The balloon carrying the pilot and two passengers was coming in for landing in a field near Ruther Glen, Va., around 7:40 p.m. on May 9.
The balloon crashed after an explosion Friday night.
Two passengers of the hot air balloon that exploded Friday were staff members at the University of Richmond. The school celebrates graduation Sunday.
Natalie Lewis, director of basketball operations for the university's Spiders program, graduated from the school in 2011.
The University of Richmond's undergraduate commencement was scheduled for Sunday afternoon.
"We are all stunned by the tragic news. Our thoughts and prayers go out to their loved ones," a statement read.
The balloon caught on fire and exploded on Friday night with three people inside.
Daniel T. Kirk's father confirmed to NBC News that his son was the pilot of the balloon that caught fire during a balloon festival in Virginia.
Since 1964, the NTSB has investigated 775 hot air balloon incidents, 70 involving fatalities. The deadliest accident occurred in Egypt in 2013.
Authorities were still looking for the wreckage and the two people who were in the balloon’s gondola when the accident occurred.