2023-05-15T11:58:10-05:00 2022-06-30 135565207 KPMG LLP Two Financial Center 60 SStreet Boston MA 02111 990 2021-07-01 030179298 President and Fellows of Middlebury College PRES 8024435547 Controllers Office 102 Middlebury VT 05753 David J Provost Exec VP Finance & Treas. 8024435547 2023-05-15 1 David Provost XXX-XX-XXXX Smita Baliga P01643271 6179881000 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Laurie L Patton Old Chapel Road Middlebury VT 05753 734626268 0 X www.middlebury.edu X 1800 VT We are a global liberal arts college offering undergraduate, graduate, and specialized programs. 34 33 4369 1900 90016 0 42739863 88264200 223883412 272402767 121230689 138080098 64258 172061 387918222 498919126 76117706 89859715 0 0 168267137 183836816 0 0 4233628 97629433 115479614 342014276 389176145 45903946 109742981 1994350713 2000470883 406810712 446598758 1587540001 1553872125 X Through a commitment to immersive learning, we prepare students to lead engaged, consequential, and creative lives, contribute to their communities, and address the world's most challenging problems. 0 0 100740000 258887006 Instruction represents the expenses for the educational programs. The programs are comprised of students who are full time on the Middlebury VT campus plus the students who are attending the study abroad and summer programs. A bachelors degree and a masters in language and English are the primary degrees granted. The Monterey CA campus offers graduate degrees in programs of study in translation, interpretation and language education and international policy management. 47518802 1303554 Academic support represents sponsored activities expenses incurred in support of the educational activities for enrolled students. Grants include support to other organizations, foundations, and research institutions. 130477667 87359390 Student services and financial aid represents expenses incurred in the support of the enrolled students. 46514403 1196771 13515761 Auxiliary enterprises represent expenses of dormitories, and theexpenses and revenue from recreational facilities and food services.Also included is the grant commitment to support the bridge for theTown of Middlebury. 46514403 1196771 13515761 325250872 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 1 0 1 X 862 0 1 4369 1 1 1 1 GM FR RS SP UK IT JA CI AR AU CM BR 0 0 0 0 0 0 0 0 0 0 X 34 33 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 VT X David J Provost 8024435699 Old Chapel Middlebury VT 05753 Laurie L Patton President 40.00 1.00 X X 694174 0 103463 George C Lee II Chair - Charter Trustee 1.00 X 0 0 0 Karen A Stolley Vice Chair-Charter Trust 1.00 X 0 0 0 William F Truscott Vice Chair-Charter Trust 1.00 X 0 0 0 Belinda Badcock Term Trustee 1.00 X 0 0 0 Zachary A Bourque Alumni Trustee 1.00 X 0 0 0 Joseph W Brown Term Trustee 1.00 X 0 0 0 Leilani M Brown Term Trustee 1.00 X 0 0 0 Eve B Burton Term Trustee 1.00 X 0 0 0 Kirtley Horton Cameron Charter Trustee 1.00 X 0 0 0 Barbara G Cole Term Trustee 1.00 X 0 0 0 Allan Dragone Jr Charter Trustee 1.00 0.50 X 0 0 0 Denver Edwards Alumni Trustee 1.00 X 0 0 0 Janine F Feng Term Trustee 1.00 X 0 0 0 Graham C Goldsmith Term Trustee 1.00 X 0 0 0 Parker Harris III Term Trustee 1.00 X 0 0 0 Lucienne M Ide Alumni Trustee 1.00 X 0 0 0 Carol L Jones Term Trustee 1.00 X 0 0 0 Catherine Lee Term Trustee 1.00 X 0 0 0 Caroline Sneath McBride Charter Trustee 1.00 X 0 0 0 Koby Altman Alumni Trustee 1.00 X 0 0 0 Alice J Murphy Term Trustee 1.00 X 0 0 0 Dennis D Parker Charter Trustee 1.00 X 0 0 0 Ann D Peterson Alumni Trustee 1.00 X 0 0 0 Suzanne Reider Term Trustee 1.00 X 0 0 0 Helen Riess Charter Trustee 1.00 X 0 0 0 Richard T Scanlon Charter Trustee 1.00 X 0 0 0 Henry J Simonds Term Trustee 1.00 X 0 0 0 Elizabeth C Speers Alumni Trustee 1.00 X 0 0 0 Mark Spence Term Trustee 1.00 X 0 0 0 Danielle S Virtue Alumni Trustee 1.00 X 0 0 0 John S Weinberg Term Trustee 1.00 X 0 0 0 Larry Yarbrough Term Trustee 1.00 X 0 0 0 Kashif Zafar Term Trustee 1.00 X 0 0 0 David Provost EVP Finance & Admin. 