VMI Foundation

Nonprofit profile at a glance

EIN
540505966
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Lexington, VA, USA
Phone
800-444-1839
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$26,717,885
Expenses
$28,632,189
Assets
$691,343,869
Liabilities
$27,922,723

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

34 people listed

Executive titles in this filing

  • David L Prasnicki (Chief Executive Officer)
  • Theresa I Conrad (Vice President Development)

Highest reported compensation

  • David L Prasnicki (Chief Executive Officer): $298,915 total reported compensation
  • Crissy S Elliott (Chief Financial Officer): $216,271 total reported compensation
  • Kevin A Ryan (Financial Controller): $168,110 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Support the Institute and its mission of shaping citizen soldiers.

What it reported doing in 2024

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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 98% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 73
  • Accountability: 95
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93%; rating input score 93
  • Program expense ratio: 82.2%; rating input score 82
  • Fundraising efficiency: $9.62 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -7.2%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 24.15; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 85; 85th percentile among comparable filings
  • Officer compensation ratio: 2.1%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 41st percentile among comparable filings
  • Revenue growth: 4% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 7.7% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • What they do: 5 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 93% of revenue deployed · 82.2% of spending went to programs
  • Governance: 27 of 27 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $23.5M in reported program spending
  • Leadership: top reported pay $299K · 34 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $145K reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 7 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
  • High — Sustainability: Operating margin scored 13/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.