2013-05-14T15:01:42-05:00 2012-06-30 990 2011-07-01 030179298 President and Fellows of Middlebury College PRES 8024435699 Controllers Office No 230 Middlebury VT 05753 Patrick J Norton 8024435699 2013-05-14 2011 2016-03-07 17:11:31Z Ronald D Liebowitz Old Chapel Road Middlebury VT 05753 352772302 0 X http://www.middlebury.edu X 1800 VT We are a liberal arts college offering graduate and specialized programs around the world. 30 28 4911 2444 -407131 -2707829 47273000 50890000 191823687 197345593 38268589 43986477 128724 136232 277494000 292358302 48755776 47727115 0 0 128263997 136472948 0 0 6214164 96733227 101868937 273753000 286069000 3741000 6289302 1442890000 1469585300 386751000 438192542 1056139000 1031392758 X None 0 0 74829000 0 183192000 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. 43745000 172128 0 Academic Support represents sponsored activities expenses incurred in support of the educational activities for enrolled students. 78510000 47100052 0 Student services and financial aid represents expenses incurred in the support of the enrolled students. 39044000 454935 12981396 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. 39044000 454935 12981396 236128000 1 1 0 1 0 0 0 1 0 1 1 1 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 1 0 0 0 1 1 1 0 0 1 X 899 0 1 4911 1 1 1 1 GM FR RS SP UK IT JA CI EG AR AU CM 0 0 0 0 0 0 0 0 X 30 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 VT X Patrick J Norton 8024435699 Old Chapel Middlebury VT 05753 Ronald Liebowitz 40.00 X X 407471 0 89734 Frederick M Fritz 5.00 X 0 0 0 Marna C Whittington 5.00 X 0 0 0 John R Tormondsen 5.00 X 0 0 0 Kendrick R Wilson III 5.00 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 Jane Rosenthal Horvitz 1.00 X 0 0 0 Patrick L McConathy 1.00 X 0 0 0 Michael C Obel-Omia 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 Ann Williams Jackson 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 236216 0 163387 David Donahue 40.00 X 139563 0 87074 Stephanie M Neil 40.00 X 66327 0 37634 Michael Geisler 40.00 X 193349 0 154012 Tim Spears 40.00 X 188947 0 67833 Alison Byerly 40.00 X 210439 0 83414 Sunder Ramaswamy 40.00 X 265001 0 132161 William C Potter 40.00 X 243536 0 49338 Michael Schoenfeld 40.00 X 228805 0 62961 Philip Geier 40.00 X 209864 0 54823 John McWilliams 40.00 X 200463 0 56975 John Emerson 40.00 X 195825 0 61869 F Robert Huth 40.00 X 855288 0 47117 3656094 0 1148332 151 1 1 0 Engelberth Construction Co Inc 463 Mtn View Drive Colchester VT 05446 Construction 8430043 Clark Companies PO Box 427 Delhi NY 13753 Plumbing 1675284 PC Construction Company 193 Tilley Drive So Burlington VT 05403 Construction 1335067 All American Marine 200 Harris Ave Bellingham WA 98225 Construction 1193965 Mill Bridge Construction Inc Pulp Mill Bridge Road Middlebury VT 05753 Construction 1025226 56 8837600 42052400 12102462 50890000 Tuition and Fees 611710 183192000 183192000 Snow Bowl 713990 808618 362215 446403 Golf Course 713910 491656 177900 313756 51 Main at the Bridge 722100 367145 0 367145 Advertising 541800 44893 0 44893 12441281 12441281 197345593 314477 -1631976 1946453 2911 2911 80673 0 80673 80673 80673 104086000 60414000 43672000 43672000 43672000 Book store sale items 451211 28187 28187 Reprographics sale 323100 24461 24461 52648 292358302 196173396 -407131 45702037 627063 627063 47100052 47100052 2221743 377695 1466351 377697 133725 67891 65834 101502181 84050819 14276980 3174382 10539827 8692790 1462839 384198 15423964 12596859 2335100 492005 6651508 5387722 997726 266060 464209 20312 441996 1901 295503 53703 241800 5319 5319 3561000 3561000 495539 305115 178279 12145 1954106 1097604 618756 237746 1560018 861407 697568 1043 11524494 10501604 1016903 5987 6358335 5144952 769888 443495 546316 308149 221910 16257 14501999 13412187 1089812 21986001 17599148 4386853 2142714 1970744 171970 Other Contracted Ser. 10694935 6385431 4091011 218493 Equipment rentals 4344901 3279721 1059144 6036 Food 4044512 4019223 22540 2749 Supplies 4017106 3609984 392710 14412 13371930 8657825 4220381 493724 286069000 236128000 43726836 6214164 20296000 12587780 6211000 12417684 33980000 33011919 7448000 7904757 123943 47869 23310000 21650981 1005000 1046302 3994000 5957865 658598471 289901775 364336000 368696696 306816226 317874431 643351480 602301731 5101351 10056400 26917000 76030885 1442890000 1469585300 44781000 41392392 17175000 18613567 287430000 338589970 37365000 39596613 386751000 438192542 X 324200000 303071221 444835000 432346054 287104000 295975483 1056139000 1031392758 1442890000 1469585300 X 6289302 -31035544 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 1 0 0 1 400 0 1 4918 5319 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 $5,318 from the College, $400 as compensation paid as lobbyist and the remainer is held as a retainer. 