Nonprofit · EIN 54-0505966
VMI FOUNDATION
Tax-exempt · LEXINGTON, VA 24450
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $26,717,885 | $28,632,189 | -$1,914,304 | $691,343,869 | $27,922,723 | $663,421,146 |
| June 30, 2024 | 990 | $26,268,516 | $25,973,445 | $295,071 | $642,086,851 | $24,317,716 | $617,769,135 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $15,418,605
- Program service revenue
- $0
- Investment income
- $10,882,334
- Other revenue
- $416,946
Expenses
- Grants and similar amounts paid
- $23,179,400
- Compensation of officers, directors and key employees
- $398,219
- Other salaries and wages
- $895,823
- Salaries, compensation and benefits (total)
- $1,682,784
- Professional fundraising fees
- $0
- Travel
- $93,430
- Depreciation
- $11,942
- Program services (functional)
- $23,545,359
- Management and general (functional)
- $3,484,514
- Fundraising (functional)
- $1,602,316
Balance sheet and other
- Total assets, start of year
- $642,086,851
- Total assets, end of year
- $691,343,869
- Total liabilities, end of year
- $27,922,723
- Net assets, end of year
- $663,421,146
- Land, buildings and equipment
- $1,745
- Net assets without donor restrictions
- $109,995,095
- Net assets with donor restrictions
- $553,426,051
- Gross unrelated business income
- $2,437,170
- Gross receipts
- $26,717,885
- Employees
- 29
- Volunteers
- 0
- Year formed
- 1937
- State of legal domicile
- VA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| David L Prasnicki | Chief Executive Officer Officer | 2 | $0 | $280,759 | $18,156 |
| Crissy S Elliott | Chief Financial Officer Officer | 2 | $0 | $182,835 | $33,436 |
| Kevin A Ryan | Financial Controller Officer | 2 | $0 | $163,894 | $4,216 |
| Theresa I Conrad | Vice President Development Officer | 40 | $163,821 | $0 | $3,225 |
| Meade B King | Chief Operating Officer Officer | 40 | $147,347 | $0 | $16,126 |
| Gregory M Cavallaro | Senior Major Gift Officer Highest-paid employee | 40 | $142,962 | $0 | $20,149 |
| Virginia Cameron | Executive Assistant and Corporate Secretary Officer | 40 | $52,392 | $0 | $475 |
| Colonel Joseph P Moan USAF Ret | Board Member Trustee or director | 2 | $0 | $0 | $0 |
| Commander Bree A Guiterman | Board Member Trustee or director | 2 | $0 | $0 | $0 |
| Dr Christopher R Gorman | Board Member Trustee or director | 2 | $0 | $0 | $0 |
| Lt Gen Carl A Strock USA Ret | Board Member Trustee or director | 2 | $0 | $0 | $0 |
| Mr Daniel P Thornton | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| Mr Daryl L Deke | Board Member Trustee or director | 2 | $0 | $0 | $0 |
| Mr Ernesto V Sampson Jr | Board Member Trustee or director | 2 | $0 | $0 | $0 |
| Mr Gale F Sommers | Board Member Trustee or director | 2 | $0 | $0 | $0 |
19 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Mr Garland Gray II | Board Member Trustee or director | 2 | $0 |
| Mr Glen N Jones | Board Member Trustee or director | 2 | $0 |
| Mr John F Fick III | Board Member Trustee or director | 2 | $0 |
| Mr John P Williams | Board Member Trustee or director | 2 | $0 |
| Mr Johnathan A Mayo | Board Member Trustee or director | 2 | $0 |
| Mr Jonathan T Moody | Board Member Trustee or director | 2 | $0 |
| Mr Kimber L Latsha JD | Board Member Trustee or director | 2 | $0 |
| Mr Kurt A Polk | Board Member Trustee or director | 2 | $0 |
| Mr Matthew B Hamilton | Board Member Trustee or director | 2 | $0 |
| Mr Matthew R Hemenez | BOARD MEMBER Trustee or director | 2 | $0 |
| Mr Robert B Gore | Board Member Trustee or director | 2 | $0 |
| Mr Robert M Michie | Board Member Trustee or director | 2 | $0 |
| Mr Sean P Cantrell | Board Member Trustee or director | 2 | $0 |
| Mr Sterling T Sweeney | Board Member Trustee or director | 2 | $0 |
| Mr Thomas Henry Zarges | Board Member Trustee or director | 2 | $0 |
| Mr William L Taliaferro | Board Member Trustee or director | 2 | $0 |
| Mrs Elise G Woodworth | Board Member Trustee or director | 2 | $0 |
| Mrs Lara T Chambers | Board Member Trustee or director | 2 | $0 |
| Ms Dorcas G Wilkinson | Board Member Trustee or director | 2 | $0 |
990 for the year ended June 30, 2024: 32 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| DAVID L PRASNICKI | CHIEF EXECUTIVE OFFICER Officer | 2 | $0 | $278,012 | $15,400 |
| CRISSY S ELLIOTT | CHIEF FINANCIAL OFFICER Officer | 2 | $0 | $178,639 | $34,045 |
| GREGORY M CAVALLARO | SENIOR MAJOR GIFT OFFICER Highest-paid employee | 40 | $151,765 | $0 | $30,287 |
