2012-05-14T15:15:05-05:00 2011-06-30 990 2010-07-01 030179298 President and Fellows of Middlebury College PRES 8024435699 Controllers Office No 230 Middlebury VT 05753 Patrick J Norton 8024435699 2012-05-14 2010 2016-02-24 21:20:13Z Ronald D Liebowitz Old Chapel Road Middlebury VT 05753 327938000 0 X http://www.middlebury.edu X 1800 VT We are a liberal arts college offering graduate and specialized programs around the world. 34 32 4946 3522 554324 -2087925 35994000 47273000 157526381 191823687 34599914 38268589 110305 128724 228230600 277494000 42057578 48755776 0 0 107897002 128263997 4091 0 6976872 100160929 96733227 250119600 273753000 -21889000 3741000 1326187000 1442890000 397296000 386751000 928891000 1056139000 X None 0 0 70952000 0 179968000 Instruction represents the expenses for the educational programs. The programs are comprised of students who are full time on the Middlebury campus plus the students who are attending the study abroad and summer programs. A bachelors degree and a masters in language and English are the primary degrees granted. 39731000 387841 0 Academic Support represents sponsored activities expenses incurred in support of the educational activities for enrolled students. 77079000 47913000 0 Student services and financial aid represents expenses incurred in the support of the enrolled students. 37791935 454935 10471705 Auxiliary enterprises represent expenses of dormitories, and the expenses and revenue from recreational facilities and food services. Also included is the grant commitment to support the bridge for the Town of Middlebury. 37791935 454935 10471705 225553935 1 1 0 1 0 0 1 0 1 1 1 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 1 0 1 0 1 1 0 0 0 1 1 1 0 0 1 X 888 0 1 4946 1 1 1 1 GM FR RS SP UK IT JA CI EG AR 0 0 0 0 0 0 0 0 X 34 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 VT X Patrick J Norton 8024435699 Old Chapel Middlebury VT 05753 Ronald Liebowitz 40.00 X X 357462 0 183467 Frederick M Fritz 5.00 X 0 0 0 Marna C Whittington 5.00 X 0 0 0 John R Tormondsen 5.00 X 0 0 0 Kendrick R Wilson III 5.00 X 0 0 0 Roxanne M Leighton 1.00 X 0 0 0 Louis Bacon 1.00 X 0 0 0 Anthony M Civale 1.00 X 0 0 0 Charles M Gately 1.00 X 0 0 0 Olivier PLHalley 1.00 X 0 0 0 Beverly L Hamilton 1.00 X 0 0 0 Jane Rosenthal Horvitz 1.00 X 0 0 0 James R Keyes 1.00 X 0 0 0 Patrick L McConathy 1.00 X 0 0 0 Stephen McDonald 1.00 X 0 0 0 Michael C Obel-Omia 1.00 X 0 0 0 Kimberly Collins Parizeau 1.00 X 0 0 0 Steven B Peterson 1.00 X 0 0 0 Elisabeth B Robert 1.00 X 0 0 0 Deborah G Thomas 1.00 X 0 0 0 James Edward Virtue 1.00 X 0 0 0 Adrian Benepe 1.00 X 0 0 0 Donald M Elliman Jr 1.00 X 0 0 0 Ann Williams Jackson 1.00 X 0 0 0 Susan J Scher 1.00 X 0 0 0 Jed A Smith 1.00 X 0 0 0 Linda Foster Whitton 1.00 X 0 0 0 Allan Dragone Jr 1.00 X 0 0 0 David R Mittelman 1.00 X 0 0 0 David A Salem 1.00 X 0 0 0 Russell J Leng 1.00 X 0 0 0 Garrett M Moran 1.00 X 0 0 0 S Carolyn Ramos 1.00 X 0 0 0 Amy Geier 1.00 X 0 0 15000 Patrick J Norton 40.00 X 220024 0 162691 David Donahue 40.00 X 137103 0 35908 Michael Geisler 40.00 X 156308 0 143946 Tim Spears 40.00 X 178827 0 79525 Michael Schoenfeld 40.00 X 216104 0 59468 Sunder Ramaswamy 40.00 X 334688 0 127866 Michael Katz 40.00 X 417770 0 51955 Robert Martin 40.00 X 402677 0 46498 Roberto Veguez 40.00 X 396014 0 50432 Michael Claudon 40.00 X 379435 0 43749 Gary Margolis 40.00 X 368587 0 39994 John McCardell 40.00 X 208276 0 35124 F Robert Huth 40.00 X 309770 0 117924 4083045 0 1193547 172 1 1 0 Engelberth Construction Co Inc 463 Mtn View Drive Colchester VT 05446 Construction 5926698 Adaptive Communications LLC 230 Commerce Way Suite 100 Portsmouth NH 03801 IT Services 2785413 Mill Bridge Construction Pulp Mill Bridge Road Middlebury VT 05753 Construction 1353142 EBSCO PO Box 830625 5724 Hwy Birmingham AL 35283 on line Subscription Service 895917 Breadloaf Construction 1293 Route 7 South Middlebury VT 05753 Construction 881544 48 5967000 41306000 7169998 47273000 Tuition and Fees 611710 179968000 179968000 Snow Bowl 713990 1160983 475466 685517 Golf Course 713910 507043 151845 355198 51 Main at the Bridge 722100 286224 286224 Advertising 541800 57043 57043 9844394 9844394 191823687 1180589 -863979 2044568 623 623 93780 93780 93780 93780 87532000 50444000 37088000 37088000 37088000 Book store sale items 451211 