Education (B430) IRS Verified DX Registered 990 on File

PRESIDENT & FELLOWS OF MIDDLEBURY COLLEGE

EIN: 03-0179298 · MIDDLEBURY, VT 05753-1021 · United States · FY 2023 Data

3 out of 5 58 / 100 Based on 2+ years of filings

Financial strength (30%) 85/100

Reliability (20%) 55/100

Effectiveness (25%) 88/100

Impact (25%) No data yet

Financial data: FY 2023 · Scored 9/13/2026

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CharityAI™ Score

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Mission Statement

At Middlebury College we challenge students to participate fully in a vibrant and diverse academic community. The College's Vermont location offers an inspirational setting for learning and reflection, reinforcing our commitment to integrating environmental stewardship into both our curriculum and our practices on campus. Yet the College also reaches far beyond the Green Mountains, offering a rich array of undergraduate and graduate programs that connect our community to other places, countries, and cultures. We strive to engage students' capacity for rigorous analysis and independent thought within a wide range of disciplines and endeavors, and to cultivate the intellectual, creative, physical, ethical, and social qualities essential for leadership in a rapidly changing global community. Through the pursuit of knowledge unconstrained by national or disciplinary boundaries, students who come to Middlebury learn to engage the world.

Financial Overview — FY 2023

$456.0M

Total Revenue

$401.0M

Total Expenses

$1562.4M

Net Assets

4889

Employees

Revenue Sources

Expense Breakdown

Program Expense Ratio 85.1%

Fundraising Efficiency N/A

Operating Reserve 46.76x

Liability-to-Asset 22.5%

Revenue Diversification 61.7%

Executive Compensation $4.0M

Compared with Peers

FY 2023

Compared with 607 similar organizations (United States, Education, $100M and over in expenses), FY 2023.

This organization Middle half of peers (P25–P75) Peer median

Ratio	This org	Peer median	Position (P10 → P90)
Program expense ratio Program expenses / total expenses · higher is better	85.1%	87.4%	P10P90	Below median
Admin expense ratio Management and general / total expenses · lower is better	13.8%	10.5%	P10P90	Below median
Fundraising expense ratio Fundraising expenses / total expenses · lower is better	1.1%	1.3%	P10P90	Above median
Operating reserve Months of expenses covered by net assets · higher is better	46.8 mo	20.3 mo	P10P90	Top quarter
Liabilities to assets Total liabilities / total assets · lower is better	22.5%	27.0%	P10P90	Above median
Revenue concentration Share of revenue from the largest source · lower is better	61.7%	84.6%	P10P90	Top quarter
Revenue growth Year over year revenue growth	-8.6%	-2.0%	P10P90
Expense growth Year over year expense growth	3.0%	5.9%	P10P90
Surplus margin Surplus as a share of revenue	12.1%	1.3%	P10P90

Financial History

Year	Revenue	Expenses	Net Assets	Program %	Staff
2023	$456.0M	$401.0M	$1562.4M	85.1%	4889
2022	$498.9M	$389.2M	$1553.9M	83.6%	4369
2021	$387.9M	$342.0M	N/A	—	4228

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Organization Details

EIN: 03-0179298
State: VT
City: MIDDLEBURY
ZIP: 05753-1021
Classification: B430
Category: Education
Rating: 3★
Coverage: A
Last Updated: Aug 2026
Foundation Code: 11
Form 990: On File

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CharityAI™ rates charities from 0 to 100 using public filings (IRS Form 990 and the equivalent registries outside the US) together with the information the charity itself provides on DonationX. Ratings are recalculated every quarter, without human bias, and shown as stars.

Four pillars

Financial strength30%

Program expense ratio, fundraising efficiency, operating reserves, liabilities and revenue diversification, compared with similar organizations.

Reliability20%

Standing with the registry, filing history, verification and how complete the profile is.

Effectiveness25%

How much goes to programs and how consistently the organization delivers them.

Impact25%

The outcomes the charity reports on DonationX: people served, cost per service and results.

Stars

★★★★★ 80–100 ★★★★☆ 60–79 ★★★☆☆ 40–59 ★★☆☆☆ 20–39 ★☆☆☆☆ 1–19

A pillar with no data counts as zero. Without impact metrics the score is capped at 59 (three stars): only the charity can supply that data.
The coverage grade (A to D) says how much filing data the score rests on; NONE means there is not enough to rate.
An organization that is not in good standing with its registry (for example a revoked tax exemption) is shown as Not rated.
"Compared with peers" places the charity's key ratios against organizations of the same country, sector and size.

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