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      <OtherLiabilitiesOrgGrp>
        <Desc>Agency Liabilities</Desc>
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      <TotalLiabilityAmt>47593</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>18278800</TotalRevEtcAuditedFinclStmtAmt>
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      <RevenueNotReportedAmt>-10876775</RevenueNotReportedAmt>
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      <TotalRevenuePerForm990Amt>29155575</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>19124439</TotExpnsEtcAuditedFinclStmtAmt>
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      <ExpensesNotReportedAmt>5570</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>19118869</ExpensesSubtotalAmt>
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      <ExpensesNotRptFinclStmtAmt>10876775</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>29995644</TotalExpensesPerForm990Amt>
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        <FormAndLineReferenceDesc>Part II, Line 9: Organization Reporting of conservation easements.</FormAndLineReferenceDesc>
        <ExplanationTxt>WHEN THE LAND WAS DONATED IN 2002 IT WAS RECORDED AS GIFT INCOME AT APPRISED VALUE. THE BALANCE WAS TO LAND WHICH IS NOT DEPRECIATED. THE COLLEGE ASSUMED THAT SINCE THE PROPERTY WAS DONATED AFTER THE EASEMENT WAS IN PLACE THAT THE APPRAISAL WAS AT MARKET VALUE WITH A REDUCTION FOR THE EASEMENT.</ExplanationTxt>
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        <FormAndLineReferenceDesc>Part V, Line 4: Intended uses of the endowment fund.</FormAndLineReferenceDesc>
        <ExplanationTxt>Endowment funds are used for scholarships, building repairs, or general support as needed.</ExplanationTxt>
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        <FormAndLineReferenceDesc>Part XII, Line 2d: Other expenses and losses per audited F/S</FormAndLineReferenceDesc>
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        <FormAndLineReferenceDesc>Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S</FormAndLineReferenceDesc>
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      <PolicyStmtInBrochuresEtcInd>true</PolicyStmtInBrochuresEtcInd>
      <PlcyPblczdViaBroadcastMediaInd>true</PlcyPblczdViaBroadcastMediaInd>
      <MaintainRacialCompRecsInd>true</MaintainRacialCompRecsInd>
      <MaintainScholarshipsRecsInd>true</MaintainScholarshipsRecsInd>
      <MaintainCpyOfBrochuresEtcInd>true</MaintainCpyOfBrochuresEtcInd>
      <MaintainCpyOfAllSolInd>true</MaintainCpyOfAllSolInd>
      <DiscriminateRaceStdntsRghtsInd>false</DiscriminateRaceStdntsRghtsInd>
      <DiscriminateRaceAdmissPlcyInd>false</DiscriminateRaceAdmissPlcyInd>
      <DiscriminateRaceEmplmFcultyInd>false</DiscriminateRaceEmplmFcultyInd>
      <DiscriminateRaceSchsInd>false</DiscriminateRaceSchsInd>
      <DiscriminateRaceEducPlcyInd>false</DiscriminateRaceEducPlcyInd>
      <DiscriminateRaceUseOfFcltsInd>false</DiscriminateRaceUseOfFcltsInd>
      <DiscriminateRaceAthltProgInd>false</DiscriminateRaceAthltProgInd>
      <DiscriminateRaceOtherActyInd>false</DiscriminateRaceOtherActyInd>
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        <FormAndLineReferenceDesc>Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency</FormAndLineReferenceDesc>
        <ExplanationTxt>CLIENT ADMINISTERS STUDENT FIANCIAL AID TO ITS STUDENTS UNDER THE FEDERAL STUDENT FIANANCIAL AID PROGRAM.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized</FormAndLineReferenceDesc>
        <ExplanationTxt>The College's discrimination policy is on the application which available online and in paper form. The policy is also in the student handbook which all students must sign prior to becoming a student. The handbook is available on the College's website.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule E, Line 4 - Explanation of Records and Materials Not Maintained</FormAndLineReferenceDesc>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule E, Line 5 - Explanation of Organization Discrimination by Race</FormAndLineReferenceDesc>
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      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <Total501c3OrgCnt>0</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>Institutional Financial Aid</GrantTypeTxt>
        <RecipientCnt>562</RecipientCnt>
        <CashGrantAmt>10876775</CashGrantAmt>
