2026-05-14T10:21:53-05:00 2025-06-30 135565207 KPMG LLP Two Financial Center 60 SStreet Boston MA 02111 990 2024-07-01 030179298 President and Fellows of Middlebury College PRES 8024435547 Controllers Office 102 Middlebury VT 05753 David J Provost Exec VP Finance & Treas. 8024435547 2026-05-14 1 0 Stephanie Lonczak P01880207 6179881000 2024 2025-03-06 01:10:19Z Ian Baucom Old Chapel Road Middlebury VT 05753 810409970 0 X www.middlebury.edu X 1800 VT We are a global liberal arts college offering undergraduate, graduate, and specialized programs. 35 34 4881 844 3089379 0 142807926 99974382 294482409 299387607 82720185 111826290 193461 96844 520203981 511285123 93878110 97112254 0 0 203989807 215234800 0 0 4718952 127388548 131459165 425256465 443806219 94947516 67478904 2218100975 2384177999 511661323 538739176 1706439652 1845438823 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 111943660 280701963 Instruction represents the expenses for the educational programs. The programs are comprised of students who are full time on the Middlebury VT campus plus the students who are attending the study abroad and summer programs. A bachelors degree and a masters in language and English are the primary degrees granted. The Monterey CA campus offers graduate degrees in programs of study in translation, interpretation and language education and international policy management. 62090620 1128098 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. 147565952 95113997 Student services and financial aid represents expenses incurred in the support of the enrolled students. 54368345 870158 18685644 Institutional support and Auxiliary enterprises represent expenses of dormitories, and the expenses and revenue from recreational facilities and food services. 54368345 870158 18685644 375968577 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 1 0 1 X 1029 0 1 4881 1 1 1 1 GM FR RS SP UK IT JA CI AR AU CM BR MO 0 0 0 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 VT X David J Provost 8024435699 Old Chapel Middlebury VT 05753 Laurie L Patton President (Thru 12/31/24) 40.00 1.00 X X 682905 0 127765 George C Lee II Charter Trustee 1.00 X 0 0 0 Karen A Stolley Vice Chair-Charter Trustee 1.00 X X 0 0 0 William F Truscott Chair-Charter Trust 1.00 X X 0 0 0 Belinda Badcock Term Trustee 1.00 X 0 0 0 Zachary A Bourque Alumni Trustee 1.00 X 0 0 0 Joseph W Brown Charter Trustee 1.00 X 0 0 0 Leilani M Brown Vice Chair-Charter Trustee 1.00 X X 0 0 0 Kirtley Horton Cameron Vice Chair-Charter Trustee 1.00 X X 0 0 0 Barbara G Cole Term Trustee 1.00 X 0 0 0 Denver Edwards Term Trustee 1.00 X 0 0 0 Janine F Feng Term Trustee 1.00 X 0 0 0 Graham C Goldsmith Term Trustee 1.00 X 0 0 0 Parker Harris III Charter Trustee 1.00 X 0 0 0 Lucienne M Ide Charter Trustee 1.00 X 0 0 0 Carol L Jones Term Trustee 1.00 X 0 0 0 Catherine Lee Charter Trustee 1.00 X 0 0 0 Caroline Sneath McBride Charter Trustee 1.00 X 0 0 0 Koby Altman Alumni Trustee 1.00 X 0 0 0 Alice J Murphy Term Trustee 1.00 X 0 0 0 Dennis D Parker Charter Trustee 1.00 X 0 0 0 Ann D Peterson Alumni Trustee 1.00 X 0 0 0 Suzanne Reider Term Trustee 1.00 X 0 0 0 Richard T Scanlon Charter Trustee 1.00 X 0 0 0 Henry J Simonds Term Trustee 1.00 X 0 0 0 Elizabeth C Speers Term Trustee 1.00 X 0 0 0 Mark Spence Term Trustee 1.00 X 0 0 0 Danielle S Virtue Alumni Trustee 1.00 X 0 0 0 Larry Yarbrough Term Trustee 1.00 X 0 0 0 Kashif Zafar Term Trustee 1.00 X 0 0 0 Shawn P Ryan Alumni Trustee 1.00 X 0 0 0 Susan J Scher Charter Trustee 1.00 X 0 0 0 Kenshin Cho Recent Graduate Trustee 1.00 X 0 0 0 John E Waldron Term Trustee 1.00 X 0 0 0 Robert V Sideli Alumni Trustee 1.00 X 0 0 0 Stephen Snyder Interim President (As of 1/1/25) 40.00 1.00 X X 237265 0 69182 David Provost EVP Finance & Admin. 40.00 X 424502 0 128307 Hannah Ross Secretary & General Counsel 40.00 X 315747 0 116821 Alberto Citarella VP Finance & Asst. Treas. 