2026-05-07T13:54:07-05:00 2025-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 6320 CANOGA AVENUE 17TH FLOOR WOODLAND HILLS CA 91367 990 2024-07-01 208384273 VERMONT COLLEGE OF FINE ARTS INC VERM 8028288600 36 COLLEGE STREET MONTPELIER VT 05602 LORI HUSEIN CFO 8028288600 2026-05-06 1 1 LAUREN A HAVERLOCK P00545829 8185771900 2026-05-06 2024 2025-03-06 01:10:19Z ANDREW RAMSAMMY 36 COLLEGE STREET MONTPELIER VT 05602 10984078 0 X WWW.VCFA.EDU X 2006 VT 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. 14 12 150 19 0 0 1648048 856420 6183096 5702977 -318688 -833631 87149 -23596 7599605 5702170 1490616 1614147 0 0 5501379 4530830 0 0 275074 4925489 3603476 11917484 9748453 -4317879 -4046283 8406608 4041506 5078923 4762067 3327685 -720561 X 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. 0 0 7653027 1614147 5702977 EDUCATIONAL - SIX MASTER OF FINE ARTS PROGRAMS, INCLUDING WRITING, WRITING FOR CHILDREN AND YOUNG ADULTS, VISUAL ARTS, GRAPHIC DESIGN, MUSIC COMPOSITION, AND FILM. 7653027 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 269 0 1 150 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 12 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X KATHERINE PALARDY 8028288895 36 COLLEGE STREET MONTPELIER VT 05602 X ANDREW RAMSAMMY PRESIDENT 35.00 0.00 X X 150025 0 775 MICHAEL GOLDSTEIN BOARD CHAIR (THRU 4/26/25) 1.00 0.00 X X 0 0 0 HEIDI MOHLMAN TRINGE BOARD CHAIR 1.00 0.00 X X 0 0 0 CHEBON MARSHALL VICE CHAIR 1.00 0.00 X X 0 0 0 CATHERINE CARVELLI TRUSTEE (THRU 8/2/24) 1.00 0.00 X 0 0 0 MELISSA COBB TRUSTEE 1.00 1.00 X 0 0 0 PAUL CRONSON TRUSTEE 1.00 0.00 X 0 0 0 JOAN GRUBIN TRUSTEE 1.00 0.00 X 0 0 0 MIKE HOGAN TRUSTEE (THRU 8/2/24) 1.00 0.00 X 0 0 0 STEVEN HOLLEY TRUSTEE 1.00 0.00 X 0 0 0 KATE HOSFORD TRUSTEE 1.00 0.00 X 0 0 0 BARRY JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 CASPER MARTIN TRUSTEE (THRU 8/2/24) 1.00 0.00 X 0 0 0 ALEXANDRA MOORE TRUSTEE 1.00 0.00 X 0 0 0 KATHERINE PATERSON TRUSTEE (THRU 8/2/24) 1.00 0.00 X 0 0 0 TINA PERRY TRUSTEE 1.00 1.00 X 0 0 0 RAVI RAJAN TRUSTEE 1.00 50.00 X 0 527441 49291 MICHAEL ROSENFELD TRUSTEE (THRU 8/2/24) 1.00 0.00 X 0 0 0 MARK SWICEGOOD TRUSTEE 1.00 0.00 X 0 0 0 JEFF WIGGINS TRUSTEE 1.00 0.00 X 0 0 0 LORI HUSEIN CFO, TREASURER (AS OF 8/2/24) 10.00 50.00 X 0 346945 35817 KATIE GUSTAFSON CFO (THRU 5/9/25) 35.00 0.00 X 196195 0 4099 EDWARD ANDREAS NASSER SECRETARY 7.50 50.00 X 0 129741 11321 KATHERINE PALARDY CONTROLLER 35.00 0.00 X 107946 0 27676 KATIE RASMUSSEN DEAN OF STUDENTS 35.00 0.00 X 107799 0 12421 MARY-KIM ARNOLD DEAN OF FACULTY 35.00 0.00 X 103704 0 27640 665669 1004127 169040 5 0 1 0 5 856420 856420 TUITION AND FEES 611600 5062213 5062213 AUXILLIARY ENTERPRISES 611600 555637 555637 OTHER REVENUE 611600 85127 85127 5702977 33428 33428 61448 79935 -18487 -18487 -18487 4325269 139 5192189 -139 -866920 -867059 -867059 4536 