2018-05-14T11:12:38-05:00 2017-06-30 135565207 KPMG LLP Two Financial Center 60 SStreet Boston MA 02111 990 2016-07-01 030179298 President and Fellows of Middlebury College PRES 8024435699 Controllers Office Suite 102 Middlebury VT 05753 David Provost Exec. VP for Finance & Treas. 8024435699 2018-05-14 1 Shyamalee A Joseph P01085371 6179881000 140.233.89.152 2018-05-14 12:12:10 ED P E499F215575EDD35F408125EBCDC8D3F17F988F0 E499F215575EDD35F408125EBCDC8D3F17F988F0 2016 2021-01-29 14:40:06Z Laurie L Patton Old Chapel Road Middlebury VT 05753 497364857 0 X http://www.middlebury.edu X 1800 VT We are a global liberal arts college offering undergraduate, graduate, and specialized programs. 33 32 5482 2469 -646024 -1741002 44212743 35276000 221715117 237441613 109162132 75566493 83044 67751 375173036 348351857 62949506 67921472 0 0 175358083 171734889 0 0 6779467 112843146 112444399 351150735 352100760 24022301 -3748903 1514900607 1570248443 396558730 395932442 1118341877 1174316001 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 88001930 218395751 Instruction represents the expenses for the educational programs. The programs are comprised of students who are full time on the Middlebury 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 campus offers graduate degrees in programs of study in translation, interpretation and language education and international policy management. 46742364 432507 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. 107775120 67188965 Student services and financial aid represents expenses incurred in the support of the enrolled students. 42527808 300000 19045862 Auxiliary enterprises represent expenses of dormitories, and the expenses and revenue from recreational facilities and food services. Also included is the grant commitment to support the bridge for the Town of Middlebury. 42527808 300000 19045862 285047222 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 1 0 1 0 1 1 0 0 0 1 1 1 1 0 1 X 799 0 1 5482 1 1 1 1 GM FR RS SP UK IT JA CI AR AU CM 0 0 0 0 0 0 0 0 X 33 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 0 VT X X David J Provost 8024435699 Old Chapel Middlebury VT 05753 Laurie L Patton President 40.00 1.00 X X 562875 0 95959 Belinda Badcock Term Trustee 1.00 X 0 0 0 Parker Harris Term Trustee 1.00 X 0 0 0 Allan Dragone Jr Vice Chair - Term Trustee 5.00 0.50 X 0 0 0 John R Tormondsen Vice Chair - Charter Trustee 5.00 X 0 0 0 Kirtley Horton Cameron Alumni Trustee 1.00 X 0 0 0 Caroline Sneath McBride Alumni Trustee 1.00 X 0 0 0 Eve B Burton Term Trustee 1.00 X 0 0 0 Kimberly Collins Parizeau Chair - Charter Trustee 1.00 0.50 X 0 0 0 Steven B Peterson Charter Trustee 1.00 X 0 0 0 Elisabeth B Robert Charter Trustee 1.00 1.00 X 0 0 0 James Edward Virtue Charter Trustee 1.00 X 0 0 0 George C Lee II Term Trustee 1.00 X 0 0 0 Linda Foster Whitton Charter Trustee 1.00 X 0 0 0 Russell J Leng Term Trustee 1.00 0.50 X 0 0 0 Garrett M Moran Charter Trustee 1.00 X 0 0 0 Karen A Stolley Term Trustee 1.00 X 0 0 0 Catherine Lee Term Trustee 1.00 X 0 0 0 Lucienne Ide Alumni Trustee 1.00 X 0 0 0 Frank W Sesno Charter Trustee 1.00 X 0 0 0 Deborah G Thomas Charter Trustee 1.00 X 0 0 0 Suzanne Reider Term Trustee 1.00 X 0 0 0 Helen Reiss Term Trustee 1.00 X 0 0 0 Richard T Scanlon Term Trustee 1.00 X 0 0 0 John S Weinberg Vice Chair - Term Trustee 1.00 X 0 0 0 Dennis D Parker Alumni Trustee 1.00 X 0 0 0 Joseph D Brown Term Trustee 1.00 X 0 0 0 Leilani M Brown Term Trustee 1.00 X 0 0 0 Janine F Feng Term Trustee 1.00 X 0 0 0 Henry J Simonds Alumni Trustee 1.00 X 0 0 0 Mark Spence Term Trustee 1.00 X 0 0 0 Kashif Zafar Term Trustee 1.00 X 0 0 0 William F Truscott Alumni Trustee 1.00 X 0 0 0 David Donahue Secretary 40.00 0.50 X 167546 0 148443 Patrick Norton Treasurer 40.00 X 402428 0 69119 Stephanie M Neil Asst. Secretary 40.00 X 78385 0 38923 Susan Baldridge EVP & Provost 40.00 X 489767 0 92974 Katie Smith Abbott VP Student Affairs & Dean of College 40.00 X 174440 0 73733 Michael Geisler VP Risk & Compliance 