2014-05-12T12:47:00-05:00 2013-06-30 990 2012-07-01 030179298 President and Fellows of Middlebury College PRES 8024435699 Controllers Office No 230 Middlebury VT 05753 Patrick J Norton 8024435699 2014-05-12 2012 2015-11-30 17:44:51Z Ronald D Liebowitz Old Chapel Road Middlebury VT 05753 351501702 0 X http://www.middlebury.edu X 1800 VT We are a liberal arts college offering graduate and specialized programs around the world. 29 27 5087 2455 538471 -270931 50890000 61747381 197345593 211067814 43986477 38731224 136232 196283 292358302 311742702 47727115 50326414 0 0 136472948 148322437 0 0 6508981 101868937 104565740 286069000 303214591 6289302 8528111 1469585300 1534130040 438192542 389631684 1031392758 1144498356 X 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. 0 0 77947294 0 191686084 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. 47664734 205752 0 Academic Support represents sponsored activities expenses incurred in support of the educational activities for enrolled students. 82972975 49524616 0 Student services and financial aid represents expenses incurred in the support of the enrolled students. 40145652 596046 18936097 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. 40145652 596046 18936097 248730655 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 1 0 1 0 1 1 0 0 0 1 1 1 0 0 1 X 743 0 1 5087 1 1 1 1 GM FR RS SP UK IT JA CI EG AR AU CM JO 0 0 0 0 0 0 0 0 X 29 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 VT X X Patrick J Norton 8024435699 Old Chapel Middlebury VT 05753 Ronald Liebowitz 40.00 X X 470047 0 91240 Marna C Whittington 5.00 X 0 0 0 Kendrick R Wilson III 5.00 X 0 0 0 John R Tormondsen 5.00 X 0 0 0 Frederick M Fritz 1.00 X 0 0 0 Louis Bacon 1.00 X 0 0 0 Anthony M Civale 1.00 X 0 0 0 Charles M Gately 1.00 X 0 0 0 Caroline Sneath McBride 7-1-12 1.00 X 0 0 0 Patrick L McConathy 1.00 X 0 0 0 Eve B Burton 7-1-12 1.00 X 0 0 0 Kimberly Collins Parizeau 1.00 X 0 0 0 Steven B Peterson 1.00 X 0 0 0 Elisabeth B Robert 1.00 X 0 0 0 Deborah G Thomas 1.00 X 0 0 0 James Edward Virtue 1.00 X 0 0 0 Adrian Benepe 1.00 X 0 0 0 Donald M Elliman Jr 1.00 X 0 0 0 Susan J Scher 1.00 X 0 0 0 Jed A Smith 1.00 X 0 0 0 Linda Foster Whitton 1.00 X 0 0 0 Allan Dragone Jr 1.00 X 0 0 0 David R Mittelman 1.00 X 0 0 0 Russell J Leng 1.00 X 0 0 0 Garrett M Moran 1.00 X 0 0 0 S Carolyn Ramos 1.00 X 0 0 0 Amy Geier 1.00 X 15000 0 0 Catherine Lee 1.00 X 0 0 0 Carol Levitch 1.00 X 0 0 0 Patrick J Norton 40.00 X 242131 0 167377 David Donahue 40.00 X 145818 0 88120 Stephanie M Neil 40.00 X 67302 0 37582 Michael Geisler 40.00 X 202020 0 171539 Tim Spears 40.00 X 199109 0 70306 Alison Byerly 40.00 X 215370 0 73974 Sunder Ramaswamy 40.00 X 278148 0 128432 Shirley Collado 40.00 X 185243 0 32808 William C Potter 40.00 X 256918 0 50750 Michael Schoenfeld 40.00 X 234551 0 65904 James Keyes 40.00 X 217034 0 38432 Kevin Wasbauer 40.00 X 198352 0 45868 Aline Germain-Rutherford 40.00 X 195750 0 25396 3122793 0 1087728 167 0 1 0 Sasaki Associates Inc 64 Pleasant Street Watertown MA 02472 Construction 1449525 Mill Bridge Construction Inc Pulp Mill Bridge Road Middlebury VT 05753 Construction 915204 H P Cummings Constructon Co 5 High Street Woodsville NH 037850269 Construction 709010 J Hutchins Inc 88 Rogers Lane Richmond VT 05477 Construction 655416 Acker Excavating 1853 Mountain Road Bristol VT 05433 Construction 585130 60 6660361 55087020 4930363 61747381 Tuition and Fees 611710 191686084 191686084 College Store 451211 2927803 2927803 Snow Bowl 713910 1192493 1192493 51 Main at the Bridge 722100 410153 410153 Advertising 541800 35480 35480 14815801 14815801 211067814 236224 -27501 263725 23937 23937 52007 0 52007 52007 52007 78254000 39759000 38495000 38495000 38495000 Reprographics sale 323100 91666 91666 Book store sale items 