40.00 X 466673 0 97472 Hannah Ross Sec. & General Counsel 40.00 X 269255 0 99809 Michael Thomas VP of Administration 40.00 X 224515 0 54179 Alberto Citarella AVP Finance & Asst. Treas. 40.00 X 172281 0 66288 Susan Parsons Ritter Assistant Secretary 40.00 X 169510 0 62379 Charlene M Barrett Assistant Secretary 40.00 X 78195 0 26307 Jeffrey Cason Provost and EVP 40.00 X 270656 0 102771 William C Potter Director of CNS 40.00 X 314247 0 83970 Colleen Fitzpatrick VP for Advancement 40.00 X 272052 0 87366 Vardit Ringvald Dir. School of Hebrew 40.00 X 274627 0 84700 Philip Geier Exec, Dir. Davis UWC 40.00 X 260263 0 86561 Vijay Menta VP for IT and CTO 40.00 X 249710 0 55486 Katie Smith Abbott Former VP Student Aff. 40.00 X 127852 0 45393 3844010 0 1056144 315 1 1 0 Naylor & Breen Builders Inc 191 Alta Woods Pvt Brandon VT 05733 Construction 11092163 Voith & Mactavish Architects 2401 Walnut Street Philadelphia PA 19103 Architecture 1524504 Premier Coach Co Inc 946 Route 7 S Milton VT 05468 Transportation 889698 HP Cummings Construction Co PO Box 269 5 High Street Woodsville NH 03785 Construction 758129 Burton F Clark Inc 41155 State Highway 10 DELHI NY 13753 Construction 608741 46 9695125 78569075 22844945 88264200 Tuition and Fees 611710 258887006 258887006 Dining 722514 1537166 1537166 Snow Bowl 713910 1376118 1376118 College Store 451211 948022 948022 Golf Course 713910 710299 710299 8944156 8944156 272402767 116030098 1921170 114108928 130073 130073 257757142 235707142 22050000 22050000 -1873142 23923142 Reprographics sale 323100 26098 26098 Book store sale items 451211 15890 15890 41988 498919126 272402767 90016 138162143 1496274 1496274 87359390 87359390 1004051 1004051 4069828 691871 2686086 691871 119708 119708 129657983 111964021 16278641 1415321 13604273 11271033 1923510 409730 27867545 23762808 3970648 134089 8517479 7056665 1204287 256527 406092 28171 377921 449696 155150 294546 8431039 8431039 784453 195212 530317 58924 865808 455145 369597 41066 3417566 776033 2641533 13499561 7362877 6136684 4503860 4096560 366570 40730 334913 261202 66340 7371 10382190 9551614 747518 83058 21717395 20123369 1434623 159403 2916343 19622 2896721 Contracted Services 18875459 11968765 6216025 690669 Other Miscellaneous Exp 18487394 16121560 2220772 145062 Food 6354461 6341780 11413 1268 Supplies 4053384 3067991 886854 98539 389176145 325250872 59691645 4233628 20347166 20371428 13332419 26384688 4595260 7178104 8546019 8248426 626836 662609 3281459 3689909 914875247 501517731 362749143 413357516 207730501 206804014 1327375165 1283076595 45766745 30697594 1994350713 2000470883 44104535 44022341 15310363 20357051 283680693 278941644 5323375 5686172 16845000 15465000 41546746 82126550 406810712 446598758 X 220851947 204601429 1366688054 1349270696 1587540001 1553872125 1994350713 2000470883 X 109742981 -147336036 3925179 X 0 1 X 1 1 1 X 58563974 53857591 54673542 42739863 88264200 298099170 58563974 53857591 54673542 42739863 88264200 298099170 298099170 49023084 30524053 32786528 79355939 114239001 305928605 604027775 1236436738 0.49350 0.53090 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 3 3 0 Part II-B, Line 1: Consortium on Financing Higher Education (COFHE) estimates that $3 of member dues were spent on lobbying expenses paid for by COFHE dues. 22247602 X X X X 0 0 1 X 1511000984 22805932 -8830550 -14935985 -42304730 1467208015 1133644078 15917228 424164897 -14620565 -488104655 1511000984 1157786019 19927025 34253603 -12747734 -65573977 1133644078 1124144000 21125259 81822616 -11977503 -57328353 