TY 2015 Form 990

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)
(1) ALEC WEBB...................................................................... PRESIDENT	60.00 .................	X	X	124,645	0	8,179
(2) SHARMY ALTSHULER...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(3) BOB BAIRD...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(4) FRED BAY...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(5) BINTA COLLEY...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(6) MARY JANE GENTRY...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(7) DAVID HOLLENBECK...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(8) NAN JENKS-JAY...................................................................... VICE CHAIR	2.00 .................	X	X	0	0	0
(9) STEVE JOHNSON...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(10) ANDREW MEYER...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(11) ERNIE POMERLEAU...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(12) LOLA VAN WAGENEN...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(13) CASEY MURROW...................................................................... DIRECTOR	1.00 .................	X		0	0	0
(14) LISA STEELE...................................................................... CHAIR	4.00 .................	X	X	0	0	0
(15) DAVID MARVIN...................................................................... TREASURER	4.00 .................	X	X	0	0	0
(16) WILL JACKSON...................................................................... SECRETARY	2.00 .................	X	X	0	0	0

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Information about Schedule A (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2015

Open to Public
Inspection

Name of the organization

SHELBURNE FARMS

Employer identification number

03-0229347

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990 or 990-EZ))

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box in lines 11a through 11d that describes the type of supporting organization and complete lines 11e, 11f, and 11g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ..............

Provide the following information about the supported organization(s).

(i)Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i)Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2015

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2011	(b) 2012	(c) 2013	(d) 2014	(e) 2015	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any unusual grants.) ....
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2011	(b) 2012	(c) 2013	(d) 2014	(e) 2015	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10.

Gross receipts from related activities, etc. (see instructions) ..................

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2015 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2014 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2015. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2014. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2015. If the organization did not check a box on line 13, 16a, or 16b, and line 14
is 10% or more, and if the organization meets the facts-and-circumstances test, check this box and stop here. Explain
in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization ..................................................... right arrow

10%-facts-and-circumstances test—2014. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here.
Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly
supported organization ................................................ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2015

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2011	(b) 2012	(c) 2013	(d) 2014	(e) 2015	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .	3,107,044	3,647,631	3,535,726	2,847,052	3,428,099	16,565,552
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......	1,053,004	957,298	1,036,561	959,217	944,648	4,950,728
3	Gross receipts from activities that are not an unrelated trade or business under section 513...
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.	4,160,048	4,604,929	4,572,287	3,806,269	4,372,747	21,516,280
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...	884,968	1,349,892	1,660,877	1,273,945	2,016,966	7,186,648
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.	535,793	452,677	337,261	158,910	119,080	1,603,721
c	Add lines 7a and 7b..	1,420,761	1,802,569	1,998,138	1,432,855	2,136,046	8,790,369
8	Public support. (Subtract line 7c from line 6.)						12,725,911

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2011	(b) 2012	(c) 2013	(d) 2014	(e) 2015	(f) Total
9	Amounts from line 6...	4,160,048	4,604,929	4,572,287	3,806,269	4,372,747	21,516,280
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..	396,168	438,371	452,343	575,171	456,847	2,318,900
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.	396,168	438,371	452,343	575,171	456,847	2,318,900
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.	1					1
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..	4,556,217	5,043,300	5,024,630	4,381,440	4,829,594	23,835,181

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here............................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2015 (line 8, column (f) divided by line 13, column (f)) .........

53.390 %

Public support percentage from 2014 Schedule A, Part III, line 15 ...............

54.120 %

Section D. Computation of Investment Income Percentage

Investment income percentage for 2015 (line 10c, column (f) divided by line 13, column (f)) ......

10.000 %

Investment income percentage from 2014 Schedule A, Part III, line 17 .............

9.000 %

19a

331/3% support tests—2015. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3% support tests—2014. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990 or 990-EZ) 2015

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 11 of Part I. If you checked 11a of Part I, complete Sections A and B. If you checked 11b of Part I, complete Sections A and C. If you checked 11c of Part I, complete Sections A, D, and E. If you checked 11d of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer (b) and (c) below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked 11a or 11b in Part I, answer (b) and (c) below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer (b) and (c) below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990 or 990-EZ) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 7? If “Yes,” complete Part I of Schedule L (Form 990 or 990-EZ).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined in line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined in line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990 or 990-EZ) 2015

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described in (b) and (c) below, the governing body of a supported organization?

11a

A family member of a person described in (a) above?

11b

A 35% controlled entity of a person described in (a) or (b) above? If “Yes” to a, b, or c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in (2), did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer (a) and (b) below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described in (a) constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer (a) and (b) below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations? Provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990 or 990-EZ) 2015

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970. See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 1-1/2% of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by .035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990 or 990-EZ) 2015

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations (continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity
3 Administrative expenses paid to accomplish exempt purposes of supported organizations
4 Amounts paid to acquire exempt-use assets
5 Qualified set-aside amounts (prior IRS approval required)
6 Other distributions (describe in Part VI). See instructions
7Total annual distributions. Add lines 1 through 6.
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions
9 Distributable amount for 2015 from Section C, line 6
10 Line 8 amount divided by Line 9 amount

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2015	(iii) Distributable Amount for 2015
1 Distributable amount for 2015 from Section C, line 6
2 Underdistributions, if any, for years prior to 2015 (reasonable cause required--see instructions)
3 Excess distributions carryover, if any, to 2015:
a
b
c
d From 2013.......
e From 2014.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2015 distributable amount
i Carryover from 2010 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.
4Distributions for 2015 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2015 distributable amount
c Remainder. Subtract lines 4a and 4b from 4.
5 Remaining underdistributions for years prior to 2015, if any. Subtract lines 3g and 4a from line 2 (if amount greater than zero, see instructions)
6 Remaining underdistributions for 2015. Subtract lines 3h and 4b from line 1 (if amount greater than zero, see instructions)
7 Excess distributions carryover to 2016. Add lines 3j and 4c.
8 Breakdown of line 7:
a
b
c Excess from 2013.......
d From 2014.......
e From 2015.......

