PRESIDENT & FELLOWS OF MIDDLEBURY COLLEGE: Form 990, tax year 2013

View the entire original 990 at ProPublica ↗

Organization: PRESIDENT & FELLOWS OF MIDDLEBURY COLLEGE (EIN 03-0179298)
Tax period: 2013-07-01 to 2014-06-30
Filed: 2015-05-12
IRS object ID: 201511329349300641
Schema version: 2013v4.0
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule C
Schedule D
Schedule E
Schedule F
Schedule I
Schedule J
Schedule K
Schedule K
Schedule L
Schedule M
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2015-05-12T09:27:44-05:00	ReturnTs
Tax Period End	2014-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	135565207	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	KPMG LLP	BusinessNameLine1

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	Two Financial Center 60 SStreet	AddressLine1
City	Boston	City
State	MA	State
ZIP Code	02111	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2013-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	030179298	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	President and Fellows of Middlebury College	BusinessNameLine1

Field	Value	IRS element (for citing)
Business Name Control	PRES	BusinessNameControlTxt
Phone	8024435699	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	Controllers Office No 102	AddressLine1
City	Middlebury	City
State	VT	State
ZIP Code	05753	ZIPCode

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	Patrick J Norton	PersonNm
Person Title	VP Finance & Treas,	PersonTitleTxt
Phone	8024435699	PhoneNum
Signature	2015-05-12	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Shyamalee A Joseph	PreparerPersonNm
PTIN	P01085371	PTIN
Phone	6179881000	PhoneNum

Field	Value	IRS element (for citing)
Tax	2013	TaxYr
Build TS	2016-03-07 17:11:31Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	Ronald D Liebowitz	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	Old Chapel Road	AddressLine1
City	Middlebury	City
State	VT	State
ZIP Code	05753	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	$390,254,608	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	http://www.middlebury.edu	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1800	FormationYr
Legal Domicile State	VT	LegalDomicileStateCd
Activity Or Mission	We are a global liberal arts college offering undergraduate, graduate, and specialized programs.	ActivityOrMissionDesc
Voting Members Governing Body	33	VotingMembersGoverningBodyCnt
Voting Members Independent	31	VotingMembersIndependentCnt
Total Employee	5236	TotalEmployeeCnt
Total Volunteers	2298	TotalVolunteersCnt
Total Gross UBI	$2,035,757	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	-$629,142	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$61,747,381	PYContributionsGrantsAmt
CY Contributions Grants	$54,237,347	CYContributionsGrantsAmt
PY Program Service Revenue	$211,067,814	PYProgramServiceRevenueAmt
CY Program Service Revenue	$210,918,346	CYProgramServiceRevenueAmt
PY Investment Income	$38,731,224	PYInvestmentIncomeAmt
CY Investment Income	$60,107,173	CYInvestmentIncomeAmt
PY Other Revenue	$196,283	PYOtherRevenueAmt
CY Other Revenue	$144,742	CYOtherRevenueAmt
PY Total Revenue	$311,742,702	PYTotalRevenueAmt
CY Total Revenue	$325,407,608	CYTotalRevenueAmt
PY Grants And Similar Paid	$50,326,414	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$52,908,352	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$148,322,437	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$154,830,983	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$6,367,051	CYTotalFundraisingExpenseAmt
PY Other Expenses	$104,565,740	PYOtherExpensesAmt
CY Other Expenses	$112,274,616	CYOtherExpensesAmt
PY Total Expenses	$303,214,591	PYTotalExpensesAmt
CY Total Expenses	$320,013,951	CYTotalExpensesAmt
PY Revenues Less Expenses	$8,528,111	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$5,393,657	CYRevenuesLessExpensesAmt
Total Assets BOY	$1,534,130,040	TotalAssetsBOYAmt
Total Assets EOY	$1,637,220,577	TotalAssetsEOYAmt
Total Liabilities BOY	$389,631,684	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$393,349,565	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,144,498,356	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$1,243,871,012	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	At Middlebury College we challenge students to participate fully in a vibrant and diverse academic community. The College'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 the College 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.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$81,856,248	ExpenseAmt
Revenue	$194,546,011	RevenueAmt
Desc	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.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Expense	$48,209,383	ExpenseAmt
Grant	$1,086,870	GrantAmt
Desc	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.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Expense	$90,740,625	ExpenseAmt
Grant	$51,821,482	GrantAmt
Desc	Student services and financial aid represents expenses incurred in the support of the enrolled students.	Desc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

Field	Value	IRS element (for citing)
Expense	$40,893,614	ExpenseAmt
Revenue	$15,864,622	RevenueAmt
Desc	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.	Desc

Field	Value	IRS element (for citing)
Total Other Prog Srvc Expense	$40,893,614	TotalOtherProgSrvcExpenseAmt
Total Other Prog Srvc Revenue	$15,864,622	TotalOtherProgSrvcRevenueAmt
Total Program Service Expenses	$261,699,870	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	Yes (1)	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	Yes (1)	CollectionsOfArtInd
Credit Counseling	Yes (1)	CreditCounselingInd
Temp Or Permanent Endowments	Yes (1)	TempOrPermanentEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (1)	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	0	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	Yes (1)	ConsolidatedAuditFinclStmtInd
School Operating	Yes (1)	SchoolOperatingInd
Foreign Office	Yes (1)	ForeignOfficeInd
Foreign Activities	Yes (1)	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (1)	TaxExemptBondsInd
Invest Tax Exempt Bonds	0	InvestTaxExemptBondsInd
Escrow Account	0	EscrowAccountInd
On Behalf Of Issuer	0	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	Yes (1)	LoanOutstandingInd
Grant To Related Person	Yes (1)	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	Yes (1)	BusinessRlnWithFamMemInd
Business Rln With Officer Ent	0	BusinessRlnWithOfficerEntInd
Deductible Non Cash Contri	Yes (1)	DeductibleNonCashContriInd
Deductible Art Contribution	Yes (1)	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	Yes (1)	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	Yes (1)	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	Yes (1)	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
Info In Schedule O Part V	Yes (X)	InfoInScheduleOPartVInd
IRP Document	754	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	5236	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Foreign Financial Account	Yes (1)	ForeignFinancialAccountInd
Foreign Country	GM	ForeignCountryCd
Foreign Country	FR	ForeignCountryCd
Foreign Country	RS	ForeignCountryCd
Foreign Country	SP	ForeignCountryCd
Foreign Country	UK	ForeignCountryCd
Foreign Country	IT	ForeignCountryCd
Foreign Country	JA	ForeignCountryCd
Foreign Country	CI	ForeignCountryCd
Foreign Country	EG	ForeignCountryCd
Foreign Country	AR	ForeignCountryCd
Foreign Country	AU	ForeignCountryCd
Foreign Country	CM	ForeignCountryCd
Foreign Country	JO	ForeignCountryCd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	0	QuidProQuoContributionsInd
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	33	GoverningBodyVotingMembersCnt
Independent Voting Member	31	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	Yes (1)	InvestmentInJointVentureInd
Written Policy Or Procedure	Yes (1)	WrittenPolicyOrProcedureInd
States Where Copy Of Return Is Fld	VT	StatesWhereCopyOfReturnIsFldCd
Upon Request	Yes (X)	UponRequestInd
Other	Yes (X)	OtherInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Patrick J Norton	BusinessNameLine1