40.00 X 332777 0 62775 Sunder Ramaswamy Special Advisor of Initiatives 40.00 X 391989 0 104343 William C Potter Director of CNS 40.00 X 279819 0 55422 Michael Schoenfeld Sr. VP & Chief Philanthropic Advisor 40.00 X 266121 0 76835 Philip Geier Exec. Director Davis UWC Program 40.00 X 241873 0 77326 William Burger VP Communications & Chief Marketing Officer 40.00 X 286011 0 143733 Ronald Liebowitz Former President 1.00 X 3432798 0 77823 7106829 0 1117408 231 1 1 0 Naylor & Breen Builders Inc 191 Alta Woods Brandon VT 05733 Construction 2105191 EBSCO Industries Inc PO Box 830460 Birmingham AL 35283 Research Database 761932 CET Academic Programs 1920 N St NW Suite 200 Washington DC 20036 Program Fee 564424 Ellucian Company LP 62590 Collections Center Dr Chicago IL 60693 ITS 557054 Structural Energy Corporation PO Box 502 Middlebury VT 05753 Construction 497841 29 3941318 31334682 7713834 35276000 Tuition and Fees 611710 218395751 218395751 College Store 451211 2856166 2856166 Snow Bowl 713910 1210166 1210166 51 Main at the Bridge 722100 455130 455130 Advertising 541800 55110 55110 14469290 14469290 237441613 22533493 -2309273 24842766 29572 29572 202046000 149013000 53033000 53033000 1114830 51918170 Book store sale items 451211 21835 21835 Reprographics sale 323100 16344 16344 38179 348351857 236931373 -646024 76790508 732507 732507 67188965 67188965 1771747 301197 1169353 301197 3614233 3614233 123236797 99666333 20214041 3356423 13207891 10724908 2095476 387507 21635107 17567872 3432482 634753 8269114 6714583 1311923 242608 474130 92275 381409 446 305228 151628 153600 16577 16577 5704263 5704263 850463 239862 588893 21708 1532091 1025284 314860 191947 2236998 902272 1313764 20962 11783837 10863508 882989 37340 7924821 6467261 1049161 408399 1247434 819971 399746 27717 12767963 11886628 881335 20454647 14688414 5766233 2830099 2933068 -102969 Other Miscellaneous Exp 13645658 2092830 11411357 141471 Contracted Services 12865732 11908052 439602 518078 Food 5409322 5390843 15533 2946 Supplies 3701727 3484143 210818 6766 8693409 5590585 2623625 479199 352100760 285047222 60274071 6779467 8365358 8697961 315380 318901 32980401 20897838 7128275 5727182 36649 33588 17267773 15311481 968032 798604 2184513 3563990 783917001 402502629 388920501 381414372 143308000 157758000 885842407 947360000 27583318 28366526 1514900607 1570248443 48664766 42217323 18059447 20106504 281574228 260776325 9235581 9950595 70000 21840000 38954708 41041695 396558730 395932442 X 248983769 239988483 507209698 557212566 362148410 377114952 1118341877 1174316001 1514900607 1570248443 X -3748903 59659282 63745 X 0 1 X 1 1 1 X 61747381 54237347 49195841 44212743 35276000 244669312 61747381 54237347 49195841 44212743 35276000 244669312 10521414 234147898 349360 22114712 52363258 43220682 24872338 142920350 387589662 1095115819 0.60410 0.64830 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 1 0 0 0 0 1 16576 16577 0 Part II-B, Line 1: Middlebury pays dues to trade associations, some of which may be used for lobbying purposes. Middlebury has a contract with a private company who actively participated in the tax discussions involving the proposed effort to tax currently tax-exempt property, the proposed mandatory employee work break bill and other legislative matters in the State of Vermont. The private company received total payments of $16,577 from Middlebury as a lobbyist. 18966908 X X X X 0 0 1 X 1000598308 11852000 130706000 -12487365 -56364219 -328415 1073976309 1101053639 16178578 -46905430 -11523128 -57898696 -306655 1000598308 1081894682 19555299 73515113 -10458096 -63107736 -345623 1101053639 972992750 17601181 147666395 -10785087 -45287573 -292984 1081894682 879690062 9612949 138444821 -8886052 -45582744 -286286 972992750 0.21250 0.33170 0.45580 0 0 56534927 56534927 600803521 326118285 274685236 124516613 76384344 48132269 2061940 2061940 381414372 Equity securities 269116000 F Alternative equities 302947000 F Debt securties 28943000 F Real estate and mortgages 11050000 F Private equity partnerships 326841000 F Other investments 5667000 F CRUTS Receivable 2796000 F 947360000 Funds held for others 3396921 Annuities and Unitrusts payable 25677251 Refundable Government Loans 11967523 41041695 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 satisfies the publicity requirement by posting the Non-Discrimination Policy on Middlebury's web site. 