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← UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE FOUNDATION

Form 990 for tax year 2023

Filed by UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE FOUNDATION.

Totals

Total revenue
$62,368,853
Total expenses
$39,787,418
Contributions and grants received
$34,813,426
Grants paid
$23,750,316
Program service revenue
$12,514,074
Investment income
$15,034,578
Other revenue
$6,775
Total assets, end of year
$379,533,908
Total liabilities, end of year
$13,892,000
Net assets or fund balances, end of year
$365,641,908
Program services expenses (Part IX)
$25,673,117
Management and general expenses
$3,574,816
Fundraising expenses
$10,539,485
Program service expenses (Part III)
$25,673,117

Program services were 64.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $34,813,426

  • 1g · Noncash contributions included above

    $2,373,066

  • 2a · Program service revenue: SERVICE AGREEMENT - UNI SUPPORT

    total $12,464,604 · related or exempt $12,464,604

  • 2b · Program service revenue: ALUMNI ACTIVITIES

    total $49,470 · related or exempt $49,470

  • 3 · Investment income

    total $14,529,732 · excluded $14,529,732

  • 5 · Royalties

    total $6,775 · unrelated business $6,775

  • 7a · Gross sales of assets other than inventory

    securities $12,171,808

  • 7b · Less cost or other basis and sales expenses

    securities $11,666,962

  • 7c · Gain or loss

    securities $504,846

  • 7d · Net gain or loss

    total $504,846 · excluded $504,846

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $23,750,316 · program services $23,750,316

  • 5 · Compensation of officers, directors and key employees

    total $2,095,283 · program services $88,487 · management and general $961,416 · fundraising $1,045,380

  • 7 · Other salaries and wages

    total $7,306,191 · program services $925,698 · management and general $779,205 · fundraising $5,601,288

  • 8 · Pension plan contributions

    total $703,255 · program services $85,577 · management and general $78,421 · fundraising $539,257

  • 9 · Other employee benefits

    total $1,515,415 · program services $180,112 · management and general $165,693 · fundraising $1,169,610

  • 10 · Payroll taxes

    total $624,993 · program services $68,787 · management and general $108,791 · fundraising $447,415

  • 11a · Fees: management

    total $273,032 · management and general $273,032

  • 11b · Fees: legal

    total $42,722 · management and general $42,722

  • 11c · Fees: accounting

    total $122,148 · management and general $122,148

  • 11f · Fees: investment management

    total $10,020 · management and general $10,020

  • 12 · Advertising and promotion

    total $113,764 · program services $42,743 · management and general $21,848 · fundraising $49,173

  • 13 · Office expenses

    total $856,878 · program services $75,886 · management and general $217,975 · fundraising $563,017

  • 14 · Information technology

    total $644,585 · program services $126,618 · management and general $136,984 · fundraising $380,983

  • 16 · Occupancy

    total $42,845 · program services $12,853 · management and general $21,851 · fundraising $8,141

  • 17 · Travel

    total $434,381 · program services $33,170 · management and general $28,875 · fundraising $372,336

  • 19 · Conferences, conventions and meetings

    total $598,661 · program services $174,583 · management and general $225,732 · fundraising $198,346

  • 22 · Depreciation, depletion and amortization

    total $368,035 · program services $105,427 · management and general $174,741 · fundraising $87,867

  • 23 · Insurance

    total $204,722 · management and general $204,722

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $80,172 · program services $2,860 · management and general $640 · fundraising $76,672

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,249,523 · end of year $3,852,257

  • 2 · Savings and temporary cash investments

    beginning of year $57,908,030 · end of year $31,231,297

  • 3 · Pledges and grants receivable

    beginning of year $10,130,126 · end of year $13,225,805

  • 4 · Accounts receivable

    beginning of year $430,775 · end of year $684,793

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $686,206 · end of year $723,730

  • 10a · Land, buildings and equipment: cost or other basis

    $25,540,973

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,694,827

  • 10c · Land, buildings and equipment, net

    beginning of year $23,252,324 · end of year $22,846,146

  • 11 · Investments: publicly traded securities

    beginning of year $18,304,775 · end of year $55,772,430

  • 12 · Investments: other securities

    beginning of year $227,974,465 · end of year $251,068,443

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $156,725 · end of year $129,007

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,083,564 · end of year $9,894,307

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $4,220,151 · end of year $3,997,693

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $18,821,949 · end of year $19,774,837

  • 28 · Net assets with donor restrictions

    beginning of year $312,967,285 · end of year $345,867,071

Mission and programs · 2023

Mission

THE MISSION OF THE UVM FOUNDATION IS TO SECURE AND MANAGE PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT.

