2020-07-10T08:35:20-05:00 2019-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2018-07-01 030179403 Saint Michael's College % MELISSA TOURVILLE SAIN 8026542915 One Winooski Park Box 274 Colchester VT 05439 ROBERT ROBINSON TREASURER/VP OF FIN 8026542915 2020-07-09 true MARY C HANINK P01244578 6179881000 2020-07-09 199.207.253.96 04502320201925000000 2020-07-10 P 072F242B0F8FA55BC44C4BBFD6D81B3F0B7E1C92 072F242B0F8FA55BC44C4BBFD6D81B3F0B7E1C92 2018 2020-09-22 18:59:49Z Robert S Robinson One Winooski Park Box 274 Colchester VT 05439 121644758 false 0928 X www.smcvt.edu X 1913 VT To contribute through higher education to the enhancement of the human person and the advancement of human culture in the light of the catholic faith. 30 28 1789 2511 -341627 -348327 5486108 5736997 103472114 101048996 3386245 3967690 1019317 1306689 113363784 112060372 38902298 39412186 0 0 40291253 38694189 0 0 2108938 34872835 34057988 114066386 112164363 -702602 -103991 210675382 205844395 74070601 72712943 136604781 133131452 X IT IS THE MISSION OF SAINT MICHAEL'S COLLEGE TO CONTRIBUTE THROUGH HIGHER EDUCATION TO THE ENHANCEMENT OF THE HUMAN PERSON AND TO THE ADVANCEMENT OF HUMAN CULTURE IN THE LIGHT OF THE CATHOLIC FAITH. false false 67319302 39412186 78975672 Academic program and financial support services, See Schedule O 18119650 22073324 Auxiliary Enterprises, See Schedule O 14860777 Student Services, See Schedule O 100299729 true true false true false false false false false true true true false false true true false true true true true true true false true false false true true true true false false false false false false false false false false true false false false false true true true false true 2679 0 true 1789 true true true true CJ false false false true true false false false false false false X 30 28 false false false false false false false true true false false false true true true true true true true false VT X X MELISSA TOURVILLE 8026542915 ONE WINOOSKI PARK BOX 274 Colchester VT 05439 Rev Richard Berube SSE Trustee 1.0 0.0 X 0 0 0 Dr Jose C Blanco Trustee 1.0 0.0 X 0 0 0 Rev Msgr Bernard W Bourgeois Trustee 1.0 0.0 X 0 0 0 Sr Lindora Cabral RSM Trustee 1.0 0.0 X 0 0 0 Ms Patricia A Casey Trustee as of 7/2018 1.0 0.0 X 0 0 0 Mr J Kevin Connaughton Trustee 1.0 0.0 X 0 0 0 Rev David G Cray SSE Trustee as of 7/2018 3.0 0.0 X 0 0 0 Mr Michael J Cunniff Trustee 4.0 0.0 X 0 0 0 Mr Mark S Dalton Trustee as of 7/2018 1.0 0.0 X 0 0 0 Rev Stanley M Deresienski SSE Trustee 1.0 0.0 X 0 0 0 Mr Donald R Dion Jr Vice Chair of the Board 2.0 0.0 X 0 0 0 Rev Raymond J Doherty SSE Trustee 35.0 1.0 X 6463 0 42 Rev Patrick J Forman Trustee 1.0 0.0 X 0 0 0 Mr Joseph P Garrity Trustee 2.0 0.0 X 0 0 0 Bro Francis Hagerty SSE Trustee 2.0 0.0 X 0 0 0 Mr George C Keady III Trustee as of 7/2018 1.0 0.0 X 0 0 0 Mr Anthony J Maginnis Trustee 1.0 0.0 X 0 0 0 Mr Gerald W McKenna Trustee 2.0 0.0 X 0 0 0 Mrs Mary-Kate G McKenna Chair of the Board 10.0 0.0 X 0 0 0 Mr William B O'Keefe Trustee 1.0 0.0 X 0 0 0 Mrs Carol S Piccaro Trustee 2.0 0.0 X 0 0 0 Rev Marcel R Rainville SSE Trustee 40.0 1.0 X 59137 0 384 Sr Marianne Read RSM Trustee as of 7/2018 1.0 0.0 X 0 0 0 Mr Steven J Renehan Trustee 1.0 0.0 X 0 0 0 Mrs Anne K Rosello Trustee as of 7/2018 1.0 0.0 X 0 0 0 Mr Barry D Roy Trustee 3.0 0.0 X 0 0 0 Mr Michael L Seaver Trustee 11.0 0.0 X 0 0 0 Dr Robert F Tobin MD Trustee 1.0 0.0 X 0 0 0 Ms Maureen K Usifer Trustee 3.0 0.0 X 0 0 0 Dr Lorraine Sterritt President/TRUSTEE as of 7/2018 40.0 0.0 X X 210099 0 46350 Robert Robinson Treasurer/VP for Finance 40.0 0.0 X 139969 0 35076 Patrick J Gallivan Secretary of the Board/VP GCA 40.0 1.0 X 146003 0 26998 Karen Talentino Professor Biology (Former VP) 40.0 0.0 X 191882 0 29803 Sarah M Kelly VP Enrollment & Marketing 40.0 0.0 X 177206 0 38282 Dawn M Ellinwood VP for Student Affairs 40.0 0.0 X 178644 0 35580 William O Anderson Chief Information Officer 40.0 0.0 X 146538 0 28582 Jeffery Trumbower Int VP AC AFF As of 7/2018 40.0 0.0 X 145098 0 25832 Shirley Goodell Lackey Contoller Thru 6/2018 40.0 0.0 X 176630 0 55590 Douglas Slaybaugh Professor History 40.0 0.0 X 194172 0 8502 Tina Tenney Director of HR 40.0 0.0 X 139688 0 42652 Ronald B Miller Professor Graduate Psychology 40.0 0.0 X 129493 0 25562 Herbert Kessel Professor Economics 40.0 0.0 X 140942 0 12295 John J Neuhauser Former President/Trustee 40.0 0.0 X 526522 0 70229 Rev David J Theroux SSE Religous Study/Former Trustee 40.0 0.0 X 35000 0 227 Michael J New Former Advisor to President 40.0 0.0 X 135662 0 6299 2879148 0 488285 49 true true false The Advisory Board 600 NH Avenue NW WASHINGTON DC 20007 Academic Consultants 793932 Competitive Computing 354 Mountain View Dr Suite 400 COLCHESTER VT 05446 IT Consultant 534649 Optiv Security 1125 17th St Suite 1700 DENVER CO 80202 IT Consultants 215020 CyberNorth LLC 15 Cottage Road Unit 2433 SOUTH PORTLAND ME 04116 IT Consultant 159970 KPMG LLP 356 Mountain View Drive Suite 400 COLCHESTER VT 05446 AUDIT & TAX SERVICES 150900 8 4182 1700642 4032173 209893 5736997 TUITION AND FEES 611710 78975672 78975672 RESIDENCE AND DINNING 721310 18862060 18862060 BOOK STORE 451211 956915 956915 AUXILIARY INCOME 900099 471374 471374 SMC PLAYHOUSE 713940 458914 458914 1324061 809689 514372 101048996 2719341 -357090 3076431 0 0 254705 254705 0 254705 254705 10350215 470222 9411979 160109 938236 310113 1248349 15463 1232886 12298 4182 12298 0 0 0 0 0 0 OTHER OPERATING INCOME 900099 1051984 1051984 1051984 112060372 99577709 -341627 7087293 80600 80600 38434520 38434520 897066 897066 0 2162532 