TY 2018 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) DR JOHN BRUMSTED...................................................................... PRESIDENT/CEO	25.00 ................. 25.00	X	X	2,005,831	214,241
(2) MICHAEL DELLISPRISCOLI...................................................................... SECRETARY	2.00 ................. 0.00	X	X	0	0
(3) KATHLEEN SCOTTIE EMERY-GINN...................................................................... CHAIR	2.00 ................. 2.00	X	X	0	0
(4) DR ROBERT LASKOWSKI...................................................................... VICE CHAIR	2.00 ................. 0.00	X	X	0	0
(5) JANE PRESTON...................................................................... SECRETARY	2.00 ................. 0.00	X	X	0	0
(6) JOHN BERNARDI...................................................................... TRUSTEE (AS OF 1/19)	2.00 ................. 0.00	X		0	0
(7) SIVAN COTEL...................................................................... TRUSTEE (AS OF 1/19)	2.00 ................. 0.00	X		0	0
(8) TIMOTHY DAVIS...................................................................... TRUSTEE (TIL 9/19)	2.00 ................. 2.00	X		0	0
(9) A DONALD GILBERT JR...................................................................... TRUSTEE	2.00 ................. 0.00	X		0	0
(10) JOSEPH HAMELINE...................................................................... TRUSTEE	2.00 ................. 0.00	X		0	0
(11) KEVIN HART...................................................................... TRUSTEE	2.00 ................. 0.00	X		0	0
(12) DR VIRGINIA HOOD...................................................................... TRUSTEE	2.00 ................. 33.00	X		149,779	12,595
(13) DR DEBRA GB LEONARD...................................................................... TRUSTEE	2.00 ................. 35.00	X		383,867	48,466
(14) DEENA MCCULLOUGH...................................................................... TRUSTEE	2.00 ................. 0.00	X		0	0
(15) GRETCHEN MORSE...................................................................... TRUSTEE	2.00 ................. 2.00	X		0	0
(16) MARTA MURPHY...................................................................... TRUSTEE	2.00 ................. 0.00	X		0	0
(17) WILLIAM OWENS...................................................................... TRUSTEE (UNTIL 12/18)	2.00 ................. 0.00	X		0	0

(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)	(F) Estimated amount of other compensation from the organization and related organizations
(18) DR RICHARD PAGE........................................................................ TRUSTEE (AS OF 10/18)	2.00 .......................2.00	X				0	0
(19) ROBERT PERKINS........................................................................ TRUSTEE	2.00 .......................0.00	X				0	0
(20) JOHN POWELL........................................................................ TRUSTEE	2.00 .......................0.00	X				0	0
(21) JOHN RUGGE........................................................................ TRUSTEE (AS OF 7/19)	2.00 .......................0.00	X				0	0
(22) ALLIE STICKNEY........................................................................ TRUSTEE	2.00 .......................2.00	X				0	0
(23) WILLIAM TOWNSEND........................................................................ TRUSTEE (UNTIL 12/18)	2.00 .......................0.00	X				0	0
(24) TODD KEATING........................................................................ TREASURER	25.00 .......................25.00		X			865,295	29,301
(25) THERESA ALBERGHINI DIPALMA........................................................................ NETWORK SVP EXTERNAL RELATIONS	25.00 .......................25.00			X		502,999	64,931
(26) ADAM P BUCKLEY........................................................................ NETWORK CIO	25.00 .......................25.00			X		625,307	49,373
(27) DR CLAUDE DESCHAMPS........................................................................ PRES/CEO OF UVMHNMG	5.00 .......................45.00			X		620,572	30,259
(28) SPENCER KNAPP........................................................................ NETWORK GENERAL COUNSEL (TIL 9/18)	27.00 .......................23.00			X		574,746	40,939
(29) FRED KNIFFIN........................................................................ PORTER MC PRESIDENT	5.00 .......................45.00			X		443,518	53,512
(30) MICHELLE LEBEAU........................................................................ CVPH/AHMC PRESIDENT	5.00 .......................45.00			X		754,186	43,809
(31) DR STEPHEN M LEFFLER........................................................................ SEE SCH O FOR TITLE	5.00 .......................45.00			X		745,101	45,897
(32) ERIC MILLER........................................................................ SEE SCH O FOR TITLE	25.00 .......................25.00			X		357,448	39,167
(33) TODD B MOORE........................................................................ SVP ACCOUNTABLE CARE & REV STG	25.00 .......................25.00			X		584,636	51,282
(34) ANNA T NOONAN........................................................................ CVMC PRESIDENT	5.00 .......................45.00			X		628,905	62,679
(35) JERALD NOVAK........................................................................ UVMHN CHIEF PEOPLE OFFICER	25.00 .......................25.00			X		550,336	45,840
(36) JUDY PETERSON........................................................................ HHH PRESIDENT	5.00 .......................45.00			X		309,660	20,648
(37) JOHN REMILLARD........................................................................ ECH PRESIDENT	5.00 .......................45.00			X		414,939	12,668
(38) DR HOWARD M SCHAPIRO........................................................................ NETWORK CHIEF CLIN INTEGRA OFF	25.00 .......................25.00			X		635,089	55,340
(39) EILEEN WHALEN........................................................................ PRES/COO OF UVMMC	5.00 .......................45.00			X		949,632	45,815
(40) CHARLES M MICELI........................................................................ FMR NETWORK CHIEF SUPPLY CHAIN	25.00 .......................25.00				X	392,071	44,640
(41) STEPHENS MUNDY........................................................................ FMR EXEC VICE PRES CORP NY	2.00 .......................48.00				X	2,230,730	43,625
(42) JUDITH TARR TARTAGLIA........................................................................ FMR EXEC VICE PRES OF CORP - VT	5.00 .......................45.00				X	216,084	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.
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Attach to Form 990 or Form 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

THE UNIVERSITY OF VERMONT HEALTH NETWORK

Employer identification number

45-2880726

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 12, 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 agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

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 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

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 ...............................8

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

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 10 above (see instructions))	(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)
(A) UNIVERSITY OF VERMONT MEDICAL CENTER INC	030219309	3	Yes		0	0
(B) CENTRAL VERMONT MEDICAL CENTER INC	222547186	3	Yes		0	0
(C) CHAMPLAIN VALLEY PHYSICIANS HOSPITAL	141338471	3	Yes		798,601	0
(D) ELIZABETHTOWN COMMUNITY HOSPITAL	141364513	3	Yes		0	0
(E) ALICE HYDE MEDICAL CENTER	150346515	3	Yes		0	0
(F) PORTER HOSPITAL INC	030181058	3	Yes		0	0
(G) HELEN PORTER NURSING HOME	030306549	3	Yes		0	0
(H) UVM HOME HEALTH & HOSPICE INC	030179603	10	Yes		0	0
Total 8					798,601	0

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

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2018

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv), 170(b)(1)(A)(vi), and 170(b)(1)(A)(ix)
(Complete only if you checked the box on line 5, 7, 8, or 9 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) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
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) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(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 2018 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2017 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2018. 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—2017. 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—2018. 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—2017. 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) 2018

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 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) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
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
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
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
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.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
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.)..

