2026-05-14T12:12:03-05:00 2025-06-30 135565207 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 990 2024-07-01 030179403 SAINT MICHAEL'S COLLEGE SAIN 8026542915 ONE WINOOSKI PARK BOX 274 COLCHESTER VT 05439 ROBERT ROBINSON TREASURER/VP OF FINANCE 8026542915 2026-05-13 1 0 RAGINI BANURU P01906959 6179881000 2026-05-12 2024 2025-03-06 01:10:19Z ROBERT R ROBINSON ONE WINOOSKI PARK BOX 274 COLCHESTER VT 05439 110648651 0 0928 X WWW.SMCVT.EDU X 1913 VT SEE SCHEDULE O. 28 27 1172 1051 155324 0 10168308 7607359 79480667 77410789 7382489 8453858 1405527 1018559 98436991 94490565 40343932 39438486 0 0 35592581 37884783 77401 0 2468247 32370805 32278691 108384719 109601960 -9947728 -15111395 196624631 179408557 68596649 65839009 128027982 113569548 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. 0 0 64952482 39438486 58140071 ACADEMIC PROGRAM AND FINANCIAL AID, SEE SCH O 15275931 0 17313260 AUXILIARY ENTERPRISES, SEE SCH O 16588726 STUDENT SERVICES, SEE SCH O 96817139 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 2315 0 1 1172 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 VT X X MELISSA TOURVILLE 8026542915 ONE WINOOSKI PARK BOX 274 COLCHESTER VT 05439 RICHARD PLUMB PRESIDENT/TRUSTEE 40.00 0.00 X X 383500 0 94149 ANSEL AUGUSTINE PHD TRUSTEE 2.00 0.00 X 0 0 0 MR JOSEPH A BELLISSIMO TRUSTEE 1.00 0.00 X 0 0 0 REV MSGR BERNARD W BOURGEOIS TRUSTEE 1.00 0.00 X 0 0 0 MR PATRICK N BROWN PHD TRUSTEE 2.00 0.00 X 0 0 0 DR GREGORY F BRUCATO TRUSTEE 1.00 0.00 X 0 0 0 MS PATRICIA A CASEY TRUSTEE 5.00 0.00 X 0 0 0 MR GARRETT CLARK TRUSTEE 4.00 0.00 X 0 0 0 MR RICHARD COTE TRUSTEE 1.00 0.00 X 0 0 0 VERY REV DAVID G CRAY SSE TRUSTEE 10.00 0.00 X 0 0 0 MR MARK S DALTON TRUSTEE 12.00 0.00 X 0 0 0 REV STANLEY M DERESIENSKI SSE TRUSTEE 5.00 0.00 X 0 0 0 MR TIMOTHY E FORD TRUSTEE 4.00 0.00 X 0 0 0 MR WILLIAM H GALLAGHER TRUSTEE 2.00 0.00 X 0 0 0 REV THOMAS F X HOAR PHD SSE TRUSTEE 1.00 0.00 X 0 0 0 MR GEORGE C KEADY III TRUSTEE 2.00 0.00 X 0 0 0 MR BRIAN G LACEY TRUSTEE 6.00 0.00 X 0 0 0 MS SUZANNE M LEOUS TRUSTEE 2.00 0.00 X 0 0 0 MR CHAD D MCEACHERN TRUSTEE 1.00 0.00 X 0 0 0 MR PHILIP F MCGOVERN JR ESQ VICE CHAIR OF THE BOARD 1.00 0.00 X 0 0 0 MR ROBERT H MINETTI TRUSTEE 4.00 0.00 X 0 0 0 REV RICHARD M MYHALYK SSE TRUSTEE 2.00 0.00 X 0 0 0 MR ROBERT T NOONAN CHAIR OF THE BOARD 15.00 0.00 X 0 0 0 MR JAMES F PHALEN TRUSTEE 4.00 0.00 X 0 0 0 REV MARCEL RAINVILLE SSE TRUSTEE 40.00 0.00 X 0 0 0 DR TRACY A ROMANO PHD TRUSTEE 1.50 0.00 X 0 0 0 MR GEORGE SHERMAN TRUSTEE 2.00 0.00 X 0 0 0 MS ELAINE STOKES VICE CHAIR OF THE BOARD 8.00 0.00 X 0 0 0 ROBERT ROBINSON VP FOR FINANCE/TREASURER 40.00 0.00 X 188169 0 43545 DAWN M ELLINWOOD VP FOR STUDENT AFFAIRS 40.00 6.00 X 189844 0 50123 GRETCHEN GALBRAITH VP ACADEMIC AFFAIRS 40.00 0.00 X 189902 0 35866 JEFFERY TRUMBOWER PROFESSOR OF RELIGIOUS STUDIES 40.00 0.00 X 159007 0 34880 SARAH HASTINGS PROFESSOR PSYCHOLOGY 40.00 0.00 X 150166 0 35847 JEFFREY AYERS PROFESSOR POLITICAL SCIENCE 40.00 0.00 X 158428 0 20924 MICHAEL LARSEN PROFESSOR MATHEMATICS 40.00 0.00 X 141140 0 39050 TERRI SELBY EXECUTIVE DIRECTOR IN INST. ADV. 40.00 0.00 X 132294 0 25756 