Amherst College Annual Report Fiscal Year Ended June 30, 2007

Table of Contents The Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 A Message from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Report of the Treasurer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Amherst College Statement of Operating Resources and Expenses . . . . . . . . . . . . . . . . . . . . . . . . 8 Folger Shakespeare Memorial Library Statement of Operating Resources and Expenses . . . . . . . . . . . . . . . . . . . . . . . . 10 Amherst College Twenty Years in Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Report of Independent Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Amherst College Gifts, Bequests and Grants Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Folger Shakespeare Memorial Library Gifts, Bequests and Grants Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Amherst College Descriptive Analysis of Endowment and Other Similar Funds . . . . . . . . . . . . . . . 33 Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds . . . . . . . . . . . . . . . 50 Amherst College Statistical Information 2006–07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 The cover: The new Charles Pratt Dormitory, former home to the college’s natural history collection, opened in August. The interior and exterior renovation, by architect Sandy Howe ’70 of the firm Shepley Bulfinch Richardson & Abbott, brings all first-year housing onto the Main Quadrangle, completing the first phase of the Residential Master Plan. The dormitory, with its exposed beams, spacious common areas and split-level double rooms, also houses the college’s Writing Center. The basement features the O’Connor Commons, which hosts student performances and other special functions. It is named in memory of Robert K. O’Connor ’44 and in recognition of a gift from his wife, Jean W. O’Connor, daughter Judith O’Connor Gluckstern and son-in-law Steven M. Gluckstern ’72.

The Trustees of Amherst College administer Amherst College in Amherst, Massachusetts, and the Folger Shakespeare Memorial Library in Washington, D.C.

The Corporation FISCAL YEAR 2006–07

Chairman of the Corporation Jide J. Zeitlin, M.B.A. New York, NY President of the College Anthony W. Marx, Ph.D. Amherst, MA Members of the Corporation Danielle S. Allen, Ph.D. Chicago, IL Alan S. Bernstein, M.B.A. Coral Gables, FL Brian J. Conway, M.B.A. Boston, MA Colin S. Diver, LL.B. Portland, OR Anne Melissa Dowling, M.B.A. West Hartford, CT William E. Ford, M.B.A. New York, NY Steven M. Gluckstern, Ed.D. New York, NY Frederick E. Hoxie, Ph.D. Evanston, IL David A. Kessler, M.D. San Francisco, CA Jonathan I. Landman, M.S. New York, NY Richard S. LeFrak, J.D. New York, NY Cullen Murphy, A.B. Medfield, MA Hope Eighmy Pascucci, A.B. Wellesley, MA Paula K. Rauch, M.D. Boston, MA Joseph E. Stiglitz, Ph.D. New York, NY Scott F. Turow, J.D. Chicago, IL Diana Chapman Walsh, Ph.D. Brookline, MA Karen Hastie Williams, J.D. Washington, DC

Laura J. Yerkovich, M.B.A. New York, NY Secretary of the Corporation Susan Pikor, A.B. Hadley, MA Life Trustees K. Frank Austen, M.D. Wellesley Hills, MA George B. Beitzel, M.B.A.* Ridgefield, CT Martha L. Byorum, M.B.A. New York, NY Theodore L. Cross, J.D. Princeton, NJ Rosanne M. Haggerty, A.B. New York, NY Amos B. Hostetter, Jr., M.B.A.* Boston, MA Charles A. Lewis, M.B.A. Evanston, IL Charles R. Longsworth, M.B.A.* Royalston, MA Robert J. McKean, Jr., LL.B. Lantana, FL Mary Patterson McPherson, Ph.D. Rosemont, PA Peter A. Nadosy, M.B.A. New York, NY Edward N. Ney, A.B. New York, NY Edward E. Phillips, LL.B. Weston, MA H. Axel Schupf, M.B.A. New York, NY George L. Shinn, Ph.D.* Scarborough, ME John I. Williams, Jr., J.D. Jamaica Plain, MA Philip S. Winterer, LL.B. New York, NY Trustees Emeriti John E. Abele, A.B. Natick, MA Kenneth H. Bacon, M.B.A. Washington, DC

Paul E. Bragdon, LL.B. Portland, OR Robert W. Carington, M.Arch. Bloomfield Hills, MI Katherine K. Chia, M.Arch New York, NY William A. Davis, Jr., J.D. Washington, DC Michele Y. Deitch, J.D. Austin, TX Charles C. Eldredge, Ph.D. Lawrence, KS Willie J. Epps, Jr., J.D. Kansas City, MO John C. Esty, Jr., M.A. Concord, MA Nicholas M. Evans, M.B.A. Vero Beach, FL Richard (Dick) F. Hubert, A.B. Rye Brook, NY George R. Johnson, Jr., J.D. Washington, DC Woodward Kingman, M.B.A. Belvedere, CA David L. Kirp, LL.B. San Francisco, CA Samuel F. Kitchell, A.B.1 Scottsdale, AZ Thai-Hi T. Lee, M.B.A. Somerset, NJ Van Doorn Ooms, Ph.D. Bethesda, MD Stephen B. Oresman, M.B.A. Darien, CT George E. Peterson, Ph.D. Washington, DC Mark J. Sandler, LL.B. New York, NY W. Lloyd Snyder III, M.B.A. Philadelphia, PA Joan E. Spero, Ph.D. New York, NY Richard R. Spies, Ph.D. Providence, RI Bradley A. Stirn, M.B.A. Woodside, CA

Margaret A. Bangser, M.P.P.M. Dar es Salaam, Tanzania * Chair Emeritus 1 Deceased September 2006

2

▲

Louis B. Thalheimer, J.D. Baltimore, MD Jane D. Weinberger, B.S. Washington, DC Gail T. Wickes, Ph.D. Dallas, TX W. Willard Wirtz, LL.B. Washington, DC David S. Wolff, M.B.A. Houston, TX Kimba M. Wood, J.D. New York, NY Robert L. Woodbury, Ph.D. Harpswell, ME

Advancement Committee Messrs. Conway (Chair), Bernstein, Diver, Ms. Dowling, Messrs. Ford, Gluckstern, Kessler, Landman, LeFrak, Murphy, Mss. Pascucci, Yerkovich

Treasurer’s Staff Peter J. Shea, M.S.B.A. Treasurer

Audit Committee Ms. Dowling (Chair), Messrs. Bernstein, Hoxie, Ms. Rauch, Mr. Stiglitz, Ms. Yerkovich

Laurie M. Bouchard, B.S. Assistant Comptroller

Budget and Finance Committee Mr. Gluckstern (Chair), Ms. Allen, Messrs. Bernstein, Conway, Ms. Dowling, Messrs. Ford, Kessler, LeFrak, Ms. Pascucci, Mr. Stiglitz, Ms. Williams Buildings and Grounds Committee Mr. Murphy (Chair), Ms. Allen, Messrs. Diver, Ford, Gluckstern, Kessler, Landman, LeFrak, Ms. Pascucci, Mr. Turow, Mss. Walsh, Williams Honorary Degrees Committee Messrs. Diver (Chair), Ford, Hoxie, Kessler, Landman, Murphy, Ms. Pascucci, Messrs. Stiglitz, Turow Human Resources Committee Mr. Hoxie (Chair), Mss. Allen, Rauch, Messrs. Stiglitz, Turow, Mss. Walsh, Williams Instruction Committee Mss. Walsh (Chair), Allen, Messrs. Conway, Diver, Ms. Dowling, Messrs. Hoxie, Kessler, Landman, Murphy, Ms. Rauch, Messrs. Stiglitz, Turow Investment Committee Mr. Ford (Chair), Ms. Dowling, Mr. Zeitlin ex officio: Messrs. Hostetter, Nadosy Student Life Committee Messrs. Turow (Chair), Diver, Hoxie, Landman, Murphy, Mss. Rauch, Walsh, Yerkovich Trusteeship Committee Messrs. Zeitlin (Chair), Diver, Gluckstern, Kessler, Murphy, Stiglitz, Mss. Walsh, Williams

3

▲

Dawn M. Bates, B.B.A. Investment Analyst

James D. Brassord, M.B.A., M.S. Director of Facilities/Associate Treasurer for Campus Services Kathryn V. Bryne, M.B.A. Director of Human Resources Joseph M. Cullen, M.B.A. Senior Investment Manager Mauricia A. Geissler, B.B.A. Director of Investments Shannon D. Gurek, M.B.A. Associate Treasurer/Director of the Budget Mark Healy, B.A. Director of College Property Department Stephen M. Nigro, B.S. Comptroller Barbara A. St. Onge Manager, Office of Administrative Services/Mailing Center Charles G. Thompson, A.O.S. Director of Dining Services William McC. Vickery, M.B.A. Assistant Treasurer for Business Administration/Coordinator of Special Projects Treasurer Emeritus Kurt M. Hertzfeld, M.B.A.

A Message from the President

This is an auspicious moment for Amherst College. For the past four years, faculty, students, trustees, alumni, parents, and staff have been engaged in lively, wideranging discussions about what we want this College to be—not just now, but in the decades to come. Grounded in a firm understanding of and commitment to our founding ideals, these discussions have begun to focus on four key areas: ensuring the strength of the Amherst curriculum; reaching out to the most talented students from all backgrounds and all socioeconomic levels; engaging the world beyond the classroom through, among other things, internships and community service; and designing and building a 21st-century campus. You will be hearing much more about these ideas in the coming months and years. In this brief report, I want to highlight what we have achieved in these areas over the past 12 months. The past year has been one of significant accomplishment for Amherst. In May, for the first time in the College’s 186-year history, the faculty and trustees endorsed a mission statement (printed in full at the end of this message). In a few concise phrases, this statement articulates our long commitment to bringing together promising young people “so that they may seek, value, and advance knowledge, engage the world around them, and lead principled lives of consequence.” This document will inform future discussions about our shared values and ideals, and I am grateful to Associate Dean of the Faculty Rick Griffiths and his committee, who led our community in the series of thoughtful discussions that led to this result. A seven-year, $13-million investment from the Argosy Foundation,

4

▲

led by John Abele ’59, supported the launch of the College’s new Center for Community Engagement, an ambitious new program that will strengthen the connections between classroom and community work. Engagement with the world has always been a hallmark of the Amherst experience, of course; our founders established the College with the hope that our students, faculty and alumni would “enlighten the world,” and significant numbers of students, alumni, faculty and staff have participated in community service efforts locally, nationally and internationally. Under the direction of Molly Mead, who came to Amherst this fall from Tufts University, the new Center for Community Engagement seeks to position Amherst as a national leader in the effort to expand and strengthen the connection between academic life and service efforts. In addition, through the Center, Amherst will guarantee a paid internship to every interested student who has demonstrated a commitment to community service. Amherst is one of only a few colleges in the nation to be able to make such a promise. This past summer marked the completion of the first phase of the Residential Master Plan, a comprehensive rethinking of student life at the College. Charles Pratt Dormitory, which served most recently as the College’s Natural History Museum and before that as the gymnasium, opened this fall as the College’s newest first-year dormitory. As you will read on the coming pages in Treasurer Peter Shea’s report, the building is an architecturally spectacular restoration. More importantly, it allows the College to provide housing for the entire firstyear class around the campus’s historic Main Quadrangle, ensuring that all our students begin their

Amherst careers with a meaningful shared experience. A key component of the new Charles Pratt Dormitory is the O’Connor Commons, an attractive, open space large enough to accommodate the entire first-year class. This space already has been well used in the Fall 2007 semester, and we anticipate that it will provide a valuable, centralized gathering place that will contribute further to the sense of community among our students. Over the summer, the College deepened its commitment to ensuring that the most talented students from all backgrounds can afford to attend Amherst by announcing that we would completely eliminate subsidized loans from our financial aid packages and replace that component with College-funded grants. Amherst has always been a leader in financial aid, and we are confident that this new initiative will make it easier for students from the middle class to come to Amherst without taking on the crippling debt that has, in the past, limited postgraduate career choices. Amherst is only the third college in the country (the others are Princeton and Davidson) to make such a commitment, and we are gratified that in the months since we took action several other institutions (including Williams) have followed our lead. This new initiative will cost Amherst an additional $1.6 million per year; for the short term, we have incorporated this amount into our operating budget, but in the long term we cannot afford to simply absorb the costs, and so we will seek new funding from alumni, parents, and friends to support this new program. Our key constituents have regularly demonstrated their commitment to Amherst’s most important priorities, and this past year was no exception. Gifts to the College

through the Annual Fund totaled $9.4 million—a new record, and $500,000 more than last year’s record Annual Fund total. Alumni, parents and friends provided $32.3 million in cash gifts, bequests and grants to the College this year. These gifts provide valuable support for financial aid, teaching and research, new initiatives and capital projects at the College. We could not accomplish our many goals without the commitment and generosity of those who are willing to invest in Amherst.

This is indeed an exciting and promising moment for the College. Always mindful of our distinguished past, we are laying out an ambitious plan for our future. As we articulate our aspirations for the coming years, we remain grateful for your ongoing support of this remarkable institution.

Anthony W. Marx President

The Mission of Amherst College Terras irradient “Let them give light to the world.” 1821 Amherst College educates men and women of exceptional potential from all backgrounds so that they may seek, value, and advance knowledge, engage the world around them, and lead principled lives of consequence. Amherst brings together the most promising students, whatever their financial need, in order to promote diversity of experience and ideas within a purposefully small residential community. Working with faculty, staff, and administrators dedicated to intellectual freedom and the highest standards of instruction in the liberal arts, Amherst undergraduates assume substantial responsibility for undertaking inquiry and for shaping their education within and beyond the curriculum. Amherst College is committed to learning through close colloquy and to expanding the realm of knowledge through scholarly research and artistic creation at the highest level. Its graduates link learning with leadership—in service to the College, to their communities, and to the world beyond.

5

▲

Report of the Treasurer Following this message are the audited financial statements for the Trustees of Amherst College (Institution) prepared in accordance with accounting standards generally accepted in the United States of America. As a result, these statements combine the operations of Amherst College (College) and the Folger Shakespeare Memorial Library (Library), as well as the assets of trusts in which the Institution is a beneficiary into one set of financial statements. For more description of the financial presentation, please see Footnote #1 on page 18, Basis of Presentation. While statements in this format give a true financial picture of the Institution as a whole, and provide consistency and comparability among not-for-profit institutions, they do not reflect how the Institution is internally managed. In fact, both the College and Library are managed as independent operations, with separate operating budgets based on the principles of fund accounting. Those principles basically divide the operation into operating resources that fund the day-to-day business of the Institution, endowment resources that help to finance the Institution over the long term, and the physical plant of the Institution, which manages and invests the physical assets. The operating results of the College and Library can be found on pages 8 and 10, respectively.

AMHERST COLLEGE

Operating Results The fiscal year 2006–07 College operating budget was set at $128.9 million and ended the year with a small surplus of just under $4,000. The budget was pushed to the limit in order to accommodate significant increases in utility and food costs, to provide financial aid for more than 52 percent of the student body, and to support higher staffing levels as the College prepares for a fundraising effort to provide the

resources required to fund the Committee on Academic Priorities (CAP) initiatives. Student tuition and fees accounted for 54.4 percent of the operating resources in fiscal 2006–07, and the endowment distribution to the budget accounted for 31.1 percent. Operating budget support from the endowment continues to grow at a significant rate, due in part to the generosity of alumni, parents, and friends of the College who contribute to the endowment, and in part because of the successful work of the Investment Committee of the Board of Trustees, who continue to find ways to provide investment returns well in excess of market expectations. The draw on the endowment, or spending rate, was 4.5 percent of the three-year average endowment value for fiscal 2006–07. College policy requires that the spending rate be held within a range between 3.5 percent and 5.0 percent of the three-year average endowment value. This rate is maintained at a conservative level, as the Administration and Trustees feel strongly that while increased endowment support is beneficial, it is important that the College not become over-reliant on the endowment, or allow the rate to approach the top of the range in periods of positive investment returns. The cushion in the spending rate that this provides should allow the operating budget support to be maintained during market downturns. The College continues to grow revenues from various sources in order to help mitigate the endowment reliance. To that end, the Annual Fund and other gifts and grants to the College this year grew to 12.2 percent of operating resources. The grant revenue received in fiscal 2006–07 was high and will continue at this higher level as the Administration continues to place significant emphasis on efforts to win grants that will fund CAP priorities. The total operating resources of the College increased by 10.6 percent over fiscal 2005–06. These increased resources were used to fund a 13.8 percent increase in student financial aid, bringing the total amount spent on this important priority to $25.9 million, or 20.0 percent of operating expenses. Fifty percent of the College operating budget is spent on salaries and benefits for faculty and staff. Competitive salary and benefit packages continue to be an important aspect of our successful faculty and staff

6

▲

recruitment program. The College continues to have a long-tenured, stable work force. The Committee on Priorities and Resources (a faculty and student committee) reviews the competitiveness of faculty salaries and benefits, while the Administration monitors the competitiveness of salaries and benefits for all other employee groups. Other significant expenditures in the current year included allocations to facilities maintenance, faculty and student research, and technology. The College has added a new Director of Sponsored Research and an Associate Dean of the Faculty to give much needed structure and support to faculty applying for outside funding, other research activities, and curricular development, all priorities noted in the CAP Report. The Center for Community Engagement was established in this fiscal year. The Center is being funded by a seven-year, $13-million grant that will allow the College to support and enhance outreach to the local community and to fund fellowships for all interested students over their time at Amherst. We look forward to seeing the Center develop and are excited about its impact on students and the broader community. The growth of financial resources has allowed the College to maintain the highest ratings available from both Moody’s Investor Services and Standard and Poor’s on its $174.8 million of outstanding debt. Those ratings are Aaa and AAA, respectively. The College continues to monitor interest rate levels in the market in order to achieve the overall lowest cost of debt possible. For fiscal 2006–07, the College paid an average rate of 3.3 percent on its outstanding debt.

