Civic Intelligence

Vermont College of Fine Arts Inc

EIN 20-8384273 • 501(c)3 • Montpelier, VT

View Organization Page

Profile

Anchored on its historic campus in montpelier, vermont, vcfa is a global community of artists continually redefining what it means to be an arts college. We measure our success by our ability to foster the excellence of emerging and established practitioners. We believe that the arts are central to the human experience and have the ability not only to reflect reality but also to create it.

36 College StreetMontpelier, VT 05602

www.vcfa.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

81st percentile

0.60x

Higher debt load relative to assets than 81% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

74th percentile

0.67x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

5th percentile

-57%

Higher net margin than 5% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

47th percentile

$178,131

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

2nd percentile

-51%

Faster asset growth than 2% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

3rd percentile

-63%

Faster revenue growth than 3% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets81st percentile

Assets

Down

$8,406,608

Down $8,818,444 (-51%) from 2023

Liabilities

Down

$5,078,923

Down $4,513,402 (-47%) from 2023

Net Assets

Down

$3,327,685

Down $4,305,042 (-56%) from 2023

Operations
Liabilities / Revenue74th percentileNet Margin5th percentile

Revenue

Down

$7,599,605

Down $13,076,063 (-63%) from 2023

Expenses

Down

$11,917,481

Down $3,805,483 (-24%) from 2023

Net Income

Down

-$4,317,876

Down $9,270,580 (-187%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth2nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2011: $14,427,756Liabilities 2011: $10,782,329Net Assets 2011: $3,645,4272011Assets 2012: $14,461,085Liabilities 2012: $10,544,155Net Assets 2012: $3,916,9302012Assets 2013: $15,219,603Liabilities 2013: $10,685,479Net Assets 2013: $4,534,1242013Assets 2014: $15,981,428Liabilities 2014: $11,080,361Net Assets 2014: $4,901,0672014Assets 2015: $18,084,273Liabilities 2015: $12,766,596Net Assets 2015: $5,317,6772015Assets 2016: $20,763,917Liabilities 2016: $15,464,594Net Assets 2016: $5,299,3232016Assets 2017: $19,852,406Liabilities 2017: $15,325,200Net Assets 2017: $4,527,2062017Assets 2018: $19,222,412Liabilities 2018: $15,084,270Net Assets 2018: $4,138,1422018Assets 2019: $17,756,749Liabilities 2019: $14,979,817Net Assets 2019: $2,776,9322019Assets 2020: $18,020,079Liabilities 2020: $15,473,915Net Assets 2020: $2,546,1642020Assets 2021: $16,609,181Liabilities 2021: $14,087,879Net Assets 2021: $2,521,3022021Assets 2022: $16,896,015Liabilities 2022: $14,225,441Net Assets 2022: $2,670,5742022Assets 2023: $17,225,052Liabilities 2023: $9,592,325Net Assets 2023: $7,632,7272023Assets 2024: $8,406,608Liabilities 2024: $5,078,923Net Assets 2024: $3,327,6852024

Highlighted filing

2024

Assets$8,406,608
Liabilities$5,078,923
Net Assets$3,327,685
Open 2024 Filing

Operations Trend

Revenue Growth3rd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0-$10MExpenses 2011: $8,417,6972011Expenses 2012: $8,230,3042012Expenses 2013: $8,770,8842013Revenue 2014: $9,761,270Expenses 2014: $9,394,327Net Income 2014: $366,9432014Revenue 2015: $10,212,274Expenses 2015: $9,795,664Net Income 2015: $416,6102015Revenue 2016: $10,864,077Expenses 2016: $10,884,897Net Income 2016: -$20,8202016Revenue 2017: $11,742,863Expenses 2017: $12,115,888Net Income 2017: -$373,0252017Revenue 2018: $10,954,138Expenses 2018: $11,343,202Net Income 2018: -$389,0642018Revenue 2019: $10,008,365Expenses 2019: $11,369,576Net Income 2019: -$1,361,2112019Revenue 2020: $9,860,501Expenses 2020: $10,091,269Net Income 2020: -$230,7682020Revenue 2021: $10,446,339Expenses 2021: $10,471,201Net Income 2021: -$24,8622021Revenue 2022: $9,896,722Expenses 2022: $9,721,314Net Income 2022: $175,4082022Revenue 2023: $20,675,668Expenses 2023: $15,722,964Net Income 2023: $4,952,7042023Revenue 2024: $7,599,605Expenses 2024: $11,917,481Net Income 2024: -$4,317,8762024

