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Nonprofiteer
← VERMONT COLLEGE OF FINE ARTS INC

Form 990 for tax year 2022

Filed by VERMONT COLLEGE OF FINE ARTS INC.

Totals

Total revenue
$20,675,668
Total expenses
$15,722,964
Contributions and grants received
$1,886,992
Grants paid
$1,103,917
Program service revenue
$6,711,715
Investment income
$4,213
Other revenue
$12,072,748
Total assets, end of year
$17,225,052
Total liabilities, end of year
$9,592,325
Net assets or fund balances, end of year
$7,632,727
Program services expenses (Part IX)
$12,880,709
Management and general expenses
$2,487,491
Fundraising expenses
$354,764
Program service expenses (Part III)
$12,880,709

Program services were 81.9% 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

    $1,886,992

  • 2a · Program service revenue: TUITION AND FEES

    total $6,242,661 · related or exempt $6,242,661

  • 2b · Program service revenue: AUXILIARY ENTERPRISES

    total $407,776 · related or exempt $407,776

  • 2c · Program service revenue: OTHER REVENUE

    total $61,278 · related or exempt $61,278

  • 3 · Investment income

    total $5,497 · excluded $5,497

  • 6a · Gross rents

    real property $564,601

  • 6b · Less rental expenses

    real property $367,929

  • 6c · Rental income or loss

    real property $196,672

  • 6d · Net rental income or loss

    total $196,672 · excluded $196,672

  • 7a · Gross sales of assets other than inventory

    other assets $2,000

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

    other assets $3,284

  • 7c · Gain or loss

    other assets -$1,284

  • 7d · Net gain or loss

    total -$1,284 · excluded -$1,284

  • 10a · Gross sales of inventory

    $42,933

  • 10b · Cost of goods sold

    $27,677

  • 10c · Net income from sales of inventory

    total $15,256 · excluded $15,256

  • 11a · Other revenue: GAIN ON DEBT EXTINGUISHMENT

    total $12,262,789 · excluded $12,262,789

  • 11b · Other revenue: WRITE-OFF OF INVENTORY

    total -$37,305 · excluded -$37,305

  • 11c · Other revenue: WRITE-OFF OF LOAN ACQ COSTS

    total -$364,664 · excluded -$364,664

  • 11e · Other revenue, total

    $11,860,820

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,103,917 · program services $1,103,917

  • 5 · Compensation of officers, directors and key employees

    total $780,489 · program services $405,112 · management and general $257,802 · fundraising $117,575

  • 7 · Other salaries and wages

    total $3,852,696 · program services $3,236,308 · management and general $485,703 · fundraising $130,685

  • 8 · Pension plan contributions

    total $32,728 · program services $20,901 · management and general $8,930 · fundraising $2,897

  • 9 · Other employee benefits

    total $410,885 · program services $245,961 · management and general $148,416 · fundraising $16,508

  • 10 · Payroll taxes

    total $381,887 · program services $303,452 · management and general $58,236 · fundraising $20,199

  • 11b · Fees: legal

    total $63,922 · management and general $63,922

  • 11c · Fees: accounting

    total $32,900 · management and general $32,900

  • 11f · Fees: investment management

    total $3,275 · management and general $3,275

  • 11g · Fees: other

    total $844,399 · program services $234,382 · management and general $607,733 · fundraising $2,284

  • 12 · Advertising and promotion

    total $394,145 · program services $17,171 · management and general $376,974

  • 13 · Office expenses

    total $111,792 · program services $81,151 · management and general $23,962 · fundraising $6,679

  • 14 · Information technology

    total $305,628 · program services $221,645 · management and general $83,983

  • 16 · Occupancy

    total $1,046,067 · program services $986,117 · management and general $56,841 · fundraising $3,109

  • 17 · Travel

    total $174,248 · program services $152,453 · management and general $19,036 · fundraising $2,759

  • 19 · Conferences, conventions and meetings

    total $265,261 · program services $212,702 · management and general $7,070 · fundraising $45,489

  • 20 · Interest

    total $402,985 · program services $374,214 · management and general $27,223 · fundraising $1,548

  • 21 · Payments to affiliates

    total $4,858,543 · program services $4,858,543

  • 22 · Depreciation, depletion and amortization

    total $331,140 · program services $307,605 · management and general $22,263 · fundraising $1,272

  • 23 · Insurance

    total $107,179 · program services $253 · management and general $106,926

  • 24a · Other expenses: ADMISSIONS & APPLICATIONS

    total $59,884 · program services $59,884

  • 24b · Other expenses: PAYROLL PROCESSING FEES

    total $47,169 · management and general $47,169

  • 24c · Other expenses: MISCELLANEOUS

    total $35,244 · program services $19,849 · management and general $11,635 · fundraising $3,760