Field	Value	IRS element (for citing)
Phone	8024435699	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	Old Chapel	AddressLine1
City	Middlebury	City
State	VT	State
ZIP Code	05753	ZIPCode

Form990 Part VII Section A Form990PartVIISectionAGrp (45 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Key EmployeeKeyEmployeeInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd
Ronald Liebowitz
President	40.00	1.50	Yes (X)	Yes (X)	$400,650	$0	$93,183
Marna C Whittington
Chair - Charter Trustee	5.00		Yes (X)		$0	$0	$0
Allan Dragone Jr
Vice Chair - Term Trustee	5.00		Yes (X)		$0	$0	$0
John R Tormondsen
Vice Chair- Charter Trustee	5.00		Yes (X)		$0	$0	$0
Frederick M Fritz
Charter Trustee	1.00	1.00	Yes (X)		$0	$0	$0
Louis Bacon
Term Trustee	1.00		Yes (X)		$0	$0	$0
Anthony M Civale
Term Trustee	1.00		Yes (X)		$0	$0	$0
Charles M Gately
Term Trustee	1.00		Yes (X)		$0	$0	$0
Caroline Sneath McBride
Alumni Trustee	1.00		Yes (X)		$0	$0	$0
Patrick L McConathy
Term Trustee	1.00		Yes (X)		$0	$0	$0
Eve B Burton
Term Trustee	1.00		Yes (X)		$0	$0	$0
Kimberly Collins Parizeau
Charter Trustee	1.00	0.50	Yes (X)		$0	$0	$0
Steven B Peterson
Term Trustee	1.00		Yes (X)		$0	$0	$0
Elisabeth B Robert
Charter Trustee	1.00	0.50	Yes (X)		$0	$0	$0
James Edward Virtue
Term Trustee	1.00		Yes (X)		$0	$0	$0
Adrian Benepe
Alumni Trustee	1.00		Yes (X)		$0	$0	$0
Donald M Elliman Jr
Term Trustee	1.00		Yes (X)		$0	$0	$0
Susan J Scher
Term Trustee	1.00		Yes (X)		$0	$0	$0
Linda Foster Whitton
Charter Trustee	1.00		Yes (X)		$0	$0	$0
David R Mittelman
Term Trustee	1.00		Yes (X)		$0	$0	$0
Russell J Leng
Alumni Trustee	1.00	0.50	Yes (X)		$0	$0	$0
Garrett M Moran
Term Trustee	1.00		Yes (X)		$0	$0	$0
S Carolyn Ramos
Alumni Trustee	1.00		Yes (X)		$0	$0	$0
Amy Yeager Geier
Term Trustee	1.00		Yes (X)		$15,000	$0	$0
Catherine Lee
Alumni Trustee	1.00		Yes (X)		$0	$0	$0
Carol Levitch
Term Trustee	1.00		Yes (X)		$0	$0	$0
Frank W Sesno
Charter Trustee	1.00		Yes (X)		$0	$0	$0
Deborah G Thomas
Charter Trustee	1.00		Yes (X)		$0	$0	$0
Kendrick R Wilson III
Charter Trustee	1.00	0.50	Yes (X)		$0	$0	$0
Helen Riess
Term Trustee	1.00		Yes (X)		$0	$0	$0
Richard T Scanlon
Term Trustee	1.00		Yes (X)		$0	$0	$0
John S Weinberg
Term Trustee	1.00		Yes (X)		$0	$0	$0
Dennis D Parker
Alumni Trustee	1.00		Yes (X)		$0	$0	$0
Patrick J Norton
Treasurer	40.00	1.50		Yes (X)	$253,503	$0	$168,173
David Donahue
Secretary	40.00			Yes (X)	$152,926	$0	$88,942
Stephanie M Neil
Asst. Secretary	40.00			Yes (X)	$70,479	$0	$33,348
Michael Geisler
VPLS Sch Aboard & Graduate	40.00				$219,747	$0	$169,875	Yes (X)
Tim Spears
VP for Academic Affairs	40.00				$208,658	$0	$73,580	Yes (X)
Sunder Ramaswamy
President, Monterey	40.00				$287,994	$0	$130,260	Yes (X)
Shirley Collado
Dean of College	40.00				$191,894	$0	$78,511	Yes (X)
William C Potter
Director of CNS	40.00				$264,535	$0	$53,101		Yes (X)
Michael Schoenfeld
SR VP & Chief Philan Advis	40.00				$245,247	$0	$66,820		Yes (X)
James Keyes
VP for College Adv.	40.00				$299,272	$0	$108,820		Yes (X)
William Burger
VP of Communications	40.00				$266,516	$0	$40,013		Yes (X)
Kateri Carmola
Visiting Research Scholar	40.00				$245,237	$0	$24,016		Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$3,121,658	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$1,128,642	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	188	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1	CityContractorAddress/USAddress/City	StateContractorAddress/USAddress/State	ZIP CodeContractorAddress/USAddress/ZIPCode	ServicesServicesDesc	CompensationCompensationAmt
Sasaki Associates Inc
64 Pleasant Street	Watertown	MA	02472	Architect	$1,185,836
CET Academic Programs
1920 N Street NW Suite 200	Washington	DC	20036	Program Fee	$916,353
Adaptive Communications LLC
230 Commerce Way Suite 100	Portsmouth	NH	03801	Wireless Service	$621,286
High Street Partners Inc
Dept LA 23551	Pasadena	CA	911853551	Consultants	$386,691
Premier Coach Co Inc
946 Route 7 S	Milton	VT	05468	Busline	$368,934

