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      <NumberIndividualsGT100K>4</NumberIndividualsGT100K>
      <FormersListed>false</FormersListed>
      <TotalCompGT150K>true</TotalCompGT150K>
      <CompensationFromOtherSources>false</CompensationFromOtherSources>
      <NumberOfContractorsGT100K>0</NumberOfContractorsGT100K>
      <AllOtherContributions>2637446</AllOtherContributions>
      <TotalContributions>2637446</TotalContributions>
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        <Description>TUITION</Description>
        <TotalRevenueColumn>19295307</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>19295307</RelatedOrExemptFunctionIncome>
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      <ProgramServiceRevenue>
        <Description>ROOM AND BOARD</Description>
        <TotalRevenueColumn>5719785</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>5719785</RelatedOrExemptFunctionIncome>
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      <ProgramServiceRevenue>
        <Description>FEES</Description>
        <TotalRevenueColumn>585721</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>585721</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>CONFERENCES</Description>
        <TotalRevenueColumn>412358</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>412358</RelatedOrExemptFunctionIncome>
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      <TotalProgramServiceRevenue>26013171</TotalProgramServiceRevenue>
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        <ExclusionAmount>69928</ExclusionAmount>
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      <IncomeFromInvestBondProceeds>
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      </IncomeFromInvestBondProceeds>
      <RoyaltiesRevenue>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </RoyaltiesRevenue>
      <NetRentalIncomeOrLoss>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetRentalIncomeOrLoss>
      <NetGainOrLossInvestments>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetGainOrLossInvestments>
      <NetIncomeFromFundraisingEvents>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetIncomeFromFundraisingEvents>
      <NetIncomeFromGaming>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetIncomeFromGaming>
      <NetIncomeOrLoss>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetIncomeOrLoss>
      <OtherRevenueMisc>
        <Description>OTHER FEES/DAMAGES</Description>
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        <RelatedOrExemptFunctionIncome>428437</RelatedOrExemptFunctionIncome>
      </OtherRevenueMisc>
      <TotalOtherRevenue>428437</TotalOtherRevenue>
      <TotalRevenue>
        <TotalRevenueColumn>29148982</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>26441608</RelatedOrExemptFunctionIncome>
        <ExclusionAmount>69928</ExclusionAmount>
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      <GrantsToDomesticOrgs>
        <Total>0</Total>
      </GrantsToDomesticOrgs>
      <GrantsToDomesticIndividuals>
        <Total>8852605</Total>
        <ProgramServices>8852605</ProgramServices>
      </GrantsToDomesticIndividuals>
      <ForeignGrants>
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      </ForeignGrants>
      <BenefitsToMembers>
        <Total>0</Total>
      </BenefitsToMembers>
      <CompCurrentOfficersDirectors>
        <Total>610169</Total>
        <ManagementAndGeneral>610169</ManagementAndGeneral>
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      <CompDisqualPersons>
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      </CompDisqualPersons>
      <OtherSalariesAndWages>
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        <ProgramServices>5187432</ProgramServices>
        <ManagementAndGeneral>557003</ManagementAndGeneral>
        <Fundraising>129686</Fundraising>
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      <PensionPlanContributions>
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      </PensionPlanContributions>
      <OtherEmployeeBenefits>
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        <ProgramServices>1284466</ProgramServices>
        <ManagementAndGeneral>289005</ManagementAndGeneral>
        <Fundraising>32112</Fundraising>
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      <PayrollTaxes>
        <Total>0</Total>
      </PayrollTaxes>
      <FeesForServicesManagement>
        <Total>0</Total>
      </FeesForServicesManagement>
      <FeesForServicesLegal>
        <Total>0</Total>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>0</Total>
      </FeesForServicesAccounting>
      <FeesForServicesLobbying>
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      </FeesForServicesLobbying>
      <FeesForServicesProfFundraising>
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      <FeesForServicesInvstMgmntFees>
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      <FeesForServicesOther>
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      <Advertising>
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      </Advertising>
      <OfficeExpenses>
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      </OfficeExpenses>
      <InformationTechnology>
        <Total>0</Total>
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      <Royalties>
        <Total>0</Total>
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      <Occupancy>
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        <ProgramServices>2792836</ProgramServices>
        <ManagementAndGeneral>628388</ManagementAndGeneral>
        <Fundraising>69821</Fundraising>
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      <Travel>
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        <ManagementAndGeneral>40443</ManagementAndGeneral>
        <Fundraising>4494</Fundraising>
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      <TravelEntrtnmntPublicOfficials>
        <Total>0</Total>
      </TravelEntrtnmntPublicOfficials>
      <ConferencesMeetings>
        <Total>0</Total>
      </ConferencesMeetings>
