2015-05-15T06:55:46-05:00 2014-06-30 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2013-07-01 030179414 BENNINGTON COLLEGE CORPORATION % BRIAN MURPHY BENN 8024404458 ONE COLLEGE DRIVE Suite BENNINGTON VT 05201 BRIAN F MURPHY TREASURER AND VP 8024404358 2015-05-15 true MARY-EVELYN ANTONETTI P00431862 8024404358 2015-05-13 2013 2016-04-25 22:37:26Z MARIKO SILVER ONE COLLEGE DRIVE BENNINGTON VT 05201 57913473 false X WWW.BENNINGTON.EDU X 1932 VT BENNINGTON COLLEGE IS A LIBERAL ARTS EDUCATIONAL INSTITUTION LOCATED IN BENNINGTON, VERMONT. THE UNDERGRADUATE AND GRADUATE ENROLLMENT IS MORE THAN 750 STUDENTS. 20 20 1084 250 -32037 -32037 8636391 5745304 39085346 36549763 830976 1667750 418655 514302 48971368 44477119 15536797 14702603 0 0 21896687 22316578 0 0 1668157 12706758 14318991 50140242 51338172 -1168874 -6861053 112490842 97385216 36251135 35328373 76239707 62056843 X BENNINGTON COLLEGE IS A LIBERAL ARTS EDUCATIONAL INSTITUTION LOCATED IN BENNINGTON, VERMONT. THE UNDERGRADUATE AND GRADUATE ENROLLMENT IS MORE THAN 750 STUDENTS. false false 37470976 14628603 34492561 UNDERGRADUATE PROGRAM: BENNINGTON COLLEGE HOLDS A DISTINGUISHED PLACE AMONG AMERICAN COLLEGES AND UNIVERSITIES. IT WAS THE FIRST TO INCLUDE THE VISUAL AND PERFORMING ARTS IN A LIBERAL ARTS EDUCATION, AND IT IS THE ONLY COLLEGE TO REQUIRE THAT ITS STUDENTS SPEND SEVEN WEEKS-EVERY YEAR-AT WORK IN THE WORLD (FIELD WORK TERM). *CONTINUED ON SCHEDULE O* AMITIONS, BENNINGTON AIMS TO INCREASE THE ODDS THAT ITS GRADUATES ARE COMMITTED TO, AND CAPABLE OF EFFECTIVE ACTION IN THE WORLD. *CONTINUED ON SCHEDULE O* 1162466 74000 2057202 GRADUATE PROGRAMS: BENNINGTON'S GRADUATE PROGRAMS ARE BUILT ON THE BELIEF THAT MAKING NEW WORK IS AT THE HEART OF THE EDUCATIONAL PROCESS. THE COLLEGE'S GRADUATE PROGRAMS ARE SMALL, INTENSIVE, AND HIGHLY SELECTIVE. BENNINGTON OFFERS TWO LOW-RESIDENCY GRADUATE PROGRAMS: A MASTER OF FINE ARTS IN WRITING, WHICH IS RANKED AMONG THE TOP FIVE IN THE NATION, AND A MASTER OF ARTS IN TEACHING A SECOND LANGUAGE. IN ADDITION, THE COLLEGE OFFERS A MASTER OF FINE ARTS IN PERFORMING ARTS AND POSTBACCALAUREATE PREMEDICAL PROGRAMS. IN 2013-14, THESE PROGRAMS SERVED APPROXIMATELY 125 STUDENTS. 38633442 true true false true false false false true false true true false false true true true true false true false false false true false false false false false true true true false false false false false false false false true false true false false false false true true false false false false 99 0 true 1084 true true true false false false false false false false false false X 20 20 false false false false false false false true true false false true true true true true true true false false VT X BRIAN MURPHY 8024404358 ONE COLLEGE DRIVE BENNINGTON VT 05201 PRISCILLA ALEXANDER TRUSTEE 1.0 0.0 X 0 0 0 SUSAN PARIS BORDEN TRUSTEE 1.0 0.0 X 0 0 0 JOHN BOYD TRUSTEE (ROTATED OFF 9/2013) 1.0 0.0 X 0 0 0 KAREN JOHNSON BOYD LIFE TRUSTEE (NON-VOTING) 1.0 0.0 X 0 0 0 SUZANNE BRUNDAGE TRUSTEE 1.0 0.0 X 0 0 0 MATTHEW CLARKE TRUSTEE (STARTED 8/2013) 1.0 0.0 X 0 0 0 BARBARA USHKOW DEANE VICE CHAIRMAN 1.0 0.0 X 0 0 0 WILLIAM DERROUOGH TRUSTEE 1.0 0.0 X 0 0 0 OUSSEYNOU DIOME TRUSTEE (STARTED 5/2014) 1.0 0.0 X 0 0 0 MARY HAMMOND STORER TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL HECHT TRUSTEE 