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	47	CntrctRcvdGreaterThan100KCnt
Government Grants	$3,748,972	GovernmentGrantsAmt
All Other Contributions	$50,488,375	AllOtherContributionsAmt
Noncash Contributions	$5,387,389	NoncashContributionsAmt
Total Contributions	$54,237,347	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (5 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt	Unrelated Business RevenueUnrelatedBusinessRevenueAmt
Tuition and Fees	611710	$194,546,011	$194,546,011
College Store	451211	$2,886,780	$2,886,780
Snow Bowl	713910	$1,220,935	$1,220,935
51 Main at the Bridge	722100	$455,620		$455,620
Advertising	541800	$52,093		$52,093

Total Oth Program Service Rev TotalOthProgramServiceRevGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$11,756,907	TotalRevenueColumnAmt
Related Or Exempt Func Income	$11,756,907	RelatedOrExemptFuncIncomeAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$210,918,346	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$21,908,173	TotalRevenueColumnAmt
Unrelated Business Revenue	-$161,691	UnrelatedBusinessRevenueAmt
Exclusion	$22,069,864	ExclusionAmt

Royalties Revenue RoyaltiesRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$18,128	TotalRevenueColumnAmt
Exclusion	$18,128	ExclusionAmt

Gross Rents GrossRentsGrp

Field	Value	IRS element (for citing)
Real	$26,720	RealAmt

Less Rental Expenses LessRentalExpensesGrp

Field	Value	IRS element (for citing)
Real	$0	RealAmt

Rental Income Or Loss RentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Real	$26,720	RealAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$26,720	TotalRevenueColumnAmt
Exclusion	$26,720	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$103,046,000	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$64,847,000	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$38,199,000	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$38,199,000	TotalRevenueColumnAmt
Unrelated Business Revenue	$1,589,841	UnrelatedBusinessRevenueAmt
Exclusion	$36,609,159	ExclusionAmt

Other Revenue Misc OtherRevenueMiscGrp (2 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Unrelated Business RevenueUnrelatedBusinessRevenueAmt
Reprographics sale	323100	$70,259	$70,259
Book store sale items	451211	$29,635	$29,635

Field	Value	IRS element (for citing)
Other Revenue Total	$99,894	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$325,407,608	TotalRevenueColumnAmt
Related Or Exempt Func Income	$210,410,633	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$2,035,757	UnrelatedBusinessRevenueAmt
Exclusion	$58,723,871	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$1,086,870	TotalAmt
Program Services	$1,086,870	ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$51,821,482	TotalAmt
Program Services	$51,821,482	ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$2,115,381	TotalAmt
Program Services	$359,615	ProgramServicesAmt
Management And General	$1,396,151	ManagementAndGeneralAmt
Fundraising	$359,615	FundraisingAmt

Comp Disqual Persons CompDisqualPersonsGrp

Field	Value	IRS element (for citing)
Total	$282,895	TotalAmt
Program Services	$232,308	ProgramServicesAmt
Fundraising	$50,587	FundraisingAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$112,087,837	TotalAmt
Program Services	$93,383,579	ProgramServicesAmt
Management And General	$15,327,586	ManagementAndGeneralAmt
Fundraising	$3,376,672	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$11,722,132	TotalAmt
Program Services	$9,497,510	ProgramServicesAmt
Management And General	$1,845,439	ManagementAndGeneralAmt
Fundraising	$379,183	FundraisingAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$21,221,183	TotalAmt
Program Services	$17,193,834	ProgramServicesAmt
Management And General	$3,340,895	ManagementAndGeneralAmt
Fundraising	$686,454	FundraisingAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$7,401,555	TotalAmt
Program Services	$5,996,891	ProgramServicesAmt
Management And General	$1,165,242	ManagementAndGeneralAmt
Fundraising	$239,422	FundraisingAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$908,542	TotalAmt
Program Services	$299,103	ProgramServicesAmt
Management And General	$605,259	ManagementAndGeneralAmt
Fundraising	$4,180	FundraisingAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$276,773	TotalAmt
Program Services	$91,973	ProgramServicesAmt
Management And General	$184,800	ManagementAndGeneralAmt

Fees For Services Lobbying FeesForServicesLobbyingGrp

Field	Value	IRS element (for citing)
Total	$17,574	TotalAmt
Management And General	$17,574	ManagementAndGeneralAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$3,774,769	TotalAmt
Management And General	$3,774,769	ManagementAndGeneralAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$716,390	TotalAmt
Program Services	$529,359	ProgramServicesAmt
Management And General	$159,426	ManagementAndGeneralAmt
Fundraising	$27,605	FundraisingAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$1,491,192	TotalAmt
Program Services	$948,689	ProgramServicesAmt
Management And General	$374,566	ManagementAndGeneralAmt
Fundraising	$167,937	FundraisingAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$2,561,147	TotalAmt
Program Services	$1,063,083	ProgramServicesAmt
Management And General	$1,474,972	ManagementAndGeneralAmt
Fundraising	$23,092	FundraisingAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$11,704,506	TotalAmt
Program Services	$10,703,595	ProgramServicesAmt
Management And General	$995,051	ManagementAndGeneralAmt
Fundraising	$5,860	FundraisingAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$7,485,852	TotalAmt
Program Services	$6,048,766	ProgramServicesAmt
Management And General	$1,108,977	ManagementAndGeneralAmt
Fundraising	$328,109	FundraisingAmt

Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp

Field	Value	IRS element (for citing)
Total	$2,418	TotalAmt
Management And General	$2,418	ManagementAndGeneralAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$1,033,325	TotalAmt
Program Services	$629,771	ProgramServicesAmt
Management And General	$384,723	ManagementAndGeneralAmt
Fundraising	$18,831	FundraisingAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$13,526,702	TotalAmt
Program Services	$12,523,316	ProgramServicesAmt
Management And General	$1,003,386	ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$23,702,212	TotalAmt
Program Services	$17,862,300	ProgramServicesAmt
Management And General	$5,839,912	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$2,723,801	TotalAmt
Program Services	$2,194,170	ProgramServicesAmt
Management And General	$529,631	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt	FundraisingFundraisingAmt
Contracted Services	$14,526,466	$10,482,269	$3,786,229	$257,968
Other Miscellaneous Exp	$11,038,649	$5,034,217	$5,873,799	$130,633
Food	$4,440,587	$4,419,470	$17,760	$3,357
Printing & Pulications	$3,675,674	$3,106,722	$308,947	$260,005

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$8,668,037	TotalAmt
Program Services	$6,190,978	ProgramServicesAmt
Management And General	$2,429,518	ManagementAndGeneralAmt
Fundraising	$47,541	FundraisingAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$320,013,951	TotalAmt
Program Services	$261,699,870	ProgramServicesAmt
Management And General	$51,947,030	ManagementAndGeneralAmt
Fundraising	$6,367,051	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$16,260,661	BOYAmt
EOY	$11,931,564	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$13,603,339	BOYAmt
EOY	$13,094,071	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$43,282,321	BOYAmt
EOY	$39,712,428	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$7,445,071	BOYAmt
EOY	$6,104,736	EOYAmt