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 2018 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2017 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2018 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2017 Schedule A, Part III, line 17 .............

19a

331/3% support tests—2018. 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—2017. 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) 2018

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked 12a of Part I, complete Sections A and B. If you checked 12b of Part I, complete Sections A and C. If you checked 12c of Part I, complete Sections A, D, and E. If you checked 12d 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.

Yes

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 12a or 12b 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) 2018

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) 2018

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 (explain in Part VI). 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) 2018

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 2018 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-2018	(iii) Distributable Amount for 2018
1 Distributable amount for 2018 from Section C, line 6
2 Underdistributions, if any, for years prior to 2018 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2018:
a From 2013.......
b From 2014.......
c From 2015.......
d From 2016.......
e From 2017.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2018 distributable amount
i Carryover from 2013 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.
4Distributions for 2018 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2018 distributable amount
c Remainder. Subtract lines 4a and 4b from 4.
5 Remaining underdistributions for years prior to 2018, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2018. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2019. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2014......
b Excess from 2015.....
c Excess from 2016.....
d Excess from 2017.....
e Excess from 2018.....

Schedule A (Form 990 or 990-EZ) (2018)

Schedule A (Form 990 or 990-EZ) 2018

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
PART I, LINE 1	THE UNIVERSITY OF VERMONT HEALTH NETWORK IS NAMED AS THE SOLE CORPORATE MEMBER OF EACH OF ITS SUPPORTED ORGANIZATIONS IN SUCH ORGANIZATIONS' CORPORATE BYLAWS AND ARTICLES OF INCORPORATION. THE UNIVERSITY OF VERMONT HEALTH NETWORK'S (THE "NETWORK") BYLAWS AND ARTICLES OF INCORPORATION THEN PROVIDE THAT IT SERVES AS THE SOLE CORPORATE MEMBER OF EACH ORGANIZATION THAT HAS DESIGNATED IT AS SUCH (THE "SUBSIDIARIES"), IN ACCORDANCE WITH THE VERMONT AND NEW YORK NON-PROFIT CORPORATION LAWS. FURTHER, THE SUBSIDIARIES MUST OBTAIN THE NETWORK'S APPROVAL TO MAKE ANY CHANGES TO THEIR CORPORATE BYLAWS AND ARTICLES OF INCORPORATION.
PART I, LINE 12G, COLUMN IV	THE ARTICLES OF INCORPORATION REQUIRE THAT THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR THE BENEFIT OF, OR TO PERFORM THE FUNCTIONS OF, AND TO CARRY OUT THE EXCLUSIVELY CHARITABLE EDUCATIONAL, AND/OR SCIENTIFIC PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, OF THIS CORPORATION AND ITS SUBSIDIARIES. NAMED SUBSIDIARIES INCLUDE EACH CORPORATION OF WHICH THIS CORPORATION IS THE SOLE MEMBER AND THE FOLLOWING CORPORATIONS: PORTER HOSPITAL, INC., AND HELEN PORTER NURSING HOME, INC.
PART I, LINE 12G, COLUMN VI	THE UNIVERSITY OF VERMONT HEALTH NETWORK PROVIDES SERVICES DESIGNED TO DEVELOP A HIGHLY COORDINATED HEALTH CARE DELIVERY NETWORK TO IMPROVE THE QUALITY, INCREASE THE EFFICIENCIES AND LOWER THE COSTS OF HEALTH CARE DELIVERY IN THE REGIONS IT SERVES. CURRENTLY, CREDENTIALING AND ENROLLMENT, CONTRACTING, MANAGEMENT OF BUDGETING AND REPORTING TOOLS, MARKETING AND COMMUNICATION, IT SERVICES, AUDITING FEES AND INVESTMENT FEES ARE CONSIDERED SHARED SERVICES AT THE NETWORK LEVEL.
PART IV, SECTION B LINE 1	THE SUPPORTED ORGANIZATIONS OF THE UVM HEALTH NETWORK HAVE A SUBSTANTIAL DEGREE OF CONTROL OVER THE POLICIES, PROGRAMS, AND ACTIVITIES OF THE UVM HEALTH NETWORK. THE SUPPORTED ORGANIZATIONS EFFECTIVELY OPERATE, SUPERVISE AND CONTROL THE UVM HEALTH NETWORK'S ACTIVITIES. THE BYLAWS DICTATE THAT THE MAJORITY OF EVERY SUPPORTED ORGANIZATION HAS THE POWER TO APPOINT BOARD MEMBERS, AND TOGETHER THEY APPOINT THE MAJORITY OF THE BOARD MEMBERS OF THE ORGANIZATION.

Schedule A (Form 990 or 990-EZ) 2018

Additional Data

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Software Version:

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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.
SchDMd Bullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE UNIVERSITY OF VERMONT HEALTH NETWORK

Employer identification number

45-2880726

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 7/25/06, 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

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) 2018

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 ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

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

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

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)

(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 .....
b	Buildings ....
c	Leasehold improvements
d	Equipment ....
e	Other .....
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..		0

Schedule D (Form 990) 2018

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)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

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
INVESTMENT POOLED ASSETS TO AFFILIATES	717,612,132
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	717,612,132
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) 2018

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
PART X, LINE 2:	SCHEDULE D, PART X, LINE 2, FIN 48 (ASC 740) THE UNIVERSITY OF VERMONT HEALTH NETWORK, INC. IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE UNIVERSITY OF VERMONT HEALTH NETWORK ("UVM HEALTH NETWORK"). THE FOOTNOTE STATES UVM HEALTH NETWORK ACCOUNTS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) 740 INCOME TAXES, WHICH ADDRESSES HOW TO ACCOUNT FOR AND REPORT THE EFFECTS OF TAXES BASED ON INCOME. NO PROVISION FOR UNCERTAIN TAX POSITIONS IS RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS.