1.0 0.0 X 0 0 0 JOHN J KENNEY TRUSTEE 1.0 0.0 X 0 0 0 BOBBIE KNABLE TRUSTEE 1.0 0.0 X 0 0 0 ALAN KORNBERG CHAIRMAN 1.0 0.0 X 0 0 0 INSIYAH MOHAMMAD TRUSTEE (ROTATED OFF 6/2014) 1.0 0.0 X 0 0 0 JASON MOON TRUSTEE 1.0 0.0 X 0 0 0 AARTI RANA TRUSTEE 1.0 0.0 X 0 0 0 DANIEL B ROWLAND TRUSTEE 1.0 0.0 X 0 0 0 CHARLENE SOLOW SCHWARTZ TRUSTEE 1.0 0.0 X 0 0 0 JAMES SIMON TRUSTEE 1.0 0.0 X 0 0 0 SARA STEINES TRUSTEE 1.0 0.0 X 0 0 0 CATHERINE STIMPSON TRUSTEE (STARTED 5/2014) 1.0 0.0 X 0 0 0 DEBORAH WADSWORTH TRUSTEE (DECEASED 12/2013) 1.0 0.0 X 0 0 0 PENELOPE PERKINS WILSON TRUSTEE 1.0 0.0 X 0 0 0 MARIKO SILVER PRESIDENT (EXOFFICIO) 40.0 0.0 X 192441 0 80906 DAVID REES SENIOR VP FOR PLANNING & ADMIN 40.0 0.0 X 177316 0 18754 LAURA KRAUSE TREASURER/VP/CEO THRU 12/31/13 40.0 0.0 X 176001 0 16666 BRIAN MURPHY VP/CFO (STARTED 6/30/14) 40.0 0.0 X 0 0 0 JANET MARSDEN SECRETARY/VP 40.0 0.0 X 161875 0 12776 PAIGE BARTELS VP FOR EXTERNAL RELATIONS 40.0 0.0 X 179766 0 15170 ISABEL ROCHE DEAN OF THE COLLEGE 40.0 0.0 X 173688 0 14373 DUNCAN DOBBELMAN ASSOCIATE DEAN OF THE COLLEGE 40.0 0.0 X 111788 0 18301 ELIZABETH COLEMAN DIR OF CTR FOR ADV OF PUB ACT 40.0 0.0 X 377114 0 46175 ROTIMI SUBERU PROFESSOR 40.0 0.0 X 95483 0 16744 JONATHAN PITCHER PROFESSOR 40.0 0.0 X 93583 0 16360 HEATHER FALEY DIRECTOR OF HUMAN RESOURCES 40.0 0.0 X 96985 0 6658 KERRY WOODS PROFESSOR 40.0 0.0 X 93805 0 12681 MARK WUNDERLICH PROFESSOR 40.0 0.0 X 95925 0 11638 2025770 0 287202 8 false true false RUSSELL CONSTRUCTION SERVICES INC 170 SOUTH MAIN STREET RUTLAND VT 05701 GNRL CONTRACTOR 1864482 ARAMARK CORPORATION PO BOX 906023 CHARLOTTE NC 28290 FOOD SERV. PROVIDER 1602074 CHRISTOFF FINIO ARCHITECTURE 250 WEST BROADWAY 4TH FLOOR NEW YORK NY 10013 ARCHITECT SERVICES 478727 PFG SPRINGFIELD PO BOX 3024 SPRINGFIELD MA 01101 FOOD SERV. PROVIDER 452411 JEROME CONSTRUCTION 1545 WEST ROAD BENNINGTON VT 05201 GNRL CONTRACTOR 338295 5 346139 5399165 2503367 5745304 TUITION AND FEES 611710 29128154 29128154 ROOM & BOARD 721310 7421609 7421609 36549763 712284 712284 0 0 561012 413876 147136 0 147136 -33893 181029 13977944 13022478 955466 955466 955466 0 0 0 BOOKSTORE REVENUE 611710 166220 1856 164364 NON-FUNDRAISING EVENT REVENUE 611710 78260 78260 STUDENT SNACK BAR 611710 26140 26140 96546 96546 367166 44477119 36549763 -32037 2214089 0 12743255 12743255 1959348 1959348 0 1319125 314375 820250 184500 20000 20000 16746917 13434355 2356537 956025 911577 523930 346805 40842 2059486 1079863 863682 115941 1259473 958824 221225 79424 440451 17145 419773 3533 46604 8117 38487 166550 166550 0 0 129986 129986 0 241510 37318 204192 1140692 537903 542827 59962 491741 448284 43457 0 2019288 1355351 663937 485647 188839 196238 100570 0 186483 72424 55498 58561 1223328 758502 464826 0 3250795 1433600 1817195 472384 639 471745 OTHER SERVICES 2192354 1170350 989119 32885 FOOD SERVICES 1389406 1280013 75523 33870 PROJECTS AND EVENTS 177165 167071 10094 0 OTHER MISCELLANEOUS EXPENSES 264607 123936 138627 2044 51338172 38633442 11036573 1668157 X 17517 1359592 3316729 0 19729217 5830295 709975 1338025 0 0 0 0 0 0 201587 147235 159803 198903 89141766 29947030 56615791 59194736 23510004 20297709 48235 48235 0 0 0 0 8181984 8970486 112490842 97385216 5131068 4941354 0 0 1919983 1699831 28302303 27545060 0 0 0 0 0 0 0 0 897781 