Middlebury Endowment Climbs to $1.73 Billion on $170.4M Return, Offsetting 30% Gift Drop to Fund $136,220 Per-Student Spend and $95.1M Aid Budget
By Data Team | Published November 9, 2026
Middlebury College’s total assets reached $2.38 billion in fiscal year 2025, anchored by a $1.73 billion endowment whose $78.51 million annual payout covers 17.7% of the college's $443.81 million Form 990 operating budget (23.2% under internal GAAP operating parameters), according to its latest IRS filing. That capital base enables Middlebury to spend $136,220 per undergraduate student across its $375.97 million in direct program service expenses ($114,415 per student when including all 3,286 degree-seeking students across its Vermont undergraduate campus and Monterey graduate institute)—while total institutional expenditure across all academic, auxiliary, and administrative divisions reaches $160,799 per undergraduate ($135,060 per degree-seeking student).
Middlebury’s financial structure illustrates how a residential liberal arts college operates simultaneously as an undergraduate institution in Vermont, a graduate policy and translation institute in Monterey, California, an immersive summer language center, and a global network of 16 study-abroad schools. Student tuition, fees, dining, and auxiliary operations generate $299.39 million, representing 58.6% of Middlebury's $511.29 million total revenue. Realized investment income ($111.83 million, up 35.2% year-over-year) and private and government contributions ($99.97 million) supply the remaining 41.4% of institutional inflows.
Endowment distributions and philanthropic gifts insulate students from the full cost of Middlebury's global academic footprint. Middlebury disbursed $95.11 million in direct Form 990 Schedule I financial aid tuition offsets across 2,619 domestic recipients in FY25—representing 79.7% of its 3,286 regular-session enrollment (and supporting approximately 46% to 50% of undergraduates with need-based grants alongside summer Language School and graduate fellowships)—reducing net student fee collections to $185.59 million.
Institutional & Governance Profile
Operating under its formal corporate title, President and Fellows of Middlebury College (EIN 03-0179298), Middlebury is legally domiciled in Middlebury, Vermont. Chartered in 1800 as Vermont's first operating college, the institution encompasses the undergraduate liberal arts college in Vermont, the Bread Loaf School of English, 11 summer Language Schools, the Middlebury C.V. Starr Schools Abroad across 32 global sites, and the Middlebury Institute of International Studies at Monterey (MIIS), where residential graduate programs are scheduled to wind down by June 2027.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1800, Middlebury issued 4,881 Form W-2s in calendar year 2024 (including faculty, staff, seasonal instructors, and student employees), filed 1,029 Form 1096 vendor returns, and engaged 844 alumni and community volunteers.
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Academic & Global Footprint: A core undergraduate faculty instructs 2,760 undergraduates on the Vermont campus alongside 526 graduate students in Monterey (3,286 regular-session degree-seeking students) and roughly 2,400 summer and study-abroad students. On Schedule F, Middlebury maintains 15 foreign offices and 323 overseas staff across Europe, East Asia, South America, the Middle East, North Africa, and Sub-Saharan Africa.
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Executive Leadership: President Laurie L. Patton led the college through December 31, 2024, succeeded by Interim President Stephen Snyder on January 1, 2025, and 18th President Ian Baucom on July 1, 2025, serving alongside Interim Provost Michelle McCauley and Executive Vice President for Finance and Administration David Provost.
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Governing Board (Schedule O): The Board of Trustees comprises 35 voting members, 34 of whom are independent, chaired by William F. Truscott alongside Vice Chairs Karen A. Stolley, Leilani M. Brown, and Kirtley Horton Cameron. The Audit Committee reviews the Form 990 prior to full board distribution, and all trustees complete annual conflict-of-interest disclosures reviewed by management and the Audit Committee Chair.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Middlebury generated $810.41 million in gross receipts and $511.29 million in total net revenue. Total assets rose 7.5% to $2.38 billion while net assets increased 8.1% to $1.85 billion, heavily weighted toward donor-restricted endowment and capital funds (89.4%) over unrestricted operating reserves (10.6%).