Highlighted filing

2024

Revenue$7,599,605
Expenses$11,917,481
Net Income-$4,317,876
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,406,608
Liabilities
$5,078,923
Net assets
$3,327,685
Revenue
$7,599,605
Expenses
$11,917,481
Net income
-$4,317,876
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.41$5.08$3.33$7.60$11.9$4.32
2023Detailed filing. Detailed filing data is available for this year.$17.2$9.59$7.63$20.7$15.7$4.95
2022Detailed filing. Detailed filing data is available for this year.$16.9$14.2$2.67$9.90$9.72$0.18
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.6$14.1$2.52$10.4$10.5$0.02
2020Detailed filing. Detailed filing data is available for this year.$18.0$15.5$2.55$9.86$10.1$0.23
2019Detailed filing. Detailed filing data is available for this year.$17.8$15.0$2.78$10.0$11.4$1.36
2018Detailed filing. Detailed filing data is available for this year.$19.2$15.1$4.14$11.0$11.3$0.39
2017Detailed filing. Detailed filing data is available for this year.$19.9$15.3$4.53$11.7$12.1$0.37
2016Detailed filing. Detailed filing data is available for this year.$20.8$15.5$5.30$10.9$10.9$0.02
2015Detailed filing. Detailed filing data is available for this year.$18.1$12.8$5.32$10.2$9.80$0.42
2014Detailed filing. Detailed filing data is available for this year.$16.0$11.1$4.90$9.76$9.39$0.37
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.2$10.7$4.53$8.77
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.5$10.5$3.92$8.23
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.4$10.8$3.65$8.42
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 6, 2025
Return Version
2023v6.0
Gross Receipts
$15,550,557
Mission and Program Overview

Mission

Vermont college of fine arts (vcfa) is a national center for education in the arts, fostering the excellence of emerging and established artists and advancing the arts to create a more humane world.

Anchored on its historic campus in montpelier, vermont, vcfa is a global community of artists continually redefining what it means to be an arts college. We measure our success by our ability to foster the excellence of emerging and established practitioners. We believe that the arts are central to the human experience and have the ability not only to reflect reality but also to create it.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,138,843$5,322,369▼ $7,816,474
Savings and Temporary Cash Investments$2,276,032$1,319,275▼ $956,757
Loans From Officers Directors$1,000,000$1,000,000→ $0
Prepaid Expenses and Deferred Charges$1,264,218$936,732▼ $327,486
Accounts Receivable$104,568$350,295▲ $245,727
Cash and Non-Interest-Bearing Accounts$135,935$208,573▲ $72,638
Pledges and Grants Receivable$235,929$193,411▼ $42,518
Investments in Publicly Traded Securities$58,365$67,125▲ $8,760
Inventories for Sale or Use$11,162$8,828▼ $2,334
Total Assets$17,225,052$8,406,608▼ $8,818,444
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,038,136$2,126,202▼ $4,911,934
Deferred Revenue$1,265,499$984,270▼ $281,229
Other Liabilities$15,673$500,000▲ $484,327
Accounts Payable and Accrued Expenses$273,017$468,451▲ $195,434
Total Liabilities$9,592,325$5,078,923▼ $4,513,402
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,175,615$2,028,494▼ $4,147,121
Net Assets With Donor Restrictions$1,457,112$1,299,191▼ $157,921
Total Net Assets Fund Balance$7,632,727$3,327,685▼ $4,305,042
Total Liabilities and Net Assets / Fund Balance$17,225,052$8,406,608▼ $8,818,444

