2014-05-14T19:58:17-05:00 2013-06-30 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2012-07-01 030179414 BENNINGTON COLLEGE CORPORATION % DAVID REES BENN 8024404458 ONE COLLEGE DRIVE Suite BENNINGTON VT 05201 DAVID REES 2034404458 2013-05-14 true 8605223200 2012 2015-11-30 17:44:51Z DAVID REES ONE COLLEGE DRIVE BENNINGTON VT 05201 54361114 false X WWW.BENNINGTON.EDU X 1932 VT BENNINGTON COLLEGE IS A LIBERAL ARTS EDUCATIONAL INSTITUTION LOCATED IN BENNINGTON, VERMONT. THE UNDERGRADUATE ENROLLMENT IS MORE THAN 660 STUDENTS. 19 19 1214 250 -15759 -15759 17919437 8636391 37721764 39085346 892704 830976 591208 418655 57125113 48971368 14500320 15536797 0 0 20635347 21896687 0 0 1466201 11047502 12706758 46183169 50140242 10941944 -1168874 112862258 112490842 38994751 36251135 73867507 76239707 BENNINGTON COLLEGE IS A LIBERAL ARTS EDUCATIONAL INSTITUTION LOCATED IN BENNINGTON, VERMONT. THE UNDERGRADUATE ENROLLMENT IS MORE THAN 660 STUDENTS. false false 36401896 15393397 36496433 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* 1326304 143400 2588913 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 ARTS IN TEACHING, A MASTER OF FINE ARTS IN PERFORMING ARTS, AND POSTBACCALAUREATE PREMEDICAL PROGRAMS. IN 2012-13, THESE PROGRAMS SERVED 120 STUDENTS. 37728200 true true false true false false false true false true true false false true true true true false true false true false false 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 78 0 true 1214 true true true false false false false false false false false false X 19 19 false false false false false false false true true false false true true true true true true true false false VT X DAVID REES 8024404358 ONE COLLEGE DRIVE BENNINGTON VT 05201 PRISCILLA ALEXANDER 1.0 X 0 0 0 BRUCE BERMAN 1.0 X 0 0 0 SUSAN PARIS BORDEN 1.0 X 0 0 0 JOHN BOYD 1.0 X 0 0 0 KAREN JOHNSON BOYD 1.0 X 0 0 0 SUZANNE BRUNDAGE 1.0 X 0 0 0 BARBARA USHKOW DEANE 1.0 X 0 0 0 WILLIAM DERROUGH 1.0 X X 0 0 0 MICHAEL HECHT 1.0 X 0 0 0 LEA HERSHKOWITZ 1.0 X 0 0 0 JOHN J KENNEY 1.0 X 0 0 0 BOBBIE KNABLE 1.0 X 0 0 0 ALAN KORNBERG 1.0 X X 0 0 0 INSIYAH MOHAMMAD 1.0 X 0 0 0 AARTI RANA 1.0 X 0 0 0 DANIEL B ROWLAND 1.0 X 0 0 0 JAMES SIMON 1.0 X 0 0 0 MARY HAMMOND STORER 1.0 X 0 0 0 AVA SULLIVAN 1.0 X 0 0 0 DEBORAH WADSWORTH 1.0 X 0 0 0 PENELOPE PERKINS WILSON 1.0 X 0 0 0 ELIZABETH COLEMAN 40.0 X X 485702 0 39504 LAURA KRAUSE 40.0 X 125826 0 11320 JANET MARSDEN 40.0 X 112153 0 6871 PAIGE BARTELS 40.0 X 161080 0 12449 DAVID REES 40.0 X 149902 0 13174 ISABEL O'BRIEN ROCHE 40.0 X 140919 0 10515 DUNCAN DOBBLEMAN 40.0 X 100567 0 13992 1276149 0 107825 7 false true false CENTERLINE ARCHITECTS 302 MAIN STREET BENNINGTON VT 05201 ARCHITECT SVCS 265975 GEORGE STROFFOLENO SON PO BOX 453 ARLINGTON VT 05250 CONSTRUCTION 434309 RUSSELL CONSTRUCTION SERVICES INC 170 SOUTH MAIN STREET RUTLAND VT 05701 GNRL CONTRACTOR 1428939 CHRISTOFF FINIO ARCHITECTURE 250 WEST BROADWAY 4TH FLOOR NEW YORK NY 10013 ARCHITECT SERVICES 211794 RC PEMBROKE SONS INC PO BOX 756 NORTH BENNINGTON VT 05257 LANDSCAPING 326187 10 338404 8297987 1589723 8636391 TUITION AND FEES 611710 31208333 31208333 ROOM & BOARD 721310 7877013 7877013 39085346 200134 200134 0 0 509314 453666 55648 0 55648 -15759 71407 5566922 4936080 630842 630842 630842 0 0 0 STUDENT SNACK BAR 611710 205838 205838 BOOKSTORE REVENUE 611710 157169 157169 363007 48971368 39085346 -15759 1265390 0 15536797 15536797 0 0 1663784 140816 1261911 261057 30000 30000 16370615 13410295 2214864 745456 784018 450615 298276 35127 1806777 947358 757704 101715 1241493 722936 450202 68355 116069 7410 70613 38046 