Return Reference

Explanation

PART X, LINE 2:

SCHEDULE D, PART X, LINE 2, FIN 48 (ASC 740) THE UNIVERSITY OF VERMONT HEALTH NETWORK, INC. IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE UNIVERSITY OF VERMONT HEALTH NETWORK ("UVM HEALTH NETWORK"). THE FOOTNOTE STATES UVM HEALTH NETWORK ACCOUNTS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) 740 INCOME TAXES, WHICH ADDRESSES HOW TO ACCOUNT FOR AND REPORT THE EFFECTS OF TAXES BASED ON INCOME. NO PROVISION FOR UNCERTAIN TAX POSITIONS IS RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS.

Schedule D (Form 990) 2018

Additional Data

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Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization
THE UNIVERSITY OF VERMONT HEALTH NETWORK

Employer identification number
45-2880726

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(e) Amount of non-cash assistance	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1) HUDSON HEADWATERS HEALTH NETWORK INC 9 CAREY ROAD QUEENSBURY,NY12804	14-1628237	501(C)(3)	400,000				COMMUNITY HEALTH IMPROVEMENT

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

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

Cat. No. 50055P

Schedule I (Form 990) 2018

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference	Explanation
PART I, LINE 2:	UVM HEALTH NETWORK INC. REQUIRES ITS GRANTEES TO PROVIDE SEMI-ANNUAL AND FINAL REPORTS WITH PERCENTAGES OF AWARD GOALS COMPLETED AS OF THE REPORT DATE.

Schedule I (Form 990) 2018

Additional Data

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Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE UNIVERSITY OF VERMONT HEALTH NETWORK

Employer identification number

45-2880726

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .........

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? ..

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Yes

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

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

Cat. No. 50053T

Schedule J (Form 990) 2018

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1DR JOHN BRUMSTED PRESIDENT/CEO	(i) (ii)	0 ------------- 1,012,428	0 ------------- 428,283	0 ------------- 565,120	0 ------------- 187,243	0 ------------- 26,998	0 ------------- 2,220,072	0 ------------- 287,334
2DR VIRGINIA HOOD TRUSTEE	(i) (ii)	0 ------------- 134,679	0 ------------- 0	0 ------------- 15,100	0 ------------- 11,484	0 ------------- 1,111	0 ------------- 162,374	0 ------------- 0
3DR DEBRA GB LEONARD TRUSTEE	(i) (ii)	0 ------------- 292,768	0 ------------- 82,356	0 ------------- 8,743	0 ------------- 24,750	0 ------------- 23,716	0 ------------- 432,333	0 ------------- 0
4TODD KEATING TREASURER	(i) (ii)	0 ------------- 583,615	0 ------------- 193,123	0 ------------- 88,557	0 ------------- 24,750	0 ------------- 4,551	0 ------------- 894,596	0 ------------- 0
5THERESA ALBERGHINI DIPALMA NETWORK SVP EXTERNAL RELATIONS	(i) (ii)	0 ------------- 326,566	0 ------------- 101,301	0 ------------- 75,132	0 ------------- 43,000	0 ------------- 21,931	0 ------------- 567,930	0 ------------- 0
6ADAM P BUCKLEY NETWORK CIO	(i) (ii)	0 ------------- 431,485	0 ------------- 127,064	0 ------------- 66,758	0 ------------- 19,250	0 ------------- 30,123	0 ------------- 674,680	0 ------------- 0
7DR CLAUDE DESCHAMPS PRES/CEO OF UVMHNMG	(i) (ii)	0 ------------- 370,242	0 ------------- 173,488	0 ------------- 76,842	0 ------------- 24,750	0 ------------- 5,509	0 ------------- 650,831	0 ------------- 0
8SPENCER KNAPP NETWORK GENERAL COUNSEL (TIL 9/18)	(i) (ii)	0 ------------- 308,602	0 ------------- 129,688	0 ------------- 136,456	0 ------------- 24,750	0 ------------- 16,189	0 ------------- 615,685	0 ------------- 0
9FRED KNIFFIN PORTER MC PRESIDENT	(i) (ii)	0 ------------- 366,023	0 ------------- 40,083	0 ------------- 37,412	0 ------------- 32,250	0 ------------- 21,262	0 ------------- 497,030	0 ------------- 0
10MICHELLE LEBEAU CVPH/AHMC PRESIDENT	(i) (ii)	0 ------------- 428,199	0 ------------- 193,297	0 ------------- 132,690	0 ------------- 21,487	0 ------------- 22,322	0 ------------- 797,995	0 ------------- 0
11DR STEPHEN M LEFFLER SEE SCH O FOR TITLE	(i) (ii)	0 ------------- 510,483	0 ------------- 157,575	0 ------------- 77,043	0 ------------- 24,750	0 ------------- 21,147	0 ------------- 790,998	0 ------------- 0
12ERIC MILLER SEE SCH O FOR TITLE	(i) (ii)	0 ------------- 272,244	0 ------------- 59,982	0 ------------- 25,222	0 ------------- 19,250	0 ------------- 19,917	0 ------------- 396,615	0 ------------- 0
13TODD B MOORE SVP ACCOUNTABLE CARE & REV STG	(i) (ii)	0 ------------- 403,603	0 ------------- 118,214	0 ------------- 62,819	0 ------------- 24,750	0 ------------- 26,532	0 ------------- 635,918	0 ------------- 0
14ANNA T NOONAN CVMC PRESIDENT	(i) (ii)	0 ------------- 325,995	0 ------------- 274,143	0 ------------- 28,767	0 ------------- 29,742	0 ------------- 32,937	0 ------------- 691,584	0 ------------- 0
15JERALD NOVAK UVMHN CHIEF PEOPLE OFFICER	(i) (ii)	0 ------------- 380,393	0 ------------- 111,518	0 ------------- 58,425	0 ------------- 19,250	0 ------------- 26,590	0 ------------- 596,176	0 ------------- 0
16JUDY PETERSON HHH PRESIDENT	(i) (ii)	0 ------------- 228,431	0 ------------- 81,000	0 ------------- 229	0 ------------- 9,388	0 ------------- 11,260	0 ------------- 330,308	0 ------------- 0
17JOHN REMILLARD ECH PRESIDENT	(i) (ii)	0 ------------- 324,582	0 ------------- 73,802	0 ------------- 16,555	0 ------------- 12,500	0 ------------- 168	0 ------------- 427,607	0 ------------- 0
18DR HOWARD M SCHAPIRO NETWORK CHIEF CLIN INTEGRA OFF	(i) (ii)	0 ------------- 415,401	0 ------------- 150,876	0 ------------- 68,812	0 ------------- 33,000	0 ------------- 22,340	0 ------------- 690,429	0 ------------- 0
19EILEEN WHALEN PRES/COO OF UVMMC	(i) (ii)	0 ------------- 642,385	0 ------------- 185,456	0 ------------- 121,791	0 ------------- 24,750	0 ------------- 21,065	0 ------------- 995,447	0 ------------- 0
20CHARLES M MICELI FMR NETWORK CHIEF SUPPLY CHAIN	(i) (ii)	0 ------------- 286,799	0 ------------- 48,051	0 ------------- 57,221	0 ------------- 24,750	0 ------------- 19,890	0 ------------- 436,711	0 ------------- 0
21STEPHENS MUNDY FMR EXEC VICE PRES CORP NY	(i) (ii)	0 ------------- 364,500	0 ------------- 283,122	0 ------------- 1,583,108	0 ------------- 22,000	0 ------------- 21,625	0 ------------- 2,274,355	0 ------------- 706,478
22JUDITH TARR TARTAGLIA FMR EXEC VICE PRES OF CORP - VT	(i) (ii)	0 ------------- 216,084	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 216,084	0 ------------- 0

