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        <PersonNm>BRIAN SHUPE</PersonNm>
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      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>533036</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>271510</DepreciationAmt>
        <BookValueAmt>261526</BookValueAmt>
      </BuildingsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>114419</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>96979</DepreciationAmt>
        <BookValueAmt>17440</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>278966</TotalBookValueLandBuildingsAmt>
      <TotalRevEtcAuditedFinclStmtAmt>3310682</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>83993</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>83993</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>3226689</RevenueSubtotalAmt>
      <InvestmentExpensesNotIncldAmt>25032</InvestmentExpensesNotIncldAmt>
      <RevenueNotReportedFinclStmtAmt>25032</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>3251721</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>1164042</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>1164042</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>25032</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>25032</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>1189074</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt V, Line 4</FormAndLineReferenceDesc>
        <ExplanationTxt>Earnings from the permanently restricted portion of the endowment support the organization's intern program. Earnings and principal from the temporarily restricted portion of the endowment support the organization's legal expenses. Earnings and principal from the board-designated portion of the endowment support the general operations of the organization - as directed by the Board of Directors.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="00000006" softwareId="17005306">
      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>Town of Shelburne Vermont</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO Box 88</AddressLine1Txt>
          <CityNm>Shelburne</CityNm>
          <StateAbbreviationCd>VT</StateAbbreviationCd>
          <ZIPCd>05482</ZIPCd>
        </USAddress>
        <RecipientEIN>036000683</RecipientEIN>
        <IRCSectionDesc>Government</IRCSectionDesc>
        <CashGrantAmt>20000</CashGrantAmt>
        <PurposeOfGrantTxt>Preservation</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>1</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt I Line 2</FormAndLineReferenceDesc>
        <ExplanationTxt>The Organization requires financial and narrative reports detailing the use of grant funds.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleM documentId="00000007">
      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>8</ContributionCnt>
        <NoncashContributionsRptF990Amt>133670</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Average Share Price</MethodOfDeterminingRevenuesTxt>
      </SecuritiesPubliclyTradedGrp>
      <AnyPropertyThatMustBeHeldInd>false</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>true</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>false</ThirdPartiesUsedInd>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="00000008" softwareId="17005306">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 6</FormAndLineReferenceDesc>
        <ExplanationTxt>Supporters of VNRC who make contributions of at least $40 per year are automatically considered members.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 7a</FormAndLineReferenceDesc>
        <ExplanationTxt>Directors serve three-year terms with the membership generally electing a third of the Directors each year at the annual meeting.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 7b</FormAndLineReferenceDesc>
        <ExplanationTxt>A two-third's vote of the membership is required to amend the bylaws.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>A draft of Form 990 is reviewed by management with a copy of Form 990, in PDF format, made available to the Board prior to filing.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>Board members are required to disclose any potential conflicts of interest annually with compliance monitored by management.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 15a</FormAndLineReferenceDesc>
        <ExplanationTxt>The Board reviews comparability information as part of annual salary review of all top officials.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 15b</FormAndLineReferenceDesc>
        <ExplanationTxt>See above description for Part VI, Line 15a.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>The organization's governing documents, policies and financial statements are available to the public at the VNRC's offices upon request.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part III, Line 4d</FormAndLineReferenceDesc>
        <ExplanationTxt>Outreach &amp; Communication - Through a variety of 116984. 200. 13160.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part III, Line 4d</FormAndLineReferenceDesc>
        <ExplanationTxt>Sustainable Communities: VNRC's Sustainable 122498. 5500. 0.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>