Vmi Alumni Agencies Board Inc
- Assets
- $87.6m
- Revenue
- $10.9m
- Investments
- $67.0m
- Employees
- 22
- Location
- Lexington, VA
- Founding
- 02/1988
- Data as of
- 06/2022
- EIN
- 54-1429093
Organization Overview
Vmi Alumni Agencies Board Inc is located in Lexington, VA. The organization was established in 1988. 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 06/2023, Vmi Alumni Agencies Board Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vmi Alumni Agencies Board Inc 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, Vmi Alumni Agencies Board Inc generated $10.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.1% each year . All expenses for the organization totaled $6.7m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Vmi Alumni Agencies Board Inc has awarded 59 individual grants totaling $33,875,472. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SUPPORT FOR THE VIRGINIA MILITARY INSTITUTE (VMI), A STATE-SUPPORTED SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL PROGRAM SERVICES WERE FOR THE SUPPORT OF VMI
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hugh M Fain III Board Member | Trustee | 5 | $0 |
Matthew R Hemenez Board Member | Trustee | 5 | $0 |
Dr Bland Massie Jr Board Member | Trustee | 5 | $0 |
Anthony U Moore Board Member | Trustee | 5 | $0 |
Ernesto V Sampson Jr Board Member | Trustee | 5 | $0 |
Daniel P Thornton Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bny Mellon Na Investment Manangement | 6/29/20 | $366,560 |
Flora Pettit Legal Services | 6/29/20 | $161,068 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,069,802 |
| Investment income | $917,509 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$74,424 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,873,805 |
| Statement of Expenses | |
|---|---|
| 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. | $735,867 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $981,742 |
| Pension plan accruals and contributions | $171,823 |
| Other employee benefits | $179,300 |
| Payroll taxes | $124,623 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $222,423 |
| Fees for services: Accounting | $78,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,017,797 |
| Fees for services: Other | $176,328 |
| Advertising and promotion | $0 |
| Office expenses | $852,609 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $45,976 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,038 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,455 |
| Insurance | $45,662 |
| All other expenses | $0 |
| Total functional expenses | $6,673,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $66,997,554 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,606,947 |
| Total assets | $87,634,014 |
| Accounts payable and accrued expenses | $11,504,968 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $36,353,909 |
| 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 | $2,325,036 |
| Other liabilities | $260,491 |
| Total liabilities | $50,444,404 |
| Net assets without donor restrictions | $15,088,730 |
| Net assets with donor restrictions | $22,100,880 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $37,189,610 |
Grants Awarded
Over the last fiscal year, Vmi Alumni Agencies Board Inc has awarded $12,148,657 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA MILITARY INSTITUTE PURPOSE: DEBT SERVICE | $974,999 |
VIRGINIA MILITARY INSTITUTE PURPOSE: PHYSICAL PLANT | $10,091,998 |
VIRGINIA MILITARY INSTITUTE PURPOSE: UNDESIGNATED AID | $400,000 |
VIRGINIA MILITARY INSTITUTE PURPOSE: INTERCOLLEGIATE ATHLETICS | $664,737 |
VMI KEYDET CLUB PURPOSE: ADMINISTRATIVE SUPPORT | $16,923 |