Schedule A (Form 990 or 990-EZ) (2015)

Schedule A (Form 990 or 990-EZ) 2015

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation

Schedule A (Form 990 or 990-EZ) 2015

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2015

Name of the organization

SHELBURNE FARMS

Employer identification number

03-0229347

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015) Page 2

Name of organization SHELBURNE FARMS

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$ RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Page 3

Name of organization SHELBURNE FARMS		Employer identification number 03-0229347

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Page 4


Name of organization SHELBURNE FARMS			Employer identification number 03-0229347
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

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

2015

Open to Public Inspection

Name of the organization

SHELBURNE FARMS

Employer identification number

03-0229347

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on 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 ....

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? ...........

Yes No

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? ............................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

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.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
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

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

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)? .............................

Yes No

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" on Form 990, Part IV, line 8.

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.

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 on Form 990, Part VIII, line 1 ......................... SchDMd Bullet

(ii)

Assets included in Form 990, Part X ............................... SchDMd Bullet

$ 243,468

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:

Revenue included on Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2015

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

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):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

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?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


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

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?

Yes No

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" on 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 ....	5,344,916	5,046,037	4,591,625	4,339,037	4,462,748
b	Contributions ...	115,992	153,764	28,423	285,955	122,160
c	Net investment earnings, gains, and losses	17,231	410,481	585,895	106,607	11,989
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...	147,400	237,962	133,800	175,072	169,992
f	Administrative expenses ....	30,675	27,404	26,106	24,902	27,868
g	End of year balance ......	5,300,064	5,344,916	5,046,037	4,591,625	4,399,037

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

87.260 %

Permanent endowment SchDMd Bullet

2.130 %

Temporarily restricted endowment SchDMd Bullet

10.610 %

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations .................

3a(i)

Yes

(ii) related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

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' on 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 ...	797,200	8,183,668		8,980,868
b	Buildings	1,742,576	2,314,957	2,037,787	2,019,746
c	Leasehold improvements	2,263,319	14,852,838	7,626,868	9,489,289
d	Equipment ...	723,467	2,077,629	2,196,626	604,470
e	Other ...	240,826	33,052	249,010	24,868
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..					21,119,241

Schedule D (Form 990) 2015

Page 3

Part VII

InvestmentsOther Securities. Complete if the organization answered 'Yes' on 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)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. Complete if the organization answered 'Yes' on 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

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value
(1) DUE FROM SHELBURNE FARMS, INC.				2,144,908
(2) ANTIQUES AND ART				243,468
(3) BENEFICIAL ASSETS HELD BY OTHERS				165,785
(4) DONATION RECEIVABLE
(5) PAYROLL CLEARING
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				2,554,161

Part X

Other Liabilities. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
ACCRUED PAYROLL AND RELATED LIABILIT
SALES TAX PAYABLE
INTEREST PAYABLE
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)
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) 2015

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1..................		3
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
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................		4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d....................		2e
3	Subtract line 2e from line 1...................		3
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
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.....................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, 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, PAGE 2, PART III, LINE 4	THE COLLECTION OF ANTIQUES AND ART MAINTAINED BY SHELBURNE FARMS INCLUDES ANTIQUE FURNITURE AND HOUSEHOLD GOODS AS WELL AS ARTWORK. THESE ITEMS SERVE THE ORGANIZATION'S MISSION AS THEY ARE ON DISPLAY IN THE FACILITIES AND CONTRIBUTE TO THE STEWARDSHIP OF CULTURAL RESOURCES.
SCHEDULE D, PAGE 2, PART V, LINE 4	DONORS TO THE FARM'S ENDOWMENT FUND CREATE A LEGACY THAT WILL BENEFIT FUTURE GENERATIONS. ENDOWMENT FUNDS HELP ENSURE CONTINUING EDUCATIONAL OUTREACH AND THE CARE AND USE OF THE PROPERTY FOR EDUCATIONAL AND COMMUNITY PURPOSES. GIFTS MAY BE DESIGNATED BY THE DONOR FOR DIFFERENT PURPOSES SUCH AS GENERAL SUPPORT, EDUCATION PROGRAMS, AGRICULTURAL ACTIVITIES, LANDSCAPE AND GARDENS, BUILDING MAINTENANCE, THE ARCHIVES, ETC
SCHEDULE D, PAGE 3, PART X	FASB ASC 740-10-50, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, REQUIRES THAT THE ORGANIZATION DISCLOSE UNCERTAINTY IN TAX POSITIONS AND RECOGNIZE IN THE FINANCIAL STATEMENTS THE IMPACT OF A TAX POSITION, IF THAT POSITION HAS A MORE LIKELY THAN NOT CHANCE OF BEING SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE ORGANIZATION, AS WELL AS ITS TWO CONSOLIDATED SUBSIDIARIES, FILES TAX RETURNS ANNUALLY WITH THE U.S. GOVERNMENT AND APPLICABLE STATES. THESE FEDERAL AND STATE TAX RETURNS FOR 2012, 2013, AND 2014 CAN BE SUBJECT TO EXAMINATION BY THE IRS AND STATE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. THE ORGANIZATION IS NOT AWARE OF ANY TAX POSITIONS TAKEN WITH RESPECT TO TAX DEDUCTIONS (EXPENSES) THAT WERE QUESTIONABLE DURING THE CURRENT YEAR AND THE PREVIOUS THREE TAX YEARS. ACCORDINGLY, AN ESTIMATE, OR THE RANGE OF THE REASONABLE POSSIBLE CHANGE OF UNRECOGNIZED TAX BENEFITS WITHIN THE NEXT TWELVE MONTHS CANNOT BE DETERMINED.