Receivables From Officers Etc ReceivablesFromOfficersEtcGrp

Field	Value	IRS element (for citing)
BOY	$45,252	BOYAmt
EOY	$42,532	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$20,153,359	BOYAmt
EOY	$18,538,641	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$1,005,485	BOYAmt
EOY	$1,069,762	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$4,261,183	BOYAmt
EOY	$4,596,368	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$714,794,287	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$334,848,677	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$370,802,972	BOYAmt
EOY	$379,945,610	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$381,073,000	BOYAmt
EOY	$86,414,223	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$639,661,356	BOYAmt
EOY	$1,045,853,467	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
BOY	$9,971,236	BOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$26,564,805	BOYAmt
EOY	$29,917,175	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,534,130,040	BOYAmt
EOY	$1,637,220,577	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$41,707,081	BOYAmt
EOY	$45,575,850	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$18,503,921	BOYAmt
EOY	$16,961,053	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$287,754,065	BOYAmt
EOY	$286,817,007	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
EOY	$3,729,855	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$41,666,617	BOYAmt
EOY	$40,265,800	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$389,631,684	BOYAmt
EOY	$393,349,565	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows SFAS117	Yes (X)	OrganizationFollowsSFAS117Ind

Unrestricted Net Assets UnrestrictedNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$321,476,535	BOYAmt
EOY	$341,739,399	EOYAmt

Temporarily Rstr Net Assets TemporarilyRstrNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$515,602,916	BOYAmt
EOY	$572,344,881	EOYAmt

Permanently Rstr Net Assets PermanentlyRstrNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$307,418,905	BOYAmt
EOY	$329,786,732	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,144,498,356	BOYAmt
EOY	$1,243,871,012	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,534,130,040	BOYAmt
EOY	$1,637,220,577	EOYAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	Yes (X)	InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss	$5,393,657	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$91,806,389	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$2,172,610	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Consolidated Basis Fincl Stmt	Yes (X)	ConsolidatedBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	Yes (1)	FederalGrantAuditRequiredInd
Federal Grant Audit Performed	Yes (1)	FederalGrantAuditPerformedInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
School	Yes (X)	SchoolInd

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$35,994,000	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$47,273,000	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$50,890,000	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$61,747,381	CurrentTaxYearMinus1YearAmt
Current Tax Year	$54,237,347	CurrentTaxYearAmt
Total	$250,141,728	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$35,994,000	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$47,273,000	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$50,890,000	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$61,747,381	CurrentTaxYearMinus1YearAmt
Current Tax Year	$54,237,347	CurrentTaxYearAmt
Total	$250,141,728	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$25,825,109	SubstantialContributorsTotAmt
Public Support Total170	$224,316,619	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$3,272,961	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$2,186,233	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$1,810,473	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$349,360	CurrentTaxYearMinus1YearAmt
Current Tax Year	$22,114,712	CurrentTaxYearAmt
Total	$29,733,739	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$279,875,467	TotalSupportAmt
Gross Receipts Rltd Activities	$964,000,865	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.80150	PublicSupportCY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Volunteers	0	VolunteersInd
Paid Staff Or Management	0	PaidStaffOrManagementInd
Media Advertisements	0	MediaAdvertisementsInd
Mailings Members	Yes (1)	MailingsMembersInd
Mailings Members	$1	MailingsMembersAmt
Publications Or Broadcast	0	PublicationsOrBroadcastInd
Grants Other Organizations	0	GrantsOtherOrganizationsInd
Direct Contact Legislators	Yes (1)	DirectContactLegislatorsInd
Direct Contact Legislators	$12,350	DirectContactLegislatorsAmt
Rallies Demonstrations	0	RalliesDemonstrationsInd
Other Activities	Yes (1)	OtherActivitiesInd
Other Activities	$5,223	OtherActivitiesAmt
Total Lobbying Expenditures	$17,574	TotalLobbyingExpendituresAmt
Not Described Section501c3	0	NotDescribedSection501c3Ind

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part II-B, Line 1:	FormAndLineReferenceDesc
Explanation	The College pays dues to trade associations, some of which may be used for lobbying purposes. The College 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 $17,573 from the College, $12,350 as compensation paid as lobbyist and the remainder is for services rendered.	ExplanationTxt

Schedule D IRS990ScheduleD

Art Public Exhibition Amounts ArtPublicExhibitionAmountsGrp

Field	Value	IRS element (for citing)
Revenues Included	$0	RevenuesIncludedAmt
Assets Included	$12,929,103	AssetsIncludedAmt

Field	Value	IRS element (for citing)
Collection Used Pub Exhibition	Yes (X)	CollectionUsedPubExhibitionInd
Coll Used Scholarly Rsrch	Yes (X)	CollUsedScholarlyRsrchInd
Collection Used Preservation	Yes (X)	CollectionUsedPreservationInd
Coll Used Loan Or Exch Prog	Yes (X)	CollUsedLoanOrExchProgInd
Solicited Assets Sale	0	SolicitedAssetsSaleInd
Agent Trustee Etc	0	AgentTrusteeEtcInd
Incl Escrow Custodial Acct Liab	Yes (1)	InclEscrowCustodialAcctLiabInd
Explanation Provided	Yes (X)	ExplanationProvidedInd

CY Endwmt Fund CYEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$972,992,750	BeginningYearBalanceAmt
Contributions	$17,601,181	ContributionsAmt
Investment Earnings Or Losses	$147,666,395	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	-$10,785,087	GrantsOrScholarshipsAmt
Other Expenditures	-$45,287,573	OtherExpendituresAmt
Administrative Expenses	-$292,984	AdministrativeExpensesAmt
End Year Balance	$1,081,894,682	EndYearBalanceAmt

CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$879,690,062	BeginningYearBalanceAmt
Contributions	$9,612,949	ContributionsAmt
Investment Earnings Or Losses	$138,444,821	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	-$8,886,052	GrantsOrScholarshipsAmt
Other Expenditures	-$45,582,744	OtherExpendituresAmt
Administrative Expenses	-$286,286	AdministrativeExpensesAmt
End Year Balance	$972,992,750	EndYearBalanceAmt

CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$907,667,684	BeginningYearBalanceAmt
Contributions	$9,972,702	ContributionsAmt
Investment Earnings Or Losses	$10,581,012	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	-$8,315,000	GrantsOrScholarshipsAmt
Other Expenditures	-$39,948,735	OtherExpendituresAmt
Administrative Expenses	-$257,601	AdministrativeExpensesAmt
End Year Balance	$879,690,062	EndYearBalanceAmt

CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$870,888,000	BeginningYearBalanceAmt
Contributions	$13,150,000	ContributionsAmt
Investment Earnings Or Losses	$169,794,000	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	-$7,701,272	GrantsOrScholarshipsAmt
Other Expenditures	-$125,397,917	OtherExpendituresAmt
Administrative Expenses	-$13,065,127	AdministrativeExpensesAmt
End Year Balance	$907,667,684	EndYearBalanceAmt

CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$690,690,591	BeginningYearBalanceAmt
Contributions	$112,640,409	ContributionsAmt
Investment Earnings Or Losses	$120,024,378	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	-$7,863,643	GrantsOrScholarshipsAmt
Other Expenditures	-$44,398,357	OtherExpendituresAmt
Administrative Expenses	-$205,378	AdministrativeExpensesAmt
End Year Balance	$870,888,000	EndYearBalanceAmt

Field	Value	IRS element (for citing)
Board Designated Balance EOY	0.28400	BoardDesignatedBalanceEOYPct
Prmnnt Endowment Balance EOY	0.28430	PrmnntEndowmentBalanceEOYPct
Term Endowment Balance EOY	0.43170	TermEndowmentBalanceEOYPct
Endowments Held Unrelated Org	0	EndowmentsHeldUnrelatedOrgInd
Endowments Held Related Org	0	EndowmentsHeldRelatedOrgInd

Land LandGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$51,917,234	OtherCostOrOtherBasisAmt
Book Value	$51,917,234	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$538,395,831	OtherCostOrOtherBasisAmt
Depreciation	$275,601,471	DepreciationAmt
Book Value	$262,794,360	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$83,649,997	OtherCostOrOtherBasisAmt
Depreciation	$59,247,206	DepreciationAmt
Book Value	$24,402,791	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$40,831,225	OtherCostOrOtherBasisAmt
Book Value	$40,831,225	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$379,945,610	TotalBookValueLandBuildingsAmt

Other Securities OtherSecuritiesGrp (7 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
Equity securities	$378,875,080	F
Alternative equities	$257,545,871	F
Debt securties	$39,261,151	F
Real estate and mortgages	$20,655,118	F
Private equity partnerships	$335,434,714	F
Other investments	$10,945,360	F
CRUTS Receivable	$3,136,173	F

Field	Value	IRS element (for citing)
Total Book Value Securities	$1,045,853,467	TotalBookValueSecuritiesAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)

DescDesc	AmtAmt
Funds held for others	$2,773,408
Annuities and Unitrusts payable	$23,066,359
Refundable Government Loans	$14,426,033

Field	Value	IRS element (for citing)
Total Liability	$40,265,800	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part III, Line 4:	The Middlebury College Museum of Art is closely linked to the educational mission of Middlebury College 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:	The College holds custodial endowment funds to support Porter Hospital and the Town of Middlebury.
Part V, Line 4:	The College's endowment consists of donor restricted endowment funds and board-designated funds to function as endowment for a variety of purposes. The College'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. The College has redefined the definition of its endowment assets to include the pooled investments, Delineation assets, separately invested endowment funds, and interests in perpetual trusts. The endowment funds for the year ending June 30, 2014, June 30, 2013, and June 30, 2012 are presented according to the new definition of endowment assets.
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.

Schedule E IRS990ScheduleE

Field	Value	IRS element (for citing)
Nondiscriminatory Policy Stmt	Yes (1)	NondiscriminatoryPolicyStmtInd
Policy Stmt In Brochures Etc	Yes (1)	PolicyStmtInBrochuresEtcInd
Plcy Pblczd Via Broadcast Media	Yes (1)	PlcyPblczdViaBroadcastMediaInd
Maintain Racial Comp Recs	Yes (1)	MaintainRacialCompRecsInd
Maintain Scholarships Recs	Yes (1)	MaintainScholarshipsRecsInd
Maintain Cpy Of Brochures Etc	Yes (1)	MaintainCpyOfBrochuresEtcInd
Maintain Cpy Of All Sol	Yes (1)	MaintainCpyOfAllSolInd
Discriminate Race Stdnts Rghts	0	DiscriminateRaceStdntsRghtsInd
Discriminate Race Admiss Plcy	0	DiscriminateRaceAdmissPlcyInd
Discriminate Race Emplm Fculty	0	DiscriminateRaceEmplmFcultyInd
Discriminate Race Schs	0	DiscriminateRaceSchsInd
Discriminate Race Educ Plcy	0	DiscriminateRaceEducPlcyInd
Discriminate Race Use Of Fclts	0	DiscriminateRaceUseOfFcltsInd
Discriminate Race Athlt Prog	0	DiscriminateRaceAthltProgInd
Discriminate Race Other Acty	0	DiscriminateRaceOtherActyInd
Government Financial Aid Rcvd	Yes (1)	GovernmentFinancialAidRcvdInd
Government Financial Aid Rvkd	0	GovernmentFinancialAidRvkdInd
Compliance With Rev Proc7550	Yes (1)	ComplianceWithRevProc7550Ind

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Schedule E, Part I, Line 3	The College satisfies the publicity requirement by posting the Discrimination Policy on the college web site. The policy is included in the college 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.

Schedule F IRS990ScheduleF

Account Activities Outside US AccountActivitiesOutsideUSGrp (39 entries)

