﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2011v1.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-06-05T06:09:13-07:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Siliski &amp; Buzzell PC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>PO Box 802</AddressLine1>
        <City>Rutland</City>
        <State>VT</State>
        <ZIPCode>057020802</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>030229347</EIN>
      <Name>
        <BusinessNameLine1>SHELBURNE FARMS</BusinessNameLine1>
      </Name>
      <NameControl>SHEL</NameControl>
      <Phone>8029858686</Phone>
      <USAddress>
        <AddressLine1>1611 HARBOR ROAD</AddressLine1>
        <City>SHELBURNE</City>
        <State>VT</State>
        <ZIPCode>05482</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>ALEXANDER S WEBB</Name>
      <Title>President</Title>
      <DateSigned>2012-05-31</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Robert E Buzzell Jr</Name>
      <Phone>8027757132</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="8">
    <IRS990 documentId="IRS990" referenceDocumentId="IRS990ScheduleO" softwareId="11000144" softwareVersion="2011v1.2">
      <NameOfPrincipalOfficerPerson>ALEXANDER S WEBB</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>1611 HARBOR ROAD</AddressLine1>
        <City>SHELBURNE</City>
        <State>VT</State>
        <ZIPCode>05482</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>6222869</GrossReceipts>
      <GroupReturnForAffiliates>false</GroupReturnForAffiliates>
      <AllAffiliatesIncluded>false</AllAffiliatesIncluded>
      <Organization501c3>X</Organization501c3>
      <WebSite>ShelburneFarms.org</WebSite>
      <TypeOfOrganizationCorporation>X</TypeOfOrganizationCorporation>
      <YearFormation>1972</YearFormation>
      <StateLegalDomicile>VT</StateLegalDomicile>
      <ActivityOrMissionDescription>Educating young people to become ecologically literate and caring citizens who make choices that create a healthy and just world and practicing the stewardship of natural and agricultural resources.</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>18</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>17</NbrIndependentVotingMembers>
      <TotalNbrEmployees>123</TotalNbrEmployees>
      <TotalNbrVolunteers>175</TotalNbrVolunteers>
      <TotalGrossUBI>0</TotalGrossUBI>
      <ContributionsGrantsPriorYear>4639294</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>3107044</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>882598</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>1053004</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>193013</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>112273</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>12737</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>18372</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>5727642</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>4290693</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsCY>0</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcPriorYear>1970954</SalariesEtcPriorYear>
      <SalariesEtcCurrentYear>2294440</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>198594</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>1487173</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>1696010</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>3458127</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>3990450</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>2269515</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>300243</RevenuesLessExpensesCY>
      <TotalAssetsBOY>28244078</TotalAssetsBOY>
      <TotalAssetsEOY>28451052</TotalAssetsEOY>
      <TotalLiabilitiesBOY>688125</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>627181</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>27555953</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>27823871</NetAssetsOrFundBalancesEOY>
      <MissionDescription>Sustainability Education: The mission of Shelburne Farms is to cultivate a conservation ethic for a sustainable future.</MissionDescription>
      <SignificantNewProgramServices>false</SignificantNewProgramServices>
      <SignificantChange>false</SignificantChange>
      <Expense>3524022</Expense>
      <Description>Shelburne Farms is a nonprofit education organization, 1,400 acre working farm and National Historic Landmark. The Farm offers learning experiences and resources for educators, schools, children and families that connect people with nature and agriculture and inspire stewardship in their home communities. The Farm collaborates extensively with other regional, national and international organizations to advance Education for Sustainability and serves as a catalyst and convener for strengthening local food, forestry and energy systems. In 2011 Shelburne Farms served over 138,000 program participants and visitors. This number was about 7,000 less than the previous year due to the discontinuation of the Vermont Mozart Festival. Ongoing program outreach initiatives include Farm to School and food systems education, the Farm-Based Education