President and Fellows of Middlebury College (EIN 030179298) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1800

Legal Domicile

Principal Officer

Laurie L Patton

Phone

8024435547

Tax Period

2022-07-01 to 2023-06-30

President and Fellows of Middlebury College, founded in 1800, is a major nonprofit in the Education sector that reported $456.0M in total revenue in fiscal year 2022. Revenue decreased 9% compared to the prior year. Expenses of $401.0M left a modest 12% surplus.

Mission

We are a global liberal arts college offering undergraduate, graduate, and specialized programs.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $79,476,129

Program Service Revenue $281,301,087

Investment Income $95,069,573

Other Revenue $192,876

TOTAL REVENUE $456,039,665

Expense Breakdown

Grants Paid $91,859,871

Salaries & Benefits $193,183,996

Fundraising Expenses $4,557,220

Program Expenses $341,201,504

Other Expenses $115,915,444

TOTAL EXPENSES $400,959,311

Year-over-Year Comparison

	2022	2021	Change
Revenue	$456,039,665	$498,919,126	-0.1%
Expenses	$400,959,311	$389,176,145	+0.0%
Net Income	$55,080,354	$109,742,981	-0.5%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

4889

Volunteers

1607

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,590,109

Total Directors

$754,158

Key Employees

$858,393

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Laurie L Patton	President	40.00	Officer Director	$646,936	$107,222	$754,158
George C Lee II	Chair - Charter Trustee	1.00	Director	$0	$0	$0
Karen A Stolley	Vice Chair-Charter Trust	1.00	Director	$0	$0	$0
William F Truscott	Vice Chair-Charter Trust	1.00	Director	$0	$0	$0
Belinda Badcock	Term Trustee	1.00	Director	$0	$0	$0
Zachary A Bourque	Alumni Trustee	1.00	Director	$0	$0	$0
Joseph W Brown	Term Trustee	1.00	Director	$0	$0	$0
Leilani M Brown	Term Trustee	1.00	Director	$0	$0	$0
Kirtley Horton Cameron	Charter Trustee	1.00	Director	$0	$0	$0
Barbara G Cole	Term Trustee	1.00	Director	$0	$0	$0
Allan Dragone Jr	Charter Trustee	1.00	Director	$0	$0	$0
Denver Edwards	Alumni Trustee	1.00	Director	$0	$0	$0
Janine F Feng	Term Trustee	1.00	Director	$0	$0	$0
Graham C Goldsmith	Term Trustee	1.00	Director	$0	$0	$0
Parker Harris III	Term Trustee	1.00	Director	$0	$0	$0
Lucienne M Ide	Term Trustee	1.00	Director	$0	$0	$0
Carol L Jones	Term Trustee	1.00	Director	$0	$0	$0
Catherine Lee	Term Trustee	1.00	Director	$0	$0	$0
Caroline Sneath McBride	Charter Trustee	1.00	Director	$0	$0	$0
Koby Altman	Alumni Trustee	1.00	Director	$0	$0	$0
Alice J Murphy	Term Trustee	1.00	Director	$0	$0	$0
Dennis D Parker	Charter Trustee	1.00	Director	$0	$0	$0
Ann D Peterson	Alumni Trustee	1.00	Director	$0	$0	$0
Suzanne Reider	Term Trustee	1.00	Director	$0	$0	$0
Helen Riess	Charter Trustee	1.00	Director	$0	$0	$0
Richard T Scanlon	Charter Trustee	1.00	Director	$0	$0	$0
Henry J Simonds	Term Trustee	1.00	Director	$0	$0	$0
Elizabeth C Speers	Term Trustee	1.00	Director	$0	$0	$0
Mark Spence	Term Trustee	1.00	Director	$0	$0	$0
Danielle S Virtue	Alumni Trustee	1.00	Director	$0	$0	$0
John S Weinberg	Term Trustee	1.00	Director	$0	$0	$0
Larry Yarbrough	Term Trustee	1.00	Director	$0	$0	$0
Kashif Zafar	Term Trustee	1.00	Director	$0	$0	$0
Shawn P Ryan	Alumni Trustee	1.00	Director	$0	$0	$0
David Provost	EVP Finance & Admin.	40.00	Officer	$419,521	$101,898	$521,419
Hannah Ross	Sec. & General Counsel	40.00	Officer	$299,907	$104,620	$404,527
Michael Thomas	VP of Administration until 3/23	40.00	Officer	$257,903	$58,174	$316,077
Alberto Citarella	AVP Finance & Asst. Treas.	40.00	Officer	$200,959	$42,186	$243,145
Susan Parsons Ritter	Assistant Secretary	40.00	Officer	$184,664	$60,793	$245,457
Charlene M Barrett	Assistant Secretary	40.00	Officer	$78,396	$26,930	$105,326
Jeffrey Cason	Provost and EVP until 7/22	40.00	Key Emp	$208,607	$84,467	$293,074
Smita Ruzicka	VP Student Affairs	40.00	Key Emp	$254,259	$68,205	$322,464
Michelle McCauley	Interim Provost	40.00	Key Emp	$184,449	$58,406	$242,855
William C Potter	Director of CNS	40.00	Highest	$307,557	$101,898	$409,455
Mark Peluso	Chief Health Officer and Physician	40.00	Highest	$256,635	$99,365	$356,000
Jeff Dayton-Johnson	VP MIIS Academic Affairs & Dean	40.00	Highest	$236,208	$83,816	$320,024
Philip Geier	Exec, Dir. Davis UWC	40.00	Highest	$268,144	$87,429	$355,573
Vijay Menta	VP for IT and CTO	40.00	Highest	$268,180	$61,642	$329,822

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$456,039,665	$400,959,311	$2,015,811,537	$55,080,354
2022	$498,919,126	$389,176,145	$2,000,470,883	$109,742,981
2021	$387,918,222	$342,014,276	$1,994,350,713	$45,903,946
2020	$400,272,194	$360,929,342	$1,580,110,937	$39,342,852

President and Fellows of Middlebury College