668842 979289 514401 0 27179965 23249727 3023002 907236 637881 538079 70244 29558 6609412 5627673 803879 177860 2104399 1727195 280882 96322 0 143039 143039 148004 148004 564 564 0 319595 319595 0 1293969 969834 321139 2996 5530601 4831686 548245 150670 2102644 1156027 922755 23862 0 3964355 3643258 321097 2597940 2292848 203339 101753 0 0 2215946 2207581 8365 0 8272762 7546772 725990 676022 623761 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564 false false false 564 false false GRANTS TO OTHER ORGANIZATIONS FOR LOBBYING PURPOSES PART II-B, LINE 1F THE COLLEGE IS A MEMBER OF THE ASSOCIATION OF VERMONT INDEPENDENT COLLEGES (AVIC) WHICH REPRESENTS ITS MEMBERS IN VARIOUS FORMS SERVING THE INTERESTS OF HIGHER EDUCATION, INCLUDING GOVERNMENT LEGISLATION. ANNUAL MEMBERSHIP FEES PAID TO THIS ORGANIZATION WERE $7,902. APPROXIMATELY $564 OF THIS AMOUNT WAS ALLOCATED TO LOBBYING. 89921136 1704960 2319380 2856453 1708745 319595 89060683 87442239 1463738 4846363 2840483 741718 249003 89921136 83022054 1101262 7047182 2314061 1148412 265786 87442239 88508483 564890 -2284722 2331552 1205490 229555 83022054 91349379 594728 59811 2133921 1085291 276223 88508483 0.40600 0.39600 0.19800 false false 2383660 2383660 178578707 97169754 81408953 33750854 25147420 8603434 5663628 1630028 4033600 96429647 CASH EQUIVALENTS 1521666 F INTERNATIONAL EQUITIES 3434987 F RELATIVE VALUE STRATEGIES 7933236 F PRIVATE EQUITY 2409302 F GLOBAL FIXED INCOME COMPOSITE 11060123 F REAL ASSET COMPOSITE 18125348 F DEPOSITS WITH BOND TRUSTEE 2659245 F 47143907 0 OTHER LIABILITIES 3592755 AMTS HELD ON BEHALF OF OTHERS 1057416 REFUNDABLE ADVANCES 4388319 ANNUITY OBLIGATION 88953 CAPITAL LEASE OBLIGATIONS 209486 9336929 X 71422191 -1006209 0 0 -1006209 72428400 319595 39312377 39631972 112060372 74880520 2360427 2360427 72520093 319595 39324675 39644270 112164363 ENDOWMENT FUNDS PART V LINE 2 THE COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2019 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, THE COLLEGE HAS REPORTED ITS YEAR END ENDOWMENT BALANCE WITHOUT DONOR RESTRICTIONS AS QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT ENDOWMENT AND TEMPORARILY RESTRICTED ENDOWMENT, RESPECTIVELY. PART V, LINE 4 SAINT MICHAEL'S COLLEGE ENDOWMENT AND QUASI-ENDOWMENT CONSISTS OF APPROXIMATELY 200 INDIVIDUAL ENDOWMENT ACCOUNTS ESTABLISHED FOR A VARIETY OF PURPOSES IN ACCORDANCE WITH APPLICABLE LAW AND DONOR INTENT AND FUNDS DESIGNATED BY THE COLLEGE'S BOARD TO OPERATE AS ENDOWMENT (QUASI-ENDOWMENT). A MAJORITY OF THE FUNDS PROVIDE SCHOLARSHIPS AND FINANCIAL AID ASSISTANCE TO UNDERGRADUATE STUDENTS. OTHER USES OF THE FUNDS INCLUDE, BUT ARE NOT LIMITED TO, PROVIDING STUDY ABROAD AND RESEARCH OPPORTUNITIES, CREATION AND FUNDING OF FACULTY CHAIRS, SUPPORT FOR STUDENT SERVICES AND ACTIVITIES, LIBRARY ACQUISITIONS AND FUNDING FOR LECTURE SERIES. THE PRIMARY OBJECTIVE OF THE PORTFOLIO IS TO ACHIEVE AN ANNUALIZED TOTAL RETURN, NET OF FEES, THROUGH APPRECIATION AND INCOME, EQUAL TO OR GREATER THAN THE RATE OF INFLATION PLUS ANY SPENDING AND ADMINISTRATIVE EXPENSES THUS, AT A MINIMUM MAINTAINING THE PURCHASING POWER OF THE PORTFOLIO. THE INVESTMENTS ARE MANAGED UNDER THE UNIFORM PRUDENT INVESTOR ACT STANDARD REQUIRING THE EXERCISE OF REASONABLE CARE, SKILL, AND CAUTION WHILE BEING APPLIED TO INVESTMENTS NOT IN ISOLATION, BUT IN THE CONTEXT OF THE PORTFOLIO AS A WHOLE AND AS A PART OF AN OVERALL STRATEGY HAVING RISK AND RETURN OBJECTIVES REASONABLY SUITED TO THE PORTFOLIO. SINCE SHORT TERM MARKET FLUCTUATION MAY CAUSE VARIATIONS IN INVESTMENT PERFORMANCE, IT IS INTENDED THAT THE OBJECTIVES WILL BE ACHIEVED OVER A FULL MARKET CYCLE. UNCERTAIN TAX POSITIONS PART X, LINE 2 THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAX PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. OTHER REVENUE INCLUDED ON RETURN BUT NOT IN FINANCIAL STATEMENTS PART XI, LINE 4B STUDENT FINANCIAL AID $ 39,324,675 SPECIAL EVENTS EXPENSES ($12,298) ------------- TOTAL $ 39,312,377 OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN PART XII, LINE 2D SPECIAL EVENTS EXPENSES $12,298 SYSTEM CONVERSION COSTS $2,348,129 --------------------- TOTAL $2,360,427 OTHER EXPENSES INCLUDED ON RETURN NOT IN FINANCIAL STATEMENTS PART XII, LINE 4B Student Financial Aid $ 39,324,675 true true true true true true true false false false false false false false false true false true NONDISCRIMINATION POLICY PART I, LINE 3 THE COLLEGE INCLUDES ITS RACIALLY NONDISCRIMINATORY POLICY IN ITS BYLAWS, EMPLOYEE HANDBOOK, GRADUATE AND UNDERGRADUATE CATALOGS, STUDENT CODE OF CONDUCT AND COLLEGE POLICY HANDBOOK, FACULTY REGULATIONS, ON OUR APPLICATION SUPPLEMENT, THE HOMEPAGE OF THE COLLEGES WEBSITE, AND WITHIN THE NEASC SELF STUDY DOCUMENT FOR REACCREDITATION. THE COLLEGE ALSO VALUES DIVERSITY AND HAS A BOARD OF TRUSTEES APPROVED POLICY WHICH IS ALSO CONTAINED WITHIN MANY OF THESE DOCUMENTS. GRANTS FROM GOVERNMENT AGENCIES PART I, LINE 6A SAINT MICHAEL'S COLLEGE RECEIVES GRANTS AND STUDENT AID FROM VARIOUS GOVERNMENTAL AGENCIES FOR SUPPORT OF EDUCATIONAL AND STUDENT PROGRAMS. true Central America and the Caribbean 0 0 Investments 3672000 Central America and the Caribbean 0 0 Program Services Study Abroad 82424 East Asia and the Pacific 0 0 Program Services Study Abroad 247441 Europe (Including Iceland and Greenland) 0 Program Services Study Abroad 1236489 Middle East and North Africa 0 0 Program Services Study Abroad 18837 South America 0 Program Services Study Abroad 75455 South Asia 0 Program Services Study Abroad 101002 Sub-Saharan Africa 0 Program Services