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VMI foundation reports strong investment returns, flags $4M annual scholarship need
Summary
VMI’s foundation reported significant portfolio growth and fundraising last year but said sustaining the Call‑to‑Duty scholarship program at current levels will require roughly $4 million a year; the board discussed private endowment and donor assignment strategies.
The VMI Foundation told the Board of Visitors that the foundation’s portfolio had strong growth over the past year and that fundraising momentum continues, while flagging a funding gap that will affect scholarship sustainability.
During the foundation’s update, staff reported approximately $83 million of portfolio growth and described a 15‑year compound return figure around 8.57% for the portfolio under a newer investment model (foundation presentation). The foundation said it lowered its risk tolerance by two percentage points even as recent returns have been strong.
Scholarship sustainability: foundation and board members discussed the Call‑to‑Duty scholarship program. Foundation staff said roughly $3.7 million has been raised to support the initiative to date but that sustaining the program at the current pace of awarding roughly 100 scholarships annually would require about $4 million per year—creating a structural gap the foundation plans to close by building endowment and seeking donor assignments (e.g., $10,000 naming assignments for scholarship support).
Board members responded with offers to help the foundation’s fundraising push and emphasized combining short‑term donor assignments with longer‑term endowment building so the program can continue without curtailment.
Background and context: foundation presenters also reviewed alumni engagement efforts, an upcoming alumni center (Moody Hall) and other fundraising activities. Board members asked for further financial detail and committee oversight as the administration prepares presentations and potential state requests tied to the six‑year plan.
Next steps: foundation staff will continue donor outreach, and the board encouraged committee‑level briefings and joint work to identify funding approaches for the scholarship program.