RegionRegionTxt	OfficesOfficesCnt	EmployeeEmployeeCnt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt
East Asia and the Pacific	4	4	Program Service	Studies Abroad	$1,940,000
Europe	7	187	Program Service	Studies Abroad	$4,300,000
Middle East and North Africa	1	36	Program Service	Studies Abroad	$950,000
Russia and Newly Independent States	3	15	Program Service	Studies Abroad	$530,000
So.America	3	95	Program Service	Studies Abroad	$1,280,000
Sub-Saharan Africa	1	1	Program Service	Studies Abroad	$200,000
Central America & the Caribbean	0	0	Program ServiceProgram Service	Studies Abroad	$23,000
No.America	0	0	Program Service	Studies Abroad	$41,000
South Asia	0	0	Program Services	Studies Abroad	$200,000
Central America & the Caribbean	0	0	Investments		$129,000,000
East Asia and the Pacific	0	0	Recuitment		$33,000
Europe	0	0	Recuitment		$43,000
So.America	0	0	Recuitment		$15,000
Central America & the Caribbean	0	0	Conference		$13,000
East Asia and the Pacific	0	0	Conference		$19,000
Europe	0	0	Conference		$92,000
Middle East and North Africa	0	0	Conference		$25,000
No.America	0	0	Conference		$16,000
So.America	0	0	Conference		$17,000
Central America & the Caribbean	0	0	Research		$32,000
East Asia and the Pacific	0	0	Research		$66,000
Europe	0	0	Research		$45,000
Middle East and North Africa	0	0	Research		$49,000
No.America	0	0	Research		$82,000
Russia and Newly Independent States	0	0	Research		$19,000
So.America	0	0	Research		$67,000
South Asia	0	0	Research		$89,000
Sub-Saharan Africa	0	0	Research		$52,000
East Asia and the Pacific	0	0	Faculty Enrichment Program		$81,000
Middle East and North Africa	0	0	Faculty Enrichment Program		$45,000
Europe	0	0	Faculty Enrichment Program		$227,000
No.America	0	0	Faculty Enrichment Program		$51,000
So.America	0	0	Faculty Enrichment ProgramInvestments		$12,000
South Asia	0	0	Faculty Enrichment Program		$23,000
Sub-Saharan Africa	0	0	Faculty Enrichment Program		$23,000
East Asia and the Pacific	0	0	Fundraising		$70,000
Europe	0	0	Fundraising		$40,000
So.America	0	0	Fundraising		$11,000
South Asia	0	0	Fundraising		$11,000

Field	Value	IRS element (for citing)
Subtotal Offices	19	SubtotalOfficesCnt
Subtotal Employees	338	SubtotalEmployeesCnt
Continutation Total Office	0	ContinutationTotalOfficeCnt
Continutation Total Employee	0	ContinutationTotalEmployeeCnt
Total Office	19	TotalOfficeCnt
Total Employee	338	TotalEmployeeCnt
Subtotal Spent	$9,264,000	SubtotalSpentAmt
Continuation Spent	$130,568,000	ContinuationSpentAmt
Total Spent	$139,832,000	TotalSpentAmt
Transfer To Foreign Corp	Yes (1)	TransferToForeignCorpInd
Interest In Foreign Trust	0	InterestInForeignTrustInd
Foreign Corp Ownership	Yes (1)	ForeignCorpOwnershipInd
Passive Foreign Investmest Co	Yes (1)	PassiveForeignInvestmestCoInd
Foreign Partnership	Yes (1)	ForeignPartnershipInd
Boycott Countries	Yes (1)	BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, line 3:	FormAndLineReferenceDesc
Explanation	Expenditures are recorded on the accrual basis of accounting.	ExplanationTxt

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Recipient Table RecipientTable (6 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Purpose Of GrantPurposeOfGrantTxt
Research Foundation of SUNY
35 State Street	Albany	NY	122072826	141368361	501(c)(3)	$36,724	Research grant
Town of Middlebury
94 Main Street	Middlebury	VT	05753		Town-Middlebury	$600,000	Town Bridge Project
Potomac Theatre Project
4 Nedde Lane	Middlebury	VT	05753	132960856	501(c)(3)	$75,000	Professional theatre company affiliated with Middlebury College
Town Hall Theatre
68 South Pleasant Street	Middlebury	VT	05753	262091573	501(c)(3)	$48,111	Annual Pledge
Addison County Transit Resources
297 Creek Road	Middlebury	VT	05753	030335768	501(c)(3)	$29,970	Sponsorship
Institute for Advancement of Hebrew Inc
14 Old Chapel Road	Middlebury	VT	05753	465569882	501(c)(3)	$970,450	Hebrew Language Institute affiliated with Middlebury College

Field	Value	IRS element (for citing)
Total501c3 Org	6	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp

Field	Value	IRS element (for citing)
Grant Type	Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset.	GrantTypeTxt
Recipient	2771	RecipientCnt
Cash Grant	$0	CashGrantAmt
Non Cash Assistance	$51,821,482	NonCashAssistanceAmt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, Line 2:	FormAndLineReferenceDesc
Explanation	Disbursements in furtherance of the College's exempt programs are made in accordance with procedures or subject to conditions established by the College's governing board designed to ensure that the individuals receiving disbursements from the College 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 College's grant accountant. All billings are reviewed and approved by the principal investigator and grant accountant before being paid.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
First Class Or Charter Travel	Yes (X)	FirstClassOrCharterTravelInd
Travel For Companions	Yes (X)	TravelForCompanionsInd
Idemnification Gross Up Pmts	Yes (X)	IdemnificationGrossUpPmtsInd
Housing Allowance Or Residence	Yes (X)	HousingAllowanceOrResidenceInd
Payments For Use Of Residence	Yes (X)	PaymentsForUseOfResidenceInd
Club Dues Or Fees	Yes (X)	ClubDuesOrFeesInd
Personal Services	Yes (X)	PersonalServicesInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
Independent Consultant	Yes (X)	IndependentConsultantInd
Form990 Of Other Organizations	Yes (X)	Form990OfOtherOrganizationsInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	Yes (1)	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org	0	CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs	0	CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org	0	CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs	0	CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments	Yes (1)	AnyNonFixedPaymentsInd
Initial Contract Exception	Yes (1)	InitialContractExceptionInd
Rebuttable Presumption Proc	Yes (1)	RebuttablePresumptionProcInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (12 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Ronald Liebowitz
President	$312,279	$0	$0	$0	$88,371	$0	$53,550	$0	$39,633	$0	$493,833	$0	$0	$0
Patrick J Norton
Treasurer	$252,489	$0	$0	$0	$1,014	$0	$140,140	$0	$28,033	$0	$421,676	$0	$0	$0
David Donahue
Secretary	$151,729	$0	$0	$0	$1,197	$0	$64,081	$0	$24,861	$0	$241,868	$0	$0	$0
Michael Geisler
VPLS Sch Aboard & Graduate	$217,288	$0	$0	$0	$2,459	$0	$136,902	$0	$32,973	$0	$389,622	$0	$0	$0
Tim Spears
VP for Academic Affairs	$207,136	$0	$0	$0	$1,522	$0	$48,268	$0	$25,312	$0	$282,238	$0	$0	$0
Sunder Ramaswamy
President, Monterey	$287,263	$0	$0	$0	$731	$0	$97,874	$0	$32,386	$0	$418,254	$0	$0	$0
Shirley Collado
Dean of College	$191,595	$0	$0	$0	$299	$0	$68,183	$0	$10,328	$0	$270,405	$0	$0	$0
William C Potter
Director of CNS	$258,958	$0	$0	$0	$5,577	$0	$40,800	$0	$12,301	$0	$317,636	$0	$0	$0
Michael Schoenfeld
SR VP & Chief Philan Advis	$241,857	$0	$0	$0	$3,390	$0	$53,550	$0	$13,270	$0	$312,067	$0	$0	$0
James Keyes
VP for College Adv.	$296,829	$0	$0	$0	$2,443	$0	$31,107	$0	$77,713	$0	$408,092	$0	$0	$0
William Burger
VP of Communications	$264,553	$0	$0	$0	$1,963	$0	$12,432	$0	$27,581	$0	$306,529	$0	$0	$0
Kateri Carmola
Visiting Research Scholar	$64,274	$0	$0	$0	$180,963	$0	$12,612	$0	$11,404	$0	$269,253	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I, Line 1a	The Board of Trustees has approved first-class travel for a College Officer in certain situations. In rare cases, the College reimburses a College Officer when traveling on behalf of the College, for the travel and related expenses of a companion (spouse, partner, or child). These reimbursements are reported as a taxable benefit. The College reimburses a College Officer for the business use of a personal residence on a per diem basis when used for College business. In rare cases, the College uses gross-up payments to minimize the tax burden to an employee who takes on an assignment on behalf of the college that results in additional taxable income. The additional taxable income usually occurs through imputed income for housing and related expenses. The College has grossed up housing for a College Officer and a highly compensated emloyee as well as a highly compensated employee's tuition benefit and a payout agreement. The College provides a key employee a residence for the convenience of the employer. As a condition of employment the College provides a College Officer with a residence for the convenience of the employer. A College Officer is a member of the University Club and uses the club for business purposes. Other College offices use the membership for business purposes as well. All invoices for services are addressed to the College address and paid for by the College. In rare cases, the College provides services for personal benefit in the form of a child care provider, financial planner, etc., to a College Officer, all of which are taxable income.
Part I, Line 4b	Part I, Line 4b: The College 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 Dean of the College all participate in a supplemental nonqualified retirement plan which is contingent upon services. Contributions to the plan were $0, $86,590, $86,590, $44,324, $44,324 and $44,324 respectively. Deferred compensation includes pretax contributions to the voluntary retirement plan, contributions to the College's non-qualified tax advantaged deferred-compensation retirement plan (457 plan), and College 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 the College 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.

