2016-05-11T10:09:40-05:00 2015-06-30 135565207 KPMG LLP Two Financial Center 60 SStreet Boston MA 02111 990 2014-07-01 030179298 President and Fellows of Middlebury College PRES 8024435699 Controllers Office No 102 Middlebury VT 05753 Patrick J Norton VP Finance & Treas, 8024435699 2015-05-13 1 Shyamalee A Joseph P01085371 6179881000 2014 2016-08-17 19:52:53Z Ronald D Liebowitz Old Chapel Road Middlebury VT 05753 524361703 0 X http://www.middlebury.edu X 1800 VT We are a global liberal arts college offering undergraduate, graduate, and specialized programs. 33 31 5289 2313 2286049 0 54237347 49195841 210918346 216466328 60107173 108756243 144742 135291 325407608 374553703 52908352 56639667 0 0 154830983 163196867 0 0 6193629 112274616 112538849 320013951 332375383 5393657 42178320 1637220577 1647518127 393349565 393588547 1243871012 1253929580 X At Middlebury we challenge students to participate fully in a vibrant and diverse academic community. The Middlebury's Vermont location offers an inspirational setting for learning and reflection, reinforcing our commitment to integrating environmental stewardship into both our curriculum and our practices on campus. Yet Middlebury also reaches far beyond the Green Mountains, offering a rich array of undergraduate and graduate programs that connect our community to other places, countries, and cultures. We strive to engage students' capacity for rigorous analysis and independent thought within a wide range of disciplines and endeavors, and to cultivate the intellectual, creative, physical, ethical, and social qualities essential for leadership in a rapidly changing global community. Through the pursuit of knowledge unconstrained by national or disciplinary boundaries, students who come to Middlebury learn to engage the world. 0 0 84913675 199630119 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 degrees in programs of study in translation, interpretation and language education and international policy management. 47944879 1059604 Academic Support represents sponsored activities expenses incurred in support of the educational activities for enrolled students. Grants include support to other organization, foundations, and research institutions. 94876676 55580063 Student services and financial aid represents expenses incurred in the support of the enrolled students. 41815407 16341315 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. 41815407 16341315 269550637 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 1 1 1 0 0 0 1 1 1 1 0 1 X 759 0 1 5289 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 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 VT X X Patrick J Norton 8024435699 Old Chapel Middlebury VT 05753 Ronald Liebowitz President 40.00 1.50 X X 489582 0 95617 Marna C Whittington Chair - Charter Trustee 5.00 X 0 0 0 Allan Dragone Jr Vice Chair - Term Trustee 5.00 X 0 0 0 John R Tormondsen Vice Chair- Charter Truste 5.00 X 0 0 0 Kirtley Horton Cameron Alumni Trustee 1.00 X 0 0 0 Louis Bacon Term Trustee 1.00 X 0 0 0 Anthony M Civale Term Trustee 1.00 X 0 0 0 Charles M Gately Term Trustee 1.00 X 0 0 0 Caroline Sneath McBride Alumni Trustee 1.00 X 0 0 0 Patrick L McConathy Term Trustee 1.00 X 0 0 0 Eve B Burton Term Trustee 1.00 X 0 0 0 Kimberly Collins Parizeau 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 0.50 X 0 0 0 James Edward Virtue Term Trustee 1.00 X 0 0 0 George C Lee II Term Trustee 1.00 X 0 0 0 Donald M Elliman Jr Term Trustee 1.00 X 0 0 0 Susan J Scher Term Trustee 1.00 X 0 0 0 Linda Foster Whitton Charter Trustee 1.00 X 0 0 0 David R Mittelman Term Trustee 1.00 X 0 0 0 Russell J Leng Alumni Trustee 1.00 0.50 X 0 0 0 Garrett M Moran Term Trustee 1.00 X 0 0 0 Karen A Stolley Term Trustee 1.00 X 0 0 0 Amy Yeager Geier Term Trustee 1.00 X 15000 0 0 Catherine Lee Alumni Trustee 1.00 X 0 0 0 Carol Levitch Term 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 William F Truscott Alumni Trustee 1.00 X 0 