40.00 X 224440 0 44488 Susan Parsons Ritter Associate Secretary & Chief Risk Off 40.00 X 194701 0 62881 Charlene M Barrett Assistant Secretary 40.00 X 85760 0 53329 Smita Ruzicka VP Student Affairs 40.00 X 265272 0 73086 Michelle McCauley Interim Provost 40.00 X 260507 0 105940 William C Potter Director of CNS 40.00 X 327861 0 73824 Philip Geier Exec, Dir. Davis UWC 40.00 X 287813 0 97913 Daniel J Courcey VP Advancement 40.00 X 414422 0 102030 Jeffrey Lewis Director EANP 40.00 X 253842 0 73643 Caitlin Goss VP Human Resources 40.00 X 246644 0 32415 4221681 0 1161624 390 1 1 0 Naylor & Breen Builders Inc 191 Alta Woods Pvt Brandon VT 05733 Construction 30686486 Burton F Clark Inc 41155 State Highway 10 Delhi NY 13753 Construction 4084517 Premier Coach Co Inc 946 Route 7 S Milton VT 05468 Transportation 669201 Skytrac Services 408 S Tooele Blvd Tooele UT 84074 Construction 548008 Smith Alvarez & Sienkiewycz 117 St Paul Street Burlington VT 05401 Architecture 503281 60 7452078 92522304 16534136 99974382 Tuition and Fees 611710 280701963 280701963 Dining 722514 2794937 2794937 Snow Bowl 713910 1978264 1978264 College Store 459210 1239756 1239756 Golf Course 713910 912640 912640 11760047 11760047 299387607 60069810 2769250 57300560 56837 56837 350881327 299124847 51756480 51756480 280122 51476358 Reprographics sale 323100 22958 22958 Book store sale items 459210 17049 17049 40007 511285123 299387607 3089379 108833755 1954807 1954807 95113997 95113997 43450 43450 4339913 737785 2864343 737785 122093 122093 148713130 129316018 17834973 1562139 15372337 13064181 2077340 230816 36926035 31381593 4989998 554444 9761292 8295634 1319092 146566 1143549 3663 1139886 531414 196611 334803 6596410 6596410 424245 318621 95062 10562 1182408 582679 539756 59973 3749256 825708 2923548 14674044 8126760 6547284 9657583 8666734 891764 99085 360485 270755 80757 8973 10992574 10113005 791612 87957 23624086 21890078 1560607 173401 3144196 38000 3106196 Other Misc Expense 21801410 14512036 6560437 728937 Contracted Services 21406754 18636821 2492940 276993 Food 7929606 7868969 54573 6064 Supplies 4241145 3888579 317309 35257 443806219 375968577 63118690 4718952 5228043 27615524 34410810 23891208 55056170 75591582 8642225 10394635 7578176 7498534 874485 866311 3631522 5347015 1037161839 559578998 459720014 477582841 205670000 218543000 1402069000 1480703551 32778000 53710921 2442530 2432877 2218100975 2384177999 58563187 47270838 19575070 27145299 327170711 315670548 6292095 7044833 12536000 55975000 87524260 85632658 511661323 538739176 X 199554000 196247000 1506885652 1649191823 1706439652 1845438823 2218100975 2384177999 X 67478904 65697530 5822737 X 0 1 X 1 1 1 X 42739863 88264200 79476129 142807926 99974382 453262500 42739863 88264200 79476129 142807926 99974382 453262500 29219655 424042845 79355939 114239001 42050849 89364030 57357397 382367216 835629716 1371453197 0.50750 0.50160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22763093 X X X X 0 0 1 X 1597984171 40125567 170369296 29635458 48872542 127302 1729843732 1468867755 72315491 127439527 19350252 51406748 -118398 1597984171 1467208015 23664872 42454357 16082312 47984029 393148 1468867755 1511000984 22805932 -8830550 14935985 42304730 527636 1467208015 1133644078 15917228 424164897 14620565 488104655 1511000984 0.14490 0.32860 0.52650 0 0 73912366 73912366 676779585 424104923 252674662 47003062 2853853 44149209 181884940 132620222 49264718 57581886 57581886 477582841 Equity securities 229162438 F Alternative equities 431824098 F Real estate and mortgages 9372403 F Private equity partnerships 809915022 F Other investments 429590 F 1480703551 Funds held for others 3695552 Annuities and Unitrusts payable 28209561 Refundable Government Loans 1924018 Lease Obligations 51803527 85632658 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. The biggest use of the endowment is restricted for financial aid/scholarships/student benefit with close to a third of the endowment earmarked for these purposes. The next biggest use of the endowment is restricted for support for specific programs at the college, also about a third of the endowment. The third largest use of the endowment is restricted for instructional expenses. 