  • 24d · Other expenses: BANK SERVICE CHARGES

    total $28,763 · program services $2,269 · management and general $26,494

  • 24e · All other expenses

    total $47,818 · program services $36,820 · management and general $10,998

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $140,712 · end of year $135,935

  • 2 · Savings and temporary cash investments

    beginning of year $1,941,306 · end of year $2,276,032

  • 3 · Pledges and grants receivable

    beginning of year $272,345 · end of year $235,929

  • 4 · Accounts receivable

    beginning of year $217,922 · end of year $104,568

  • 8 · Inventories for sale or use

    beginning of year $60,906 · end of year $11,162

  • 9 · Prepaid expenses and deferred charges

    beginning of year $729,585 · end of year $1,264,218

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

    $18,360,686

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

    $5,221,843

  • 10c · Land, buildings and equipment, net

    beginning of year $13,480,819 · end of year $13,138,843

  • 11 · Investments: publicly traded securities

    beginning of year $52,420 · end of year $58,365

  • 17 · Accounts payable and accrued expenses

    beginning of year $399,302 · end of year $273,017

  • 19 · Deferred revenue

    beginning of year $1,687,371 · end of year $1,265,499

  • 22 · Loans and payables to officers and key people

    end of year $1,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $12,122,104 · end of year $7,038,136

  • 25 · Other liabilities

    beginning of year $16,664 · end of year $15,673

  • 27 · Net assets without donor restrictions

    beginning of year $1,929,678 · end of year $6,175,615

  • 28 · Net assets with donor restrictions

    beginning of year $740,896 · end of year $1,457,112

Mission and programs · 2022

Mission

ANCHORED ON ITS HISTORIC CAMPUS IN MONTPELIER, VERMONT, VCFA IS A GLOBAL COMMUNITY OF ARTISTS CONTINUALLY REDEFINING WHAT IT MEANS TO BE AN ARTS COLLEGE. WE MEASURE OUR SUCCESS BY OUR ABILITY TO FOSTER THE EXCELLENCE OF EMERGING AND ESTABLISHED PRACTITIONERS. WE BELIEVE THAT THE ARTS ARE CENTRAL TO THE HUMAN EXPERIENCE AND HAVE THE ABILITY NOT ONLY TO REFLECT REALITY BUT ALSO TO CREATE IT.

  • EDUCATIONAL - SIX MASTER OF FINE ARTS PROGRAMS, INCLUDING WRITING, WRITING FOR CHILDREN AND YOUNG ADULTS, VISUAL ARTS, GRAPHIC DESIGN, MUSIC COMPOSITION, AND FILM.

    Expenses $12,115,884 · Grants $1,103,917 · Revenue $6,303,939

  • AUXILIARY SERVICES (ROOM AND BOARD, CONFERENCE AND MEETING SPACE RENTAL) AND PUBLIC SERVICE.

    Expenses $764,825 · Revenue $407,776

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MICHAEL GOLDSTEIN

    CHAIR

    Total calculated
    $0
    Hours/week
    4

  • CATHERINE CARVELLI

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    4

  • JOAN GRUBIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • MIKE HOGAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • KATE HOSFORD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • CASPER MARTIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • KATHERINE PATERSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • ANDREW RAMSAMMY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • MICHAEL ROSENFELD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • HEIDI MOHLMAN TRINGE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • JEFF WIGGINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • BARRY JOHNSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • CHARLES BUNTING

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • RAFAEL ATTIAS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • CHERYL MILLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • LESLIE WARD

    PRESIDENT

    Total calculated
    $154,638
    From this org
    $132,342
    From related orgs
    $0
    Other
    $22,296
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $132,342
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $22,296
    Filer's total
    $154,638

  • MATTHEW MONK

    ACADEMIC DEA

    Total calculated
    $193,245
    From this org
    $173,846
    From related orgs
    $0
    Other
    $19,399
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $173,846
    Bonus
    not reported
    Other
    not reported
    Deferred
    $3,720
    Nontaxable benefits
    $15,679
    Filer's total
    $193,245

  • KATIE GUSTAFSON

    VP FINANCE &

    Total calculated
    $135,179
    From this org
    $129,967
    From related orgs
    $0
    Other
    $5,212
    Hours/week
    35

  • DAVID MARKOW

    COO/VP FOR S

    Total calculated
    $142,571
    From this org
    $116,876
    From related orgs
    $0
    Other
    $25,695
    Hours/week
    35

  • JERICHO PARMS

    VP OF DEVELO

    Total calculated
    $127,196
    From this org
    $102,729
    From related orgs
    $0
    Other
    $24,467
    Hours/week
    35

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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

No itemized grants to organizations 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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202441359349305279

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