Association, regional and international Education for Sustainability learning communities, and a partnership with the Burlington School District and Sustainability Academy at Lawrence Barnes School. The Sustainability Academy is the first elementary magnet school with a sustainability theme in the country. One 2011 highlight was the 5th annual Farm-Based Education Conference held at the Coach Barn in November with over 240 attendees coming from as far away as California and Italy. FBEA is a network of farmers and educators dedicated to farm-based education and providing public access to working farms. Another highlight was completion of a two-year, CDC-funded project to share best practices among statewide partners to evaluate the impact of Farm to School programming on student food choice. Two thirds of Vermonts 320 elementary schools are now engaged in some sort of Farm to School programming, connecting students, local farms and communities to serve healthy meals in school cafeterias. One finding was that Vermont high school students eat more fresh fruits and vegetables than youth from most other states. This may be related to the fact that 79% of surveyed students reported that they have met a farmer in their area.On the Farm, special grants made possible infrastructure and composting system improvements at the market garden, a second solar photovoltaic installation on the Farm Barn roof, and other major campus improvements, including structural repairs of the Old Dairy Barn, continuing reconstruction at the Shelburne House gardens and construction of energy efficient farm employee housing.</Description>
      <TotalProgramServiceExpense>3524022</TotalProgramServiceExpense>
      <DescribedIn501C3 referenceDocumentId="IRS990ScheduleA">true</DescribedIn501C3>
      <ScheduleBRequired referenceDocumentId="IRS990ScheduleB">true</ScheduleBRequired>
      <PoliticalActivities>false</PoliticalActivities>
      <LobbyingActivities>false</LobbyingActivities>
      <SubjectToProxyTax>false</SubjectToProxyTax>
      <DonorAdvisedFunds referenceDocumentId="IRS990ScheduleD">false</DonorAdvisedFunds>
      <ConservationEasements referenceDocumentId="IRS990ScheduleD">false</ConservationEasements>
      <CollectionsOfArt referenceDocumentId="IRS990ScheduleD">false</CollectionsOfArt>
      <CreditCounseling referenceDocumentId="IRS990ScheduleD">false</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="IRS990ScheduleD">true</TermOrPermanentEndowments>
      <ReportLandBldgEquip referenceDocumentId="IRS990ScheduleD">true</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="IRS990ScheduleD">false</ReportInvestOthSecurities>
      <ReportProgRelInvest referenceDocumentId="IRS990ScheduleD">false</ReportProgRelInvest>
      <ReportOtherAssets referenceDocumentId="IRS990ScheduleD">false</ReportOtherAssets>
      <ReportOtherLiabilities referenceDocumentId="IRS990ScheduleD">true</ReportOtherLiabilities>
      <ReportFin48Footnote referenceDocumentId="IRS990ScheduleD">false</ReportFin48Footnote>
      <IndependentAuditFinancialStmt referenceDocumentId="IRS990ScheduleD">false</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt referenceDocumentId="IRS990ScheduleD">true</ConsolidatedAuditFinancialStmt>
      <School>false</School>
      <ForeignOffice>false</ForeignOffice>
      <ForeignActivities>false</ForeignActivities>
      <MoreThan5000KToOrganizations>false</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>false</MoreThan5000KToIndividuals>
      <ProfessionalFundraising referenceDocumentId="IRS990ScheduleG">false</ProfessionalFundraising>
      <FundraisingActivities referenceDocumentId="IRS990ScheduleG">true</FundraisingActivities>
      <Gaming referenceDocumentId="IRS990ScheduleG">false</Gaming>
      <Hospital>false</Hospital>
      <GrantsToOrganizations>false</GrantsToOrganizations>
      <GrantsToIndividuals>false</GrantsToIndividuals>
      <ScheduleJRequired>false</ScheduleJRequired>
      <TaxExemptBonds>false</TaxExemptBonds>
      <InvestTaxExemptBonds>false</InvestTaxExemptBonds>
      <EscrowAccount>false</EscrowAccount>
      <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      <ExcessBenefitTransaction>false</ExcessBenefitTransaction>
      <PriorExcessBenefitTransaction>false</PriorExcessBenefitTransaction>
      <LoanToOfficerOrDQP>false</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>false</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>false</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>false</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>false</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions referenceDocumentId="IRS990ScheduleM">true</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt referenceDocumentId="IRS990ScheduleM">false</DeductibleContributionsOfArt>
      <Terminated>false</Terminated>
      <PartialLiquidation>false</PartialLiquidation>
      <DisregardedEntity referenceDocumentId="IRS990ScheduleR">false</DisregardedEntity>
      <RelatedEntity referenceDocumentId="IRS990ScheduleR">true</RelatedEntity>
      <RelatedOrgControlledEntity>true</RelatedOrgControlledEntity>