1142128 36251135 35328373 X 31190700 26805414 29449220 18959736 15599787 16291693 76239707 62056843 112490842 97385216 X -6861053 1234661 -8556472 X false true X true true true X 5107540 8713602 17919437 8636391 5745304 46122274 0 0 5107540 8713602 17919437 8636391 5745304 46122274 3842644 42279630 601761 615452 643778 373340 893013 3127344 0 570517 543581 479497 358290 365310 2317195 51566813 183326609 0.81990 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 6084 6084 PART II-B, LINE 1I THE COLLEGE IS A MEMBER OF THE ASSOCIATION OF VERMONT INDEPENDENT COLLEGES (AVIC) WHICH REPRESENTS ITS MEMBERS IN VARIOUS FORMS SERVING THE INTERESTS OF HIGHER EDUCATION, INCLUDING GOVERNMENT LEGISLATION. ANNUAL MEMBERSHIP FEES PAID TO THIS ORGANIZATION WERE $6,084. X X X false 16095407 494226 2087428 189098 465313 129986 17892664 15305452 24850 1346381 167965 357978 55333 16095407 15521361 365508 -58494 151103 322042 49778 15305452 13363529 872264 1792494 137826 319560 49540 15521361 12966861 10912 832387 120132 276378 50121 13363529 0.90900 0.09100 false false 1555100 1555100 81467049 25996464 55470585 6084786 3950566 2134220 34831 34831 59194736 SPLIT-INTEREST AGREEMENT 8419436 OTHER ASSETS 551050 8970486 0 INTEREST RATE SWAPS AT FMV 1142128 1142128 X 22543265 1234661 -22845199 -21610538 44153803 124914 198402 323316 44477119 36726129 -14288727 -14288727 51014856 124914 198402 323316 51338172 PART III, LINE 4 BENNINGTON COLLEGE WAS THE FIRST COLLEGE IN THE NATION TO INCLUDE THE VISUAL AND PERFORMING ARTS AS AN EQUAL PARTNER IN THE LIBERAL ARTS CURRICULUM. BY THE MIDDLE OF THE 20TH CENTURY, BENNINGTON WAS ALREADY PLAYING A CENTRAL ROLE IN THE AMERICAN ART SCENE - SERVING AS A LOCUS FOR MANY MAJOR FIGURES IN THE ART WORLD. BECAUSE OF ITS REMARKABLE HISTORY, BENNINGTON COLLEGE HAS ACQUIRED A UNIQUE COLLECTION OF PAINTINGS, PHOTOGRAPHS, PRINTS AND SCULPTURES - A LARGE PORTION OF THE COLLECTION CONSISTING OF WORK MADE BY ITS RENOWNED ALUMNI, FACULTY AND CAMPUS VISITORS. PRIMARILY A TEACHING COLLECTION, NEW WORK AND WORK FROM THE EXISTING COLLECTION ARE EVALUATED FOR THEIR RELEVANCE TO THE COLLECTION AS A WHOLE. SELECT WORK IS OCCASIONALLY LENT FOR NATIONAL EXHIBITIONS AND EXHIBITIONS IN THE REGION. MUCH OF THE COLLECTION IS PERMANENTLY ON DISPLAY THROUGHOUT THE CAMPUS AND IS EXHIBITED ROUTINELY THROUGH SPECIAL EXHIBITIONS IN THE COLLEGE'S USDAN GALLERY AND THE CROSSETT LIBRARY. PART V, LINE 4 THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 64 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE COLLEGE, IF ANY, TO FUNCTION AS ENDOWMENTS. THE COLLEGE USES THE TOTAL RETURN CONCEPT, AND ITS SPENDING POLICY IS DESIGNED TO STABILIZE ANNUAL SPENDING LEVELS AND TO PRESERVE THE PURCHASING POWER OF THE ENDOWMENT ASSETS. PART X, LINE 2 THE COLLEGE GENERALLY DOES NOT PROVIDE FOR INCOME TAXES SINCE IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ASC 740, INCOME TAXES, PERMITS AN ENTITY TO RECOGNIZE THE BENEFIT AND REQUIRES ACCRUAL OF AN UNCERTAIN TAX POSITION ONLY WHEN THE POSITION IS "MORE LIKELY THAN NOT" TO BE SUSTAINED IN THE EVENT OF EXAMINATION BY TAX AUTHORITIES. IN EVALUATING WHETHER A TAX POSITION HAS MET THE RECOGNITION THRESHOLD, THE COLLEGE MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. ASC 740 ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT, AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES, ALONG WITH ANY RELATED INTEREST OR PENALTIES. TAX POSITIONS DEEMED TO MEET THE "MORE-LIKLY-THAN-NOT" THRESHOLD ARE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. THE COLLEGE HAS ANALYZED ALL OPEN TAX YEARS, AS DEFINED BY STATUTES OF LIMITATIONS, FOR ALL MAJOR JURISDICTIONS. OPEN TAX YEARS ARE THOSE THAT ARE OPEN FOR EXAM BY TAXING AUTHORITIES. MAJOR TAXING AUTHORITIES FOR THE COLLEGE INCLUDE THE FEDERAL GOVERNMENT AND THE STATE OF VERMONT. AS OF JUNE 30, 2014, OPEN FEDERAL AND VERMONT TAX YEARS FOR THE COLLEGE INCLUDE THE TAX YEARS ENDED JUNE 30, 2011 THROUGH JUNE 30, 2013. THE COLLEGE HAS NO EXAMINATIONS IN PROGRESS. THE COLLEGE BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. PART XI, LINE 2D OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN: CHANGE IN VALUE OF INVESTMENT RETURN ON LONG-TERM INVESTMENTS 12,080 CHANGE IN VALUE OF INTEREST RATE SWAP (244,347) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 861,531 RENT EXPENSE 413,876 FINANCIAL AID (14,702,603) ALLOWANCE FOR UNCOLLECTABLE PLEDGE (9,185,736) -------------- TOTAL (22,845,199) PART XI, LINE 4B OTHER REVENUE INCLUDED IN RETURN, NOT ON LINE 1: REVENUES NETTED WITH EXPENSES ON AUDITED FINANCIAL STATEMENTS 198,402 PART XII, LINE 2D OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN: RENT EXPENSE 413,876 FINANCIAL AID (14,702,603) --------------- TOTAL (14,288,727) PART XIII, LINE 4B OTHER EXPENSES INCLUDED IN RETURN, NOT ON LINE 1: REVENUES NETTED WITH EXPENSES ON AUDITED FINANCIAL STATEMENTS 198,402 true true true true true true true false false false false false false false false true false true SCHEDULE E - DESCRIPTION FOR LINE 3 BENNINGTON COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION AS DEFINED UNDER APPLICABLE STATE AND FEDERAL LAWS. DISCRIMINATION WITH REGARD TO AGE, SEX, CREED, DISABILITY, NATIONAL ORIGIN, RACE, COLOR, SEXUAL ORIENTATION, GENDER IDENTITY, MARITAL STATUS, OR ANY OTHER LEGALLY PROTECTED CATEGORY IS PROHIBITED. SCHEDULE E - EXPLANATION FOR LINE 6A BENNINGTON COLLEGE PARTICIPATES IN THE TITLE IV FEDERAL STUDENT FINANCIAL AID PROGRAMS. true East Asia and the Pacific Grantmaking 123220 Europe (Including Iceland and Greenland) Grantmaking 658032 Middle East and North Africa Grantmaking 531449 North America Grantmaking 92390 South America Grantmaking 230270 South Asia Grantmaking 323987 1959348 1959348 BENNINGTON GRANT East Asia and the Pacific 2 82640 ACCT CREDIT BENNINGTON GRANT Europe (Including Iceland and Greenland) 17 652282 ACCT CREDIT BENNINGTON GRANT Middle East and North Africa 12 481199 ACCT CREDIT BENNINGTON GRANT North America 3 92390 ACCT CREDIT BENNINGTON GRANT South America 6 230270 ACCT CREDIT BENNINGTON GRANT South Asia 6 232137 ACCT CREDIT BENNINGTON SCHOLARSHIP East Asia and the Pacific 1 40580 ACCT CREDIT BENNINGTON SCHOLARSHIP Middle East and North Africa 1 50250 ACCT CREDIT BENNINGTON SCHOLARSHIP South Asia 2 86100 ACCT CREDIT BROCKWAY SCHOLARSHIP Europe (Including Iceland and Greenland) 1 5750 ACCT CREDIT BROCKWAY SCHOLARSHIP South Asia 1 5750 ACCT CREDIT false false false false false false PART I, LINE 1 BENNINGTON MONITORS THE USE OF FUNDS THROUGH THE ANALYSIS OF TRANSCRIPTS, GRADES, AND WRITTEN NARRATIVES BY BOTH FACULTY AND STUDENTS. PROGRESS