V M I Keydet Club
- Assets
- $95.5m
- Revenue
- $9.5m
- Investments
- $82.4m
- Employees
- 3
- Location
- Lexington, VA
- Founding
- 09/1983
- Data as of
- 06/2022
- EIN
- 52-1300039
Organization Overview
V M I Keydet Club is located in Lexington, VA. The organization was established in 1983. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, V M I Keydet Club employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. V M I Keydet Club is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, V M I Keydet Club generated $9.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.3%) each year. All expenses for the organization totaled $7.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, V M I Keydet Club has awarded 39 individual grants totaling $34,329,176. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE VMI KEYDET CLUB, INC. IS TO SUPPORT, STRENGTHEN, AND DEVELOP THE INTERCOLLEGIATE ATHLETIC PROGRAM AT VMI.
Describe the Organization's Program Activity:
ATHLETIC SCHOLARSHIPS AND SUPPORT OF VIRGINIA MILITARY INSTITUTE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew C Deal Chief Operating Officer | Officer | 40 | $82,690 |
Douglas P Bartlett Vice President | Officer | 40 | $71,840 |
David L Prasnicki Chief Executive Officer | Officer | 2 | $0 |
Stephen M Maconi CEO Through 10/2021 | Officer | 2 | $0 |
Crissy S Elliott Chief Financial Officer | Officer | 2 | $0 |
Daniel P Thornton 3rd Vice President | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,275,314 |
| Noncash contributions included in lines 1a–1f | $908,410 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,275,314 |
| Total Program Service Revenue | $0 |
| Investment income | $1,107,683 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,549,405 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,877,503 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $117,001 |
| Compensation of current officers, directors, key employees. | $17,550 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $107,455 |
| Pension plan accruals and contributions | $27,169 |
| Other employee benefits | $32,521 |
| Payroll taxes | $17,105 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,239,010 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $8,006 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $20,327 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $67,418 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,652,181 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,383,494 |
| Pledges and grants receivable | $6,119,565 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,278 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $82,443,115 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $527,961 |
| Total assets | $95,483,413 |
| Accounts payable and accrued expenses | $6,076 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,995,765 |
| Total liabilities | $7,001,841 |
| Net assets without donor restrictions | -$4,273,506 |
| Net assets with donor restrictions | $92,755,078 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $95,483,413 |
Grants Awarded
Over the last fiscal year, V M I Keydet Club has awarded $5,875,387 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Lexington, VA PURPOSE: INTERCOLLEGIATE ATHLETICS | $2,789,471 |
Lexington, VA PURPOSE: ATHLETIC SCHOLARSHIPS | $2,698,939 |
Lexington, VA PURPOSE: ADMINISTRATIVE SUPPORT | $296,968 |
Lexington, VA PURPOSE: ADMINISTRATIVE SUPPORT | $73,792 |
Lexington, VA PURPOSE: INSURANCE PREMIUMS | $16,217 |
Grants Recieved
Over the last fiscal year, we have identified 15 grants that V M I Keydet Club has recieved totaling $406,887.
| Awarding Organization | Amount |
|---|---|
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $212,500 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $108,835 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: GROWTH | $26,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $23,552 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: ARTS AND CULTURE | $20,000 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $8,000 |
Endowment Analysis
| Beg. Balance | $84,032,225 |
| Earnings | -$1,098,694 |
| Net Contributions | $2,244,988 |
| Other Expense | $3,477,178 |
| Ending Balance | $81,701,341 |