COVID-19: Essential Information

Annual Financial Results

Middlebury has been running an operating budget deficit since FY 2013. A number of factors contributed to this change. One was a slowing of revenue growth following the decision to limit tuition increases at Middlebury College to 1 percent above the Consumer Price Index at a time of historically low inflation. Another was a growth in financial aid expense at the College as Middlebury intensified its efforts to enroll more diverse classes. And a third was a growth in the number of staff, which followed deep reductions made during the economic crisis of 2008–2009. The chart below shows Middlebury’s operating results since 2008.