Civic Intelligence

VMI Alumni Agencies Board Inc

EIN 54-1429093 • 501(c)3 • Lexington, VA

Profile

The purpose of vmi alumni agencies board is to support virginia military institute (vmi), a state-supported school, by coordinating development and fundraising efforts conducted on behalf of the institute, planning, organizing, and conducting the vmi campaign.

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

76th percentile

0.63x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Liabilities / Revenue

97th percentile

12.78x

Higher debt load relative to revenue than 97% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Net Margin

8th percentile

-23%

Higher net margin than 8% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

58th percentile

7.8%

Faster asset growth than 58% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Revenue Growth

33rd percentile

1.4%

Faster revenue growth than 33% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$111,684,682

Up $8,124,677 (+7.8%) from 2024

Liabilities

Up

$70,733,253

Up $3,608,966 (+5.4%) from 2024

Net Assets

Up

$40,951,429

Up $4,515,711 (+12%) from 2024

Operations
Liabilities / Revenue97th percentileNet Margin8th percentile

Revenue

Up

$5,535,814

Up $78,249 (+1.4%) from 2024

Expenses

Up

$6,834,405

Up $709,930 (+12%) from 2024

Net Income

Down

-$1,298,591

Down $631,681 (-95%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth58th percentile

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

$150M$100M$50M$0Assets 2010: $59,697,063Liabilities 2010: $53,808,994Net Assets 2010: $5,888,0692010Assets 2011: $73,468,382Liabilities 2011: $54,790,367Net Assets 2011: $18,678,0152011Assets 2012: $77,404,270Liabilities 2012: $62,739,729Net Assets 2012: $14,664,5412012Assets 2013: $75,012,248Liabilities 2013: $58,858,726Net Assets 2013: $16,153,5222013Assets 2014: $81,087,649Liabilities 2014: $59,593,191Net Assets 2014: $21,494,4582014Assets 2015: $71,345,714Liabilities 2015: $53,550,270Net Assets 2015: $17,795,4442015Assets 2016: $70,051,733Liabilities 2016: $57,999,360Net Assets 2016: $12,052,3732016Assets 2017: $74,381,653Liabilities 2017: $58,808,197Net Assets 2017: $15,573,4562017Assets 2018: $78,318,792Liabilities 2018: $59,168,821Net Assets 2018: $19,149,9712018Assets 2019: $79,135,385Liabilities 2019: $57,564,658Net Assets 2019: $21,570,7272019Assets 2020: $79,392,561Liabilities 2020: $60,578,974Net Assets 2020: $18,813,5872020Assets 2021: $91,066,431Liabilities 2021: $54,418,588Net Assets 2021: $36,647,8432021Assets 2022: $87,634,014Liabilities 2022: $50,444,404Net Assets 2022: $37,189,6102022Assets 2023: $94,289,341Liabilities 2023: $63,916,489Net Assets 2023: $30,372,8522023Assets 2024: $103,560,005Liabilities 2024: $67,124,287Net Assets 2024: $36,435,7182024Assets 2025: $111,684,682Liabilities 2025: $70,733,253Net Assets 2025: $40,951,4292025

Highlighted filing

2025

Assets$111,684,682
Liabilities$70,733,253
Net Assets$40,951,429
Open 2025 Filing

Operations Trend

Revenue Growth33rd percentile

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

$20M$10M$0-$10M-$20MExpenses 2010: $3,598,2982010Expenses 2011: $5,808,0042011Revenue 2012: $2,799,652Expenses 2012: $5,700,100Net Income 2012: -$2,900,4482012Expenses 2013: $5,504,0292013Revenue 2014: $443,225Expenses 2014: $4,419,083Net Income 2014: -$3,975,8582014Revenue 2015: $447,535Expenses 2015: $5,108,131Net Income 2015: -$4,660,5962015Revenue 2016: $2,851,428Expenses 2016: $7,117,211Net Income 2016: -$4,265,7832016Revenue 2017: $1,274,126Expenses 2017: $3,503,955Net Income 2017: -$2,229,8292017Revenue 2018: $1,667,488Expenses 2018: $3,784,868Net Income 2018: -$2,117,3802018Revenue 2019: $6,165,337Expenses 2019: $7,266,625Net Income 2019: -$1,101,2882019Revenue 2020: $4,824,882Expenses 2020: $6,584,068Net Income 2020: -$1,759,1862020Revenue 2021: $5,217,814Expenses 2021: $9,865,565Net Income 2021: -$4,647,7512021Revenue 2022: $10,873,805Expenses 2022: $6,673,465Net Income 2022: $4,200,3402022Revenue 2023: $5,519,621Expenses 2023: $16,878,080Net Income 2023: -$11,358,4592023Revenue 2024: $5,457,565Expenses 2024: $6,124,475Net Income 2024: -$666,9102024Revenue 2025: $5,535,814Expenses 2025: $6,834,405Net Income 2025: -$1,298,5912025