      <TransactionRelatedEntity referenceDocumentId="IRS990ScheduleR">true</TransactionRelatedEntity>
      <TransfersToExemptNonChrtblOrg referenceDocumentId="IRS990ScheduleR">false</TransfersToExemptNonChrtblOrg>
      <ActivitiesConductedPartnership referenceDocumentId="IRS990ScheduleR">false</ActivitiesConductedPartnership>
      <ScheduleORequired>true</ScheduleORequired>
      <NumberFormsTransmittedWith1096>80</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <ComplianceWithBackupWitholding>false</ComplianceWithBackupWitholding>
      <NumberOfEmployees>123</NumberOfEmployees>
      <EmploymentTaxReturnsFiled>true</EmploymentTaxReturnsFiled>
      <UnrelatedBusinessIncome>true</UnrelatedBusinessIncome>
      <Form990-TFiled>true</Form990-TFiled>
      <ForeignFinancialAccount>false</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>false</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>false</TaxablePartyNotification>
      <Form8886TFiled>false</Form8886TFiled>
      <NonDeductibleContributions>false</NonDeductibleContributions>
      <NonDeductibleDisclosure>false</NonDeductibleDisclosure>
      <QuidProQuoContributions>false</QuidProQuoContributions>
      <QuidProQuoDisclosure>false</QuidProQuoDisclosure>
      <Form8282PropertyDisposedOf>false</Form8282PropertyDisposedOf>
      <NumberOf8282Filed>0</NumberOf8282Filed>
      <FundsToPayPremiums>false</FundsToPayPremiums>
      <PremiumsPaid>false</PremiumsPaid>
      <Form8899Filed>false</Form8899Filed>
      <Form1098CFiled>true</Form1098CFiled>
      <ExcessBusinessHoldings>false</ExcessBusinessHoldings>
      <TaxableDistributions>false</TaxableDistributions>
      <DistributionToDonor>false</DistributionToDonor>
      <FiledLieu1041>false</FiledLieu1041>
      <LicensedMoreThanOneState>false</LicensedMoreThanOneState>
      <IndoorTanningServices>false</IndoorTanningServices>
      <Form720Filed>false</Form720Filed>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>18</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>17</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>true</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>false</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>false</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>false</MaterialDiversionOrMisuse>
      <MembersOrStockholders>false</MembersOrStockholders>
      <ElectionOfBoardMembers>false</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>false</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>true</MinutesOfGoverningBody>
      <MinutesOfCommittees>true</MinutesOfCommittees>
      <OfficerMailingAddress>false</OfficerMailingAddress>
      <LocalChapters>false</LocalChapters>
      <PoliciesReferenceChapters>false</PoliciesReferenceChapters>
      <Form990ProvidedToGoverningBody>true</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>true</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>true</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>true</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>true</WhistleblowerPolicy>
      <DocumentRetentionPolicy>true</DocumentRetentionPolicy>
      <CompensationProcessCEO>true</CompensationProcessCEO>
      <CompensationProcessOther>true</CompensationProcessOther>
      <InvestmentInJointVenture>false</InvestmentInJointVenture>
      <WrittenPolicyOrProcedure>false</WrittenPolicyOrProcedure>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NamePerson>TOM NOLD</NamePerson>
        <TelephoneNumber>8029850330</TelephoneNumber>
        <AddressUS>
          <AddressLine1>1611 HARBOR ROAD</AddressLine1>
          <City>SHELBURNE</City>
          <State>VT</State>
          <ZIPCode>05482</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <Form990PartVIISectionA>
        <NamePerson>HUB VOGELMANN</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>LOLA VAN WAGENEN</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>LISA STEELE</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ERNIE POMERLEAU</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ANDREW MAYER</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>STEVE JOHNSON</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>NAN JENKS JAY</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DAVID HOLLENBECK</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>FRED BAY</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>BOB BAIRD</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JULIA ALVAREZ</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>SHARMY ALTSHULER</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>WILL JACKSON</NamePerson>
        <Title>Secretary</Title>
        <AverageHoursPerWeek>2.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DAVID MARVIN</NamePerson>
        <Title>Treasurer</Title>
        <AverageHoursPerWeek>2.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>CHARLOTTE STETSON</NamePerson>
        <Title>Vice-Chair</Title>
        <AverageHoursPerWeek>2.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>CASEY MURROW</NamePerson>
        <Title>Co-Chair</Title>
        <AverageHoursPerWeek>2.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MARY JANE GENTRY</NamePerson>
