2013-05-01T10:02:57-05:00 2012-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2011-07-01 030179414 BENNINGTON COLLEGE CORPORATION % LAURA KRAUSE BENN 8024404358 ONE COLLEGE DRIVE BENNINGTON VT 05201 LAURA KRAUSE 2013-04-30 6179881000 2011 2016-02-25 16:41:14Z LAURA KRAUSE ONE COLLEGE DRIVE BENNINGTON VT 05201 63652071 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 1150 250 -27956 -28205 8713602 17919437 35835241 37721764 593436 892704 639875 591208 45782154 57125113 13076436 14500365 0 0 19591947 20635347 0 0 1585460 10636666 11047457 43305049 46183169 2477105 10941944 104061566 112862258 37207744 38994751 66853822 73867507 X BENNINGTON COLLEGE IS A LIBERAL ARTS EDUCATIONAL INSTITUTION LOCATED IN BENNINGTON, VERMONT. THE UNDERGRADUATE ENROLLMENT IS MORE THAN 660 STUDENTS. false false 33582723 14349755 35246764 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* 1361054 150610 2475000 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 2011-12, THESE PROGRAMS SERVED 143 STUDENTS. 34943777 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 false false true false false false false true true true false false true 96 0 true 1150 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 false true true true true true true false false X LAURA KRAUSE 8024404358 ONE COLLEGE DRIVE BENNINGTON VT 05201 PRISCILLA ALEXANDER 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 X 0 0 0 WILLIAM DERROUGH 1.0 X 0 0 0 MICHAEL HECHT 1.0 X 0 0 0 LEA HERSKOWITZ 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 TAMBU KUDZE 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 DEBORAH WADSWORTH 1.0 X 0 0 0 PENELOPE PERKINS WILSON 1.0 X 0 0 0 CAROLYN CROFFETT ROWLAND 1.0 X 0 0 0 ELIZABETH COLEMAN 40.0 X 432601 0 35294 LAURA KRAUSE 40.0 X 116876 0 6055 JANET MARSDEN 40.0 X 103782 0 5708 PAIGE BARTELS 40.0 X 150398 0 10085 PAUL HIMMELMAN 40.0 X 119123 0 6957 ISABEL ROCHE O'BRIEN 40.0 X 137637 0 8809 DAVID REES 40.0 X 146090 0 9654 JOAN GOODRICH RETIRED 6302011 26.0 X 114879 0 6533 1321386 0 89095 8 true true false CENTERLINE ARCHITECTS 302 MAIN STREET BENNINGTON VT 05201 ARCHITECT SVCS 208670 GEORGE STROFFOLENO SON PO BOX 453 ARLINGTON VT 05250 CONSTRUCTION 273215 RUSSELL CONSTRUCTION SERVICES INC 170 SOUTH MAIN STREET RUTLAND VT 05701 CONTRACTOR 705289 DANIEL O'CONNELL'S SONS INC 480 HAMPDEN STREET PO BOX 267 HOLYOKE MA 01040 CONTRACTOR 324125 RC PEMBROKE SONS INC PO BOX 756 NORTH BENNINGTON VT 05257 LANDSCAPING 321828 6 429395 17490042 1361777 17919437 TUITION AND FEES 611710 30296544 30296544 ROOM & BOARD 721310 7425220 7425220 37721764 504111 504111 0 0 538393 427272 111121 111121 -28546 139667 6488279 6099686 388593 388593 388593 0 0 0 STUDENT SNACK BAR 722210 182041 182041 BOOKSTORE REVENUE 611710 243436 590 242846 TELEPHONE USAGE FEES 611710 17591 17591 37019 37019 480087 57125113 37721764 -27956 1511868 0 14500365 14500365 0 0 1410483 119378 1069792 221313 0 15314214 12260060 2142932 911222 720161 413913 273982 32266 2043350 1071402 856915 115033 1147139 605880 477199 64060 89023 1750 67705 19568 150756 12775 137981 89800 89800 0 0 0 0 88636 34154 54482 670300 405199 218140 46961 402410 363980 15655 22775 0 1690216 1134477 555739 474228 247408 163421 63399 0 129865 63999 49620 16246 1273237 559294 713943 0 2247268 1004878 1242390 480828 385929 94899 PURCHASED SERVICES 1860362 1260487 553952 45923 FOOD AND FUNCTIONS 865619 269584 592423 3612 PROJECTS AND EVENTS 329976 80625 