Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $5,261,437

• 1f · All other contributions, gifts and grants

  $3,856,284

• 1g · Noncash contributions included above

  $134,178

• 2a · Program service revenue: Tuition and Fees

  total $31,235,991 · related or exempt $31,235,991

• 2b · Program service revenue: Miscellaneous Revenue

  total $549,695 · related or exempt $549,695

• 2c · Program service revenue: Auxiliary Enterprises

  total $111,825 · related or exempt $111,825

• 3 · Investment income

  total $613,536 · excluded $613,536

• 7a · Gross sales of assets other than inventory

  securities $14,643,204

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

  securities $14,565,935

• 7c · Gain or loss

  securities $77,269

• 7d · Net gain or loss

  total $77,269 · excluded $77,269

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,052,033 · program services $1,052,033

• 2 · Grants to domestic individuals

  total $13,722,586 · program services $13,722,586

• 3 · Grants to foreign organizations and individuals

  total $108,564 · program services $108,564

• 5 · Compensation of officers, directors and key employees

  total $545,719 · management and general $545,719

• 7 · Other salaries and wages

  total $15,470,231 · program services $12,317,892 · management and general $2,625,026 · fundraising $527,313

• 8 · Pension plan contributions

  total $536,352 · program services $426,382 · management and general $89,110 · fundraising $20,860

• 9 · Other employee benefits

  total $2,426,801 · program services $1,811,844 · management and general $504,000 · fundraising $110,957

• 10 · Payroll taxes

  total $1,154,017 · program services $893,369 · management and general $222,404 · fundraising $38,244

• 11a · Fees: management

  total $48,051 · management and general $48,051

• 11b · Fees: legal

  total $40,677 · management and general $40,677

• 11c · Fees: accounting

  total $67,605 · management and general $67,605

• 11f · Fees: investment management

  total $81,216 · management and general $81,216

• 11g · Fees: other

  total $2,190,271 · program services $1,524,715 · management and general $650,902 · fundraising $14,654

• 12 · Advertising and promotion

  total $960,079 · program services $147,190 · management and general $812,889

• 13 · Office expenses

  total $420,502 · program services $171,725 · management and general $199,273 · fundraising $49,504

• 14 · Information technology

  total $722,848 · program services $600,785 · management and general $116,085 · fundraising $5,978

• 16 · Occupancy

  total $1,148,738 · program services $918,790 · management and general $214,681 · fundraising $15,267

• 17 · Travel

  total $767,076 · program services $653,419 · management and general $71,465 · fundraising $42,192

• 19 · Conferences, conventions and meetings

  total $642,866 · program services $491,795 · management and general $63,950 · fundraising $87,121

• 20 · Interest

  total $427,337 · program services $383,973 · management and general $43,364

• 22 · Depreciation, depletion and amortization

  total $980,707 · program services $776,776 · management and general $189,578 · fundraising $14,353

• 23 · Insurance

  total $386,616 · management and general $386,616

• 24a · Other expenses: Other Expenses

  total $975,826 · program services $396,288 · management and general $526,113 · fundraising $53,425

• 24b · Other expenses: Library Resources

  total $467,420 · program services $467,420

• 24c · Other expenses: Student Activities

  total $201,644 · program services $75,528 · management and general $126,116

• 24d · Other expenses: Food Service

  total $190,953 · management and general $190,953

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $634 · end of year $634

• 2 · Savings and temporary cash investments

  beginning of year $8,608,044 · end of year $3,666,438

• 3 · Pledges and grants receivable

  beginning of year $4,900,966 · end of year $4,396,591

• 4 · Accounts receivable

  beginning of year $505,502 · end of year $506,006

• 7 · Other notes and loans receivable

  beginning of year $725,878 · end of year $644,375

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,338,767 · end of year $1,222,473

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

  $36,760,325

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

  $19,168,333

• 10c · Land, buildings and equipment, net

  beginning of year $17,876,068 · end of year $17,591,992

• 11 · Investments: publicly traded securities

  beginning of year $17,791,561 · end of year $20,454,314

• 14 · Intangible assets

  beginning of year $753,607 · end of year $636,057

• 15 · Other assets

  beginning of year $436 · end of year $434

• 17 · Accounts payable and accrued expenses

  beginning of year $1,137,457 · end of year $1,537,431

• 19 · Deferred revenue

  beginning of year $3,739,317 · end of year $3,145,819

• 23 · Secured mortgages and notes payable

  beginning of year $17,897,656 · end of year $17,553,671

• 25 · Other liabilities

  beginning of year $1,487,888 · end of year $1,185,568

• 27 · Net assets without donor restrictions

  beginning of year $9,689,894 · end of year $6,293,784

• 28 · Net assets with donor restrictions

  beginning of year $18,549,251 · end of year $19,403,041

The filer's explanations (Part III)

Part I, Line 4a

Robert Sommo, Past VP, Enrollment and Marketing, received a severance payment in the amount of $206,417 during calendar year 2023.

Part I, Line 7

Bonuses are given for exceptional performance. Sometimes they are set out at the beginning of the year in a reconfirmation letter which describes the criteria for achieving the bonus as well as the potential amount. They may also be given during the year or at annual performance review time. In either situation, consideration is given to budget limitations, the person's position, title and compensation, historical trends and market best practices.

Disregarded entities

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

• VLS Campus Holdings LLC

  Real Estate Holding · VT · income $428,489 · assets $17,036,149

  Directly controlled by Vermont Law School

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Charitable Remainder Unitrust (1)

  T · Trust · VT · controlled entity

  Directly controlled by Vermont Law School