        <Title>Co-Chair</Title>
        <AverageHoursPerWeek>2.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ALEXANDER S WEBB</NamePerson>
        <Title>President</Title>
        <AverageHoursPerWeek>60.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>110084</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>4578</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>110084</TotalReportableCompFromOrg>
      <TotalOtherCompensation>4578</TotalOtherCompensation>
      <NumberIndividualsGT100K>1</NumberIndividualsGT100K>
      <FormersListed>false</FormersListed>
      <TotalCompGT150K>false</TotalCompGT150K>
      <CompensationFromOtherSources>false</CompensationFromOtherSources>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>MIDDLEBURY SLATE COMPANY</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>1205 HAZENS NOTCH ROAD</AddressLine1>
            <City>MONTGOMERY CENTER</City>
            <State>VT</State>
            <ZIPCode>05471</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>DAIRY HOUSE</DescriptionOfServices>
        <Compensation>112742</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>ISLAND EXCAVATING CORP</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>PO BOX 153</AddressLine1>
            <City>GRAND ISLE</City>
            <State>VT</State>
            <ZIPCode>05458</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>GROUNDS WORK</DescriptionOfServices>
        <Compensation>139847</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>CG STONE INC</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>PO BOX 1124</AddressLine1>
            <City>SARATOGA SPRINGS</City>
            <State>NY</State>
            <ZIPCode>12866</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>FORMAL GARDEN</DescriptionOfServices>
        <Compensation>115229</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>BUILDING ENERGY</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>1570 SOUTH BROWNELL ROAD</AddressLine1>
            <City>WILLISTON</City>
            <State>VT</State>
            <ZIPCode>05495</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>SOLAR PANELS</DescriptionOfServices>
        <Compensation>105039</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>BIRDSEYE BUILDING COMPANY</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>3104 HUNTINGTON ROAD</AddressLine1>
            <City>RICHMOND</City>
            <State>VT</State>
            <ZIPCode>05477</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>RENOVATIONS</DescriptionOfServices>
        <Compensation>393659</Compensation>
      </ContractorCompensation>
      <NumberOfContractorsGT100K>5</NumberOfContractorsGT100K>
      <GovernmentGrants>340287</GovernmentGrants>
      <AllOtherContributions>2766757</AllOtherContributions>
      <NoncashContributions>238514</NoncashContributions>
      <TotalContributions>3107044</TotalContributions>
      <ProgramServiceRevenue>
        <Description>SCHOOL PROGRAMS</Description>
        <BusinessCode>611600</BusinessCode>
        <TotalRevenueColumn>246977</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>246977</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>PUBLIC PROGRAMS</Description>
        <BusinessCode>611710</BusinessCode>
        <TotalRevenueColumn>280748</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>280748</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>PROGRAM FACILITIES</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>297225</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>297225</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>MILK AND LIVESTOCK</Description>
        <BusinessCode>110000</BusinessCode>
        <TotalRevenueColumn>228054</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>228054</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <TotalProgramServiceRevenue>1053004</TotalProgramServiceRevenue>
      <InvestmentIncome>
        <TotalRevenueColumn>87440</TotalRevenueColumn>
        <ExclusionAmount>87440</ExclusionAmount>
      </InvestmentIncome>
      <IncomeFromInvestBondProceeds>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </IncomeFromInvestBondProceeds>
      <RoyaltiesRevenue>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </RoyaltiesRevenue>
      <GrossRents>
        <Real>308728</Real>
      </GrossRents>
      <LessRentalExpenses>
        <Real>308728</Real>
      </LessRentalExpenses>
      <NetRentalIncomeOrLoss>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetRentalIncomeOrLoss>
      <GrossAmountSalesAssets>
        <Securities>1569788</Securities>
        <Other>36146</Other>
      </GrossAmountSalesAssets>
      <LessCostOthBasisSalesExpenses>
        <Securities>1581101</Securities>
      </LessCostOthBasisSalesExpenses>
      <GainOrLoss>
        <Securities>-11313</Securities>
        <Other>36146</Other>
      </GainOrLoss>
      <NetGainOrLossInvestments>
        <TotalRevenueColumn>24833</TotalRevenueColumn>
        <ExclusionAmount>24833</ExclusionAmount>
      </NetGainOrLossInvestments>
      <GrossIncomeFundraisingEvents>60719</GrossIncomeFundraisingEvents>
