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        <OtherCostOrOtherBasis>365225</OtherCostOrOtherBasis>
        <Depreciation>236586</Depreciation>
        <BookValue>128639</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>2277076</OtherCostOrOtherBasis>
        <Depreciation>1086594</Depreciation>
        <BookValue>1190482</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>8317811</OtherCostOrOtherBasis>
        <Depreciation>2380829</Depreciation>
        <BookValue>5936982</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>22131781</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>Refundable Advances</Description>
        <Amount>2327366</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>2327366</TotalOfAmounts>
      <TotalRevenue>36599979</TotalRevenue>
      <TotalExpenses>35991882</TotalExpenses>
      <ExcessOrDeficitForYear>608097</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-159422</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-159422</TotalAdjustments>
      <ExcessOrDeficitPerFS>448675</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>27947037</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-159422</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>-159422</RevenueNotRptdF990>
      <RevenueSubtotal>28106459</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>71566</InvestmentExpensesNotIncluded>
      <OtherRevenuesNotIncluded>8421954</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>8493520</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>36599979</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>27498362</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>27498362</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>71566</InvestmentExpensesNotIncluded2>
      <OtherExpensesNotIncluded>8421954</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>8493520</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>35991882</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>Description of Intended Use of Endowment Funds:</Identifier>
        <ReturnReference>Part V, Line 4:</ReturnReference>
        <Explanation>The Law School's endowment consists of approximately 70 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by GAAP, net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor imposed restrictions.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XII, Line 4b - Other Adjustments:</Identifier>
        <Explanation>Institutional Aid &amp; Scholarships 7,518,181. Purchase of Collection Items 631,254. Other Non-Operating Expenses 272,519.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XIII, Line 4b - Other Adjustments:</Identifier>
        <Explanation>Other Non-Operating Expenses 272,519. Institutional Aid &amp; Scholarships 7,518,181. Purchase of Collection Items 631,254.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmt>1</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>1</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>1</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>1</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>1</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>1</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>1</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>0</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>0</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>0</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>0</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>0</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>0</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>0</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>0</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>1</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>Explanation of Nondiscriminatory Policy Publication</Identifier>
        <ReturnReference>Schedule E, Part I, Line 3</ReturnReference>
        <Explanation>The School's non-discrimination policy is published in brochures and advertising materials.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>Explanation of Government Financial Assistance</Identifier>
        <ReturnReference>Schedule E, Part I, Line 6</ReturnReference>
        <Explanation>The Law School receives financial assistance from the Department of Education to offset the tuition costs for students. The funding that the Law School receives is in the form of Federal Work Study, FFEL and Perkins funding.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleF documentId="RetDoc1040500001">
      <GrantRecordsMaintained>1</GrantRecordsMaintained>
      <AcctsActvsOutUSTable>
        <Region>East Asia and the Pacific</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>Legal Education</SpecificServicesProvided>
        <TotalExpenditures>222269</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>0</SubtotalNumberOfOffices>
      <SubtotalNumberOfEmployees>0</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>0</TotalNumberOfOffices>
      <TotalNumberOfEmployees>0</TotalNumberOfEmployees>
      <SubtotalAmountSpent>222269</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>222269</TotalAmountSpent>
      <GrantsToOrgsOutsideUS>
        <Region>East Asia and the Pacific</Region>
        <PurposeOfGrant>Legal Training</PurposeOfGrant>
        <AmountOfCashGrant>222269</AmountOfCashGrant>
        <MannerOfCashDisbursement>Wire Transfer</MannerOfCashDisbursement>
        <AmountOfNonCashAssistance>0</AmountOfNonCashAssistance>
      </GrantsToOrgsOutsideUS>
      <TotalNumberOf501c3Orgs>1</TotalNumberOf501c3Orgs>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
      <Form990ScheduleFPartV>
        <Identifier>Procedure for Monitoring Grants Outside the U.S.:</Identifier>
        <Explanation>Schedule F, Part I, Line 2: The Director of the program works closely with the recipient of the funds to coordinate activities/training essential for program effectiveness that will be paid for by a grant. The recipient submits receipts to substantiate the grant related purpose and amount of every expense paid to the recipient. Under the supervision of the Director the request for funds is compiled and translated if necessary. The Director approves the final submission with accompanying receipts which is then submitted to the business office. The business office performs additional review and codes the receipts to the proper accounts. The funds are then forwarded to the recipient. The Program Administrator confirms receipts of the fund with the recipient. If deemed necessary, Vermont Law School may carry out an on-site monitoring visit for general training, reviewing of the recipient's procedures, and informing the recipient of grant requirements.</Explanation>
      </Form990ScheduleFPartV>
    </IRS990ScheduleF>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>Woodrow Wilson International Center of Scholars</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>1300 Pennsylvania Ave NW</AddressLine1>
          <City>Washington</City>
          <State>DC</State>
          <ZIPCode>20004</ZIPCode>
        </AddressUS>
        <EINOfRecipient>521067541</EINOfRecipient>
        <IRCSection>501(c)(3)</IRCSection>
        <AmountOfCashGrant>48710</AmountOfCashGrant>
        <PurposeOfGrant>Assist with the China Program activities both in the United States and China.</PurposeOfGrant>
      </RecipientTable>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Scholarships and other student aid</TypeOfGrant>
        <NumberOfRecipients>379</NumberOfRecipients>
        <AmountOfCashGrant>7518181</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>Procedure for Monitoring Grants in the U.S.:</Identifier>
        <ReturnReference>Part I, Line 2:</ReturnReference>
        <Explanation>Schedule I, Part I, Line 2: The Business office reviews the recipient's Form 990 and A-133 audit report if available. The Director of the program at VLS works closely with the recipient of the funds that will be paid by the grant to coordinate activities/training essential for program effectiveness. The recipient submits invoices to VLS which are reviewed and approved by the Program Director to substantiate the grant related purpose. The invoice is then forwarded to the business office for review and coding to the proper accounts. The funds are then forwarded to the recipient. If deemed necessary, VLS may carry out an on site monitoring visit for general training, reviewing of the recipient's procedures/records and informing the recipient of grant requirements.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