  • THE FOUNDATION'S PRIMARY FUNCTION IS TO RAISE, RECEIVE, AND MANAGE FUNDS FOR SCHOLARSHIPS, PROFESSORSHIPS, AND FACILITIES AND OTHER SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE AND BY OTHERWISE PERFORMING SUPPORT FUNCTIONS THAT CARRY OUT ITS CHARITABLE, SCIENTIFIC, EDUCATIONAL, OR OTHER EXEMPT PURPOSES.

    Expenses $23,750,316 · Grants $23,750,316 · Revenue $12,464,604

  • ALUMNI ARE OFFERED OPPORTUNITIES TO ATTEND SOCIAL AND EDUCATIONAL EVENTS FOR AN ADMISSION FEE THAT COVERS, AT THE MOST, DIRECT EXPENSES, BUT NEVER COVERS ALL EXPENSES. EVENTS INCLUDE ALUMNI REUNIONS, HOMECOMINGS, BASEBALL GAMES, TENNIS MATCHES, DANCES, ETC.

    Expenses $1,922,801 · Revenue $49,470

As filed on the 2023 return.

Listed in Part VII

  • Monica Delisa

    DIRECTOR/EX OFFICIO/FNDN PRES

    Total calculated
    $440,151
    From this org
    $386,511
    From related orgs
    $0
    Other
    $53,640
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $374,314
    Bonus
    $0
    Other
    $12,197
    Deferred
    $33,000
    Nontaxable benefits
    $20,640
    Filer's total
    $440,151

  • Howard Averill

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lydia Bates Beg 723

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank Bolden End 624

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert P Brennan Jr

    DIRECTOR/VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Michele Cohen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Roger Crandall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Philip Daniels End 1223

    DIRECTOR/EX OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Suresh Garimella

    DIRECTOR/EX OFFICIO/UNIV PRES

    Total calculated
    $0
    Hours/week
    2

  • David Godkin End 624

    DIRECTOR/SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • James Hebert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Vito Imbasciani

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Katharine Laud Beg 124

    DIRECTOR/EX OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Thomas Leavitt III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ron Lumbra

    DIRECTOR/EX OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • Susan Marchand Higgins End 624

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deborah McAneny

    DIRECTOR/CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Donald H McCree III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alice Plante

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Plante Beg 723

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ray Roberts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mara Saule

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • William Shean End 624

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cathy Tremblay

    DIRECTOR/EX OFFICIO

    Total calculated
    $0
    Hours/week
    1

  • H Whitney Wagner End 624

    DIRECTOR/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Cathi Wiebrecht-Searer End 624

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cyma Zarghami

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kathleen Desjardins

    VP & CHIEF INFORMATION OFFICER

    Total calculated
    $365,765
    From this org
    $314,623
    From related orgs
    $0
    Other
    $51,142
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,623
    Bonus
    $75,000
    Other
    $0
    Deferred
    $34,440
    Nontaxable benefits
    $16,702
    Filer's total
    $365,765

  • Andrew Flewelling

    VP & CHIEF PEOPLE OFFICER

    Total calculated
    $294,232
    From this org
    $246,528
    From related orgs
    $0
    Other
    $47,704
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,773
    Bonus
    $0
    Other
    $32,755
    Deferred
    $24,548
    Nontaxable benefits
    $23,156
    Filer's total
    $294,232

  • Mark Metivier

    VP & CFO

    Total calculated
    $203,023
    From this org
    $173,802
    From related orgs
    $0
    Other
    $29,221
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,802
    Bonus
    $0
    Other
    $0
    Deferred
    $20,119
    Nontaxable benefits
    $9,102
    Filer's total
    $203,023

  • Charles Feeney End 823

    VP & CFO

    Total calculated
    $185,714
    From this org
    $160,119
    From related orgs
    $0
    Other
    $25,595
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,276
    Bonus
    $0
    Other
    $27,843
    Deferred
    $13,837
    Nontaxable benefits
    $11,758
    Filer's total
    $185,714