34321 34321 34321 277494000 190439705 554324 39226971 842776 842776 47913000 47913000 2148870 365308 1418254 365308 350156 290605 59551 95273748 79400961 12916927 2955860 10020444 8424423 1275797 320224 14161440 11758895 1922600 479945 6309339 5211625 875000 222714 516690 516690 324313 324313 2977 2977 2436000 2436000 315712 184059 110845 20808 1530813 904369 441994 184450 1695030 509684 1184191 1155 10420685 9308908 1099119 12658 5477516 4383796 749729 343991 2613 2613 435115 201277 213591 20247 12859489 10905968 1953521 21548000 16777895 4770105 1847255 1554853 292402 Other Contracted Ser. 8605967 6109067 2193142 303758 Miscellaneous Expense 8385421 7381345 792321 211755 Supplies 3752394 3221995 498945 31454 Food & Catering 3684818 3657970 24166 2682 Equipment rentals 3606656 2191596 1410906 4154 9285763 4053560 3796045 1436158 273753000 225553935 41222193 6976872 15075000 20296000 10638000 6211000 38982000 33980000 5887000 7448000 99838 123943 24559000 23310000 1063000 1005000 3218000 3994000 632263000 267927000 361347000 364336000 275211000 306816226 561360556 643351480 5976606 5101351 22770000 26917000 1326187000 1442890000 53405000 44781000 18767000 17175000 290239000 287430000 34885000 37365000 397296000 386751000 X 394983000 324200000 261725000 444835000 272183000 287104000 928891000 1056139000 1326187000 1442890000 X 3741000 123507000 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 1 0 0 1 2975 0 1 1 2977 0 Explanation of Other Lobbying Activities: Part II-B, Line 1i: The College pays dues to trade associations, some of which may be used for lobbying purposes. The College President signed a letter to support an amendment to the Senate climate legislation and a letter in support of the Federal Research Public Access Act. The College has a contract with a private company who actively participated in the tax issues involving the proposed effort to tax currently tax-exempt property, the proposed mandatory employee work break bill and other legislative matters in the State of Vermont. 0 11429000 X X X X 0 870888000 13150000 169794000 -7701272 -54243601 -13065127 978822000 690690591 112640409 120024378 -7863643 -44398357 -205378 870888000 872049176 13551367 -135845405 -7724184 -51235816 -104547 690690591 0.31200 0.29340 0.39460 0 1 0 50803000 50803000 491327000 220758000 270569000 67437000 47169000 20268000 22696000 22696000 364336000 Debt Securities 50462000 F Investment 2402558 F Trust Assets 4978346 F Life Estates 1169097 F Money Market funds 41925000 F Due from Broker 5669000 F Absolute Return 206070000 F Private Equity Partnerships 308339000 F Other Investments 7171046 F Real Estate Investments 1703448 F Mortgage Investment 19351 F Investment Fund 2746897 F Promissory note 507358 F Miscellaneous Investment 7042433 F Contributions Rec. CRUTS 3145946 F 643351480 Interest in perpetual trusts held by others 25872000 Deposit with bond trustees 1045000 26917000 Funds held for others 4793000 Annuities and Unitrusts payable 18774000 Refundable Government Loans 13798000 37365000 Part III, Line 4: The Middlebury College Museum of Art is closely linked to the educational mission of Middlebury College and is particularly linked to the department of History of Art and Architecture and the Studio Art program. The Museum strives to acquire works that reflect a variety of artistic and cultural endeavors. The primary goal of the Museum's collecting activities is to develop an eclectic body of representative artifacts that illustrate and interpret artistic expression in diverse forms from a broad range of cultures. The Museum's permanent collection supports the educational goals and cultural enrichment of the academic community. The collection is used to further scholarly research as well as appreciation for works of art, history, and culture of diverse societies. Description of Intended Use of Endowment Funds: Part V, Line 4: The College's endowment consists of donor restricted endowment funds and board-designated funds to function as endowment for a variety of purposes. The College's Board of Trustees approves a distribution of investment return based on the average asset value as determined at the end of the twelve prior calendar quarters. Calculations are performed for individual endowment funds at a rate of 5.0%. The corresponding calculated spending allocations are distributed monthly from the current net total or accumulated net total investment returns for individual endowment funds and are used for scholarships, prizes, professorships, special purposes, and capital projects. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Explanation of Nondiscriminatory Policy Publication Schedule E, Part I, Line 3 Published in College Catalogues Explanation of Government Financial Assistance Schedule E, Part I, Line 6 Students apply for and receive federal financial aid and professors apply for and receive government grants. Europe 6 155 Program Service Studies Abroad 4266000 East Asia and the Pacific 4 4 Program Service Studies Abroad 1356000 Middle East and North Africa 1 28 Program Service Studies Abroad 334000 Russia and Newly Independent States 3 15 Program Service Studies Abroad 712000 South America 2 45 Program Service Studies Abroad 770000 Europe Fundraising 17000 East Asia and the Pacific Fundraising 25000 North America 1 Program ServiceProgram Service Studies Abroad 10000 South Asia Program Services Studies Abroad 15000 Sub-Saharan Africa Program Services Exploratory Visit 27000 Central America & the Caribbean Investments 241000000 Central America & the Caribbean Research 11000 East Asia and the Pacific Research 42000 Europe Research 157000 Middle East and North Africa Research 17000 North America Research 46000 South America Research 11000 South Asia Research 7000 Middle East and North Africa Program Services Exploratory Visit 20000 Russia and Newly Independent States Research 19000 Central America & the Caribbean Program Service Studies Abroad 2000 North America Fundraising 1000 East Asia and the Pacific Attending Conferences 12000 Middle East and North Africa Attending Conferences 5000 Europe Attending Conferences 22000 North America Attending Conference 6000 Russia and Newly Independent States Attending Conference 7000 South America Attending Conference 4000 South Asia Attending Conference 1000 248 0 248 7490000 241432000 248922000 1 0 1 1 1 0 Method Used to Acccount for Expenditures: Schedule F, Part I, Line 3: Expenditures are recorded on the accrual basis of accounting. 1 All American Marine Inc 200 Harris Ave Bellingham WA 98225 911584556 263666 0 Construction of research vessel University of Southern California University Gardens Los Angeles CA 900898003 951642394 501(c)(3) 48000 0 Biomedical Research Town of Middlebury 94 Main Street Middlebury VT 05753 Town-Middlebury 454935 0 Town Bridge Project Potomac Theatre Project 4 Nedde Lane Middlebury VT 05753 132960856 501(c)(3) 76175 0 Professional theatre company affiliated with Middlebury College 3 1 Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset. 2830 47913000 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Disbursements in furtherance of the College's exempt programs are made in accordance with procedures or subject to conditions established by the College's governing board designed to ensure that the individuals receiving disbursements from the College are adequately investigated to ensure that they are qualifying recipients. Grant sub-awardees are required to submit A-133 reports which are reviewed by the College's grant accountant. All billings are reviewed and approved by the principal investigator and grant accountant before being paid. X X X X X X X 1 1 X X X X X 1 1 0 0 0 0 0 0 1 1 Ronald Liebowitz 259697 0 0 0 97765 0 170617 0 12850 0 540929 0 0 0 Patrick J Norton 217899 0 0 0 2125 0 137613 0 25078 0 382715 0 0 0 David Donahue 135087 0 0 0 2016 0 13291 0 22617 0 173011 0 0 0 Michael Geisler 154275 0 0 0 2033 0 122703 0 21243 0 300254 0 0 0 Tim Spears 176892 0 0 0 1935 0 41439 0 38086 0 258352 0 0 0 Michael Schoenfeld 212741 0 0 0 3363 0 47979 0 11489 0 275572 0 0 0 Sunder Ramaswamy 304354 0 0 0 30334 0 95774 0 32092 0 462554 0 0 0 Michael Katz 153107 0 0 0 264663 0 35689 0 16266 0 469725 0 0 0 Robert Martin 137104 0 0 0 265573 0 31805 0 14693 0 449175 0 0 0 Roberto Veguez 142238 0 0 0 253776 0 33362 0 17070 0 446446 0 0 0 Michael Claudon 142802 0 0 0 236633 0 32736 0 11013 0 423184 0 0 0 Gary Margolis 140570 0 0 0 228017 0 31663 0 8331 0 408581 0 0 0 John McCardell 115611 0 0 0 92665 0 26394 0 8730 0 243400 0 0 0 F Robert Huth 252586 0 0 0 57184 0 94783 0 23141 0 427694 0 0 0 Part I, Line 1a The Board of Trustees has approved first-class