TOWARD THE REQUIREMENTS TO COMPLETE A DEGREE IS CLOSELY MONITORED. GRANTS ARE ONLY PROVIDED TO CURRENTLY ENROLLED STUDENTS. true FEDERAL GRANTS 147 237860 BENNINGTON GRANT 324 6339786 BROCKWAY SCHOLARSHIP 482 5832710 BENNINGTON SCHOLARSHIP 6 150000 OTHER GRANTS 13 182899 PART 1, LINE 2 BENNINGTON MONITORS THE USE OF FUNDS THROUGH THE ANALYSIS OF TRANSCRIPTS, GRADES, AND WRITTEN NARRATIVES BY BOTH FACULTY AND STUDENTS. PROGRESS TOWARD THE REQUIREMENTS TO COMPLETE A DEGREE IS CLOSELY MONITORED. GRANTS ARE ONLY PROVIDED TO CURRENTLY ENROLLED STUDENTS. X true true X X X false true false false false false false false false MARIKO SILVER PRESIDENT (EXOFFICIO) 192441 0 0 0 0 0 57421 0 23485 0 273347 0 0 0 DAVID REES SENIOR VP FOR PLANNING & ADMIN 177316 0 0 0 0 0 14452 0 4302 0 196070 0 0 0 LAURA KRAUSE TREASURER/VP/CEO THRU 12/31/13 158169 0 0 0 17832 0 12446 0 4220 0 192667 0 0 0 JANET MARSDEN SECRETARY/VP 161875 0 0 0 0 12275 0 501 0 174651 0 0 0 PAIGE BARTELS VP FOR EXTERNAL RELATIONS 179766 0 0 0 0 0 14496 0 674 0 194936 0 0 0 ISABEL ROCHE DEAN OF THE COLLEGE 173688 0 0 0 0 0 13915 0 458 0 188061 0 0 0 ELIZABETH COLEMAN DIR OF CTR FOR ADV OF PUB ACT 377114 0 0 0 0 0 21627 0 24548 0 423289 0 0 0 PART1, LINE 1A HOUSING BENEFIT: AS A SMALL, RESIDENTIAL UNDERGRADUATE COLLEGE, BENNINGTON'S PRESIDENT IS REQUIRED TO LIVE AT THE COLLEGE OWNED RESIDENCE MAINTAINED HISTORICALLY FOR THE USED OF THE SITTING PRESIDENT. IN ADDITION TO SERVING AS THE PRESIDENT'S RESIDENCE, THE PRESIDENT'S HOUSE IS USED FOR NUMEROUS PRESIDENTIAL-LED ACTIVITIES INCLUDING TRUSTEE, FACULTY, STAFF, STUDENT AND ALUMNI MEETINGS, RECEPTIONS AND EVENTS. THE HOUSING IS A NON-TAXABLE BENEFIT PROVIDED TO THE PRESIDENT AND THE ESTIMATED AMOUNT OF THIS BENEFIT IS REPORTED ON SCHEDULE J, PART II. PART I, LINE 4B NONQUALIFIED RETIREMENT PLAN Mariko Silver, President of the college, participated in a supplemental nonqualified retirement plan as described in Section 457(f). The amount contributed to the plan during 2013 was $41,400 which is reported on Schedule J, Column C. FORMER PRESIDENT'S COMPENSATION 2013 COMPENSATION SHOWN FOR ELIZABETH COLEMAN REFLECTS 6 MONTHS OF COMPENSATION AS PRESIDENT OF THE INSTITUTION. AS OF JULY 1, 2013, MARIKO SILVER ASSUMED THE POSITION OF PRESIDENT AT WHICH TIME MS. COLEMAN BECAME THE DIRECTOR OF THE CENTER FOR THE ADVANCEMENT OF PUBLIC ACTION. A VT ED & HEALTH BUILDINGS FINANCE AUTHORITY 237154467 2006-11-03 3000000 CONSTRUCTION OF FACILITY false false false B VERMOMT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2008-12-16 10000000 SEE PART VI false false false C VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2008-12-31 10000000 CONSTRUCTION OF FACILITY false false false D VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2009-05-06 8150000 CONSTRUCTION OF FACILITY false false false A 1280984 0 3128819 0 0 0 35480 0 0 2964520 0 0 2008 false false true true B 1069122 0 10034144 0 0 0 190000 0 0 2843756 6966244 0 2011 false true true true C 750679 0 10135471 0 0 0 150000 0 0 9850000 0 0 2011 false false true true D 504155 0 8250669 0 0 0 163000 0 0 7946250 40750 0 2012 false false true true A false false false false 0.00000 0.00000 0.00000 false false 0.00000 false false B false false false false 0.00000 0.00000 0.00000 false false 0.00000 false