1692450 0 380140 11 0 1 0 KJ CONSTRUCTION 219 PEARL STREET ESSEX VT 05452 GENERAL CONTRACTOR 1752490 OMADA TECHNOLOGIES LLC 36 MAPLEWOOD AVENUE PORTSMOUTH NH 03801 IT CONSULTANT 632220 BENOIT ELECTRIC 254 INDUSTRIAL LANE BARRE VT 05641 ELECTRICAL CONTRACTOR 474225 PREMIER COACH CO INC 946 ROUTE 7S MILTON VT 05468 CHARTER SERVICES 393244 EAB GLOBAL INC PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 392483 22 2091019 5516340 531939 7607359 TUITION AND FEES 611710 58140071 58140071 RESIDENCE AND DINING 721310 16548138 16548138 SPECIAL EVENTS 812930 1418680 24842 1393838 BOOK STORE 459210 538778 538778 SPORTS CAMPS 713940 414724 414724 350398 350398 77410789 3088158 21316 3066842 345969 0 345969 345969 345969 21516981 6805 16158086 0 5358895 6805 5365700 109166 5256534 OTHER OPERATING INCOME 900099 672590 672590 672590 94490565 75453331 155324 11274551 6200 6200 39206371 39206371 225915 225915 1889688 935562 431186 522940 26518372 21979804 3451090 1087478 594933 490984 69950 33999 6880936 5674906 952635 253395 2000854 1620302 271767 108785 154677 154677 260703 260703 1617 1617 419010 419010 270571 179985 84686 5900 3965795 3494942 286481 184372 1876671 964394 902347 9930 4479061 4356052 123009 2103490 1954919 94209 54362 3053757 2997438 56319 6230765 5702496 528269 807060 733879 73181 CATERING/LECTURER/OTHER 8655514 6292990 2155438 207086 109601960 96817139 10316574 2468247 5091545 7269949 4782875 1262316 1116896 819948 1414026 905869 386375 353151 2556555 2220565 228242153 156457599 75280196 71784554 53151572 47304722 52560911 47331918 283680 155565 196624631 179408557 6484038 4939126 2576678 2107418 56408859 50973633 0 5000000 3127074 2818832 68596649 65839009 X 53773601 40961616 74254381 72607932 128027982 113569548 196624631 179408557 X -15111395 370466 282495 X 0 1 X 1 1 1 X 16348022 13785143 5165602 10168309 7607359 53074435 16348022 13785143 5165602 10168309 7607359 53074435 3256160 49818275 1297355 3861760 3794452 4039048 3412811 16405426 378588 8731 48027 46158 481504 959574 421496 2126182 730640 672590 4910482 74871847 417375324 0.66540 0.62560 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER OPERATING INCOME - 2020 AMOUNT: $ 959,574. 2021 AMOUNT: $ 421,496. 2022 AMOUNT: $ 2,126,182. 2023 AMOUNT: $ 730,640. 2024 AMOUNT: $ 672,590. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1617 1617 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER OF THE ASSOCIATION OF VEMRONT INDEPENDENT COLLEGES (AVIC) WHICH REPRESENTS ITS MEMBER IN VARIOUS FORMS SERVING THE INTERESTS OF HIGHER EDUCATION, INCLUDING GOVERNMENT LEGISLATION. ANNUAL MEMBERSHP FEES PAID TO THIS ORGANIZATION WERE $17,791. APPROXIMATELY $1,617 OF THIS AMOUNT WAS ALLOCATED TO LOBBYING. 