228794 20557 BOOKS AND SUBSCRIPTIONS 121183 118440 2555 188 83750 29800 51613 2337 46183169 34943777 9653932 1585460 14330 23160 14759975 9457802 11204208 19115513 553676 710525 0 0 0 0 0 0 267450 269135 207498 153823 86625076 31135737 54159077 55489339 14559434 19989103 0 0 0 0 0 0 8335918 7653858 104061566 112862258 5218818 5288091 0 0 2257492 2058999 29731434 29030704 0 0 0 0 0 0 0 0 0 2616957 37207744 38994751 X 31040550 28776135 20678459 29699034 15134813 15392338 66853822 73867507 104061566 112862258 X 10941944 -3928259 X false true true X 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 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 1555100 1555100 73077003 21658624 51418379 11621322 9477113 2144209 371652 0 371652 55489340 SPLIT-INTEREST AGREEMENT 6958819 INTEREST RATE SWAPS 0 OTHER ASSETS 695039 7653858 0 INTEREST RATE SWAPS AT FMV 2616957 2616957 57125113 46183169 10941944 -581203 -3347056 -3928259 7013685 39120587 -581203 -2922958 -3504161 42624748 14500365 14500365 57125113 32106902 424098 424098 31682804 14500365 14500365 46183169 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 IS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS AN ORGANIZATION GENERALLY EXEMPT FROM INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. CHANGE IN NET ASSETS PART XI, LINE 8 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS (2,898,294) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS (337,584) CHANGE IN VALUE OF BENEFICIAL INTEREST (111,178) TOTAL (3,347,056) OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN PART XII, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS (2,898,294) CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS (337,584) CHANGE IN VALUE OF BENEFICIAL INTEREST (111,178) RECLASS OF RENTAL EXPENSES 424,098 TOTAL (2,922,958) OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS NOT ON LINE 1 PART XII, LINE 4B RECLASS OF FINANCIAL AID 14,500,365 OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS NOT ON RETURN PART XIII, LINE 2D RECLASS OF RENTAL EXPENSES 424,098 OTHER EXPENSES INCLUDED IN RETURN NOT ON LINE 1 PART XIII, LINE 4B RECLASS OF FINANCIAL AID 14,500,365 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. THIS POLICY IS PUBLICIZED ON THE COMMON APPLICATION, WHICH IS PART OF OUR APPLICATION PROCESS AND PROVIDED TO PROSPECTIVE STUDENTS. SCHEDULE E - EXPLANATION FOR LINE 6A BENNINGTON COLLEGE STUDENTS RECEIVE SEOG, PELL, AND FEDERAL WORK STUDY MONEY. Europe (Including Iceland and Greenland) Program Services RECRUITMENT 18950 Central America and the Caribbean Investments 1273831 1292781 1292781 STUDY ABROAD Europe/Iceland/Greenland false false true false false false true FEDERAL GRANTS 285 366722 BENNINGTON GRANT 431 9256071 BROCKWAY SCHOLARSHIP 411 4379518 BENNINGTON SCHOLARSHIP 11 342595 OTHER GRANTS 12 155459 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 JOAN GOODRICH RETIRED 6302011 114879 0 0 0 0 0 6533 0 0 0 121412 0 0 0 ELIZABETH COLEMAN 432601 0 0 0 0 0 19694 0 15600 0 467895 0 0 0 PAIGE BARTELS 150398 0 0 0 0 0 10085 0 0 0 160483 0 0 0 DAVID REES 146090 0 0 0 0 0 9654 0 0 0 155744 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. VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2006-11-03 3000000 CONSTRUCTION OF FACILITY false false false VERMOMT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2008-12-16 10000000 SEE PART VI false false false VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2008-12-31 