false C false false false false 0.00000 0.00000 0.00000 false false 0.00000 false false D false false false false 0.00000 0.00000 0.00000 false false 0.00000 false false A false false false true false false 0 false 0 false false B false false false true true true TD BANK NA 20.1 false false false 0 false false C false false false true true true TD BANK NA 20. false false false 0 false false D false false false true true true TD BANK NA 19.7 false false false 0 false false A false B false C false D false PART I, LINE 3, COLUMN (F) CONSTRUCTION OF FACILITY AND REFUND PRIOR TO ISSUE. OF THE AMOUNT OF PROCEEDS FROM THE BOND ISSUED 12/16/2008, $6,966,244 WAS AN ADVANCE REFUNDING OF A BOND ISSUED 10/21/1999. PART II, LINE 3 THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. PART II, LINE 11 OTHER SPENT PROCEEDS IN COLUMN D OF $40,750 REPRESENT BOND ISSUER FEES. PART IV, ARBITRAGE, LINE 2C (A) ISSUER NAME: VT ED & HEALTH BUILDINGS FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PEFORMED: 02/22/2008 (B) ISSUER NAME: VERMONT ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PEFORMED: 06/16/2010 (C) ISSUER NAME: VERMONT ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PEFORMED: 01/01/2011 (D) ISSUER NAME: VERMONT ECONOMIC DEVELOPMENT AUTHORITY DATE THE REBATE COMPUTATION WAS PEFORMED: 04/30/2012 NOTE REGARDING THE REBATE COMPUTATIONS: SINCE THE BOND PROCEEDS HAVE BEEN SPENT AND THE DEBT SERVICE FUNDS ARE OPERATED ON A BONA FIDE BASIS, NO FUTHER CALCULATIONS ARE NECESSARY. PART III, LINE 9 AND PART V THERE ARE NO WRITTEN POLICIES AND PROCEDURES; HOWEVER, BENNINGTON COLLEGE COMPLIES WITH THE POLICIES AND PROCEDURES IN THE BOND DOCUMENTS AND IS IN THE PROCESS OF DEVELOPING SEPARATE POLICIES AND PROCEDURES. CAMILLE GUTRIE SPOUSE OF D. DOBBLEMAN 20000 EMPLOYEE COMPENSATION false X 10000 FMV X 56 2314443 FMV X OTHER 8 12258 FMV X receivables 1 166666 fmv false true false PART I, COLUMN (B) AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED PART III, LINE 1 ORGANIZATION'S MISSION: THE MEN AND WOMEN WHO BROUGHT BENNINGTON COLLEGE INTO BEING SOUGHT TO CREATE A COLLEGE THAT WOULD EMPHASIZE "THE INDIVIDUAL STUDENT AND HER DEVELOPING INTERESTS," LEARNING "BY ACTIVITY AND LIVING," A COMMUNITY LIFE DESIGNED TO "BREAK DOWN ARTIFICIAL BARRIERS BETWEEN TEACHER AND STUDENT AND BETWEEN CURRICULUM AND EXTRA CURRICULUM," AND "A CONSCIOUS ELASTICITY IN EDUCATIONAL PLANS." THE PRINCIPLE OF LEARNING BY PRACTICE AND THE EMPHASIS ON THE INDIVIDUAL UNDERLIE EVERY MAJOR FEATURE OF A BENNINGTON EDUCATION: THE CLOSE WORKING RELATIONSHIP BETWEEN STUDENT AND TEACHER, THE INSISTENCE ON SELF-DETERMINATION, THE COMMITMENT TO LEARNING ACROSS THE DISCIPLINES, AND THE FIELD WORK TERM, WHICH GIVES STUDENTS WORK EXPERIENCE AND CONNECTS THEM TO THE GREATER COMMUNITY. THE PLAN PROCESS, THROUGH WHICH STUDENTS DESIGN THEIR ACADEMIC EXPERIENCES AND NAVIGATE THEIR BENNINGTON EDUCATION, EMBODIES THE COLLEGE'S MISSION. ALSO KEY TO BENNINGTON'S PHILOSOPHY IS THE CONVICTION THAT A COLLEGE EDUCATION SHOULD NOT MERELY PROVIDE PREPARATION FOR GRADUATE SCHOOL OR A CAREER, BUT SHOULD BE AN EXPERIENCE VALUABLE IN ITSELF AND THE MODEL FOR A LIFELONG HABIT OF LEARNING. IN THE 1930S THE COLLEGE'S FIRST PRESIDENT, ROBERT DEVORE LEIGH, DEVELOPED A STATEMENT DESCRIBING BENNINGTON'S GUIDING IDEALS. THIS