| MEADE B KING | CHIEF OPERATING OFFICER Officer | 40 | $145,269 | $0 | $13,210 |
| THERESA I CONRAD | VICE PRESIDENT DEVELOPMENT Officer | 40 | $157,387 | $0 | $506 |
| KEVIN A RYAN | FINANCIAL CONTROLLER Officer | 2 | $0 | $90,417 | $6,313 |
| AMY S REID | CORPORATE SECRETARY Officer | 40 | $52,047 | $0 | $13,224 |
| ERNESTO V SAMPSON JR | PRESIDENT Trustee or director | 2 | $0 | $0 | $0 |
| MR DARYL L DEKE | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR JOHN F FICK III | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR STEPHEN M GODDARD | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR ROBERT B GORE | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| DR CHRISTOPHER R GORMAN | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR GARLAND GRAY II | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| COM BREE A GUITERMAN | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR GLEN N JONES | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR KIMBER L LATSHA JD | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR JOHNATHAN A MAYO | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| COL JOSEPH P MOAN | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR JONATHAN T MOODY | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR GALE F SOMMERS | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| LT GEN CARL A STROCK | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR STERLING T SWEENEY | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR WILLIAM L TALIAFERRO JR | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| LT COL CHARLES L TOOMEY | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MS DORCAS G WILKINSON | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR JOHN P WILLIAMS | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MRS ELISE G WOODWORTH | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR THOMAS HENRY ZARGES | BOARD MEMBER Trustee or director, Officer | 2 | $0 | $0 | $0 |
| MR DANIEL P THORNTON | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MR ANTHONY U MOORE | B2 Trustee or director | 2 | $0 | $0 | $0 |
| MR KURT A POLK | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 304 LETCHER AVE, LEXINGTON, VA 24450-2110
- Principal officer (990 for 2024)
- Crissy S Elliott, PO Box 932, Lexington, VA 24450
- Signed the 990
- Crissy S Elliott, Chief Financial Officer
- Phone
- (540) 464-7383
- Website
- www.vmialumni.org
- Return prepared by
- Forvis Mazars LLP
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.
Program accomplishments
- 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 $23,545,359 · grants $23,179,400
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 54-0505966
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1939
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B110)
- Assets (IRS master file)
- $691,343,869
- Income (IRS master file)
- $26,717,885
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $26,717,885 | $28,632,189 | $691,343,869 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $26,268,516 | $25,973,445 | $642,086,851 | XML |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $36,993,722 | $27,100,301 | $584,168,697 | IRS |
| 990-T | June 2023 | – | – | – | IRS |
| 990 | June 2022 | – | – | – | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-T | June 2021 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 54-0505966).
Questions about VMI FOUNDATION
- What is the EIN of VMI FOUNDATION?
- The employer identification number (EIN) of VMI FOUNDATION is 54-0505966.
- Is VMI FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1939.
- Are donations to VMI FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does VMI FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of VMI FOUNDATION due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did VMI FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of VMI FOUNDATION?
- The 990 for the year ended June 30, 2025 names Crissy S Elliott.
- Who are the officers and directors of VMI FOUNDATION?
- The 990 for the year ended June 30, 2025 lists 34 people; 4 received compensation from the organization.
- How much revenue does VMI FOUNDATION have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $26,717,885, expenses of $28,632,189 and total assets of $691,343,869 at year end.
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