2024-05-14T12:31:07-04:00 2023-06-30 030325875 DAVIS & HODGDON ASSOCIATES CPAS PLC 33 BLAIR PARK RD STE 201 WILLISTON VT 05495 990 2022-07-01 474302610 VERMONT COLLEGE OF FINE ARTS FOUNDATION INC VERM 8028288545 36 COLLEGE STREET MONTPELIER VT 05602 KATIE GUSTAFSON TREASURER/SECRETARY 8028288545 2024-05-14 true KATIE GUSTAFSON 999009999 false BRET HODGDON P00497283 8028781963 2024-05-14 2022 2023-04-26 12:10:37Z KATIE GUSTAFSON 36 COLLEGE STREET MONTPELIER VT 05602 4973417 false X N/A X 2015 VT TO PROVIDE FINANCIAL SUPPORT FOR THE OPERATIONS AND PROGRAMS OF VERMONT COLLEGE OF FINE ARTS, INC. X 3 2 0 2 0 4858543 0 460878 109866 0 460878 4968409 0 0 0 0 0 794223 8575470 794223 8575470 -333345 -3607061 10581051 0 6974106 0 3606945 0 X TO PROVIDE FINANCIAL SUPPORT FOR THE OPERATIONS AND PROGRAMS OF VERMONT COLLEGE OF FINE ARTS, INC. false true 8574842 TO PROVIDE FINANCIAL SUPPORT FOR THE OPERATIONS AND PROGRAMS OF VERMONT COLLEGE OF FINE ARTS, INC. THE FOUNDATION TRANSFERRED ALL REMAINING ASSETS TO THE COLLEGE IN SEPTEMBER 2022 AS PART OF THE NEW MARKET TAX CREDITS UNWIND. 8574842 true false false false false false false false false true false false false false false true false true false false false false false false false false false false false false false false false false false false false false false false false true false true false false false true 0 0 0 false false false false false false false false false false false false X 3 2 false false false false false false false true false false false true true true true false false false false false X KATIE GUSTAFSON 8028288545 36 COLLEGE STREET MONTPELIER VT 05602 MIKE GOLDSTEIN PRESIDENT 1.00 X X 0 0 0 KATIE GUSTAFSON TREASURER/SE 1.00 35.00 X X 0 129967 5212 LOUISE CROWLEY DIRECTOR 1.00 X 0 0 0 129967 5212 false false false 4858543 4858543 109940 109940 4934 5008 -74 -74 -74 4968409 109866 513 513 74842 74842 115 115 LOSS WRITE-OFF NOTES REC 8500000 8500000 8575470 8574842 628 0 11239 2049814 15000 8500000 4998 10581051 0 27329 6946777 6974106 0 X 2829036 777909 3606945 0 10581051 0 -3607061 116 X false true X false false X X X 1 VERMONT COLLEGE OF FINE ARTS INC 208384273 2 true 0 0 1 0 true false false false false false false false false false false false false false false true false 497487 497487 474056 23324 147 40 497487 464781 20880 2600 14205 474056 437267 50000 -4342 18144 464781 228349 221990 8137 21209 437267 false false X SCHEDULE D, PAGE 2, PART V, LINE 4 THE FOUNDATION'S ENDOWMENT CONSISTED OF SEVEN FUNDS ESTABLISHED FOR SEVERAL PURPOSES: GARY LIBRARY FUND - FOR LIBRARY MAINTENANCE HADLEY FUND - TO SUPPORT THE NEEDS OF GLOVER/HADLEY DORM MAINTENANCE DOLAN MINORITY SCHOLARSHIP FUND - PROVIDES SCHOLARSHIPS TO MFA VISUAL ART MINORITY STUDENTS KINGLSEY MEMORIAL ENDOWMENT FUND - STUDENT SCHOLARSHIPS IT'S NEVER TOO LATE SCOLARSHIP FUND - STUDENT SCHOLARSHIPS GENERAL ENDOWMENT - STUDENT SCHOLARSHIPS KATHERINE PATERSON ENDOWED CHAIR FUND - WCYA FACULTY FUNDING RITA WILLIAMS-GARCIA SCHOLARSHIP FUND - STUDENT SCHOLARSHIPS THE ENDOWMENT WAS TRANSFERED TO VCFA IN CONJUNCTION WITH THE UNWIND OF THE NEW MARKETS TAX CREDIT FINANCING. SCHEDULE D, PAGE 3, PART X THE FOUNDATION ANNUALLY FILES AN IRS FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, TAX RETURN IN THE U.S. FEDERAL JURISDICTION. THE FOUNDATION IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATION BY TAX AUTHORITIES FOR THE YEARS PRIOR TO JUNE 30, 2020. IN THE NORMAL COURSE OF BUSINESS, THE FOUNDATION IS SUBJECT TO EXAMINATION BY VARIOUS TAXING AUTHORITIES. ALTHOUGH THE OUTCOME OF TAX AUDITS IS ALWAYS UNCERTAIN, THE MANAGEMENT OF THE FOUNDATION BELIEVES THERE ARE NO SIGNIFICANT UNRECOGNIZED TAX LIABIITIES AT JUNE 30, 2023 AND 2022. NET ASSETS TRANSFER 2022-09-22 3606945 208384273 VERMONT COLLEGE OF FINE ARTS INC 36 COLLEGE STREET MONTPELIER VT 05602 501(C)(3) false false false false FORM 990, PAGE 2, PART III, LINE 3 THE FOUNDATION TRANSFERRED ITS REMAINING ASSETS TO VCFA IN CONJUNCTION WITH THE UNWIND OF THE NEW MARKETS TAX CREDIT FINANCING. SEE SCHEDULE N FOR FUTHER DETAILS. THE FOUNDATION DID NOT FORMALLY DISSOLVE AT THAT TIME, BUT PLANS TO DO SO IN FEBRUARY/MARCH 2024. FORM 990, PAGE 6, PART VI, LINE 8B THERE ARE NO SUBCOMMITTEES THAT REQUIRE MINUTES. FORM 990, PAGE 6, PART VI, LINE 11B A COPY OF THE 990 WILL BE REVIEWED BY THE THREE BOARD MEMBERS PRIOR TO FINAL SUBMISSION TO THE IRS. FORM 990, PAGE 6, PART VI, LINE 12C THE FOUNDATION MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY BY HAVING EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: (1) HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, (2) HAS READ AND UNDERSTANDS THE POLICY, (3) HAS AGREED TO COMPLY WITH THE POLICY, AND (4) UNDERSTANDS THE FOUNDATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. FORM 990, PAGE 6, PART VI, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BASED ON EACH INDIVIDUAL REQUEST. VERMONT COLLEGE OF FINE ARTS INC 36 COLLEGE STREET MONTPELIER VT 05602 208384273 EDUCATION VT 501C3 2 NA false false false true false false false false false false false false false false false false false false true false VERMONT COLLEGE OF FINE ARTS INC C 6923656 FMV VERMONT COLLEGE OF FINE ARTS INC R 2065113 FMV