1157786019 1073976309 15420000 100821000 -12527488 -53301121 -244700 1124144000 0.15000 0.30000 0.55000 0 0 59921447 59921447 642100146 385534015 256566131 48040569 2704221 45336348 158168876 113279495 44889381 6644209 6644209 413357516 Equity securities 181481071 F Alternative equities 345211905 F Real estate and mortgages 8838146 F Private equity partnerships 746783565 F Other investments 761908 F 1283076595 Funds held for others 3695553 Annuities and Unitrusts payable 26090950 Refundable Government Loans 3367587 Lease Obligations 48972460 82126550 X Part III, Line 4: The Middlebury Museum of Art is a department of Middlebury that serves the educational mission of Middlebury and is particularly linked to the department of History of Art and Architecture and the Studio Art program. The Museum strives to acquire works that reflect a variety of artistic and cultural endeavors. The primary goal of the Museum's collecting activities is to develop an eclectic body of representative artifacts that illustrate and interpret artistic expression in diverse forms from a broad range of cultures. The Museum's permanent collection supports the educational goals and cultural enrichment of the academic community. The collection is used to further scholarly research as well as appreciation for works of art, history, and culture of diverse societies. Part IV, Line 2b: Middlebury holds custodial endowment funds to support Porter Hospital and the Town of Middlebury. Part V, Line 4: Middlebury's endowment consists of donor restricted endowment funds and board-designated funds to function as endowment for a variety of purposes. Middlebury's Board of Trustees approves a distribution of investment return based on the average asset value as determined at the end of the twelve prior calendar quarters. Calculations are performed for individual endowment funds at a rate of 5.0%. The corresponding calculated spending allocations are distributed monthly from the current net total or accumulated net total investment returns for individual endowment funds and are used for scholarships, prizes, professorships, special purposes, and capital projects. Middlebury has defined the endowment assets to include the pooled investments, Delineation assets, separately invested endowment funds, and interests in perpetual trusts. Part X, Line 2: Tax-Exempt Status Middlebury is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code and recognizes the effect of income tax positions only if those positions are more likely than not of being sustained by a taxing authority. Middlebury believes it has taken no significant uncertain tax positions. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Middlebury communicates its commitment to non-discrimination to all students, faculty and staff through its policies in its handbook which is on Middlebury's main web site, and through outreach and education. The policy is included in the Middlebury handbook, which is a resource guide for incoming students. The Compliance Officer is committed to maintaining a diverse and inclusive campus environment where bigotry and intolerance are unacceptable. Schedule E, Part I, Line 6 Students apply for and receive federal financial aid and faculty or staff apply for and receive government grants. 1 East Asia and the Pacific 1 6 Program Services Studies Abroad 589013 Europe 6 231 Program Services Studies Abroad 2928449 Middle East and North Africa 2 25 Program Services Studies Abroad 734388 Russia and Neighboring States 0 9 Program Services Studies Abroad 335484 South America 1 19 Program Services Studies Abroad 644984 Sub-Saharan Africa 1 6 Program Services Studies Abroad 163585 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investments 94356482 11 296 0 0 11 296 99752385 0 99752385 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium Research Grant 440725 Disbursement made directly to organization based on approved invoice amount. 