Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $8,832,600

• 1f · All other contributions, gifts and grants

  $133,975,326

• 1g · Noncash contributions included above

  $62,529,212

• 2a · Program service revenue: TUITION AND FEES

  total $276,663,651 · related or exempt $276,663,651

• 2b · Program service revenue: DINING

  total $2,152,102 · related or exempt $2,152,102

• 2c · Program service revenue: SNOW BOWL

  total $1,682,569 · related or exempt $1,682,569

• 2d · Program service revenue: COLLEGE STORE

  total $1,150,813 · related or exempt $1,150,813

• 2e · Program service revenue: GOLF COURSE

  total $732,165 · related or exempt $732,165

• 2f · All other program service revenue

  total $12,101,109 · related or exempt $12,101,109

• 3 · Investment income

  total $94,450,686 · unrelated business $5,223,061 · excluded $89,227,625

• 5 · Royalties

  total $136,405 · excluded $136,405

• 7a · Gross sales of assets other than inventory

  securities $249,700,141

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

  securities $261,430,642

• 7c · Gain or loss

  securities -$11,730,501

• 7d · Net gain or loss

  total -$11,730,501 · unrelated business $1,753,205 · excluded -$13,483,706

• 11a · Other revenue: REPROGRAPHICS SALE

  total $41,256 · unrelated business $41,256

• 11b · Other revenue: BOOK STORE SALE ITEMS

  total $15,800 · unrelated business $15,800

• 11e · Other revenue, total

  $57,056

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,505,298 · program services $1,505,298

• 2 · Grants to domestic individuals

  total $92,264,134 · program services $92,264,134

• 3 · Grants to foreign organizations and individuals

  total $108,678 · program services $108,678

• 5 · Compensation of officers, directors and key employees

  total $4,302,722 · program services $731,463 · management and general $2,839,796 · fundraising $731,463

• 6 · Compensation of disqualified persons

  total $115,319 · program services $115,319

• 7 · Other salaries and wages

  total $144,050,102 · program services $122,560,622 · management and general $19,714,869 · fundraising $1,774,611

• 8 · Pension plan contributions

  total $14,786,004 · program services $12,290,195 · management and general $2,246,228 · fundraising $249,581

• 9 · Other employee benefits

  total $31,388,771 · program services $26,090,491 · management and general $4,768,452 · fundraising $529,828

• 10 · Payroll taxes

  total $9,346,889 · program services $7,769,177 · management and general $1,419,941 · fundraising $157,771

• 11b · Fees: legal

  total $1,252,313 · program services $4,285 · management and general $1,248,028

• 11c · Fees: accounting

  total $555,378 · program services $171,521 · management and general $383,857

• 11d · Fees: lobbying

  total $3 · program services $3

• 11f · Fees: investment management

  total $4,459,017 · management and general $4,459,017

• 12 · Advertising and promotion

  total $484,377 · program services $305,463 · management and general $161,023 · fundraising $17,891

• 13 · Office expenses

  total $1,164,751 · program services $580,113 · management and general $526,174 · fundraising $58,464

• 14 · Information technology

  total $3,860,860 · program services $874,517 · management and general $2,986,343

• 16 · Occupancy

  total $14,255,757 · program services $7,895,105 · management and general $6,360,652

• 17 · Travel

  total $9,740,958 · program services $8,712,449 · management and general $925,658 · fundraising $102,851

• 19 · Conferences, conventions and meetings

  total $624,537 · program services $479,308 · management and general $130,706 · fundraising $14,523

• 20 · Interest

  total $10,627,031 · program services $9,667,527 · management and general $863,554 · fundraising $95,950

• 22 · Depreciation, depletion and amortization

  total $22,722,039 · program services $19,788,053 · management and general $2,640,587 · fundraising $293,399

• 23 · Insurance

  total $3,174,703 · program services $20,486 · management and general $3,154,217

• 24a · Other expenses: CONTRACTED SERVICES

  total $22,548,042 · program services $19,556,371 · management and general $2,692,504 · fundraising $299,167