Schedule J (Form 990) 2018

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
COMPENSATION DETERMINATION	SCHEDULE J, PART I, QUESTION 3 THE UNIVERSITY OF VERMONT HEALTH NETWORK, INC. ("UVM HEALTH NETWORK") UTILIZED THE FOLLOWING METHODS TO ESTABLISH CHIEF EXECUTIVE OFFICER COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE
EXECUTIVE BENEFITS	SCHEDULE J, PART I, QUESTION 4A STEPHENS MUNDY, PRESIDENT & CFO OF CHAMPLAIN VALLEY PHYSICIANS HOSPITAL MEDICAL CENTER, SEPARATED FROM SERVICE ON JULY 1, 2018. IN ACCORDANCE WITH THE SEPARATION AGREEMENT, HE IS ENTITLED TO 18 MONTHS CONTINUATION OF SALARY AND CONTINUATION OF CERTAIN BENEFITS. IN 2018 HE RECEIVED PAYMENTS IN LIEU OF BENEFIT CONTINUATION PLUS SALARY CONTINUATION PAYMENTS TOTALLING $409,487. SCHEDULE J, PART I, QUESTION 4B DURING CALENDAR YEAR 2015, THE UNIVERSITY OF VERMONT MEDICAL CENTER, INC. ENTERED INTO A SUPPLEMENTAL RETIREMENT BENEFIT PLAN (SRP) WITH CHIEF EXECUTIVE OFFICER BRUMSTED. UNDER THE TERMS OF THE SRP, UVM MEDICAL CENTER MAKES ANNUAL CREDITS EQUAL TO 15% OF THE CEO'S BASE SALARY FOR EACH YEAR THROUGH THE PLAN YEAR ENDING SEPTEMBER 30, 2019. THE AMOUNT DEFERRED FOR CALENDAR YEAR 2018 IS REPORTED ON SCHEDULE J, PART II, COLUMN C. A DISTRIBUTION OF $371,381 IN CALENDAR 2018 IS REPORTED IN COLUMN B(III). AMOUNTS DEFERRED REMAIN SUBJECT TO FORFEITURE IF CERTAIN CONDITIONS ARE NOT MET. SCHEDULE J, PART I, QUESTION 4B DURING CALENDAR YEAR 2018, CHAMPLAIN VALLEY PHYSICIANS HOSPITAL, A SUBSIDIARY OF THE UVM HEALTH NETWORK, PAID OFFICER MUNDY FOR AMOUNTS VESTED IN 2018 UNDER A LONG TERM SUPPLEMENTAL RETIREMENT BENEFIT PLAN (SRP) WHICH WAS ENTERED INTO DURING 2012. THE AMOUNT VESTED AND PAID FOR CALENDAR YEAR 2018 OF $988,459 IS REPORTED IN SCHEDULE J, PART II, COLUMN BIII.
NON-FIXED PAYMENTS	SCHEDULE J, PART 1, QUESTION 7 IN AN ATTEMPT TO FACILITATE TRANSPARENCY, UVM HEALTH NETWORK DISCLOSES THAT UVM MEDICAL CENTER PAID A LUMP-SUM INCENTIVE AWARD TO CERTAIN MEMBERS OF ITS LEADERSHIP (DIRECTORS, VICE PRESIDENTS, PHYSICIAN CHAIRS, AND SENIOR EXECUTIVES) THROUGH ITS ANNUAL VARIABLE PAY PLAN, AS THE PLAN'S ORGANIZATIONAL PERFORMANCE MEASURES WERE MET. THRESHOLD MEASURES WERE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE UVM MEDICAL CENTER'S BOARD OF TRUSTEES. THESE MEASURES INCLUDED FINANCIAL, POPULATION HEALTH & QUALITY, AND OPERATIONAL RELATED METRICS.

