Vmi Foundation, Inc.
Vmi Foundation, Inc.
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About this organization
Mission
Organized in 1936 by the V. M. I. Alumni Association, and chartered as a non-profit, non-stock, tax-exempt corporation in 1937, the VMI Foundation's stated purpose objective has been to build an endowment to provide for the advancement, promotion, welfare and progress of the Virginia Military Institute and the V. M. I. Alumni Association. The foundation solicits unrestricted donations for immediate use, gifts for designated or restricted purposes, and future gifts through wills, life insurance policies, charitable remainder trusts, and the VMI Foundation's Pooled Income Fund. The IRS has classified the foundation 'as not a private foundation.'
About
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.
Interesting data from their 2020 990 filing
The non-profit's mission is outlined in the filing as being “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.”.
When outlining its responsibilities, they were referred to as: “To support the virginia military institute (vmi), a state-supported school.”.
- The state in which the non-profit operates has been officially reported as VA.
- The filing reveals the non-profit's address in 2020 to be PO BOX 932, LEXINGTON, VA, 24450.
- As per the non-profit's form for 2020, they have 62 employees on their payroll.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $2,164,575.
- The organization has 26 independent voting members.
- The organization was formed in 1937.
- The organization pays $1,379,749 in salary, compensation, and benefits to its employees.
- The organization pays $1,163,986 in fundraising expenses.
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