Balance Sheet Strength
- Total Assets $2,384,177,999 (+7.5%)
- Total Liabilities $538,739,176 (+5.3%)
- Total Net Assets $1,845,438,823 (+8.1%)
- Donor-Restricted Net Assets $1,649,191,823 (89.4% of Total Net Assets)
- Unrestricted Net Assets $196,247,000 (10.6% of Total Net Assets)
Operating Performance
- Total Revenue $511,285,123 (-1.7%)
- Total Expenses $443,806,219 (+4.4%)
- Operating Surplus $67,478,904 (-28.9%)
- Unrealized Gains (Excluded) $65,697,530
Note: The $67.48 million reported operating surplus reflects Form 990 realized revenue and capital gift accounting; adding $65.70 million in net unrealized investment gains and $5.82 million in deferred gift valuation changes (Part XI, Lines 5 and 9) accounts for the full $139.00 million expansion in Middlebury's FY25 net assets.
Revenue Breakdown
Middlebury’s revenue profile in FY25 balanced steady student fee growth and a 35.2% surge in realized investment income against a cyclical normalization in philanthropic gifts following a record FY24 fundraising peak. Program service revenue rose 1.7% to $299.39 million, led by $280.70 million in gross comprehensive tuition and fees alongside campus dining, the Middlebury College Snow Bowl ski area, and the Ralph Myhre Golf Course. Realized investment income climbed from $82.72 million to $111.83 million on strong portfolio harvesting, while contributions and grants totaled $99.97 million (-30.0% YoY from $142.81 million in FY24).
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +1.7% YoY$299,387,607 (58.6%)
- Comprehensive Tuition and Fees (VT, Monterey, Language & Abroad) $280,701,963
- All Other Program Service Revenue (Residential & Auxiliary Fees) $11,760,047
- Campus Dining Services $2,794,937
- Middlebury College Snow Bowl Ski Area $1,978,264
- College Store & Ralph Myhre Golf Course ($1,239,756 Store; $912,640 Golf) $2,152,396
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Investment Income +35.2% YoY$111,826,290 (21.9%)
- Dividends, Interest & Other Investment Income ($2.77M UBI) $60,069,810
- Realized Net Capital Gains ($350.88M Gross Sales less $299.12M Basis) $51,756,480
- Tax-Exempt Bond Proceeds Income $0
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Contributions & Grants -30.0% YoY$99,974,382 (19.6%)
- Private Philanthropy, Alumni Gifts & Bequests $92,522,304
- Government Research & Sponsored Grants $7,452,078
- Noncash Gifts Included Above (302 Stock Gifts at $16.52M + 28 Misc. Gifts) $16,534,136
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Other Revenue -49.9% YoY$96,844 (<0.1%)
- Intellectual Property & Mineral Royalties $56,837
- Reprographics & Bookstore Inventory Sales ($22,958 Reprographics; $17,049 Bookstore) $40,007
Endowment Performance and Asset Allocation
Middlebury’s investment portfolio totals $1.75 billion across balance sheet securities (Part X, Lines 11–13), encompassing its $1.73 billion endowment pool alongside split-interest trusts and working capital. Managed through an external outsourced chief investment officer (OCIO) framework that recorded $6.60 million in investment management fees (Part IX, Line 11f), the portfolio emphasizes illiquid private partnerships and alternative strategies. Private equity partnerships ($809.92 million) and alternative equities ($431.82 million) represent 70.8% of total invested holdings.
To execute its global investment mandate, Middlebury holds $217.81 million in offshore investment vehicles domiciled in Central America and the Caribbean (Schedule F, Part I) and generated $3.09 million in gross unrelated business revenue ($2.77 million from debt-financed or pass-through partnership income and $280,122 from capital gains), offset by deductions to yield $0 in net taxable income on Form 990-T. On Form 990 Part V (Line 16), Middlebury reports that it is not subject to the federal IRC Section 4968 endowment excise tax on net investment income.
Portfolio Performance & Asset Allocation ($1.75B Total Invested Holdings / $1.73B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $1,729,843,732 (+8.3% YoY), representing $626,755 per undergraduate student (2,760 students) or $526,428 per regular-session degree-seeking student (3,286 students).
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Net Investment Gains: $170,369,296 in total endowment investment returns (+33.7% YoY from $127.44M in FY24).
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Alternative & Offshore Capital: 70.8% of total investments sit in private equity partnerships ($809.92M) and alternative equities ($431.82M), including $217.81M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $78,508,000 ($48.87M to academic programs, professorships, and facilities; $29.64M to student financial aid; plus $127,302 in administrative fees), governed by a 5.0% 12-quarter moving-average spending policy and funding 17.7% of Form 990 total expenses (20.9% of direct program services and 23.2% of GAAP operating expenses).
