2011-05-12T13:19:16-05:00 2010-06-30 990 2009-07-01 030179298 President and Fellows of Middlebury College PRES 8024435699 Controllers Office No 230 Middlebury VT 05753 Patrick J Norton 8024435699 2011-05-13 2009 2016-02-24 21:20:13Z Ronald D Liebowitz Old Chapel Road Middlebury VT 05753 317034600 0 X http://www.middlebury.edu X 1800 VT We are a liberal arts college offering graduate and specialized programs around the world. 31 30 4027 4577 1194650 -1706286 30726000 35994000 141581301 157526381 627422 34599914 113277 110305 173048000 228230600 39824000 42057578 0 112936001 107897002 20013 4091 4495531 86061058 100160929 238841072 250119600 -65793072 -21889000 1204087000 1326187000 361302000 397296000 842785000 928891000 From its proud history spanning more than two centuries, Middlebury College has emerged as one of the most highly regarded liberal arts colleges. Middlebury is unique among these schools in being a classic liberal arts college that also offers graduate and specialized programs operating around the world. The college is building on these strengths in a time of global change and intense competition in higher education by redefining the boundaries of the institution for the new century. 0 0 61020000 0 148567000 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. 33752000 35578 0 Academic Support represents sponsored activities expenses incurred in support of the educational activities for enrolled students. 66887000 42022000 0 Student services and financial aid represents expenses incurred in the support of the enrolled students. 36910000 0 7787950 Auxiliary enterprises represent expenses of dormitories, and the expenses and revenue from recreational facilities and food services. 36910000 7787950 198569000 1 1 0 1 0 0 1 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 1 0 0 0 1 1 0 0 1 6656 0 1 4027 1 1 1 1 GM FR RS SP UK IT JA CI EG AR 0 0 0 0 0 0 0 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X Patrick J Norton 8024435699 Old Chapel Middlebury VT 05753 Ronald Liebowitz 40.00 X X 409609 0 209722 Frederick M Fritz 5.00 X 0 0 0 Marna C Whittington 5.00 X 0 0 0 Kendrick R Wilson III 5.00 X 0 0 0 S Carolyn Ramos 1.00 X 0 0 0 Roxanne M Leighton 1.00 X 0 0 0 Louis Bacon 1.00 X 0 0 0 Pamela Tanner Boll 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 Parizea 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 John R Tormondsen 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 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 Patrick J Norton 40.00 X 234049 0 78468 David Donahue 40.00 X 143044 0 40734 Michael Geisler 40.00 X 166949 0 59472 Tim Spears 40.00 X 184056 0 79821 Michael Schoenfeld 40.00 X 221453 0 60929 Alison Byerly 40.00 X 221956 0 73285 John Emerson 40.00 X 197393 0 62310 Carol Rifelj 40.00 X 285073 0 35957 Philip Geier 40.00 X 187215 0 50700 John McWilliams 40.00 X 206329 0 72299 Bettye M Etchells 40.00 X 290079 0 38832 John McCardell 40.00 X 180303 0 59690 F Robert Huth 40.00 X 347165 0 118727 3274673 0 1040946 153 1 1 0 Doppelmayr-CTEC Inc 3160 West 500 South Salt Lake City UT 84104 Construction 1688061 EBSCO PO Box 92901 Los Angeles CA 900092901 On Line Subscription Services 791883 Stewart Construction 24 Pearl Street Essex Junction VT 05452 Construction 653932 Champlain Valley Plumbing & Heating Inc PO Box 723 Middlebury VT 05753 Plumbing and Heating Service 486818 Benoit Electric Inc 254 Industrial Lane Barre VT 05641 Electricians 461048 30 3036194 32957806 9334095 35994000 Tuition and Fees 611710 148567000 148567000 Snow Bowl 713990 1012563 495483 517080 Golf Course 713910 497349 157880 339469 51 Main at the Bridge 722100 258050 0 258050 Advertising 541800 56832 0 56832 