0 11877000 X X X X 0 978822000 16234000 9704000 -8315000 -44109399 -257601 952078000 870888000 13150000 169794000 -7701272 -54243601 -13065127 978822000 690690591 112640409 120024378 -7863643 -44398357 -205378 870888000 872049176 13551367 -135845405 -7724184 -51235816 -104547 690690591 0.30210 0.31090 0.38700 0 0 51790341 51790341 514623567 239273520 275350047 73572911 50628255 22944656 18611652 18611652 368696696 Debt Securities 52667000 F Various Investments 15321468 F Trust Assets 5416571 F Life Estates 1169097 F Money Market funds 20666000 F Alternative equities 200686000 F Private Equity Partnerships 296089000 F Other Investments 4878359 F Real Estate Investments 1930234 F Promissory note 507358 F Contributions Rec. CRUTS 2970644 F 602301731 Interest in perpetual trusts held by others 23776960 Deposit with bond trustees 52253925 76030885 Funds held for others 5878652 Annuities and Unitrusts payable 19725774 Refundable Government Loans 13992187 39596613 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. Description of Uncertain Tax Positions Under FIN 48: Part X: The audited financial statements do not contain a disclosure for uncertain tax positions under FIN 48. 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 professors apply for and receive government grants. East Asia and the Pacific 4 4 Program Service Studies Abroad 1513000 Europe 6 216 Program Service Studies Abroad 4728000 Middle East and North Africa 3 23 Program Service Studies Abroad 626000 No.America 0 4 Program Service Studies Abroad 17000 Russia and Newly Independent States 3 15 Program Service Studies Abroad 521000 So.America 2 61 Program Service Studies Abroad 980000 Sub-Saharan Africa 0 0 Program Service Studies Abroad 20000 South Asia 0 0 Program ServiceProgram Service Exploratory Visit 44000 East Asia and the Pacific 0 0 Conference 14000 Europe 0 0 Conference 25000 No.America 0 0 Conference 8000 Central America & the Caribbean 0 0 Faculty Enrichment Program 8000 Europe 0 0 Faculty Enrichment Program 85000 Middle East and North Africa 0 0 Faculty Enrichment Program 12000 No.America 0 0 Faculty Enrichment Program 29000 Russia and Newly Independent States 0 0 Faculty Enrichment Program 5000 South Asia 0 0 Faculty Enrichment Program 12000 Central America & the Caribbean 0 0 Research 8000 East Asia and the Pacific 0 0 Research 12000 Europe 0 0 Research 128000 Middle East and North Africa 0 0 Research 27000 No.America 0 0 Research 9000 Russia and Newly Independent States 0 0 Research 15000 So.America 0 0 Research 18000 South Asia 0 0 Research 27000 Sub-Saharan Africa 0 0 Research 26000 East Asia and the Pacific 0 0 Fundraising 16000 Europe 0 0 Fundraising 17000 So.America 0 0 Fundraising 8000 Central America & the Caribbean 0 0 Investments 139000000 South Asia 0 0 Conference 45000 18 323 0 0 18 323 8449000 139554000 148003000 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 Construction of research vessel Quantitative Research Town of Middlebury 94 Main Street Middlebury VT 05753 Town-Middlebury 454936 Town Bridge Project Potomac Theatre Project 4 Nedde Lane Middlebury VT 05753 132960856 501(c)(3) 31142 Professional theatre company affiliated with Middlebury College Yale University 195 Prospect Street New Haven CT 06511 060646973 501(c)(3) 24453 Environmental Economics Research Northwestern University 633 Clark Street Evanston IL 60208 362167817 501(c)(3) 116532 Data Collection and Analysis 3 6 Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset. 2805 0 47100052 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 1 1 0 0 0 0 0 0 1 1 Ronald Liebowitz 266068 0 0 0 141403 0 51450 0 38284 0 497205 0 0 0 Patrick J Norton 235302 0 0 0 914 0 138040 0 25347 0 399603 0 0 0 David Donahue 139349 0 0 0 214 0 62615 0 24459 0 226637 0 0 0 Michael Geisler 192058 0 0 0 1291 0 131177 0 22835 0 347361 