Highlighted filing

2025

Revenue$5,535,814
Expenses$6,834,405
Net Income-$1,298,591
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$111,684,682
Liabilities
$70,733,253
Net assets
$40,951,429
Revenue
$5,535,814
Expenses
$6,834,405
Net income
-$1,298,591
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$112$70.7$41.0$5.54$6.83$1.30
2024Summary only. Only limited summary data is available for this year.$104$67.1$36.4$5.46$6.12$0.67
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$94.3$63.9$30.4$5.52$16.9$11.4
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$87.6$50.4$37.2$10.9$6.67$4.20
2021Summary only. Only limited summary data is available for this year.$91.1$54.4$36.6$5.22$9.87$4.65
2020Summary only. Only limited summary data is available for this year.$79.4$60.6$18.8$4.82$6.58$1.76
2019Summary only. Only limited summary data is available for this year.$79.1$57.6$21.6$6.17$7.27$1.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$78.3$59.2$19.1$1.67$3.78$2.12
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$74.4$58.8$15.6$1.27$3.50$2.23
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$70.1$58.0$12.1$2.85$7.12$4.27
2015Summary only. Only limited summary data is available for this year.$71.3$53.6$17.8$0.45$5.11$4.66
2014Detailed filing. Detailed filing data is available for this year.$81.1$59.6$21.5$0.44$4.42$3.98
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.0$58.9$16.2$5.50
2012Summary only. Only limited summary data is available for this year.$77.4$62.7$14.7$2.80$5.70$2.90
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.5$54.8$18.7$5.81
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$59.7$53.8$5.89$3.60
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
$5,535,814
Mission and Program Overview

Mission

The purpose of vmi development board is to support virginia military institute (vmi), a state-supported school, by coordinating development and fundraising efforts conducted on behalf of the institute, planning, organizing, and conducting the vmi campaign.

To provide support for the virginia military institute (vmi), a state-supported school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$75,480,517$79,533,665▲ $4,053,148
Pledges and Grants Receivable$3,757$202,509▲ $198,752
Land, Buildings, and Equipment, Net$16,182$10,932▼ $5,250
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$103,560,005$111,684,682▲ $8,124,677
Other Assets Total$28,059,549$31,937,576▲ $3,878,027
Liabilities
Tax Exempt Bond Liabilities$36,329,306$36,317,005▼ $12,301
Accounts Payable and Accrued Expenses$28,215,864$31,845,317▲ $3,629,453
Unsecured Notes Loans Payable$2,325,036$2,325,036→ $0
Other Liabilities$254,081$245,895▼ $8,186
Total Liabilities$67,124,287$70,733,253▲ $3,608,966
Net Assets / Fund Balance
Net Assets With Donor Restrictions$18,687,162$23,202,873▲ $4,515,711
Net Assets Without Donor Restrictions$17,748,556$17,748,556→ $0
Total Net Assets Fund Balance$36,435,718$40,951,429▲ $4,515,711
Total Liabilities and Net Assets / Fund Balance$103,560,005$111,684,682▲ $8,124,677

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$10,932$39,260$50,192
Other Assets Org$14,067--
Other Securities$1,208,118--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$4,564,006$500,075▲ $150,017-$4,879,279
2023$4,582,889$-304▲ $192,058-$4,564,006
2022$14,387,630$208,019▲ $188,771-$4,582,889
2021$7,467,052$7,004,928▲ $96,454-$14,387,630
2020$7,488,840$40,623▲ $119,708-$7,467,052
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
David L PrasnickiChief Executive OfficerFT$272,259$26,656$298,915
Crissy S ElliottChief Financial OfficerFT$176,835$39,436$216,271
Kevin A RyanFinancial ControllerFT$157,394$10,716$168,110
Amy F GoetzChief Communications OfficerFT$136,192$12,512$148,704