7134587 7134587 157526381 2521914 2521914 2096 2096 84990 84990 84990 84990 120882000 88804000 32078000 32078000 32078000 Book store sale items 451211 23219 23219 23219 228230600 156354950 1194650 34687000 35578 35578 42022000 42022000 1536847 261264 1014319 261264 238112 59909 119331 58872 79662450 67391252 9878440 2392758 8995668 7597038 1131047 267583 11950510 9984935 1592601 372974 5513415 4579437 753851 180127 254351 254351 326880 326880 4091 4091 1513000 1513000 213203 130045 57735 25423 1138942 890191 91580 157171 1384074 262917 1118122 3035 10877031 10208669 663947 4415 3608815 2961000 390675 257140 334219 168853 149297 16069 11282000 10436812 845188 22833614 18581166 4252448 1096861 711444 385417 Bridge expense 9272597 9272597 Other 6373225 4782053 1529994 61178 Other Contracted Ser. 6232944 5071740 1042191 119013 Early Retirement Exp. 5730000 5730000 Food & Catering 5020956 4295664 655711 69581 12668217 8137033 4286347 244837 250119600 198569000 47055069 4495531 1757723 15075000 3371500 10638000 44639679 38982000 2398193 5887000 91031 99838 16892728 24559000 954164 1063000 2241625 3218000 609417000 248070000 354546000 361347000 229045000 275211000 520855443 561360556 6235094 5976606 21058820 22770000 1204087000 1326187000 35207000 53405000 17174000 18767000 268437000 290239000 40484000 34885000 361302000 397296000 X 270981000 394983000 322147000 261725000 249657000 272183000 842785000 928891000 1204087000 1326187000 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 1 0 0 0 0 1 1 2 0 Part II-B, Line 1i: Explanation of Other Lobbying Activities: 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. 0 11084000 X X X X 0 690690591 112640409 120024378 -7863643 -44398357 -205378 870888000 872049176 13551367 -135845405 -7724184 -51235816 -104547 690690591 0.45000 0.31200 0.23800 0 0 50193000 50193000 482363000 204309000 278054000 62723000 43761000 18962000 14138000 14138000 361347000 Debt Securities 56189000 F Investment 2639895 F Trust Assets 4149427 F Life Estates 1169097 F Money Market funds 28388000 F Due from Broker 5223000 F Absolute Return 189566000 F Private Equity Partnerships 252069000 F Other Investments 8617074 F Real Estate Investments 1100683 F Mortgage Investment 19351 F Investment Fund 2308962 F Promissory note 507358 F Miscellaneous Investment 6979709 F Contributions Rec. CRUTS 2434000 F 561360556 Funds held for others 4403000 Annuities and Unitrusts payable 16876000 Refundable Government Loans 13606000 34885000 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. Part V, Line 4: Description of Intended Use of Endowment Funds: 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 Published in College Catalogues 1 1 1 1 0 0 0 0 0 0 0 0 1 0 Students apply for and receive federal financial aid and professors apply for and receive government grants. 1 Europe 5 167 Program Service Studies Abroad 4155849 East Asia and the Pacific 4 3 Program Service Studies Abroad 1075230 Middle East and North Africa 1 41 Program Service Studies Abroad 293406 Russia and newly independent states 3 32 Program Service Studies Abroad 484681 South America 2 44 Program Service Studies Abroad 755724 Europe Fundraising 22693 East Asia and the Pacific Fundraising 10439 North America 1 Program ServiceProgram Service Studies Abroad 2645 South Asia 0 0 Program Services Studies Abroad 1996 Europe Investments Central America & the Caribbean Investments 15 288 6802663 Method Used to Acccount for Expenditures: Schedule F, Part I, Line 3: Expenditures are recorded on the accrual basis of accounting. 1 Western Washington University 516 High Street Bellingham WA 982259004 916000562 30662 Collaboration on NSF Research Grant on Artic vegetation 1 Financial Aid - Scholarships- Reported as non-cash assistance. The assistance is a tuition offset. 