      <FundraisingDirectExpenses>42347</FundraisingDirectExpenses>
      <NetIncomeFromFundraisingEvents>
        <TotalRevenueColumn>18372</TotalRevenueColumn>
        <ExclusionAmount>18372</ExclusionAmount>
      </NetIncomeFromFundraisingEvents>
      <NetIncomeFromGaming>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetIncomeFromGaming>
      <NetIncomeOrLoss>
        <TotalRevenueColumn>0</TotalRevenueColumn>
      </NetIncomeOrLoss>
      <TotalOtherRevenue>0</TotalOtherRevenue>
      <TotalRevenue>
        <TotalRevenueColumn>4290693</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>1053004</RelatedOrExemptFunctionIncome>
        <ExclusionAmount>130645</ExclusionAmount>
      </TotalRevenue>
      <GrantsToDomesticOrgs>
        <Total>0</Total>
      </GrantsToDomesticOrgs>
      <GrantsToDomesticIndividuals>
        <Total>0</Total>
      </GrantsToDomesticIndividuals>
      <ForeignGrants>
        <Total>0</Total>
      </ForeignGrants>
      <BenefitsToMembers>
        <Total>0</Total>
      </BenefitsToMembers>
      <CompCurrentOfficersDirectors>
        <Total>114662</Total>
        <ProgramServices>47364</ProgramServices>
        <ManagementAndGeneral>33649</ManagementAndGeneral>
        <Fundraising>33649</Fundraising>
      </CompCurrentOfficersDirectors>
      <CompDisqualPersons>
        <Total>0</Total>
      </CompDisqualPersons>
      <OtherSalariesAndWages>
        <Total>2179778</Total>
        <ProgramServices>1893718</ProgramServices>
        <ManagementAndGeneral>149998</ManagementAndGeneral>
        <Fundraising>136062</Fundraising>
      </OtherSalariesAndWages>
      <PensionPlanContributions>
        <Total>0</Total>
      </PensionPlanContributions>
      <OtherEmployeeBenefits>
        <Total>0</Total>
      </OtherEmployeeBenefits>
      <PayrollTaxes>
        <Total>0</Total>
      </PayrollTaxes>
      <FeesForServicesManagement>
        <Total>0</Total>
      </FeesForServicesManagement>
      <FeesForServicesLegal>
        <Total>0</Total>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>0</Total>
      </FeesForServicesAccounting>
      <FeesForServicesLobbying>
        <Total>0</Total>
      </FeesForServicesLobbying>
      <FeesForServicesProfFundraising>
        <Total>0</Total>
      </FeesForServicesProfFundraising>
      <FeesForServicesInvstMgmntFees>
        <Total>0</Total>
      </FeesForServicesInvstMgmntFees>
      <FeesForServicesOther>
        <Total>0</Total>
      </FeesForServicesOther>
      <Advertising>
        <Total>0</Total>
      </Advertising>
      <OfficeExpenses>
        <Total>0</Total>
      </OfficeExpenses>
      <InformationTechnology>
        <Total>0</Total>
      </InformationTechnology>
      <Royalties>
        <Total>0</Total>
      </Royalties>
      <Occupancy>
        <Total>0</Total>
      </Occupancy>
      <Travel>
        <Total>87325</Total>
        <ProgramServices>87123</ProgramServices>
        <ManagementAndGeneral>126</ManagementAndGeneral>
        <Fundraising>76</Fundraising>
      </Travel>
      <TravelEntrtnmntPublicOfficials>
        <Total>0</Total>
      </TravelEntrtnmntPublicOfficials>
      <ConferencesMeetings>
        <Total>0</Total>
      </ConferencesMeetings>
      <Interest>
        <Total>0</Total>
      </Interest>
      <PaymentsToAffiliates>
        <Total>0</Total>
      </PaymentsToAffiliates>
      <DepreciationDepletion>
        <Total>420113</Total>
        <ProgramServices>411381</ProgramServices>
        <ManagementAndGeneral>8732</ManagementAndGeneral>
      </DepreciationDepletion>
      <Insurance>
        <Total>0</Total>
      </Insurance>
      <OtherExpenses>
        <Description>Supplies</Description>
        <Total>154590</Total>
        <ProgramServices>52886</ProgramServices>
        <ManagementAndGeneral>45392</ManagementAndGeneral>
        <Fundraising>56312</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Repairs &amp; Maint</Description>
        <Total>321838</Total>
        <ProgramServices>308505</ProgramServices>
        <ManagementAndGeneral>4426</ManagementAndGeneral>
        <Fundraising>8907</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Professional Services</Description>
        <Total>509696</Total>
        <ProgramServices>488509</ProgramServices>
        <ManagementAndGeneral>21187</ManagementAndGeneral>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Less Art Show Expenses</Description>
        <Total>-39582</Total>
        <Fundraising>-39582</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Fuel &amp; Utilities</Description>
        <Total>242030</Total>
        <ProgramServices>234536</ProgramServices>
        <ManagementAndGeneral>4324</ManagementAndGeneral>
        <Fundraising>3170</Fundraising>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>0</Total>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>3990450</Total>
        <ProgramServices>3524022</ProgramServices>
        <ManagementAndGeneral>267834</ManagementAndGeneral>
        <Fundraising>198594</Fundraising>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>1812561</BOY>
        <EOY>1391447</EOY>
      </CashNonInterestBearing>
      <SavingsAndTempCashInvestments>