Schedule D (Form 990) 2015

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE G (Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information Regarding
Fundraising or Gaming Activities

Complete if the organization answered "Yes" on Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a. right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Information about Schedule G (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2015

Open to Public Inspection

Name of the organization
SHELBURNE FARMS

Employer identification number

03-0229347

Part I

Fundraising Activities. Complete if the organization answered "Yes" on Form 990, Part IV, line 17.

Form 990-EZ filers are not required to complete this part.

Indicate whether the organization raised funds through any of the following activities. Check all that apply.

a	Mail solicitations	e	Solicitation of non-government grants
b	Internet and email solicitations	f	Solicitation of government grants
c	Phone solicitations	g	Special fundraising events
d	In-person solicitations

Did the organization have a written or oral agreement with any individual (including officers, directors, trustees

or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?

YesNo

If "Yes," list the ten highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization.

(i) Name and address of individual or entity (fundraiser)	(iii) Did fundraiser have custody or control of contributions?
	Yes	No










Total . . . . . . . . . . . . . . . . . . . .

List all states in which the organization is registered or licensed to solicit contributions or has been notified it is exempt from registration or licensing.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50083H

Schedule G (Form 990 or 990-EZ) 2015

Page 2

Part II

Fundraising Events. Complete if the organization answered "Yes" on Form 990, Part IV, line 18, or reported more than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events with gross receipts greater than $5,000.

		(a) Event #1 HARVEST FESTIVA (event type)	(b) Event #2 SOIREE (event type)	(d) Total events (add col. (a) through col. (c))
1	Gross receipts . . . . .	36,703	20,441	57,144
2	Less: Contributions . . . .
3	Gross income (line 1 minus line 2) . . . . . .	36,703	20,441	57,144

4	Cash prizes . . . . .
5	Noncash prizes . . . .
6	Rent/facility costs . . . .
7	Food and beverages . . .
8	Entertainment . . . .
9	Other direct expenses . . .	24,636	5,184	29,820
10	Direct expense summary. Add lines 4 through 9 in column (d) . . . . . . . . . .			29,820
11	Net income summary. Subtract line 10 from line 3, column (d). . . . . . . . . .			27,324

Part III

Gaming. Complete if the organization answered "Yes" on Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.

		(a) Bingo	(b) Pull tabs/Instant bingo/progressive bingo	(c) Other gaming	(d) Total gaming (add col.(a) through col.(c))
1	Gross revenue . . . . .

2	Cash prizes . . . . .
3	Noncash prizes . . . .
4	Rent/facility costs . . . .
5	Other direct expenses . . .	24,636	5,184	29,820

Volunteer labor . . . .

	Yes %
	No

	Yes %
	No

	Yes %
	No

Direct expense summary. Add lines 2 through 5 in column (d) . . . . . . . . . . right arrow

Net gaming income summary. Subtract line 7 from line 1, column (d). . . . . . . . . right arrow

Enter the state(s) in which the organization conducts gaming activities:

Is the organization licensed to conduct gaming activities in each of these states? . . . . . . . .

YesNo

If "No," explain:

10a

Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? . . .

YesNo

If "Yes," explain:

Schedule G (Form 990 or 990-EZ) 2015

Page 3

Does the organization conduct gaming activities with nonmembers? . . . . . . . . . . .

YesNo

Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity

formed to administer charitable gaming? . . . . . . . . . . . . . . . . .

YesNo

Indicate the percentage of gaming activity conducted in:

The organization's facility . . . . . . . . . . . . . . . . . .

13a

An outside facility . . . . . . . . . . . . . . . . . . . .

13b

Enter the name and address of the person who prepares the organization's gaming/special events books and records:

Name

Address

15a

Does the organization have a contract with a third party from whom the organization receives gaming

revenue? . . . . . . . . . . . . . . . . . . . . . . . .

YesNo

If "Yes," enter the amount of gaming revenue received by the organization right arrow

$ and the

amount of gaming revenue retained by the third party right arrow

$ .

If "Yes," enter name and address of the third party:

Name

Address

Gaming manager information:

Name

Gaming manager compensation right arrow

Description of services provided right arrow

Director/officer Employee Independent contractor

Mandatory distributions:

Is the organization required under state law to make charitable distributions from the gaming proceeds to

retain the state gaming license? . . . . . . . . . . . . . . . . . . .