Detailed Asset Mix (Part X, Lines 11–13 & Schedule D, Part VII)
5-Year Endowment History
Schedule D, Part V tracks the five-year trajectory of Middlebury’s endowment from a $1.13 billion opening balance in FY21 to $1.73 billion at the close of FY25. Over that five-year span, the endowment absorbed $174.83 million in donor contributions alongside $755.59 million in net investment earnings—including a $424.16 million post-pandemic surge in FY21 and $170.37 million in FY25 gains. Concurrently, the endowment disbursed $334.29 million directly into annual operations ($94.62 million for student scholarships and $239.67 million for academic programs and facilities, alongside a $448.10 million one-time accounting reclassification in FY21). At year-end FY25, the endowment comprised 52.65% term endowment, 32.86% permanent endowment, and 14.49% board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $1,597,984,171 | $1,468,867,755 | $1,467,208,015 | $1,511,000,984 | $1,133,644,078 |
| 1b. Contributions | $40,125,567 | $72,315,491 | $23,664,872 | $22,805,932 | $15,917,228 |
| 1c. Net investment earnings | $170,369,296 | $127,439,527 | $42,454,357 | -$8,830,550 | $424,164,897 |
| 1d. Grants or scholarships | ($29,635,458) | ($19,350,252) | ($16,082,312) | ($14,935,985) | ($14,620,565) |
| 1e. Other expenditures | ($48,872,542) | ($51,406,748) | ($47,984,029) | ($42,304,730) | ($488,104,655) |
| 1f. Administrative expenses | ($127,302) | $118,398 | ($393,148) | ($527,636) | $0 |
| 1g. End of year balance | $1,729,843,732 | $1,597,984,171 | $1,468,867,755 | $1,467,208,015 | $1,511,000,984 |
Per-Student Spending and True Cost
Calculating per-student expenditure at Middlebury requires accounting for both its core 2,760-student undergraduate college in Vermont and its broader academic ecosystem (including 526 graduate students at the Monterey Institute and roughly 2,400 summer Language School, Bread Loaf, and Schools Abroad students). On Form 990 Part III (Line 4e), Middlebury reports $375,968,577 in total direct program service expenses. Measured against the core 2,760 undergraduate cohort, total program service spending reaches $136,220 per student ($101,759 net per student excluding $95.11 million in financial aid offsets). Measured across all 3,286 regular-session degree-seeking students in Vermont and Monterey, program service spending equals $114,415 per student ($85,470 net).
Breaking down Part III further, Middlebury expends $111.94 million on direct classroom instruction (Line 4a), $62.09 million on academic support and sponsored research (Line 4b), $147.57 million on student services and financial aid (Line 4c, including $95.11 million in scholarship tuition offsets and $52.45 million in student support operations), and $54.37 million on residential dormitories, dining, and recreational auxiliaries (Line 4d). When adding $63.12 million in institutional management and general overhead and $4.72 million in fundraising (Part IX, Line 25), total enterprise spending reaches $443,806,219—or $160,799 per undergraduate ($135,060 per regular-session degree-seeking student). Because net student tuition and fee revenue after financial aid offsets equals $185.59 million ($67,242 per undergraduate, or $56,478 per degree-seeking student), student payments cover just 49.4% of direct program service costs, leaving a structural subsidy bridged by endowment payouts and annual giving.
Operations vs. Revenue
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Total Program Service Spend (Part III, Line 4e): $375,968,577 across four program pillars—equating to $136,220 per undergraduate student across 2,760 students ($101,759 net of financial aid) or $114,415 per regular-session student across 3,286 VT and Monterey degree-seeking students.
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Core Academic & Student Aid Spend (Part III, Lines 4a–4c): $321,600,232 in instruction ($111.94M), academic support ($62.09M), and student services/aid ($147.57M), representing $116,522 per undergraduate ($97,870 per regular-session degree-seeking student) before auxiliary dormitory and dining operations.
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Total Enterprise Spend (Part IX, Line 25): $443,806,219 including management overhead ($63.12M) and fundraising ($4.72M), equating to $160,799 per undergraduate ($135,060 per regular-session degree-seeking student).
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Net Tuition & Auxiliary Coverage: Gross comprehensive fees and auxiliary revenue total $299,387,607, or $204,273,610 net of $95.11M in scholarship offsets—covering 54.3% of total program service expenses (with net tuition and fees of $185.59M covering 49.4%).