        <BOY>712853</BOY>
        <EOY>444259</EOY>
      </SavingsAndTempCashInvestments>
      <PledgesAndGrantsReceivable>
        <BOY>648311</BOY>
        <EOY>312613</EOY>
      </PledgesAndGrantsReceivable>
      <AccountsReceivable>
        <BOY>96474</BOY>
        <EOY>129075</EOY>
      </AccountsReceivable>
      <ReceivablesFromOfficersEtc>
        <EOY>0</EOY>
      </ReceivablesFromOfficersEtc>
      <ReceivablesFromDisqualPersons>
        <EOY>0</EOY>
      </ReceivablesFromDisqualPersons>
      <OtherNotesLoansReceivableNet>
        <BOY>2190860</BOY>
        <EOY>1933545</EOY>
      </OtherNotesLoansReceivableNet>
      <InventoriesForSaleOrUse>
        <BOY>72571</BOY>
        <EOY>144595</EOY>
      </InventoriesForSaleOrUse>
      <PrepaidExpensesDeferredCharges>
        <BOY>11346</BOY>
        <EOY>9127</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>28649763</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>9370591</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>18275327</BOY>
        <EOY>19279172</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>4715255</BOY>
        <EOY>4812154</EOY>
      </InvestmentsPubTradedSecurities>
      <InvestmentsOtherSecurities>
        <BOY>-677620</BOY>
        <EOY>-519815</EOY>
      </InvestmentsOtherSecurities>
      <InvestmentsProgramRelated>
        <EOY>0</EOY>
      </InvestmentsProgramRelated>
      <IntangibleAssets>
        <EOY>0</EOY>
      </IntangibleAssets>
      <OtherAssetsTotal>
        <BOY>386140</BOY>
        <EOY>514880</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>28244078</BOY>
        <EOY>28451052</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>337846</BOY>
        <EOY>269341</EOY>
      </AccountsPayableAccruedExpenses>
      <DeferredRevenue>
        <BOY>7907</BOY>
        <EOY>2905</EOY>
      </DeferredRevenue>
      <OtherLiabilities>
        <BOY>342372</BOY>
        <EOY>354935</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>688125</BOY>
        <EOY>627181</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>25754356</BOY>
        <EOY>25875130</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>1493819</BOY>
        <EOY>1647064</EOY>
      </TemporarilyRestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>307778</BOY>
        <EOY>301677</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>27555953</BOY>
        <EOY>27823871</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>28244078</BOY>
        <EOY>28451052</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>300243</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-32325</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>false</FederalGrantAuditPerformed>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA" softwareId="11000144" softwareVersion="2011v1.2">
      <PubliclySupportedOrg509a2>X</PubliclySupportedOrg509a2>
      <GiftsGrantsContribReceived509>
        <CurrentTaxYearMinus4Years>3387063</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>4544855</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>2561648</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>4639294</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>3107044</CurrentTaxYear>
        <Total>18239904</Total>
      </GiftsGrantsContribReceived509>
      <GrossReceiptsFromAdmissions>
        <CurrentTaxYearMinus4Years>1221108</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>805316</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>857627</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>882598</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>1053004</CurrentTaxYear>
        <Total>4819653</Total>
      </GrossReceiptsFromAdmissions>
      <GrossReceiptsFromNonUBI>
        <Total>0</Total>
      </GrossReceiptsFromNonUBI>
      <TaxRevLeviedForOrgBenefit509>
        <Total>0</Total>
      </TaxRevLeviedForOrgBenefit509>
      <ValueOfSvcsFcltsFurnishdByGovt>
        <Total>0</Total>
      </ValueOfSvcsFcltsFurnishdByGovt>
      <Total509>
        <CurrentTaxYearMinus4Years>4608171</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>5350171</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>3419275</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>5521892</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>4160048</CurrentTaxYear>
        <Total>23059557</Total>
      </Total509>
      <AmtsRecdFromDisqualPersons>
        <CurrentTaxYearMinus4Years>725700</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>2805639</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>947085</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>2411024</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>884968</CurrentTaxYear>
        <Total>7774416</Total>
      </AmtsRecdFromDisqualPersons>
      <AmtsFromSubstContributors>
        <CurrentTaxYear>535793</CurrentTaxYear>
        <Total>535793</Total>
      </AmtsFromSubstContributors>
      <SupportFromDQPsEtc>
        <CurrentTaxYearMinus4Years>725700</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>2805639</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>947085</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>2411024</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>1420761</CurrentTaxYear>