YesNo

Enter the amount of distributions required under state law distributed to other exempt organizations or spent

in the organization's own exempt activities during the tax year right arrow

Part IV

Supplemental Information. Provide the explanations required by Part I, line 2b, columns (iii) and (v); and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also complete this part to provide any additional information (see instructions).

Return Reference	Explanation

Schedule G (Form 990 or 990-EZ) 2015

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE M
(Form 990)

Department of the Treasury

Internal Revenue Service

Noncash Contributions

Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image

Attach to Form 990.
Right pointing arrow large image

Information about Schedule M (Form 990) and its instructions is at www.irs.gov/form990

OMB No. 1545-0047

2015

Open to Public Inspection

Name of the organization

SHELBURNE FARMS

Employer identification number

03-0229347

Part I

Types of Property

	(a) Check if applicable	(b) Number of contributions or items contributed	(c) Noncash contribution amounts reported on Form 990, Part VIII, line 1g	(d) Method of determining noncash contribution amounts
1 Art—Works of art ....
2 Art—Historical treasures .
3 Art—Fractional interests ..
4 Books and publications ..
5 Clothing and household goods .......
6 Cars and other vehicles ..	X	1	4,100	KELLY BLUE BOOK
7 Boats and planes ....
8 Intellectual property ...
9 Securities—Publicly traded .	X	19	93,079	STOCK EXCHANGE
10 Securities—Closely held stock .
11 Securities—Partnership, LLC, or trust interests ....
12 Securities—Miscellaneous ..
13 Qualified conservation contribution—Historic structures .....
14 Qualified conservation contribution—Other ...
15 Real estate—Residential .
16 Real estate—Commercial ..
17 Real estate—Other ...
18 Collectibles .....
19 Food inventory ...
20 Drugs and medical supplies .
21 Taxidermy ......
22 Historical artifacts ....
23 Scientific specimens ..
24 Archeological artifacts ...
25 Other ( VARIOUS )	X	1	38,675	FAIR MARKET VALUE
26 Other ( )
27 Other ( )
28 Other ( )

Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement

Yes

30a

During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that

it must hold for at least three years from the date of the initial contribution, and which is not required to be used

for exempt purposes for the entire holding period? ..................

30a

If "Yes," describe the arrangement in Part II.

Does the organization have a gift acceptance policy that requires the review of any non-standard contributions?

Yes

32a

Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash

contributions? ..........................

32a

Yes

If "Yes," describe in Part II.

If the organization did not report an amount in column (c) for a type of property for which column (a) is checked,

describe in Part II.

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 51227J

Schedule M (Form 990) (2015)

Page 2

Part II

Supplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.

Return Reference	Explanation
SCHEDULE M, PAGE 1, PART I, LINE 32B	INVESTMENT BANKS RECEIVE THE STOCK GIFTS, WHICH ARE THEN SOLD, AND THE FUNDS TRANSFERRED TO THE ORGANIZATION.

Schedule M (Form 990) (2015)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2015