Giving to the College Cash gifts, bequests, and grants received in fiscal 2006–07 totaled $32.3 million, slightly under last year’s total of $34.5 million. These amounts represent the actual cash received in the fiscal year and do not include new pledges that remain outstanding at the end of the year. To that end, it is important to note that outstanding pledges increased $8.3 million over last year to a net balance of $28.3 million. Gifts for facilities totaled $2.6 million this past year, primarily as a result of pledge payments on the Trustee Challenge to support the Residential Master Plan and associated

projects. A total of $32.0 million was raised as a result of the Trustee Challenge for this purpose over the fouryear period ended this year. As previously reported, the College completed the very successful Amherst College Campaign at the end of fiscal 2000–01. Throughout the Campaign, giving by Trustees, alumni, parents, faculty, staff, students, and friends averaged $40 million, while the baseline for giving before the campaign was in the range of $12 to $15 million. The current year’s results are substantially above the pre-campaign baseline giving range, and for the fourth consecutive time exceeded the $30-million postcampaign benchmark established by the College. This level of giving is important to help maintain our ambitious goals for the College. The Annual Fund (comprising the Alumni Fund and the Parents’ Fund) raised $9.4 million this past year, $500,000 more than in the previous year and another all-time record. As a result, the Fund will provide 7.0 percent of the College’s total operating budget in fiscal 2007–08 and remains a significant source of unrestricted operating revenue. It would take approximately $240 million in additional endowment principal to generate the amount of income needed to replace that level of operating support. The Annual Fund is also the most meaningful way for alumni, parents, and friends at all economic levels to participate in the fundraising efforts of the College. The minimum amount of $50,000 needed to establish an endowment fund as of July 1, 2004 is well above the range of many Amherst donors. A gift of any amount is possible through the Annual Fund, which directly supports the important ongoing programs of the College. Many of Amherst’s most generous alumni began their continuing and significant support of the College with participation in the Annual Fund. Although their giving now includes endowment, facilities, or life income gifts, these donors remain loyal supporters of the Annual Fund. It is because of this loyalty that Amherst leads the nation in alumni participation, with 61.3 percent of all alumni and 30.2 percent of parents making a gift to the Annual Fund in fiscal 2006–07. This was the 14th consecutive year in which alumni participation in the Annual Fund exceeded 60 percent. In fiscal 2006–07, the College’s

endowment increased by $9.9 million due to new gifts and another $3.1 million from gifts made to life income funds in the past and transferred to endowment during the fiscal year. Total gifts to the endowment since the beginning of The Amherst College Campaign through the end of fiscal 2006–07 were approximately $145 million, significantly more than would have been raised based on pre-Campaign giving levels. The full impact of these endowment gifts is even greater when the investment earnings on the increased endowment base are factored into the equation. Life income gifts—charitable remainder unitrusts, charitable remainder annuity trusts, charitable gift annuities, and pooled income funds—totaled $3.0 million in fiscal 2006–07. These gifts will provide the beneficiaries of the trusts with income during their lifetime, while also supporting a wide variety of College programs in future years. During fiscal 2006–07, the College received a special ruling by the Internal Revenue Service that permits the College to invest its charitable remainder unitrusts in units of the endowment investment pool (referred to as an endowment trust by the College). As a result, these trusts will receive the same market returns as the endowment. Donors and beneficiaries will benefit from having access to the investment expertise of the College’s endowment managers, and the trust beneficiaries receive annual income based on the trust’s yearly market value. As noted above, gifts of $2.6 million were made this fiscal year to support facilities improvements. And finally, gifts totaling $7.4 million supported current operations in such areas as instruction, research, library purchases, and scholarships and fellowships during this fiscal year.

Facilities and other Capital Projects The past year has seen continued progress in meeting the College’s goal to enhance its residential facilities under the Residential Master Plan (RMP). As noted in previous Annual Reports, in 2001 the Trustees adopted a comprehensive multi-year, phased strategy to improve the physical condition of the dormitories while introducing needed social and program space. The Trustees

7

▲

established an ambitious goal for completing the first phase of the RMP by September 2007. The first phase of the RMP focuses on improving freshman and sophomore dormitories, where the facilities and programmatic deficits were most acute. In addition, the RMP called for all first-year students to be housed in dormitories around the Main Quadrangle. The College has met or exceeded the goals of the RMP projects completed to date: the adaptive re-use conversion of Williston Hall from an academic building to a freshman dormitory, the renovation of North and South Halls, the construction of two new dormitories known as King and Wieland, the replacement of James and Stearns dormitories, and the renovation of Morris Pratt and Morrow dormitories. The final project in the first phase of the RMP involved an adaptive reuse conversion of the Pratt Geology Building into a dormitory. This conversion was enabled by the relocation of the Geology Department and the Natural History Museum to a new building that was completed in 2006. Construction activities for the dormitory renovation project began in February 2006 and were completed in August 2007. This building, now known as Charles Pratt Dormitory, originally served as the College’s gymnasium, thus affording a great opportunity to create the largest of the College’s freshman dormitories, with capacity for 118 students. The project architect, Alexander “Sandy” Howe (Amherst ’70) of Shepley Bulfinch Richardson and Abbott, developed a creative design that takes full advantage of the volume of the original gymnasium by revealing the original ceiling, which is supported by massive wooden trusses. The core of the building, which is illuminated by a central skylight, is surrounded by perimeter student rooms and social spaces to create what is one of the most inspiring spaces on campus. The exterior of the renovated Charles Pratt has been restored to preserve its distinguishing architectural details, while the new addition is stylistically similar to the original structure and has been seamlessly integrated to create a cohesive facility. The basement of Charles Pratt has been renovated to create a large “allcampus” multi-purpose room, the O’Connor Commons, which will be used for a variety of student functions.

With the completion of the first phase of the RMP, attention is being focused on the upper-class dorms. The College began the second phase of the RMP in June 2006 with the renovation of two former fraternity dormitories, Hamilton and Porter. Renovation of these dormitories was completed midsummer 2007. These projects serve as a template for the future renovations of the remaining former fraternity dormitories by addressing the life-cycle issues for these buildings. The buildings, which have been well maintained over the years, are in need of updating and modernization, as well as code improvements. The architects for these projects, (the local firm of Kuhn Riddle Architects) have preserved the historic fabric of the buildings while introducing needed upgrades and programmatic enhancements in an efficient and costeffective manner. Building on the success of the Hamilton and Porter renovations, the College is now renovating Mayo-Smith and Charles Drew dormitories. The design for these dormitories closely parallels the designs for Hamilton and Porter in terms of programmatic goals and physical enhancements. Completion of these dormitories is expected by the summer of 2008. We also have begun planning for work on the Social Dormitories, which were built in the mid-1960’s. Despite sound maintenance practices, these buildings are suffering from accelerated deterioration. The design strategies of the 1960’s have rendered these buildings obsolete, and they must be replaced. The College has engaged an architect to help envision a replacement strategy for the Social Dormitories that will enhance the eastern part of the campus by connecting this area to the core campus more effectively than the current, precinct-like configuration. Over the next year, the College will develop more detailed planning options to better define the scope of this ambitious multi-year, multi-phase project. The College has begun a formal process to assess how to respond to pressing needs with academic facilities that are physically near the end of their life cycles or that no longer adequately support today’s programmatic objectives or pedagogies. In addition, the CAP initiatives will have facility implications that must be addressed. One clear need that has emerged is in the Merrill Science Center. Merrill,

Amherst College Statement of Operating Resources and Expenses for the years ended June 30, 2007 and 2006 Resources available Student tuition and fees Folger Shakespeare Memorial Fund Income from current fund investments Other

2007

2006

$ 70,845,327 226,000 617,085 3,828,234

$ 65,184,964 226,000 423,609 3,866,535

75,516,646

69,701,108

Restricted expendable funds availed of—net

(1,650,788)

(482,533)

73,865,858

69,218,575

30,579,523 8,219,286 3,505,160 5,513,758 12,424,346 17,213,094 13,292,566 2,290,443

28,438,128 7,258,801 3,423,897 5,508,659 10,703,095 15,438,087 12,432,281 1,956,847

93,038,176

85,159,795

25,884,159 11,229,830 35,640

22,741,649 10,799,627 31,115

37,149,629

33,572,391

Total current expenses

130,187,805

118,732,186

Deficit before support from Alumni and Friends

(56,321,947)

(49,513,611)

40,494,117 6,978,606 8,853,004

36,353,056 5,223,236 7,939,656

56,325,727

49,515,948

Current expenses Educational and general Instruction Academic support Research Library Student services Operation and maintenance of plant Administration and general Pensions and professional fees

Student aid and academic awards Auxiliary activities Non-educational

Distribution from endowment Gifts and grants for operating purposes Annual Fund Total Support from Alumni and Friends Surplus

$

which was built in the mid-1960’s, no longer adequately supports the pedagogy of the sciences at Amherst. Chemistry and physics have become much more technology—and instrumentfocused disciplines that have very exacting requirements for environmental conditions in the laboratories. Specifically, the labs must have very precise temperature, humidity, and air quality controls. The utility infrastructure for Merrill is woefully outdated and must

8

▲

3,780

$

2,337

be replaced to address these performance deficits. This infrastructure work, along with needed reconfiguration of lab spaces, indicates that a major renovation project is warranted. The planning process that was initiated in 2006 to bring definition to the scope of the Merrill project will continue in the upcoming year. There are a number of other facilities that have challenges similar to those of Merrill. They include but are not

limited to Frost Library, Arms Music Building, Converse Hall, Barrett Hall, Chapin Hall, and Morgan Hall. Over the coming year the College will be working with architectural planning consultants to develop a framework in which these projects can be implemented in a thoughtful and deliberate manner over time. A comprehensive planning process is critical to ensure that these projects are properly coordinated so that facility needs are efficiently and equitably addressed in a multi-year phased fashion without physically overwhelming the campus or the College’s financial resources. The College continues to aggressively pursue sustainable strategies in its facilities operations and capital projects. All of the projects cited above include leading-edge design features that reduce energy consumption and minimize environmental impact. The project that most significantly demonstrates the College’s commitment to sustainability is the cogeneration power plant that is currently under construction. Once completed, the cogeneration plant will allow the College to generate its own electricity. Cogeneration is inherently more energy efficient than the traditional method of deriving electricity from the utility power grid, because the heat produced from the generator is reclaimed and beneficially used to produce steam for the campus. With the ability to capture the “waste” heat, the overall efficiency of a cogeneration plant approaches 70 percent, versus the 35-percent efficiency achieved by the utility company. The cogeneration plant is projected to save the College approximately $900,000 per year in energy costs, paying for itself in just over eight years. In addition, it will reduce the College’s net carbon dioxide emissions by approximately 30 percent. Construction completion, which was tentatively scheduled for mid-2007, has been delayed until early 2008 due to heavy demand for major equipment, which has resulted in excessive lead times.

EMILY DICKINSON MUSEUM Operating resources of the Museum— $374,800, largely earned or raised by the Museum itself—supported a lively program of public tours, stimulating programs, education outreach, and exhibits to promote broad appreciation

of Emily Dickinson’s poetic legacy. In fiscal 2006–07, contributed income and annual fund giving accounted for 35 percent of the Museum’s operating resources. Earned revenue accounted for 29 percent of operating budget; distribution from endowment and royalties for 15 percent; and other sources for 21 percent. The Museum’s operating budget ended the fiscal year in a healthy condition, thanks to the unrestricted support of many donors. The annual fund program has quadrupled since the Museum’s establishment in 2003 and now exceeds $125,000 per year in vital operating support. The Emily Dickinson Museum continues to vie successfully for significant grants to fund special initiatives. The National Endowment for the Humanities awarded the Museum $58,000 for an intensive humanities workshop for K-12 teachers held in summer 2007. The Museum has completed two component projects of a $105,000 federal grant from the Institute of Museum and Library Services—creation of a furnishings and exhibit plan for the two Dickinson houses and development of an audio tour of the historic landscape. The Museum continues to make significant progress in implementing the recommendations of a comprehensive master plan finalized in 2006 and in completing projects funded by its successful $705,000 capital campaign. Last fall, the Museum rectified longstanding conditions of water infiltration in the cellars of both historic Dickinson homes. (In the course of this work, the original grave marker for Susan Huntington Dickinson’s father, General Thomas Gilbert, was unearthed.) A state-of-the-art fire detection system was installed in both the Homestead and The Evergreens, and the electrical wiring of various generations at the Homestead was completely replaced. These important infrastructure improvements provide greatly enhanced fire safety and lay the groundwork for future restoration of the Dickinson houses. Polly Longsworth stepped down as chair of the Board of Governors in 2006 to complete work on a longplanned biography of Emily Dickinson. In October, Kent W. Faerber (Amherst ’63), president of the Community Foundation of Western Massachusetts, succeeded her as chair. The Board elected two new members in the last

9

▲

fiscal year: Dr. William P. Gorth, co-founder and president of Amherstbased National Evaluation Systems, and Kenneth Rosenthal (Amherst ’60), recently retired as president of The Seeing Eye, Inc. This still young museum has made great strides in the last year in engaging more visitors in the power of Emily Dickinson’s poetry, and in preserving and caring for the physical touchstone to her life at this site.

FOLGER SHAKESPEARE MEMORIAL LIBRARY The Folger’s 75th anniversary was a year of celebration—an opportunity not only to recognize the library’s rich past, but to revel in its current accomplishments and to look toward an even brighter future. In April, the Trustees of Amherst College were pleased to travel to Washington to participate in this milestone event, attending an anniversary gala that featured the premiere of a documentary film about Henry and Emily Folger and their creation of the library, a star-studded entertainment, and an elegant dinner. At the joint meeting of the Trustees and the Folger Board of Governors the next day, Jide Zeitlin (Amherst ’85), chair of the Amherst Board, noted that this “extraordinary event” served to underscore the importance of the relationship between the two institutions. Amherst President Anthony W. Marx, who called the library “one of the great cultural gems of the nation,” said that he looked forward to the continuing success of the Amherst/Folger partnership. In order to prepare for the anniversary, Director Gail Kern Paster undertook an ambitious agenda. Her goal, she said, was for a healthy building and a series of programs that advanced the Folger’s mission. By April, the extensive renovations were largely completed, prompting one longtime visitor to remark that he had never seen the building looking better. The anniversary initiatives proved equally successful. A public radio documentary on Shakespeare in American Life (narrated by Sam Waterson) and a companion Website —and the Folger Institute’s Shakespeare in American Education, 1607–1934 conference—all received significant grant awards from the NEH, as well as that agency’s designation as

“We the People” projects. One of the most beautiful treasures at the Folger, the Trevelyon Miscellany of 1608, was reproduced in facsimile editions that now grace private and school libraries all over the world. Folger Theatre marked the anniversary with a special co-production with the Classical Theatre of Harlem of King Lear; Folger Consort contributed a sold-out production of Henry Purcell’s The Fairy Queen that featured passages from A Midsummer Night’s Dream read by Derek Jacobi, Lynn Redgrave, and Richard Clifford; and Folger Poetry presented a special April reading of sonnets. In the spring, a new, four-color Folger Magazine was launched, making the library’s collections and scholarship even more accessible to a broader public. Despite the extensive renovations and celebrations, the library retained its solid financial footing—even despite a fire in the theater in the fall that incurred unexpected costs for clean-up and restoration. The development office raised more than $4.4 million in gifts and grants, secured $2.3 million in gifts and pledges toward the 75th anniversary initiatives, and broke all previous records by bringing in $588,000 for the spring gala. Several extraordinary grant awards included the aforementioned grant from the NEH for the radio documentary and Website and, from the Andrew W. Mellon Foundation, $400,000 for an endowed senior fellowship and $692,000 for a manuscript cataloging project that will create 55,000 online records. The Board of Governors experienced several changes in fiscal 2006–07. Karen Hastie Williams stepped down in the spring after having served as chair for nearly a decade. Over the summer, Paul T. Ruxin (Amherst ’65), a lawyer and bibliophile from Chicago, was elected to succeed her; he will chair his first meeting in the fall. Other transitions during the year included the election of actress Lynn Redgrave and Washington, D.C. lawyer Louis Cohen; the resignation of Lady Manning, who returned to England with the British Ambassador; and, sadly, the death of member emeritus and honorary trustee Eric Weinmann. As the library looks beyond its 75th year, Dr. Paster expects to increase attention on education. The great success of the educational programs at the Folger—including performance festi-

Folger Shakespeare Memorial Library Statement of Operating Resources and Expenses for the years ended June 30, 2007 and 2006 Resources available Distribution from endowment Income from current fund investments U.S. Government grants Gifts and other grants Other

2007

2006

$ 8,678,216 133,050 970,355 2,170,264 3,032,031

$ 7,829,419 110,110 605,859 1,837,921 2,758,377

14,983,916

13,141,686

Restricted expendable funds availed of—net

(106,583)

(422,705)

Appropriation for collection acquisitions

(165,000)

(165,000)

14,712,333

12,553,981

4,652,017 681,767 3,086,009 387,496 1,206,872 2,678,714 612,650

3,980,721 663,687 2,592,861 320,845 1,388,637 2,248,043 279,866

13,305,525

11,474,660

Current expenses Administration and general Development office Central Library Museum Shop and Rental Properties Academic programs Public programs Grant activities

Capital Campaign Expenses Reserve transfer Plant transfer Surplus

(376,950) (1,005,000) $

vals, teacher workshops and online lesson plans, and classroom visits— prompted her to create a new Division of Education, separate from Public Programs. The division, headed by a newly appointed Director of Education, will seek to widen and broaden the national impact of the library’s mission and make the Folger an even more visible leader in teaching Shakespeare. Building on the success of the Amherst undergraduate fellowship program—and prompted by a perceived gap between the library’s K-12 programs and its graduate workshops and conferences—the library will also initiate a new undergraduate seminar in the fall. Developed in cooperation with George Washington University, the seminar will help young researchers develop their skills by using the library’s collections as a resource. Training new

10

▲

24,858

(173,000) (900,000) $

6,321

generations of scholars—while at the same time enhancing the myriad opportunities available to teachers and students of all ages—will ensure that the Folger continues to be an active center for study, literacy, and the pursuit of knowledge for many decades to come.

