2012-05-14T14:09:12-05:00 2011-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2010-07-01 030179414 BENNINGTON COLLEGE CORPORATION BENN 8024404358 ONE COLLEGE DRIVE BENNINGTON VT 05201 LAURA KRAUSE 2012-05-14 6179881000 2010 2016-02-24 21:20:13Z LAURA KRAUSE ONE COLLEGE DRIVE BENNINGTON VT 05201 48465144 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. 21 21 1109 249 -35266 -35516 5107540 8713602 34134495 35835241 242321 593436 678726 639875 40163082 45782154 12543761 13076436 0 0 18151611 19591947 0 0 1560314 9677814 10636666 40373186 43305049 -210104 2477105 99438738 104061566 38461970 37207744 60976768 66853822 X BENNINGTON COLLEGE IS A LIBERAL ARTS EDUCATIONAL INSTITUTION LOCATED I IN BENNINGTON, VERMONT. THE UNDERGRADUATE ENROLLMENT IS MORE THAN 660 STUDENTS. false false 31328056 12947856 33367700 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* 1366237 128580 2467541 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 2010-11, THESE PROGRAMS SERVED 143 STUDENTS. 32694293 true true false true false false true false true true false false true false 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 1109 true true true false false false false false false false false false X 21 21 false false false false false false false true true false false true true true true true true true false false VT 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 ALBERT F FREIHOFER 1.0 X 0 0 0 CHRISTOPHER HAMMOND 1.0 X 0 0 0 MICHAEL HECHT 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 0 0 0 SETH MASTERS 1.0 X 0 0 0 AARTI RANA 1.0 X 0 0 0 CAROLYN CROSSETT ROWLAND 1.0 X 0 0 0 DANIEL B ROWLAND 1.0 X 0 0 0 ELIZABETH SCHULZ 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 X 0 0 0 PENELOPE PERKINS WILSON 1.0 X 0 0 0 ELIZABETH COLEMAN 40.0 X 395358 0 35186 LAURA KRAUSE 40.0 X 26618 0 1356 JANET MARSDEN 40.0 X 97500 0 5258 PAIGE BARTELS 40.0 X 158534 0 11243 PAUL HIMMELMAN 40.0 X 115813 0 10285 DAVID REES 40.0 X 126294 0 9112 WILLIAM P MORGAN 40.0 X 156523 0 11024 ELISSA TENNY 40.0 X 100874 0 5504 JOAN GOODRICH 40.0 X 148927 0 10175 ALAN USAS 40.0 X 123273 0 8216 1449714 0 107359 8 true true false TOD WILLIAMS BILLIE TSIEN ARCHITECT 222 CENTRAL PARK SOUTH NEW YORK NY 10019 ARCHITECT SVCS 288653 CENTERLINE ARCHITECTS 302 MAIN STREET BENNINGTON VT 05201 ARCHITECT SVCS 207053 GEORGE STROFFOLENO SON PO BOX 453 ARLINGTON VT 05250 CONSTRUCTION 209152 RUSSELL CONSTRUCTION SERVICES INC 170 SOUTH MAIN STREET RUTLAND VT 05701 GNRL CONTRACTOR 401983 DANIEL O'CONNELL'S SONS INC 480 HAMPDEN STREET PO BOX 267 HOLYOKE MA 01040 GNRL CONTRACTOR 1248851 11 357581 8356021 1349524 8713602 TUITION AND FEES 611710 28849353 28849353 ROOM & BOARD 721310 6985888 6985888 35835241 483892 483891 0 0 459842 363548 96294 96294 -35266 131560 2428986 2319442 109544 109544 109544 0 0 0 STUDENT SNACK BAR 722210 179863 179863 BOOKSTORE REVENUE 611710 289585 289585 TELEPHONE USAGE FEES 611710 42063 42063 32070 32070 543581 45782154 35835241 -35266 1268576 0 13076436 13076436 0 0 1296092 216426 868856 210810 0 14685597 11389240 2476923 819434 611660 352001 230972 28687 1910358 1024906 768240 117212 1088240 586197 435506 66537 167825 42470 83647 41708 111023 8062 102961 137500 137500 0 0 0 0 74576 27256 47320 720366 403690 254600 62076 465854 417989 26544 21321 0 1165485 905326 260159 376245 125150 172695 78400 0 138072 65361 56175 16536 1309319 398217 911102 0 1944944 1716276 228668 440495 352667 87828 CHANGE IN CAPITALIZ. POLICY 597990 597990 PURCHASED SERVICES 1653366 1186553 436151 30662 FOOD AND FUNCTIONS 822695 209826 588227 24642 PROJECTS AND EVENTS 244595 58636 146537 39422 BOOKS AND SUBSCRIPTIONS 103800 98553 4794 453 162516 33055 127047 2414 43305049 32694293 9050442 1560314 12130 14330 20660098 14759975 13232178 11204208 541121 553676 234435 267450 561676 207498 83706877 29547800 45415740 54159077 11348064 14559434 7433296 8335918 99438738 104061566 5669865 5218818 2223278 2257492 30338770 29731434 230057 0 38461970 37207744 X 25893233 31040550 21063589 20678459 14019946 15134813 60976768 66853822 99438738 104061566 X 2477105 3399949 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 $3,042. APPROXIMATELY $500 OF THIS AMOUNT WAS ALLOCATED TO LOBBYING. X X X false 13363529 872264 1285568 15521361 12966861 10912 385756 13363529 14970620 49498 -2001478 51779 12966861 1.00000 false false 1555100 1555100 47444792 20062006 27382786 