118534 13432 105102 0 124600 0 124600 0 0 0 101910 101910 0 80117 33154 46963 0 950275 571081 334030 45164 530796 481060 17401 32335 0 2065878 1386622 679256 0 337067 116513 156599 63955 0 187604 56317 90897 40390 1231877 764273 467604 0 0 2649974 1184104 1465870 0 512067 370 511697 0 PURCHASED SERVICES 2145578 1207643 908448 29487 FOOD AND FUNCTIONS 1086807 437436 646444 2927 PROJECTS AND EVENTS 128049 107652 20363 34 BOOKS AND SUBSCRIPTIONS 101970 101883 87 0 237586 20433 215000 2153 50140242 37728200 10945841 1466201 23160 17517 9457802 3316729 19115513 19729217 710525 709975 0 0 0 0 0 0 269135 201587 153823 159803 83538357 26922566 55489339 56615791 19989103 23558239 0 0 0 0 0 0 7653858 8181984 112862258 112490842 5288091 5131068 0 0 2058999 1919983 29030704 28302303 0 0 0 0 0 0 0 0 2616957 897781 38994751 36251135 X 28776135 31190700 29699034 29449220 15392338 15599787 73867507 76239707 112862258 112490842 X -1168874 515818 3025256 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 500 500 GRANTS TO OTHER ORGANIZATIONS FOR LOBBYING PURPOSES 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. APPROXIMATELY $500 OF THIS AMOUNT WAS ALLOCATED TO LOBBYING. X X X false 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 14970620 49498 -1817057 63339 147778 25083 12966861 1.00000 false false 0 1555100 1555100 0 74384483 23626706 50757777 5654694 3295860 2358834 1944080 0 1944080 56615791 SPLIT-INTEREST AGREEMENT 7557905 OTHER ASSETS 624079 8181984 0 INTEREST RATE SWAPS AT FMV 897781 897781 X 36873889 515818 3385256 3901074 32972815 101910 15896643 15998553 48971368 34501689 34501689 101910 15536643 15638553 50140242 COLLECTIONS OF ART 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. ENDOWMENT FUNDS 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. FIN 48 FOOTNOTE 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 JURISDUCTIONS FOR THE COLLEGE INCLUDE FEDERAL AND THE STATE OF VERMONT. AS OF JUNE 30, 2013, OPEN FEDERAL AND VERMONT TAX YEARS FOR THE COLLEGE INCLUDE THE TAX YEARS ENDED JUNE 30, 2010 THROUGH JUNE 30, 2012. THE COLLEGE HAS NO EXAMINATIONS IN PROGRESS. THE COLLEGE BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN PART XII, LINE 2D CHANGE IN VALUE OF INVESTMENT RETURN ON LONG-TERM INVESTMENTS 1,066,994 CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 1,719,175 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 599,087 _________ TOTAL 3,385,256 OTHER REVENUE INCLUDED IN RETURN NOT ON LINE 1 PART XII, LINE 4B RECLASS OF FINANCIAL AID 15,536,643 CONTRIBUTIONS 360,000 __________ TOTAL 15,896,643 OTHER EXPENSES INCLUDED IN RETURN NOT ON LINE 1 PART XIII, LINE 4B RECLASS OF FINANCIAL AID 15,536,643 true true true true true true true false false false false false false false false true false true SCHEDULE E - EXPLANATION FOR LINE 3 BENNINGTON COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION AS DEFINED UNDER APPLICABLE STATE AND FEDERAL LAWS. ILLEGAL 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 STUDENTS RECEIVE FEDERAL WORK STUDY MONEY. Europe (Including Iceland and Greenland) Program Services RECRUITMENT 24239 Central America and the Caribbean Investments 1115449 1139688 1139688 false false true false false false true FEDERAL GRANTS 290 366370 BENNINGTON GRANT 428 8960306 BROCKWAY SCHOLARSHIP 496 5742854 BENNINGTON SCHOLARSHIP 10 291935 OTHER GRANTS 14 175332 MONITOR THE USE OF GRANT FUNDS IN THE U.S. 