Schedule J (Form 990) 2018

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

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

THE UNIVERSITY OF VERMONT HEALTH NETWORK

Employer identification number

45-2880726

Return Reference	Explanation
PART III ORGANIZATION'S MISSION CONTINUED	THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, OF THIS CORPORATION AND ITS SUBSIDIARIES AND ANY OTHER NONPROFIT, TAX EXEMPT HEALTH CARE PROVIDERS THAT BECOME MEMBERS OF AN INTEGRATED REGIONAL HEALTH CARE SYSTEM ESTABLISHED BY THE CORPORATION, THE MEDICAL CENTER, CVMC, CPI, CVPH, ECH AND AHMC, INCLUDING THE FOLLOWING PURPOSES: (A) TO ESTABLISH AN INTEGRATED REGIONAL HEALTH CARE SYSTEM THAT ALIGNS THE MISSIONS AND ECONOMIC INTERESTS OF THE MEDICAL CENTER, CVMC, CPI, CVPH, ECH, AHMC AND OTHER NONPROFIT, TAX EXEMPT HEALTH CARE PROVIDERS THAT ARE OR BECOME MEMBERS OF THE SYSTEM; (B) TO ENGAGE IN COLLABORATIVE REGIONAL PLANNING TO DEVELOP A HIGHLY COORDINATED HEALTH CARE NETWORK THAT WILL IMPROVE THE QUALITY, INCREASE THE EFFICIENCIES, AND LOWER THE COSTS OF HEALTH CARE DELIVERY IN THE COMMUNITIES SERVED BY THE SYSTEM; (C) TO ENGAGE IN SUCH OTHER CHARITABLE, EDUCATIONAL, AND/OR SCIENTIFIC ACTIVITIES AS ARE CONSISTENT WITH THE CORPORATION'S STATUS AS AN EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND INCLUDING FOR SUCH PURPOSES THE MAKING OF DISTRIBUTIONS OF PROPERTY OR CASH TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C) OF THE INTERNAL REVENUE CODE. ALL SECTION REFERENCES IN THESE ARTICLES OF INCORPORATION REFER TO THE INTERNAL REVENUE CODE OF 1986, TITLE 26 OF THE UNITED STATES CODE, AND COMPARABLE PROVISIONS OF LATER LAW. SUBJECT TO THE FOREGOING, THE CORPORATION SHALL BE PERMITTED TO ENGAGE IN ANY LAWFUL ACT OR ACTIVITY FOR WHICH CORPORATIONS MAY BE ORGANIZED UNDER THE VERMONT NONPROFIT CORPORATION ACT; AND (D) TO INTEGRATE THE HEALTH CARE PROGRAMS AND SERVICES OF SYSTEM MEMBERS WITH TEACHING AND RESEARCH TO SERVE AS A MODEL FOR THE DELIVERY OF ACADEMIC HEALTH CARE IN A RURAL REGION IN A MANNER CONSISTENT WITH THE CORPORATION'S AFFILIATION WITH THE UNIVERSITY OF VERMONT & STATE AGRICULTURAL COLLEGE, AND ITS COLLEGE OF MEDICINE AND COLLEGE OF NURSING AND HEALTH SCIENCES.
FORM 990, PART I, LINE 12	THE UVM HEALTH NETWORK ISSUES CONSOLIDATED FINANCIAL STATEMENTS WHICH INCLUDE THE TRANSACTIONS OF ITSELF AND ALL OF ITS AFFILIATIONS. EACH AFFILIATE HAS CHOSEN TO SUBMIT ITS OWN 990 TAX FORM. NEW AFFILIATIONS OR CASH INFUSIONS HAVE BEEN RECORDED AT THE NETWORK LEVEL. IN YEARS WHEN AN AFFILIATION OCCURS, ACQUISITION ACCOUNTING METHODS ARE FOLLOWED, AND TRANSACTIONS RELATED TO THOSE ACQUISITIONS APPEAR ON THE FILING ORGANIZATION'S FORM 990. INFORMATION CAN BE FOUND FOR EACH SUPPORTED ORGANIZATION IN ITS OWN FORM 990.
FORM 990 PART IV LINE 4	WHILE UVM HEALTH NETWORK DID NOT ENGAGE IN LOBBYING ACTIVITIES ITSELF, UVM MEDICAL CENTER, A RELATED ORGANIZATION DOES ENGAGE IN LOBBYING THAT BENEFITS THE HEALTH NETWORK. THESE ACTIVITIES ARE APPROPRIATELY REPORTED ON UVM MEDICAL CENTER'S RETURN.
FORM 990, PART VI, SECTION A, LINE 2	THE FOLLOWING INDIVIDUALS SERVED AT VERMONT MANAGED CARE INDEMNITY COMPANY (THE UNIVERSITY OF VERMONT MEDICAL CENTER'S CAPTIVE INSURANCE COMPANY), A RELATED ORGANIZATION: DR. JOHN BRUMSTED, DR. CLAUDE DESCHAMPS, EILEEN WHALEN, TODD KEATING, DR. HOWARD SCHAPIRO, STEPHEN LEFFLER, AND ANNA T. NOONAN. THE FOLLOWING INDIVIDUALS SERVED AT THE UNIVERSITY OF VERMONT HEALTH NETWORK VENTURES, A RELATED ORGANIZATION: DR. JOHN BRUMSTED, TODD KEATING, AND DR. HOWARD SCHAPIRO. TRUSTEE DR. JOHN BRUMSTED IS AN EMPLOYEE OF THE UNIVERSITY OF VERMONT MEDICAL CENTER, INC. ("UVM MEDICAL CENTER"), A RELATED ORGANIZATION, AT WHICH DR. BRUMSTED IS AN OFFICER. KEY EMPLOYEES SPENCER KNAPP, THERESA ALBERGHINI DIPALMA, DR. HOWARD SCHAPIRO, ADAM BUCKLEY, DR. CLAUDE DESCHAMPS, TODD MOORE, DIANA SCALISE, AND EILEEN WHALEN ARE EMPLOYEES OF UVM MEDICAL CENTER, A RELATED ORGANIZATION, AT WHICH EILEEN WHALEN IS AN OFFICER. TREASURER TODD KEATING IS AN EMPLOYEE OF THE UVM MEDICAL CENTER, A RELATED ORGANIZATION AT WHICH TODD KEATING IS A KEY EMPLOYEE. ADDITIONALLY. DR. VIRGINIA HOOD IS A TRUSTEE OF UVM MEDICAL CENTER, A RELATED ORGANIZATION AT WHICH DR. JOHN BRUMSTED IS THE CEO. TRUSTEES DR. DEBRA LEONARD AND DR. VIRGINIA HOOD ARE PHYSICIANS OF UVM HEALTH NETWORK MEDICAL GROUP, AT WHICH DR. CLAUDE DESCHAMPS IS AN OFFICER AND DIRECTOR.
FORM 990, PART VI, SECTION A, LINE 4	THE BYLAWS WERE REVISED DURING THE FISCAL YEAR ENDING SEPTEMBER 30, 2019, REFLECTING (1) A CHANGE IN THE ROLE OF THE PRESIDENT/CEO OF THE CORPORATION; AND (2) THE REQUIREMENTS TO APPOINT AND REMOVE THE PRESIDENT/CEO.