10939391 8826463 2112928 0 23767594 659332 23108262 54159076 SPLIT-INTEREST AGREEMENT 7296403 INTEREST RATE SWAPS 281337 OTHER ASSETS 758178 8335918 0 INTEREST RATE SWAPS AT FMV 0 0 45782154 43305049 2477105 2047105 1352844 3399949 5877054 49545651 2047105 1352844 3399949 46145702 -363548 -363548 45782154 43668597 363548 363548 43305049 43305049 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 68 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 511,394 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 867,163 CHANGE IN VALUE OF BENEFICIAL INTEREST (25,713) TOTAL 1,352,844 OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN PART XII, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 511,394 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 867,163 CHANGE IN VALUE OF BENEFICIAL INTEREST (25,713) TOTAL 1,352,844 OTHER REVENUE INCLUDED ON RETURN NOT IN FINANCIAL STATEMENTS PART XII, LINE 4B RECLASS OF RENTAL EXPENSES 363,548 OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS NOT ON RETURN PART XIII, LINE 2D RECLASS OF RENTAL EXPENSES 363,548 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. SCHEDULE E - EXPLANATION FOR LINE 6A BENNINGTON COLLEGE STUDENTS RECEIVE SEOG, PELL, AC AND SMART GRANTS ALONG WITH FEDERAL WORK STUDY MONEY. Europe (Including Iceland and Greenland) 0 0 Program Services RECRUITMENT 17669 Middle East and North Africa 0 0 Program Services RECRUITMENT 4417 0 0 0 0 22086 22086 STUDY ABROAD Europe/Iceland/Greenland false false false false false false true FEDERAL GRANTS 367 372991 BENNINGTON GRANT 406 8767451 BROCKWAY SCHOLARSHIP 303 3534725 BENNINGTON SCHOLARSHIP 16 357613 OTHER GRANTS 12 43656 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 ELIZABETH COLEMAN 395358 0 0 0 0 0 19160 0 16026 0 430544 0 0 0 PAIGE BARTELS 158534 0 0 0 0 0 10513 0 730 0 169777 0 0 0 WILLIAM P MORGAN 156523 0 0 0 0 0 10312 0 712 0 167547 0 0 0 ALAN USAS 123273 0 0 0 0 0 6987 0 1229 0 131489 0 0 0 ELISSA TENNY 100874 0 0 0 0 0 5044 0 460 0 106378 0 0 0 JOAN GOODRICH 148927 0 0 0 0 0 9553 0 622 0 159102 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. VT ED & HEALTH BUILDINGS FINANCE AUTH 237454467 2006-11-03 3000000 CONSTRUCTION OF FACILITY false false false VERMONT ECONOMIC DEVELOPMENT AUTHORITY 036024497 2008-12-16 10000000 SEE PART V DISCLOSURE 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 3128819 35480 3093339 2008 false false true true 10015871 171963 2877664 6966244 2011 false true true true 10135471 110060 10025411 2011 false false true true 8248902 125000 6735073 1388828 2012 false false false true false false false false true true false false false false true true false false false false true true false false false false true true false false false false false true false true true TD BANK NA 20.1 false false false false true false true true TD BANK NA 20. false false false false false false true true TD BANK NA 19.7 false false false false false PART I, LINE B BOND ISSUE B, COLUMN F - CONSTRUCTION OF FACILITY AND REFUNDING OF PRIOR BOND ISSUE (10/21/99) PART II, LINE 3 THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. X 22 1349524 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 668 UNDERGRADUATES HAIL FROM 31 COUNTRIES AND 42 STATES, AND THEY HAVE SPENT FIELD WORK TERM ON 6 OUT OF 7 CONTINENTS. FORM 990 REVIEW PROCESS PART VI, SECTION B, LINE 11A THE FINANCE & AUDIT COMMITTEE OF THE BOARD OF TRUSTEES RECEIVES A DRAFT OF THE FORM 990 FOR THEIR REVIEW AND COMMENTS. AFTER ALL COMMENTS AND QUESTIONS FROM THE FINANCE & AUDIT COMMITTEE WERE ADDRESSED, ANY CHANGES OR CORRECTIONS WERE MADE PRIOR TO SUBMISSION OF THE FINAL FORM 990. 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 PERTINENT 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. PART XI, LINE 5 OTHER CHANGES IN NET ASSETS NET UNREALIZED GAINS ON INVESTMENTS $2,047,105 UNREALIZED NET GAIN ON CHANGES IN FAIR VALUE OF INTEREST RATE SWAP $ 511,394 UNREALIZED NET GAIN ON CHANGES IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS $ 867,163 UNREALIZED NET LOSS ON CHANGES IN FAIR VALUE OF BENEFICIAL INTEREST $(25,713) ----------- TOTAL $ 3,399,949 =========== BENNINGTON COLLEGE REST & CATERERS LTD ONE COLLEGE DRIVE BENNINGTON VT 05201 030287721 DINING SERVIC VT NA C -35266 20372 1.00000 false false false false false false false false false false false false false false false false true false