  • Diane L Seder Beg 723

    FOUNDATION CHAIR EMERITUS

    Total calculated
    $0
    Hours/week
    1

  • Kathleen Kelleher

    VP & CHIEF DEVELOPMENT OFFICER

    Total calculated
    $331,988
    From this org
    $283,917
    From related orgs
    $0
    Other
    $48,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $283,917
    Bonus
    $0
    Other
    $0
    Deferred
    $31,369
    Nontaxable benefits
    $16,702
    Filer's total
    $331,988

  • Manon O'Connor End 424

    ASSOCIATE VP MAJ GIFTS, AHS

    Total calculated
    $212,567
    From this org
    $177,625
    From related orgs
    $0
    Other
    $34,942
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,625
    Bonus
    $0
    Other
    $0
    Deferred
    $18,240
    Nontaxable benefits
    $16,702
    Filer's total
    $212,567

  • Joseph Caporale

    ASSISTANT VP DEV/CORPS & FNDNS

    Total calculated
    $225,511
    From this org
    $189,550
    From related orgs
    $0
    Other
    $35,961
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,956
    Bonus
    $0
    Other
    $5,594
    Deferred
    $19,131
    Nontaxable benefits
    $16,830
    Filer's total
    $225,511

  • Alan Ryea

    ASSISTANT VP OF DEVELOPMENT

    Total calculated
    $214,942
    From this org
    $180,802
    From related orgs
    $0
    Other
    $34,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,802
    Bonus
    $0
    Other
    $0
    Deferred
    $19,970
    Nontaxable benefits
    $14,170
    Filer's total
    $214,942

  • Christopher Bernier

    ASSISTANT VP OF DEVELOPMENT

    Total calculated
    $211,091
    From this org
    $170,218
    From related orgs
    $0
    Other
    $40,873
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,218
    Bonus
    $0
    Other
    $0
    Deferred
    $17,717
    Nontaxable benefits
    $23,156
    Filer's total
    $211,091

  • John Yousey-Hindes

    ASSISTANT VP FOR EXEC OP.

    Total calculated
    $168,236
    From this org
    $131,281
    From related orgs
    $0
    Other
    $36,955
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,281
    Bonus
    $0
    Other
    $0
    Deferred
    $13,799
    Nontaxable benefits
    $23,156
    Filer's total
    $168,236

  • Kevin Morganstein Fuerst

    AVP ANNUAL GIVING, MARKETING, PIPELINE DEV

    Total calculated
    $146,605
    From this org
    $130,100
    From related orgs
    $0
    Other
    $16,505
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE FOUNDATION PAYS FOR ONE OFFICER'S MEMBERSHIP TO A GOLF CLUB FOR BONAFIDE BUSINESS REASONS. THE EXPENSE IS A TAXABLE BENEFIT TO THE OFFICER. THE FOUNDATION HAS A POLICY THAT ALLOWS A SPOUSE OR PARTNER TO ACCOMPANY DIRECTORS ON FOUNDATION TRIPS FOR BONAFIDE BUSINESS REASONS WITH PRIOR APPROVAL FROM A SUPERVISOR. TWO DIRECTORS HAD THEIR SPOUSES ACCOMPANY THEM FOR BONAFIDE BUSINESS REASONS. SPOUSAL TRAVEL IS A TAXABLE BENEFIT TO THE DIRECTORS. TWO DIRECTORS AND ONE KEY EMPLOYEE ALONG WITH STAFF AND VOLUNTEERS UTILIZED CHARTER TRAVEL ONCE DURING THE YEAR.
PART I, LINE 7
ONE OFFICER LISTED ON FORM 990, PART VII, SECTION A, LINE A RECEIVED A ONE-TIME BONUS AS REPORTED IN PART II, COLUMN B(II).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • UVMF HOLDINGS

    INVESTMENT HOLDINGS · VT · income $2,019,708 · assets $45,188,656

    Directly controlled by UVM FOUNDATION

  • UNIVERSITY OF VERMONT INVESTMENT MGMT CO

    INVESTMENT HOLDINGS · VT · income $0 · assets $0

    Directly controlled by UVM FOUNDATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • FEUSRA REIT HOLDINGS LLC

    INVESTMENT · DE · 99.8% owned · share of assets $1,333,637

    Directly controlled by UVM FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
17 April 2025
IRS schema version
2023v6.0
Source object
202531119349300308

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