0 95450950 4148783 8077764 5588680 15133853 414897 86540067 93377443 2443410 11292031 5442796 5842662 376476 95450950 94357409 834679 6858292 4201665 4027633 443639 93377443 103031940 1270364 -5622692 3135107 565084 622012 94357409 77654938 3340987 25767599 2999947 378138 353499 103031940 0.19895 0.50397 0.29708 0 0 1888203 1888203 180215195 124566135 55649060 40947406 28303164 12644242 5191349 3588300 1603049 71784554 CASH EQUIVALENTS 21766913 F INTERNATIONAL EQUITIES 2116909 F DIRECTIONAL HEDGE COMPOSITE 81877 F PRIVATE EQUITY 1816985 F GLOBAL FIXED INCOME COMPOSITE 8203047 F REAL ASSET COMPOSITE 5618126 F DEPOSITS WITH BOND TRUSTEES 7728061 F 47331918 AMOUNTS HELD ON BEHALF OF OTHERS 437330 REFUNDABLE ADVANCES 301993 ANNUITY OBLIGATION 23965 CAPITAL LEASE OBLIGATION 154881 OTHER LIABILITIES 1900663 2818832 X 55292230 370466 282495 652961 54639269 419010 39432286 39851296 94490565 69750664 0 69750664 419010 39432286 39851296 109601960 PART V, LINE 4: SAINT MICHAEL'S COLLEGE ENDOWMENT AND QUASI-ENDOWMENT CONSIST OF APPROXIMATELY 239 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. PART X, LINE 2: UNCERTAIN TAX POSITIONS 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: ACCOUNTING ADJUSTMENT 282,495. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 39,432,286. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 39,432,286. PART V, LINE 2 ENDOWMENT FUNDS THE COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2025 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 RESTRICTION AS QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT ENDOWMENT AND TEMPORARILY RESTRICTED ENDOWMENT, REPSECTIVELY. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE INCLUDES ITS RACIALLY NONDISCRIMINATORY POLICY IN ITS BYLAWS, EMPLOYEE HANDBOOK, GRADUTE AND UNDERGRADUATE CATALOGS, STUDENTS CODE OF CONDUCT AND COLLEGE POLICY HANDBOOK, FACULTY REGULATIONS, ON OUR APPLICAITION SUPPLEMENT, THE HOMEPAGE OF THE COLLEGE'S WEBSITE, AND WITHIN THE NEASC SELF STUDY DOCUMENT FOR REACCREDITATION. SCHEDULE E, PART I, LINE 6 SAINT MICHAEL'S COLLEGE RECEIVES GRANTS AND STUDENT AID FROM VARIOUS GOVERNMENTAL AGENCIES FOR SUPPORT OF EDUCATIONAL AND STUDENT PROGRAMS. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 2821366 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 INVESTMENTS 2943569 CENTRAL AMERICA AND THE CARRIBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 21250 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 70686 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 242048 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 41297 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 ATHLETIC TRAINING 4477 NORTH AMERICA 0 0 ATHLETIC TRAINING 882 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 STUDY TRIPS 24875 NORTH AMERICA 0 0 STUDY TRIPS 26153 0 0 0 0 0 0 6145575 51028 6196603 STUDENT SCHOLARSHIP MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 1 2288 WIRE NA NA STUDENT SCHOLARSHIP EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 6 85052 WIRE NA NA STUDENT SCHOLARSHIP EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 9 119974 WIRE NA NA STUDENT SCHOLARSHIP CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 1 18601 WIRE NA NA 1 0 1 1 1 0 SCHEDULE F, PART I, LINE 3F ACTIVITIES OUTSIDE THE UNITED STATES 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 PROGRAM 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. SCHEUDLE F, PART III SCHOLARSHIPS - 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. 