Study Abroad 95393 East Asia and the Pacific 0 9 Agent 44851 Europe (Including Iceland and Greenland) 0 1 Agent 4300 East Asia and the Pacific 0 0 Program Services Recruiting 9476 Europe (Including Iceland and Greenland) 0 0 Program Services Recruiting 29965 Sub-Saharan Africa 0 0 Program Services Recruiting 1681 South Asia 0 0 Program Services REcruiting 675 Central America and the Caribbean 0 0 Program Services Study Program 8152 East Asia and the Pacific 0 0 Program Services Study Program 19767 Europe (Including Iceland and Greenland) 0 0 Program Services Study Program 57271 Middle East and North Africa 0 0 Program Services Study Program 34807 Sub-Saharan Africa 0 0 Program Services Study Program 33492 Sub-Saharan Africa 0 0 Program Services Study Program 1345 North America 0 0 Program Services Conference/Athl Train 15562 North America 0 0 Program Services Service Trip 2250 Europe (Including Iceland and Greenland) 0 0 Program Services Conference 1846 East Asia and the Pacific 0 0 Program Services Conference 2400 Central America and the Caribbean 0 0 Program Services Service Trip 9530 Central America and the Caribbean 0 0 Program Services General Support 6911 0 10 0 0 0 10 5705179 108143 5813322 Central America and the Caribbean GENERAL SUPPORT 6911 Wire 0 N/A N/A 1 0 STUDENT SCHOLARSHIPS Central America and the Caribbean 4 37535 Wire 0 N/A N/A STUDENT SCHOLARSHIPS East Asia and the Pacific 12 103644 Wire 0 N/A N/A STUDENT SCHOLARSHIPS Europe (Including Iceland and Greenland) 63 584628 Wire 0 N/A N/A STUDENT SCHOLARSHIPS Middle East and North Africa 1 11064 Wire 0 N/A N/A STUDENT SCHOLARSHIPS South America 4 47576 Wire 0 N/A N/A STUDENT SCHOLARSHIPS South Asia 4 44374 Wire 0 N/A N/A STUDENT SCHOLARSHIPS Sub-Saharan Africa 5 61334 Wire 0 N/A N/A true false true true true true ACTIVITIES OUTSIDE THE UNITED STATES PART I, LINE 3: STUDY PROGRAMS SAINT MICHAEL'S COLLEGE INTERNATIONAL SHORT-TERM STUDY PROGRAMS ARE AN IMPORTANT AND CREATIVE WAY FOR FACULTY AND STUDENTS TO EXPAND THE BOUNDARIES OF THE SAINT MICHAEL'S CAMPUS. SHORT-TERM STUDY PROGRAMS ARE ACADEMIC COURSES DEVELOPED BY FACULTY. TYPICALLY LASTING TWO WEEKS, THESE PROGRAMS INVOLVE STUDY ABROAD, MAY INCLUDE DIRECT INVOLVEMENT IN ISSUES COVERED IN AN ON-CAMPUS COURSE AND PROVIDE DIRECT EXPERIENCE ON A PARTICULAR TOPIC IN A PARTICULAR LOCALE. STUDY ABROAD SAINT MICHAEL'S COLLEGE UTILIZES OVER 20 THIRD-PARTY PROGRAM PROVIDERS AND EXCHANGE PARTNERS TO PROVIDE STUDENTS WITH OPPORTUNITIES TO STUDY IN OVER 70 COUNTRIES. THERE ARE MANY DIVERSE PROGRAMS OFFERINGS FOR A STUDENT'S STUDY ABROAD EXPERIENCE. IN OUR INCREASINGLY GLOBAL SOCIETY, MORE AND MORE STUDENTS RECOGNIZE THE VALUE OF SPENDING A SEMESTER OR A YEAR ABROAD. AGENTS THE COLLEGE'S APPLIED LINGUISTICS DEPARTMENT OFFERS A VARIETY OF ENGLISH LANGUAGE PROGRAMS FOR STUDENTS TO EARN A CERTIFICATE OF COMPLETION AND/OR MASTER'S DEGREE IN TEACHING ENGLISH TO SPEAKERS OF OTHER LANGUAGES. UPON SUCCESSFUL COMPLETION OF THE ADVANCED ENGLISH PROGRAM LEVEL II, A STUDENT MAY MATRICULATE INTO AN UNDERGRADUATE DEGREE PROGRAM AT THE COLLEGE OR ELSEWHERE. THE COLLEGE USES INTERNATIONAL AGENTS TO ASSIST WITH RECRUITING AND ADMISSIONS FOR THESE PROGRAMS. RECRUITING THE COLLEGE HAS ONE FULL-TIME STAFF MEMBER WHO TRAVELS TO RECRUIT INTERNATIONAL STUDENTS AND GROUPS FOR OUR ENGLISH LANGUAGE PROGRAMS AND UNDERGRADUATE ADMISSIONS. THESE EXPENSES ARE PRIMARILY RELATED TO TRAVEL IN EAST ASIA AND EUROPE. SERVICE TRIP THIS REPRESENTS THE IN COUNTRY EXPENSES PAID FOR FLIGHTS, MEALS, SUPPLIES, AND LODGING. GRANTS TO ENTITIES OUTSIDE THE UNITED STATES PART II OUR MOBILIZATION OF VOLUNTEER EFFORTS DEPARTMENT, KNOWN AS MOVE, PROMOTES ONE PRINCIPLE OF THE CATHOLIC FAITH - CHARITY. MOVE PROVIDES OPPORTUNITIES FOR THE COLLEGE'S STUDENTS TO PERFORM COMMUNITY SERVICE WORK DURING THE ACADEMIC YEAR AND DURING SEMESTER AND SUMMER BREAKS AT BOTH DOMESTIC AND INTERNATIONAL SERVICES SITES. SEE SCHEDULE O UNDER PART III STUDENT SERVICES FOR MORE DETAILS. THE PAYMENT REPRESENTS FUNDS RAISED BY STUDENTS TO HELP SUPPORT A NON-PROFIT ORGANIZATION IN THE DOMINICAN REPUBLIC WHERE THEY VOLUNTEER. MOVE IS IN COMMUNICATION WITH THE RECIPIENT ORGANIZATION THROUGHOUT THE YEAR AND HAS GENERAL CONVERSATIONS ABOUT THE ORGANIZATION'S STATUS AND PROJECTS AND MAKES ARRANGEMENTS FOR THE FOLLOWING TRIP. MOVE WORKS WITH ORGANIZATIONS SO STUDENT VOLUNTEERS HAVE A CLEAR VISION ABOUT WHAT IS EXPECTED AND WHAT THEY SHOULD EXPECT WHEN THEY ARRIVE IN THE COUNTRY. SCHOLARSHIPS PART III SCHOLARSHIPS RELATE TO STUDENTS STUDYING ABROAD FOR A SEMESTER OR A YEAR. ALL SCHOLARSHIPS ARE APPLIED TO THE STUDENT'S ACCOUNT BALANCE. THE COLLEGE'S PRACTICE HAS BEEN TO AWARD AID BASED ON MERIT AND/OR NEED TO STUDENTS ACCEPTED INTO THE STUDY ABROAD PROGRAM. Golf Classic 16480 4182 12298 0 2142 8200 1803 0 153 0 16480 4182 12298 0 2142 8200 1803 0 153 12298 SAINT MICHAELS COLLEGE 1 WINOOSKI COLCHESTER VT 05439 true SSE DBA SAINT ANNE'S SHRINE PO BOX 280 ISLE LA MOTTE VT 05463 030195115 501(C)(3) 70600 SEE PART IV. Trinity Children's Center 34 Fletcher Place Burlington VT 05401 431984033 501(c)(3) 10000 See Part IV. 2 0 STUDENT SCHOLARSHIPS 1554 33566118 0 UNDERGRADUATE ENDOWMENT FUNDED SCHOLARSHIPS 313 2856453 0 UNDERGRADUATE ATHLETIC GRANTS 24 1447390 0 FED SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS 273 487906 0 GRADUATE STUDENT GRANTS 41 76653 0 GRANTS AND OTHER ASSISTANCE TO GOVERNMENTS AND ORGANIZATIONS IN THE U.S. PART II, COLUMN H LINE 1 - SAINT ANNE'S SHRINE - THE CONTRIBUTION TO SAINT ANNE'S SHRINE WAS MADE TO PROVIDE SUPPORT OF THEIR MISSION