Donna Mahan to Step Away as CFO of Virginia Athletics Foundation; Kyle Rae Named as Successor

CHARLOTTESVILLE, Va. — The Virginia Athletics Foundation (VAF) announced today (June 3) the upcoming departure of its longtime Chief Financial Officer, Donna Mahan, CPA, and Kyle Rae as the incoming CFO, effective July 14, 2025. 

After over 17 years of dedicated service to VAF, Mahan will step away from her role to pursue other opportunities and spend more time with family. Her final day with VAF will be Friday, July 11, 2025. 

“Donna has made an amazing impact on the Virginia Athletics Foundation,” said Kevin Miller, Executive Director of VAF. “Her leadership, dedication, and commitment have shaped our organization’s financial foundation and supported our mission with steadfast precision. Donna will be deeply missed, and we are incredibly grateful for her many contributions, but excited for her as she enters this next chapter.” 

Since joining VAF in 2008, Mahan has overseen all aspects of the Foundation’s financial operations—including accounting, cash flow, budgeting, endowment administration, and audit oversight. With 16 years of prior experience in public accounting, including time at firms in Norfolk and Charlottesville, she brought expertise and a standard of excellence to VAF. A native of Virginia Beach and a graduate of Old Dominion University, Mahan has been recognized as a “Super CPA” by Virginia Business magazine for five consecutive years. 

 In anticipation of this transition, VAF is excited to announce that Kyle Rae will join the Foundation as its next Chief Financial Officer, bringing with him a strong background in financial management within intercollegiate athletics and the private sector. Rae most recently served as Associate Athletics Director at the University of Virginia, where he oversaw the Athletics Business Office, Equipment, HR, IT, Medical Billing, and served as Sport Administrator for Men’s Wrestling. 

In his new role, Rae will report to the Executive Director and lead the Foundation’s accounting, finance, and business operations team. He will also direct VAF’s human resources efforts and ensure the organization’s financial sustainability and operational efficiency. 

“We are thrilled to welcome Kyle Rae to VAF,” said Miller. “His experience in athletics finance and business operations, combined with a deep understanding of the University and its values, make him well suited to carry forward the high standards Donna has set.” 

Rae holds an MBA from Loyola University Maryland, a master’s degree in accounting from North Carolina State University, and a Bachelor of Arts degree in accounting from Furman University. 

His previous roles include Associate Athletics Director for Financial Management/CFO at Towson University, as well as finance and accounting positions at Under Armour, the University of Texas at Austin, and William & Mary. 

Kyle and his wife, Amanda, reside in Charlottesville with their two children, Mila and Kirby. 

 A transition period will include cross-training between Donna and Kyle to ensure continuity and operational readiness. VAF looks forward to celebrating Donna’s legacy in the coming weeks and supporting Kyle as he steps into this critical leadership role.