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 The college has satisfied the publicity requirement described in section 4.03 of revenue procedure 75-50 as to students known to all segments of the general community served by the college. Middlebury communicates its commitment to non-discrimination to all students, faculty and staff through its policies in its handbook which is on Middlebury's main website, and through outreach and education. The policy is included in the Middlebury handbook, which is a resource guide for incoming students. Schedule E, Part I, Line 6 Students apply for and receive federal financial aid and faculty or staff apply for and receive government grants. 1 East Asia and the Pacific 1 16 Program Services Studies Abroad 1176096 Europe 6 247 Program Services Studies Abroad 6694860 Middle East and North Africa 4 22 Program Services Studies Abroad 949368 Russia and Neighboring States 1 9 Program Services Studies Abroad 459042 South America 2 22 Program Services Studies Abroad 1172662 Sub-Saharan Africa 1 7 Program Services Studies Abroad 191568 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Investments 217805713 15 323 0 0 15 323 228449309 0 228449309 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium Research Grant 43450 Disbursement made directly to organization based on approved invoice amount. 0 FMV 1 0 1 0 1 1 1 1 Part I, Line 2: Disbursements made for grant funds outside the United States, in furtherance of Middlebury's exempt programs are made in accordance with procedures or subject to conditions established by Middlebury's governing board designed to ensure that the individuals receiving disbursements from Middlebury are adequately investigated to ensure that they are qualifying recipients. Grant sub-awardees are required to submit reports which are reviewed by the Middlebury's grant accountant. All billings are reviewed and approved by the principal investigator and grant accountant before being paid. Part I, line 3: Expenditures are recorded on the accrual basis of accounting. 1 Shepherd Higher Education Consortium on Poverty PO Box 802 Lexington VA 24450 455507122 501(c)(3) 125000 0 FMV Research Grant The Ohio State University 2650 Kenny Road Room 120 Columbus OH 43210 316025986 115 21675 0 FMV Research Grant Georgia Tech Research Corporation 926 Dalney Street NW Atlanta GA 30332 580603146 501(c)(3) 23684 0 FMV Research Grant Oregon Health & Science University 3181 SW Sam Jackson Park Road Portland OR 97239 931176109 501(c)(3) 132986 0 FMV Research Grant Regents of the University of California 10889 Wilshire Blvd Ste 700 Los Angeles CA 90095 956006143 501(c)(3) 18281 0 FMV Research Grant Town of Middlebury 77 Main Street Middlebury VT 05753 Town-Middlebury 870158 0 FMV Town Bridge Project Town Hall Theater 68 South Pleasant Street Middlebury VT 05753 262091573 501(c)(3) 71349 0 FMV Annual Pledge University Of Vermont 217 Waterman Bldg 85 South Prospect Street Burlington VT 05405 030179440 501(c)(3) 41327 0 FMV Research Grant SUNY Research Foundation 1400 Washington Avenue Albany NY 12222 141368361 501(c)(3) 559394 0 FMV Research Grant University System of New Hampshire 51 College Rd Room 109 Durham NH 03824 026000937 501(c)(3) 90953 0 FMV Research Grant 10 0 Financial Aid - Scholarships- Reported as non-cashassistance. The assistance is a tuition offset. 