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 IS MONITORED AND CREDITS ARE REVIEWED/ASSIGNED. X true true X X false false false false false false false false false ELIZABETH COLEMAN 485702 0 0 0 0 0 20422 0 19082 0 525206 0 0 0 PAIGE BARTELS 161080 0 0 0 0 0 11779 0 670 0 173529 0 0 0 DAVID REES 149902 0 0 0 0 0 10763 0 2411 0 163076 0 0 0 ISABEL O'BRIEN ROCHE 140919 0 0 0 0 0 9752 0 763 0 151434 0 0 0 BENEFITS PART1, LINE 1A AS A SMALL, RESIDENTIAL UNDERGRADUATE COLLEGE, BENNINGTON'S PRESIDENT IS REQUIRED TO LIVE AT THE COLLEGE. 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 ALLOWANCE IS A NON-TAXABLE BENEFIT PROVIDED TO THE PRESIDENT AND IT IS REPORTED ON SCHEDULE J, PART II. A VT ED & HEALTH BUILDINGS FINANCE AUTHORITY 036024497 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 1087655 0 3128819 0 0 0 35480 0 3093339 0 0 0 2008 false false true true B 855243 0 10034144 0 0 0 171963 0 0 2877664 6984517 0 2011 false true true true C 549264 0 10135471 0 0 0 110060 0 0 10025411 0 0 2011 false false true true D 355535 0 8250669 0 0 0 125000 0 0 8125669 0 0 2012 false false true true A false false false false 0.00000 0.00000 0.00000 false false false B false false false false 0 false false false C false false false false 0 false false false D false false false false 0 false 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 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C 0 (A) ISSUER NAME: VT ED & HEALTH BUILDINGS FINANCE AUTH 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 I, LINE 3, COLUMN (F) 0 CONSTRUCTION OF FACILITY AND REFUND PRIOR TO ISSUE (10/21/99) PART II, LINE 3 0 THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. Camille Guthrie spouse of D. Dobbleman 30000 employee false X 1 360000 FMV X 8000 FMV X 150 FMV X 19 1215881 FMV X 1 988 FMV X OTHER 3 4704 FMV 1 false true false NUMBER OF CONTRIBUTIONS PART I, COLUMN (B) AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED ORGANIZATION'S MISSION PART III, LINE 1 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 CAREERS, 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 OF 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. PROGRAM SERVICE ACCOMPLISHMENTS PART III, LINE 4A BENNINGTON'S CENTER FOR THE ADVANCEMENT OF PUBLIC ACTION, WHICH OPENED IN 2011, IS THE LATEST EXPRESSION OF THE COLLEGES 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 PROGRAMS IN THE HUMANITIES, NATURAL SCIENCES, MATHEMATICS, SOCIAL SCIENCES, 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. THE COLLEGE'S 668 UNDERGRADUATES HAIL FROM 31 COUNTRIES AND 42 STATES, AND THEY HAVE SPENT FIELD WORK TERM ON 6 OUT OF 7 CONTINENTS. FORM 990 REVIEW PROCESS PART VI, SECTION B, LINE 11A THE FINANCE & AUDIT COMMITTEE OF THE BOARD OF TRUSTEES RECEIVES A DRAFT OF THE FORM 990 FOR THEIR REVIEW AND COMMENTS. AFTER ALL COMMENTS AND QUESTIONS FROM THE FINANCE & AUDIT COMMITTEE WERE ADDRESSED, ANY CHANGES OR CORRECTIONS WERE MADE PRIOR TO SUBMISSION OF THE FINAL FORM 990. CONFLICT OF INTEREST POLICY PART VI, SECTION B, LINE 12C 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 IS IT 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. COMPENSATION POLICY PART VI, SECTION B, LINE 15 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 XI, LINE 9: OTHER CHANGES IN NET ASSETS CHANGE IN VALUE OF INVESTMENT RETURN ON LONG-TERM INVESTMENTS 1,066,994 CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 1,719,175 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 599,087 CONTRIBUTIONS (360,000) _________ TOTAL 3,025,256 BENNINGTON COLLEGE REST & CATERERS LTD ONE COLLEGE DRIVE BENNINGTON VT 05201 030287721 DINING SERVIC VT NA C 0 0 1.00000 true false false false false false false false false false false false false false false false false false false