• 24b · Other expenses: OTHER MISC EXPENSE

  total $20,159,039 · program services $15,516,307 · management and general $4,178,459 · fundraising $464,273

• 24c · Other expenses: FOOD

  total $7,535,932 · program services $7,487,233 · management and general $43,829 · fundraising $4,870

• 24d · Other expenses: SUPPLIES

  total $4,223,811 · program services $3,872,189 · management and general $316,460 · fundraising $35,162

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,194,919 · end of year $5,228,043

• 2 · Savings and temporary cash investments

  end of year $34,410,810

• 3 · Pledges and grants receivable

  beginning of year $43,429,323 · end of year $55,056,170

• 4 · Accounts receivable

  beginning of year $12,116,004 · end of year $8,642,225

• 7 · Other notes and loans receivable

  beginning of year $8,278,591 · end of year $7,578,176

• 8 · Inventories for sale or use

  beginning of year $763,088 · end of year $874,485

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,249,966 · end of year $3,631,522

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

  $998,489,636

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

  $538,769,622

• 10c · Land, buildings and equipment, net

  beginning of year $423,566,897 · end of year $459,720,014

• 11 · Investments: publicly traded securities

  beginning of year $164,023,513 · end of year $205,670,000

• 12 · Investments: other securities

  beginning of year $1,300,909,543 · end of year $1,402,069,000

• 13 · Investments: program-related

  end of year $32,778,000

• 15 · Other assets

  beginning of year $48,279,693 · end of year $2,442,530

• 17 · Accounts payable and accrued expenses

  beginning of year $37,915,043 · end of year $58,563,187

• 19 · Deferred revenue

  beginning of year $25,130,348 · end of year $19,575,070

• 20 · Tax-exempt bond liabilities

  beginning of year $288,633,813 · end of year $327,170,711

• 21 · Escrow or custodial account liability

  beginning of year $6,377,537 · end of year $6,292,095

• 24 · Unsecured notes and loans payable

  beginning of year $14,030,000 · end of year $12,536,000

• 25 · Other liabilities

  beginning of year $81,363,516 · end of year $87,524,260

• 27 · Net assets without donor restrictions

  beginning of year $194,308,000 · end of year $199,554,000

• 28 · Net assets with donor restrictions

  beginning of year $1,368,053,280 · end of year $1,506,885,652

The filer's explanations (Part III)

PART I, LINE 1A:

AS A CONDITION OF EMPLOYMENT MIDDLEBURY PROVIDES THE PRESIDENT, AN OFFICER, WITH A RESIDENCE FOR THE CONVENIENCE OF THE EMPLOYER.

PART I, LINE 7:

THE PRESIDENT'S COMPENSATION IS SET BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. ANY INCREASES SHALL BE WITHIN THE BOARD'S SOLE DISCRETION AND SHALL BE BASED UPON THE PRESIDENT'S PERFORMANCE, WHICH WILL BE REVIEWED YEARLY, PRIOR TO JUNE 30 BY THE CHAIR OF THE BOARD, WHO WILL MAKE A RECOMMENDATION TO THE COMPENSATION COMMITTEE FOR COMPENSATION.

PART I, LINE 8:

THE PRESIDENT'S 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.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (6)

  T · INVESTMENT SUPPORT · VT · controlled entity

  Directly controlled by PRESIDENTS AND FELLOWS OF MIDDLEBURY

• CHARITABLE LEAD TRUST (2)

  T · INVESTMENT SUPPORT · VT · controlled entity

  Directly controlled by PRESIDENTS AND FELLOWS OF MIDDLEBURY

• POOLED INCOME FUND (1)

  T · INVESTMENT SUPPORT · VT · controlled entity

  Directly controlled by PRESIDENTS AND FELLOWS OF MIDDLEBURY

• LIFE INCOME FUND (1)

  T · INVESTMENT SUPPORT · VT · controlled entity

  Directly controlled by PRESIDENTS AND FELLOWS OF MIDDLEBURY