3e884de5__Private_Postsecondary_Schools__Explanation
[Institution] Vassar College (N.Y.) [Tax year] 2011 [Explanation] 
In March of 2011, the College discovered that a former employee had submitted fraudulent invoices for construction services totaling approximately $2.5 million over a period of years. The discovery was immediately reported to the Trustee Audit Committee and to local authorities, leading to an independent private investigation and criminal investigation by local law enforcement. In January of 2012, the former employee pled guilty to first degree larceny and received sentencing. In February of 2012, the College received a $2.0 million payment from its insurance claim, which will be reported in the 2011-12 Form 990. Additional recoveries are anticipated.
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Explanation