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,956,424$1,912,156$6,868,580
Equipment$138,680$1,060,200$1,198,880
Other Land Buildings$104,446$467,949$572,395
Land$122,819-$122,819

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$472,529$23,180▲ $1,511$7,626$489,594
2022-$523,257▲ $2,804$53,532$472,529
Compensation and Service Providers
Top Officer Pay47th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew MonkAcademic DeaFT$156,533$21,598$178,131
Matthew MonkAcademic Dean-$156,533$21,598$178,131
Jericho ParmsVP of DeveloFT$116,070$28,297$144,367
Leslie WardPresident (1FT$119,250$24,891$144,141
Katie GustafsonVP Finance &FT$129,978$5,341$135,319

Board Members and Trustees

NameTitle
Michael GoldsteinChair
Catherine CarvelliVice Chair
Barry JohnsonTrustee
Casper MartinTrustee
Heidi Mohlman TringeTrustee
Jeff WigginsTrustee
Joan GrubinTrustee
Kate HosfordTrustee
Katherine PatersonTrustee
Michael RosenfeldTrustee
Mike HoganTrustee
Andrew RamsammyTrustee/pres
Lori HuseinCFO

Highest Paid Contractors

ContractorServicesLocationCompensation
The Belfort GroupMarketing125 HIGH STREET, SUITE 220, Boston, MA 02110$345,608
Revenue and Support

Revenue Composition

Contributions and Grants
$1,648,048
Program Service Revenue
$6,183,096
Investment Income
$-318,688
Other Revenue
$87,149
All Other Contributions
$1,648,048
Change in Net Assets
$-4,317,876

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,115,018
Revenue Not Reported on Financial Statements
$1,484,587
Revenue Not Reported on Form 990
$12,834
Other Revenue Adjustments
$1,484,587
Total Revenue per Audited Statements
$6,127,852
Total Revenue per Form 990
$7,599,605
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,501,376
Other Expenses$4,925,489
Grants and Similar Amounts Paid$1,490,616
Total Fundraising Expense$167,261
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,475,243$808,462$47,680$4,331,385
Grants to Domestic Individuals$1,490,616--$1,490,616
Conferences and Meetings$1,210,995$21,482$35,107$1,267,584
Occupancy$600,134$67,051$8,643$675,828
Fees for Services Other$220,213$382,442-$602,655
Other Employee Benefits$330,250$159,155$8,131$497,536
Advertising$9,377$471,336-$480,713
Payroll Taxes$274,842$75,476$6,065$356,383
Interest$273,245$34,468$4,487$312,200
Information Technology$217,105$71,057-$288,162
Current Officers, Directors, Trustees, and Key Employees$54,403$184,773$34,890$274,066
Travel$211,073$45,249$7,807$264,129
Depreciation Depletion$226,524$28,575$3,720$258,819
Fees for Services Legal-$211,924-$211,924
Insurance-$102,297-$102,297
Office Expenses$72,050$10,841$8,884$91,775
All Other Expenses$19,182$27,104-$46,286
Other Expenses$62,703$43,209$500$43,209
Pension Plan Contributions$29,423$11,236$1,347$42,006
Fees for Services Accounting-$40,650-$40,650
Fees for Service Investment Mgmnt Fees-$4,450-$4,450
Total Functional Expenses$8,877,500$2,872,720$167,261$11,917,481

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$11,917,481
Total Expenses per Audited Statements$10,432,894
Expenses per Audited Statements$10,426,865
Expenses Not Reported on Financial Statements$1,490,616
Other Expense Adjustments$1,490,616
Expenses Not Reported on Form 990$6,029
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$1,000,000$1,000,000→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance - Calarts$500,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“A copy of the form 990 will be reviewed by the executive committee of the board of trustees prior to final submission to the irs.”

Form 990, Page 6, Part VI, Line 12C

“Each trustee is required to review and sign a conflict of interest policy annually.”

Form 990, Page 6, Part VI, Line 15A

“Board determines president's salary based on evaluations and comparing data with similar institutions, and approves president's salary.”