COLLEGE AND LIBRARY ENDOWMENT and SIMILAR FUNDS Endowment performance for fiscal 2006–07 was outstanding. At June 30, 2007, the College’s Endowment Funds had increased to $1.66 billion, an increase of $330 million from the previous year’s value of $1.33 billion. The Folger Shakespeare Memorial Library’s Endowment Funds increased from $233.7 million at June 30, 2006 to

$289.9 million at June 30, 2007. Funds managed by the Trustees under life income agreements totaled $76.5 million at June 30, 2007, an increase of $5.7 million from the prior year. Gifts of $9.9 million also contributed to the increase in the College’s endowment for the year ended June 30, 2007. The time-weighted total return for the entire endowment portfolio for fiscal 2006–07 was 27.8 percent, ranking it for the third year in a row among the highest compared to peer institutions and leading endowments. The 27.8 percent return also outpaced the internally established benchmark of 18.7 percent and compared favorably against leading market indexes as follows: 20.6 percent return for the S&P 500 Index, a 19.9 percent return for the NASDAQ Composite Index, a 27.0 percent return for the EAFE (foreign) Index, and a 5.6 percent return for the Lehman Government Bond Index. This recent strong performance has also increased the longer-term annualized returns to 17.5 percent for five years and 15.9 percent over 10 years. This past fiscal year, there were positive results in every asset class in the fund relative to their respective indices, with the most significant outperformance occurring in several of the non-marketable alternative asset categories, including Oil & Gas, Real Estate and Global Private Equity. The credit for these outstanding results goes to the great work of the Investment Committee of the Board of Trustees, chaired by Bill Ford (Amherst ’83), working closely with the Investment Office staff. During the year, the Institution continued to make minor adjustments to the endowment’s actual asset allocation relative to its long-term strategic policy targets, as well as within various asset categories. As of June 30, 2007, the asset allocation of the endowment consisted of 13 percent domestic equities, 17 percent foreign equities, 27 percent hedge funds, 20 percent venture capital and private equity, 7 percent fixed income, 13 percent natural resources and real estate and 3 percent cash. This compares to the strategic policy asset allocation of 15 percent domestic equities, 15 percent foreign equities, 30 percent hedge funds, 16 percent venture capital and private equity, 10 percent fixed income, 12 percent natural resources and real estate and 2 percent cash. Within public equities, the Institu-

tion initiated one new relationship with a global equity manager, Wintergreen Advisers, for a $25-million account and provided incremental funding to two existing managers: Farley Capital, with an additional $15 million, and Lone Sierra, with an additional $9 million. Dollars to fund these new and incremental investments came from the termination of two existing relationships, as well as a reduction (due to rebalancing) in the accounts managed by two other managers who continue to be retained by the Institution. The net impact of these changes was an overall decrease in the endowment’s allocation to public equities of roughly 4 percent for the fiscal year, but a more evenly balanced allocation to the underlying sub-asset classes of U.S., non-U.S., and emerging markets equities. The overall exposure to hedge funds remained fairly steady during the year. Within the portfolio, the Institution decided to terminate one manager, trim the position size of another manager, and establish a relationship with one new manager, Abrams Partners. Gaining meaningful exposure to new venture capital investments remained difficult, as top venture capital firms continued to raise smaller funds and scale back limited partner commitments. New venture capital commitments in fiscal 2006–07 consisted exclusively of follow-on investments with firms the Institution has existing relationships with: Matrix Partners VIII, Matrix Partners India I, Pitango Venture Capital V, Sequoia Capital China Growth I, Sequoia Capital China II, and Sequoia Capital India III. Private equity investment activity was more robust and included follow-on investments with existing firms, as well as several new relationships. Investments in Apax Europe VII, Bain Capital Asia Fund I, Berkshire Partners Fund VII, Cathay Capital Holdings II, Cerberus Institutional Partners—Series IV, MHR Institutional Partners III, and Wexford Partners 11 represented new investments with existing firms; and investments in American Securities Partners V, Madison Dearborn Partners V, Providence Equity VI, and JC Flowers II represented investments made with firms new to the Institution. The Institution made several new real estate investments during the year, all of which were new commitments to existing investment partners. The in-

11

▲

vestments made were Beacon Capital Partners V, Cerberus Institutional Real Estate II (formerly known as Blackacre), IREO Fund II, IREO Investment Holdings V & VI Co-investment Fund, and Rockpoint Real Estate Fund III. Oil & Gas limited partnership investments included three follow-on investments with existing investment managers: NGP Midstream & Resources, a new fund created by Natural Gas Partners that will invest in energy infrastructure (pipelines and related assets transporting natural gas, crude oil or refined products) and natural resources sectors (principally coal), First Reserve Fund XI, and Yorktown Energy Partners VIII. The Institution also increased its exposure to timber, with follow-on commitments to The Campbell Group—Campbell Timber Fund II and FIA Timber Partners—FIA Timber Special Situations Fund. Finally, the Institution also made a follow-on commitment to Regiment Capital Special Situations Fund IV. As can be seen from the above report, all areas of the Institution are thriving. The financial stability provided by the strong endowments and balanced budgets have allowed the Institution to move forward on many important initiatives; provide additional support for faculty and academic programs; increase outreach to communities near and far through the new Center for Community Engagement, the Museum, and Library; support infrastructure needs of our buildings; fund other CAP initiatives; and broaden access to an Amherst education for students from the full socioeconomic range of family incomes. The Institution hopes to further broaden that reach by eliminating student loans from financial aid awards and replacing that component with grants. This initiative, announced this summer, will take effect in fiscal 2008–09. It will take all our resources and more to finance and expand on these commitments while maintaining the financial stability we now enjoy. I will continue to work with President Marx, the faculty, staff, and Trustees to ensure that the Institution succeeds in that goal.

Peter J. Shea Treasurer

Amherst College ▲ Twenty Years in Review

Assets (000’s omitted) Total Assets Endowment Funds at Market Life Funds at Market Student Loans Outstanding

2007

2006

2002

1997

1992

1987

$ 2,176,840 1,662,377 76,493 3,954

$ 1,813,126 1,337,158 70,798 3,816

$ 1,179,701 860,190 64,181 4,042

$ 701,081 474,058 54,128 4,557

$ 396,548 291,280 21,479 2,833

$ 344,235 248,354 12,674 2,663

70,845 54.4% 32,329 8,853 40,494

65,185 54.9% 34,528 7,940 36,353

55,012 57.0% 28,481 6,951 24,633

43,157 60.8% 33,646 4,571 15,509

33,261 57.4% 12,631 3,588 13,119

22,506 56.9% 13,485 2,847 11,221

130,188 93,038 25,884

118,732 85,160 22,742

96,511 66,912 17,325

70,929 51,024 11,620

57,963 41,608 9,266

39,532 29,308 4,539

1,621 33,860 59,538

1,570 $ 27,460 45,178

1,555 $ 21,290 37,275

1,563 $ 14,360 25,292

Income (000’s omitted) Student Income Student Income—% of Net Operating Cost Gifts, Bequests, and Grants Received Annual Fund, utilized Endowment Income Distributed Expenditures (000’s omitted) Operating Expenditures Educational and General Student Aid Miscellaneous Number of Students, average for year Comprehensive Fee Cost per Student Endowment per Student, based on fall enrollment Student Loans Granted

$

Total Funds Investments by asset allocation Cash and cash equivalents Domestic equities Foreign equities Private equities Fixed income Absolute return Natural resources Other Investments Total Investments

$

1,606 40,980 73,933

$

1,003,851 539

820,846 590

526,754 519

301,948 823

187,318 590

160,331 787

1,252.9 778.8 398.3 396.1

980.6 645.8 377.4 311.9

559.0 468.3 325.9 175.1

286.3 391.3 225.5 189.2

147.7 158.8 160.9 103.5

100.0 100.0 100.0 100.0

$ 1,660,345 289,872 2,032 9,772 8,710

$ 1,335,197 233,729 1,960 9,520 7,972

858,316 155,692 1,873 11,460 6,197

$ 465,912 97,843 8,146 9,812 6,249

$ 285,650 57,559 5,630 6,848 2,403 21

$ 243,570 48,060 4,783 4,627 1,319 1,553

7,280 50,731 1,264 41,738

7,109 46,197 1,230 33,516

3,738 42,786 1,243 24,504

38,067

12,207

5,175

$2,071,744

$1,676,430

$1,105,809

$626,029

$370,318

$309,087

$

$

$

75,634 152,494 80,116 137,733 218,714 360,521 76,608 3,989

$ 17,975 268,639 43,482 30,302 167,931 62,072 19,708 15,920

$ 26,741 186,449 34,269 6,117 112,626

$ 24,052 220,333

4,116

2,740

$1,105,809

$626,029

$370,318

$309,087

Comparative Investment Performances (Total Return Indexed) Amherst College Consolidated Fund Standard and Poor’s 500 Shearson Lehman Bond Index EAFE Investments (000’s omitted) Funds (at market) Consolidated Fund Folger Shakespeare Memorial Library Separately Invested Endowment Funds Immediate Life Income Funds Balanced Life Income Funds Life Growth Fund Gift Annuities Separately Invested Life Funds Folger Life Income Funds Other Investments

1,637 43,360 79,516

128,091 274,278 348,529 392,332 121,879 549,676 255,045 1,914

$2,071,744

47,877 273,038 293,185 270,929 96,078 462,970 208,228 24,125

$1,676,430

12

▲

$

61,962

Report of Independent Auditors To the Board of Trustees of Amherst College Amherst, Massachusetts: In our opinion, the accompanying balance sheet and the related statements of activities and of cash flows present fairly, in all material respects, the financial position of the Trustees of Amherst College (the “Institution”) at June 30, 2007 and the changes in its net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Institution’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 1 to the financial statements, the Institution changed its method of accounting for defined benefit pension and postretirement plans.

October 4, 2007

13

▲

The Trustees of Amherst College Balance Sheet June 30, 2007 Folger Shakespeare Memorial Library

Amherst College Assets Cash and cash equivalents Short term investments Accounts receivable Accrued interest receivable Contributions receivable, net Beneficial interest in perpetual trusts Investments held for sale Other assets Investments: Endowment and similar funds Life income funds Other funds Student loans receivable, net Mortgages and notes receivable Property, plant and equipment, net Total assets Liabilities and net assets Accounts payable Accrued liabilities Deferred income and deposits Liability for life income obligations Postretirement benefit obligations Notes, mortgages, and bonds payable Government grants refundable Other liabilities Total liabilities Net assets Unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets

$

3,434,852 357,018 2,818,340 2,657,411 28,282,283 19,228,291 16,147,000 8,792,486

Total $

$

662,259 105,958 92,534

176,676

3,434,852 357,018 3,480,599 2,763,369 28,374,817 19,228,291 16,147,000 8,969,162

1,662,377,481 76,492,992 40,941,091 3,954,300 1,568,985 309,787,038

289,871,661 1,264,338 797,404

37,810,175

1,952,249,142 77,757,330 41,738,495 3,954,300 1,568,985 347,597,213

$2,176,839,568

$330,781,005

$2,507,620,573

$

$

$

7,371,346 4,094,108 2,537,446 37,154,658 29,187,194 177,214,650 2,120,747 4,894,706

1,058,079 433,119 159,761 301,403 1,587,308

721,849

8,429,425 4,527,227 2,697,207 37,456,061 30,774,502 177,214,650 2,120,747 5,616,555

264,574,855

4,261,519

268,836,374

678,848,851 974,037,778 259,378,084

59,037,110 244,893,700 22,588,676

737,885,961 1,218,931,478 281,966,760

1,912,264,713

326,519,486

2,238,784,199

$2,176,839,568

$330,781,005

$2,507,620,573

The accompanying notes are an integral part of these financial statements.

14

▲

The Trustees of Amherst College Statement of Activities for the year ended June 30, 2007 Unrestricted Folger Shakespeare Memorial Library

Amherst College Revenues, gains and other additions Student fee revenue Residence and dining hall revenue Less Amherst College scholarships awarded Net student fee revenue Other revenue, gains and other additions Investment income Realized gain (loss) on investments, net of fees Unrealized appreciation on investments Change in net value of life income funds U.S. Government grants Gifts and other grants Unrealized loss and net settlement on interest rate swap Other Net assets released from restrictions Total revenue, gains and other additions Expenditures and other deductions Instruction and academic programs Academic and student services Library Research and public programs Administrative and general Pensions and professional fees Academic prizes, fellowships and awards Auxiliary activities Other Total expenditures and other deductions before adjustment for a change in accounting principle Increase in net assets before adjustment for a change in accounting principle Adjustment for a change in accounting principle Increase in net assets Net assets, beginning of year Net assets, end of year

$

Temporarily Restricted

Permanently Restricted

56,365,050 14,480,277 (23,677,735)

$

47,167,592 29,869,714

Total 56,365,050 14,480,277 (23,677,735) 47,167,592

$

7,454,379

$

18,540,374

$

1,316,790

57,181,257

15,710,245 72,595,516

(3,675,331) 3,054,839

449,949 12,426,972

357,705 1,696,491

130,786,236 167,643,353 2,863,822 1,550,961 13,243,975

96,344 4,698,187 53,659,195

4,151,114 8,158,067

277,098 (61,817,262)

236,673,714

21,197,264

35,195,834 26,489,690 5,598,481 3,505,160 14,716,111 1,538,972 793,566 27,201,319 1,663,884

1,241,872

202,174

36,437,706 26,489,690 10,336,983 7,074,311 18,455,248 2,739,860 793,566 27,201,319 1,866,058

116,703,017

14,691,724

131,394,741

119,970,697

6,505,540

273,088,557

12,073,775

142,821,150 245,140,086 5,050,328 2,358,615 39,441,213

19,207

96,344 9,145,606

17,442,656

548,402,191

1,846,378 2,186,506

4,738,502 3,569,151 3,739,137 1,200,888

(961,558)

273,088,557

17,442,656

943,603

417,007,450 (17,955)

119,009,139

7,449,143

273,088,557

17,442,656

416,989,495

559,839,712

51,587,967

945,842,921

264,524,104

1,821,794,704

$678,848,851

$59,037,110

$1,218,931,478

$281,966,760

$2,238,784,199

The accompanying notes are an integral part of these financial statements.

15

▲

The Trustees of Amherst College Statement of Cash Flows for the year ended June 30, 2007

Amherst College

Folger Shakespeare Memorial Library

Total

$357,928,524

$59,060,971

$416,989,495

12,218,616 (209,522,458) (162,707,778) (1,507,956) (9,917,136) (8,246,458) (4,075,444) 4,935,513 136,272 (2,619,465) (1,846,377) 1,716,791

908,408 (35,285,814) (26,610,463) (11,819) (1,218,148) (69,201) (36,246) (128,702)

13,127,024 (244,808,272) (189,318,241) (1,519,775) (11,135,284) (8,315,659) (4,111,690) 4,806,811 136,272 (2,690,050) (1,846,377) 1,716,791

(107,083) (2,044,079) (8,340,784) (450,594)

(261,581) 7,105 169,645 62,783

(368,664) (2,036,974) (8,171,139) (387,811)

624,596 (995,348) 279,654 (2,582,192) 1,552,184 191,470

622,452 (309,036) 128,661 48,513 (938,601) (54,647)

1,247,048 (1,304,384) 408,315 (2,533,679) 613,583 136,823

Net cash used in operating activities

(35,379,532)

(3,986,305)

(39,365,837)

Cash flows from investing activities Purchases of plant and equipment, net Net change in mortgages and loans Change in short-term investments Purchases of investments Proceeds from sales and maturities of investments

(40,422,626) (81,573) 972,768 (438,332,062) 476,267,835

(3,697,470)

(44,120,096) (81,573) 972,768 (512,198,741) 555,359,840

Cash flows from operating activities Increase in net assets Adjustments to reconcile increase in net assets to net cash used in operating activities: Depreciation Unrealized gain on investments Realized gain on investments, net Net change in other investments Gifts to endowment Income added to endowment principal Life income fund gifts and other changes Change in life income obligations Unrealized loss on interest rate swap agreement Contributions to plant Change in beneficial interest in perpetual trusts Disposal of asset (Increase) decrease in assets: Accounts receivable, net Accrued interest receivable Contributions receivable Other assets Increase (decrease) in liabilities: Accounts payable Accrued liabilities Deferred income and deposits Liability for life income obligations Postretirement benefit obligations Other liabilities

Net cash (used in) provided by investing activities

(1,595,658)

16

▲

(70,585)

(73,866,679) 79,092,005 1,527,856

(67,802)

The Trustees of Amherst College Statement of Cash Flows (continued) for the year ended June 30, 2007

Amherst College Cash flows from financing activities Contributions to endowment Contributions to plant Contributions to life income agreements Return on life income agreements Payments to beneficiaries under split interest agreements Other financing activities Decrease in student loan funds Payments on long-term debt

Folger Shakespeare Memorial Library

Total

$ 18,163,594 2,619,465 1,541,460 2,533,984 (4,348,597) 1,507,956 19,504 (2,060,000)

$ 1,287,349 70,585

Net cash provided by financing activities

19,977,366

1,405,999

21,383,365

Net change in cash and cash equivalents Cash and cash equivalents, beginning of year

(16,997,824) 20,432,676

(1,052,450) 1,052,450

(18,050,274) 21,485,126

Cash and cash equivalents, end of year Supplemental data Interest paid Gifts in kind Purchases of plant and equipment included in accounts payable

$ 3,434,852 $

36,246 11,819

$ ,434,852

6,532,450 628,865 4,002,758

The accompanying notes are an integral part of these financial statements.