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    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ" softwareId="15000324" softwareVersionNum="2015v3.0">
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
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      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RebuttablePresumptionProcInd>false</RebuttablePresumptionProcInd>
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        <PersonNm>PAUL J FONTEYN</PersonNm>
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        <NontaxableBenefitsFilingOrgAmt>8834</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>209845</TotalCompensationFilingOrgAmt>
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        <BondIssuedDt>2012-06-29</BondIssuedDt>
        <IssuePriceAmt>14657400</IssuePriceAmt>
        <PurposeDesc>REFINANCE 2008 BOND</PurposeDesc>
        <DefeasedInd>true</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
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      <TaxExemptBondsProceedsGrp>
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        <OtherSpentProceedsAmt>14372886</OtherSpentProceedsAmt>
        <CurrentRefundingInd>true</CurrentRefundingInd>
        <AdvanceRefundingInd>false</AdvanceRefundingInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
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      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <EngageBondCounselContractsInd>false</EngageBondCounselContractsInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
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        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <HedgeIdentifiedInBksAndRecInd>true</HedgeIdentifiedInBksAndRecInd>
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          <BusinessNameLine1Txt>KEY BANK ASSOCIAT</BusinessNameLine1Txt>
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        <SuperintegratedHedgeInd>false</SuperintegratedHedgeInd>
        <HedgeTerminatedInd>false</HedgeTerminatedInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <RegulatorySafeHarborStsfdInd>false</RegulatorySafeHarborStsfdInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>false</WrittenProcToMonitorReqsInd>
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    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="15000324" softwareVersionNum="2015v3.0">
      <RealEstateCommercialGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>120000</NoncashContributionsRptF990Amt>
      </RealEstateCommercialGrp>
      <AnyPropertyThatMustBeHeldInd>false</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>true</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>false</ThirdPartiesUsedInd>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="15000324" softwareVersionNum="2015v3.0">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 11b: Form 990 Review Process</FormAndLineReferenceDesc>
        <ExplanationTxt>THE AUDIT COMMITTEE REVIEWS AND APPROVES THE 990. THE FULL BOARD WILL THEN REVIEW AND APPROVE THE 990 BY A CONSENT VOTE WITH THE EXCEPTION OF SCHEDULE B (SCHEDULE OF CONTRIBUTORS) PRIOR TO FILING OF THE RETURN.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS THE ENFORCEMENT OF THE COMPETITIVE INTEREST POLICY OF AN ANNUAL BASIS AND IS SO RECORDED IN THE MINUTES OF THE MEETING OF THE INSTITUTION.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION REFERS TO VARIOUS SALARY INFORMATION COMPILED BY THIRD PARTY ADMINISTERS, FOR EXAMPLE THE CHRONICLE OF HIGHER EDUCATION ON AN ANNUAL BASES LIST PAY SCALES FOR ALL POSITIONS IN HIGHER EDUCATION. IN ADDITION THE STATE OF VERMONT HAS RESOURCE MATERIAL AS WELL.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</FormAndLineReferenceDesc>
        <ExplanationTxt>No documents available to the public.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Other Changes In Net Assets Or Fund Balances - Other Decreases</FormAndLineReferenceDesc>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Other Changes In Net Assets Or Fund Balances - Other Decreases</FormAndLineReferenceDesc>
        <ExplanationTxt>Loss on value of interest rate swap = -$914265</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Other Changes In Net Assets Or Fund Balances - Other Decreases</FormAndLineReferenceDesc>
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    </IRS990ScheduleO>
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</Return>