travel in certain situations. In rare cases, the College reimburses an employee traveling on behalf of the college, for the travel and related expenses of a companion (spouse, partner, or child). These reimbursements are reported as a taxable benefit. The College reimburses the President for the business use of personal residence on a per diem basis when used for College business. In rare cases, the College uses gross-up payments to minimize the tax burden to an employee who takes on an assignment on behalf of the college that results in additional taxable income. The additional taxable income usually occurs through imputed income for housing and related expenses. In rare cases, the College provides a residence for personal use by an employee other than the President for the convenience of the employer. The College provides the President with a residence for the convenience of the employer. The President is a member of the University Club as the College President and uses the club for business purposes. College Advancement and other College offices use the membership for business purposes as well. All invoices for services are addressed to the College address and paid for by the College. In rare cases, the College provides services for personal benefit in the form of a child care provider, financial planner, etc., all of which are taxable income to the listed person. The President's initial employment contract includes provisions governing the following: term of the contract, renewal/extension, duties, compensation, benefits/reimbursements, evaluation process of the president, termination, office and residence expenses, and sabbatical leave. The start date of the initial contract was July 1, 2006 and the end date is June 30, 2011. Part I, Lines 4a-b Michael Katz, Robert Martin, Roberto Veguez, Michael Claudon, and Gary Margolis have retired from the College and they participated in the early retirement program. Part I, Line 4b: The College President, the Former Executive Vice President, the Vice President for Finance and Treasurer, the Vice President for the Language Schools and Professor, and the President of the Monterey campus, all participate in a supplemental nonqualified retirement plan which is contingent upon services. Contributions to the plan were $119,167, $43,334, $86,590, $86,590 and $44,324, respectively. Part I, Line 8 The President is working under his initial contract. Supplemental Information Part III Former President McCardell is being paid for services in a full time teaching position as a College Professor. Former officer F.Robert Huth is being paid for services in a full time administrative position. Deferred compensation includes pretax contributions to the voluntary retirement plan, contributions to the College's non-qualified tax advantaged deferred-compensation retirement plan (457 plan), and College contributions to the core retirement plan on the behalf of the employee. Nontaxable benefits include, but are not limited to, nontaxable housing, flexible spending accounts, tuition reimbursement program, medical and dental insurance, workman's compensation insurance, life insurance, disability insurance, and unemployment insurance. The Compensation Committee consists of the Chair, Vice Chair(s) and one Trustee appointed by the Chair. The Committee establishes goals for the President and the annual performance appraisal process. The Committee reviews and sets total compensation for the President of the College as well as reviews and comments on compensation and contracts for other senior officers of the College. The Committee is authorized to engage legal counsel and compensation consultants as appropriate. The Compensation Committee normally meets in late June to complete the presidential assessment for the current year and goals for the following year. The Treasurer reviews with the Committee the IRS Form 990. The Treasurer reviews with the Committee compensation comparables prepared by an independent third party compensation consultant. The President provides to the Committee performance reviews of senior adminstrators reporting to him. VEHBFA (Series 2006A) 237154467 924166AB7 2006-10-31 36694278 construction 0 0 0 VEHBFA (Series 2010) 237154467 924166DH1 2010-11-01 101791989 refunding (Series 1988A;2002B;2008) 0 0 0 VEHBFA (Series 2009) 