0 FMV Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium Research Grant 312149 Disbursement made directly to organization based on approved invoice amount. 0 FMV Russia and Neighboring States - Armenia, Azerbijan, Belarus, Research Grant 250000 Disbursement made directly to organization based on approved invoice amount. 0 FMV Russia and Neighboring States - Armenia, Azerbijan, Belarus, Research Grant 1177 Disbursement made directly to organization based on approved invoice amount. 0 FMV 4 1 0 1 1 1 1 Part I, Line 2: Disbursements made for grant funds outside the United States, in furtherance of Middlebury's exempt programs are made in accordance with procedures or subject to conditions established by Middlebury's governing board designed to ensure that the individuals receiving disbursements from Middlebury are adequately investigated to ensure that they are qualifying recipients. Grant sub-awardees are required to submit reports which are reviewed by the Middlebury's grant accountant. All billings are reviewed and approved by the principal investigator and grant accountant before being paid. Part I, line 3: Expenditures are recorded on the accrual basis of accounting. Part III Accounting Method: 1 University of Southern Maine PO Box 9300 Portland ME 04104 016000769 501(c)(3) 41584 0 Research Grant University of Vermont PO Box 1389 Williston VT 054951389 030179440 501(c)(3) 24109 0 Research Grant University of New Hampshire 51 College Rd Rm 109 Durham NH 038243585 026000937 501(c)(3) 52834 0 Research Grant Rutgers University 33 Knightsbridge Rd 2nd Floor East Piscataway NJ 08854 462354111 501(c)(3) 15492 0 Research Grant Oregon Health & Science University 3181 SW Sam Jackson Park Road Portland OR 97239 931176109 501(c)(3) 3079 0 Research Grant Regents of the University Of California (Parent Supplier) 10889 Wilshire Blvd Suite 700 Los Angeles CA 900951406 956006143 501(c)(3) 48335 0 Research Grant Arizona State University 660 South Mill Avenue Tempe AZ 852813670 860196696 501(c)(3) 26113 0 Research Grant iThrive Games 101 W Main Street Norfolk VA 23510 823846087 501(c)(3) 32652 0 Research Grant Town of Middlebury 77 Main Street Middlebury VT 05753 Town-Middlebury 1196770 0 Town Bridge Project Town Hall Theater 68 South Pleasant Street Middlebury VT 05753 262091573 501(c)(3) 47205 0 Annual Pledge University Of Wisconsin 21 N Park Street Suite 6301 Madison WI 537151218 396006492 501(c)(3) 8100 0 Research Grant 11 0 Financial Aid - Scholarships- Reported as non-cashassistance. The assistance is a tuition offset. 3127 87359390 Part I, Line 2: Disbursements in furtherance of Middlebury's exempt programs are made in accordance with procedures or subject to conditions established by Middlebury's governing board designed to ensure that the individuals receiving disbursements from Middlebury are adequately investigated to ensure that they are qualifying recipients. Grant sub-awardees are required to submit A-133 reports which are reviewed by the Middlebury's grant accountant. All billings are reviewed and approved by the principal investigator and grant accountant before being paid. All financial assistance reported in Schedule I, Part III is in the form of tuition reduction/offsets to ensure that financial assistance funds are used for their intended educational purpose. X 1 1 X X X X X X 0 1 0 0 0 0 0 1 1 1 Laurie L Patton President 580040 0 1500 0 112634 0 60900 0 42563 0 797637 0 0 0 David Provost EVP Finance & Admin. 