TO SERVE AS A WELCOMING PLACE OF PEACE AND HOPE MINISTERING TO ALL GOD'S PEOPLE THROUGH PRAYER, DEVOTION, HOSPITALITY AND SPIRITUAL RENEWAL. THE SHRINE WAS DEVELOPED AND MAINTAINED FOR THE PAST 100+ YEARS BY THE SOCIETY OF SAINT EDMUND, THE CATHOLIC RELIGIOUS COMMUNITY WHICH IS ALSO THE FOUNDER OF SAINT MICHAEL'S COLLEGE. THE COLLEGE SHARES A SIMILAR MISSION TO CONTRIBUTE THROUGH HIGHER EDUCATION TO THE ENHANCEMENT OF THE HUMAN PERSON AND THE ADVANCEMENT OF HUMAN CULTURE IN THE LIGHT OF THE CATHOLIC FAITH. ADDITIONAL LAND WAS ACQUIRED BY THE SOCIETY AND LODGING WAS CONSTRUCTED TO PROVIDE OVERNIGHT FACILITIES TO CONDUCT PROGRAMMING NEEDS OF THE COLLEGE FOR THE DEPARTMENTS OF CAMPUS MINISTRY, STUDENT LIFE, ATHLETICS AND ACADEMIC AFFAIRS. THE COLLEGE BENEFITS FROM USE OF THE FACILITIES AT THE SHRINE FOR CURRICULUM ENHANCEMENT, STUDENT AND STAFF RETREATS AND WORSHIP. EMPLOYEES FROM CAMPUS MINISTRY AND OTHER COLLEGE EMPLOYEES WORK TO DEVELOP, MONITOR AND IMPLEMENT PROGRAMMING GOALS ENSURING THAT DONATIONS ARE USED FOR THEIR INTENDED PURPOSE. LINE 2 - Trinity Children's Center - The contribution to Trinity Children's Center was made to support their mission as an inclusive and therapeutic preschool that operates on a full-day, full-year schedule. Trinity Children's Center serves preschool children ages three to five years. Trinity Children's Center intent is to nurture the healthy development of young children and to strengthen and support the families from which they come. This organization was chosen to receive this donation by the College's Student Association which invites local non-profit organizations to apply for a $10,000 donation through an applications process. Three organizations are then chosen to each make a presentation to the student body describing their organization and its mission. The College's students then vote for the organization they want to receive the donation. The organizations are required to come back to the Student Association in two years to present the impact of the award. GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS IN THE U.S. PART III THE COLLEGE RECOGNIZES THE HIGH COST OF A PRIVATE EDUCATION AND ATTEMPTS TO ADDRESS AS MUCH AS WE PRACTICALLY CAN TO CLOSE THE GAP BETWEEN THE COST OF ATTENDANCE AND FAMILY RESOURCES USING A VARIETY OF SOURCES, INCLUDING FEDERAL, STATE AND INSTITUTIONAL (COLLEGE) FUNDING. THE THREE TYPES OF FINANCIAL ASSISTANCE WE EMPLOY INCLUDES GRANTS AND SCHOLARSHIPS, LOANS AND STUDENT EMPLOYMENT. IN 2018-2019, THE COLLEGE ADMINISTERED OVER $55 MILLION IN ASSISTANCE, OF WHICH APPROXIMATELY $36 MILLION WAS PRIMARILY COLLEGE FUNDED AID, SCHOLARSHIPS OR GRANTS. THE COLLEGE'S PRACTICE HAS BEEN TO AWARD AID BASED ON MERIT AND/OR NEED TO ALL STUDENTS ACCEPTED FOR ADMISSION. THE AMOUNT OF AID A STUDENT RECEIVES UPON INITIAL ENROLLMENT GENERALLY IS AWARDED FOR EACH YEAR HE/SHE ATTENDS SAINT MICHAEL'S COLLEGE. X true true X X X X true false false false false false false true false Dr Lorraine Sterritt President/TRUSTEE as of 7/2018 191651 18448 18500 27850 256449 Robert Robinson Treasurer/VP for Finance 139969 4330 30746 175045 Patrick J Gallivan Secretary of the Board/VP GCA 143243 2760 4380 22618 173001 Karen Talentino Professor Biology (Former VP) 191882 5585 24218 221685 Sarah M Kelly VP Enrollment & Marketing 177206 5472 32810 215488 Dawn M Ellinwood VP for Student Affairs 178644 5436 30144 214224 William O Anderson Chief Information Officer 146538 4335 24247 175120 Jeffery Trumbower Int VP AC AFF As of 7/2018 145098 4393 21439 170930 Shirley Goodell Lackey Contoller Thru 6/2018 113011 63619 3555 52035 232220 Douglas Slaybaugh Professor History 119362 74810 1553 6949 202674 Tina Tenney Director of HR 64232 75456 2008 40644 182340 Ronald B Miller Professor Graduate Psychology 129493 3193 22369 155055 Herbert Kessel Professor Economics 60315 80627 1704 10591 153237 John J Neuhauser Former President/Trustee 392541 88235 45746 36168 34061 596751 50000 Michael J New Former Advisor to President 135662 3828 2471 141961 Rev David J Theroux SSE Religous Study/Former Trustee 35000 227 35227 COMPENSATION INFORMATION FORM 990, SCH J, PART II FOR ELIGIBLE EMPLOYEES, COLUMN (D) NONTAXABLE BENEFITS PRIMARILY CONSISTS OF HEALTH CARE AND DENTAL BENEFITS. DETAILS FOR AMOUNTS REPORTED IN COLUMNS B (III) AND COLUMN (D) ARE LISTED BELOW: DR. LORRAINE STERRITT - COLUMN B (III) INCLUDES PERSONAL USE OF A COLLEGE VEHICLE AND MOVING. COLUMN (C) DEFERRED COMPENSATION INCLUDES CONTRIBUTIONS TO THE COLLEGE'S IRC 457(B) PLAN. COLUMN (D) INCLUDES A HOUSING ALLOWANCE OF $17,285. DR. JOHN J. NEUHAUSER - COLUMN B (III) INCLUDES PERSONAL USE OF A COLLEGE VEHICLE AND TUITION REMISSION. COLUMN (C) DEFERRED COMPENSATION INCLUDES CONTRIBUTIONS TO THE COLLEGE'S IRC 457(B) PLAN AND A RETENTION BONUS. COLUMN (D) INCLUDES A HOUSING ALLOWANCE OF $17,285. PATRICK J. GALLIVAN - COLUMN B (III) INCLUDES PERSONAL USE OF A COLLEGE VEHICLE. VOLUNTARY RETIREMENT INCENTIVE PLAN FORM 990, SCH J, PART I, LINE 4A THE COLLEGE ADOPTED A VOLUNTARY SEPARATION PROGRAM FOR FACULTY AND STAFF IN JANUARY 2017. TO BE ELIGIBLE FOR THE PLAN, THE SUM OF AN EMPLOYEE'S YEARS OF SERVICE PLUS AGE MUST EQUAL OR BE GREATER THAN 70 WITH A MINIMUM OF 10 YEARS OF SERVICE BY JUNE 30, 2017. THE PROGRAM BENEFITS INCLUDE A PAYMENT OF 75% OF BASE PAY WITH A RETIREMENT DATE OF JUNE 30, 2017 OR 60% OF BASE PAY WITH A RETIREMENT DATE OF JUNE 30, 2018. PARTICIPANTS COULD CHOOSE EITHER A LUMP SUM PAYMENT IN THE MONTH FOLLOWING RETIREMENT OR APPROXIMATELY A NINE MONTH CONTINUATION PAYMENT. ALL PARTICIPANTS RECEIVED