. Only limited summary data is available for this year.$257$4.76$252$15.7
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Nov 14, 2025
Return Version
2024v5.1
Gross Receipts
$26,717,885
Mission and Program Overview

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.

To support the Virginia Military Institute (VMI), a state-supported school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$600,547,661$647,872,770▲ $47,325,109
Savings and Temporary Cash Investments$26,743,300$31,439,046▲ $4,695,746
Pledges and Grants Receivable$8,911,418$6,283,340▼ $2,628,078
Accounts Receivable$2,641,987$2,502,025▼ $139,962
Land, Buildings, and Equipment, Net$13,686$1,745▼ $11,941
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$642,086,851$691,343,869▲ $49,257,018
Other Assets Total$3,228,799$3,244,943▲ $16,144
Liabilities
Other Liabilities$24,317,716$27,603,195▲ $3,285,479
Accounts Payable and Accrued Expenses-$319,528-
Total Liabilities$24,317,716$27,922,723▲ $3,605,007
Net Assets / Fund Balance
Net Assets With Donor Restrictions$507,774,040$553,426,051▲ $45,652,011
Net Assets Without Donor Restrictions$109,995,095$109,995,095→ $0
Total Net Assets Fund Balance$617,769,135$663,421,146▲ $45,652,011
Total Liabilities and Net Assets / Fund Balance$642,086,851$691,343,869▲ $49,257,018

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$729,725$729,725
Buildings$1,745$142,755$144,500
Other Securities$21,704,204--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$351,997,690$12,033,621▲ $55,722,360$5,797,112$392,846,691
2023$315,776,997$7,774,212▲ $41,475,047$-1,220,363$351,997,690
2022$267,427,955$22,682,327▲ $30,588,968$-7,985,567$315,776,997
2021$279,133,803$13,144,986▼ $11,137,551$2,833,526$267,427,955
2020$202,224,101$11,548,895▲ $75,845,108$-166,199$279,133,803
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Theresa I ConradVice President DevelopmentFT$160,821$6,225$167,046
Meade B KingChief Operating OfficerFT$144,347$19,126$163,473
Gregory M CavallaroSenior Major Gift OfficerFT$142,962$20,149$163,111
Virginia CameronExecutive Assistant and Corporate SecretaryFT$52,392$475$52,867

Board Members and Trustees

NameTitle
Colonel Joseph P Moan USAF RetBoard Member
Commander Bree A GuitermanBoard Member
Dr Christopher R GormanBoard Member
Lt Gen Carl A Strock USA RetBoard Member
Mr Daniel P ThorntonBoard Member
Mr Daryl L DekeBoard Member
Mr Ernesto V Sampson JrBoard Member
Mr Gale F SommersBoard Member
Mr Garland Gray IIBoard Member
Mr Glen N JonesBoard Member
Mr John F Fick IIIBoard Member
Mr John P WilliamsBoard Member
Mr Johnathan A MayoBoard Member
Mr Jonathan T MoodyBoard Member
Mr Kimber L Latsha JDBoard Member
Mr Kurt A PolkBoard Member
Mr Matthew B HamiltonBoard Member
Mr Matthew R HemenezBoard Member
Mr Robert B GoreBoard Member
Mr Robert M MichieBoard Member
Mr Sean P CantrellBoard Member
Mr Sterling T SweeneyBoard Member
Mr Thomas Henry ZargesBoard Member
Mr William L TaliaferroBoard Member
Mrs Elise G WoodworthBoard Member
Mrs Lara T ChambersBoard Member
Ms Dorcas G WilkinsonBoard Member
David L PrasnickiChief Executive Officer
Crissy S ElliottChief Financial Officer
Kevin A RyanFinancial Controller

Highest Paid Contractors

ContractorServicesLocationCompensation
FriendoEvent Speaker9150 Wilshire Blvd Suite 350, Beverly Hills, CA 90212$145,000
Revenue and Support

Revenue Composition

Contributions and Grants
$15,418,605
Program Service Revenue
$0
Investment Income
$10,882,334
Other Revenue
$416,946
All Other Contributions
$15,418,605
Change in Net Assets
$-1,914,304