Open to Public
Inspection

Name of the organization

SHELBURNE FARMS

Employer identification number

03-0229347

Return Reference	Explanation
FORM 990 - ORGANIZATION'S MISSION	THE MISSION OF SHELBURNE FARMS IS TO CULTIVATE A CONSERVATION ETHIC FOR A SUSTAINABLE FUTURE BY: - EDUCATING YOUNG PEOPLE TO BECOME ECOLOGICALLY LITERATE AND CARING CITIZENS WHO MAKE CHOICES THAT CREATE A HEALTHY AND JUST WORLD AND; -PRACTICING THE STEWARDSHIP OF NATURAL, AGRICULTURAL, AND CULTURAL RESOURCES.
FORM 990	- EDUCATING YOUNG PEOPLE TO BECOME ECOLOGICALLY LITERATE AND CARING CITIZENS WHO MAKE CHOICES THAT CREATE A HEALTHY AND JUST WORLD AND; -PRACTICING THE STEWARDSHIP OF NATURAL, AGRICULTURAL, AND CULTURAL RESOURCES.
FORM 990, PAGE 2, PART III, LINE 4A	THE NONPROFIT IS SUPPORTED BY CHARITABLE CONTRIBUTIONS, AS WELL AS ITS PROGRAM ENTERPRISES, WHICH INCLUDE A GRASS-BASED DAIRY AND AWARD-WINNING FARMSTEAD CHEESE MAKING OPERATION, AN ORGANIC MARKET GARDEN, MAPLE SUGARING AND SUSTAINABLE LUMBER PRODUCTION, SPECIAL EVENTS, AND A WIDELY RECOGNIZED SEASONAL INN AND FARM-TO-TABLE RESTAURANT. IMPROVING THE HISTORIC PROPERTY TO BUILD AN INSPIRING FARM-BASED CAMPUS IS AN ONGOING ENDEAVOR. IN 2015 SHELBURNE FARMS COMPLETED A BUSY AND PRODUCTIVE 43RD YEAR AS A CHARITABLE EDUCATION ORGANIZATION TOUCHING THE LIVES OF THOUSANDS OF PEOPLE OF ALL AGES FROM THE LOCAL COMMUNITY TO A GLOBAL AUDIENCE. THE FARM'S PROGRAMS AND ACTIVITIES WERE SUPPORTED BY 3,956 INDIVIDUAL DONORS FROM 47 STATES AND 8 COUNTRIES AND SERVED 149,000 PROGRAM PARTICIPANTS AND VISITORS ON-SITE, IN ADDITION TO PROVIDING OUTREACH PROGRAMS AND RESOURCES FOR MANY EDUCATORS AND SCHOOLS. TOTAL ATTENDANCE INCLUDED 54,000 VISITORS COMING TO THE CHILDREN'S FARMYARD AND ENJOYING THE WALKING TRAILS. ON-SITE EDUCATION PROGRAMS ALSO SERVED 400 EDUCATORS, 9,000 SCHOOL-AGED CHILDREN ATTENDING SCHOOL PROGRAMS, 4 H ACTIVITIES AND SUMMER CAMPS, AND 2,000 OTHERS PARTICIPATING IN FAMILY AND ADULT PROGRAMS. WHILE EDUCATORS CONSTITUTE A RELATIVELY SMALL PERCENTAGE OF TOTAL PROGRAM PARTICIPANTS THEY PROMISE TO HAVE THE GREATEST IMPACT BECAUSE OF THE MANY STUDENTS WHOSE LIVES WILL BE TOUCHED OVER THE COURSE OF THEIR CAREERS. ULTIMATELY THE SUCCESS OF THE EDUCATION PROGRAMS AT SHELBURNE FARMS IS MEASURED BY DEEPENING TEACHER PRACTICE AND STUDENT LEARNING, LEADING TO IMPROVEMENTS IN THE QUALITY OF LIFE NOW AND, HOPEFULLY, FOR GENERATIONS TO COME. SHELBURNE FARMS, NOFA VT AND OTHER VT FEED (FOOD EDUCATION EVERY DAY) COLLABORATORS COMPLETED A 3RD YEAR PARTNERING WITH THE VERMONT COMMUNITY FOUNDATION'S LOCAL FOOD FOR HEALTHY COMMUNITIES INITIATIVE TO FACILITATE THE COLLECTIVE IMPACT OF THE VERMONT FARM TO SCHOOL NETWORK IN HELPING BRING LOCAL, HEALTHY FOODS TO VERMONT SCHOOL CHILDREN. TWO THIRDS OF VERMONT'S ELEMENTARY SCHOOLS ARE NOW ENGAGED IN FARM TO SCHOOL PROGRAMMING, CONNECTING STUDENTS, LOCAL FARMS AND COMMUNITIES TO SERVE HEALTHY MEALS IN SCHOOL CAFETERIAS. IN ADDITION TO VT FEED, OTHER SPECIAL SUPPORT - INCLUDING COOPERATIVE AGREEMENTS WITH THE NATIONAL PARK SERVICE AND FOREST SERVICE -MADE POSSIBLE THE FARM'S PROGRAMS SUPPORTING EDUCATION FOR SUSTAINABILITY PROFESSIONAL LEARNING FOR EDUCATORS, THE ACTIVITIES OF THE FARM-BASED EDUCATION NETWORK, AND SCHOLARSHIPS FOR EDUCATORS ATTENDING WORKSHOPS AND FOR CHILDREN PARTICIPATING IN SCHOOL PROGRAMS AND SUMMER CAMPS. GRANT FUNDING ALSO MADE POSSIBLE CONTINUING IMPROVEMENTS AT THE MARKET GARDEN AND DAIRY TO IMPROVE SOIL HEALTH AND SUPPORT NUTRIENT-DENSE FOOD AND FORAGE PRODUCTION. SIGNIFICANT CAMPUS IMPROVEMENTS INCLUDED EXPANDING THE FARM'S MAPLE SUGARING PROGRAM ENTERPRISE TO ENHANCE FOREST STEWARDSHIP AND EDUCATION PROGRAMS AND COMPLETING PHASE 3 OF RESTORATION OF THE SHELBURNE HOUSE FORMAL GARDENS. FOR THE THIRD YEAR, THE FARM ALSO RECEIVED SPECIAL SUPPORT TO HOST A TRADITIONAL FOODS SYMPOSIUM EXPLORING CONNECTIONS BETWEEN FOOD AND HEALTH. A HIGHLIGHT OF 2015 WAS THE DESIGNATION OF THE BURLINGTON AREA AS A REGIONAL CENTER OF EXPERTISE ON EDUCATION FOR SUSTAINABLE DEVELOPMENT BY THE UNITED NATIONS UNIVERSITY.
FORM 990, PAGE 6, PART VI, LINE 2	ALEXANDER WEBB MEGAN CAMP PRESIDENT VP MARRIED
FORM 990, PAGE 6, PART VI, LINE 11B	THE AUDIT COMMITTEE REVIEWS THE INFORMATION AND REPORTS IT TO THE BOARD OF DIRECTORS. A 990 TUTORIAL WAS PROVIDED TO BOARD MEMBERS.
FORM 990, PAGE 6, PART VI, LINE 12C	POLICIES ARE REVIEWED AT THE COMMITTEE LEVEL AND THEN DISCUSSED AT THE BOA RD LEVEL WITH CHANGES MADE IF NECESSARY. EACH YEAR THE BOARD MEMBERS SIGN THAT THEY ARE IN COMPLIANCE WITH THE POLICY.
FORM 990, PAGE 6, PART VI, LINE 15A	THE BOARD OF DIRECTORS REVIEWS COMPENSATION AND BENEFITS FOR ALEXANDER WEBB, PRESIDENT, THROUGH ITS COMPENSATION COMMITTEE. THIS COMMITTEE USES NATIONAL, REGIONAL, AND STATE COMPENSATION SURVEYS TO DETERMINE APPROPRIATE COMPENSATION. THE CFO BENCHMARKED THE EXECUTIVE COMPENSATION OF NON-PROFIT ORGANIZATIONS WITH A SIMILAR SIZE AND SCOPE WITHIN VERMONT AND REGIONALLY. THIS WAS SUMMARIZED IN A REPORT WHICH WAS PRESENTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS.
FORM 990, PAGE 6, PART VI, LINE 15B	THE BOARD OF DIRECTORS REVIEWS COMPENSATION AND BENEFITS FOR ALEXANDER WEBB, PRESIDENT, THROUGH ITS COMPENSATION COMMITTEE. THIS COMMITTEE USES NATIONAL, REGIONAL, AND STATE COMPENSATION SURVEYS TO DETERMINE APPROPRIATE COMPENSATION. THE CFO BENCHMARKED THE EXECUTIVE COMPENSATION OF NON-PROFIT ORGANIZATIONS WITH A SIMILAR SIZE AND SCOPE WITHIN VERMONT AND REGIONALLY. THIS WAS SUMMARIZED IN A REPORT WHICH WAS PRESENTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS.
FORM 990, PAGE 6, PART VI, LINE 19	GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENT INFORMATION WILL BE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART IX, LINE 11G	PROFESSIONAL FEES 471,005 19,724 0
FORM 990, PART XI, LINE 9	ADJUST INVESTMENT IN SFI 1,423,574 PURCHASE OF ULYSSES -31,894 LOSS FROM ULYSSES -4,706 TOTAL 1,386,974