A ONE-TIME LUMP-SUM PAYMENT IN CONSIDERATION OF FUTURE HEALTHCARE COSTS AND PARTICIPANTS REMAIN ELIGIBLE FOR COBRA COVERAGE THROUGH THE COLLEGE. SHIRLEY GOODELL LACKEY, TINA TENNEY, HERBERT KESSELL, AND DOUGLAS SLAYBAUGH RECEIVED A PAYMENT UNDER THIS PROGRAM WHICH IS REPORTED ON SCHEDULE J, PART II, COLUMN B (III). FORM 990, SCH J, PART I, LINE 7 THE BOARD OF TRUSTEES REVIEWS AND APPROVES SALARY FOR THE PRESIDENT. A VT EDU & HEALTH BLDG FINANCE AGY SERIES 2012 237154467 924166FM8 2012-05-24 50990332 CONSTRUCTION, EQUIPMENT, REFUNDING false false false B VT EDU & HEALTH BLDG FINANCE AGY SERIES 2015 237154467 924166HA2 2015-11-10 19878706 CONSTRUCTION, EQUIPMENT false false false A 13640000 0 50990332 0 0 0 563023 0 0 27500000 22927309 0 2013 true true true true B 1130000 0 19878706 319325 0 0 377716 0 0 19181665 0 0 2016 false false true true A false false true true false 0 false 0.00000 false true B false false false false 0.00000 0.00000 0.00000 false 0.00000 false true A false false false true false false 0 false 0 false true B false false false true false false 0 false 0 false true A true B true FINAL ALLOCATIONS OF PROCEEDS AND INVESTMENT BEYOND A TEMPORARY PERIOD PART II, LINES 16-17 AND PART IV, LINE 5 THE BOND ISSUED IN 2012 WAS USED TO CONSTRUCT A RESIDENCE HALL AND STUDENT UNION. THE PROJECT WAS COMPLETED IN DECEMBER 2013. THE 2015 SERIES BONDS WERE USED TO CONSTRUCT AND FURNISH A NEW RESIDENCE HALL. THE PROJECT WAS COMPLETED IN AUGUST 2016. THE COLLEGE MAINTAINS BOOKS AND RECORDS TO SUPPORT ALLOCATION AND TO REQUEST REIMBURSEMENT OF EXPENSES FROM THE BOND TRUSTEE. THE BOND TRUSTEE REVIEWED ALL REQUESTS TO ENSURE THE EXPENSE WAS APPROPRIATE WITHIN THE PURPOSE AS DEFINED IN THE BOND DOCUMENTS. THE COLLEGE'S 2012 SERIES BOND WAS NOT INVESTED BEYOND THE AVAILABLE TEMPORARY PERIOD AS THE BOND CLOSED IN MAY 2012 AND ALL CONSTRUCTION FUNDS WERE EXPENSED BY NOVEMBER 2013. THE COLLEGE'S 2015 SERIES BOND WAS NOT INVESTED BEYOND THE AVAILABLE TEMPORARY PERIOD AS THE BOND CLOSED IN NOVEMBER 2015 AND ALL FUNDS WERE EXPENSED BY APRIL 2018. ADOPTION OF MANAGEMENT PRACTICES PART III, LINE 9 AND PART IV, LINE 7 THE COLLEGE HAS WORKED WITH CONSULTANTS AND BOND COUNCIL TO MAKE CERTAIN COLLEGE PERSONNEL IS FAMILIAR WITH THE RULES AND REGULATIONS FOR POST-ISSUANCE COMPLIANCE OF ITS TAX-EXEMPT BOND LIABILITIES. ALL USE OF THE BUILDING IS TRACKED BY THE COLLEGE'S CONFERENCE AND SPECIAL EVENTS DEPARTMENT. THE COLLEGE'S TAX-EXEMPT DEBT POST-ISSUANCE COMPLIANCE POLICY HAVE BEEN CREATED, REVIEWED AND IMPLEMENTED BY MANAGEMENT AND APPROVED BY THE BOARD OF TRUSTEES. PROCEDURES TO UNDERTAKE CORRECTIVE ACTION PART V THE COLLEGE'S TAX-EXEMPT DEBT POST-ISSUANCE COMPLIANCE POLICIES AND PROCEDURES IDENTIFY AND ADDRESS ANY VIOLATIONS OF FEDERAL TAX REQUIREMENTS PURSUANT TO A VOLUNTARY CLOSING AGREEMENT PROGRAM WHERE SELF-REMEDIATION MAY BE UNAVAILABLE. ARBITRAGE CALCULATIONS PART IV, LINE 2C THE INITIAL REBATE CALCULATION FOR THE 2012 SERIES BONDS INCLUDED THE PERIOD MAY 24, 2012 TO MAY 24, 2015, CONSIDERED THE TEMPORARY PERIOD, AND REFLECTED NO REBATE WAS DUE. THE FIRST FIVE YEAR REBATE CALCULATION FOR THE PERIOD MAY 24, 2012 TO MAY 24, 2017, ALSO REFLECTED NO REBATE WAS DUE. THE INITIAL REBATE CALCULATION FOR THE 2015 SERIES BONDS FOR THE TEMPORARY PERIOD, NOVEMBER 10, 2015 TO NOVEMBER 10, 2018, WAS COMPLETED DECEMBER 6, 2018 AND NO REBATE WAS DUE. X 22 209893 FMV 0 false true true NON-CASH CONTRIBUTIONS PART I, LINE 9 THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS RELATED TO EACH TYPE OF PROPERTY THAT WAS RECEIVED DURING FY19. USE OF A THIRD PARTY TO SELL NON-CASH CONTRIBUTIONS PART 1, LINE 32A THE COLLEGE USES A CUSTODIAN TO HOLD AND PROCESS ALL INVESTMENT TRANSACTIONS INCLUDING ASSET SAFEKEEPING AND COLLECTION OF DIVIDENDS AND INTEREST. ALL SECURITY CONTRIBUTIONS ARE DELIVERED TO THE CUSTODIAN WITH THE INSTRUCTION FOR IMMEDIATE SALE. ORGANIZATION'S MISSION STATEMENT FORM 990, PART I, LINE 1 AND PART III, LINE 1 SAINT MICHAEL'S COLLEGE IS A CATHOLIC LIBERAL ARTS RESIDENTIAL COLLEGE COMMITTED TO THE PURSUIT OF ACADEMIC EXCELLENCE, WITH AN UNDERGRADUATE ENROLLMENT OF APPROXIMATELY 1,700 STUDENTS AND 250 GRADUATE AND INTERNATIONAL STUDENTS. WE CREATE AND SUSTAIN AN OPTIMAL LIVING AND LEARNING ENVIRONMENT THAT PROMOTES A VIBRANT INTELLECTUAL LIFE AND CHALLENGES STUDENTS TO ENGAGE IN ACTIVITIES TO EXTEND THEIR MINDS AND EXPERIENCE WITHIN AND BEYOND OUR VERMONT LOCATION. ACADEMIC PROGRAMS AND FINANCIAL SUPPORT Form 990, Part III, Lines 4A The academic program is at the heart of the College's Mission and the reason for Saint Michael's College existence. The College provides education with a social conscience, producing graduates with intellectual tools to lead successful, purposeful lives that will contribute to peace and justice in our world. Saint Michael's College students personalize their education through research, internships, and small classes, preparing them for a lifetime, not just for their first job out of college. The academic program is rigorous and calibrated to the appropriate developmental levels of students (first-year students through graduate level). The undergraduate academic program offers degrees in 23 different majors for the Bachelor of Arts Degree and 14 majors for the Bachelor of Science Degree. Students may also choose from 39 minor programs. The academic program for graduate students includes 3 programs leading to Master's degrees in Clinical Psychology, Education and Teaching English to Speakers of Other Languages. Saint Michael's College awarded 516 Bachelor's degrees, 