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      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>0</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
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      <AnyNonFixedPayments>1</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>Geoffrey B Shields</NamePerson>
        <BaseCompensationFilingOrg>302717</BaseCompensationFilingOrg>
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        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Lorraine Atwood</NamePerson>
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        <BonusRelatedOrgs>0</BonusRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Jason Czarnezki</NamePerson>
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        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <NontaxableBenefitsFilingOrg>10751</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>227940</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Stephanie T Farrior</NamePerson>
        <BaseCompensationFilingOrg>124628</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>34448</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>1290</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>13379</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>9165</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>182910</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Michael Dworkin</NamePerson>
        <BaseCompensationFilingOrg>128736</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>55832</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>1284</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>12776</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>6222</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>204850</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>John Echeverria</NamePerson>
        <BaseCompensationFilingOrg>134224</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>19806</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>1234</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>12194</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>5653</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>173111</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Patrick Parenteau</NamePerson>
        <BaseCompensationFilingOrg>126844</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>24250</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>1718</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>10665</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>6465</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>169942</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>Part I, Line 1a</ReturnReference>
        <Explanation>One of the grants that the Law School received allowed for business class when travel time to the destination exceeds 14 hours.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <ReturnReference>Part I, Line 7</ReturnReference>
        <Explanation>Bonuses are given for exceptional performance. Sometimes they are set out at the beginning of the year in a reconfirmation letter which describes the criteria for achieving the bonus as well as the potential amount. They may also be given during the year or at annual performance review time. In either situation, consideration is given to budget limitations, the person's position, title and compensation, historical trends and market best practices.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>Vermont Educational and Health Buiding Financing</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>237154667</IssuerEIN>
        <CUSIPNumber>9241603Z5</CUSIPNumber>
        <DateIssued>2003-06-19</DateIssued>
        <IssuePrice>3940000</IssuePrice>
        <DescriptionOfPurpose>Finance Building and Equipment</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>Vermont Educational and Health Buiding Financing</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>237154667</IssuerEIN>
        <DateIssued>2011-03-24</DateIssued>
        <IssuePrice>10750000</IssuePrice>
        <DescriptionOfPurpose>Finance Building and Equipment</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <AmountRetired>485000</AmountRetired>
        <TotalProceeds>3940000</TotalProceeds>
        <RefundingEscrow>1795000</RefundingEscrow>
        <IssuanceCostsFromProceeds>144460</IssuanceCostsFromProceeds>
        <CapitalExpenditures>2000540</CapitalExpenditures>
        <YearOfSubstCompletion>2003</YearOfSubstCompletion>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <AmountRetired>235000</AmountRetired>
        <TotalProceeds>10750000</TotalProceeds>
        <IssuanceCostsFromProceeds>189577</IssuanceCostsFromProceeds>
        <CapitalExpenditures>10560423</CapitalExpenditures>
        <YearOfSubstCompletion>2011</YearOfSubstCompletion>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
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        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>4</NumberOfContributions>
        <NoncashContribsRptdF990>183620</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>Median Price</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>0</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section B, line 11</ReturnReference>
        <Explanation>Copies of the final return will be submitted electronically to the full Board prior to the filing date.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section B, line 12c</ReturnReference>
        <Explanation>All individuals covered by this policy shall complete and file a Conflict of Interest Disclosure Statement with the Secretary of the Board of Trustees annually by October 1. In the period between the filing of the annual statements, if an individual covered by this policy believes that he or she may have a conflict of interest with respect to this policy or any particular transaction, he or she shall promptly and fully disclose the potential conflict to the Secretary. The Secretary will accumulate all disclosure statements and furnish them to the Conflict of Interest Review Committee. This three-member committee is comprised of the Chair of the Board of Trustees, the Chair of the Audit Committee, and a Trustee to be named by the Chair of the Board of Trustees. The Secretary will be responsible for ensuring compliance with this policy and shall report to the Conflict of Interest Review Committee those individuals failing to furnish an annual statement.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section B, line 15</ReturnReference>
        <Explanation>Compensation for the Dean at Vermont Law School is set and reviewed by the Executive Committee of the Board of Trustees. The Committee reviews comparison data in setting the salaries. The President and Dean has a contract which sets an initial salary. Salaries for employees are informed by market comparability studies done by the Director of Human Resources using the service of a third party and multiple commercial surveys. The annual increase for the President and Dean is reviewed by the Executive Committee.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section C, line 19</ReturnReference>
        <Explanation>The Organziation makes its Governing Documents, Conflict of Interest Policy, and Financial Statements available to the public upon request.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Changes in Net Assets or Fund Balances:</Identifier>
        <ReturnReference>Form 990, Part XI, line 5:</ReturnReference>
        <Explanation>Net unrealized losses on investments: -159,422.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part XII, Line 2c</ReturnReference>
        <Explanation>The organization has not changed its oversight or selection process during the year.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>