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2015

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990.
MediumBullet

Information about Schedule R (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2015

Open to Public Inspection

Name of the organization

SHELBURNE FARMS

Employer identification number

03-0229347

Part I

Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2015

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets		Yes	No
(1) SHELBURNE FARMS INC 1611 HARBOR ROAD SHELBURNE,VT05482 03-0304285	SERVICES	VT	NA	C CORP	1,472,112	1,316,280	100.000 %	Yes
(2) ULYSSES COMPANY 1611 HARBOR ROAD SHELBURNE,VT05482 13-6098837	SERVICES	AL	NA	C CORP	8,993	523,990	89.880 %	Yes

Schedule R (Form 990) 2015

Page 3

Part V

Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

Yes

b Gift, grant, or capital contribution to related organization(s) ............................

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

Yes

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

m Performance of services or membership or fundraising solicitations by related organization(s) .................

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

o Sharing of paid employees with related organization(s) ............................

p Reimbursement paid to related organization(s) for expenses ............................

q Reimbursement paid by related organization(s) for expenses ............................

r Other transfer of cash or property to related organization(s) ............................

s Other transfer of cash or property from related organization(s) ............................

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) SHELBURNE FARMS INC	A	331,975	FMV
(2) ULYSSES COMPANY	E	500,000	FMV

Schedule R (Form 990) 2015

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2015

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R (see instructions).

Return Reference	Explanation

Schedule R (Form 990) 2015

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: EDUCATION FOR SUSTAINABILITY; EDUCATING YOUNG PEOPLE TO BECOME ECOLOGICALLY LITERATE AND CARING CITIZENS WHO MAKE CHOICES THAT CREATE A HEALTHY AND JUST WORLD, PRACTICING THE STEWARDSHIP OF NATURAL AND AGRI. RESOURCES.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	16
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	15
5	Total number of individuals employed in calendar year 2015 (Part V, line 2a) ......	5	123
6	Total number of volunteers (estimate if necessary) .............	6	175
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	2,847,052	3,428,100
9	Program service revenue (Part VIII, line 2g) .........	959,217	944,648
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	308,125	319,145
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	27,144	26,397
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	4,141,538	4,718,290
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...		0
14	Benefits paid to or for members (Part IX, column (A), line 4).....		0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	2,525,144	2,709,580
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....		0
b	Total fundraising expenses (Part IX, column (D), line 25) 272,468
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	1,577,350	1,786,180
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	4,102,494	4,495,760
19	Revenue less expenses. Subtract line 18 from line 12.......	39,044	222,530
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	32,774,729	34,013,558
21	Total liabilities (Part X, line 26).............	2,628,591	2,551,952
22	Net assets or fund balances. Subtract line 21 from line 20.....	30,146,138	31,461,606