1 STUDENT SCHOLARSHIPS 1101 31673626 NA UNDERGRADUATE ENDOWMENT FUNDED AID 324 3578750 NA UNDERGRATE ATHLETIC GRANTS 349 3559732 NA SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS 284 358973 NA GRADUATE STUDENT GRANTS 5 35290 NA SCHEDULE I, PART III GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS IN THE U.S. 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. 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 1 1 X X X 0 0 0 0 0 0 0 0 0 RICHARD PLUMB PRESIDENT/TRUSTEE 381511 0 0 0 1989 0 23000 0 71149 0 477649 0 0 0 DAWN M ELLINWOOD VP FOR STUDENT AFFAIRS 189844 0 0 0 0 0 5902 0 44221 0 239967 0 0 0 ROBERT ROBINSON VP FOR FINANCE/TREASURER 188169 0 0 0 0 0 5942 0 37603 0 231714 0 0 0 GRETCHEN GALBRAITH VP ACADEMIC AFFAIRS 189902 0 0 0 0 0 5821 0 30045 0 225768 0 0 0 JEFFERY TRUMBOWER PROFESSOR OF RELIGIOUS STUDIES 159007 0 0 0 0 0 5047 0 29833 0 193887 0 0 0 SARAH HASTINGS PROFESSOR PSYCHOLOGY 150166 0 0 0 0 0 3453 0 32394 0 186013 0 0 0 MICHAEL LARSEN PROFESSOR MATHEMATICS 141140 0 0 0 0 0 3617 0 35433 0 180190 0 0 0 JEFFREY AYERS PROFESSOR POLITICAL SCIENCE 158428 0 0 0 0 0 3946 0 16978 0 179352 0 0 0 TERRI SELBY EXECUTIVE DIRECTOR IN INST. ADV. 132294 0 0 0 0 0 3802 0 21954 0 158050 0 0 0 PART I, LINE 1A COMPENSATION INFORMATION 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: RICHARD PLUMB - COLUMN B (III) INCLUDES PERSONAL USE OF A COLLEGE VEHICLE. COLUMN (D) INCLUDES A HOUSING ALLOWANCE OF $40,710. A VT EDU & HEALTH BLDG FINANCE AGY SERIES 2015 237154467 924166HA2 2015-11-10 19878706 CONSTRUCTION, EQUIPMENT 0 0 0 B VT EDU & HEALTH BLDG FINANCE AGY SERIES 2023 237154467 924166LL3 2023-05-24 36524099 CONSTRUCTION, EQUIPMENT, REFUNDING OF SERIES 2012 ISSUED 05/24/12 0 0 0 A 3850000 19878706 319325 377716 19181665 2016 0 0 1 1 B 36524099 2785363 1072729 730482 7691938 23811722 431865 2025 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 PART II, LINES 16-17 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 2023 SERIES BONDS WERE ISSUED TO REFINANCE THE 2012 SERIES BONDS. 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. PART III, LINE 9 AND PART IV, LINE 7 ADOPTION OF MANAGEMENT PRACTICES: 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. PART IV, LINE 2C ABRITRAGE CALCULATIONS: THE INITIAL REBATE CALCULATIONS FOR THE 2015 SERIES BONDS FOR THE TEMPORARY PERIOD, NOVEMBER 10, 2015 TO NOVEMBER 10, 2018, WAS COMPLETED ON DECEMBER 6, 2018, AND NO REBATE WAS DUE. THE FIRST YEAR REBATE CALCULATION FOR THE PERIOD NOVEMBER 10, 2015 TO NOVEMBER 10, 2020, ALSO REFLECTED NO REBATE WAS DUE. PART V PROCEDURES TO UNDERTAKE CORRECTIVE ACTION 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. X 16 501439 FMV X SWIM & DIVE RECORD BOARD 1 30500 FMV 1 0 1 1 PART I, COLUMN (B): THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS RELATED TO EACH TYPE OF PROPERTY THAT WAS RECEIVED DURING FY25. PART I, LINE 32B: 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. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION 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. FORM 990, PART III, LINE 1 & PART III, LINE 1 SAINT MICHAEL'S COLLEGE IS CATHOLIC LIBERAL ARTS RESIDENTIAL COLLEGE COMMITTED TO THE PURSUIT OF ACADEMIC EXCELLENCE, WITH AN UNDERGRADUATE ENROLLMENT OF APPROXIMATELY 1,120 STUDENTS AND 203 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. FORM 990, PART III, LINE 4A ACADEMIC PROGRAMS AND FINANCIAL SUPPORT THE ACADEMIC PROGRAM IS AT THE HEART OF THE COLLEGE'S MISSION. 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 20 MAJORS FOR THE BACHELOR OF SCIENCE DEGREE. STUDENTS MAY ALSO CHOOSE FROM 40 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 HAS THE FOLLOWING 5 CENTERS SUPPORTING THE ACADEMIC PROGRAMS, CENTER FOR GLOBAL ENGAGEMENT, CENTER FOR EQUITY AND JUSTICE, CENTER FOR THE ENVIRONMENT, CENTER FOR FAITH AND CULTURE, PEACE AND JUSTICE CENTER. THE COLLEGE HAS A ROBUST HONORS PROGRAM WHICH BEGAN IN THE LATE 1980'S, AND RECOGNIZES HIGH ACHIEVEMENT AMONG OUR STUDENTS. 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 AND RESEARCH. SAINT MICHAEL'S COLLEGE EMPHASIZES THE IMPORTANCE OF EXPERIENTIAL LEARNING AS A KEY DRIVER OF STUDENTS' LIFETIME WELL-BEING AND ENGAGEMENT. 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, CENTER FOR STUDENT DIVERSITY, EMPOWERMENT, AND COMMUNITY, WOMEN AND GENDER 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. FORM 990, PART III, LINE 4B AUXILIARY ENTERPRISES 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), HONORS HOUSING, LGBTQIA HOUSING, AND THE GEAR (GLOBAL EXPERIENCE ACADEMIC RESIDENTIAL) PROGRAM HOUSING 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. FORM 990, PART III, LINE 4C STUDENT SERVICES 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). 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 50% 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 5% OF OUR STUDENT POPULATION IS INVOLVED IN WEEKLY OR DAILY WORSHIP AS WELL AS ATTENDANCE IN THESE PROGRAMS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS 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. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY 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. FORM 990, PART VI, SECTION B, LINE 14 DOCUMENT RETENTION AND DESTRUCTION POLICY 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. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY 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 9, 2024 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. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE POLICY 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 FEDERAL AND STATE REGULATORY AGENCIES, OUR ACCREDITATION AGENCY, 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. FORM 990, PART XI, LINE 9: ACCOUNTING ADJUSTMENT 282,495. SAINT MICHAELS COLLEGE FIRE & RESCUE ONE WINOOSKI PARK COLCHESTER VT 05439 201120657 FIRE & RESCUE VT 501(C)(3) 7 SMC 1 MERRILL CEMETARY ASSOCIATION INC ONE WINOOSKI PARK COLCHESTER VT 05439 010868920 CEMETARY VT 501(C)(13) SMC 1 GREEN MTN HIGHER EDUCATION CONSORTIUM 84 SOUTH SERVICE ROAD RM202B MIDDLEBURY VT 05753 901113280 CONSORTIUM VT 501(C)(3) 509(A)(3)I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 SAINT MICHAEL'S COLLEGE FIRE & RESCUE N 80017 FMV SAINT MICHAEL'S COLLEGE FIRE & RESCUE Q 310551 COST