451211 28673 28673 120339 311742702 210622181 538471 38834669 801798 801798 49524616 49524616 2441530 415060 1611410 415060 344511 278228 66283 108278897 89217895 15753765 3307237 10903304 8897981 1721924 283399 19162120 15402346 3062750 697024 7192075 5767902 1210547 213626 805161 168015 637146 288395 59395 229000 5173 5173 4287000 4287000 621528 403931 205967 11630 2126968 1206603 652215 268150 1849235 767086 1072308 9841 11228525 10155291 1066876 6358 6448995 5260370 958260 230365 516737 272327 236921 7489 14521277 13694408 826869 23380838 18117015 5263823 2248430 2032699 215731 Other Contracted Ser. 10170048 7251388 2452962 465698 Equipment rentals 4564343 3542564 1007887 13892 Food 4166334 4123887 23809 18638 Supplies 3872362 3434954 416050 21358 13464391 7934896 5056562 472933 303214591 248730655 47974955 6508981 12587780 16260661 12417684 13603339 33011919 43282321 7904757 7445071 47869 45252 21650981 20153359 1046302 1005485 5957865 4261183 681505086 310702114 368696696 370802972 317874431 381073000 602301731 639661356 10056400 9971236 76030885 26564805 1469585300 1534130040 41392392 41707081 18613567 18503921 338589970 287754065 39596613 41666617 438192542 389631684 X 303071221 321476535 432346054 515602916 295975483 307418905 1031392758 1144498356 1469585300 1534130040 X 8528111 102963846 1613641 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 1 0 0 1 500 0 1 4673 5174 0 Explanation of Lobbying Activities: Part II-B, Line 1: 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 issues 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 a payment of $5,173 from the College, $500 as compensation paid as lobbyist and the remainder is for services rendered. 0 12181628 X X X X 0 879690062 9612949 138444821 -8886052 -45582744 -286286 972992750 907667684 9972702 10581012 -8315000 -39948735 -257601 879690062 870888000 13150000 169794000 -7701272 -125397917 -13065127 907667684 690690591 112640409 120024378 -7863643 -44398357 -205378 870888000 872049176 13551367 -135845405 -7724184 -51235816 -104547 690690591 0.29280 0.29150 0.41570 0 0 51722617 51722617 521306009 256074754 265231255 78506995 54583265 23923730 29969465 44095 29925370 370802972 Money Market funds 22166307 F Alternative Equities 234784000 F Private Equity Partnerships 304144000 F CRUTS Receivable 3521797 F Total Real Estate Investments 22477252 F Debt Securties 52568000 F 639661356 Funds held for others 6226652 Annuities and Unitrusts payable 21261865 Refundable Government Loans 14178100 41666617 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. Description of Intended Use of Endowment Funds: 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, 2013 and June 30, 2012 are presented according to the new definition of endowment assets. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Explanation of Nondiscriminatory Policy Publication Schedule E, Part I, Line 3 Published in College Catalogues Explanation of Government Financial Assistance Schedule E, Part I, Line 6 Students apply for and receive federal financial aid and faculty or staff apply for and receive government grants. East Asia and the Pacific 4 4 Program Service Studies Abroad 1311000 Europe 6 187 Program Service Studies Abroad 4809000 Middle East and North Africa 3 60 Program Service Studies Abroad 937000 Russia and Newly Independent States 3 15 Program Service Studies Abroad 460000 So.America 2 67 Program Service Studies Abroad 1222000 Sub-Saharan Africa 0 1 Program Service Studies Abroad 161000 East Asia and the Pacific 0 0 ConferenceProgram Service 20000 Russia and Newly Independent States 0 0 Conference 13000 Europe 0 0 Conference 144000 No.America 0 0 Conference 30000 Central America & the Caribbean 0 0 Conference 15000 Europe 0 0 Faculty Enrichment Program 633000 Middle East and