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (4 entries)

Bond ReferenceBondReferenceCd	Bond Issuer EINBondIssuerEIN	CUSIPCUSIPNum	Bond IssuedBondIssuedDt	Issue PriceIssuePriceAmt	PurposePurposeDesc	DefeasedDefeasedInd	On Behalf Of IssuerOnBehalfOfIssuerInd	Pool FinancingPoolFinancingInd
VEHBFA (Series 2006A)
A	237154467	924166AB7	2006-10-31	$36,694,278	construction	0	0	0
VEHBFA (Series 2010)
B	237154467	924166DH1	2010-11-01	$101,791,989	refunding (Series 1988A;2002B;2008)	0	0	0
VEHBFA (Series 2009)
C	237154467	924166DG3	2010-01-14	$62,014,213	refunding (Series 1999)	0	0	0
VEHBFA (Series2012A)
D	237154467	924166EA5	2012-04-10	$53,009,186	advanced refunding (Series 2002A)	0	0	0

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (4 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Total ProceedsTotalProceedsAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Capital ExpendituresCapitalExpendituresAmt	Substantial CompletionSubstantialCompletionYr	Current RefundingCurrentRefundingInd	Advance RefundingAdvanceRefundingInd	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd	Other Spent ProceedsOtherSpentProceedsAmt
A	$243,278	$36,694,278	$331,049	$36,363,229	2008	0	0	Yes (1)	Yes (1)
B	$825,854	$101,791,989	$817,182		1999	Yes (1)	0	Yes (1)	Yes (1)	$100,974,807
C	$394,690	$62,014,213	$605,880		2002	Yes (1)	0	Yes (1)	Yes (1)	$61,408,333
D	$749,790	$53,009,186	$597,415		2012	0	Yes (1)	Yes (1)	Yes (1)	$52,411,771

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (2 entries)

Bond ReferenceBondReferenceCd	Owning Bond Financed PropertyOwningBondFinancedPropertyInd	Any Lease ArrangementsAnyLeaseArrangementsInd	Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd	Any Research AgreementsAnyResearchAgreementsInd	Private Bus Use By OthersPrivateBusUseByOthersPct	Private Bus Concerning UBIPrivateBusConcerningUBIPct	Total Private Business UseTotalPrivateBusinessUsePct	Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd	Change In Use Bond Financed PropChangeInUseBondFinancedPropInd	Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd
A	0	0	0	0	0.00000	0.00010	0.00010	0	0	Yes (1)
B	0	0	0	0	0.00000	0.00000	0.00000	0	0	Yes (1)

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (4 entries)

Bond ReferenceBondReferenceCd	Exception To RebateExceptionToRebateInd	Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd
A	Yes (1)	Yes (1)
B	Yes (1)	Yes (1)
C	Yes (1)	Yes (1)
D	Yes (1)	Yes (1)

Procedures Corrective Action ProceduresCorrectiveActionGrp (4 entries)

Bond ReferenceBondReferenceCd	Procedures Corrective ActionProceduresCorrectiveActionInd
A	Yes (1)
B	Yes (1)
C	Yes (1)
D	Yes (1)

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd

Issuer Name IssuerName

Field	Value	IRS element (for citing)
Business Name Line1	VEHBFA (Series 2012B)	BusinessNameLine1

Field	Value	IRS element (for citing)
Bond Issuer EIN	237154457	BondIssuerEIN
CUSIP	924166EP2	CUSIPNum
Bond Issued	2012-08-07	BondIssuedDt
Issue Price	$14,049,597	IssuePriceAmt
Purpose	Advanced refunding (Series 2002A)	PurposeDesc
Defeased	0	DefeasedInd
On Behalf Of Issuer	0	OnBehalfOfIssuerInd
Pool Financing	0	PoolFinancingInd

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Retired	$338,678	RetiredAmt
Total Proceeds	$14,049,597	TotalProceedsAmt
Issuance Costs From Proceeds	$58,067	IssuanceCostsFromProceedsAmt
Other Spent Proceeds	$13,991,530	OtherSpentProceedsAmt
Substantial Completion	2012	SubstantialCompletionYr
Current Refunding	0	CurrentRefundingInd
Advance Refunding	Yes (1)	AdvanceRefundingInd
Final Allocation Made	Yes (1)	FinalAllocationMadeInd
Adequate Books And Rec Maint	Yes (1)	AdequateBooksAndRecMaintInd