64 Master's degrees, and 5 post Master's certificates during the 2018-2019 academic year; 89 of the Baccalaureate students graduated with double majors for a total of 417 students completing degrees. Our final 12-month enrollment for 2018-2019 totaled 1794 FTE students enrolled in Baccalaureate degree programs and 183 FTE in Master's degree programs. Our "First Destinations" survey for the baccalaureate class of 2018 (80% knowledge rate) revealed that 78% of respondents were employed, volunteering, or attending graduate school full-time, with another 25% engaged in similar roles on a part time basis. Sums exceed 100% as respondents are sometimes engaged in more than one category - but most importantly, only 5.1% of our graduates were still seeking employment six months after graduation. Our 4 year average (2010-2013) student-right-to-know completion or graduation rate is 79% based on our most recent federal data submissions (Winter 2019-2020). For comparison, the most current National Center for Education statistics data, for the cohort entering in fall 2011, indicates an average 66% graduation rate for private non-profit colleges. The equivalent 150% (6 year) graduation rate for the same period at Saint Michael's College was 78%. The College's goal is to have at least 30% of each graduating class participate in credit-bearing programs abroad. Working with over 15 study abroad partner organizations, students have more than 60 countries from which to choose a variety of study abroad options. The College has exceeded its 30% goal for the past 5 academic years. The College has made strides in educating students beyond the classroom in preparation for their careers after graduation. The College has developed a Life After College program as part of our current strategic plan, which includes development of a cohesive student employment program and a more extensive focus on internships. Our recent Saint Michael's College Alumni Study (published by Gallup (c) 2016) emphasizes the importance of experiential learning as a key driver of students' lifetime well-being and engagement. During the last three summers 2016-2018, an average of 40 students were engaged in independent research with professors applying classroom learning to real-world case studies. The College has a robust honors program which began in the late 1980's, and recognizes high achievement among our students. In 2019, 48 students or 11% of the senior class, graduated in the honors program. In the fall of 2018, 476 students from all four classes, about 28% of the student body, were members of the honors program. The College is part of the nation's oldest and largest liberal arts academic honor society, Phi Beta Kappa. Only about ten percent of institutions of higher education have chapters. With 290 chapters nationwide, Saint Michael's College is one of only 25 Catholic Colleges in the U.S. and one of four in New England with such a chapter. The College is identified in the 2019 Edition of the Princeton Review's Best 384 Colleges as one of the nation's best institutions for undergraduate education. The College is ranked 124th in national liberal arts colleges by the U.S. News and World Report. Saint Michael's College was included on the list of US colleges and universities that produced the most 2018-2019 Fulbright U.S. students. Saint Michael's College was named to Kiplinger's Personal Finance list of the Top Best College Values of 2018, 2017 and 2016. Forbes magazine's America's Top Colleges' Edition has ranked Saint Michael's College 186th in the best private colleges' category and 98th in liberal arts universities. The College was included in the 2017 edition of The Princeton Review's Guide to Green Colleges, recognized for their commitment to sustainability ranking as the 11th most environmentally responsible college among 375 of the "greenest" campuses in the U.S. The College was featured in the 2018 Fiske Guide to Colleges, a highly selective guide to noteworthy schools in the U.S., Canada and the United Kingdom. College Consensus, a unique new college review aggregator, has recognized Saint Michael's College in its survey of the "30 most beautiful College Campuses in the Fall". Saint Michael's College ranked 18th on this list and also ranked 40th on their list of Best Catholic Colleges and Universities. The Vermont Standards Board for Professional Educators is responsible for evaluating and approving educator preparation programs at the undergraduate and graduate level and alternate routes to licensure. It approves licensure programs that have successfully demonstrated the capacity to provide prospective educators with the knowledge, skills, experiences, and dispositions needed to foster all students' growth. In 2019 the board reviewed and voted to accept Saint Michael's two year report and granted full approval for all licensure programs. The Vermont Standards Board for Professional Educators also approved a new program in Early Childhood Education. The academic program is supported by many professional and administrative staff including information technology (IT), academic enrichment programs, library and information services (LIS), registrar's office, the Vice President of Academic Affairs and the Dean. The IT department is committed to creating a robust technology environment for the College's students, faculty and staff. They support administrative applications, instructional technology services, all of which support the mission and goals of the College by providing its constituents with a reliable, secure, and