2619 95113997 FMV Tuition Offset 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 Uniform Guidance reports which are reviewed by the Middlebury's grant accountant. All billings are reviewed and approved by the principal investigator and grant accountant before being paid. All financial assistance reported in Schedule I, Part III is in the form of tuition reduction/offsets to ensure that financial assistance funds are used for their intended educational purpose. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 Laurie L Patton President (Thru 12/31/24) 618810 0 0 0 64095 0 72450 0 55315 0 810670 0 0 0 David Provost EVP Finance & Admin. 420170 0 0 0 4332 0 72450 0 55857 0 552809 0 0 0 Daniel J Courcey VP Advancement 393304 0 18287 0 2831 0 58650 0 43380 0 516452 0 0 0 Hannah Ross Secretary & General Counsel 314557 0 0 0 1190 0 72450 0 44371 0 432568 0 0 0 William C Potter Director of CNS 320808 0 0 0 7053 0 58650 0 15174 0 401685 0 0 0 Philip Geier Exec, Dir. Davis UWC 277536 0 0 0 10277 0 65281 0 32632 0 385726 0 0 0 Michelle McCauley Interim Provost 257400 0 0 0 3107 0 61789 0 44151 0 366447 0 0 0 Smita Ruzicka VP Student Affairs 264628 0 0 0 644 0 46309 0 26777 0 338358 0 0 0 Jeffrey Lewis Director EANP 253172 0 0 0 670 0 48703 0 24940 0 327485 0 0 0 Stephen Snyder Interim President (As of 1/1/25) 232455 0 0 0 4810 0 53238 0 15944 0 306447 0 0 0 Caitlin Goss VP Human Resources 246282 0 0 0 362 0 30487 0 1928 0 279059 0 0 0 Alberto Citarella VP Finance & Asst. Treas. 223589 0 0 0 851 0 40599 0 3889 0 268928 0 0 0 Susan Parsons Ritter Associate Secretary & Chief Risk Off 192558 0 0 0 2143 0 44817 0 18064 0 257582 0 0 0 Part I, Line 1a As a condition of employment Middlebury provides the President, an officer, with a residence for the convenience of the employer. Part I, Line 7: The President's compensation is set by the Compensation Committee of the Board of Trustees. Any increases shall be within the Board's sole discretion and shall be based upon the President's performance, which will be reviewed yearly, prior to June 30 by the Chair of the Board, who will make a recommendation to the Compensation Committee for compensation. Part I, Line 8: The President's employment contract includes provisions governing the following: term of the contract, renewal/extension, duties, compensation, benefits/reimbursements, evaluation process of the president, termination, office and residence expenses, and sabbatical leave. A VEHBFA (Series 2020) 237154467 924166LF6 2020-08-05 108108529 refunding (Series 2010) 0 0 0 B VEHBFA (Series 2019) 237154467 924166KV2 2019-08-06 61208579 refunding (Series 2009) 0 0 0 C VEBFHA (Series 2016) 237154467 924166HZ7 2016-08-05 36781621 refunding (Series 2006A) 0 0 0 D VEBFHA (Series 2022) 237154467 2022-08-23 61290000 refunding (Series 2012A)and $20 million for capital expenditures 0 0 0 A 2935000 108108529 725819 107382710 2020 1 0 1 1 B 6090000 61208579 559132 60649547 2019 1 0 1 1 C 36781621 491120 36290501 2016 1 0 1 1 D 61290000 325000 20185875 40779124 2022 1 0 1 1 A 0 1 1 1 0 0 0 1 B 0 1 1 1 0 0 0 1 C 0 1 1 1 0 0 0 1 D 0 1 1 1 0 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 D 0 0 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 Part IV, Line 2b The bond proceeds for each of the series 2016, series 2019, series 2020, and series 2022 bond series were immediately expended to refund the previous bond issues. Consequently, no rebate calculation was required. The proceeds of series 2023 bond were spent within two years of the bond issuance date. Therefore, this bond qualified for an exception to rebate. A VEBFHA (Series 2023) 237154467 924166LP4 2023-08-07 48335423 fund residence hall construction 0 0 0 A 48335423 2753750 581673 45000000 2025 0 0 1 1 A 0 1 1 1 0 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 Shalom L Goldman Spouse of Officer 122093 Employee 0 X 302 16524441 FMV X Miscellaneous 28 9695 FMV 2 0 1 1 Schedule M, Part I, Column (b): We are reporting the number of contributions based on the