Board Members and Trustees

NameTitle
Mr Matthew R HemenezChairman
Mr Daniel P ThorntonBoard Member
Mr Ernesto V Sampson JrBoard Member
Mr Kelly M SweppenhiserBoard Member
Mr Thomas E GottwaldBoard Member
Mr William C CollierBoard Member
Mr William L Taliaferro JrBoard Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Flora Pettit PClegal servicesPO BOX 1287, Harrisonburg, VA 22803$190,477
Mcguirewoods ConsultingConsulting services901 EAST CARY ST, Richmond, VA 23219$181,411
Forvis Mazars LLPaccounting servicesPO BOX 602828, Charlotte, NC 28260$110,565
Revenue and Support

Revenue Composition

Contributions and Grants
$453,527
Program Service Revenue
$0
Investment Income
$1,349,516
Other Revenue
$3,732,771
All Other Contributions
$453,527
Change in Net Assets
$-1,298,591

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 Traded2$250,000Market value
Total Noncash Contributions2$250,000-

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
Salaries, Compensation, and Employee Benefits$2,813,617
Grants and Similar Amounts Paid$2,217,934
Other Expenses$1,802,854
Total Fundraising Expense$1,621,762
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,217,934--$2,217,934
Other Salaries and Wages$358,737$573,978$502,231$1,434,946
Office Expenses$149,032$336,808$515,376$1,001,216
Current Officers, Directors, Trustees, and Key Employees$178,444$285,510$249,821$713,775
Fees for Service Investment Mgmnt Fees-$392,488-$392,488
Other Employee Benefits$64,777$103,642$90,687$259,106
Pension Plan Contributions$59,419$95,070$83,186$237,675
Payroll Taxes$42,029$67,246$58,840$168,115
Fees for Services Other$0$42,838$64,258$107,096
Fees for Services Accounting-$106,470-$106,470
Insurance$32,551$32,551-$65,102
Fees for Services Legal$8,363$12,544$20,907$41,814
Travel-$5,658$22,631$28,289
Other Expenses$1,821$1,366$5,918$9,105
Depreciation Depletion-$5,250-$5,250
All Other Expenses$419$3,064$1,467$4,950
Conferences and Meetings-$1,238$1,238$2,476
Total Functional Expenses$3,127,157$2,085,486$1,621,762$6,834,405

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$2,217,934

International Summary

Offices
0
Employees
0
Spending
$2,279,221

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$2,279,221
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
Federal Income Taxes$245,895
Trust & Annuity obligations-

Bond Issues

BondIssuerIssuedIssue PricePurpose
AIndustrial Development Authority of the City of Lexington Virginia2016-06-02$36,736,266Refund Bond Series 2006B and 2006C
BIndustrial Development Authority of the City of Lexington Virginia2021-12-31$25,978,525Refund Bond Series 2016

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$36,736,226--$412,396
B$25,978,525--$321,016

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

“MEMBERS OF THE VMI ALUMNI ASSOCIATION BOARD OF DIRECTORS SERVE AS THE MEMBERS OF THE VMI Alumni Agencies Board, Inc.”

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

“MEMBERS OF THE VMI ALUMNI ASSOCIATION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE VMI Alumni Agencies BOARD'S BOARD OF DIRECTORS.”

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

“THE VMI Alumni Agencies Board's BYLAWS PROVIDE THAT ANY AMENDMENT TO THE BYLAWS BY THE BOARD OF DIRECTORS IS SUBJECT TO AMENDMENT OR REPEAL BY THE MEMBERS.”

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

“Prior to its filing, a public disclosure copy of the Form 990 was made available to board members. Since a complete copy of the Form 990 was not provided to the Board, the organization has answered "NO" to Form 990, Part VI, Question 11A.”

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

“Annual conflict of interest statetments 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.”

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 Alumni Agencies Board Inc
EIN
54-1429093
Phone
5404647383
Address
PO BOX 932, Lexington, VA 24450

Signing Officer

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

Organization Details

Formed
1978
Legal Domicile
Va
Voting Board Members
7
Independent Board Members
7
Employees
24
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 (loss) on Trust & Annuity obligations - -32186; Total - -32186;”

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.”

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

“The Organization 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.”

Raw XML AppendixShowing 400 of 868 raw XML fields

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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