      <Interest>
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        <ProgramServices>819751</ProgramServices>
        <ManagementAndGeneral>184444</ManagementAndGeneral>
        <Fundraising>20494</Fundraising>
      </Interest>
      <PaymentsToAffiliates>
        <Total>0</Total>
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      <DepreciationDepletion>
        <Total>1299450</Total>
        <ProgramServices>1039560</ProgramServices>
        <ManagementAndGeneral>233901</ManagementAndGeneral>
        <Fundraising>25989</Fundraising>
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      <Insurance>
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        <ProgramServices>174620</ProgramServices>
        <ManagementAndGeneral>39289</ManagementAndGeneral>
        <Fundraising>4365</Fundraising>
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      <OtherExpenses>
        <Description>Printing and Publications</Description>
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        <ProgramServices>549394</ProgramServices>
        <ManagementAndGeneral>123614</ManagementAndGeneral>
        <Fundraising>13735</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>MISCELLANEOUS</Description>
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        <ManagementAndGeneral>166937</ManagementAndGeneral>
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      </OtherExpenses>
      <OtherExpenses>
        <Description>Services/Professional</Description>
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        <ProgramServices>1029372</ProgramServices>
        <ManagementAndGeneral>231609</ManagementAndGeneral>
        <Fundraising>25734</Fundraising>
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      <OtherExpenses>
        <Description>FOOD PURCHASES</Description>
        <Total>1611558</Total>
        <ProgramServices>1289247</ProgramServices>
        <ManagementAndGeneral>290080</ManagementAndGeneral>
        <Fundraising>32231</Fundraising>
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      <AllOtherExpenses>
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        <ProgramServices>1770740</ProgramServices>
        <ManagementAndGeneral>398417</ManagementAndGeneral>
        <Fundraising>58336</Fundraising>
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      <TotalFunctionalExpenses>
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        <ProgramServices>25711709</ProgramServices>
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      <IntangibleAssets>
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      <FollowSFAS117>X</FollowSFAS117>
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      <TemporarilyRestrictedNetAssets>
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      <PermanentlyRestrictedNetAssets>
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      <TotalNetAssetsFundBalances>
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      <TotalLiabNetAssetsFundBalances>
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      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>-791572</ReconcilationRevenueExpenses>
      <ReconciliationUnrealizedInvest>327431</ReconciliationUnrealizedInvest>
      <ReconcilationOtherChanges>1353137</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <FSAuditedBasis>
        <FinancialStatementSeparate>X</FinancialStatementSeparate>
      </FSAuditedBasis>
      <AuditCommittee>true</AuditCommittee>
      <FederalGrantAuditRequired>true</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>true</FederalGrantAuditPerformed>
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      <School170b1Aii>X</School170b1Aii>
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        <ContributorNameBusiness>
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        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
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          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
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      <WrittenPolicyMonitoring>true</WrittenPolicyMonitoring>
      <Sect170hRequirementsSatisfied>false</Sect170hRequirementsSatisfied>
      <CurrentYear>
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        <EndOfYearBalance>3295139</EndOfYearBalance>
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        <EndOfYearBalance>3177183</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
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        <BookValue>212501</BookValue>
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      <OtherLandBuildings>
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        <BookValue>255169</BookValue>
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      <TotalOfBookValueLandBuildings>20245798</TotalOfBookValueLandBuildings>
      <OtherAssets>
        <Description>LOG PRESSURE HEATER</Description>
      </OtherAssets>
      <OtherAssets>
        <Description>CAPITAL IMPROVEMENT ESCROW</Description>
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      </OtherAssets>
      <OtherAssets>
        <Description>BOND ISSUANCE COSTS</Description>
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      <OtherAssets>
        <Description>BENTLEY HOUSE CIP</Description>
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      </OtherAssets>
      <OtherAssets>
        <Description>AMES BUILDING</Description>
      </OtherAssets>
      <TotalBookValueOtherAssets>2416173</TotalBookValueOtherAssets>
      <OtherLiabilities>
        <Description>Agency Liabilities</Description>
        <Amount>25410</Amount>
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      <TotalOfAmounts>25410</TotalOfAmounts>
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      <RevenueNotRptdF990>-8852605</RevenueNotRptdF990>
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      <ExpensesNotRptdOnFinStmt>8852605</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>29940554</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