STATEMENT-WHICH WAS READ AT THE FIRST COMMENCEMENT IN 1936 AND HAS BEEN PART OF EVERY COMMENCEMENT SINCE-CONTINUES TO EXPRESS THE COLLEGE'S MISSION AND PURPOSES. COMMENCEMENT STATEMENT BENNINGTON REGARDS EDUCATION AS A SENSUAL AND ETHICAL, NO LESS THAN AN INTELLECTUAL, PROCESS. IT SEEKS TO LIBERATE AND NURTURE THE INDIVIDUALITY, THE CREATIVE INTELLIGENCE, AND THE ETHICAL AND AESTHETIC SENSIBILITY OF ITS STUDENTS, TO THE END THAT THEIR RICHLY VARIED NATURAL ENDOWMENTS WILL BE DIRECTED TOWARD SELF-FULFILLMENT AND TOWARD CONSTRUCTIVE SOCIAL PURPOSES. WE BELIEVE THAT THESE EDUCATIONAL GOALS ARE BEST SERVED BY DEMANDING OUR STUDENTS' ACTIVE PARTICIPATION IN THE PLANNING OF THEIR OWN PROGRAMS, AND IN THE REGULATION OF THEIR OWN LIVES ON CAMPUS. STUDENT FREEDOM IS NOT THE ABSENCE OF RESTRAINT, HOWEVER; IT IS RATHER THE FULLEST POSSIBLE SUBSTITUTION OF HABITS OF SELF-RESTRAINT FOR RESTRAINT IMPOSED BY OTHERS. THE EXERCISE OF STUDENT FREEDOM IS THE VERY CONDITION OF A MEANINGFUL EDUCATION, AND AN ESSENTIAL ASPECT OF THE NURTURE OF FREE CITIZENS, DEDICATED TO CIVILIZED VALUES AND CAPABLE OF CREATIVE AND CONSTRUCTIVE MEMBERSHIP IN MODERN SOCIETY. PART III, LINE 4A BENNINGTON'S CENTER FOR THE ADVANCEMENT OF PUBLIC ACTION, WHICH OPENED IN 2011, IS THE LATEST EXPRESSION OF THE COLLEGE'S COMMITMENT TO ENGAGING THE WORLD: BY EMBEDDING IN THE CURRICULUM AN ONGOING DYNAMIC BETWEEN PUBLIC RESPONSIBILITIES AND PRIVATE AMBITIONS, BENNINGTON AIMS TO INCREASE THE ODDS THAT ITS GRADUATES ARE COMMITTED TO, AND CAPABLE OF EFFECTIVE ACTION IN THE WORLD. BENNINGTON STUDENTS DRAW ON THE FULL BREADTH OF THE COLLEGE'S CURRICULUM WHICH OFFERS CLASSES IN THE HUMANITIES, NATURAL SCIENCES, MATHEMATICS, SOCIAL SCIENCE, AND VISUAL AND PERFORMING ARTS-TO DESIGN INDIVIDUAL COURSES OF STUDY THAT ARE UNIFIED AND FUELED BY THEIR INTELLECT AND IMAGINATION, GUIDED BY THEIR FACULTY, AND SHAPED BY THEIR EXPERIENCE WORKING IN THE WORLD EACH YEAR. PART VI, SECTION B, LINE 11A FORM 990 REVIEW PROCESS: THE CHAIRS OF THE BUDGET AND FINANCE COMMITTEE AND THE AUDIT AND RISK COMMITTEE OF THE BOARD OF TRUSTEES RECEIVE A DRAFT OF THE FORM 990 FOR THEIR REVIEW AND COMMENTS. AFTER ALL OF THEIR COMMENTS AND QUESTIONS WERE ADDRESSED, CHANGES OR CORRECTIONS WERE MADE. THE REVISED 990 WAS THEN SENT TO ALL BOARD MEMBERS FOR THEIR REVIEW AND COMMENTS PRIOR TO SUBMISSION OF THE FINAL FORM 990. PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY 1. TRUSTEES, OFFICERS AND KEY EMPLOYEES OF BENNINGTON COLLEGE SHALL AVOID PLACING THEMSELVES IN POSITIONS IN WHICH THERE MAY BE CONFLICT BETWEEN THEIR PERSONAL INTERESTS AND THEIR DUTIES TO BENNINGTON. 2. A CONFLICT OF INTEREST EXISTS WHEN THERE IS THE POTENTIAL THAT A TRUSTEE, OFFICER, OR KEY EMPLOYEE MAY OBTAIN A DIRECT OR INDIRECT PECUNIARY OR OTHER PERSONAL BENEFIT, OR ANY OTHER IMPROPER GAIN OR ADVANTAGE, AT THE EXPENSE OF THE INTERESTS OF THE COLLEGE, OR WHEN A TRUSTEE, OFFICER, OR KEY EMPLOYEE OF THE COLLEGE ACCEPTS A GIFT OR OTHER FAVOR UNDER CIRCUMSTANCES FROM WHICH IT MIGHT BE INFERRED THAT SUCH GIFTS WERE INTENDED TO INFLUENCE THE PERFORMANCE OF DUTIES FOR THE COLLEGE. 