17

▲

$ 19,450,943 2,690,050 1,541,460 2,570,230 (4,348,597) 1,519,775 19,504 (2,060,000)

$ 3,434,852 $

$

22,653

6,532,450 628,865 4,025,411

The Trustees of Amherst College Notes to Financial Statements 1. Accounting Policies ORGANIZATION

The Trustees of Amherst College (the “Institution”) include the activities of Amherst College (“College”) and Folger Shakespeare Memorial Library (“Library”). The College is an academically rigorous, residential, full-time, private, nonsectarian institution of higher education committed to the liberal education of young men and women. The Library is a center for advanced research in Shakespeare and the early modern period. It also sponsors a rich and varied season of cultural, educational and academic programs and is the home of The Shakespeare Quarterly. In accordance with the terms of the wills of Henry Clay Folger, Class of 1879, and his wife, Emily Jordan Folger, the Institution established the Folger Shakespeare Memorial Library. The original gift to establish the Library provides that 25% of the Folger Fund annual investment income up to a maximum of $226,000 is to be distributed for the general operations of the College. The maximum was distributed in 2006–2007. The Institution qualifies as a tax-exempt, not-for-profit organization under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been made. The Institution owns approximately 85% of the common stock of Amherst Inn Company (“Inn”). The Inn’s accounts have not been combined with those of the Institution due to their insignificance. At March 31, 2007, the Amherst Inn Company had assets of approximately $750,000, liabilities of approximately $3,290,000, and a capital deficiency of approximately $2,540,000. The net loss for the Inn’s year ended March 31, 2007 was approximately $74,000. Substantially all of the liabilities of the Inn are payable to the Institution. The Institution’s investment in the Amherst Inn Company of $1,157,000 reflects management’s best estimate of its value.

BASIS OF PRESENTATION

The financial statements have been prepared on the accrual basis of accounting. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosures of contingencies at the date of the financial statements and revenues, gains and expenses recognized during the reporting period. Actual results could differ from those estimates. The Institution’s significant estimates include the fair value of certain investments, its retirement and postretirement benefit obligations and its liability for life income obligations. The classifications of net assets and revenues, expenses, gains, and losses are determined by the existence or absence of donor-imposed restrictions. In the accompanying financial statements, net assets that have similar characteristics have been combined as follows: Permanently Restricted— Net assets subject to donor-imposed stipulations that they be maintained permanently by the Institution. Generally, the donors of these assets permit the Institution to use all or part of the income earned on these assets. Such assets primarily include the Institution’s permanent endowment funds. Temporarily Restricted— Net assets whose use by the Institution is subject to donor-imposed stipulations that can be fulfilled by actions of the Institution or that expire by the passage of time. Realized and unrealized gains and losses on permanently and temporarily restricted assets are reported as temporarily restricted net assets in accordance with Massachusetts law. Unrestricted—

Net assets that are not subject to donor-imposed stipulations. Net assets may be designated for specific purposes by action of the Board of Trustees or may otherwise be limited by contractual agreements with outside parties.

Revenues from sources other than contributions are reported as increases in unrestricted net assets. Contributions are reported as increases in the applicable category of net assets. Expenses are reported

18

▲

as decreases in unrestricted net assets. Gains and losses on investments are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulations or by law. Expirations of temporary restrictions recognized on net assets (i.e., the donor stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as reclassifications from temporarily restricted net assets to unrestricted net assets. Temporary restrictions on gifts to acquire long-lived assets are considered met in the period in which the assets are acquired or placed in service. Contributions, including unconditional promises to give, are recognized as revenues in the period the commitment is received. Contributions received with donor imposed restrictions are reported as permanently or temporarily restricted revenues depending upon the specific restriction. Conditional promises to give are not recognized until the conditions on which they depend are substantially met. Contributions of assets other than cash are recorded at their estimated fair value at the date of gift. Contributions to be received after one year are discounted at a rate commensurate with the risk involved. Amortization of the discount is recorded as contribution revenue. Allowance is made for uncollectible contributions based upon management’s judgment and analysis of the creditworthiness of the donors, past collection experience and other relevant factors. Grant revenue from exchange contracts is recognized in the period when the cash is expended. TOTAL RETURN DISTRIBUTION ON INVESTMENTS

The Institution adds interest and dividends earned on the Consolidated Endowment Fund and the Folger Fund, which represent approximately 99% of the investments of its endowments and similar funds, to the income allocation pools from which returns are distributed to the respective funds at a predetermined, per share rate set annually by the Board of Trustees. The Institution’s spending is determined on a total return basis. The total amount distributed for spending in 2006–2007 was $54,816,804 for the College and $8,985,238 for the Library. The amount distributed exceeded interest and dividend income earned, after investment management fees and expenses, by $42,613,459 for the College and $6,794,715 for the Library. Investment management fees and expenses, which include General Partners’ share of gains in limited partnerships, were $35,208,990 for the College and $5,737,877 for the Library. The amount distributed in excess of interest and dividend income earned was provided by transferring realized gains from the investments of the Institution’s endowments and similar funds to the allocation pools.

INVESTMENTS

The Institution has established a diversified investment portfolio in accordance with the investment strategy determined and managed by the Investment Committee of the Board of Trustees. Investments are recorded at their respective fair values. The values of publicly traded fixed income and equity securities are based upon quoted market prices at the close of business on the last day of the fiscal year. Investments in units of non-publicly traded pooled funds are valued at the unit value determined by the fund’s administrator based on quoted market values of the underlying securities. Private equities and certain other nonmarketable securities, including alternative investments, are valued using current estimates of fair value obtained from the general partner or investment manager for the respective funds. Because alternative investments are not readily marketable, the estimated value is subject to uncertainty and may differ from the value that would have been used had a ready market for the investments existed. Such differences could be material. The College considers alternative investments to be venture capital funds, private equity funds and investments in real estate and natural resources. The College believes that the carrying amount of its alternative investment instruments is a reasonable estimate of fair value. These investments represented approximately 33% of the Institution’s investments at June 30, 2007. Under the terms of certain limited partnership agreements that represent venture capital, private equity, real estate and oil and gas investments, the Institution is obligated to remit additional funding periodically as capital calls are exercised. The Institution has outstanding commitments to limited partnerships at June 30, 2007 of approximately $427 million.

19

▲

Purchases and sales of investments are recorded at the trade date of the transaction. Realized investment gains and losses are recorded based on the average cost method for all investments except where specific identification is required by tax law. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities could occur in the near term and that such changes could materially affect investment balances included in the financial statements. DERIVATIVE FINANCIAL INSTRUMENTS

The Institution’s investment policies allow the use of derivative financial instruments to manage currency exchange risks arising from investments in nonderivative foreign assets in proportion to the assets at risk. Such instruments consist of forward foreign exchange contracts entered into as part of the investments of the Consolidated Endowment Fund of the College and the Folger Fund of the Library. There were no open contracts at June 30, 2007. The College utilizes swap agreements to moderate its exposure to interest rate risk on certain bond issuances. See Footnote No. 4, Bonds Payable. Additionally, the Institution has investments in certain limited partnerships which participate directly, or have the option to participate in derivative financial instruments. These limited partnership investments represent 27% of the Institution’s total consolidated endowment funds. Derivatives held by limited partnerships in which the Institution invests pose no off balance sheet risk to the Institution due to the limited liability structure of the investment.

LIFE INCOME OBLIGATIONS

Life income obligations result from annuity and life income agreements which are irrevocable charitable remainder agreements. The assets held for these agreements are reported as investments at their fair value. The College records contribution revenue for the gift and a liability for the present value of the estimated future payments to be made to the beneficiaries. The liability has been calculated using discount rates ranging from 4.2% to 6.9% based upon the year of the agreement. The obligation is adjusted during the term of the agreement for changes in the value of the assets, amortization of the discount and other changes in the estimates of future benefits.

Beneficial interest in perpetual trusts represent resources neither in the possession of nor under the conBENEFICIAL trol of the Institution, but held and administered by outside fiscal agents, with the College deriving inINTEREST IN PERPETUAL TRUSTS come from such funds. The Trusts are recorded at their respective fair values. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment is recorded at cost.

INVENTORIES

Other assets include inventories which are valued at the lower of cost (utilizing the first-in, first-out method) or market.

CASH EQUIVALENTS

Cash equivalents include short-term, highly liquid investments with a maturity of three months or less at the time of purchase. Cash and cash equivalents representing assets of endowment and similar funds and life income funds are included in long-term investments. Cash equivalents are recorded at cost which approximates fair value.

The Institution capitalizes the cost of construction and major improvements to buildings, and purchases of equipment, and library books. Depreciation is calculated on a straight line basis over the estimated useful life of the asset. Purchases for the collections are recorded at cost. The collections are reduced by the proceeds from a sale, resulting in the recognition of no gain or loss. Sales are not significant. See Footnote No. 11, Collections.

NEW ACCOUNTING In 2007, the FASB issued FASB Statement No. 158, “Employer’s Accounting for Defined Benefit Pension and Other Postretirement Plans—an amendment of FASB Statements No. 87, 88, 106 and 132(R)”, STANDARD (FAS 158), which is effective for the Institution as of and for the year ended June 30, 2007. FAS 158 was issued to improve financial reporting by recognizing the overfunded or underfunded status of defined benefit retirement and postretirement plans as an asset or liability in the balance sheet and to recognize changes in the funded status in the year in which the changes occur through changes in unrestricted net assets...

20

▲

Upon initial application of FAS 158, the Institution recognized a $17,955 adjustment to unrestricted net assets. The net adjustment is atributable to an expense of $1,824,432 on the defined benefit pension plans and revenue of $1,806,477 on the postretirement medical plans. As of June 30, 2007, a $30,774,502 postretirement benefit obligation liability is included on the Balance Sheet for all applicable plans of the Institution.

2. Endowment and Similar Funds Included in unrestricted, temporarily restricted, and permanently restricted net assets are the College’s and Library’s endowment and similar funds and life income funds. These funds are reported at fair value. Endowment and similar funds is a commonly used term to refer to the resources that have been restricted by the donor or designated by the Trustees that will be invested to provide future revenue to support the Institution’s activities. Included in endowment are certain funds which were not restricted by the donor and, accordingly, are unrestricted net assets of the Institution. Net assets of life income funds represent the difference between the investment assets of the funds and the estimated liability for the obligation to beneficiaries. Included in Endowment and similar funds on the Balance Sheet are the Consolidated Endowment Funds for both the College and the Library and separately invested endowment funds. The fair value of the Amherst College Consolidated Endowment Fund as of June 30, 2007 was $1,660,345,333 with a per share fair value of $22.32 ($18.11 at June 30, 2006). The fair value of the Folger Fund as of June 30, 2007 was $289,871,661 with a per share fair value of $33.75 ($27.34 at June 30, 2006). The total endowment shares in the Amherst College Consolidated Endowment Fund as of June 30, 2007 were 76,324,089. The total endowment shares in the Folger Fund as of June 30, 2007 were 8,611,314.

21

▲

The comparison of cost and fair value for investments of the endowment and similar funds and life income funds assets was as follows as of June 30, 2007: Amherst College Cost Endowment and similar funds assets Cash and cash equivalents Due from broker Due to broker Domestic equities Foreign equities Private equities Fixed income Absolute return Natural resources Other investments Investment of other funds in the Endowment

Life income funds assets Cash and cash equivalents Domestic equities Foreign equities Fixed income Other investments

$

74,317,244 362,068 (1,207,001) 179,551,447 176,958,865 281,489,118 79,913,163 240,513,064 191,351,304 922,080 (26,855,079)

Fair Value $

74,317,244 362,068 (1,207,001) 223,513,508 297,713,335 335,135,253 88,341,916 469,532,761 217,859,400 378,474 (43,569,477)

$ 1,197,316,273

$ 1,662,377,481

$

42,368,003 10,445,016 1,016,228 18,578,364 1,649,174

$

42,368,003 12,626,804 1,064,067 18,653,960 1,780,158

$

74,056,785

$

76,492,992

Folger Shakespeare Memorial Library Cost Endowment and similar funds assets Cash and cash equivalents Due from broker Due to broker Domestic equities Foreign equities Private equities Fixed income Absolute return Natural resources Other investments Investment of other funds in the Endowment

$

12,508,546 63,144 (210,499) 29,752,519 29,686,198 47,193,269 13,282,786 40,347,899 32,100,641 141,567 (711,819)

$ 204,154,251 Life income funds assets Life funds invested with the College

$

22

▲

1,464,227

Fair Value $

12,508,546 63,144 (210,499) 37,893,495 50,815,506 57,197,410 15,021,980 80,142,687 37,185,550 51,246 (797,404)

$ 289,871,661 $

1,264,338

Net assets included the following endowment and similar funds at June 30, 2007: Amherst College

Endowment funds Endowment Income unrestricted Income restricted Quasi-endowment Income unrestricted Income designated Income restricted

Unrestricted

Temporarily Restricted

5,295,954 8,522,337

$ 119,395,232 804,031,017

$

Permanently Restricted

$

30,669,694 181,181,929

Total

$

172,962,779 289,273,683 51,044,856 $527,099,609

Life income funds Income Balanced Annuity Unitrusts

155,360,880 993,735,283 172,962,779 289,273,683 51,044,856

$923,426,249

$211,851,623

$

$

6,594,614 3,303,198 1,889,637 11,623,131

$1,662,377,481

773,885 3,199,111 1,116,704 11,054,285

$

7,368,499 6,502,309 3,006,341 22,677,416

$ 23,410,580

$ 16,143,985

$

39,554,565

Temporarily Restricted

Permanently Restricted

Folger Shakespeare Memorial Library Unrestricted Endowment funds Endowment Income unrestricted Income restricted Quasi-endowment Income unrestricted Income designated Income restricted

$

2,593,377

$ 193,937,597 48,079,639

$

5,959,705 17,002,542

Total

$

199,897,302 67,675,558

11,403,013 9,032,229 1,347,055

516,504

$24,375,674

$242,533,740

$ 22,962,247

$

289,871,661

$

$

$

8962,935

Life income funds

23

▲

745,786

11,403,013 9,032,229 1,863,559

217,149

3. Property, Plant and Equipment Property, plant and equipment as of June 30, 2007 consisted of the following: Useful Life Land Land improvements Buildings and improvements Faculty residences Equipment Library books Construction in progress Asset retirement cost Folger Collection

Amherst College $

10 50 30 5–10 10

7,300,472 6,528,140 296,587,455 9,048,114 54,289,712 33,004,399 37,868,384 248,887

Folger Shakespeare Memorial Library $

908,397 28,319,843 5,311,717

15,268,563 444,875,563 (135,088,525)

Less: Accumulated depreciation

$309,787,038

49,808,520 (11,998,345) $37,810,175

In fiscal year 2006–2007, depreciation of these assets amounted to $12,218,616 for the College and $908,408 for the Library. As of June 30, 2007, the College had open commitments for the construction of buildings of approximately $9,500,000.