        <Total>8310209</Total>
      </SupportFromDQPsEtc>
      <PublicSupportTotal509>14749348</PublicSupportTotal509>
      <GrossInvestmentIncome509>
        <CurrentTaxYearMinus4Years>522839</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>478347</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>427572</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>411119</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>396168</CurrentTaxYear>
        <Total>2236045</Total>
      </GrossInvestmentIncome509>
      <Post1975UBTI>
        <Total>0</Total>
      </Post1975UBTI>
      <InvestmentIncomeAndUBTI>
        <CurrentTaxYearMinus4Years>522839</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>478347</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>427572</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>411119</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>396168</CurrentTaxYear>
        <Total>2236045</Total>
      </InvestmentIncomeAndUBTI>
      <NetIncomeFromOtherUBI>
        <CurrentTaxYearMinus4Years>1</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>1</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>1</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>1</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>1</CurrentTaxYear>
        <Total>5</Total>
      </NetIncomeFromOtherUBI>
      <OtherIncome509>
        <Total>0</Total>
      </OtherIncome509>
      <TotalSupportTotal>
        <CurrentTaxYearMinus4Years>5131011</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>5828519</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>3846848</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>5933012</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>4556217</CurrentTaxYear>
        <Total>25295607</Total>
      </TotalSupportTotal>
      <PublicSupportPercentage509>0.58310</PublicSupportPercentage509>
      <PriorYearSupportPercentage>0.59650</PriorYearSupportPercentage>
      <InvestmentIncomePercentage>0.08840</InvestmentIncomePercentage>
      <PriorYrInvestIncomePercentage>0.09330</PriorYrInvestIncomePercentage>
      <ThirtyThreePercntTestsCY509>X</ThirtyThreePercntTestsCY509>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB" softwareId="11000144" softwareVersion="2011v1.2">
      <ContributorInfo>
        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="IRS990ScheduleD" softwareId="11000144" softwareVersion="2011v1.2">
      <CurrentYear>
        <BeginningOfYearBalance>4462748</BeginningOfYearBalance>
        <Contributions>122160</Contributions>
        <InvestmentEarningsOrLosses>11989</InvestmentEarningsOrLosses>
        <OtherExpenditures>-169992</OtherExpenditures>
        <AdministrativeExpenses>-27868</AdministrativeExpenses>
        <EndOfYearBalance>4399037</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>300942</BeginningOfYearBalance>
        <Contributions>4153842</Contributions>
        <InvestmentEarningsOrLosses>193941</InvestmentEarningsOrLosses>
        <OtherExpenditures>-163293</OtherExpenditures>
        <AdministrativeExpenses>-22684</AdministrativeExpenses>
        <EndOfYearBalance>4462748</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>279997</BeginningOfYearBalance>
        <Contributions>1150</Contributions>
        <InvestmentEarningsOrLosses>27184</InvestmentEarningsOrLosses>
        <OtherExpenditures>-7389</OtherExpenditures>
        <EndOfYearBalance>300942</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <BoardDesignatedEOYBalance>0.91370</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.06860</PermanentEndowmentEOYBalance>
      <TermEndowmentEOYBalance>0.01770</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>true</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <Land>
        <InvestmentCostOrOtherBasis>797200</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>6713668</OtherCostOrOtherBasis>
        <BookValue>7510868</BookValue>
      </Land>
      <Buildings>
        <InvestmentCostOrOtherBasis>1744926</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>1280734</OtherCostOrOtherBasis>
        <Depreciation>1775616</Depreciation>
        <BookValue>1250044</BookValue>
      </Buildings>
      <LeaseholdImprovements>
        <InvestmentCostOrOtherBasis>2046950</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>13432688</OtherCostOrOtherBasis>
        <Depreciation>5613255</Depreciation>
        <BookValue>9866383</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <InvestmentCostOrOtherBasis>769934</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>1565990</OtherCostOrOtherBasis>
        <Depreciation>1719754</Depreciation>
        <BookValue>616170</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <InvestmentCostOrOtherBasis>237600</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>60073</OtherCostOrOtherBasis>
        <Depreciation>261966</Depreciation>
        <BookValue>35707</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>19279172</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>ACCRUED PAYROLL AND RELATED LIAB</Description>