3. INDIVIDUALS COVERED BY THIS POLICY HAVE A DUTY TO VOLUNTARILY SELF-DISCLOSE TO THE CHAIR OF THE BOARD OF TRUSTEES (UNLESS THE DISCLOSURE IS BY THE CHAIR, IN WHICH EVENT IT SHALL BE MADE TO THE VICE CHAIR) ANY POTENTIAL CONFLICT OF INTEREST: (1) PRIOR TO ASSUMING THEIR RESPONSIBILITIES, AND (2) AT THE TIME ANY POTENTIAL CONFLICT ARISES. IN THE CASE OF DISCLOSURE BY A KEY EMPLOYEE UNRELATED TO THE PROCEEDINGS OF THE BOARD OF TRUSTEES, THE DISCLOSURE SHALL BE MADE TO THE PRESIDENT. 4. EACH PROPOSED TRANSACTION IN WHICH IT IS DISCLOSED OR OTHERWISE KNOWN TO THE BOARD OR TO MANAGEMENT THAT A TRUSTEE, OFFICER, OR KEY EMPLOYEE MAY HAVE A CONFLICT OF INTEREST SHALL BE SUBMITTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR SUCH ACTION AS THE EXECUTIVE COMMITTEE MAY DETERMINE AND REPORTED TO THE BOARD OF TRUSTEES. 5. ANY INDIVIDUAL COVERED BY THIS POLICY SHALL NOT VOTE OR USE THAT INDIVIDUAL'S PERSONAL INFLUENCE ON ANY MATTER WITH RESPECT TO WHICH THE INDIVIDUAL BELIEVES HIM OR HERSELF TO HAVE A CONFLICT OF INTEREST, OR WITH RESPECT TO WHICH THE EXECUTIVE COMMITTEE HAS DETERMINED PURSUANT TO PARAGRAPH 4 THAT THE INDIVIDUAL HAS A CONFLICT OF INTEREST SUBJECT TO THIS POLICY. 6. ALL DISSENTING VOTES AND ABSTENTIONS FROM VOTING SHALL BE DULY NOTED IN THE MINUTES OF ALL MEETINGS OF THE BOARD AND ITS COMMITTEES 7. EACH TRUSTEE, OFFICER OR KEY EMPLOYEE SHALL SIGN A CONFLICT OF INTEREST STATEMENT IN ACCORDANCE WITH THE STATEMENT ATTACHED HERETO. 8. THE SECRETARY OF THE CORPORATION SHALL MAINTAIN A FILE OF INFORMATION DISCLOSED BY TRUSTEES, OFFICER AND KEY EMPLOYEES. SUCH FILE OF INFORMATION SHALL BE AMENDED ANNUALLY ON SUCH DATE AS THE BOARD OF TRUSTEES SHALL DETERMINE. Annual disclosure statements which list any conflicts or potential conflicts are collected from key employees and trustees. All new employees and trustees are made aware of the conflict of interest policy. PART VI, SECTION B, LINES 15A AND 15B COMPENSATION POLICY: THE CHAIR OF THE BOARD OF TRUSTEES MEETS ANNUALLY WITH SELECTED BOARD MEMBERS TO REVIEW THE COMPENSATION OF THE COLLEGE'S PRESIDENT. AFTER EVALUATING THE PRESIDENT'S PERFORMANCE AND REVIEWING DATA FROM OTHER PERTINENT INSTITUTIONS, THE COMMITTEE DETERMINES COMPENSATION FOR THE SUBSEQUENT FISCAL YEAR. THE CHAIR OF THE BOARD THEN INFORMS THE COLLEGE'S CFO IN WRITING OF THE BOARD'S DETERMINATION. PART X, LINES 11 AND 12 BENNINGTON COLLEGE ADJUSTED THE CLASSIFICATIONS OF PUBLICLY TRADED AND OTHER SECURITIES FOR THE 2013 TAX RETURN AS APPROPRIATE. AS SUCH, BENNINGTON COLLEGE IS RESTATING LINES 11 AND 12 OF THE OPENING BALANCE SHEET FOR COMPARABILITY PURPOSES. PART XI, LINE 9, OTHER CHANGES IN NET ASSETS CHANGE IN VALUE OF INVESTMENT RETURN ON LONG-TERM INVESTMENTS 12,080 CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS (244,347) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 861,531 ALLOWANCE FOR UNCOLLECTABILITY (9,185,736) ________ TOTAL (8,556,472) BENNINGTON COLLEGE REST & CATERERS LTD ONE COLLEGE DRIVE BENNINGTON VT 05201 030287721 DINING SERVICE VT NA C 0 0 1.00000 true CHARITABLE REMAINDER TRUST (1) ONE COLLEGE DRIVE BENNINGTON VT 05201 TRUST CT N/A TRUST true PERPETUAL TRUST (1) ONE COLLEGE DRIVE BENNINGTON VT 05201 TRUST VA N/A TRUST true PERPETUAL TRUST (1) ONE COLLEGE DRIVE BENNINGTON VT 05201 TRUST MN N/A TRUST true LEAD TRUST (1) ONE COLLEGE DRIVE BENNINGTON VT 05201 TRUST N/A TRUST true false false false false false false false false false false false false false false false false false false false