Vmi Foundation
304 Letcher Ave, Lexington, VA · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $26,717,885 | $28,632,189 | $663,421,146 |
| FY2024 | $26,268,516 | $25,973,445 | $617,769,135 |
| FY2023 | $36,993,722 | $27,100,301 | $563,515,618 |
| FY2022 | $24,254,314 | $26,063,917 | $518,593,479 |
| FY2021 | $26,799,966 | $22,967,138 | $549,185,012 |
| FY2020 | $28,563,258 | $21,395,409 | $412,643,402 |
| FY2019 | $21,413,954 | $19,249,379 | $410,365,345 |
| FY2018 | $24,023,675 | $20,685,372 | $391,627,628 |
| FY2017 | $46,421,134 | $19,726,637 | $363,631,449 |
| FY2016 | $17,872,352 | $20,040,921 | $304,049,519 |
| FY2015 | $25,310,898 | $20,612,743 | $312,392,057 |
| FY2014 | $15,887,614 | $20,061,224 | $303,682,970 |
| FY2013 | $21,490,067 | $17,822,406 | $268,995,699 |
| FY2012 | $11,727,590 | $16,619,933 | $239,556,277 |
Form 990 filings
The returns filed by Vmi Foundation (EIN 54-0505966), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $15,418,605 | 58% |
| Program service revenue | $0 | 0% |
| Other revenue | $11,299,280 | 42% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $23,545,359 | 82% |
| Management & general | $3,484,514 | 12% |
| Fundraising | $1,602,316 | 6% |
What the numbers show
- Contributions & grants made up 58% of total revenue in FY2025.
- Program services accounted for 82% of functional expenses, management & general 12%, and fundraising 6%.
- 82% of functional expenses went to program services in FY2025. That is higher than 39.7% of 136 Education organizations in VA.
- Net assets covered about 278 months of expenses at the end of the reporting year. That puts it in the 95th percentile among 1604 Education organizations in VA.
- Total revenue was higher than 96.2% of 1641 Education organizations in VA.
- Total revenue rose from $11,727,590 in FY2012 to $26,717,885 in FY2025. Revenue increased in 6 and decreased in 7 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 5 of 14 reported years (FY2012, FY2014, FY2016, FY2022, FY2025).
- The highest revenue on record here is $46,421,134 in FY2017.
- Net assets grew from $239,556,277 to $663,421,146 between FY2012 and FY2025.
- Contributions and grants made up 87% of revenue in FY2012 and 58% in FY2025.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
To support the Virginia Military Institute (VMI), a state-supported school.
IRS status
| Ruling year | 1939 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | B110 — Education (in VA) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
Similar organizations
- Foxcroft School — Middleburg, VA · $26,163,860
- University of Virginia Alumni Association — Charlottesville, VA · $24,213,385
- Capital One Foundation Inc — McLean, VA · $21,841,693
- University of Mary Washington Foundation — Fredericksbrg, VA · $21,673,643
- Air & Space Forces Association — Arlington, VA · $33,219,089
- Longwood University Real Estate Foundation — Farmville, VA · $35,126,384
- Norfolk Academy — Norfolk, VA · $35,906,293
- University of Virginia McIntire School of Commerce Foundation — Charlottesvle, VA · $16,134,614
Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
Think something here is wrong or should be removed? Use the contact form — we act on removal requests within 30 days.