number of contributors. Schedule M, 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 1a Middlebury has an executive committee who has broad authority to act on behalf of the Board of Trustees. The executive committee is comprised of trustees who are currently serving on the governing Board of Trustees. Form 990, Part VI, Section B, line 11b Management presents the Form 990 to the Audit Committee for a detailed review. Once the Audit Committee has completed their review, management provides the return to the full Board of Trustees. The full board receives the Form 990 before it is filed with the IRS. The Form 990 is posted in the electronic board book and trustees are notified when the return is available. The organization has distributed Form 990 to the full board of trustees with the exception of donor information on Schedule B. Because of Schedule B's private and confidential nature, the organization has chosen not to disclose the identities and address of its donors. Form 990, Part VI, Section B, line 12c Middlebury has a written conflict of interest policy. Each member of the Board of Trustees or an Advisory Board is given the written policy and is requested to review and understand the terms of the policy and to immediately disclose any possible financial, personal, familial, or business relationship that may give rise to a conflict. Each Trustee completes an annual disclosure form. The disclosure forms are reviewed annually by Management and the Audit Committee Chair. Form 990, Part VI, Section B, line 15 Middlebury meets the rebuttable presumption standards under Treas. Reg. Sec. 53.4958-6. Middlebury has a formal compensation committee who reviews and recommends to the full board the compensation for the top management officials. The Compensation Committee ordinarily consists of the Chair, Vice Chair, and one Trustee appointed by the Chair. The Committee establishes goals for the President and the annual performance appraisal process. The Committee reviews and sets total compensation for the President of Middlebury as well as reviews and comments on compensation and contracts for other senior officers of Middlebury. The Committee is authorized to engage legal counsel and compensation consultants as appropriate. Form 990, Part VI, Section C, line 19 Middlebury has made its annual audited financial statements available to the general public by posting the statements on 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 5,822,737. Delineation Corporation Controllers Office Middlebury VT 05753 237259519 To receive or purchase real and personal property for the benefit of MC VT 501(c)(2) President and Fellows of Middlebury 1 Green Mountain Higher Education Consortium 120 Graham Way Shelburne VT 05482 901113280 Promoting the educational purpose and consolidating services VT 501(c)(3) Line 10 0 Charitable remainder trust (6) Middlebury College Middlebury VT 05753 Investment Support VT PRESIDENT AND FELLOWS OF MIDDLEBURY COLLEGE T 1 Charitable lead trust (2) Middlebury College Middlebury VT 05753 Investment Support VT PRESIDENT AND FELLOWS OF MIDDLEBURY COLLEGE T 1 Pooled income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT PRESIDENT AND FELLOWS OF MIDDLEBURY COLLEGE T 1 Life income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT PRESIDENT AND FELLOWS OF MIDDLEBURY COLLEGE T 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 Delineation Corporation D 36961553 FMV Delineation Corporation P 46894 FMV Delineation Corporation Q 136923 FMV PART II, IDENTIFICATION OF RELATED TAX EXEMPT ORGANIZATION: NAME OF RELATED ORGANIZATION: DELINEATION CORPORATION DIRECT CONTROLLING ENTITY: PRESIDENT AND FELLOWS OF MIDDLEBURY COLLEGE SCHEDULE R: PART IV, COLUMN C LEGAL DOMICILE: CHARITABLE REMAINDER TRUSTS INCLUDE VERMONT AND MASSACHUSETTS CHARITABLE LEAD TRUSTS INCLUDE VERMONT AND DISTRICT OF COLUMBIA