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 3,881,726 including grants of $ ) (Revenue $ 944,648 )
	EDUCATING FOR A SUSTAINABLE FUTURE - SHELBURNE FARMS IS A LEARNING CENTER BASED AT OUR 1,400 ACRE WORKING FARM AND FOREST AND NATIONAL HISTORIC LANDMARK. THE FARM OFFERS EDUCATIONAL EXPERIENCES AND RESOURCES FOR EDUCATORS, SCHOOLS, CHILDREN AND FAMILIES THAT CONNECT PEOPLE WITH NATURE AND AGRICULTURE AND INSPIRE STEWARDSHIP IN THEIR HOME COMMUNITIES. TO EXTEND ITS IMPACT, SHELBURNE FARMS SUPPORTS EDUCATORS AND COLLABORATES WITH OTHER REGIONAL, NATIONAL AND INTERNATIONAL ORGANIZATIONS TO ADVANCE EDUCATION FOR SUSTAINABILITY. THE FARM ALSO SERVES AS A CATALYST AND CONVENER FOR STRENGTHENING LOCAL FOOD, FORESTRY AND ENERGY SYSTEMS. (CONTINUED ON SCHEDULE O) THE NONPROFIT IS SUPPORTED BY CHARITABLE CONTRIBUTIONS, AS WELL AS ITS PROGRAM ENTERPRISES, WHICH INCLUDE A GRASS-BASED DAIRY AND AWARD-WINNING FARMSTEAD CHEESE MAKING OPERATION, AN ORGANIC MARKET GARDEN, MAPLE SUGARING AND SUSTAINABLE LUMBER PRODUCTION, SPECIAL EVENTS, AND A WIDELY RECOGNIZED SEASONAL INN AND FARM-TO-TABLE RESTAURANT. IMPROVING THE HISTORIC PROPERTY TO BUILD AN INSPIRING FARM-BASED CAMPUS IS AN ONGOING ENDEAVOR. IN 2015 SHELBURNE FARMS COMPLETED A BUSY AND PRODUCTIVE 43RD YEAR AS A CHARITABLE EDUCATION ORGANIZATION TOUCHING THE LIVES OF THOUSANDS OF PEOPLE OF ALL AGES FROM THE LOCAL COMMUNITY TO A GLOBAL AUDIENCE. THE FARM'S PROGRAMS AND ACTIVITIES WERE SUPPORTED BY 3,956 INDIVIDUAL DONORS FROM 47 STATES AND 8 COUNTRIES AND SERVED 149,000 PROGRAM PARTICIPANTS AND VISITORS ON-SITE, IN ADDITION TO PROVIDING OUTREACH PROGRAMS AND RESOURCES FOR MANY EDUCATORS AND SCHOOLS. TOTAL ATTENDANCE INCLUDED 54,000 VISITORS COMING TO THE CHILDREN'S FARMYARD AND ENJOYING THE WALKING TRAILS. ON-SITE EDUCATION PROGRAMS ALSO SERVED 400 EDUCATORS, 9,000 SCHOOL-AGED CHILDREN ATTENDING SCHOOL PROGRAMS, 4 H ACTIVITIES AND SUMMER CAMPS, AND 2,000 OTHERS PARTICIPATING IN FAMILY AND ADULT PROGRAMS. WHILE EDUCATORS CONSTITUTE A RELATIVELY SMALL PERCENTAGE OF TOTAL PROGRAM PARTICIPANTS THEY PROMISE TO HAVE THE GREATEST IMPACT BECAUSE OF THE MANY STUDENTS WHOSE LIVES WILL BE TOUCHED OVER THE COURSE OF THEIR CAREERS. ULTIMATELY THE SUCCESS OF THE EDUCATION PROGRAMS AT SHELBURNE FARMS IS MEASURED BY DEEPENING TEACHER PRACTICE AND STUDENT LEARNING, LEADING TO IMPROVEMENTS IN THE QUALITY OF LIFE NOW AND, HOPEFULLY, FOR GENERATIONS TO COME. SHELBURNE FARMS, NOFA VT AND OTHER VT FEED (FOOD EDUCATION EVERY DAY) COLLABORATORS COMPLETED A 3RD YEAR PARTNERING WITH THE VERMONT COMMUNITY FOUNDATION'S LOCAL FOOD FOR HEALTHY COMMUNITIES INITIATIVE TO FACILITATE THE COLLECTIVE IMPACT OF THE VERMONT FARM TO SCHOOL NETWORK IN HELPING BRING LOCAL, HEALTHY FOODS TO VERMONT SCHOOL CHILDREN. TWO THIRDS OF VERMONT'S ELEMENTARY SCHOOLS ARE NOW ENGAGED IN FARM TO SCHOOL PROGRAMMING, CONNECTING STUDENTS, LOCAL FARMS AND COMMUNITIES TO SERVE HEALTHY MEALS IN SCHOOL CAFETERIAS. IN ADDITION TO VT FEED, OTHER SPECIAL SUPPORT - INCLUDING COOPERATIVE AGREEMENTS WITH THE NATIONAL PARK SERVICE AND FOREST SERVICE -MADE POSSIBLE THE FARM'S PROGRAMS SUPPORTING EDUCATION FOR SUSTAINABILITY PROFESSIONAL LEARNING FOR EDUCATORS, THE ACTIVITIES OF THE FARM-BASED EDUCATION NETWORK, AND SCHOLARSHIPS FOR EDUCATORS ATTENDING WORKSHOPS AND FOR CHILDREN PARTICIPATING IN SCHOOL PROGRAMS AND SUMMER CAMPS. GRANT FUNDING ALSO MADE POSSIBLE CONTINUING IMPROVEMENTS AT THE MARKET GARDEN AND DAIRY TO IMPROVE SOIL HEALTH AND SUPPORT NUTRIENT-DENSE FOOD AND FORAGE PRODUCTION. SIGNIFICANT CAMPUS IMPROVEMENTS INCLUDED EXPANDING THE FARM'S MAPLE SUGARING PROGRAM ENTERPRISE TO ENHANCE FOREST STEWARDSHIP AND EDUCATION PROGRAMS AND COMPLETING PHASE 3 OF RESTORATION OF THE SHELBURNE HOUSE FORMAL GARDENS. FOR THE THIRD YEAR, THE FARM ALSO RECEIVED SPECIAL SUPPORT TO HOST A TRADITIONAL FOODS SYMPOSIUM EXPLORING CONNECTIONS BETWEEN FOOD AND HEALTH. A HIGHLIGHT OF 2015 WAS THE DESIGNATION OF THE BURLINGTON AREA AS A REGIONAL CENTER OF EXPERTISE ON EDUCATION FOR SUSTAINABLE DEVELOPMENT BY THE UNITED NATIONS UNIVERSITY.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses3,881,726