237154467 924166DG3 2010-01-14 62014213 refunding (Series 1999) 0 0 0 148082 36694278 331049 36363229 2008 0 0 1 1 150155 101791989 817182 100974807 1999 1 0 1 1 126599 62014213 605880 61408333 2002 1 0 1 1 0 0 0 0 0 0.00990 0.00010 0.01000 0 0 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 Schedule K Supplental Information VEHBFA (Series 2008 & 2009) no private business use Patrick JNorton Second Mortgage X 70000 45937 0 1 1 Sunder Ramaswamy Second Mortgage X 67671 50482 0 1 1 F Robert Huth Second Mortgage X 62050 27524 0 1 1 123943 Employee-Tuition Benefit Child of Key Employee 15636 Tuition Jessica Liebowitz Spouse of Officer 59551 Employee 0 Jane Schoenfeld Spouse-Key Employee 61438 Employee 0 Philip Geier Spouse of Trustee 229167 Employee 0 X 2 24750 appraisal X 178 7068116 FMV X 1 49132 Town tax value X Miscellaneous items 28000 FMV 4 0 1 1 Method for Determining Number of Contributors: Part I, Column (b): Number of contributions or items contributed column (b): We are reporting the number of contributions based on the number of contributors. Third Party Use: Part I, Line 32b: The College will sell from time to time noncash items, other than securities, at local auction houses. Form 990, Part VI, Section B, line 11 The return is prepared by Management and reviewed with Tax Counsel. Management presents the Form 990 to the Audit Committee for a detailed review. Once the Audit Committee has completed their review, management provides the return to the full Board of Trustees. The full board receives the Form 990 before it is filed with the IRS. The Form 990 is posted in the electronic board book and trustees are notified when the return is available. The return is given to the full board as it is filed with the exception of the names of anonymous donors on schedule B. Form 990, Part VI, Section B, line 12c The College has a written conflict of interest policy. Each member of the Board of Trustees or an Advisory Board is given the written policy and is requested to review and understand the terms of the policy and to immediately disclose any possible financial, personal, familial, or business relationship that may give rise to a conflict. Each Trustee completes an annual disclosure form. The disclosure forms are reviewed annually by Management and the Audit Committee Chair. Form 990, Part VI, Section B, line 15 The College has a formal compensation committee who reviews and recommends to the full board the compensation for the top management officials. Form 990, Part VI, Section C, line 19 The College has made the annual audited financial statements available to the general public by posting the statements on the website of Middlebury College. The College will also provide copies upon request and copies are available in the financial offices. The conflict of interest policy is also posted on the website. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments 119,225,000. Change in deferred gifts 4,282,000. Total to Form 990, Part XI, Line 5: 123,507,000. The President and Friends of Middlebury College 84 S Service Road Middlebury VT 05753 030285938 Promoting the educational purpose of running dining events and eateries VT 501(c)(3) 9 N/A 0 International Philanthropy of Middlebury College 84 S Service Road Middlebury VT 05753 030367538 Scholarships provided to students per donee's intentions VT 501(c)(3) 7 N/A 0 Delineation Corporation 84 S Service Road Middlebury VT 05753 237259519 To receive or purchase real and personal property for the benefit of MC. VT 501(c)(2) N/A 0 Middlebury Interactive Languages LLC 1682 West 820 North Provo UT 84601 272357942 Foreign Language Instruction DE K12 Inc Related -1114952 11390042 0 0 0.40000 Charitable remainder trust (112) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T Charitable lead trust (7) see Part VII note for Col CFG Middlebury VT 05753 Investment Support VT N/A T Pooled income fund (2) Middlebury College Middlebury VT 05753 Investment Support VT N/A T 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 President and Friends of Middlebury College D 15122653 FMV Delineation Corporation D 10368586 FMV Charitable Remainder Trusts (6) R 2389668 FMV Pooled Income Funds (1) R 53211 FMV Legal Domicile Schedule R; Part IV; Column C, F, and G Column C includes VT, MA, NY, DE, and CA Column F and G are N/A