SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet Attach to Form 990.
Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
Vassar College
 
Employer identification number

14-1338587
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year ....    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year .....    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ...........
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ... 2a 1
b Total acreage restricted by conservation easements ... 2b 1
c Number of conservation easements on a certified historic structure included in (a) ..... 2c 0
d Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ... 2d 0
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet0
4
Number of states where property subject to conservation easement is located SchDMd Bullet1
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet12
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet $ 0
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included in Form 990, Part VIII, line 1 .........................SchDMd Bullet $ 1,673,075
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $ 53,572,794
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:
a
Revenue included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $ 0
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $ 0
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
INSTRUCTION
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance .. 1c  
d Additions during the year ...... 1d  
e Distributions during the year ...... 1e  
f Ending balance ...... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ........
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current year (b)Prior year (c)Two years back (d)Three years back (e)Four years back
1a Beginning of year balance .... 974,179,926 868,744,442 804,912,006 814,130,058 699,492,470
b Contributions ... 23,752,988 33,637,551 14,896,339 17,744,816 14,765,503
c Net investment earnings, gains, and losses 22,039,331 123,797,933 93,117,794 15,611,923 139,270,779
d Grants or scholarships ... 13,110,055 12,014,840 11,535,277 10,941,139 10,340,803
e Other expenditures for facilities
and programs ... 		23,887,815 39,985,160 32,646,420 31,633,652 29,057,891
f Administrative expenses .... 0 0 0 0 0
g End of year balance ...... 982,974,375 974,179,926 868,744,442 804,912,006 814,130,058
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet16.57 %
b
Permanent endowment SchDMd Bullet32.39 %
c
Temporarily restricted endowment SchDMd Bullet51.04 %
The percentages in lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations .................
3a(i)
Yes
 
(ii) related organizations .................
3a(ii)
 
No
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ... 539,843 1,586,030 2,125,873
b Buildings 4,158,381 424,883,365 176,479,072 252,562,674
c Leasehold improvements 0 4,324,489 1,692,570 2,631,919
d Equipment ... 0 85,483,209 79,126,319 6,356,890
e Other ... 0 273,128,992 64,479,692 208,649,300
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 472,326,656
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part VII
Investments—Other Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c)Method of valuation :
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests    
(3)Other
(A) HEDGE FUNDS 		314,666,686 F

(B) INSTITUTIONAL MUTUAL FUNDS 		17,243,482 F

(C) BALANCED ACCOUNTS 		241,486 F

(D) REAL ESTATE, OIL & GAS PARTNERSHIPS 		87,602,267 F

(E) VENTURE CAPITAL 		97,689,207 F




Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 517,443,128
Part VIII
Investments—Program Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
Federal income taxes 0
Refundable Government Loan Funds 2,513,705
Present Value of Beneficiary Payments 12,401,841
Deposits held for Others 4,109,114
Accrued Pension Obligation 10,366,797
Asset Retirement Obligation 10,378,857
Accrued Post Retirement Benefit Obligation 26,438,026



Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 66,208,340
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 161,005,638
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a -14,084,450
b Donated services and use of facilities ......... 2b 0
c Recoveries of prior year grants ........... 2c 0
d Other (Describe in Part XIII.) ............ 2d 705,004
e Add lines 2a through 2d ..................... 2e -13,379,446
3 Subtract line 2e from line 1.................. 3 174,385,084
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a 5,779,733
b Other (Describe in Part XIII.) ........... 4b 58,696,471
c Add lines 4a and 4b.................... 4c 64,476,204
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 238,861,288
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 177,937,635
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a 0
b Prior year adjustments ............ 2b 0
c Other losses ................ 2c 0
d Other (Describe in Part XIII.) ............ 2d 1,506,684
e Add lines 2a through 2d.................... 2e 1,506,684
3 Subtract line 2e from line 1................... 3 176,430,951
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a 5,779,733
b Other (Describe in Part XIII.) ............ 4b 60,020,578
c Add lines 4a and 4b..................... 4c 65,800,311
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 242,231,262

Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part IV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
Schedule D, Part II, Line 9 THE COLLEGE'S CONSERVATION EASEMENT HAS NO ATTRIBUTED VALUE AND IS NOT RECORDED IN THE FINANCIAL STATEMENTS.
Schedule D, Part III, Line 4 THE COLLEGE'S FRANCES LEHMAN LOEB ART CENTER MAINTAINS COLLECTIONS OF PAINTINGS, SCULPTURES, PRINTS, PHOTOGRAPHS, AND CERAMICS FOR USE BY FACULTY AND STUDENTS AS A COMPLEMENT TO THE CURRICULUM IN A VARIETY OF INSTRUCTIONAL DISCIPLINES.
Schedule D, Part V, Line 4 THE COLLEGE'S ENDOWMENT FUNDS ARE MAINTAINED ACCORDING TO DONOR RESTRICTIONS AND EARNINGS ARE USED TO SUPPORT SCHOLARSHIPS AND A VARIETY OF PROGRAMS INCLUDING INSTRUCTION, RESEARCH, AND ACADEMIC SUPPORT.
Schedule D, Part X, Line 2 THE COLLEGE GENERALLY DOES NOT PROVIDE FOR INCOME TAXES SINCE IT IS A TAX EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES, PERMITS AN ENTITY TO RECOGNIZE THE BENEFIT AND REQUIRES ACCRUAL OF AN UNCERTAIN TAX POSITION ONLY WHEN THE POSITION IS "MORE LIKELY THAN NOT" TO BE SUSTAINED IN THE EVENT OF EXAMINATION BY TAX AUTHORITIES. IN EVALUATING WHETHER A TAX POSITION HAS MET THE RECOGNITION THRESHOLD, THE COLLEGE MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. ASC 740 ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT, AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES, ALONG WITH ANY RELATED INTEREST OR PENALTIES. TAX POSITIONS DEEMED TO MEET THE "MORE LIKELY THAN NOT" THRESHOLD ARE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. THE COLLEGE HAS ANALYZED ALL OPEN TAX YEARS AND BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS.
Schedule D, Part XI, Line 2d ADJUSTMENT FOR MINIMUM PENSION LIABILITY (590,374); COST OF GOODS SOLD 1,508,017; POST RETIREMENT BENEFIT CHANGES OTHER THAN NET PERIODIC COSTS (359,873); EXEMPT INTEREST SEPARATELY REPORTED 1,381; RENT INCOME, NET OF EXPENSE 209,853; GRANTS AND OTHER ASSISTANCE TO US ORGANIZATIONS (64,000); TOTAL 705,004
Schedule D, Part XI, Line 4b SCHOLARSHIPS 58,696,471
Schedule D, Part XII, Line 2d COST OF GOODS SOLD-COMPUTER STORE AND COLLEGE STORE 1,508,017; REIMBURSEMENT FOR EXPENSES INCURRED ON BEHALF OF VENDOR-BOOKSTORE (1,333); TOTAL 1,506,684
Schedule D, Part XII, Line 4b ADJUSTMENT FOR MINIMUM PENSION LIABILITY 590,374; SCHOLARSHIPS 58,696,471; ADJUSTMENT FOR MINIMUM PENSION LIABILITY 733,733; TOTAL 60,020,578
Schedule D (Form 990) 2014


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