NMI Foundation
NMI Foundation is a private foundation, 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.
NMI Foundation at a glance
In short: NMI Foundation gave $9.0M across 3 grants in 2024 (avg $3.0M), mostly in Tennessee. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $9,027,000
- +592.8% vs 2023
- Grants made (2024)
- 3
- +0.0% vs 2023
- Average grant
- $3,009,000
- +592.8% vs 2023
- Median grant
- $1,012,000
- Total assets
- $562,607
- -93.5% vs 2023
- Primary geography
- Tennessee (100% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated September 2026.
Who NMI Foundation funds
How this funder distributes its grants
Top Recipients
Top 3 recipients in 2024
The largest 2024 recipient was Girls Preparatory School ($8.0M). Together the top 3 received $9.0M.
Grant Size Distribution
9 grants across all recorded years
The most common grant size was under $50K: 3 grants of 9 (33%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 3 itemized grants.
States
Cities
How NMI Foundation gives
- Giving grew 17954% from 2021 to 2024. Method
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $12K (2020) to $9.0M (2024). In 2024 it made 3 grants totaling $9.0M.
Grants by year
Grant recipients and amounts by year
| 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 |
| 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 |
| 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 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $562,607 | $959,859 | $9,042,323 | $9,027,000 | 3 | $9,035,900 | $59,436 | $73,477 |
| 2023 | $8,645,071 | $5,199,543 | $1,307,076 | $1,303,000 | 3 | $1,303,470 | $195,937 | $194,741 |
| 2022 | $4,752,604 | $3,018,235 | $2,572 | — | — | $362 | $16,025 | $78,919 |
| 2021 | $1,736,941 | $1,600,030 | $51,089 | $50,000 | 1 | $51,089 | — | $7,372 |
| 2020 | $188,000 | $200,000 | $12,000 | $12,000 | 2 | — | — | $400 |
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.
Leadership & Key People
Officers and directors from IRS filings
NMI Foundation is led by R. Kincaid Mills, President & Treasurer since 2023 (on filings since 2020); none of the 2 officers listed in 2024 report compensation.
Officers on the 2024 filing
R. Kincaid Mills
President & Treasurer
President → President & Treasurer, 2023
On filings since 2020
1 hr/week
No compensation reported
Olan Mills II
Secretary
On filings since 2023
0.5 hrs/week
No compensation reported
Former officers (1)
- Former: We Landis (2020–2023) — Secretary
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about NMI Foundation
How much does NMI Foundation give each year?
NMI Foundation gave $9.0M across 3 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $1.3M across 3 grants.
What is NMI Foundation's typical grant size?
NMI Foundation's median grant in 2024 was $1,012,000, and its average grant was $3,009,000, across 3 grants on its 2024 IRS Form 990-PF.
Where does NMI Foundation give grants?
NMI Foundation gives mostly in Tennessee: 100% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Chattanooga, TN (3 grants).
Does NMI Foundation give general operating support?
Not in 2024: none of the 3 grants with a stated purpose on NMI Foundation's 2024 IRS Form 990-PF were described as general or operating support.
How large is NMI Foundation?
NMI Foundation reported $563K in total assets on its 2024 IRS Form 990-PF. It paid out $9.0M in qualifying distributions that year, against a required minimum of $73K (roughly 5% of its investment assets).
What is NMI Foundation's EIN?
NMI Foundation's EIN (Employer Identification Number) is 85-3583237. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Live grants for the work NMI Foundation funds
Philanthropy, Voluntarism & Grantmaking Open opportunities, soonest deadline first.
Explore Open Grants
Browse active grant opportunities in NMI Foundation's focus areas in our free grants database
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