404342 0 1500 0 60831 0 60900 0 36572 0 564145 0 0 0 William C Potter Director of CNS 306460 0 1500 0 6287 0 68800 0 15170 0 398217 0 0 0 Jeffrey Cason Provost and EVP 267126 0 1500 0 2030 0 77500 0 25271 0 373427 0 0 0 Hannah Ross Sec. & General Counsel 267031 0 1500 0 724 0 60900 0 38909 0 369064 0 0 0 Colleen Fitzpatrick VP for Advancement 264632 0 1500 0 5920 0 60900 0 26466 0 359418 0 0 0 Vardit Ringvald Dir. School of Hebrew 267575 0 1500 0 5552 0 57945 0 26755 0 359327 0 0 0 Philip Geier Exec, Dir. Davis UWC 251847 0 1200 0 7216 0 58797 0 27764 0 346824 0 0 0 Vijay Menta VP for IT and CTO 246389 0 1500 0 1821 0 39782 0 15704 0 305196 0 0 0 Michael Thomas VP of Administration 222174 0 1500 0 841 0 49781 0 4398 0 278694 0 0 0 Alberto Citarella AVP Finance & Asst. Treas. 170343 0 1500 0 438 0 33299 0 32989 0 238569 0 0 0 Susan Parsons Ritter Assistant Secretary 166184 0 1500 0 1826 0 39314 0 23065 0 231889 0 0 0 Katie Smith Abbott Former VP Student Aff. 125575 0 1500 0 777 0 29245 0 16148 0 173245 0 0 0 Part I, Line 1a As a condition of employment Middlebury provides the President, an officer, with a residence for the convenience of the employer. Part I, Line 7: The President's compensation is set by the Compensation Committee of the Board of Trustees. Any increases shall be within the Board's sole discretion and shall be based upon the President's performance, which will be reviewed yearly, prior to June 30 by the Chair of the Board, who will make a recommendation to the Compensation Committee for compensation. Part I, Line 8: The President's employment contract includes provisions governing the following: term of the contract, renewal/extension, duties, compensation, benefits/reimbursements, evaluation process of the president, termination, office and residence expenses, and sabbatical leave. Part I, Line 4b The Provost participates in a supplemental nonqualified retirement plan which is contingent upon services. Deferred compensation includes pretax contributions to the voluntary retirement plan, contributions to Middlebury's non-qualified tax advantaged deferred-compensation retirement plan (457 plan), and Middlebury contributions to the core retirement plan on the behalf of the employee. A VEHBFA (Series 2020) 237154467 924166LF6 2020-08-05 108108529 refunding (Series 2010) 0 0 0 B VEHBFA (Series 2019) 237154467 924166KV2 2019-08-06 61208579 refunding (Series 2009) 0 0 0 C VEHBFA (Series2012A&B) 237154467 924166EC1 2012-04-10 67058784 Adv.& refund 2002 0 0 0 D VEBFHA (Series 2016) 237154467 924166HZ7 2016-08-05 36781621 refunding (Series 2006A) 0 0 0 A 108108529 725819 107382710 2020 1 0 1 1 B 61208579 559132 60649547 2019 1 0 1 1 C 13525000 67058784 722528 66336256 2012 1 1 1 1 D 36781621 491120 36290501 2016 1 0 1 1 A 0 1 1 1 0 0 0 1 B 0 1 1 1 0 0 0 1 D 0 1 1 1 0 0.00010 0.00010 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART I, BOND ISSUES: Series 2012 A and B The Series 2012 Bond issuance was comprised of of Series A and Series B. All information on the Form 8038 is consolidated. The figures in Column C refer to the consolidated figures for both Series 2012 A and B. (a) Issuer Name: VEHBFA (Series 2012A) (f) Description of purpose: advance refunding (Series 2002A) (a) Issuer Name: VEHBFA (Series 2012B) (f) Description of purpose: advance refunding (Series 2002A) Series 2012, 2016, 2019 and 2020 - Part IV, Line 2c The bond proceeds for each bond issue were immediately expended to refund the previous bond issues. Consequently, no rebate calculation was required. Shalom L Goldman Spouse of Officer 119708 Employee 0 X 235 22738886 FMV X Miscellaneous 14 106059 FMV 4 0 1 1 Schedule M, Line 32b: Middlebury will sell from time to time noncash items, other than securities, at local auction houses. Schedule M, Part I, Column (b): We are reporting the number of contributions based on the number of contributors. Form 990, Part VI, Section A, line 1a Middlebury has an executive committee who has broad authority