(A) Name and business address	(B) Description of services	(C) Compensation
OLDE WORLD MASONRY INC, 1397 NEWARK STREET NEWARK,VT05481	CONSTRUCTION	152,290
INNATE STRATEGIES, 3001 BRIDGEWAY SUITE K206 SAUSALITO,CA94965	CONSULTING	101,085



2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 2

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	124,645	8,179

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c
d	Related organizations		1d
e	Government grants (contributions)		1e	163,288

f	All other contributions, gifts, grants, and similar amounts not included above		1f	3,264,812

g	Noncash contributions included in lines 1a-1f:$ 135,854
h Total.Add lines 1a-1f.......		3,428,100

			Business Code
2a	EDUCATIONAL TOURS	611710	314,109	314,109
b	PUBLIC AND SCHOOL PROGRAMS	611600	238,163	238,163
c	AGRICULTURAL ACTIVITIES	110000	212,861	212,861
d	FACILITIES PROGRAMS	713990	179,515	179,515
e
f	All other program service revenue.
g Total.Add lines 2a–2f.....			944,648

3 Investment income (including dividends, interest, and othersimilar amounts) ..........			124,872			124,872
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
		(ii) Personal	(i) Real
6a	Gross rents		331,975
b	Less: rental expenses		331,975
c	Rental income or (loss)
d	Net rental income or (loss)......
		(ii) Other	(i) Securities
7a	Gross amount from sales of assets other than inventory	6,826	1,334,921
b	Less: cost or other basis and sales expenses		1,147,474
c	Gain or (loss)	6,826	187,447
d	Net gain or (loss).....			194,273			194,273
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
	a		58,359
b	Less: direct expenses ...b		31,962
c	Net income or (loss) from fundraising events..			26,397			26,397
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..
Business Code			Miscellaneous Revenue
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......
12	Total revenue. See Instructions......			4,718,290	944,648		345,542

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21
2	Grants and other assistance to individuals in the United States. See Part IV, line 22
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16
4	Benefits paid to or for members
5	Compensation of current officers, directors, trustees, and key employees ....	126,679	44,292	32,955	49,432
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....
7	Other salaries and wages	1,998,395	1,706,810	126,565	165,020
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	52,744	45,049	3,340	4,355
9	Other employee benefits .......	297,814	254,360	18,862	24,592
10	Payroll taxes ...........	233,948	199,812	14,817	19,319
11	Fees for services (non-employees):
a	Management ......
b	Legal .........
c	Accounting ...........
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	490,729	471,005	19,724
12	Advertising and promotion ....	107,352	80,195	6,362	20,795
13	Office expenses .......
14	Information technology ......
15	Royalties ..
16	Occupancy ...........	179,186	172,223	3,562	3,401
17	Travel ............	135,549	133,175	475	1,899
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....
20	Interest ...........	15,260	13,034	966	1,260
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	536,306	526,221	10,085
23	Insurance ...	113,338	110,708	1,549	1,081
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	REPAIRS AND MAINTENANCE	211,740	96,375	102,188	13,177
b	TAX EXPENSES	19,916	19,853	37	26
c	OTHER	8,766	8,614	79	73
d	ALLOCATE SPECIAL EVENTS	-31,962			-31,962
e	All other expenses
25	Total functional expenses. Add lines 1 through 24e	4,495,760	3,881,726	341,566	272,468
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			375,780	1	458,778
2	Savings and temporary cash investments .........			1,884,644	2	2,090,035
3	Pledges and grants receivable, net ......			897,645	3	695,250
4	Accounts receivable, net .............			80,009	4	104,213
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
					6
7	Notes and loans receivable, net ....				7
8	Inventories for sale or use ........			124,026	8	107,190
9	Prepaid expenses and deferred charges ......			10,619	9	23,485
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	33,229,532
b	Less: accumulated depreciation	10b	12,110,291	21,175,565	10c	21,119,241
11	Investments—publicly traded securities .			5,930,711	11	5,775,909
12	Investments—other securities. See Part IV, line 11 .....			1,798,197	12	1,085,296
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			497,533	15	2,554,161
16	Total assets. Add lines 1 through 15 (must equal line 34)...			32,774,729	16	34,013,558

17	Accounts payable and accrued expenses .....	170,606	17	533,176
18	Grants payable ...		18
19	Deferred revenue .........	14,905	19	12,984
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..		22
23	Secured mortgages and notes payable to unrelated third parties ..	2,000,000	23	2,005,792
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D	443,080	25
26	Total liabilities. Add lines 17 through 25..	2,628,591	26	2,551,952

	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets	27,454,617	27	28,584,541
28	Temporarily restricted net assets ...........	2,232,056	28	2,314,795
29	Permanently restricted net assets	459,465	29	562,270
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		30
31	Paid-in or capital surplus, or land, building or equipment fund ...		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances ...........	30,146,138	33	31,461,606
34	Total liabilities and net assets/fund balances ........	32,774,729	34	34,013,558