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Global Study Abroad, Museum & Auxiliary Footprint (Line 4d & Schedule F): Includes $54,368,345 in residential, dining ($7.93M food cost), Snow Bowl, and golf course auxiliaries, $10,643,596 in direct study-abroad expenditures across 15 foreign offices, and the Middlebury College Museum of Art ($22.76M in capitalized art collections on Schedule D, Part III).
Financial Aid: How Middlebury Deploys $95.1M in Student Support
Middlebury practices need-blind admissions for domestic undergraduate applicants (including U.S. citizens, permanent residents, and undocumented/DACA students) and meets 100% of demonstrated financial need for all admitted undergraduates. On Form 990 Schedule I (Part III), Middlebury reports $95,113,997 in direct institutional financial aid scholarships across 2,619 recipients—structured as non-cash tuition reduction offsets to ensure funds are applied directly to educational charges.
Across Middlebury's 3,286 regular-session degree-seeking students, 2,619 aided recipients represent a 79.7% aided share ($36,317 average grant across all recipient cohorts). Because Schedule I aggregates recipients across the undergraduate college (where roughly 46% to 50% of students receive need-based grants averaging over $60,000), the Monterey graduate institute, the summer Language Schools (which fund 40% to 100% of demonstrated need), and Bread Loaf, the $95.11 million allocation discounts gross comprehensive fee revenue ($280.70 million) by 33.9%. Nearly one-third of Middlebury's $1.73 billion endowment is permanently restricted by donors for student financial aid, contributing $29.64 million of the FY25 aid budget while general tuition and gifts fund the remaining $65.48 million.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 79.7% (2,619 recipients)
- Undergraduate Need-Based Aid Rate ~46%–50% (100% Need Met)
- Total Institutional Tuition Offsets $95,113,997 ($36,317 avg.)
- Endowment-Funded Scholarship Share $29,635,458 (31.2% of Aid)
- Effective Tuition Discount Rate 33.9% of Gross Tuition & Fees
External Research & Community Grants (Part IX)
- Domestic Research Consortium Subawards ($1,013,300) Includes Schedule I research subgrants to SUNY Research Foundation ($559,394), Oregon Health & Science University ($132,986), Shepherd Higher Education Consortium on Poverty ($125,000), University System of New Hampshire ($90,953), University of Vermont ($41,327), Georgia Tech ($23,684), Ohio State ($21,675), and UCLA ($18,281).
- Municipal, Civic & Foreign Research Grants ($984,957) Includes $870,158 to the Town of Middlebury for the Town Bridge Project, $71,349 to the Town Hall Theater, and $43,450 in European research grants reported on Schedule F, Part II.
Executive and Senior Leadership Compensation
Middlebury’s Schedule J disclosures reflect an executive compensation structure typical of selective New England liberal arts colleges that outsource investment management rather than maintaining an internal investment company. Outgoing President Laurie L. Patton (who served through December 31, 2024 before assuming the presidency of the American Academy of Arts & Sciences) was the highest-compensated employee in calendar year 2024 at $810,670 ($618,810 base salary, $64,095 other reportable compensation, and $127,765 in retirement and nontaxable benefits), followed by Executive Vice President for Finance and Administration David Provost ($552,809), Vice President for Advancement Daniel Courcey ($516,452), and Secretary and General Counsel Hannah Ross ($432,568).
Two of Middlebury’s five highest-compensated non-officer employees on Schedule J lead internationally recognized research centers at the Monterey Institute: William C. Potter, Director of the James Martin Center for Nonproliferation Studies ($401,685), and Jeffrey Lewis, Director of the East Asia Nonproliferation Program ($327,485), alongside Philip Geier, Executive Director of the Davis United World College Scholars Program ($385,726). Because no employee received remuneration above $1 million, Middlebury incurred zero federal IRC Section 4960 excise tax liability (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Middlebury expended $215,234,800 in total salaries, wages, pension contributions, and employee benefits in FY25 (+5.5% YoY, representing 48.5% of total institutional expenses) across 4,881 W-2 employees, with 390 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board Compensation Committee (comprising the Chair, Vice Chair, and an appointed Trustee) establishes presidential goals, engages independent compensation consultants, and reviews peer comparability data to satisfy the IRC Section 4958 rebuttable presumption of reasonableness.