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Form8038 T Filed	0	Form8038TFiledInd
Rebate Not Due Yet	0	RebateNotDueYetInd
Exception To Rebate	Yes (1)	ExceptionToRebateInd
No Rebate Due	0	NoRebateDueInd
Variable Rate Issue	0	VariableRateIssueInd
Hedge Identified In Bks And Rec	0	HedgeIdentifiedInBksAndRecInd
Gross Proceeds Invested In GIC	0	GrossProceedsInvestedInGICInd
Gross Proceeds Invested	0	GrossProceedsInvestedInd
Written Proc To Monitor Reqs	Yes (1)	WrittenProcToMonitorReqsInd

Procedures Corrective Action ProceduresCorrectiveActionGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Procedures Corrective Action	Yes (1)	ProceduresCorrectiveActionInd

Schedule L IRS990ScheduleL

Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp

Field	Value	IRS element (for citing)
Person	SRamaswamy	PersonNm
Relationship With Org	Key EE	RelationshipWithOrgTxt
Loan Purpose	Mortgage	LoanPurposeTxt
Loan From Organization	Yes (X)	LoanFromOrganizationInd
Original Principal	$67,671	OriginalPrincipalAmt
Balance Due	$42,532	BalanceDueAmt
Default	0	DefaultInd
Board Or Committee Approval	Yes (1)	BoardOrCommitteeApprovalInd
Written Agreement	Yes (1)	WrittenAgreementInd

Field	Value	IRS element (for citing)
Total Balance Due	$42,532	TotalBalanceDueAmt

Grnt Asst Bnft Interested Prsn GrntAsstBnftInterestedPrsnGrp

Field	Value	IRS element (for citing)
Cash Grant	$59,929	CashGrantAmt
Type Of Assistance	Benefit	TypeOfAssistanceTxt
Assistance Purpose	Tuition	AssistancePurposeTxt

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (3 entries)

Relationship DescriptionRelationshipDescriptionTxt	TransactionTransactionAmt	TransactionTransactionDesc	Sharing Of RevenuesSharingOfRevenuesInd
Jessica Liebowitz
Spouse of Officer	$69,081	Employee	0
Philip Geier
Spouse-Trustee	$281,545	Employee	0
(no name)
			0

Schedule M IRS990ScheduleM

Works Of Art WorksOfArtGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	11	ContributionCnt
Noncash Contributions Rpt F990	$323,508	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Appraisal	MethodOfDeterminingRevenuesTxt

Books And Publications BooksAndPublicationsGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Noncash Contributions Rpt F990	$8,185	NoncashContributionsRptF990Amt
Method Of Determining Revenues	FMV	MethodOfDeterminingRevenuesTxt

Securities Publicly Traded SecuritiesPubliclyTradedGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	303	ContributionCnt
Noncash Contributions Rpt F990	$4,550,041	NoncashContributionsRptF990Amt
Method Of Determining Revenues	FMV	MethodOfDeterminingRevenuesTxt

Real Estate Other RealEstateOtherGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	2	ContributionCnt
Noncash Contributions Rpt F990	$393,382	NoncashContributionsRptF990Amt
Method Of Determining Revenues	Appraisal	MethodOfDeterminingRevenuesTxt

Other Non Cash Contri Table OtherNonCashContriTableGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Desc	Miscellaneous	Desc
Contribution	15	ContributionCnt
Noncash Contributions Rpt F990	$112,273	NoncashContributionsRptF990Amt
Method Of Determining Revenues	FMV	MethodOfDeterminingRevenuesTxt

Field	Value	IRS element (for citing)
Form8283 Received	8	Form8283ReceivedCnt
Any Property That Must Be Held	0	AnyPropertyThatMustBeHeldInd
Review Process Unusual NC Gifts	Yes (1)	ReviewProcessUnusualNCGiftsInd
Third Parties Used	Yes (1)	ThirdPartiesUsedInd

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Part I, Column (b):	We are reporting the number of contributions based on the number of contributors.
Part I, Line 32b:	The College will sell from time to time noncash items, other than securities, at local auction houses.

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (8 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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 2,172,610.
Part XII, Line 2c	Financial Statements and Reporting: The College has not changed its oversight of the audit or selection of the independent accountant process.
Form 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 goals for the following year. The Treasurer reviews with the Committee the IRS Form 990. The Treasurer reviews with the Committee compensation comparables prepared by an independent third party compensation consultant. The President provides to the Committee performance reviews of senior adminstrators reporting to him.

Schedule R IRS990ScheduleR

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (3 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Exempt Code SectionExemptCodeSectionTxt	Public Charity StatusPublicCharityStatusTxt	Business Name Line1DirectControllingEntityName/BusinessNameLine1	Controlled OrganizationControlledOrganizationInd
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	Yes (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	Yes (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	Yes (1)

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (5 entries)

Address Line1USAddress/AddressLine1	CityUSAddress/City	StateUSAddress/State	ZIP CodeUSAddress/ZIPCode	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Direct Controlling NADirectControllingNACd	Entity TypeEntityTypeTxt	Controlled OrganizationControlledOrganizationInd
Charitable remainder trust (58)
see Part VII note for Col CFG	Middlebury	VT	05753	Investment Support	VT	N/A	T	Yes (1)
Charitable lead trust (3)
see Part VII note for Col CFG	Middlebury	VT	05753	Investment Support	VT	N/A	T	Yes (1)
Pooled income fund (1)
Middlebury College	Middlebury	VT	05753	Investment Support	VT	N/A	T	Yes (1)
Life income fund (1)
Middlebury College	Middlebury	VT	05753	Investment Support	VT	N/A	T	Yes (1)
(no name)
								Yes (1)

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	0	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	0	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	Yes (1)	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	0	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	0	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	0	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	0	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	0	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	0	SharingOfFacilitiesInd
Paid Employees Sharing	0	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	0	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	0	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	0	TransferToOtherOrgInd
Transfer From Other Org	Yes (1)	TransferFromOtherOrgInd

Transactions Related Org TransactionsRelatedOrgGrp (4 entries)

Transaction TypeTransactionTypeTxt	InvolvedInvolvedAmt	Method Of Amount DeterminationMethodOfAmountDeterminationTxt
President and Friends of Middlebury College
D	$11,381,776	FMV
Delineation Corporation
D	$19,042,683	FMV
Charitable Remainder Unitrust (10)
S	$3,169,447	FMV
Pooled Income Funds (6)
S	$140,344	FMV

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Schedule R; Part IV; Column C	FormAndLineReferenceDesc
Explanation	Legal Domicile Charitable remainder trust includes Vermont and Massachusetts Charitable lead trust include Vermont and District of Columbia	ExplanationTxt