VI Financial Reporting
In the interest of serving college constituents, Virginia Intermont makes available its most recent tax filing forms 990, which include calendar years 2010 and 2011. Form 990 from calendar year 2012 is currently being completed by the College auditors and will be posted spring 2014. Virginia Intermont is current in all federal and state mandated financial reporting requirements.
To help understand the Form 990: It is an annual reporting return that non-profit organizations and certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization’s mission, programs, and finances.
Listings of revenue are contributions and grants, program service revenue and investment income. These categories include fundraising, tuition and endowment income.
Trustees and top level employees are named with hours worked and compensation. The statement of functional expenses lists traditional line items as defined by the IRS such as employee benefits (including health insurance) and travel which is mostly comprised of athletic and equine team competitions and admissions travel. Other categories such as bad debt expense, a write-off of unpaid student accounts, are also listed. On the balance sheet, liabilities include secured and unsecured debt.