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Presidential Residence & Interested-Person Disclosures (Schedule J & L): As a condition of employment, Middlebury provides the President with an on-campus residence for the convenience of the employer. Under Schedule L, Part IV, Middlebury disclosed $122,093 in regular faculty employment compensation paid to Shalom L. Goldman, spouse of former President Laurie L. Patton.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 13 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Laurie L. PattonPresident (Thru 12/31/24) | $618,810 | $0 | $64,095 | $72,450 | $55,315 | $810,670 | $0 |
| David ProvostEVP Finance & Admin. | $420,170 | $0 | $4,332 | $72,450 | $55,857 | $552,809 | $0 |
| Daniel CourceyVP Advancement | $393,304 | $18,287 | $2,831 | $58,650 | $43,380 | $516,452 | $0 |
| Hannah RossSecretary & General Counsel | $314,557 | $0 | $1,190 | $72,450 | $44,371 | $432,568 | $0 |
| William C. PotterDirector of CNS | $320,808 | $0 | $7,053 | $58,650 | $15,174 | $401,685 | $0 |
| Philip GeierExec. Dir. Davis UWC | $277,536 | $0 | $10,277 | $65,281 | $32,632 | $385,726 | $0 |
| Michelle McCauleyInterim Provost | $257,400 | $0 | $3,107 | $61,789 | $44,151 | $366,447 | $0 |
| Smita RuzickaVP Student Affairs | $264,628 | $0 | $644 | $46,309 | $26,777 | $338,358 | $0 |
| Jeffrey LewisDirector EANP | $253,172 | $0 | $670 | $48,703 | $24,940 | $327,485 | $0 |
| Stephen SnyderInterim President (As of 1/1/25) | $232,455 | $0 | $4,810 | $53,238 | $15,944 | $306,447 | $0 |
| Caitlin GossVP Human Resources | $246,282 | $0 | $362 | $30,487 | $1,928 | $279,059 | $0 |
| Alberto CitarellaVP Finance & Asst. Treas. | $223,589 | $0 | $851 | $40,599 | $3,889 | $268,928 | $0 |
| Susan Parsons RitterAssociate Secretary & Chief Risk Off. | $192,558 | $0 | $2,143 | $44,817 | $18,064 | $257,582 | $0 |
Facilities, Debt, and Municipal Relations
Middlebury’s physical footprint encompasses its historic 350-acre main quadrangle in Middlebury, Vermont, the 1,800-acre Bread Loaf mountain campus and Rikert Outdoor Center/Snow Bowl in Ripton, the Monterey campus in California, and real property held through its controlled 501(c)(2) title-holding subsidiary, Delineation Corporation. To preserve endowment liquidity while modernizing student housing and sustainability infrastructure, the college pairs tax-exempt municipal bonds issued through the Vermont Educational and Health Buildings Financing Agency (VEHBFA) with secured notes and capital leases.
In its home municipality, Middlebury maintains one of New England's most structured Town-Gown fiscal partnerships. On Schedule I (Part II), the college recorded an $870,158 direct cash grant to the Town of Middlebury for the Town Bridge Project—part of a multi-decade commitment financing the replacement of the Main Street and Merchants Row bridges and supporting municipal infrastructure—alongside $71,349 to the downtown Town Hall Theater. Furthermore, on Schedule D (Part IV, Line 2b and Part X, Line 21), Middlebury manages $7,044,833 in custodial endowment funds directly within its investment pool on behalf of Porter Medical Center (Porter Hospital) and the Town of Middlebury.
Capital Debt & Municipal Engagement
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Physical Plant & Museum Collections (Schedule D, Parts III & VI): Middlebury holds $1,037,161,839 in gross land, buildings, and equipment ($477,582,841 net book value after $559,578,998 in accumulated depreciation) plus $22,763,093 in capitalized Museum of Art collections, recording $14.67M in annual occupancy costs and $23.62M in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K & Part X): The college carries $315,670,548 in tax-exempt VEHBFA bond liabilities across five active series (Series 2016, 2019, 2020, 2022, and the $48.34M Series 2023 bond funding $45.0M in new residence hall construction completed in 2025 after retiring $9.03M in principal during FY25), plus $55,975,000 in secured notes and $51,803,527 in lease obligations, paying $10,992,574 in annual interest.
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Schedule I Town-Gown PILOT Payments & Custodial Endowments: Middlebury disbursed $870,158 to the Town of Middlebury for the Town Bridge Project and $71,349 to the Town Hall Theater on Schedule I, manages $7.04M in custodial endowment funds for Porter Hospital and the Town of Middlebury, and holds $36.96M in real-estate advances to its 501(c)(2) property subsidiary, Delineation Corporation (Schedule R).