fast campus network; support for the appropriate integration of technology into teaching and research; and technology support for administrative operations. Saint Michael's College is committed to students' academic success therefore, in addition to academic enrichment programs designed to enhance the learning experience, a variety of services are offered to ensure that our students get the most out of their education including independent studies, Peace and Justice Center, Women's Center, service learning, student/faculty research and internships to name a few. These services and activities are designed to assist our students in enhancing their learning opportunities in order to achieve their fullest intellectual development. Academic enrichment also supports faculty in offering extra-curricular activities that enhance their classroom teaching and in designing innovative components to their courses that foster experiential learning. LIS provides students, faculty, and staff with the information resources and services they need for study, teaching and research. The library strives to determine community needs and respond to them by shaping its resources and services to provide the best possible support for the academic program. In order to support our students attending Saint Michael's College, a variety of grants and assistance are awarded. Refer to schedule I, Part IV for additional information. AUXILIARY ENTERPRISES Form 990, Part III, Line 4B As a 100% residential college, we make living on campus just as important a learning experience as the curriculum in the classrooms. Therefore, in addition to expenses associated with on-campus dining services, auxiliary services expenses include residence hall bond interest, depreciation expense and costs related to the bookstore, printing and mailing services, special events, summer playhouse and other auxiliary programs that support our students' living and learning experience. As part of the residential experience, there are unique housing options available on campus based on common interests that students share such as GREAT Housing (Alcohol and Drug Free) with 128 students, honors housing (50 students) and the GEAR (Global Experience Academic Residential) Program housing (124 students) which provides an opportunity for U.S. students to live with international students. Dining on campus provides the social experience essential to a well-rounded campus life. STUDENT SERVICES Form 990, Part III, Line 4C Students are at the center of the College's Mission. While the academic elements are foremost, supporting the students' personal development is vital as well. The offices of admissions, student life, Edmundite Campus Ministry, Adventure Sports Center, athletics and many student clubs work to enhance students' personal growth as well as their academic success. To supplement the academic culture on campus and enrich overall quality of the college experience, a variety of weekend programs is offered to students, along with many outdoor programs such as the ski pass, a variety of ministry programs, and community service opportunities through Move (Mobilization of Volunteer Efforts). Approximately 80% of students are involved in some form of intercollegiate, intramural, club, recreation, personal fitness, or Adventure Sports Center offering. Approximately 25% of Saint Michael's College students participate in one of the 21 varsity sports. Our student athletes have achieved a 97% academic success rate (ASR); a statistic defined by the NCAA as a measurement of graduation within a 6 year cohort time period as of June 2019. Saint Michael's College has again been recognized as a recipient of the Division II Presidents' Award for Academic Excellence as a member of the Northeast-10 Conference. SMC achieved the second highest ASR in the conference this year, having finished among the league's Top Two for the 13th consecutive year (#1 nine times). It's the 12th straight year that Saint Michael's has ranked among the Top Four (of 325) NCAA Division II colleges and universities in the nation (#1 three times). The office of student activities strives to provide students opportunities to develop as ethical leaders and engaged citizens, and offers a wide variety of programs and activities designed to meet their needs. The College has embraced the You Count program (Community, Ownership, Unity in Diversity, Notice Each Other and Take Care of Self and others) which fosters an inclusive and seamless learning environment that enhances engagement, awareness and personal development. Educational programs offered in the residence halls help to bring people together who might not have otherwise met, help people to better know each other, and expose individuals to new ideas and beliefs. Floor visitors dialogue programs provide an environment conducive for faculty, staff and student dialogue about academic and community pursuits. These are a sample of the programming offered to students in the residence halls. The office of student activities assists the student government on campus as well as student clubs. Approximately 95% of the student population participates in student activities programs. The College embraces and supports students' commitment to community services reflected by the fact that about 65% of our students participate in a service activity through our MOVE program - part of Edmundite Campus Ministry. The fundamental objective of Edmundite Campus Ministry is to help students, faculty and staff reflect on and celebrate the spiritual and religious dimensions