2145 42022000 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 1 1 X X X X X X 1 1 0 0 0 0 0 0 1 1 Ronald Liebowitz 287139 0 0 0 122470 0 170617 0 39105 0 619331 0 0 0 Patrick J Norton 232014 0 0 0 2035 0 51450 0 27018 0 312517 0 0 0 David Donahue 141144 0 0 0 1900 0 18471 0 22263 0 183778 0 0 0 Michael Geisler 165021 0 0 0 1928 0 38540 0 20932 0 226421 0 0 0 Tim Spears 182212 0 0 0 1844 0 42582 0 37239 0 263877 0 0 0 Michael Schoenfeld 218048 0 0 0 3405 0 49165 0 11764 0 282382 0 0 0 Alison Byerly 220598 0 0 0 1358 0 51140 0 22145 0 295241 0 0 0 John Emerson 195358 0 0 0 2035 0 45119 0 17191 0 259703 0 0 0 Carol Rifelj 91173 0 0 0 193900 0 24005 0 11952 0 321030 0 0 0 Philip Geier 134976 0 50000 0 2239 0 31851 0 18849 0 237915 0 0 0 John McWilliams 202397 0 0 0 3932 0 45750 0 26549 0 278628 0 0 0 Bettye M Etchells 125219 0 0 0 164860 0 31132 0 7700 0 328911 0 0 0 John McCardell 170150 0 0 0 10153 0 41108 0 18582 0 239993 0 0 0 F Robert Huth 271260 0 0 0 75905 0 94783 0 23944 0 465892 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. 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 the employee 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, Line 4a Former officer Bettye M. Etchells and Professor Carol E. Rifelj have retired from the College and both participated in the early retirement program. Part I, Line 4b: The College President and the Executive Vice President both participate in a supplemental nonqualified retirement plan which is contingent upon services. Contributions to the plan were $119,167 and $43,334, 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 VEHBFA (Series 2008) 237154467 9244166BS 2008-04-01 55260000 refunding (Series 2006B) 0 0 VEHBFA (Series 2009) 237154467 924166DG3 2010-01-14 62014213 refunding (Series 1999) 0 0 35425000 331049 35425000 2008 0 0 1 1 51600000 385000 1999 1 0 1 1 59445000 605880 2002 1 0 1 1 0 0 0 0 0 0.99990 0.00010 1.00000 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 1 Patrick J Norton Second Mortgage X 70000 50078 0 1 1 Michael Geisler Second Mortgage X 31947 17629 0 1 1 F Robert Huth Second Mortgage X 62050 32131 0 1 1 99838 Jessica Liebowitz Spouse of Officer 58872 Employee 0 Jane Schoenfeld Spouse-Key Employee 59909 Employee 0 Timothy Etchells SpouseFormerOfficer 119331 Employee 0 X 214 8857645 FMV X 2 439300 appraisal X antique map 1 13150 appraisal X piano 1 19000 appraisal X rug 1 5000 appraisal 2 0 1 1 Method for Determining Number of Contributors: Part I, Column (b): Middlebury College reports the number and fair market value of the noncash items received. Third Party Use: Part I, Line 32b: The College will sell from time to time noncash items 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. 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) 12 N/A 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) 11a N/A Monterey Institute of International Studies 460 Pierce Street Monterey CA 93940 941425570 Education - offers degree program, Master's degrees, and non-degree programs CA 501(c)(3) 6 N/A 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 Middlebury Interactive Languages LLC 1682 West 820 North Provo UT 84601 272357942 Foreign Language Instruction DE K12 Inc Related -251310 17230870 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 Monterey Institute of International Studies B 154000 Monterey Institute of International Studies D 1116000 Monterey Institute of International Studies N 986868 Monterey Institute of International Studies P 1526876 President and Friends of Middlebury College D 9958575 Delineation Corporation D 14209950