0 0 Helen Riess Term Trustee 1.00 X 0 0 0 Richard T Scanlon Term Trustee 1.00 X 0 0 0 John S Weinberg Term Trustee 1.00 X 0 0 0 Dennis D Parker Alumni Trustee 1.00 X 0 0 0 Patrick J Norton Treasurer 40.00 1.50 X 762638 0 133938 David Donahue Secretary 40.00 X 153863 0 108338 Stephanie M Neil Asst. Secretary 40.00 X 72339 0 35033 Michael Geisler VPLS Sch Aboard & Graduate 40.00 X 737741 0 145623 Tim Spears VP for Academic Affairs 40.00 X 215499 0 76825 Sunder Ramaswamy President, Monterey 40.00 X 495908 0 112891 Shirley Collado Dean of College 40.00 X 194956 0 41293 Susan Baldridge VP for Planning & Assessment 40.00 X 210121 0 99258 William C Potter Director of CNS 40.00 X 268534 0 54552 Michael Schoenfeld SR VP & Chief Philan Advis 40.00 X 252575 0 68967 James Keyes VP for College Adv. 40.00 X 266176 0 118056 William Burger VP of Communications 40.00 X 265695 0 71740 Vardit Ringvald Director MIDD-HATC 40.00 X 231015 0 79189 4631642 0 1241320 190 0 1 0 CET Academic Programs 1920 N Street NW Suite 200 Washington DC 20036 Program Fee 963196 Sasaki Associates Inc 64 Pleasant Street Watertown MA 02472 Architect 937541 Eullcian Support Inc 2300 Maitland Center Pkwy Maitland FL 32751 Software support 637205 Dinse Knapp & McAndrew 209 Battery Street Burlington VT 05402 Attorneys 433544 Radius GGE (USA) Inc Dept LA 23551 Pasadena CA 911853551 Consultants 344654 16 3444613 45751228 7102604 49195841 Tuition and Fees 611710 199630119 199630119 College Store 451211 3097534 3097534 Snow Bowl 713910 1298331 1298331 51 Main at the Bridge 722100 445319 445319 Advertising 541800 49575 49575 11945450 11945450 216466328 51259243 -1079793 52339036 24222 24222 207305000 149808000 57497000 57497000 2759879 54737121 Reprographics sale 323100 83996 83996 Book store sale items 451211 27073 27073 111069 374553703 215971434 2286049 107100379 1059604 1059604 55580063 55580063 3757883 638840 2480203 638840 301694 249596 52098 117132070 97230847 17056671 2844552 12252603 9874911 2023961 353731 21940718 17682988 3624304 633426 7811899 6295952 1290418 225529 747339 107161 640054 124 337332 127552 209780 41610 41610 3732153 3732153 682460 525827 144910 11723 1559528 972055 414190 173283 2665261 672198 1972761 20302 11562873 10055093 1410942 96838 7726028 5812154 1537832 376042 1267980 710633 531933 25414 13505555 12506313 999242 25004349 18713602 6290747 2633346 1925278 708068 Contracted Services 12424521 11138087 959603 326831 Other Miscellaneous Exp 9711501 2830853 6797063 83585 Food 4985871 4944683 37639 3549 Printing & Publications 4011573 3202132 544952 264489 9939569 6694215 3182081 63273 332375383 269550637 56631117 6193629 11931564 2084612 13094071 310313 39712428 39694991 6104736 6207878 42532 39704 18538641 17506543 1069762 1021387 4596368 4380286 758306932 360083134 379945610 398223798 86414223 129410089 1045853467 1018938577 29917175 29699949 1637220577 1647518127 45575850 47313691 16961053 17460729 286817007 285550702 3729855 3828292 40265800 39435133 393349565 393588547 X 341739399 326737310 572344881 580204195 329786732 346988075 1243871012 1253929580 1637220577 1647518127 X 42178320 -33383327 1263575 X X 0 1 X 1 1 1 X 47273000 50890000 61747381 54237347 49195841 263343569 47273000 50890000 61747381 54237347 49195841 263343569 12519944 250823625 2186233 1810473 349360 22114712 52363258 78824036 342167605 1023617349 0.73300 0.80150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 1 0 0 1 21875 0 1 19734 41610 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 $31,609 from Middlebury, $21,875 as compensation paid as lobbyist and the remainder is for services rendered. Middlebury also paid $10,000 to the American Council on Education to support the effort to reauthorize the Section 568 exemption from anti-trust laws. 0 14467891 X X X X 0 0 1 X 1081894682 19555299 73515113 -10458096 -63107736 -345623 1101053639 972992750 17601181 147666395 -10785087 -45287573 -292984 1081894682 879690062 9612949 138444821 -8886052 -45582744 -286286 972992750 907667684 9972702 10581012 -8315000 -39948735 -257601 879690062 870888000 13150000 169794000 -7701272 -125397917 -13065127 907667684 0.25200 0.29400 0.45400 0 0 56572927 56572927 586443704 295639799 290803905 93162539 64443335 28719204 22127762 22127762 398223798 Equity securities 306889654 F Alternative equities 303655559 F Debt securties 39884332 F Real estate and mortgages 18151228 F Private equity partnerships 337772880 F Other investments 9563248 F CRUTS Receivable 3021676 F 1018938577 Funds held for others 3046883 Annuities and Unitrusts payable 21846173 Refundable Government Loans 14542077 39435133 X Part III, Line 4: The Middlebury Museum of Art is closely linked to 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 substained 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 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 12 Program Service Studies Abroad 1387000 Europe 8 337 Program Service Studies Abroad 5103000 Middle East and North Africa 1 29 Program Service Studies Abroad 787000 Russia and Newly Independent States 3 17 Program Service Studies Abroad 451000 So.America 3 122 Program Service Studies Abroad 1213000 Sub-Saharan Africa 1 7 Program Service Studies Abroad 222000 Central America & the Caribbean 0 0 Program ServiceProgram Service Community Service 20000 South Asia 0 1 Program Service Studies Abroad 118000 Central America and the Caribbean Investments 153000000 Europe Recuitment 36000 Russia and Newly Independent States Enrichment/conference 13000 Central America & the Caribbean Enrichment/conference 23000 East Asia and the Pacific Enrichment/conference 126000 Europe Enrichment/conference 226000 Middle East and North Africa Enrichment/conference 13000 No.America Enrichment/conference 80000 So.America Enrichment/conference 28000 South Asia Enrichment/conference 33000 Sub-Saharan Africa Enrichment/conference 59000 Europe Research 178000 East Asia and the Pacific Research 17000 No.America Research 36000 Russia and Newly Independent States Research 28000 So.America Research 11000 South Asia Research 32000 Sub-Saharan Africa Research 13000 East Asia and the Pacific Fundraising 72000 Europe Fundraising 116000 No.America Fundraising 14000 20 525 0 0 20 525 9301000 154154000 163455000 1 0 1 1 1 1 Part I, line 3: Expenditures are recorded on the accrual basis of accounting. 1 Research Foundation of SUNY 1400 Washington Ave MSC RM 312 Albany NY 122220100 141368361 501(c)(3) 9451 Research grant Town of Middlebury 94 Main Street Middlebury VT 05753 Town-Middlebury 600000 Town Bridge Project Potomac Theatre Project 4 Nedde Lane Middlebury VT 05753 132960856 501(c)(3) 118000 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 Institute for Advancement of Hebrew Inc 14 Old Chapel Road Middlebury VT 05753 465569882 501(c)(3) 200000 Hebrew Language Institute affiliated with Middlebury Point Park University 201 Wood Street Pittsburgh PA 152221984 251094922 501(c)(3) 17813 Research grant Emory University 1599 Clifton Road Atlanta GA 303224250 158056625 501(c)(3) 42821 Research grant 8 0 Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset. 2847 55580063 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. X X X X X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 1 1 Ronald Liebowitz President 319357 0 0 0 170225 0 54600 0 41017 0 585199 0 0 0 Patrick J Norton Treasurer 261586 0 0 0 501052 0 104600 0 29338 0 896576 0 346360 0 David Donahue Secretary 152815 0 0 0 1048 0 80735 0 27603 0 262201 0 0 0 Michael Geisler VPLS Sch Aboard & Graduate 235060 0 0 0 502681 0 102000 0 43623 0 883364 0 346360 0 Tim Spears VP for Academic Affairs 213920 0 0 0 1579 0 49785 0 27040 0 292324 0 0 0 Sunder Ramaswamy President, Monterey 294754 0 0 0 201154 0 79600 0 33291 0 608799 0 177296 0 Shirley Collado Dean of College 194646 0 0 0 310 0 24611 0 16682 0 236249 0 0 0 Susan Baldridge VP for Planning & Assessment 209323 0 0 0 798 0 84804 0 