Bennington College Corporation

“Bennington college was the first college in the nation to include the visual and performing arts as an equal partner in the liberal arts curriculum. By the middle of the 20th century, bennington was already playing a central role in the american arts scene - serving as a locus for many major figures in the art world. Because of its remarkable history, bennington college has acquired a unique collection of paintings, photographs, prints and sculptures - a large portion of the collection consisting of work made by its renowned alumni, faculty and campus visitors. Primarily a teaching collection, new work and work from the existing collection are evaluated for their relevance to the collection as a whole. Select work is occasionally lent for national exhibitions and exhibitions in the region. Much of the collection is permanently on display throughout the campus and is exhibited routinely through special exhibitions in the college's usdan gallery and crossett library.”

“The college's endowment consists of several dozen individual funds established for a variety of purposes, including both donor restricted endowment funds and funds designated by the college, if any, to function as endowments. The college uses the total return concept, and its spending policy is designed to stabilize annual spending levels and to preserve the purchasing power of the endowment assets.”

“The college generally does not provide for income taxes since it is a tax-exempt organization under 501(c)(3) of the internal revenue code. Asc 740, income taxes, permits an entity to recognize the benefit and requires accrual of an uncertain tax position only when the position is "more likely than not" to be sustained in the event of examination by tax authorities. In evaluating whether a position has met the recognition threshold, the college must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Asc 740 also provides guidance on the recognition, measurement, and classification of income tax uncertainties, along with any related interest or penalties. Tax positions deemed to meet the "more-likely-than-not" threshold are recorded as a tax expense in the current year. The college has analyzed all open tax years, as defined by the statutes of limitations, for all major jurisdictions. Open tax years are generally open for exam by taxing authorities three years after filing, which for the college are 2021, 2022 and 2023. Major taxing authorities for the college include the federal government and the state of vermont. The college has no examinations in progress. The college believes it has no significant uncertain tax positions.”

“Change in value of beneficial trust interest 196,277. Change in cash surrender value of life insurance 2,737. Change in value of gift annuities 62,108. Cost of goods sold 196,933. Rent expense 595,648.”

“Financial aid 36,371,293.”

“Cost of goods sold 196,933. Rent expense 595,648.”

“Financial aid 36,371,293.”

“The college is updating its endowment balances to reflect the removal of pledges not yet received from the endowment balance. Historically the college has reported pledges for the endowment funds at the time of the pledge for purposes of schedule d part v. The college is now reporting pledges at the time of contribution of funds to the endowment. Columns (b) - (e) have been updated to reflect this change.”