President & Fellows of Middlebury College
75 Shannon St, Middlebury, VT · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $511,285,123 | $443,806,219 | $1,845,438,823 |
| FY2024 | $520,203,981 | $425,256,465 | $1,706,439,652 |
| FY2023 | $456,039,665 | $400,959,311 | $1,562,361,280 |
| FY2022 | $498,919,126 | $389,176,145 | $1,553,872,125 |
| FY2021 | $387,918,222 | $342,014,276 | $1,587,540,001 |
| FY2020 | $400,272,194 | $360,929,342 | $1,214,460,874 |
| FY2019 | $391,530,404 | $378,133,792 | $1,237,087,286 |
| FY2018 | $395,191,773 | $356,492,152 | $1,224,620,100 |
| FY2017 | $348,351,857 | $352,100,760 | $1,174,316,001 |
| FY2016 | $375,173,036 | $351,150,735 | $1,118,341,877 |
| FY2015 | $374,553,703 | $332,375,383 | $1,253,929,580 |
| FY2014 | $325,407,608 | $320,013,951 | $1,243,871,012 |
| FY2013 | $311,742,702 | $303,214,591 | $1,144,498,356 |
| FY2012 | $292,358,302 | $286,069,000 | $1,031,392,758 |
Form 990 filings
The returns filed by President & Fellows of Middlebury College (EIN 03-0179298), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $99,974,382 | 20% |
| Program service revenue | $299,387,607 | 59% |
| Other revenue | $111,923,134 | 22% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $375,968,577 | 85% |
| Management & general | $63,118,690 | 14% |
| Fundraising | $4,718,952 | 1% |
What the numbers show
- Program service revenue made up 59% of total revenue in FY2025.
- Program services accounted for 85% of functional expenses, management & general 14%, and fundraising 1%.
- 85% of functional expenses went to program services in FY2025. That is higher than 42.9% of 21 Education organizations in VT.
- Net assets covered about 49.9 months of expenses at the end of the reporting year. That puts it in the 75th percentile among 236 Education organizations in VT.
- Total revenue was the highest among 236 Education organizations in VT.
- Total revenue rose from $292,358,302 in FY2012 to $511,285,123 in FY2025. Revenue increased in 8 and decreased in 5 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 1 of 14 reported years (FY2017).
- The highest revenue on record here is $520,203,981 in FY2024.
- Net assets grew from $1,031,392,758 to $1,845,438,823 between FY2012 and FY2025.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
We are a global liberal arts college offering undergraduate, graduate, and specialized programs.
IRS status
| Ruling year | 1944 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | B430 — Education (in VT) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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