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. East Asia and the Pacific 4 6 Program Service Studies Abroad 1488637 Europe 6 266 Program Service Studies Abroad 4717093 Middle East and North Africa 2 51 Program Service Studies Abroad 996196 Russia and Newly Independent States 3 23 Program Service Studies Abroad 441293 So.America 2 78 Program Service Studies Abroad 1273939 Sub-Saharan Africa 1 9 Program Service Studies Abroad 145617 Central America & the Caribbean 0 0 Program ServiceProgram Service Community Service 14000 South Asia 0 1 Program Service Studies Abroad 183415 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, Investments 167600000 Studies Abroad Russia and Newly Independent States Enrichment/conference 13000 Central America & the Caribbean Enrichment/conference 38000 East Asia and the Pacific Enrichment/conference 102000 Europe Enrichment/conference 226000 So.America Enrichment/conference 35000 South Asia Enrichment/conference 25000 Sub-Saharan Africa Enrichment/conference 34000 Europe Research 230000 East Asia and the Pacific Research 30000 Russia and Newly Independent States Research 175000 Middle East and North Africa Research 19000 Sub-Saharan Africa Research 3000 East Asia and the Pacific Fundraising 25000 Europe Fundraising 61000 18 434 0 0 18 434 9260190 168616000 177876190 1 0 1 1 1 1 Part I, line 3: Expenditures are recorded on the accrual basis of accounting. 1 Research Foundation of SUNY 35 State St Albany NY 12207 141368361 501(c)(3) 16538 Research grant Town of Middlebury 94 Main Street Middlebury VT 05753 Town-Middlebury 300000 Town Bridge Project Potomac Theatre Project 4 Nedde Lane Middlebury VT 05753 132960856 501(c)(3) 105658 Professional theatre company affiliated with Middlebury Town Hall Theatre 68 South Pleasant Street Middlebury VT 05753 262091573 501(c)(3) 42159 Annual Pledge Addison County Transit Resources 297 Creek Road Middlebury VT 05753 030335768 501(c)(3) 29360 Sponsorship Point Park University 201 Wood Street Pittsburgh PA 152221984 251094922 501(c)(3) 21447 Research grant Georgia Tech Applied Research 505 Tenth Street NW Atlanta GA 30318 582374837 501(c)(3) 127345 Research grant NU Borders LLC 72 Main St Bridgewater MA 02324 475179680 LLC 90000 Research grant 7 1 Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset. 3012 67188965 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 X 1 1 X X X X X X 0 1 0 0 0 0 0 1 1 1 Laurie L Patton President 560037 0 0 0 2838 0 55650 0 40309 0 658834 0 0 0 David Donahue Secretary 167129 0 0 0 417 0 89460 0 58983 0 315989 0 0 0 Patrick Norton Treasurer 201038 0 0 0 201390 0 46488 0 22631 0 471547 0 100000 0 Susan Baldridge EVP & Provost 263735 0 0 0 226032 0 55650 0 37324 0 582741 0 125000 0 Katie Smith Abbott VP Student Affairs & Dean of College 173045 0 0 0 1395 0 39294 0 34439 0 248173 0 0 0 Michael Geisler VP Risk & Compliance 131142 0 0 0 201635 0 30223 0 32552 0 395552 0 100000 0 Sunder Ramaswamy Special Advisor of Initiatives 290822 0 0 0 101167 0 55650 0 48693 0 496332 0 50000 0 William C Potter Director of CNS 273879 0 0 0 5940 0 42400 0 13022 0 335241 0 0 0 Michael Schoenfeld Sr. VP & Chief Philanthropic Advisor 259522 0 0 0 6599 0 61936 0 14899 0 342956 0 0 0 Philip Geier Exec. Director Davis UWC Program 236707 0 0 0 5166 0 54337 0 22989 0 319199 0 0 0 William Burger VP Communications & Chief Marketing 284331 0 0 0 1680 0 52429 0 91304 0 429744 0 0 0 Ronald Liebowitz Former President 470680 0 0 0 2962118 0 38901 0 38922 0 3510621 0 601646 0 Part I, Line 1a In rare cases, Middlebury uses gross-up payments to minimize the tax burden to an