10000000 CONSTRUCTION OF FACILITY false false false VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2009-05-06 8150000 CONSTRUCTION OF FACILITY false false false 901760 0 3128819 0 0 0 35480 0 0 3093339 0 0 2008 false false true true 649705 0 10034144 0 0 0 171963 0 0 2877664 6984517 0 2011 false true true true 354305 0 10135471 0 0 0 10025411 0 0 0 0 0 2011 false false true true 213526 0 8250669 0 0 0 125000 0 0 8125669 0 0 2012 false false true true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false 0 false 0 false true false true true TD BANK NA 20.1 false false false 0 false true false true true TD BANK NA 20. false false false 0 false false false true true TD BANK NA 19.7 false false false 0 false false SEE SCHEDULE O 0 X 20 1361777 FMV false true true USE OF THIRD PARTY TO SELL NONCASH CONTRIBUTIONS PART I, LINE 32A OUTRIGHT GIFTS -PUBLICLY TRADED SECURITIES THE COLLEGE SHALL ACCEPT SECURITIES THAT ARE TRADED ON A PUBLICLY RECOGNIZED STOCK EXCHANGE. THE PREFERRED METHOD OF ACCEPTING GIFTS OF SECURITIES IS TO HAVE THE DONOR TRANSFER THEM TO OUR ACCOUNT AT MORGAN STANLEY DEAN WITTER IN BURLINGTON, VERMONT. THE COLLEGE HAS STANDING INSTRUCTIONS TO SELL SECURITIES IMMEDIATELY UPON RECEIPT, UNLESS THE VALUE IS GREATER THAN $50,000. DONATIONS OF $50,000 AND GREATER ARE REVIEWED BY THE EVP/CFO ON A CASE-BY-CASE BASIS. PUBLICLY TRADED SECURITIES WILL BE VALUED AT AN AVERAGE OF THE HIGH AND LOW SALE PRICE ON THE DATE THE SECURITY IS TRANSFERRED INTO THE COLLEGE'S NAME OR BROKERAGE ACCOUNT. THE DONOR IS RESPONSIBLE FOR DETERMINING THE GIFT'S COST BASIS AND VALUE. CONSULTING WITH A PERSONAL FINANCIAL ADVISER AND/OR TAX CONSULTANT IS RECOMMENDED. 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 688 UNDERGRADUATES HAIL FROM 36 COUNTRIES AND 46 STATES, AND THEY HAVE SPENT FIELD WORK TERMS ON 6 OUT OF 7 CONTINENTS. FORM 990 REVIEW PROCESS PART VI, SECTION B, LINE 11A THE FINANCE AND AUDIT COMMITTEE OF THE BOARD OF TRUSTEES RECEIVES A DRAFT OF THE FORM 990 FOR THEIR REVIEW AND COMMENTS. AFTER ALL COMMENTS AND QUESTIONS HAVE BEEN ADDRESSED, ANY NECESSARY CHANGES OR CORRECTIONS ARE MADE TO FORM 990. THE FINANCE AND AUDIT COMMITTEE RECEIVES A FINAL COPY OF THE FORM 990 RETURN PRIOR TO FILING OF THE RETURN. 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 COMPARABLE 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. DISCLOSURE OF DOCUMENTS & POLICIES PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC DURING THE TAX YEAR. PART XI, LINE 5 OTHER CHANGES IN NET ASSETS NET UNREALIZED GAINS ON INVESTMENTS $(581,203) UNREALIZED NET GAIN ON CHANGES IN FAIR VALUE OF INTEREST RATE SWAP $(2,898,294) UNREALIZED NET GAIN ON CHANGES IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS $ (337,584) UNREALIZED NET LOSS ON CHANGES IN FAIR VALUE OF BENEFICIAL INTEREST $(111,178) ----------- TOTAL $(3,928,259) =========== SCHEDULE K, PART I, LINE 3, COLUMN (F) CONSTRUCTION OF FACILITY AND REFUND PRIOR ISSUE (10/21/1999). SCHEDULE K, PART II, LINE 3 THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. SCHEDULE K, PART V WE ARE IN THE PROCESS OF ADOPTING VCAP PROCEDURES. BENNINGTON COLLEGE REST & CATERERS LTD ONE COLLEGE DRIVE BENNINGTON VT 05201 030287721 DINING SERVIC VT NA C 0 0 1.00000 false false false false false false true false false false false false false false false false false false BENNINGTON COLLEGE REST & CATERERS LTD G 3654 FMV