0 0 0 Tim Spears 188220 0 0 0 727 0 43966 0 23867 0 256780 0 0 0 Alison Byerly 209617 0 0 0 822 0 48755 0 34659 0 293853 0 0 0 Sunder Ramaswamy 264333 0 0 0 668 0 95774 0 36387 0 397162 0 0 0 William C Potter 240855 0 0 0 2681 0 39200 0 10138 0 292874 0 0 0 Michael Schoenfeld 225677 0 0 0 3128 0 50852 0 12109 0 291766 0 0 0 Philip Geier 208230 0 0 0 1634 0 36608 0 18215 0 264687 0 0 0 John McWilliams 196668 0 0 0 3795 0 44478 0 12497 0 257438 0 0 0 John Emerson 191864 0 0 0 3961 0 44255 0 17614 0 257694 0 0 0 F Robert Huth 173361 0 0 0 681927 0 38151 0 8966 0 902405 0 232479 0 Part I, Line 1a The Board of Trustees has approved first-class travel in certain situations. In rare cases, the College reimburses an employee 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 the President 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. In rare cases, the College provides a residence for personal use by an employee other than the President for the convenience of the employer. As a condition of employment the College provides the President with a residence for the convenience of the employer. The President is a member of the University Club as the College President and uses the club for business purposes. College Advancement and 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., all of which are taxable income to the listed person. 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. Part I, Lines 4a-b Part I, Line 4b: The College President, the Vice President for Finance and Treasurer, the Vice President for the Language Schools and Professor, the Special Assistant to the President, 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. Former officer F.Robert Huth's contract ended and was paid out the total of $680,822 from his deferred compensation plan. 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 8 The President has executed and extension to his initial contract. 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. VEHBFA (Series 2006A) 237154467 924166AB7 2006-10-31 36694278 construction 0 0 0 VEHBFA (Series 2010) 237154467 924166DH1 2010-11-01 101791989 refunding (Series 1988A;2002B;2008) 0 0 0 VEHBFA (Series 2009) 237154467 924166DG3 2010-01-14 62014213 refunding (Series 1999) 0 0 0 VEHBFA (Series2012A) 237154467 924166EA5 2012-04-10 53009186 advanced refunding (Series 2002A) 0 0 0 179814 36694278 331049 36363229 2008 0 0 1 1 375388 101791989 817182 100974807 1999 1 0 1 1 215963 62014213 605880 61408333 2002 1 0 1 1 83310 53009186 51209940 597415 52411771 2012 0 1 0 1 0 0 0 0 0.00000 0.00010 0.00010 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 X Sunder Ramaswamy Second Mortgage X 67671 47869 0 1 1 47869 Jessica Liebowitz Spouse of Officer 65834 Employee 0 Jane Schoenfeld Spouse-HCE 68243 Employee 0 X 1 17999 Appraisal X 135 7326092 FMV X 1 4700000 Appraisal Rmndr Int. X Miscellaneous items 60 58371 FMV 4 0 1 1 Method for Determining Number of Contributors: 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 with the exception of the names of anonymous donors on schedule B. 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -29,156,302. Change in deferred gifts -1,880,694. rounding 1,452. Total to Form 990, Part XI, Line 5: -31,035,544. Part XII, Line 2c: The College has not changed its oversight process or selection 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 0 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 0 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 0 Middlebury Interactive Languages LLC 1682 West 820 North Provo UT 84601 272357942 Foreign Language Instruction DE K12 Inc Related -1451656 11697645 0 0 0.40000 Charitable remainder trust (60) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T Charitable lead trust (4) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T Pooled income fund (1) Middlebury College Middlebury VT 05753 Investment Support VT N/A T Life income fund (2) Middlebury College Middlebury VT 05753 Investment Support VT T 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 President and Friends of Middlebury College D 10726593 FMV Delineation Corporation D 17026333 FMV Charitable Remainder Unitrust (1) R 74215 FMV Pooled Income Funds (5) R 100400 FMV Schedule R; Part IV; Column C, F, and G Legal Domicile Column C includes VT, MA, NY, DE, and CA Column F and G are N/A