employee who takes on an assignment on behalf of Middlebury that results in additional taxable income. Middlebury has grossed up dependent tuition benefits for a Middlebury highly compensated employee. As a condition of employment Middlebury provides a Middlebury Officer with a residence for the convenience of the employer. Part I, Line 4b The Secretary participates in a supplemental nonqualified retirement plan which is contingent upon services. Contributions to the plan amounted to $50,000. Payments from the plan were made to the Executive Vice President and Provost, Vice President of Risk and Compliance, Special Advisor of Initiatives, the Treasurer and the Former President. These payments were $225,000, $200,000, $100,000, $200,000 and $2,961,000, respectively. Individuals that received payments no longer participate in the plan. 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. 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 II, Column (D) Nontaxable benefits include, but are not limited to, nontaxable housing, flexible spending accounts, tuition reimbursement program, medical, dental, and vision insurance, workman's compensation insurance, life insurance, disability insurance, and unemployment insurance. A VEHBFA (Series 2010) 237154467 924166DH1 2010-11-01 101791989 refunding (Series 1988A;2002B;2008) 0 0 0 B VEHBFA (Series 2009) 237154467 924166DG3 2010-01-14 62014213 refunding (Series 1999) 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 101791989 817182 100974807 1999 1 0 1 1 B 62014213 605880 61408333 2002 1 0 1 1 C 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 2009, 2010, 2012 and 2016 - 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. Schedule K, Part IV, Line 2c SRamaswamy HCE Mortgage X 67671 33588 0 1 1 33588 Multiple 136000 Benefit Tuition 0 Shalom L Goldman Spouse of Officer 192209 Employee 0 X 20 1373064 Appraisal X 310 6326552 FMV X Miscellaneous items 9 14218 FMV 8 0 1 1 Part I, Column (b): We are reporting the number of contributions based on the number of contributors. Part I, Line 32b: Middlebury will sell from time to time noncash items, other than securities, at local auction houses. Form 990, Part VI, Section A, line 1 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. 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 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. The Compensation Committee normally meets in late June to complete the presidential assessment for the current year and sets goals for the following year. The Treasurer reviews with the Committee the Schedule J of the IRS Form 990. The Treasurer reviews with the Committee comparable compensation data prepared by an independent third party compensation consultant. The President provides to the Committee performance reviews of senior administrators. 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 63,745. 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 College 1 Green Mountain Higher Education Consortium Inc 84 S Service Road 202B Middlebury VT 05753 901113280 Promoting the educational purpose and consolidating services VT 501(c)(3) 10 0 The President and Friends of Middlebury College Controllers Office Middlebury VT 05753 030285938 Promoting the educational purpose of running dining events and eateries VT 501(c)(3) 10 President and Fellows of Middlebury College 1 Charitable remainder trust (57) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T 1 Charitable lead trust (2) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T 1 Pooled income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT N/A T 1 Life income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT N/A T 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 Delineation Corporation D 22670928 FMV Charitable Gift Annuities & Unitrusts (8) S 1089027 FMV SCHEDULE R; PART IV; COLUMN C Legal Domicile Charitable Remainder Trusts include Vermont and Massachusetts Charitable Lead Trusts include Vermont and the District of Columbia