9645 -5109 -5109 5702170 5702977 0 -857227 1614147 1614147 288123 288123 3366125 2923399 333099 109627 33425 23397 9025 1003 432751 285616 138480 8655 410406 316013 86185 8208 63223 63223 53956 53956 518835 191969 326866 202119 4042 198077 94677 73844 11366 9467 410069 307552 102517 75054 66048 7505 1501 298420 238736 50731 8953 1452206 1379596 43566 29044 64311 56594 7074 643 150765 132673 16584 1508 83975 83975 BAD DEBT 135866 39401 96465 9748453 7653027 1820352 275074 208573 170320 1319275 944825 193411 102518 350295 2041517 8828 0 936732 589150 118204 0 5322369 118204 67125 74972 8406608 4041506 468451 832761 984270 2414486 1000000 500000 2126202 0 500000 1014820 5078923 4762067 X 2028494 -1960854 1299191 1240293 3327685 -720561 8406608 4041506 -4046283 -1963 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 63361 0 0 X X X 0 489732 2825 492557 472529 23180 1511 7626 489594 523257 2804 53532 472529 0.00000 1.00000 0.00000 0 0 54843 54843 63361 63361 118204 INTERCOMPANY PAYABLE 1014820 1014820 X PART III, LINE 4: THE COLLECTION CONSISTS OF WORKS OF ART PRIMARILY ACQUIRED THROUGH THE PURCHASE OF THE CAMPUS. THE WORKS OF ART ARE AVAILABLE FOR PUBLIC EXHIBITION IN MONTPELIER, VT. PART V, LINE 4: THE INTENDED USE OF ENDOWMENT FUNDS IS TO PROVIDE SCHOLARSHIPS TO STUDENTS. PART X, LINE 2: THE INSTITUTE IS AN EDUCATIONAL ORGANIZATION FOR FEDERAL AND STATE INCOME TAX PURPOSES AND IS EXEMPT FROM INCOME TAX, EXCEPT WITH RESPECT TO ANY UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME TAX, IF ANY, IS INSIGNIFICANT AND NO TAX PROVISION HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE INSTITUTE HAD NO UNCERTAIN TAX POSITIONS AS OF THE YEARS ENDED JUNE 30, 2025 OR JUNE 30, 2024. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 VCFA BOARD RESOLUTION DOCUMENTS NONDISCRIMINATORY POLICY. NONDISCRIMINATORY POLICY IS ON BROCHURES, CATALOGS, APPLICATION MATERIALS AND THE WEBSITE. SCHEDULE E, PART I, LINE 6 VCFA RECEIVES FINANCIAL AID IN THE FORM OF DIRECT FEDERAL LOANS FOR STUDENTS (UNSUBSIDIZED AND GRAD PLUS LOANS). 0 SCHOLARSHIPS 223 1614147 PART I, LINE 2: STUDENTS AWARDED SCHOLARSHIPS MUST BE ENROLLED, AND FOR CONTINUED FUNDING, MUST SUCCESSFULLY COMPLETE THE SEMESTER PROJECT; SOME SCHOLARSHIPS REQUIRE MANUSCRIPT SUBMISSION, REVIEW, AND SELECTION BY FACULTY. X X X 1 0 0 0 0 0 0 1 0 RAVI RAJAN TRUSTEE 0 527265 0 0 0 176 0 30830 0 18461 0 576732 0 0 LORI HUSEIN CFO, TREASURER (AS OF 8/2/24) 0 345890 0 0 0 1055 0 22889 0 12928 0 382762 0 0 KATIE GUSTAFSON CFO (THRU 5/9/25) 115222 0 0 0 80973 0 3306 0 793 0 200294 0 0 0 ANDREW RAMSAMMY PRESIDENT 125025 0 25000 0 0 0 750 0 25 0 150800 0 0 0 PART I, LINE 4A KATIE GUSTAFSON WAS PAID SEVERANCE AS THE POSITION OF VP FOR FINANCE AND ADMINISTRATION WAS ELIMINATED WHEN VCFA PARTNERED WITH CALARTS. DUE TO THE AFFILIATION WITH CALARTS, SEVERAL POSITIONS WERE