14454 0 309379 0 0 0 William C Potter Director of CNS 262857 0 0 0 5677 0 41600 0 12952 0 323086 0 0 0 Michael Schoenfeld SR VP & Chief Philan Advis 248875 0 0 0 3700 0 54600 0 14367 0 321542 0 0 0 James Keyes VP for College Adv. 261330 0 0 0 4846 0 51107 0 66949 0 384232 0 0 0 William Burger VP of Communications 250832 0 0 0 14863 0 14402 0 57338 0 337435 0 0 0 Vardit Ringvald Director MIDD-HATC 229317 0 0 0 1698 0 53001 0 26188 0 310204 0 0 0 Part I, Line 1a The Board of Trustees has approved first-class travel and charter travel for a Middlebury Officer in certain situations. In rare cases, Middlebury reimburses a Middlebury Officer when traveling on behalf of the Middlebury, for the travel and related expenses of a companion (spouse, partner, or child). These reimbursements are reported as a taxable benefit. Middlebury reimburses a Middlebury Officer for the business use of a personal residence on a per diem basis when used for Middlebury business. 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. The additional taxable income usually occurs through imputed income for housing and related expenses. Middlebury has grossed up housing for a Middlebury Officer and a highly compensated emloyee as well as a highly compensated employee's tuition benefit and a payout agreement. Middlebury provides a key employee a residence for the convenience of the employer. As a condition of employment Middlebury provides a Middlebury Officer with a residence for the convenience of the employer. A Middlebury Officer is a member of the University Club and uses the club for business purposes. Other Middlebury offices use the membership for business purposes as well. All invoices for services are addressed to the Middlebury address and paid for by Middlebury. In rare cases, Middlebury provides services for personal benefit in the form of a child care provider, financial planner, etc., to a Middlebury Officer, all of which are taxable income. Part I, Line 4b The Middlebury President's other compensation includes personal assistant, travel and housing costs per the President's contract. The Middlebury President, the Vice President for Finance and Treasurer, the Vice President for the Language Schools and Professor, the Secretary, the President of the Monterey campus, and the Vice President of Planning and Assessment all participate in a supplemental nonqualified retirement plan which is contingent upon services. Contributions to the plan were $0, $50,000, $50,000, $47,704, $25,000 and $37,500, respectively. Payments from the plan were made to the Vice President for Finance and Treasurer, the Vice President for the Language Schools and Professor, and the President of the Monterey campus in the amounts of $500,000, $500,000, and $200,000 respectively. 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 initial 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. The start date of the initial contract was July 1, 2006 with an end date of June 30, 2011. Subsequently, the President of Middlebury has executed an extension to his initial contract to an end date of June 30, 2015. 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 2006A) 237154467 924166AB7 2006-10-31 93269278 New const & 1998 refund 0 0 0 B VEHBFA (Series 2010) 237154467 924166DH1 2010-11-01 101791989 refunding (Series 1988A;2002B;2008) 0 0 0 C VEHBFA (Series 2009) 237154467 924166DG3 2010-01-14 62014213 refunding (Series 1999) 0 0 0 D VEHBFA (Series2012A&B) 237154467 924166EC1 2012-04-10 67058784 Adv.