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 REVIEW THE ORGANIZATION'S FORM 990 IS PREPARED BY STAFF FROM UVM MEDICAL CENTER (AN AFFILIATE OF UVM HEALTH NETWORK) AND IS REVIEWED BY PRICEWATERHOUSECOOPERS (PWC). FOLLOWING PWC'S REVIEW, THE RETURN IS REVIEWED BY UVM MEDICAL CENTER'S SENIOR LEADERSHIP. FINALLY, UVM MEDICAL CENTER'S MANAGEMENT PRESENTS THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES OF THE UVM HEALTH NETWORK PRIOR TO THE FORM BEING FILED WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	CONFLICT OF INTEREST POLICY THE ORGANIZATION REGULARLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. IN ACCORDANCE WITH THE POLICY, TRUSTEES, OFFICERS, AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE AND CERTIFICATION UPON HIRING, AT LEAST ANNUALLY, PRIOR TO PARTICIPATING IN ANY DECISION THAT MAY BE AFFECTED BY A PERSONAL INTEREST, AND WHENEVER A POTENTIALLY CONFLICTING INTEREST FIRST ARISES. CONFLICT OF INTEREST DISCLOSURES AND CERTIFICATIONS MAY BE MADE ONLINE OR IN WRITING AND ARE REGULARLY REVIEWED BY THE GENERAL COUNSEL. THE CONFLICT OF INTEREST POLICY IS ENFORCED BY THE OFFICE OF GENERAL COUNSEL AND OVERSEEN BY A FIVE-PERSON CONFLICT OF INTEREST COMMITTEE. THE GENERAL COUNSEL REPORTS AT LEAST QUARTERLY ON CONFLICT OF INTEREST ISSUES TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. CONFLICTS OF INTEREST ARE MANAGED IN ACCORDANCE WITH THE POLICY, WHICH PROVIDES FOR A VARIETY OF REMEDIES TO ADDRESS CONFLICTS OF INTEREST. IN ADDITION, "DISQUALIFIED PERSONS", CONSISTING OF TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE SUBJECT TO SPECIAL PROCEDURES TO COMPLY WITH THE INTERMEDIATE SANCTION RULES, AS OUTLINED IN THE CONFLICT OF INTEREST POLICY. REMEDIES TO ADDRESS CONFLICTS OF INTEREST MAY INCLUDE THE FOLLOWING: RECUSAL FROM DECISION MAKING, DISCLOSURE TO APPROPRIATE PARTIES, COMMITTEE PARTICIPATION LIMITS AND REQUESTED DIVESTITURE. AN APPEALS PROCESS EXISTS SHOULD THE INDIVIDUAL REQUEST A SECONDARY REVIEW BE PERFORMED.
FORM 990, PART VI, SECTION B, LINE 15	COMPENSATION DETERMINATION POLICY THE SETTING OF EXECUTIVE COMPENSATION IS GOVERNED BY THE HEALTH NETWORK COMPENSATION COMMITTEE, AN INDEPENDENT COMMITTEE, UNDER PRINCIPLES DESCRIBED IN ITS CHARTER. THE HEALTH NETWORK HAS ADOPTED A COMPENSATION PHILOSOPHY WHICH PROVIDES FRAMEWORK FOR SETTING COMPENSATION FOR THE EXECUTIVES OF UVM HEALTH NETWORK, ITS AFFILIATED HOSPITALS, AND ITS MEDICAL GROUP. THE PARAMETERS OF THIS PHILOSOPHY INCLUDE UTILIZING APPROPRIATE NATIONAL AND REGIONAL PEER GROUPS. SALARIES ARE TARGETED AT THE 50TH PERCENTILE OF THE NATIONAL PEER GROUP, WITH PERFORMANCE BASED VARIABLE PAY OPPORTUNITIES TO ACHIEVE UP TO THE 65TH PERCENTILE, DEPENDING ON ORGANIZATION AND INDIVIDUAL RESULTS. COMPENSATION LEVELS ARE APPROVED BY THE NETWORK COMPENSATION COMMITTEE FOR THE UVM HEALTH NETWORK CEO/DIRECT REPORTS AND THE AFFILIATE HOSPITAL CEOS. CALCULATIONS ARE PERFORMED USING THE SAME PHILOSOPHY FOR THE THIRD TIER OF LEADERSHIP, WITH THE EXCEPTION THAT THE LOCAL BOARDS APPROVE COMPENSATION FOR ALL NON-CEO POSITIONS. ALL ACTIONS TAKEN REGARDING EXECUTIVE COMPENSATION ARE CONTEMPORANEOUSLY DOCUMENTED BY THE APPROPRIATE ORGANIZATION. THIS REVIEW IS PERFORMED ANNUALLY.
FORM 990, PART VI, SECTION C, LINE 19	DOCUMENT DISCLOSURE GOVERNANCE DOCUMENTS CONSIST OF THE ORGANIZATION'S ARTICLES OF INCORPORATION AND BYLAWS. THE ARTICLES OF INCORPORATION ARE FILED WITH THE VERMONT SECRETARY OF STATE AND ARE PUBLICLY AVAILABLE THROUGH THAT OFFICE. THE BYLAWS ARE NOT PUBLICLY POSTED, BUT A COPY WOULD BE FURNISHED TO ANY MEMBER OF THE PUBLIC WHO REQUESTED ONE.
FORM 990, PART VI SECTION B, QUESTIONS 13 & 14	WHISTLEBLOWER POLICY UVM HEALTH NETWORK HAS NOT ADOPTED A WHISTLEBLOWER OR RECORDS RETENTION POLICY OF ITS OWN AT THIS TIME. HOWEVER, ALL INDIVIDUALS WORKING ON BEHALF OF UVM HEALTH NETWORK ARE EMPLOYEES OF THE UVM MEDICAL CENTER AND ITS AFFILIATED HOSPITALS, AND ARE THEREFORE SUBJECT TO ITS POLICIES.
990 PART VII SECTION A	TITLE DR. STEPHEN M. LEFFLER DR. LEFFLER SERVED AS NETWORK SENIOR VICE PRESIDENT OF CQO AND CPHO UNTIL JUNE 2019 WHEN HE WAS APPOINTED INTERIM PRESIDENT AND CHIEF OPERATING OFFICER.
990 PART VII SECTION A	TITLE ERIC MILLER ERIC MILLER SERVED AS NETWORK ASSOCIATE GENERAL COUNSEL UNTIL SEPTEMBER 2018 WHEN HE WAS APPOINTED NETWORK GENRAL COUNSEL.
FORM 990, PART IX, LINE 11G	OTHER PURCHASED SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 3,301,260. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,301,260.
PART X LINE 11 AND LINE 25	DURING FISCAL YEAR 2018, THE UVM HEALTH NETWORK, EXCLUDING HOME HEALTH & HOSPICE AND PORTER MEDICAL CENTER, CONSOLIDATED ALL NON-PENSION INVESTMENT ASSETS INTO A POOLED/UNITIZED STRUCTURE TO GAIN EFFICIENCIES IN MANAGING THE VARIOUS INVESTMENT PORTFOLIOS, SIMPLIFY THE TRADING PROCESS, AND REDUCE TRADING AND INVESTMENT MANAGER FEES. ASSETS WERE SEPARATED INTO FIVE ASSET CLASS POOLS: CASH, DOMESTIC EQUITY, INTERNATIONAL EQUITY, FIXED INCOME AND LIQUID ALTERNATIVE INVESTMENTS. EACH PARTICIPATING ENTITY OWNS A PERCENTAGE SHARE OF EACH ASSET CLASS POOL DEPENDING ON ITS UNIQUE ASSET ALLOCATION. TRADING IS EXECUTED AT THE ASSET CLASS POOL LEVEL AND ALLOCATED DOWN TO THE EACH INVESTMENT PORTFOLIO BASED ON THEIR PRO-RATA OWNERSHIP OF EACH POOL. FAIR VALUE OF THE ASSET CLASS POOLS IS DETERMINED BY AGGREGATING THE FAIR VALUE OF THE UNDERLYING INVESTMENTS WITHIN EACH POOL.
FORM 990, PART XI, LINE 9:	TRANSFER OF NET ASSETS RELATED ENTITIES -39,761,449. TRANSFER ONECARE ACCOUNTABLE CARE -156,995.