4. Bonds Payable The Institution has financed the cost of constructing and renovating various College facilities with the Massachusetts Health and Educational Facilities Authority (the “Authority” or “MHEFA”). The College’s fiscal year 2007 debt service and bonds payable as of June 30, 2007 were as follows: Final Year of Maturity

Interest Rates

2007 Debt Service

Bonds Payable

F

2026

Variable, (3.29%– 3.82% in 2006–2007)

$ 2,000,536

$ 39,900,000

G

2028

Fixed, (4.45%–5.40%)

865,817

8,290,000

H

2033

Variable, (3.58%– 3.60% in 2006–2007)

2,796,685

46,900,000

I

2028

Variable, (3.29%– 3.82% in 2006–2007)

939,487

29,700,000

J-1

2035

Variable, (3.29%– 3.82% in 2006–2007)

1,047,797

30,000,000

J-2

2035

Variable, (3.00%– 3.97% in 2006–2007)

701,578

20,000,000

$8,351,900

$174,790,000

MHEFA Series

The issue costs incurred in connection with the bonds are amortized on a straight line basis over the remaining period the bonds are outstanding. The Series F bonds are a variable rate issue and are a general obligation of the College. The interest rates on the issue averaged 3.49% for fiscal year 2006–2007 and the June 30, 2007 rate was 3.59%. The bonds are redeemable at par prior to maturity at the option of the Authority with the consent of the College. The Series G bonds are a general obligation of the College. The bonds maturing on or before November

24

▲

1, 2008 are not redeemable prior to maturity. The bonds maturing after November 1, 2008 are redeemable at par prior to maturity at the option of the Authority with the consent of the College. On June 30, 2005, the College utilized $27,505,000 of the proceeds from the Series I bonds to advance refund a portion of the Series G bond issue. The proceeds were deposited in the Refunding Trust Fund, which will provide for all future payments of principal and interest on the Series G bonds refunded. The College has been legally released from further obligation for payments to those Series G bondholders. The Series H bonds are a variable rate issue and are a general obligation of the College. The average interest rate for fiscal year 2006–2007 was 3.59% and the interest rate at June 30, 2007 was 3.60%. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. The Series I bonds are a variable rate issue and are a general obligation of the College. The average interest rate for fiscal year 2006–2007 was 3.49% and the interest rate at June 30, 2007 was 3.59%. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. The Series J bonds are a variable rate issue and are a general obligation of the College. The interest rate on the issue averaged 3.49% for the Series J-1 bonds and 3.51% for the Series J-2 bonds for the fiscal year 2006–2007. The interest rate was 3.59% for the Series J-1 bonds and 3.88% for the Series J-2 bonds at June 30, 2007. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. In connection with the issuance of the Series I and Series J bonds, the College entered into interest rate swap agreements to moderate its exposure to interest rate changes and to lower the overall cost of borrowing. The interest rate swap agreements effectively change the interest rate exposure on the issues from a variable rate to a fixed rate of 3.07% for Series I and 3.13% for Series J. The interest rate swap agreements have a notional amount and termination date equal to the principal amount and maturity date of the respective bonds. On June 30, 2007, the fair value of the interest rate swap agreements of $4,789,082 was recorded in other assets on the balance sheet. The total of the decrease in the fair value from the prior year balance and the offsetting net settlements equal $96,344 and is included as revenue on the College’s Statement of Activities for the year ended June 30, 2007. The combined debt service, which consists of principal and interest, on such bonds for the fiscal years 2007–08 through 2011–12 approximates $8,527,000, $8,814,000, $8,808,000, $8,802,000, and $8,773,000, respectively. The combined debt service thereafter approximates $247,950,000. The fair value of the bonds payable at June 30, 2007 approximates $175,000,000.

5. Line of Credit The College has a line of credit with a bank under which it may borrow up to $3,000,000 at the Eurodollar rate plus 0.50% (5.85% at June 30, 2007). The line is uncollateralized and will terminate effective November 30, 2007. The College expects to renew this line past the November 30 termination date. At June 30, 2007, $2,424,650 was outstanding. The College has a line of credit with a bank under which it may borrow up to $50,000,000 at the Eurodollar rate plus 0.08%. The line is uncollateralized and will terminate effective June 30, 2011. At June 30, 2007 there was no outstanding balance.

6. Pension Benefits The Institution has TIAA-CREF defined contribution pension plans for faculty, administrative and staff employees of the College, and for Library administrative employees. Eligibility for the plans begins following two years of employment for individuals who were not previously enrolled in a comparable plan. Contributions to the plans, based on a percentage of salaries, were $4,505,846 for the College and $343,551 for the Library for the year ended June 30, 2007. The Institution has maintained a TIAA-CREF noncontributory, defined benefit pension plan for College staff employees who, prior to July 1, 1994, were not covered by the defined contribution plan, were at least twenty-one years of age, and had completed one year of service. An employee was fully vested after five years of participation in the plan. Retirement benefits are calculated based on a percentage of final three-year average salary times the participant’s years of service with a minimum benefit payable equal to $50 per year times the number of years of credited service. Years of service for purposes of calculating the

25

▲

benefit accrual were frozen on June 30, 1994, when all active College employees began participating in the defined contribution plan. The defined benefit plan continues to provide prior service benefits for participants active at July 1, 1994, and supplemental benefits to certain long-term employees whose retirement benefit would have been negatively affected by the change. The Institution has a TIAA-CREF noncontributory, defined benefit pension plan for Library employees who are not covered by the defined contribution plan, who are at least twenty-one years of age, and who have completed one year of service. An employee is fully vested after five years of participation in the plan. Retirement benefits are calculated based on a percentage of final three-year average salary times the participant’s years of service with a minimum benefit payable equal to $50 per year times the number of years of credited service. The Institution contributes to each defined benefit pension plan an amount each year equal to the required plan premium as of the beginning of the plan year and interest to the date of payment. The recommended plan premium is comprised of the normal cost (based on the projected unit credit cost method) and an amount sufficient to amortize the unfunded actuarial liability over the remaining amortization period of 10 years. The Institution contributed $367,315 to the College’s plan in 2006–2007. There was no contribution in 2006–2007 to the Library Plan. Upon initial application of FAS 158 in fiscal 2007, the Institution recognized $1,824,432 of expense in the Statement of Activities. As of June 30, 2007, a $3,244,597 and $303,750 postretirement benefit obligation liability is included on the Balance Sheet of the College and Library, respectively. The accumulated benefit obligation at June 30, 2007 was $17,412,818 and $1,564,004 for the College Plan and Library Plan, respectively. There is no expected amortization in fiscal year 2008 from unrestricted net assets into net periodic benefit cost related to the amortization of the transition adjustment, unrecognized net loss (gain) or prior service cost. The following were the components of net periodic pension cost for the defined benefit pension plans for the fiscal year ended June 30, 2007: College Employee Plan Service cost Interest cost Expected return on plan assets Amortization of unrecognized net loss

$

Net periodic pension cost

$

26

▲

44,162 1,171,148 (1,135,738) 77,702 157,274

Library Employee Plan $

60,981 107,746 (113,607) 0

$ 55,120

The following is a summary of the projected benefit obligation, plan assets, and funded status of the defined benefit plans as of June 30, 2007: College Employee Plan Change in projected benefit obligation: Projected benefit obligation, June 30, 2006 Decrease due to benefits paid Increase due to employee service Increase due to accrual of interest Decrease due to changes in actuarial assumptions and other sources Projected benefit obligation, June 30, 2007 Change in plan assets: Fair value of plan assets, June 30, 2006 Actual return Employer contributions Benefits paid Fair value of plan assets, June 30, 2007 Funded status: Projected benefit obligation Fair value of plan assets Funded status Unrecognized net loss (gain) Transitional adjustment (FAS 158) Accrued pension cost

$ 19,218,570 (952,798) 44,162 1,171,148 (54,024)

Library Employee Plan $ 1,770,408 (93,348) 60,981 107,746 29,375

$19,427,058

$1,875,162

$ 14,964,105 1,803,839 367,315 (952,798)

$ 1,526,014 138,746 0 (93,348)

$16,182,461

$1,571,412

$(19,427,058) 16,182,461

$(1,875,162) 1,571,412

(3,244,597) 1,930,133 (1,930,133)

(303,750) (150,701) 150,701

$ (3,244,597)

$ (303,750)

Defined benefit plan assets consist of Deposit Administration Group Annuity Contracts with Teachers Insurance and Annuity Association and College Retirement Equities Fund. The discount rate used in determining benefit obligations as of June 30, 2007 was 6.30%. The rate of compensation increase used in determining benefit obligations and the net periodic pension cost was 3.50%. The discount rate used in determining the net periodic pension cost was 6.30% and the long-term rate of return was 7.50%. The expected long-term rate of return on plan assets is determined by reviewing historical returns, taking into account current asset diversification between equity and fixed income investments. Current market factors such as inflation and interest rates are evaluated. The weighted average asset allocations at June 30, 2007 of the defined benefit plans were as follows:

Equity securities Fixed income Total

College Employee Plan

Library Employee Plan

47% 53%

28% 72%

100%

100%

The equity securities account seeks a favorable long-term return through both appreciation of capital and investment income by investing primarily in a broadly diversified portfolio of common stocks. The account is divided into three segments. One segment is designed to track U.S. equity markets and invests in the Russell 3000 Index. Another segment contains stocks that are selected for their investment potential and the other segment invests in foreign stocks and other equity securities. The fixed income account guarantees both principal and a specified interest rate. The account seeks to achieve the highest rate of return over long periods of time, within reasonable risk measures. Investments include publicly traded bonds, direct loans to business and industry, commercial mortgages and income producing real estate.

27

▲

The Institution expects the 2007–2008 contribution to be reasonably consistent with the current year. The following benefit payments, which reflect expected future service, are expected to be paid: College Employee Plan 2008 2009 2010 2011 2012 2013–2017

$

1,062,000 1,006,000 1,022,000 1,046,000 1,076,000 6,380,000

Total

$11,592,000

Library Employee Plan $

104,000 88,000 85,000 87,000 107,000 632,000

$1,103,000

The Institution offers a Phased Retirement Program to faculty of the College. Faculty members may enter the program at any time between age 60 and 65. Upon entering the program, faculty members receive a reduced salary. Participants also receive stipends for part-time work which they can continue until age 70 when they fully retire. The Institution has recorded a liability for this program of $3,578,892 as of June 30, 2007. This program is funded on a cash basis as benefits are paid.

7. Other Postretirement Benefits The Institution provides health insurance benefits to eligible retired employees and their dependents. The Institution funds these plans on a cash basis as benefits are paid. Upon initial application of FAS 158 in fiscal 2007, the Institution recognized income of $1,806,477 in the Statement of Activities. As of June 30, 2007, a $22,363,705 and $1,283,558 postretirement benefit obligation liability is included on the Balance Sheet of the College and Library respectively. The components of net periodic postretirement benefit cost for the Institution’s plans as of June 30, 2007 were as follows: College Employee Plan Service cost Interest cost Recognized net gain Amortization of prior service credit

$

Net periodic postretirement benefit cost

$1,685,682

28

▲

656,116 1,189,828 0 (160,262)

Library Employee Plan $ 34,987 69,403 (60,567) 0 $ 43,823

The following provides a reconciliation of the accumulated benefit obligation, plan assets and funded status of the plans: College Employee Plan

Library Employee Plan

Change in accumulated benefit obligation Benefit obligation, June 30, 2006 Service cost Interest cost Plan participants’ contributions Actuarial loss Benefits paid

$ 19,505,095 656,116 1,189,828 159,057 1,825,944 (972,335)

$

Benefit obligation, June 30, 2007

$ 22,363,705

$ 1,283,558

$

$

Change in plan assets Fair value of plan assets, June 30, 2006 Employer contribution Plan participants’ contributions Benefits paid Fair value of plan assets, June 30, 2007

0 813,278 159,057 (972,335)

$

Funded status Retirees and dependents Actives fully eligible Actives not fully eligible

00000

$

(7,977,380) (5,283,286) (9,103,039)

$

$

1,135,582 34,987 69,403 8,804 137,527 (102,745)

0 93,941 8,804 (102,745) 00000

(612,577) (69,169) (601,812)

Accumulated postretirement benefit obligation Fair value of plan assets

(22,363,705) 0

(1,283,558) 0

Funded status Unrecognized prior service cost Unrecognized net loss (gain) Transitional adjustment (FAS 158)

(22,363,705) (974,445) 5,870 968,575

(1,283,558) 0 (837,902) 837,902

$ (22,363,705)

$ (1,283,558)

Accrued postretirement benefit cost

In fiscal year 2008, expected amortization from unrestricted net assets into net periodic benefit cost is $160,262 on the College Plan’s service cost and $90,685 on the Library Plan’s net actuarial gain. There is no expected amortization in fiscal year 2008 related to the transition obligation. The discount rate used in determining the accumulated postretirement benefit obligation as of June 30, 2007 was 6.30% versus 6.25% at June 30, 2006. The assumed health care cost trend used in measuring the accumulated postretirement benefit obligation was 11.00% in 2007, declining gradually to 5.00% in 2013. The discount rate used in determining the net periodic postretirement benefit cost at June 30, 2007, which is determined as of July 1, 2007, was 6.25%. Following is the effect of a change in the trend rates at June 30, 2007: College Employee Plan Impact of 1% increase in health care cost trend Interest cost plus service cost Accumulated postretirement benefit obligation Impact of 1% decrease in health care cost trend Interest cost plus service cost Accumulated postretirement benefit obligation

29

▲

$

Library Employee Plan

338,000 3,442,000

$ 21,000 219,000

(271,000) (2,845,000)

(17,000) (178,000)

The Institution expects the 2007–2008 contribution to be reasonably consistent with the current year. The following benefit payments, which reflect expected future service, are expected to be paid: College Employee Plan

Library Employee Plan

2008 2009 2010 2011 2012 2013–2017

$

1,013,362 1,106,172 1,201,132 1,297,579 1,380,541 7,895,698

$ 53,329 57,010 60,058 65,101 68,457 415,913

Total

$ 13,894,484

$719,868

8. Temporarily Restricted and Unrestricted Net Assets Temporarily restricted net assets were available for the following purposes at June 30, 2007: Amherst College Program services Student loans Life income funds Buildings and improvements Realized and unrealized gains available for distribution under the limits of total return policy Other

$

18,180,957 2,475,795 23,414,709 6,580,489

Folger Shakespeare Memorial Library $

1,588,266 745,786 25,908

917,242,400 6,143,428

242,533,740

$974,037,778

$244,893,700

Temporarily restricted net assets released from restrictions during the year for the Institution’s activities were used for the following purposes: Amherst College Program services Buildings and improvements Total return distribution

$

Folger Shakespeare Memorial Library

22,316,999 2,619,465 28,722,731

$

1,867,381 70,585 6,220,101

$ 53,659,195

$

8,158,067

Unrestricted net assets are summarized as follows at June 30, 2007: Amherst College Program services Student loans Buildings and improvements Held for investment

$

12,035,314 1,547,592 165,725,538 499,540,407

$678,848,851

30

▲

Folger Shakespeare Memorial Library $

992,826 33,867,794 24,176,490

$ 59,037,110

9. Expenditures by Summarized Functional Classification Expenditures and other deductions listed in the Statement of Activities by their functional classifications can be summarized as follows: Amherst College Program services Administrative and general

Folger Shakespeare Memorial Library

$ 101,986,906 14,716,111

$

10,952,587 3,739,137

$116,703,017

$ 14,691,724

10. Contributions Contributions receivable, net, are summarized as follows at June 30, 2007: Amherst College Unconditional promises expected to be collected within: One year One to five years Over five years

$

9,738,276 16,344,420 10,268,383

Folger Shakespeare Memorial Library

$

36,351,079 Less unamortized discount and allowance for uncollectible accounts

93,189

(8,068,796) $ 28,282,283

80,189 13,000

(655) $

92,534

At June 30, 2007, the College had also received conditional promises to give of approximately $7,800,000. These conditional promises to give will not be recognized as assets until the conditions are met. They are generally restricted for specific purposes stipulated by the donors, primarily endowments for faculty support, scholarships, buildings and improvements or general operating support of a particular department. Additions to contributions receivable in fiscal year 2006–2007 resulted in approximately $3,389,200 in permanently restricted revenue and $10,952,248 in temporarily restricted revenue for the College. These amounts have been included in gifts and other grants on the Statement of Activities.

11. Collections The Folger Shakespeare Memorial Library holds the largest and most complete collection of Shakespeareana in the world and the largest collection of English printed books from 1475 to 1640 outside of England, as well as extensive Continental Renaissance holdings. The collection spans a broad range of subjects and includes books, manuscripts, documents, paintings, illustrations, tapestries, furnishings, musical instruments, scores, and curios from the Renaissance and theater history. The collection is a source of research for scholars from all over the world and is shared with the public through extensive exhibitions. The collection is exhibited within the Folger Shakespeare Memorial Library in Washington, D.C. where the collection is maintained in climate controlled storage. The College has its own collections housed in the Mead Art Museum and the Museum of Natural History. The Mead Art Museum exhibits selections from its diverse collection of 14,000 works including American art, Russian modernist art, French art, British portraiture, African art, Japanese art, 19th and 20th century photography, Old Master and modern prints and drawings. The Museum of Natural History houses research collections of vertebrate and invertebrate paleontology, minerals, anthropology and modern vertebrates, as well as numerous exhibits which illustrate the evolution and ecology of major groups of animals. The College’s collections are exhibited on campus where they are maintained. The College and the Library maintain policies and procedures addressing the collections’ upkeep as well as other aspects of its management, including accession and deaccession policies.

31

▲

The Trustees of Amherst College ▲ Amherst College Gifts, Bequests, and Grants Received

Fiscal Year Ended June 30, 2007

Fund Endowment Purpose Unrestricted

Permanent $

Administration Instruction

301,477

498,657

$2,101,172

Life Income

Plant

2007 Total

2006 Total $ 2,484,251

$ 3,266,506

61,990

65,952

109,092

1,816,686

63,774

1,880,460

2,223,926

437,403 202,700

6,000

$

Current 365,200

Physical Plant Scholarships and Student Aid

Quasi

3,962

Library

$

Term

5,000 $ 2,567,486

134,083

582,486

488,311

6,228

2,776,414

6,026,089 4,216,532

2,293,377

194,914

2,801,468

5,289,759

Prizes

22,509

591

400

23,500

56,134

Fellowships

11,000

75,000

86,000

76,000

2,779,720

2,779,720

2,754,127

3,438

*9,409,069

9,412,507

8,926,308

5,000

1,794,855

1,520,056

Research Annual Fund Academic Services Student Services

1,776,951

12,904

227,015

1,381

Remainder Interest

693,645 $2,975,789

Dickinson Museum

51,979

420,951

922,041

662,184

2,975,789

4,799,177

472,930

185,855

Total—2007

$7,096,518

$ 504,657

$2,315,962

$2,975,789

$2,619,465

$16,816,528 $32,328,919

Total—2006

$7,453,487

$ 986,761

$1,125,310

$4,799,177

$5,920,154

$14,243,153

$34,528,042

*This amount does not include endowment income transferred to the 2007 Annual Fund. When that amount is included, the

total of the 2007 Annual Fund is $9,844,288.