        <Amount>354935</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>354935</TotalOfAmounts>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XI, Line 8</Identifier>
        <ReturnReference>Part XI, Line 8: Other Changes in Net Assets or Fund Balances</ReturnReference>
        <Explanation>SFI NET INCOME $36302</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part V, Line 4</Identifier>
        <ReturnReference>Part V, Line 4: Intended uses of the endowment fund.</ReturnReference>
        <Explanation>Donors to the Farm's endowment fund create a legacy that will benefit future generations. Endowment funds help ensure continuing educational outreach and the care and use of the property for educational and community purposes. Gifts may be designated by the donor for different purposes such as general support, education programs, agricultural activities, landscape and gardens, building maintenance, the archives, etc.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="IRS990ScheduleG" softwareId="11000144" softwareVersion="2011v1.2">
      <AgreementRefFundraising>false</AgreementRefFundraising>
      <EventsInformation>
        <NameOfEvent1>ART SHOW</NameOfEvent1>
        <GrossReceiptsEvent1>60719</GrossReceiptsEvent1>
        <GrossRevenueEvent1>60719</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>42347</OtherDirectExpensesEvent1>
        <GrossReceiptsTotal>60719</GrossReceiptsTotal>
        <GrossRevenueTotalEvents>60719</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>42347</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>42347</DirectExpenseSummaryEvents>
        <NetIncomeSummary>18372</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="11000144" softwareVersion="2011v1.2">
      <CarsAndOtherVehicles>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>27621</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>KELLY BLUE BK</MethodOfDeterminingRevenues>
      </CarsAndOtherVehicles>
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>19</NumberOfContributions>
        <NoncashContribsRptdF990>210893</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>STOCK EXCHANGE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>Part I, Line 32, Hire and Use of Third Parties</Identifier>
        <Explanation>INVESTMENT BANK- MERRILL LYNCH CHASE</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="11000144" softwareVersion="2011v1.2">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>Governing documents, policies, and financial statement information will be made available to the public upon request.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>The Board of Directors reviews compensation and benefits for Megan Camp, Vice President through its investment committee. This committee uses national, regional, and state compensation surveys to determine appropriate compensation.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>Policies are reviewed at the committee level and then discussed at the Board level with changes made if necessary. Each year the board members sign that they are in compliance with the policy.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>The audit committee reviews the information and reports it to the Board of Directors. A 990 tutorial was provided to Board members.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 2</Identifier>
        <ReturnReference>Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et</ReturnReference>
        <Explanation>Alexander Webb, President, and Megan Camp, Vice President, are married.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR" softwareId="11000144" softwareVersion="2011v1.2">
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>ULYSSES COMPANY</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1611 HARBOR ROAD</AddressLine1>
          <City>SHELBURNE</City>
          <State>VT</State>
          <ZIPCode>05482</ZIPCode>
        </AddressUS>
        <EIN>136098837</EIN>
        <PrimaryActivity>RENEWABLE ENERGY INVESTMENT</PrimaryActivity>
        <LegalDomicileState>AL</LegalDomicileState>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>167180</ShareOfTotalIncome>
        <ShareOfEOYAssets>221847</ShareOfEOYAssets>
        <PercentageOwnership>0.51800</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>SHELBURNE FARMS INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1611 HARBOR ROAD</AddressLine1>
          <City>SHELBURNE</City>
          <State>VT</State>
          <ZIPCode>05482</ZIPCode>
        </AddressUS>
        <EIN>030304285</EIN>
        <PrimaryActivity>GUEST SERVICES/ FARM PRODUCTS</PrimaryActivity>
        <LegalDomicileState>VT</LegalDomicileState>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>1436606</ShareOfTotalIncome>
        <ShareOfEOYAssets>1171045</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>true</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>SHELBURNE FARMS INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>a</TransactionType>
        <AmountInvolved>308728</AmountInvolved>
        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>