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

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2018

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

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

THE UNIVERSITY OF VERMONT HEALTH NETWORK

Employer identification number

45-2880726

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
(1)UVM HEALTH NETWORK MEDICAL GROUP INC 111 COLCHESTER AVE BURLINGTON,VT05401 03-0225105	PHYSICIAN SVC	VT	501(C)(3)	12A-I	UVMHN	Yes
(2)UVM MEDICAL GROUP-NEW YORK PLLC 183 PARK STREET MALONE,NY12953 20-3905216	PHYSICIAN SVC	NY	501(C)(3)	3	UVMHNMG	Yes
(3)THE UNIVERSITY OF VERMONT MED CTR FDN INC 111 COLCHESTER AVE BURLINGTON,VT05401 26-3159849	FUNDRAISING	VT	501(C)(3)	12A-I	UVMMC	Yes
(4)THE UNIVERSITY OF VERMONT MEDICAL CENTER 111 COLCHESTER AVE BURLINGTON,VT05401 03-0219309	HOSPITAL	VT	501(C)(3)	3	UVMHN	Yes
(5)CENTRAL VERMONT MEDICAL CENTER 130 FISHER ROAD BERLIN,VT05602 22-2547186	HOSPITAL	VT	501(C)(3)	3	UVMHN	Yes
(6)COMMUNITY PROVIDERS INC 75 BEEKMAN STREET PLATTSBURGH,NY12901 22-2544844	HEALTH SVC COOR	NY	501(C)(3)	12A-I	UVMHN	Yes
(7)CHAMPLAIN VALLEY PHYSICIANS HOSPITAL 75 BEEKMAN STREET PLATTSBURGH,NY12901 14-1338471	HOSPITAL	NY	501(C)(3)	3	UVMHN	Yes
(8)ELIZABETHTOWN COMMUNITY HOSPITAL 75 PARK STREET ELIZABETHTOWN,NY12932 14-1364513	HOSPITAL	NY	501(C)(3)	3	UVMHN	Yes
(9)EMERGENCY MEDICAL TRANSPORT OF CVPH INC 75 BEEKMAN STREET PLATTSBURGH,NY12901 06-1718419	AMBULANCE SVC	NY	501(C)(3)	12B-II	CPI	Yes
(10)CVPH MEDICAL CENTER FOUNDATION 75 BEEKMAN STREET PLATTSBURGH,NY12901 14-1727048	HEALTH SVC SUPP	NY	501(C)(3)	12B-II	CVPH	Yes
(11)UNIVERSITY HEALTH CENTER 111 COLCHESTER AVE BURLINGTON,VT05401 03-0229931	HOSPITAL	VT	501(C)(3)	12C-III-FI	UVMHNMG	Yes
(12)UNIVERSITY MEDICAL EDUCATION ASSOCIATES 89 BEAUMONT AVENUE BURLINGTON,VT05405 23-7107832	EDUCATIONAL	VT	501(C)(3)	10	UVMHNMG	Yes
(13)ALICE HYDE MEDICAL CENTER 133 PARK STREET MALONE,NY12953 15-0346515	HOSPITAL	NY	501(C)(3)	3	UVMHN	Yes
(14)UVM MEDICAL CENTER AUXILIARY INC 111 COLCHESTER AVE BURLINGTON,VT05401 20-8022004	SERVICE	VT	501(C)(3)	12C-III-FI	N/A		No
(15)PORTER MEDICAL CENTER INC 115 PORTER DRIVE MIDDLEBURY,VT05753 03-0310862	SUPPORTING ORG	VT	501(C)(3)	12B-II	UVMHN	Yes
(16)HELEN PORTER NURSING HOME 37 PORTER DRIVE MIDDLEBURY,VT05753 03-0306549	NURSING HOME	VT	501(C)(3)	3	PMC	Yes
(17)AUXILIARY OF PORTER MEDICAL CTR 37 PORTER DRIVE MIDDLEBURY,VT05753 23-7363227	SUPPORTING ORG	VT	501(C)(3)	12B-II	PMC	Yes
(18)PORTER HOSPITAL INC 37 PORTER DRIVE MIDDLEBURY,VT05753 03-0181058	HOSPITAL	VT	501(C)(3)	3	PMC	Yes
(19)LAKE CHAMPLAIN PHYSICIANS SERVICES PC 75 BEEKMAN STREET PLATTSBURGH,NY12901 27-3785445	PHYSICIAN SVC	NY	501(C)(3)	12A-I	CVPH	Yes
(20)VMC INDEMNITY COMPANY INC 95 ST PAUL ST BURLINGTON,VT05401 83-1102018	INSURANCE	VT	501(C)(3)	12A-I	UVMHN	Yes
(21)UVMHN HOME HEALTHCARE & HOSPICE 1110 PRIM ROAD COLCHESTER,VT05446 03-0179603	HOME HEALTHCARE	VT	501(C)(3)	10	UVMHN	Yes