The Trustees of Amherst College ▲ Folger Shakespeare Memorial Library Gifts, Bequests, and Grants Received

Fiscal Year Ended June 30, 2007

Fund Endowment Purpose Unrestricted Administration Director Academic Programs Public Programs Education Grant Support Technology Central Library Acquisitions Folger Unitrust Total—2007 Total—2006

Permanent

Term

Life Income

Quasi

Plant

Current $1,309,568

$ 70,586 $

$

401,227 3,621 300

162,500 29,954 282,380 117,560 970,355 0 194,604 73,697

93,033

657 500 20,000 $ 692,000

6,809 $ 411,958 $ 14,032

$692,000 $ 0

$114,190 $696,569

$ $

32

▲

0 0

$ 70,586 $133,061

$3,140,618 $2,443,782

2007 Total

2006 Total

$1,309,568 70,586 255,533 431,839 286,001 118,360 970,355 20,000 886,604 80,506 0

$1,123,888 210,300 691,985 98,282 172,066 174,074 605,860 40,000 118,485 52,504 0

$4,429,351 $3,287,444

The Trustees of Amherst College ▲ Amherst College Descriptive Analysis of Endowment and Other Similar Funds June 30, 2007 (Valuations at Market) William M. Ducker 1876 Fund Noble S. Elderkin 1901 Memorial Fund John Cushing Esty 1922 Memorial Fund Lillian and Paul L. Feinberg 1928 Fund Feldman Family Fund The Stuart C. Frazier 1922 Memorial Fund Philip M. Friedmann 1967 Endowment Fund Georg P. L. Gail 1915 Fund Henry W. Giese 1902 Fund Estate of Frary Hale 1905 The Jimmy Hamilton Fund William Irving Hamilton 1904 Fund The Ralph and Bertha Hooper 1919 Fund Samuel A. Howard Class of 1882 Fund Perry B. and Elizabeth W. Jenkins Fund Stuart M. Johnson 1964 Endowment Fund Eldon B. Keith 1902 Fund John E. Kirkpatrick 1951 Fund The Knight Family Fund Frederick Houk Law, Class of 1895, Fund Andrew F. Lawrence 1965 and L. Jay Lawrence 1930 Fund Jonathan R. Longley 1974 Fund Joseph A. Lowe 1904 Fund The Michael R. McGuire, M.D. Memorial Fund Munch Memorial Fund Blanche A. Myers Fund The Nussbaum Family Fund Olds House Fund Walter S. Orr 1912 Fund C. Scott Porter 1919 Memorial Fund John Porter 1910 Fund Charles M. Pratt 1900 Fund Richardson Pratt 1915 Fund Theodore Pratt 1909 Memorial Fund Stuart E. Price 1915 and Stuart E. Price, Jr. 1950 Family Fund David Prouty Fund John V. and Vernal Piper Robinson Memorial Fund Rosenthal-Siegel Fund William A. Sargent 1879 Fund C. P. Sawyer 1885 Fund Oliver and Hester Mary Semple Fund George L. Shinn 1945 Fund Hugh R. Silbaugh, Jr. 1954 Endowment Fund George F. B. Smith 1924 Fund Cushing B. Snider 1934 Fund Wilson Snushall 1903 Fund W. Lloyd Snyder, III 1966 Fund The Staff Retirement Plan Funds Alfred E. Stearns 1894 Fund James M. Stilwell Fund Storke Memorial Fund Wesley H. Swiler 1927 Memorial Fund Howard S. Taylor Class of 1914 Fund

Permanent Endowment, Income Unrestricted Consolidated Charles H. Allen Fund Fred H. Allen, Jr. 1934 Fund The Amherst College Campaign Fund William H. Anderson 1924 Memorial Fund Anonymous Frank L. Babbott 1913 Fund Dorothy T. Bailey Fund Frederick T. Bedford 1899 Fund The E. & E. Goepel Beyer Memorial Fund Robert E. Bingham 1940 Fund Elizabeth D. and Foster F. Birch III 1932 Fund Richard Bond Fund Campus Community Unrestricted Endowment Fund Class of 1900 Endowment Fund Class of 1911 Endowment Fund Class of 1920 Endowment Fund Class of 1924 Endowment Fund Class of 1952 Endowment Fund Class of 1956 Endowment Fund Class of 1904 Fund Class of 1940 Reunion Endowment Fund Class of 1941 Reunion Endowment Fund Class of 1942 Reunion Endowment Fund Class of 1943 Reunion Endowment Fund Class of 1944 Reunion Endowment Fund Class of 1945 Reunion Endowment Fund Class of 1946 Reunion Endowment Fund Class of 1950 Reunion Endowment Fund Class of 1951 Reunion Endowment Fund Class of 1953 Reunion Endowment Fund Class of 1955 Reunion Endowment Fund Class of 1956 Reunion Endowment Fund Class of 1957 Reunion Endowment Fund Class of 1958 Reunion Endowment Fund Class of 1960 Reunion Endowment Fund Class of 1961 Reunion Endowment Fund Class of 1962 Reunion Endowment Fund Class of 1963 Reunion Endowment Fund Class of 1965 Reunion Endowment Fund Class of 1966 Reunion Endowment Fund Class of 1967 Reunion Endowment Fund Class of 1968 Reunion Endowment Fund Class of 1969 Reunion Endowment Fund Class of 1970 Reunion Endowment Fund Class of 1971 Reunion Endowment Fund Class of 1963 25th Reunion Gift Fund Class of 1964 25th Reunion Endowment Fund William M. Cowles 1920 Memorial Fund C. J. Crary 1901 Endowment Fund Allen Davidson 1922 Memorial Fund Martin W. Deyo 1925 Memorial Fund Reverend Austin Dickinson Fund The Dorothy H. Donovan Memorial Fund

$1,579,027 1,954,553 108,320 22,374,375 422,205 412,874 2,812,671 59,205 692,067 1,896,955 45,048 157,879 95,438 192,009 113,387 850,662 3,305,065 925,003 2,221,914 2,558,571 426,871 625,737 325,406 295,099 536,021 128,724 352,485 360,299 494,850 205,164 504,159 966,862 19,311 328,820 400,596 2,366,578 332,221 186,791 444,106 1,031,320 247,938 291,607 787,313 162,013 787,628 473,932 1,720,344 842,781 28,844 965,924 193,154 70,323 66,304 938,509

33

▲

71,104 113,544 439,194 1,246,680 189,157 89,299 5,585 8,976,529 893,257 87,982 65,947 676,417 232,244 2,459,337 4,096,120 1,118,125 111,624 1,131,281 642,841 36,435 500,007 1,743,282 385,928 44,315 2,756,077 111,624 30,666 701,220 2,146,903 90,415 318,663 1,096,970 634,045 417,093 114,792 95,215 95,706 132,089 18,494,411 223,247 412,762 2,042,892 234,462 47,753 65,344 1,157,269 1,045,295 15,749,161 206,995 711,712 2,756,077 194,158 240,080

Sherman R. Thayer 1926 Fund Willard Brown Thorp 1887 Memorial Fund Ellsworth M. Tracy 1930 Endowment Fund Harold R. Ward 1939 Zero Coupon Fund The Robert A. Ward 1957 Memorial Fund William F. Washburn 1911 Memorial Fund Paul D. Weathers 1915 Fund William H. Webster 1906 Memorial Fund Ellis H. Whitaker Fund The Charles S. Whitman 1890 Memorial Fund Edward S. Whitney 1890 Fund William C. Wickenden 1935 Memorial Fund Frederick N. Wier 1882 Fund Samuel Williston Fund Peter B. Wyckoff 1868 Fund Total Permanent Endowment, Income Unrestricted

698,742 550,595 57,419 86,062 562,485 45,877 690,482 370,479 142,655 52,139 426,960 95,974 1,780,665 1,697,215 111,624

Funds for Specific Instruction Purposes Consolidated 41,299 Addison Allen 1888 Fund 404,078 Amherst House Fund Doshisha University 74,185 Anonymous Fund for Religious Purposes 1,057,411 Winifred L. Arms Chair in the Arts and Humanities 5,104,708 Barrett Gymnasium Fund 113,856 Henry Ward Beecher Lectureship in History and Political Science 223,247 Beitzel Professorship in Technology and Society 917,996 Bruce B. Benson 1943 and Lucy Wilson Benson Professorship 962,965 William P. Bigelow 1889 Fund 66,171 Parmly Billings 1884 Professorship Fund 1,116,237 Brian E. Boyle 1969 Professorship Fund 2,913,301 The Cadigan Fund 357,196 Campus Community Fund for Faculty Research and Scholarly Activities 22,704 Michael deShee Clarke 1957 Memorial Fund 172,414 Class of 1880 Professorship of Greek 3,763,950 Class of 1952 Dean Eugene Wilson Faculty Development Fellowship Fund 2,015,832 Class of 1959 Professorship 4,277,543 Henry Steele Commager Professorship 4,728,512 George H. Corey 1888 Professorship of Chemistry 3,125,462 William Lyman Cowles 1878 Memorial Fund for Latin 3,760,333 G. Armour Craig Professorship in Language and Literature 2,249,443 Harold B. Cranshaw 1911 Memorial Fund 144,128 The Miner D. Crary 1897 Memorial Fund 1,128,627 George Lyman Crosby 1896 and Stanley Warfield Crosby, Jr. Foundation Professorship of Philosophy 2,287,079 George Lyman Crosby 1896 and Stanley Warfield Crosby, Jr. Foundation Professorship of Religion 3,347,415 The Amanda and Lisa Cross Chair 13,409,574 Rachel and Michael Deutch Professorship 2,989,539 Sidney Dillon Fund 558,118 Benjamin John Diver Memorial Fund for Music 83,896 Doshisha House Fund 118,276 Frank Fowler Dow 1874 Fund for Chemistry 6,299,135 George P. Eastman 1884 Fund for Music and Lectures 170,429 John Eastman, Jr. Fine Arts Fund 281,872 Joseph B. Eastman Foundation Professorship in Political Science 6,694,116 English Language and Literature Fund 2,301,122 The William Esty 1889 Fund 819,998 Henry P. Field 1880 Fund 8,684,678 The Fine Arts Fund 273,991 The Clyde Fitch 1886 Fund for English and Dramatic Arts 446,495 Edwin F. and Jessie Burnell Fobes Fund for Greek 2,111,607 Eliza J. Clark Folger Professorship 3,571,957 Emily C. Jordan Folger Professorship 3,571,957 Henry Clay Folger 1879 Professorship 3,571,957 Clarence Francis 1910 Professorship in the Social Sciences 4,475,037 Mary O. Fulton Fund 830,703 The Geology Fund 79,476 The Julian H. Gibbs 1946 Professorship 5,924,991 Glover-Rose Fund 8,951 Samuel Green Professorship Fund 669,742 John and Mary Greenebaum 1952 Fund 354,362

$145,733,965

Permanent Endowment, Income Restricted ADMINISTRATION The Alumni Endowment Funds Consolidated Estate of Warren D. Brown 1894 Estate of William W. Clarke 1925 Estate of Fannie B. Look Estate of Frank B. Nelson 1873 Estate of Alexander D. Noyes 1883 John Bayley O’Brien 1905 Fund George D. Olds 1895 Memorial Fund Estate of Ralph M. Stoughton 1901 Estate of Isabel J. Turner Estate of James Turner 1880 Estate of William J. Turner Transferred from previous annual Alumni funds, and miscellaneous items Total Alumni Endowment Funds Consolidated Chester W. Chapin Fund Fine Arts Fund Hewlett-Mellon Challenge Fund Hewlett-Mellon Presidential Challenge Pratt Health Cottage Fund Harold Wade, Jr. 1968 Memorial Fund Ives Washburn 1908 Fund Total Administration

276,246 111,624 111,624 321,298 3,341,365 111,624 2,232,473 66,974 632,552 47,712,841 4,464,946 38,947,772 3,173,394 101,504,733 5,581 1,116,237 55,522 1,183,055 914,354 769,087 165,404 558,118 $106,272,091

INSTRUCTION General Instruction Consolidated Fred B. Asche 1927 Fund Asian Studies Fund Centennial Fund Nanette W. Chesebrough Fund William S. Clark 1848 Fund D. Willis James Fund Henry P. Kendall 1899 Fund William H. Moore 1871 Fund 1901 Endowment Fund 1911 Endowment Fund 1918 Endowment Fund Second Century Fund Julius H. Seelye 1849 Fund Total General Instruction

304,220 1,064,979 290,467 34,513,678 204,517 655,387 2,221,668 2,045,615 888,658 2,221,668 8,908,908 14,516,679 20,071,787 2,221,668 90,129,899

34

▲

Richard H. Gregory 1898 and Richard H. Gregory 1933 Memorial Fund 90,371 James J. Grosfeld Professorship 2,505,554 Handyside Fund for Chamber Music 185,719 Edward S. Harkness Professorship 3,571,957 William H. Hastie 1925 Professorship 103,157 William H. Heaney 1968 Research Fund 138,637 Edward Hitchcock Fellowship in Physical Education 446,495 Hitchcock Professorship in Mineralogy and Geology 584,908 The Charles Hamilton Houston 1915 Professorship in American Studies 4,262,952 Alan L. Hyde 1950 Fund for Latin American and Caribbean Studies 529,034 W. MacLean Johnson 1938 Memorial Fund 718,521 The Judaica Fund 1,488,540 Saul H. Katz Fund 26,767 Christopher L. Kaufman 1967 Fund 145,468 Christopher L. Kaufman 1967 and Carlyn A. Clement 1977 Fund for Faculty Scholarship 157,795 Robert E. Keiter 1957 Fund for Postdoctoral Fellows 1,124,219 William R. Kenan, Jr. Professorship 9,115,166 William E. Kennick Fund for Teaching 99,857 Margaret and Stanley King 1903 Fund 17,242,083 Margaret and Stanley King 1903 Music Department Fund 270,040 Alfred Sargent Lee 1941 and Mary Farley Ames Lee Professorship 3,534,588 Guy Carlet Levy-Despas 1940 Fund 770,049 Lewis-Sebring Professorship in Latin American and Latino Culture 3,991,184 Jeffrey A. Libert 1977 Fund 671,037 Rufus Tyler Lincoln Professorship 2,232,473 Manwell Family Professorship in Life Sciences 2,622,576 Alan D. 1916 and Warren L. Marks 1919 Music Fund 111,624 Marquand and Stone Public Speaking Fund 446,495 The Math Fund 72,712 The John J. McCloy 1916 Professorship of American Institutions and International Diplomacy 4,607,234 William R. Mead 1867 Professorship in Fine Arts 3,571,957 Charles E. Merrill 1908 Professorship in Economics 2,455,073 The Philip B. Miller 1930 Fund 489,068 Charles H. Morgan Memorial Fund 78,558 Dwight W. Morrow 1895 Professorship in Political Science 4,464,946 Anson D. Morse 1871 Professorship in History 3,571,957 National Endowment for Humanities Fund 14,759,037 John C. Newton Professorship of Greek 1,058,192 Edward N. Ney 1946 Professorship in American Institutions 5,115,869 George Daniel Olds Professorship in Economics and Social Institutions 2,232,473 Olin Professorship in Asian Studies 4,012,290 James E. Ostendarp Professorship 4,613,724 Domenic J. Paino 1955 Professorship in Global Environmental Studies 3,609,188 Herbert S. Pasternak, M.D. 1956 Geology Fund 58,710 Ward H. Patton Professorship in Economics 2,729,511 Thomas F. Pick Environmental Studies Fund 1,861,809 Peter R. Pouncey Professorship 4,158,919 Harold I. Pratt 1900 Pool Fund 111,624 George William and Kate Ellis Reynolds 1877 Fund 3,348,710 E. Dwight Salmon Professorship in History 5,883,572 H. Axel Schupf 1957 Asian Studies Fund 2,278,953

Willem Schupf Professorship in Asian Languages and Civilizations 5,203,337 Martin S. & Audrey P. Schwartz Professorship 530,706 Sears Literary and Benevolent Fund 24,948,308 Sears Real Estate Fund 200,923 Jay E. Silberg 1963 Choral Fund 80,458 Winthrop H. Smith 1916 Professorship of American History and American Studies 5,755,428 Bertrand H. Snell 1894 Professorship in American Government 4,889,640 Stone Professorship of Biology 1,004,613 Edward H. Sudbury 1909 Fund 96,510 The Thalheimer Professorship 3,184,951 The Willard Long Thorp Professorship in Economics 5,359,990 Edward Tuckerman Fund 111,624 Turner Family Fund 786,687 Scott F. Turow 1970 Creative Writing Fund 451,225 Joseph E. and Grace W. Valentine Professorship in Music 6,254,966 William McCall Vickery 1957 Professorship 1,983,012 Robert C. Vogel 1960 Fund 98,988 Richard S. Volpert 1956 Professorship in Economics 2,918,207 Walker Professorship Fund 4,185,887 Thomas B. Walton, Jr. Memorial Professorship 6,283,478 Wanner Family Professorship 3,480,060 John William Ward Professorship 3,470,237 The Roberta R. and David M. Weinstein 1968 Professorship 180,337 G. Henry Whitcomb 1864 Memorial Fund 771,007 L. Stanton Williams 1941 Professorship 2,917,813 Samuel Williston Professorship of Greek 453,192 Samuel Williston Professorship of Rhetoric and Oratory 571,513 Winkley Professorship of History and Political Economy 1,116,237 Peter B. Wyckoff 1868 Physical Education Fund 111,624 Total Specific Instruction Purposes Total Instruction

