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Board Honors Long‑Serving Alumni‑Agency Leader; Fundraising and Endowment Updates Presented
Summary
The board read a resolution thanking David L. Praznicki for decades of service to VMI alumni agencies, and board presenters reviewed fundraising progress, a near‑billion dollar endowment figure reported in the meeting, and upcoming capital projects.
The Board of Visitors formally recognized David L. Praznicki for more than 40 years of service to the Virginia Military Institute’s alumni agencies and foundation, adopting a resolution and directing the superintendent to present him the VMI meritorious service medal.
The resolution recounted Praznicki’s roles in reorganizing alumni agencies, establishing VMI Investment Holdings LLC and shaping investment strategy that the reading credited with producing an endowment valued in the meeting’s discussion at more than $875 million. Separately, a board presenter referenced a near‑$995 million figure for the institution’s endowment in an informal remark; the transcript records both figures in different places during the same discussion.
In related remarks, presenters described fundraising performance: a $6.2 million Call of Duty priority, a potential incoming $5 million gift that could boost near‑term totals, and ongoing capital projects including a proposed $21 million soccer and lacrosse stadium. Foundation activities and naming opportunities were framed as part of efforts to support scholarships, faculty and campus projects.
David Praznicki responded with personal remarks about his family, VMI’s role in his life and the satisfaction of serving the institute. Board members praised his leadership and long tenure.
What the board did: The board adopted the retirement resolution by reading and directed the superintendent to present the meritorious service medal. The board also accepted reports from advancement staff and the foundation on fundraising and endowment management.
Next steps: Advancement staff will continue cultivation and report on the potential large gift and capital project planning as appropriate.