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

Cat. No. 50135Y

Schedule R (Form 990) 2018

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	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(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?		(k) Percentage ownership
(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
(1) ONECARE VERMONT ACO LLC 111 COLCESTER AVE BURLINGTON,VT05401 45-5399218	ACCOUNTABLE CARE	VT	N/A	RELATED				No		Yes		50.000 %
(2) ADIRONDACK ACO LLC 75 BEEKMAN STREET PLATTSBURGH,NY12901 46-2840926	ACCOUNTABLE CARE	NY	N/A	N/A				No			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) UVMHN VENTURES INC 111 COLCHESTER AVE BURLINGTON,VT05401 04-3380045	HOLDING COMPANY	VT	UVMHN	C			100.000 %	Yes
(2) VMC INDEMNITY COMPANY LTD PO BOX HM 3103 25 CHURCH STREET HAMILTON HM FX BD	CAPTIVE INSURANCE	BD	UVMMC	C				Yes
(3) UVMHN CREDENTIALING & ENROLLMENT 111 COLCHESTER AVE BURLINGTON,VT05401 03-0333056	ADMIN SVC	VT	UVMHN VENTURES	C				Yes
(4) CHARITABLE REMAINDER TRUST (5)	SUPPORT	VT	UVMMCCVMC	T				Yes
(5) PERPETUAL TRUST (4)	SUPPORT	VT	UVMMC	T				Yes
(6) CHARITABLE IRREVOCABLE TRUST (7)	SUPPORT	VT	UVMMCCVMC	T				Yes
(7) CHAMPLAIN VALLEY HEALTH NETWORK 75 BEEKMAN STREET PLATTSBURGH,NY12901 16-1586102	ADMIN SERVICE	NY	CPI	C				Yes
(8) MEDIQUEST INC PO BOX 1656 PLATTSBURGH,NY12901 14-1663061	MED OFFICE LEASE	NY	CPI	C				Yes
(9) YANKEE MEDICAL INC 276 NORTH AVENUE BURLINGTON,VT05401 03-0225363	HOME MEDICAL EQUIPMENT	VT	UVMHN VENTURES	C			100.000 %	Yes

Schedule R (Form 990) 2018

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) ............................

Yes

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

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

Yes

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) .....................

Yes

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 ............................

Yes

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

Yes

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

Yes

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) UNIVERSITY OF VERMONT HEALTH NETWORK VENTURES INC	A	98,639	FMV
(2) UNIVERSITY OF VERMONT HEALTH NETWORK VENTURES INC	D	5,211,305	FMV
(3) UNIVERSITY OF VERMONT HEALTH NETWORK VENTURES INC	Q	1,439,917	FMV
(4) CHAMPLAIN VALLEY PHYSICIANS HOSPITAL	D	862,500	FMV
(5) CHAMPLAIN VALLEY PHYSICIANS HOSPITAL	L	620,307	FMV
(6) CHAMPLAIN VALLEY PHYSICIANS HOSPITAL	R	1,924,133	FMV
(7) UNIVERSITY OF VERMONT MEDICAL CENTER INC	L	620,307	FMV
(8) UNIVERSITY OF VERMONT MEDICAL CENTER INC	P	3,675,022	FMV
(9) UNIVERSITY OF VERMONT MEDICAL CENTER INC	R	1,924,133	FMV
(10) UNIVERSITY OF VERMONT MEDICAL CENTER INC	R	30,613,230	FMV
(11) CENTRAL VERMONT MEDICAL CENTER	D	2,000,000	FMV
(12) CENTRAL VERMONT MEDICAL CENTER	R	9,160,873	FMV
(13) UNIVERSITY OF VERMONT HEALTH NETWORK HOME HEALTH AND HOSPICE	R	485,000	FMV

Schedule R (Form 990) 2018

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) 2018

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) 2018

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: SEE SCHEDULE O
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	19
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	16
5	Total number of individuals employed in calendar year 2018 (Part V, line 2a) ......	5	0
6	Total number of volunteers (estimate if necessary) .............	6	0
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	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	20,268,000	0
9	Program service revenue (Part VIII, line 2g) .........	0	0
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	0	23,864,147
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	20,268,000	23,864,147
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	50,000	400,000
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	0	736,929
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	125,097	3,473,533
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	175,097	4,610,462
19	Revenue less expenses. Subtract line 18 from line 12.......	20,092,903	19,253,685
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	774,587,965	767,930,157
21	Total liabilities (Part X, line 26).............	724,432,826	723,839,777
22	Net assets or fund balances. Subtract line 21 from line 20.....	50,155,139	44,090,380

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 400,000 including grants of $ 400,000 ) (Revenue $ )
	DELIVERY OF COLLABORATIVE COORDINATED HEALTH CARE IN THE COMMUNITIES SERVED.

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 expenses400,000

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	0	14,940,731	1,055,027

(A) Name and business address	(B) Description of services	(C) Compensation





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 0

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

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

g	Noncash contributions included in lines 1a - 1f:$
h Total. Add lines 1a-1f.......

		Business Code
2a
b
c
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f ....

3 Investment income (including dividends, interest, and othersimilar amounts) ......			17,877,663			17,877,663
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
		(ii) Personal	(i) Real
6a	Gross rents
b	Less: rental expenses
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		16,885,270
b	Less: cost or other basis and sales expenses		10,898,786
c	Gain or (loss)		5,986,484
d	Net gain or (loss).....			5,986,484			5,986,484
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..
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......			23,864,147	0	0	23,864,147

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21	400,000	400,000
2	Grants and other assistance to domestic individuals. See Part IV, line 22
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, line 15 and 16.
4	Benefits paid to or for members
5	Compensation of current officers, directors, trustees, and key employees ....
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	736,929		736,929
7	Other salaries and wages
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....
9	Other employee benefits .......
10	Payroll taxes ...........
11	Fees for services (non-employees):
a	Management ......
b	Legal .........
c	Accounting ...........	35,820		35,820
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	136,453		136,453
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	3,301,260		3,301,260
12	Advertising and promotion ....
13	Office expenses .......
14	Information technology ......
15	Royalties ..
16	Occupancy ...........
17	Travel ............
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..
23	Insurance ...
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
b
c
d
e	All other expenses
25	Total functional expenses. Add lines 1 through 24e	4,610,462	400,000	4,210,462	0
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 ........			1
2	Savings and temporary cash investments .........		41,793,210	2	35,385,732
3	Pledges and grants receivable, net ......			3
4	Accounts receivable, net .............		8,787,080	4	10,807,444
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 ....		4,124,849	7	4,124,849
8	Inventories for sale or use ........			8
9	Prepaid expenses and deferred charges ......			9
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation	10b		10c
11	Investments—publicly traded securities .		719,882,826	11	717,612,132
12	Investments—other securities. See Part IV, line 11 .....			12
13	Investments—program-related. See Part IV, line 11 ..			13
14	Intangible assets ...............			14
15	Other assets. See Part IV, line 11 ...........			15
16	Total assets. Add lines 1 through 15 (must equal line 34)...		774,587,965	16	767,930,157

17	Accounts payable and accrued expenses .....		17	6,227,645
18	Grants payable ...		18
19	Deferred revenue .........		19
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 ..	4,550,000	23
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	719,882,826	25	717,612,132
26	Total liabilities. Add lines 17 through 25..	724,432,826	26	723,839,777

	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets	50,155,139	27	44,090,380
28	Temporarily restricted net assets ...........		28
29	Permanently restricted net assets		29
	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 ...........	50,155,139	33	44,090,380
34	Total liabilities and net assets/fund balances ........	774,587,965	34	767,930,157