332,410,381 $422,540,280

LIBRARY Willis E. Bridegam Fund for the Amherst College Library Brooks Humanities Librarian Endowment Fund Robert Frost Library Fund Hitchcock Memorabilia and Archives Fund Polly Longsworth Library Resources Fund McGoun Archival Fund Sargent H. Wellman 1912 Memorial Fund Book Funds: Consolidated African Studies Collection Fund Alden Memorial Fund Gordon K. Allison 1926 Memorial Book Fund for Fine Arts Ella E. Ames Fund The Theodore Baird Fund Marshall Bloom 1966 Acquisition Fund The Gladys Brooks Foundation Fund Campus Community Fund for Library Resources Centennial Fund The Charles W. Cole 1927 Book Fund Katharine S. Cole Memorial Book Fund

35

▲

52,367 889,283 8,982,066 359,721 1,170,524 554,725 175,204 332,369 45,364 246,242 225,978 133,948 420,174 236,948 1,162,681 66,173 2,232,473 136,025 109,239

R. John Cooper 1964 Book Fund Katharine C. Cowles Memorial Fund Edward A. Crane 1854 Library Fund John A. Cranshaw 1939 Memorial Fund Edward West Currier 1865 Fund Delta Kappa Epsilon Book Fund Janice C. Denton Book Fund Wills T. Engle 1928 Book Fund The Faculty Library Endowment Fund Allyn B. Forbes Library Resources Fund The Alfred Friendly Library Acquisition Fund George B. Funnell 1924 Book Fund Joel Giles 1828 Fund Hagstrom Fund for Support of the Amherst College Library John D. Harris 1934 Book Fund Nicholas Curtis Heaney Library Fund Arnold S. Hemley 1931 Memorial Book Fund Kenneth P. Higgins 1927 Memorial Library Fund Augustus S. Hutchins 1879 Fund David W. P. Jewitt 1943 Book Fund Robert E. Keiter 1957 Book Fund Glenn D. Kesselhaut 1978 Book Fund Benjamin N. Kightlinger 1951 Library Fund Library Acquisitions and Special Collections Support Fund Louis R. Liss Endowment Fund Phyllis A. Maurer and Barry D. Maurer 1959 Memorial Book Fund Richmond Mayo-Smith 1909 Fund Newton F. McKeon 1926 Library Fund Clement Fessenden Merrill 1937 Memorial Fund James Merrill 1947 Book Fund James Merrill 1947 Library Fund Henry Mishkin Fund for the Music Library The F. Franklin Moon 1935 Acquisition Fund The Leonard Page Moore 1919 Library Fund Stephen Morrow 1961 Memorial Book Fund E. Kimball Morsman 1924 Book Fund The NEH Challenge Grant Laurence B. Packard Memorial Library Endowment Fund Arthur Stanley Pease 1933 Honorary Fund Phi Psi Library Fund John Worthington Porter 1950 Frost Library Fund Sherman Pratt 1927 Fund Philip and Bess Rosenblum Book Fund Olyn Koller Ruxin Library Fund Helen M. and Hugo T. Saglio 1931 Fund Jack Shand 1943 Psychology Book Fund David and Elsie Skolnick Memorial Fund Harry deForest Smith and Adela Wood Smith Robert Frost Library Fund William B. and Josephene W. Stitt 1918 Memorial Fund Surdna Fund for Library Acquisitions M. Barnes Taft Library Fund Alvin and Fanny B. Thalheimer Book Fund Ervin A. Tucker 1923 Library Acquisition Fund James Turner 1880 Fund for South College Library William Seymour Tyler 1830 Memorial Fund The John William Ward Fund for Books in American Studies

150,045 26,991 782,326 35,079 223,247 111,624 57,102 170,070 86,799 70,731 515,166 287,520 1,129,520

Louis S. Welty 1927 Book Fund Charles D. Yegian 1959 Christian Book Collection Paul Zigler 1957 Memorial Fund Total Library

89,745 86,129 57,888 $37,327,993

PHYSICAL PLANT Biological and Geological Laboratory Maintenance Fund Centennial Fund Chapin Hall Endowment Fund Converse Library Fund Daniels Gallery Fund Kurt L. Daniels 1923 Mead Art Fund Mary Lee and Wallace C. Dayton 1943 Fund Ellwood R. Kirby Fund Richard S. LeFrak Endowment Fund Life Sciences Building Maintenance Fund The MacLeod Building Fund Maintenance of Life Sciences Fund Moore 1871 Laboratory Endowment Fund Walter S. Orr Rink Fund Frederic B. Pratt 1887 Athletic Field Fund Eustace Seligman 1910 Fund Myron and Anabel Taylor Fund for Orr Rink Z/G2Japanese Garden Fund

60,195 102,582 42,797 48,477 238,643 222,399 178,196 155,961 11,548 125,596 104,375 39,917

Total Physical Plant

1,116,237 5,581,183 1,094,916 4,464,946 519,720 203,200 3,372,252 471,030 659,935 1,232,868 336,166 5,134,415 5,581,183 2,999,127 446,651 138,570 127,363 51,549 $33,531,311

SCHOLARSHIPS AND STUDENT AID

52,954 236,374 298,953 41,234 386,151 727,563 104,993 66,527 26,857 113,655 894,172 6,395,567

Consolidated 2,846,503 Abeles Family Scholarship Fund 98,201 David H. Morton and John Breckenridge Adams Scholarship Fund 2,532,205 Nishtha J. Adhvaryu 1996 Memorial Scholarship Fund 31,656 Albert Family Scholarship Fund 60,797 Rachen Cohan Albert 1984 and Jonathan D. Albert 1983 Scholarship Fund 77,959 James K. Alexander, M.D. Scholarship Award 141,450 Ralph G. Allen 1955 Memorial Scholarship Fund 87,618 Vivian B. Allen Foundation Scholarship Fund 1,089,469 Frederick S. Allis 1893 Scholarship Fund 90,750 Amherst College Canadian Foundation 118,611 Amherst 1908 Fund 355,477 The Amherst Scholarship Fund 2,372,332 Brierly W. Anderson 1954 Scholarship Fund 46,345 Wallace W. Anderson 1922 Memorial Fund 99,501 Carol and Bruce Angiolillo Scholarship Fund 280,443 Eugene P. Angrist 1959 Scholarship Fund 128,314 Anonymous Scholarship Fund 18,074,527 Edward A. Appleton 1889 Scholarship Fund 287,587 Arnaboldi Family Scholarship Fund 52,937 John Ferguson Aronson 1950 Scholarship Fund 126,451 Charles K. Arter III 1968 Memorial Fund 432,988 Frank L. and Elizabeth Babbott Scholarship Fund 1,078,676 Frank L. Babbott 1878 Scholarship Fund 319,623 Lydia Richardson Babbott Endowment Fund 1,116,237 Baines Family Physics and Astronomy Scholarship Fund 76,075 George T. Baird, Jr. 1940 Scholarship Fund 304,079 Albert P. Baker 1968 Scholarship Fund 112,452 George O. Baker 1933 Scholarship Fund 78,963 William E. Ball 1944 Alumni Scholarship Fund 63,703 William Darling Ballantine 1901 Scholarship Fund 169,556 Danforth Keyes Bangs Scholarship Fund 96,019

477,660 144,898 60,969 126,804 145,111 57,486 274,349 1,080,142 94,367 257,159 119,437 173,585 990,191 207,042 49,762 31,924 133,948 621,811 194,176

36

▲

Edmund P. Barker 1876 and Susan Marvin Barker Scholarship Fund Harriet S. Barnett Scholarship Fund Seymour Israel Barowsky Scholarship Fund George Miller Bartlett 1901 Scholarship Ivory H. Bartlett Scholarship Fund Ralph A. Beebe 1920 Memorial Fund Daniel Beecher 1907 Scholarship Fund Frederick Warren Beekman Scholarship Fund Bender-Lewis Scholarship Fund Berkowitz Family Fund The Bernstein Family Scholarship Fund Robert H. Bidwell 1941 and Constance Gorman Scholarship Fund Bingham Osborn 1970 Scholarship Fund The Bisbee Fund Pamelia Lovell Black Scholarship Fund Robert Eldredge Blood III 1973 Scholarship Fund John E. Booth 1923 Scholarship Fund John Garland Bowes Scholarship Fund Haven D. Brackett 1898 Memorial Fund E. Wayne Brant Natural History Summer Scholarship Fund Chandler Matthews Bray 1893 Scholarship Fund J. Barry Brokaw 1964 Scholarship Fund Colin S. Brooks 2001 Scholarship Fund Roger Bednarske Brooks 1918 Memorial Scholarship Brothers Family Scholarship Fund Charles Henry Brown 1916 Scholarship Fund of the Amherst Club of Chicago Randall K. Brown Scholarship Fund H. Prentice Browning 1933 Memorial Scholarship Fund Edward J. Burnell, Jr. 1933 Memorial Scholarship Fund Howard J. Burnett 1952 Scholarship Fund George Burns 1908 Memorial Scholarship Fund The Butts Family Scholarship Fund Andrew Cader 1981 Scholarship Fund John A. Callahan 1883 Scholarship Fund Stephen P. Campbell 1989 and Heather McHold Scholarship Fund Campus Community Student Scholarship Fund Robert Carmel 1958 Scholarship Fund Stephen W. Carr 1965 Family Scholarship Fund Otis and Alice Cary Scholarship Fund Centennial Fund Frances Chia Scholarship Fund Chan Family Scholarship Fund Edward L. Chapin 1909 Scholarship Fund The Charitable Fund Lewis B. Chesler 1968 Scholarship Fund Jefferson Clark 1866 Scholarship Fund Lewis F. Clark 1837 Scholarship Fund Lincoln Clark Memorial Scholarship Fund Class of 1880 Scholarship Fund Class of 1897 Scholarship Fund Class of 1938 Scholarship Fund Class of 1991 Scholarship Fund Class of 1913 50-Year Fund Fund in Memory of Allen Davidson and Members of the Class of 1922 Class of 1927 Memorial Fund Class of 1928 25-Year Fund Class of 1929 25-Year Fund

Class of 1930 25-Year Fund Class of 1932 25-Year Fund Class of 1933 25-Year Fund Class of 1935 25-Year Fund Class of 1937 25-Year Fund Class of 1939 25-Year Fund Class of 1940 25-Year Fund Class of 1941 25-Year Fund Miscellaneous Classes Scholarship Funds The William Montague Cobb 1925 Scholarship Fund Daniel C. Cochran 1968 and Gregory B. Sutphin 1971 Scholarship Fund Jonathan P. Coffin 1976 Scholarship Fund The Jacob Cohan Memorial Scholarship Fund The Edwin C. Cohen 1964 Scholarship Fund Charles Woolsey Cole 1927 Fund Stephen Collins 1969 Scholarship Fund The George F. Conant 1950 Memorial Fund Peter Martin Conklin 1959 Memorial Fund Connecticut Alumni Scholarship Fund E. C. Converse Scholarship Fund James and Dolores Conway Scholarship Fund William Lyman Cowles 1878 Fund G. Armour Craig 1937 Scholarship Fund Robin S. Cramer Memorial Scholarship Fund Michael J. Crames 1956 Scholarship Fund Miner D. Crary 1897 Scholarship Fund Clarence E. P. Crauer Scholarship Elizabeth P. and Frederick K. Cressman, Jr., Class of 1954, Scholarship Fund George Lyman Crosby 1896 Memorial Scholarship Fund and Stanley Warfield Crosby, Jr. Scholarship Fund Fred B. and Harriet E. Cross 1902 Fund Gorham L. Cross 1918 Memorial Scholarship Fund Joan F. and Gorham L. Cross, Jr. 1952 Scholarship Fund William Cutler and Harriette Gilbert Cutler Memorial Scholarship Fund John E. Dame 1866 Scholarship Fund John E. Day 1871 Scholarship Fund Moses Day 1882 Fund Allen J. de Castro, Jr. 1942 Scholarship Fund Elizabeth M. DeHaas Memorial Scholarship Fund Peter H. DeHaas 1960 Scholarship Fund William C. Dick 1932 Scholarship Fund Sidney and Hannah Dillon Fund The Dodge Fund J. Henry Doscher, Jr. 1942 Scholarship Fund The Douglass Family Scholarship Fund The Warren F. Draper 1906 Fund Charles R. Drew 1926 Memorial Scholarship Fund John Eastman Sr. 1902 Scholarship Fund Lucius R. Eastman 1895 Fund James M. Ellis 1856 Fund Arthur F. Ells 1902 Scholarship Fund Levi H. Elwell 1875 and James H. Elwell 1919 Memorial Fund Epstein Family Scholarship Fund Robert Houghton Esty 1946 Memorial Fund Evans Family Scholarship Fund Malcolm D. Ewen 1976 Scholarship Fund Addison Alvord Ewing 1892 Scholarship Fund Isaac D. Farnsworth Scholarship Fund Knaus Fehling Memorial Scholarship Fund

180,987 63,804 57,866 126,112 113,343 493,095 2,038,248 823,872 354,628 71,305 452,782 114,349 123,914 1,874,340 229,833 66,314 774,110 20,524 90,504 34,581 475,628 61,661 52,815 614,490 39,214 414,392 517,026 69,767 901,785 47,177 117,361 250,925 53,408 207,419 88,235 131,863 55,460 73,252 779,786 2,754,872 220,165 326,173 111,892 5,011,145 37,268 223,247 223,247 318,004 76,328 117,875 497,864 45,319 517,175 395,304 257,315 314,846 254,748

37

▲

482,259 563,119 422,853 403,720 519,385 1,272,220 450,692 862,159 788,710 126,693 250,239 124,020 116,375 59,384 1,812,202 40,077 68,706 108,351 243,064 1,136,440 786,724 67,510 96,169 1,093,948 5,231 285,263 107,114 455,756 627,816 699,746 1,112,441 407,443 350,789 109,748 50,967 111,624 38,287 94,164 1,172,260 559,793 111,624 108,945 272,473 693,161 67,532 309,957 281,872 223,247 112,874 322,683 1,425,769 44,500 131,939 207,539 57,458 200,923 66,974 61,817

David W. Ferguson 1975 Memorial Scholarship Fund The Ferre Family Fund Thomas P. Field 1834 Scholarship Fund Michael T. Fiore 1976 Endowment Fund Roger S. Firestone Foundation and the Wray Family Scholarship Fund Fiske and Warren Scholarship Fund James M. Flanigan 1959 Scholarship Fund Karen and David Fleiss Scholarship Fund William and Lenore Ford Scholarship Fund Frederick Forman 1928 Memorial Scholarship Fund John Franklin Fort II 1933 Scholarship Fund Louis G. Fotiades Scholarship Fund Seth E. Frank 1955 Scholarship Fund John M. Freeman, M.D., Class of 1954 Scholarship Fund Julia L., Charles N. and Charles F. Frey 1951 Scholarship Fund Daniel M. Galbreath 1950 Scholarship Fund J. Carr Gamble, Jr. 1940 Scholarship Fund Augustine Milton Gay 1850 Scholarship Fund Emerson Gaylord 1905 Scholarship Fund Henry W. Giese Memorial Scholarship Fund Vernon P. Gilbert 1889 Memorial Scholarship Fund William O. Gilbert 1890 Scholarship Fund Albert Franklin Gilman 1897 Scholarship Fund Ralph B. Gilpatrick, Jr. 1949 Memorial Fund Giordano Family Fund Jubal C. Gleason 1863 Scholarship Fund Raymond D. Gozzi Scholarship Fund Gorth Family Scholarship Fund Darold Greek, Jr. 1960 Memorial Scholarship Fund Harry P. Greeley 1898 Scholarship Fund Greene Scholarship Fund Peter A. Gross 1960 Scholarship Fund Gilbert H. Grosvenor 1897 Memorial Fund Richard William Gustafson Scholarship Fund George A. Hall 1882 Scholarship Fund The Gordon Hall III 1952 Scholarship Fund John Whitney Hall 1939 Scholarship Fund Martha M. and Henry J. Harding Fund Donald E. Hardy 1916 Scholarship Fund Edward K. Hardy, Jr. 1929 Scholarship Fund Kenneth L. Hardy 1944 Memorial Scholarship Fund Paul Wallace Hardy 1914 Scholarship Fund Kirk and Ellen Hartman Scholarship Fund Wyatt R. Haskell Fund William H. Hastie 1925 Scholarship Fund Samuel W. and Susan H. Heaney Scholarship Fund The Hearst Foundation Fund L. William Heinrich 1953 Memorial Scholarship Fund Hepburn Family International Scholarship Fund Jesse J. Hermann 1984 Scholarship Fund William Hilton Scholarship Fund George M. Hinckley 1934, Abigail J. and Miriam D. Hinckley Scholarship Fund Hitchcock Scholarship Endowment Fund Hoeg Family Scholarship Fund Irving B. Holley Scholarship Fund The Hollinshead Family Scholarship Fund Frank A. Hosmer 1875 Scholarship Fund Clarissa Dodge Howard Scholarship Fund William R. Howard 1889 Scholarship Fund