North Africa 0 0 Faculty Enrichment Program 137000 No.America 0 0 Faculty Enrichment Program 59000 Russia and Newly Independent States 0 0 Faculty Enrichment Program 64000 South Asia 0 0 Faculty Enrichment Program 65000 Central America & the Caribbean 0 0 Faculty Enrichment Program 10000 East Asia and the Pacific 0 0 Faculty Enrichment Program 235000 So.America 0 0 Faculty Enrichment Program 97000 Sub-Saharan Africa 0 0 Faculty Enrichment Program 110000 No.America 0 0 Research 18000 Russia and Newly Independent States 0 0 Research 49000 So.America 0 0 Research 85000 South Asia 0 0 Research 53000 Sub-Saharan Africa 0 0 Research 92000 East Asia and the Pacific 0 0 Research 170000 Europe 0 0 Research 488000 Middle East and North Africa 0 0 Research 127000 Central America & the Caribbean 0 0 Research 6000 East Asia and the Pacific 0 0 Fundraising 91000 Europe 0 0 Fundraising 84000 South Asia 0 0 Fundraising 28000 Central America & the Caribbean 0 0 InvestmentInvestments 135000000 So.America 0 0 Conference 19000 South Asia 0 0 Conference 13000 Sub-Saharan Africa 0 0 Conference 11000 18 334 0 0 18 334 8933000 137933000 146866000 1 0 1 1 1 0 Method Used to Acccount for Expenditures: Schedule F, Part I, Line 3: Expenditures are recorded on the accrual basis of accounting. 1 Research Foundation of SUNY 35 State Street Albany NY 122072826 141368361 501(c)(3) 43761 Research grant Town of Middlebury 94 Main Street Middlebury VT 05753 Town-Middlebury 439876 Town Bridge Project Potomac Theatre Project 4 Nedde Lane Middlebury VT 05753 132960856 501(c)(3) 83000 Professional theatre company affiliated with Middlebury College Yale University 195 Prospect Street New Haven CT 06511 060646973 501(c)(3) 78991 Environmental Economics Research Middlebury Volunteer Ambulance Assoc 55 Collins Drive Middlebury VT 05753 237085925 501(c)(3) 50000 Capital Campaign Contribution Town Hall Theatre 68 South Pleasant Street Middlebury VT 05753 262091573 501(c)(3) 26810 Annual PledgeAnnual Pledge Addison County Transit Resources 297 Creek Road Middlebury VT 05753 030335768 501(c)(3) 29360 SponsorshipSponsorship 7 0 Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset. 2847 49524616 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: 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. X X X X X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 1 1 Ronald Liebowitz 291809 0 87500 0 90738 0 52500 0 38740 0 561287 0 0 0 Patrick J Norton 241159 0 0 0 972 0 139090 0 28287 0 409508 0 0 0 David Donahue 145192 0 0 0 626 0 63383 0 24737 0 233938 0 0 0 Michael Geisler 199787 0 0 0 2233 0 131696 0 39843 0 373559 0 0 0 Tim Spears 197664 0 0 0 1445 0 46152 0 24154 0 269415 0 0 0 Alison Byerly 213806 0 0 0 1564 0 49749 0 24225 0 289344 0 0 0 Sunder Ramaswamy 277445 0 0 0 703 0 96824 0 31608 0 406580 0 0 0 Shirley Collado 184957 0 0 0 286 0 23035 0 9773 0 218051 0 0 0 William C Potter 251520 0 0 0 5398 0 40000 0 10750 0 307668 0 0 0 Michael Schoenfeld 231481 0 0 0 3070 0 52500 0 13404 0 300455 0 0 0 James Keyes 214694 0 0 0 2340 0 13788 0 24644 0 255466 0 0 0 Kevin Wasbauer 198047 0 0 0 305 0 24332 0 21536 0 244220 0 0 0 Aline Germain-Rutherford 191274 0 0 0 4476 0 11424 0 13972 0 221146 0 0 0 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 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 a College Officer's housing and related expenses and a highly compensated employee's tuition benefit in the tax year. The College provides a key employee a residence for the convenience of the employer. As a condition of employment 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, and the President of the Monterey campus, 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 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. Supplemental Information Part III Part I, Line 3. 