of their lives while at Saint Michael's College. Programs such as retreats, liturgies, spiritual direction, and prayerful reflection meals are designed to encourage everyone to step back and experience life at its deepest, most meaningful level. About 12% of our student population is involved in weekly or daily worship as well as attendance in these programs. Other Program Services Form 990, Part III, Line 4D Other program service expenses include public service and research. FORM 990 REVIEW PROCESS Form 990, Part VI, Section B, Line 11 Form 990 schedules are prepared by College personnel with guidance and review from external tax preparers who sign and file the form. Prior to filing with the Internal Revenue Service each member of the Board of Trustees was provided Form 990 and all schedules, except Schedule B, contribution detail, in order to respect our donors confidentiality. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C THE SECRETARY OF THE COLLEGE DISTRIBUTES THE CONFLICT OF INTEREST POLICY, QUESTIONNAIRE AND CERTIFICATION ANNUALLY TO TRUSTEES, OFFICERS AND KEY EMPLOYEES. THE SECRETARY REVIEWS THE RESPONSES AND POTENTIAL CONFLICTS ARE BROUGHT TO THE TRUSTEESHIP AND MISSION COMMITTEE FOR REVIEW AND RESOLUTION. A LIST OF INTERLOCKING BOARDS IS MAINTAINED TO ASSIST IN DETERMINING IF POTENTIAL CONFLICTS ARISE DURING THE YEAR. THE TRUSTEESHIP AND MISSION COMMITTEE SUBMITS NAMES FOR BOARD RECRUITMENT AND VETS ANY CONFLICT ISSUES. THIS COMMITTEE PROVIDES INFORMATION TO THE EXECUTIVE COMMITTEE FOR CONSIDERATION AND NOMINATION. DOCUMENT RETENTION AND DESTRUCTION POLICY FORM 990, PART VI, SECTION B, LINE 14 THE COLLEGE HAS A HIGH-LEVEL DOCUMENT RETENTION AND DESTRUCTION POLICY AND FOLLOWS SPECIFIC GUIDELINES PROVIDED BY THE INTERNAL REVENUE SERVICE AND RELEVANT REGULATIONS WITH RESPECT TO RECORDS RETENTION AND DESTRUCTION, INCLUDING THE PROVISIONS OF VERMONT LAW (9 VSA PART 3 CHAPTER 62 SUBCHAPTER 4 DOCUMENT SAFE DESTRUCTION ACT) WITH RESPECT TO DISPOSAL OF DOCUMENTS CONTAINING CONFIDENTIAL INFORMATION. ANOTHER RESOURCE UTILIZED BY THE COLLEGE IS "RECORD RETENTION AND DISPOSAL: A MANUAL FOR COLLEGE DECISION MAKERS", WHICH PROVIDES THE COLLEGE WITH A GUIDE TO THE APPLICABLE LAWS, REGULATIONS AND OTHER CONSIDERATIONS FOR ALL AREAS OF OUR BUSINESS, INCLUDING EMPLOYMENT AND ADMISSIONS APPLICATIONS, PAYROLL, STUDENT RECORDS, FINANCIAL, TAX AND CONTRIBUTIONS RECORDS AS WELL AS FEDERAL REPORTING SPECIFIC TO THE HIGHER EDUCATION INDUSTRY. COMPENSATION POLICY FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, EXCLUDING THE COLLEGE PRESIDENT, IS RESPONSIBLE FOR ESTABLISHING AND MAINTAINING A COMPETITIVE COMPENSATION PROGRAM FOR THE EXECUTIVE OFFICERS OF THE COLLEGE. THE EXECUTIVE COMMITTEE MEETS AS NEEDED TO REVIEW THE COMPENSATION PROGRAM AND MAKE RECOMMENDATIONS FOR ANY CHANGES. THE EXECUTIVE COMMITTEE HAS THE RESPONSIBILITY FOR DECISIONS REGARDING COMPENSATION IN ALL ITS CURRENT AND POTENTIAL FORMS FOR THE EXECUTIVE OFFICERS OF THE COLLEGE. THE VICE PRESIDENT OF HUMAN RESOURCES PROVIDES INDEPENDENT COMPENSATION DATA, E.G. NACUBO, CUPA, ETC. AND ANALYSIS TO THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE MEETS ANNUALLY TO REVIEW SURVEY DATA REGARDING COMPENSATION FOR THE PRESIDENT AND OTHER OFFICERS OF THE COLLEGE. THE MEETING WAS ON OCTOBER 18, 2017 FOR THE FISCAL YEAR INCLUDED IN THIS RETURN. THE COLLEGE COMPLIES WITH THE THREE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION STANDARD, AS OUTLINED IN TREASURY REGULATIONS SECTION 53.4958-6: (1) EXECUTIVE COMPENSATION IS AUTHORIZED BY AN INDEPENDENT COMMITTEE OF THE BOARD OF DIRECTORS, (2) THE COMMITTEE AUTHORIZING EXECUTIVE COMPENSATION OBTAINS AND RELIES ON APPROPRIATE DATA AS TO COMPARABILITY PRIOR TO MAKING DETERMINATIONS, AND (3) THE COMMITTEE ADEQUATELY DOCUMENTS THE BASIS FOR DETERMINATIONS CONCURRENTLY WITH MAKING THE DETERMINATIONS. PUBLIC DISCLOSURE POLICY FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE IS A PRIVATE ORGANIZATION AND THEREFORE BY LAW, IS NOT REQUIRED TO MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. IN THE INTEREST OF TRANSPARENCY, THE COLLEGE COMPLIES WITH REQUESTS FOR THIS INFORMATION FROM THE FEDERAL AND STATE REGULATORY AGENCIES, OUR ACCREDITATION AGENCY AND OTHER ENTITIES OR INDIVIDUALS IN THE ORDINARY COURSE OF BUSINESS. THE COLLEGE POSTS THE MOST RECENT THREE YEARS OF FORM 990 AND 990-T ON OUR WEBSITE. NET ASSET PRESENTATION FORM 990, PART X, LINES 27, 28, AND 29 THE COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2019 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF FORM 990, PART X, LINES 27, 28, AND 29, THE COLLEGE HAS REPORTED NET ASSETS WITHOUT DONOR RESTRICTIONS AS UNRESTRICTED NET ASSETS AND NET ASSETS WITH DONOR RESTRICTIONS AS PERMANENTLY RESTRICTED NET ASSETS AND TEMPORARILY RESTRICTED NET ASSETS, RESPECTIVELY. Other Changes in Net Assets FORM 990, PART XI, LINE 9 SYSTEM CONVERSION COSTS $(2,348,129) OTHER COSTS $( 15,000) ------------ TOTAL $(2,363,129) SAINT MICHAEL'S COLLEGE FIRE & RESCUE ONE WINOOSKI PARK COLCHESTER VT 05439 201120657 FIRE & RESCUE VT 501(C)(3) 7 SMC true MERRILL CEMETERY ASSOCIATION INC ONE WINOOSKI PARK COLCHESTER VT 05439 010868920 CEMETERY VT 501(C)(13) SMC true GREEN MTN HIGHER EDUCATION CONSORTIUM 84 SOUTH SERVICE ROAD RM 202B MIDDLEBURY VT 05753 901113280 CONSORTIUM VT 501(C)(3) 509(A)(3)I NA false false false false false false false false false false false false false false true true false true false false SAINT MICHAEL'S COLLEGE FIRE AND RESCUE N 71852 FMV SAINT MICHAEL'S COLLEGE FIRE AND RESCUE Q 180561 COST