ELIMINATED, AND THERE WAS A STANDARD SEVERANCE PACKAGE OFFERED TO ALL EMPLOYEE AFFECTED. PART I, LINE 7 THE PRESIDENT RECEIVED A NON-FIXED PAYMENT DETERMINED BY THE BOARD. LESLIE WARD FORMER OFFICER LIQUIDITY LOAN X 1000000 500000 0 1 1 500000 FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED TO NAME CALIFORNIA INSTITUTE OF THE ARTS (CALARTS) AS THE SOLE MEMBER OF VCFA AND TO DEFINE THE MEMBER'S RESPONSIBILITIES, TO DEFINE THE SIZE OF THE BOARD AND THE PROCESS FOR APPOINTING ITS MEMBERS, TO REDEFINE THE PROCESS FOR MEETINGS, AND TO ESTABLISH THE EXECUTIVE COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 6 CALARTS IS THE SOLE MEMBER OF VCFA. FORM 990, PART VI, SECTION A, LINE 7A CALARTS AS THE SOLE MEMBER OF VCFA MAY APPOINT 6, 7, OR 8 OF THE TRUSTEES OF A BOARD COMPRISED OF 11, 13, OR 15 TRUSTEES, RESPECTIVELY. THE PRESIDENT OF CALARTS SERVES AS EX OFFICIO WITH VOTING POWER AS ONE OF THE CALARTS APPOINTEES. FORM 990, PART VI, SECTION A, LINE 7B ANY OF THE FOLLOWING ACTIONS REQUIRE CONSENT OF THE MEMBER: CHANGE IN MISSION, CHANGE IN STRUCTURE, AMENDMENTS TO THE ARTICLES OF INCORPORATION OR BYLAWS, REORGANIZATION, VOLUNTARY DISSOLUTION, INCURRENCE OF INDEBTEDNESS, CHANGES TO THE DEFINITION OF "OPERATING SURPLUS, AND APPROVAL OF THE ANNUAL BUDGET. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN EXTERNAL CPA FIRM AND THE CONTROLLER, REVIEWED AND SIGNED BY THE CHIEF FINANCIAL OFFICER. THE EXECUTIVE COMMITTEE REVIEWS THE PUBLIC DISCLOSURE COPY OF THE 990. THEN THE BOARD OF TRUSTEES REVIEWS THE PUBLIC DISCLOSURE COPY OF THE 990 PRIOR TO FILING. THE EXTERNAL FIRM FILES THE FORM ELECTRONICALLY. FORM 990, PART VI, SECTION B, LINE 12C A LETTER IS SENT TO THE BOARD OF TRUSTEE MEMBERS ON AN ANNUAL BASIS REQUESTING DISCLOSURE OF ANY INTEREST THAT COULD GIVE RISE TO CONFLICTS. IF THERE ARE ANY CONFLICTS DISCLOSED, THEY ARE INVESTIGATED BY THE COLLEGE AS APPROPRIATE. NO CONFLICTS IDENTIFIED. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS REVIEWED AND APPROVED BY THE COMPENSATION SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. COMPARABLE COMPENSATION DATA FROM INDEPENDENT CONSULTANTS, FORM 990S OF OTHER ORGANIZATIONS AND OTHER VARIOUS SALARY SURVEYS ARE REVIEWED BY THE COMMITTEE. THERE IS A WRITTEN CONTRACT THAT IS THEN APPROVED BY THE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON EACH INDIVIDUAL REQUEST. FORM 990, PART VII, SECTION A AND SCHEDULE J COMPENSATION REPORTED FOR RAVI RAJAN, LORI HUSSEIN AND EDWARD ANDREAS NASSER ON PART VII, COLUMNS E AND F AND SCHEDULE J ARE CONNECTED TO THEIR ROLES AT CALIFORNIA INSTITUTE OF THE ARTS, A RELATED ORGANIZATION. VERMONT COLLEGE OF FINE ARTS DOES NOT PAY ANY PORTION OF THEIR SALARY. CALIFORNIA INSTITUTE OF THE ARTS 24700 MCBEAN PARKWAY VALENCIA CA 91355 956102146 SCHOOL CA 501(C)(3) LINE 2 N/A 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0