to act on behalf of the Board of Trustees. The executive committee is comprised of trustees who are currently serving on the governing Board of Trustees. Form 990, Part VI, Section B, line 11b Management presents the Form 990 to the Audit Committee for a detailed review. Once the Audit Committee has completed their review, management provides the return to the full Board of Trustees. The full board receives the Form 990 before it is filed with the IRS. The Form 990 is posted in the electronic board book and trustees are notified when the return is available. The organization has distributed Form 990 to the full board of trustees with the exception of donor information on Schedule B. Because of Schedule B's private and confidential nature, the organization has chosen not to disclose the identities and address of its donors. Form 990, Part VI, Section B, line 12c Middlebury has a written conflict of interest policy. Each member of the Board of Trustees or an Advisory Board is given the written policy and is requested to review and understand the terms of the policy and to immediately disclose any possible financial, personal, familial, or business relationship that may give rise to a conflict. Each Trustee completes an annual disclosure form. The disclosure forms are reviewed annually by Management and the Audit Committee Chair. Form 990, Part VI, Section B, line 15 Middlebury has a formal compensation committee who reviews and recommends to the full board the compensation for the top management officials. The Compensation Committee ordinarily consists of the Chair, Vice Chair, and one Trustee appointed by the Chair. The Committee establishes goals for the President and the annual performance appraisal process. The Committee reviews and sets total compensation for the President of the Middlebury as well as reviews and comments on compensation and contracts for other senior officers of the Middlebury. The Committee is authorized to engage legal counsel and compensation consultants as appropriate. Form 990, Part VI, Section C, line 19 Middlebury has made its annual audited financial statements available to the general public by posting the statements on the its website. Middlebury will also provide copies upon request and copies are available in the financial offices. The conflict of interest policy is also posted on the website. Middlebury's Form 990 is available through Guidestar.org. Form 990, Part XI, line 9: Change in deferred gifts 3,925,179. Delineation Corporation Controllers Office Middlebury VT 05753 237259519 To receive or purchase real and personal property for the benefit of MC VT 501(c)(2) President and Fellows of Middlebury 1 Green Mountain Higher Education Consortium 120 Graham Way Shelburne VT 05482 901113280 Promoting the educational purpose and consolidating services VT 501(c)(3) Line 10 0 Charitable remainder trust (6) see Part VII note for Col CFG Middlebury College Middlebury VT 05753 Investment Support VT T 1 Charitable lead trust (2) see Part VII note for Col CFG Middlebury College Middlebury VT 05753 Investment Support VT T 1 Pooled income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT T 1 Life income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT T 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 Pooled Income Funds (5) S 22468 FMV Delineation Corporation D 30857953 FMV Delineation Corporation P 57879 FMV Delineation Corporation Q 95382 FMV Part II, Identification of Related Tax-Exempt Organizations: Name of Related Organization: Delineation Corporation Direct Controlling Entity: President and Fellows of Middlebury College Schedule R; Part IV; Column C Legal Domicile: Charitable Remainder Trusts include Vermont and Massachusetts Charitable Lead Trusts include Vermont and District of Columbia