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Top Construction & Campus Contractors (Part VII, Section B): Among 60 independent contractors paid over $100,000 in FY25, the top five were Naylor & Breen Builders Inc. ($30,686,486 for dormitory and campus construction), Burton F. Clark Inc. ($4,084,517 for construction), Premier Coach Co. Inc. ($669,201 for student transportation), Skytrac Services ($548,008 for Snow Bowl ski lift construction), and Smith Alvarez & Sienkiewycz ($503,281 for architecture).
Editorial Note
All financial figures in this report derive from Middlebury College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 2,760 undergraduate students, 526 Monterey graduate students, and roughly 2,400 summer Language School, Bread Loaf, and Schools Abroad students) and KPMG-audited comparative financial disclosures, reviewed by the data team.
While Middlebury expends $136,220 per undergraduate student in direct program services ($114,415 per regular-session degree-seeking student and $160,799 per undergraduate in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the 9:1 student-faculty ratio, immersive language and study-abroad programs, and need-blind domestic financial aid that operate alongside Middlebury’s student selectivity.
Accounting Reconciliation: Readers comparing Middlebury’s KPMG-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $443.81M in total expenses and $511.29M in total revenue by recording $95,113,997 in student financial aid tuition offsets as an operating expense (Part IX, Line 2), whereas GAAP financial statements net that $95.11M directly against gross comprehensive student fees ($280.70M gross less $95.11M aid = $185.59M in GAAP net student fees, resulting in $338.49M in GAAP operating expenses and $325.80M in GAAP operating revenues). Second, Form 990 records $6,596,410 in external investment management fees as a management expense (Part IX, Line 11f), whereas GAAP nets investment management fees against investment return. Third, per Form 990 Part IV (Lines 12a–12b) and Schedule R, Middlebury's audited financial statements are prepared on a consolidated basis incorporating its controlled 501(c)(2) real-estate subsidiary, Delineation Corporation ($36.96M in intercompany loans/advances), and 10 split-interest trusts, whereas Form 990 represents the standalone tax return of President and Fellows of Middlebury College.
Frequently Asked Questions: Middlebury's Form 990 Financials
As of Fiscal Year 2025, Middlebury College's endowment stands at $1.73 billion ($1,729,843,732), up 8.3% year-over-year after generating $170.37 million in net investment gains. Its $78.51 million annual payout covers 17.7% of the college's $443.81 million Form 990 operating budget (20.9% of direct program service expenses and 23.2% of its $338.49 million internal GAAP operating budget).
Middlebury spends $136,220 per undergraduate student annually across its $375.97 million in direct program service expenses ($101,759 net of financial aid across 2,760 undergraduates), or $114,415 per student when measured across all 3,286 regular-session degree-seeking students in Vermont and Monterey. Excluding auxiliary dormitories and dining ($54.37 million), core academic instruction, support, and student aid total $116,522 per undergraduate ($321.60 million), while total institutional expenditure including administrative overhead and fundraising reaches $160,799 per undergraduate ($443.81 million, or $135,060 per regular-session student).
Middlebury disbursed $95.11 million ($95,113,997) in direct Form 990 Schedule I financial aid scholarship tuition offsets across 2,619 domestic recipients in FY25 ($36,317 average grant across all recipient cohorts). That represents 79.7% of Middlebury's 3,286 regular-session enrollment and supports roughly 46% to 50% of undergraduates with need-based grants (meeting 100% of demonstrated need) alongside summer Language School and graduate fellowships.
The highest-paid employee on Middlebury's FY25 Form 990 is outgoing President Laurie L. Patton (who served through December 31, 2024), receiving $810,670 in total compensation ($618,810 base salary), followed by Executive Vice President for Finance and Administration David Provost ($552,809), Vice President for Advancement Daniel Courcey ($516,452), and General Counsel Hannah Ross ($432,568).
No. On Form 990 Part V (Line 16), Middlebury reports that it is not subject to the federal IRC Section 4968 excise tax on net investment income, nor is it subject to the Section 4960 excise tax on executive compensation over $1 million (Line 15).
Middlebury College's total assets reached $2.38 billion ($2,384,177,999) in Fiscal Year 2025, anchored by $1.75 billion in balance sheet investments ($1.48 billion in private equity and alternative securities, $218.54 million in publicly traded securities, and $53.71 million in program-related investments), $477.58 million in net land, buildings, and equipment, and $22.76 million in Museum of Art collections.
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