Form 990, Page 6, Part VI, Line 15B

“The president evaluates and determines the other officer's salaries.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents and financial statements available to the public upon each individual request. The conflict of interest policy is made available to the public through the organization's website under policies and upon each individual request.”

Filing and Contact Details

Filer

Filer Name
Vermont College of Fine Arts Inc
EIN
20-8384273
Phone
8028288600
Address
36 COLLEGE STREET, MONTPELIER, VT 05602

Signing Officer

Name
Lori Husein
Title
CFO
Phone
8028288737
Signed
2025-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Ramsammy
Formed
2006
Legal Domicile
Vt
Voting Board Members
12
Independent Board Members
11
Employees
186

Preparer

Firm
Davis & Hodgdon Associates Cpas Plc
Address
33 BLAIR PARK RD STE 201, WILLISTON, VT 05495
Preparer
Bret Hodgdon
Phone
8028781963
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Anchored on its historic campus in montpelier, vermont, vcfa is a global community of artists continually redefining what it means to be an arts college. We measure our success by our ability to foster the excellence of emerging and established practitioners. We believe that the arts are central to the human experience and have the ability not only to reflect reality but also to create it.”

Financial Statement Notes

Schedule D, Page 2, Part III, Line 4

“The collections, which consist of a pipe organ and works of art were primarily acquired through the purchase of the campus. The pipe organ and works of art are available for public exhibition throughout the campus.”

Schedule D, Page 3, Part X

“The college annually files an irs form 990, return of organization exempt from income tax, tax return in the u.s. Federal jurisdiction. The college is no longer subject to u.s. Federal income tax examination by tax authorities for the years prior to june 30, 2021. In the normal course of business, the college is subject to examination by various taxing authorities. Although the outcome of tax audits is always uncertain, the management of the college believes that there are no significant unrecognized tax liablilities at june 30, 2024 and 2023.”

Schedule D, Page 4, Part XI, Line 4B

“Cogs -6,029 student financial aid 1,490,616”

Schedule D, Page 4, Part XII, Line 2D

“COGS 6,029”

Schedule D, Page 4, Part XII, Line 4B

“Student financial aid 1,490,616”

Raw XML AppendixShowing 400 of 660 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/ActivityOrMissionDesc0ANCHORED ON ITS HISTORIC CAMPUS IN MONTPELIER, VERMONT, VCFA IS A GLOBAL COMMUNITY OF ARTISTS CONTINUALLY REDEFINING WHAT IT MEANS TO BE AN ARTS COLLEGE. WE MEASURE OUR SUCCESS BY OUR ABILITY TO FOSTER THE EXCELLENCE OF EMERGING AND ESTABLISHED PRACTITIONERS. WE BELIEVE THAT THE ARTS ARE CENTRAL TO THE HUMAN EXPERIENCE AND HAVE THE ABILITY NOT ONLY TO REFLECT REALITY BUT ALSO TO CREATE IT.
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IRS990/BooksInCareOfDetail/USAddress/CityNm0MONTPELIER
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0VT
IRS990/BooksInCareOfDetail/USAddress/ZIPCd005602
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IRS990/ContractorCompensationGrp/CompensationAmt0345608
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IRS990/ContractorCompensationGrp/ServicesDesc0MARKETING
IRS990/CostOfGoodsSoldAmt06029
IRS990/CreditCounselingInd0false
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt01648048
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IRS990/Desc0EDUCATIONAL - SIX MASTER OF FINE ARTS PROGRAMS, INCLUDING WRITING, WRITING FOR CHILDREN AND YOUNG ADULTS, VISUAL ARTS, GRAPHIC DESIGN, MUSIC COMPOSITION, AND FILM.
IRS990/DescribedInSection501c3Ind0true
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IRS990/ForeignActivitiesInd0false
IRS990/ForeignFinancialAccountInd0false
IRS990/ForeignOfficeInd0false
IRS990/Form1098CFiledInd0false
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