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        <ReturnReference>Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S</ReturnReference>
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        <ReturnReference>Part II, Line 9: Organization Reporting of conservation easements.</ReturnReference>
        <Explanation>WHEN THE LAND WAS DONATED IN 2002 IT WAS RECORDED AS GIFT INCOME AT APPRISED VALUE. THE BALANCE WAS TO LAND WHICH IS NOT DEPRECIATED. THE COLLEGE ASSUMED THAT SINCE THE PROPERTY WAS DONATED AFTER THE EASEMENT WAS IN PLACE THAT THE APPRAISAL WAS AT MARKET VALUE WITH A REDUCTION FOR THE EASEMENT.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
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      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>true</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>true</MaintRacialCompositionRecords>
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      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
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      <DiscriminateRaceAdmissPolicies>false</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>false</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>false</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>false</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>false</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
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        <Explanation>CLIENT ADMINISTERS STUDENT FIANCIAL AID TO ITS STUDENTS UNDER THE FEDERAL STUDENT FIANANCIAL AID PROGRAM.</Explanation>
      </Form990ScheduleEPartII>
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      <TotalNbrOf501C3AndGovtGrants>0</TotalNbrOf501C3AndGovtGrants>
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      <Form990ScheduleIPartIII>
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        <NumberOfRecipients>583</NumberOfRecipients>
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      </Form990ScheduleIPartIII>
    </IRS990ScheduleI>
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      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>false</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>false</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>false</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>false</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>false</AnyNonFixedPayments>
      <InitialContractException>false</InitialContractException>
      <RebuttablePresumptionProcedure>false</RebuttablePresumptionProcedure>
      <Form990ScheduleJPartII>
        <NamePerson>PAUL J FONTEYN</NamePerson>
        <Title>President</Title>
        <BaseCompensationFilingOrg>198171</BaseCompensationFilingOrg>
        <DeferredCompFilingOrg>11016</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>7460</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>216647</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK.1" softwareId="12000229" softwareVersion="2012v2.0">
      <Form990ScheduleKPartI>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>KEY BANK</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>036024497</IssuerEIN>
        <CUSIPNumber>924159AU0</CUSIPNumber>
        <DateIssued>2012-06-29</DateIssued>
        <IssuePrice>14657400</IssuePrice>
        <DescriptionOfPurpose>REFINANCE 2008 BOND</DescriptionOfPurpose>
        <Defeased>true</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <BondReferenceCd>A</BondReferenceCd>
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        <IssuanceCostsFromProceeds>284514</IssuanceCostsFromProceeds>
        <OtherSpentProceeds>14372886</OtherSpentProceeds>
        <CurrentRefunding>true</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <EngageBondCounselContracts>false</EngageBondCounselContracts>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <NonQualifiedBondRemedProcdrs>true</NonQualifiedBondRemedProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiled>false</Form8038TFiled>
        <HedgeIdentifiedInBooksAndRecds>true</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>KEY BANK ASSOCIAT</BusinessNameLine1>
        </NameOfHedgeProvider>
        <TermOfHedge>16.0000</TermOfHedge>
        <SuperintegratedHedge>false</SuperintegratedHedge>
        <HedgeTerminated>false</HedgeTerminated>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <RegulatorySafeHarborSatisfied>false</RegulatorySafeHarborSatisfied>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <WrittenProcToMonitorReqs>false</WrittenProcToMonitorReqs>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="12000229" softwareVersion="2012v2.0">
      <GeneralExplanation>
        <Identifier>Form 990, Part XI, Line 9</Identifier>
        <ReturnReference>Other Changes In Net Assets Or Fund Balances - Other Increases</ReturnReference>
        <Explanation>gAIN IN VALUE OF INTEREST RATE SWAP = $1356062</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part XI, Line 9</Identifier>
        <ReturnReference>Other Changes In Net Assets Or Fund Balances - Other Decreases</ReturnReference>
        <Explanation>CHANGE IN VALUE GIFT ANNUITY = -$2925</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>No documents available to the public.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>THE ORGANIZATION REFERS TO VARIOUS SALARY INFORMATION COMPILED BY THIRD PARTY ADMINISTERS, FOR EXAMPLE THE CHRONICLE OF HIGHER EDUCATION ON AN ANNUAL BASES LIST PAY SCALES FOR ALL POSITIONS IN HIGHER EDUCATION. IN ADDITION THE STATE OF VERMONT HAS RESOURCE MATERIAL AS WELL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS THE ENFORCEMENT OF THE COMPLETIVE INTEREST POLICY OF AN ANNUAL BASIS AND IS SO RECORDED IN THE MINUTES OF THE MEETING OF THE INSTITUTION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11b: Form 990 Review Process</ReturnReference>
        <Explanation>DRAFT FORM 990 WILL BE SENT TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES BEFORE IT'S FILING. ONCE THE AUDIT COMMITTEE HAS REVIEWED WE WILL FILE THE RETURN.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>