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. Part II, Column (D) Nontaxable benefits include, but are not limited to, nontaxable housing, flexible spending accounts, tuition reimbursement program, medical and dental insurance, workman's compensation insurance, life insurance, disability insurance, and unemployment insurance. A VEHBFA (Series 2006A) 237154467 924166AB7 2006-10-31 36694278 construction 0 0 0 B VEHBFA (Series 2010) 237154467 924166DH1 2010-11-01 101791989 refunding (Series 1988A;2002B;2008) 0 0 0 C VEHBFA (Series 2009) 237154467 924166DG3 2010-01-14 62014213 refunding (Series 1999) 0 0 0 D VEHBFA (Series2012A) 237154467 924166EA5 2012-04-10 53009186 advanced refunding (Series 2002A) 0 0 0 A 211546 36694278 331049 36363229 2008 0 0 1 1 B 600621 101791989 817182 100974807 1999 1 0 1 1 C 305327 62014213 605880 61408333 2002 1 0 1 1 D 416550 53009186 597415 52411771 2012 0 1 1 1 A 0 0 0 0 0.00000 0.00010 0.00010 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 1 B 0 1 1 0 0 0 0 0 1 C 0 1 1 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A VEHBFA (Series 2012B) 237154457 924166EP2 2012-08-07 14049597 Advanced refunding (Series 2002A) 0 0 0 A 161977 14049597 58067 13991530 0 1 1 1 A 0 1 0 0 0 0 0 0 1 A 1 SRamaswamy Key EE Mortgage X 67671 45252 0 1 1 45252 19703 Benefit Tuition Jessica Liebowitz Spouse of Officer 66685 Employee 0 Jane Schoenfeld Spouse-HCE 71969 Employee 0 Philip Geier Spouse-Trustee 279837 Employee 0 X 6 5006 Appraisal X 60589 FMV X 221 4295709 FMV X 1 470000 Appraisal X Miscellaneous items 25 99059 FMV 2 0 1 1 Method for Determining Number of Contributions: Part I, Column (b): We are reporting the number of contributions based on the number of contributors. Third Party Use: Part I, Line 32b: The College will sell from time to time noncash items, other than securities, at local auction houses. Form 990, Part VI, Section A, line 1 The College has an executive committee who has broad authority to act on behalf of the Board of Trustees. The executive committee is comprised of trustees who are currently serving on the governing Board of Trustees. Form 990, Part VI, Section B, line 11 The return is prepared by Management and reviewed with Tax Counsel. 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 9: Change in deferred gifts 1,613,641. Financial Statements and Reporting Part XII, Line 2c The College has not changed its oversight of the audit or selection of independent accountant process. The President and Friends of Middlebury College 84 S Service Road Middlebury VT 05753 030285938 Promoting the educational purpose of running dining events and eateries VT 501(c)(3) 9 President and Fellows of Middlebury College 1 International Philanthropy of Middlebury College 84 S Service Road Middlebury VT 05753 030367538 Scholarships provided to students per donee's intentions VT 501(c)(3) 7 President and Fellows of Middlebury College 1 Delineation Corporation 84 S Service Road Middlebury VT 05753 237259519 To receive or purchase real and personal property for the benefit of MC. VT 501(c)(2) President and Fellows of Middlebury College 1 Charitable remainder trust (61) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T 1 Charitable lead trust (2) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T 1 Pooled income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT N/A T 1 Life income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT N/A T 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 President and Friends of Middlebury College D 10985815 FMV Delineation Corporation D 17939176 FMV Charitable Remainder Unitrust (5) S 1004148 FMV Pooled Income Funds (7) S 152679 FMV Legal Domicile Schedule R; Part IV; Column C,F, and G Column C includes VT,CA and MA Column F and G are N/A