& refund 2002 0 0 0 A 57844778 93269778 798324 332753 55774972 2008 1 0 1 1 B 852357 101791989 817182 100974807 1999 1 0 1 1 C 414511 62014213 605880 61408333 2002 1 0 1 1 D 9023784 67058784 722528 66336256 2012 1 1 1 1 A 0 1 1 1 0 0.00010 0.00010 0 0 0 B 0 1 1 1 0 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 B 0 0 0 1 0 0 0 0 0 C 0 0 0 1 0 0 0 0 0 D 0 0 0 1 0 0 0 0 0 A 0 B 0 C 0 D 0 Schedule K; Part I; Bond Issues A and D Series 2006A The Series 2006 bond issuance was comprised of Series A and Series B. All information on the Form 8038 is consolidated. The figure in part II, column A, line 1 refers to the Series 2006B bonds, which were refunded by the Series 2008 bonds. Only the Series 2006A bonds are outstanding. Series 2012 A and B The Series 2012 bond issuance was comprised of Series A and Series B. All information on the Form 8038 is consolidated. The figures in column D refer to the consolidated figures for both Series 2012A and B. Schedule K; Part IV; Line 2b Series 2006 The Series 2006 bonds claim an exception to rebate per the 2-year spending exception and the related three-year temporary period. After the fourth spending period (2 years) all that remained from bond proceeds was reasonable retainage which was completely spent within two months. Series 2009, 2010, and 2012 - Part IV; Line 2c The bond proceeds for each bond issue were immediately expended to refund the previous bond issues. Schedule K; Part III;#2, #3, #9, Part IV; #7 and Part V; Middlebury is in the process of establishing written policy and procedures. Middlebury does have lease agreements and service contracts on the properties financed by bond proceeds. However, these agreements and contracts are in the normal course of business in accordance with the exempt educational purpose of Middlebury. SRamaswamy Key EE Mortgage X 67671 39704 0 1 1 39704 78332 Benefit Tuition Jessica Liebowitz Spouse of Officer 71687 Employee 0 Philip Geier Spouse-Trustee 302969 Employee 0 X 13 661708 Appraisal X 30476 FMV X 199 6179310 FMV X 1 215000 Appraisal X Miscellaneous items 29 16110 FMV 12 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 The College 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 11 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 return is given to the full board as it is filed. Form 990, Part VI, Section B, line 12c The College 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 The College has a formal compensation committee who reviews and recommends to the full board the compensation for the top management officials. Form 990, Part VI, Section C, line 19 The College has made the annual audited financial statements available to the general public by posting the statements on the website of Middlebury College. The College 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. The College's Form 990 is available through Guidestar.org. Form 990, Part XI, line 9: Change in deferred gifts 1,263,575. Part XII, Line 2c Middlebury has not changed its oversight of the audit or selection of the independent accountant process. Porm 990, Part VI, Section B. Line 15 The Compensation Committee consists of the Chair, Vice Chair(s) 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 College as well as reviews and comments on compensation and contracts for other senior officers of the College. 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 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. 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) 9 President and Fellows of Middlebury College 1 International Philanthropy of Middlebury College Controllers Office Middlebury VT 05753 030367538 Scholarships provided to students per donee's intentions VT 501(c)(3) 7 President and Fellows of Middlebury College 1 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 Charitable remainder trust (62) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T 1 Charitable lead trust (3) 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 0 0 0 1 President and Friends of Middlebury College D 12216277 FMV Delineation Corporation D 20022020 FMV Charitable Remainder Unitrust (10) S FMV Pooled Income Funds (6) S FMV International Philanthropy of Middlebury College S 619916 FMV Schedule R; Part IV; Column C Legal Domicile - Charitable remainder trust includes Vermont and Massachusetts Charitabel lead trust include Vermont and District of Columbia