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded73$998,084Market value
Total Noncash Contributions73$998,084-

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$23,179,400
Other Expenses$3,770,005
Salaries, Compensation, and Employee Benefits$1,682,784
Total Fundraising Expense$1,602,316
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$23,179,400--$23,179,400
Fees for Service Investment Mgmnt Fees-$3,136,474-$3,136,474
Other Salaries and Wages$179,165$134,373$582,285$895,823
Current Officers, Directors, Trustees, and Key Employees$79,644$99,555$219,020$398,219
Other Employee Benefits$33,306$24,979$108,244$166,529
Pension Plan Contributions$24,444$18,333$79,444$122,221
Payroll Taxes$19,998$14,999$64,995$99,992
Travel-$18,686$74,744$93,430
Office Expenses$27,341$9,176$55,236$91,753
Conferences and Meetings-$13,768$13,768$27,536
Depreciation Depletion-$11,942-$11,942
Other Expenses$2,061$801$267$1,068
Total Functional Expenses$23,545,359$3,484,514$1,602,316$28,632,189

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Virginia Military InstituteLexington, VA115Various Program Services$18,556,130
VMI Alumni Agencies BoardLexington, VA501(c)(3)Administrative Support$3,417,712
VMI Alumni AssociationLexington, VA501(c)(3)administrative support$1,205,558

International Summary

Offices
0
Employees
0
Spending
$14,134,433

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$14,134,433
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Liabilities under charitable gift annuities$23,195,545
Federal Income Taxes$4,407,650
Due to related parties-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

Prior to its filing, a pubic disclosure copy of the Form 990 was made available to the board members for their review. SINCE A COMPLETE COPY OF THE FORM 990 WAS NOT PROVIDED TO THE BOARD, THE FOUNDATION HAS ANSWERED NO TO FORM 990, PART VI, QUESTION 11a.

Form 990, Part VI, Line 12C Conflict of interest policy

ANNUAL CONFLICT OF INTEREST STATEMENTS ARE COMPLETED BY ALL BOARD MEMBERS. ADDITIONALLY, A CONFLICT OF INTEREST POLICY WHICH GOVERNS ALL BOARD MEMBERS IS IN PLACE AND REVIEWED AND UPDATED ANNUALLY FOR EXISTING AND NEW BOARD MEMBERS. If a conflict between the organization and a board member arises, that board member recuses himself from voting or otherwise influencing policy on that matter.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

The organization has a compensation committee that reviews all salaries. Comparative data is supplied for all positions.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

The organization has a compensation committee that reviews all salaries. Comparative data is supplied for all positions.

Form 990, Part VI, Line 19 Required documents available to the public

Governing documents are available on organization's website and are also available upon request.

Filing and Contact Details

Filer

Filer Name
VMI Foundation
EIN
54-0505966
Phone
5404647383
Address
PO Box 932, Lexington, VA 24450

Signing Officer

Name
Crissy S Elliott
Title
Chief Financial Officer
Phone
5404647383
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1937
Legal Domicile
Va
Voting Board Members
27
Independent Board Members
27
Employees
29
Volunteers
0

Preparer

Firm
Forvis Mazars LLP
Address
901 East Cary Street Suite 1000, Richmond, VA 23219
Preparer
Stephen Kimberlin
Phone
8042827636
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Actuarial GAIN on Trust & Annuity Obligations - -423100; Total - -423100;

Form 990, Part XII, Line 2C Change of oversight process or selection process

The organization has an audit committee in place that assumes responsibility for the oversight of the audit and selection of an independent accountant. The audited financial statements are reviewed at a scheduled meeting each year.

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

The intended use of the endowment funds is to support the virginia military institute (vmi), a state-supported school and vmi alumni association to expand support from alumni for vmi.

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Foundation is exempt from federal and state income taxes as a nonprofit organization under Section 501(c)(3) of the Internal Revenue Code and the tax statutes of the Commonwealth of Virginia. In addition, the Organization has been classified as an organization that is not a private foundation under Section 509(a) of the Internal Revenue Code.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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