Nmi Foundation

CHATTANOOGA, TN EIN: 85-3583237

Nmi Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in CHATTANOOGA, TN. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $563K in total assets. In 2024, it awarded 3 grants totaling $9.0M. Net investment income was $59K.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$563K

-93.5% YoY

Annual Giving

$9.0M

+592.8% YoY

Grant Count

+0.0% YoY

Avg Grant Size

$3.0M

+592.8% YoY

Under IRS private-foundation payout rules, Nmi Foundation reported a distributable amount of $73K for 2024 — the minimum it must pay out in qualifying distributions.

About Nmi Foundation

Based on IRS filings

Focus Areas

Philanthropy, Voluntarism & Grantmaking

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

Tennessee $10.4M (100%)

States

Tennessee

Cities

Chattanooga

Financial History

Multi-year comparison from IRS filings

Revenue

Expenses

Qualifying Distributions

Net Investment Income

Metric	2024	2023	2022
Total Assets	$562,607	$8,645,071	$4,752,604
Revenue	$959,859	$5,199,543	$3,018,235
Expenses	$9,042,323	$1,307,076	$2,572
Qualifying Distributions	$9,035,900	$1,303,470	$362
Net Investment Income	$59,436	$195,937	$16,025
Distributable Amount	$73,477	$194,741	$78,919

Giving Over Time

Total grant dollars and number of grants per year

Grant Insights

How this funder distributes its grants

Top Recipients

Top 3 recipients in 2024

Grant Size Distribution

9 grants across all recorded years

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Girls Preparatory School ($8,000,000), Chattanooga Area Food Bank ($1,012,000), Tivoli Theatre Foundation ($15,000).

Recipient	Purpose	Amount
GIRLS PREPARATORY SCHOOL CHATTANOOGA, TN	ESTABLISHMENT AND FUNDING OF THE SHARON MILLS SUSTAINABILITY FUND WHICH IS AIMED AT ENSURING THE GIRLS PREPARATORY SCHOOL ACHIEVES LONG TERM FINANCIAL AND ENVIRONMENTAL SUSTAINABILITY.	$8,000,000
TIVOLI THEATRE FOUNDATION CHATTANOOGA, TN	SUPPORTS THE CAPITAL RENOVATION CAMPAIGN PROVIDING THE FOLLOWING FOR PERMANENT ART (STEEL AND GLASS SCULPTURE) BEING INSTALLED DURING THE RENOVATION: OFF-SITE STORAGE (WHILE UNDER CONSTRUCTION), ENGINEERING AND ARCHITECTURE FEES, AND MATERIALS AND LABOR.	$15,000
CHATTANOOGA AREA FOOD BANK CHATTANOOGA, TN	SUPPORTS SOURCING AND PURCHASE OF FRESH VEGETABLES AND FRUITS, PROTEINS, DAIRY, AND SHELF STABLE FOODS; ADDING STAFFING AND PROFESSIONAL DEVELOPMENT; CAPITAL IMPROVEMENTS; PURCHASE OF REEFER TRUCK AND VAN; COMPUTER TECHNOLOGY.	$1,012,000

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

From 2024 IRS filing

From 2024 filing

Name	Title	Hours	Compensation
R KINCAID MILLS	PRESIDENT AND TREASURER	1	—
OLAN MILLS II	SECRETARY	0.5	—

Subject Areas

Focus areas based on grantmaking activity

Philanthropy, Voluntarism & Grantmaking

Frequently Asked Questions

What is Nmi Foundation?

Nmi Foundation is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in CHATTANOOGA, TN. It holds $563K in total assets as of 2024.

How large is Nmi Foundation?

As of 2024, Nmi Foundation holds $563K in total assets with $960K in annual revenue. It awarded 3 grants totaling $9.0M in 2024.

Where does Nmi Foundation operate?

Nmi Foundation has awarded grants in Tennessee.

What size grants does Nmi Foundation award?

In 2024, Nmi Foundation awarded 3 grants totaling $9.0M — an average of about $3.0M per grant, based on its IRS Form 990 filings.

How much is Nmi Foundation required to give away each year?

Private foundations must generally distribute about 5% of their assets annually. For 2024, Nmi Foundation reported a distributable amount of $73K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.