265,796 1,211,609 223,247 39,911

The Hubshman Foundation Scholarship Fund Peter Y. Huh 1985 Scholarship Fund Sigval Emile and Elizabeth Neary Hunsbedt Scholarship Fund David W. Hunter 1950 Scholarship Fund John Montgomery Hunter 1907 Scholarship Fund iAgora.org Fund for International Scholarships Infirmary Aid Fund George L. Ingalls 1935 Scholarship Fund Robert A. Jacobs 1927 Memorial Scholarship Fund The Jameson Foundation Scholarship Fund Dr. and Mrs. Samuel Haig Jameson Scholarship Fund Jarrett Family Scholarship Fund The Jephson Scholarship Fund Victor S. Johnson Student Loan Fund Edward P. Judd 1927 and 1955 Memorial Fund Isabelle Block Kaplan Scholarship Fund Stanley J. Kay, Sr. Memorial Scholarship Fund Harry V. Keefe, Jr. 1943 Scholarship Fund Sean Matthew Keener Memorial Scholarship Fund Harold C. Keith 1937 Memorial Scholarship Robert E. Keith 1935 Scholarship Fund William E. Kennick Scholarship Fund Glenn D. Kesselhaut 1978 Memorial Scholarship Fund Paulette and David Kessler 1973 Family Scholarship Fund Henry S. Kingman 1915 Memorial Fund Joseph R. Kingman 1924 Scholarship Fund Charles R. Kirk and Dorothy M. Kirk P ’60 Scholarship Fund Knowles Scholarship Fund Edward J. Kovacs 1928 Scholarship Fund Frederick H. Kuesel 1920 Scholarship Fund David S. Kunian 1932 Scholarship Fund Peter B. Kunz 1984 Memorial Scholarship Fund Paul Gerard LaFerriere 1970 Scholarship Fund John S. Lancaster 1951 Scholarship Fund Raymond B. Landis 1936 Scholarship Fund The Lasher Family Scholarship Fund Andrew D. Lawrie 1873 Scholarship Fund Robert L. Leach II 1960 Memorial Fund Daniel Kie-Hong Lee 1950 Scholarship Fund Lyndon E. Lee and Bertha C. Lee Scholarship Fund Thai-Hi Lee 1980 International Scholarship Fund Charles P. Leffel 1950 Memorial Scholarship Fund Samuel J. and Ethel LeFrak Scholarship Fund John E. Lehman Fund Wallace Minot Leonard, Jr. 1916 Memorial Fund Elayne Levin Scholarship Fund John E. Levy 1976 & Victoria Westhead Scholarship Fund Liedtke Scholarship Fund Henry M. Littlefield Memorial Scholarship Fund John D. Lobrano 1979 Scholarship Fund Lawrence Woodbury Lockwood 1946 Scholarship Fund Samuel Loomis Scholarship Fund George W. Long Memorial Fund Ludington Scholarship Fund Albert E. Lumley Fund Georges Lurcy Scholarship Fund Caroline S. Mah 1997 Scholarship Fund MacLennan Family Scholarship Fund Marc E. Manly 1974 Scholarship Fund

252,344 671,774 28,138 1,347,677 130,752 1,731,662 196,791 60,696 695,184 41,371 61,680 225,658 48,188 112,874 180,049 272,406 6,644,532 1,609,546 1,096,417 595,936 29,054 122,362 80,001 40,888 252,748 340,586 33,398 275,915 170,360 99,725 111,624 104,949 337,397 1,905,281 4,519,262 256,355 224,126 109,280 48,793 288,860 364,040 103,542 839,120 61,429 150,974 53,366 1,116,237 549,292 256,645 87,797 132,788 451,047 334,871 223,247 111,624

38

▲

820,144 110,703 1,023,589 97,760 772,924 79,886 74,185 78,334 56,281 176,611 482,906 51,110 152,679 145,111 1,327,339 1,846,147 33,877 538,428 39,649 148,646 241,106 53,144 87,895 166,818 114,660 54,606 226,084 66,974 69,675 246,688 109,012 628,985 209,760 114,548 329,759 216,728 2,552,866 140,981 361,103 32,170 514,710 672,309 1,924,481 39,545 45,766 207,230 42,518 414,927 452,926 160,198 505,714 91,248 27,973 2,307,440 177,727 3,318,501 19,282 246,653 76,328

Allison W. (Eli) Marsh Fund 238,840 Francis J. Marsh 1870 Memorial Fund 111,624 William Rolfe Marsh 1910 Scholarship Fund 66,505 Richard Wheeler Maynard 1920 Scholarship Fund 211,951 Michael J. McCaffrey 1983 Scholarship Fund 2,330,873 David H. McConnell 1923 Scholarship Fund 414,548 John S. McGeeney 1956 Scholarship Fund 178,838 Mame Louise Reynolds McGeorge Scholarship Fund 611,604 C. Edward McKinney, Jr. 1896 Fund 4,517,655 Mehr Scholarship Fund 295,107 The Charles Merriam Fund 71,729 Charles E. Merrill 1908 Scholarship Fund 1,844,148 Charles Morton Merrill Fund 2,275,158 The David Clarke Miller 1979 Memorial Scholarship Fund 51,101 The Philip B. Miller 1930 Scholarship Fund 489,068 Jane N. and John M. Millet Scholarship Fund 730,005 The Douglas D. Milne, Jr. 1945 Scholarship Fund 762,568 Henry George and Kirsten Monica Mishkin Scholarship Fund 32,973 Howard M. and Martha P. Mitchell 1939 Scholarship Fund 67,728 The Moore Beneficiary Fund 2,154,644 William H. Moore 1871 Fund 558,118 Albert Millard Morris 1913 Scholarship Fund 638,298 Ruth E. and Anson E. Morse 1902 Scholarship Fund 57,933 George A. Morse 1891 Memorial Fund 1,043,882 E. Kimball Morsman 1924 Scholarship Fund 193,064 Mugford Family Scholarship Fund 59,029 The C. Lawrence Munch 1915 and Marie L. Munch Kofsky Memorial Scholarship Fund 3,316,808 Bradford Badger Munsill Memorial Fund 62,911 James G. and Mary D. Murphy Scholarship Fund 109,312 New Mexico Scholarship Fund 38,501 Edward N. Ney Scholarship Fund 504,450 Alice Michiko Noll 1998 Memorial Scholarship Fund 274,086 Norqual Family Fund 459,276 Laverne Noyes Foundation 937,393 John S. Oberly 1907 Scholarship Fund 53,557 Jean W. and Robert K. O’Connor 1944 Scholarship Fund 1,846,147 The Ong Family Scholarship Fund 123,890 William Orr 1883 Scholarship Fund 34,291 Osathanugrah Scholarship Fund 1,677,972 Ouyang Family Scholarship Fund 127,377 Dr. Frederick Allen Parker 1920 Memorial Scholarship Fund 18,637 Susan Patsner Memorial Scholarship Fund 72,265 Mildred and Ward H. Patton Scholarship Fund 677,908 Edward H. Perkins, Jr. Scholarship Fund 111,624 Mark W. Perry 1965 Scholarship Fund 2,107,902 Robert T. Pfeifer 1942 Scholarship Fund 39,269 Woody Phillips Memorial Scholarship Fund 42,548 Asa Clinton Pierce 1843 Scholarship Fund 111,624 Peter R. Pouncey Scholarship Fund 10,015,558 George D. Pratt 1893 Scholarship Fund 1,104,248 The Theodore Pratt, Jr. 1944 and Bettie Curland Pratt Memorial Scholarship Fund 68,046 President’s Loan Fund 358,513 Monica Mittelstadt Prounis 1984 Memorial Scholarship Fund 99,859 The Pruyne Family Scholarship Fund 1,337,430 Psi Upsilon Memorial Fund 29,469

Gordon Radley 1968 Scholarship Fund Ralph Family Scholarship Fund The Mike Ransom Memorial Scholarship Fund Reader’s Digest Foundation Endowed Scholarship Fund George Milton Reed 1862 Scholarship Fund The Reed Scholarship Fund ReliaStar Scholarship Fund Francis M. Richards, Jr. 1945 Memorial Music Scholarship Fund Ellsworth E. (Red) Richardson 1927 Scholarship Fund Frederick B. Richardson 1882 Memorial Fund John M. Riedl 1929 Scholarship Fund Stuart Robinson 1836 Scholarship Fund Herbert W. Rogers 1924 Memorial Scholarship Fund Chester B. Rosoff 1943 and Deborah Lee Rosoff 1981 Scholarship Fund Russ Family Scholarship Fund Ezekiel Russell 1829 Scholarship Fund Saffron Scholarship Fund John E. Sanford 1851 Scholarship Fund John W. Sansing 1965 Memorial Scholarship Fund Guido J. and Louise R. Santonelli Scholarship Fund George Sarvis Scholarship Fund Anthony Scenna 1927 Memorial Scholarship Fund Lloyd G. Schermer 1950 Scholarship Fund Edward G. Schleyer 2006 Scholarship Fund Ned Schroeder 1959 Memorial Scholarship Fund Eugene B. Schwartz 1935 and Peter D. Schwartz 1961 Scholarship Fund Segal Family Scholarship Fund Eustace Seligman 1910 Scholarship Fund Edward J. Serues Memorial Scholarship Fund James S. Seymour Scholarship Fund Kenneth A. Sharp 1926 Scholarship Fund Saud Shawwaf 1960 Scholarship Fund Evan Sheinberg 1982 and Abby McKenna Scholarship Fund Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard Scholarship Fund George L. Shinn Scholarship Fund Mary J. Shores Fund Siegel Family International Scholarship Fund Fredrick J. Sievert 1970 Scholarship Fund Albin J. Sigda 1942 Student Employment Fund Andrew Baird Simpson 1938 Scholarship Fund Addison Henry Smith 1878 Scholarship Fund Harry deForest Smith Scholarship Fund Isaac F. Smith 1883 Student Loan Fund Luther Ely Smith 1894 Memorial Fund Theodore Soller Memorial Scholarship Fund South African Scholarship Fund Southern California Scholarship Fund Carl and Mildred Spero Fund Robert E. Sproul 1969 Memorial Scholarship Fund Frederick H. Stamm, Jr. 1940 Memorial Scholarship Fund Charles J. Staples 1896 Memorial Fund C. V. Starr Scholarship Fund Allan W. Steere 1956 Memorial Scholarship Fund Edward C. and Hazel L. Stephenson Scholarship Fund Harold Parker Stevens 1902 Fund

39

▲

204,621 116,732 688,605 156,273 112,874 74,922 296,919 152,107 244,018 119,125 855,021 66,974 177,537 75,180 75,893 178,598 108,739 223,247 51,934 329,935 35,255 319,869 1,779,768 50,604 404,390 96,781 341,572 588,614 83,182 111,624 1,104,985 718,142 41,567 261,724 393,898 119,683 123,585 196,583 1,079,453 113,186 149,847 482,638 291,293 409,480 96,755 472,407 14,757 417,026 49,360 104,145 566,445 2,811,600 137,598 90,825 790,385

Arthur W. Stewart 1929 and Rhea T. Stewart International Student Scholarship Fund William W. Stifler, Jr. 1939 Scholarship J. Sydney Stillman 1929 Scholarship Fund The Caleb Stimson Fund Albert L. Stirn 1913 Fund Frederic N. Stone 1903 Scholarship Fund Harlan F. Stone 1894 Scholarship Fund Stone Educational Fund Henry E. Storrs 1864 Scholarship Fund The Frederic A. Stott 1940 Scholarship Fund Robert B. Swain III 1976 Scholarship Fund William Swindells 1952 Scholarship Fund Ordway Tead 1912 Scholarship Fund Robert Spafford Terwilliger Scholarship Fund Lucius E. Thayer 1918 Scholarship Fund The Thomases Physics Scholarship Fund Frederic Lincoln Thompson 1892 Scholarship Fund C. Van Ting Memorial Fund The Tower Scholarship Fund Samuel F. Trull 1945 Fund Bessie Tucker Scholarship Fund Tulchin Family Scholarship Fund Turner Family Scholarship Fund Updike Family Fund Hans P. Utsch 1958 Scholarship Fund The Vernon Scholarship Fund F. Trowbridge vom Baur 1929 Scholarship Fund Ernest T. Wakefield 1904 Fund Ed Wall Fund The John Henry Washburn 1849 and 1934 Fund John W. Wastcoat 1934 Scholarship Fund Richardson L. Watkins 1976 Scholarship George H. Watson 1870 Memorial Fund Everett S. Webb 1924 Scholarship Fund Charles M. Webster 1957 Scholarship Fund Leslie T. Webster, Jr. 1947 Scholarship Fund William M. Weiant 1960 and Clarissa L. Weiant 1990 Scholarship Fund Edwin P. Wells 1881 Scholarship Fund Edward and Eleanor Werner Family Fund M. Tilghman West 1937 Memorial Scholarship Fund Hobart K. Whitaker 1890 Scholarship Fund G. Henry Whitcomb 1864 Scholarship Fund Donald G. White, Jr. 1949 Memorial Fund Heath Edgar White 1908 Scholarship Fund Herbert Otis White 1895 Scholarship Fund John Warren White 1934 Scholarship Fund Robert B. and Mabel W. Whitney Scholarship Fund Elmer W. Wiggins 1901 Fund Harry Wilbur 1884 Scholarship Fund Henry Lawrence Wilkinson 1888 Memorial Fund Eugene F. Williams 1910 Scholarship Fund George W. Williams 1911 Scholarship Fund J. Vernon Williams 1943 Scholarship Fund The Williamson Scholarship Fund Dean Eugene S. Wilson Scholarship Fund Robert Whitelaw Wilson 1930 Scholarship Fund Richard S. Wolfe 1952 Cross-Cultural Education Fund Leo Wolff Memorial Scholarship Fund William H. Woolverton Scholarship Fund Worcester Scholarship Fund

The George R. Yerrall III 1941 Memorial Scholarship Fund Cynthia A. and Paul G. Yock 1973 Scholarship Fund John M. Zafiriou 1977 Scholarship Fund Aleta Pedrick Zoidis 1981 Scholarship Fund

409,586 229,074 473,052 620,761 692,639 109,927 743,927 558,118 111,624 131,627 62,171 47,419 297,589 613,551 111,624 49,783 3,861,353 1,420,178 2,119,398 30,585 297,901 187,774 552,077 254,176 2,389,390 144,620 192,167 1,062,077 375,635 698,697 138,034 58,873 1,399,895 235,437 90,583 65,473

Total Scholarships and Student Aid

77,098 157,606 87,413 864,125 $241,215,489

PRIZES Consolidated Armstrong Prize Bancroft Prize Fund Bassett Physics Prize Fund Bertram Latin Prize Fund Harvey Blodgett 1829 Memorial Scholarship Fund Bond Commencement Prize Fund Samuel Bowles Fund Addison Brown 1852 Scholarship Fund Samuel Walley Brown 1866 Scholarship Fund Jeffrey J. Carre Memorial Fund Robert Cover Prize Fund Dr. Ernest D. Daniels Latin Prize The Asa J. Davis Prize Fund Doshisha-American Studies Prize Doshisha-Asian Studies Prize James R. Elster 1971 Award G. Forrest Gillett 1936 Memorial Fund Pedro Grases Prize in Spanish Anna Baker Heap Prize Fund Edward Jones 1826 Prize Fund James Charlton Knox 1970 Memorial Fund Sylvia and Irving Lerner Piano Prize Fund Manstein Family Award Moseley Prize Fund The 19th Century English Novel Prize Fund Gordon B. Perry Memorial Fund Donald S. Pitkin Prize Fund Walter F. Pond 1907 Geology Prize Fund Eleazer Porter Prize Fund Psi Upsilon Prize Fund David Quinn Memorial Fund Noah C. Rogers Public Speaking Prize John Sumner Runnells 1865 Memorial Fund Sawyer Prize Fund of Physical Education Oscar E. Schotte Prize Fund Oscar E. Schotte Scholarship Fund Obed Finch Slingerland 1942 Memorial Fund Laura Ayres Snyder Poetry Prize Fund Stanley V. and Charles B. Travis 1864 Fund Frederick King Turgeon Prize Fund Walker Prize Fund Thomas H. Wyman 1951 Memorial Endowment Fund William C. Young 1921 Memorial Fund

113,870 720,977 1,481,089 152,484 133,614 1,106,615 173,798 97,447 287,007 164,066 539,879 5,556,955 111,624 111,624 255,328 175,450 93,009 500,676 1,904,078 534,838

Total Prize Funds

567,714 64,429 148,281 110,262 65,121 74,498 252,470 104,056 155,425 151,138 82,061 15,114 31,947 83,850 52,508 53,825 105,976 51,818 122,696 66,684 19,207 119,779 52,106 44,359 199,025 36,791 47,440 22,258 33,306 64,742 169,613 17,637 47,373 145,736 66,885 65,958 66,009 302,768 56,950 66,796 78,256 153,929 116,188 49,338 $4,402,322

FELLOWSHIPS Amherst Memorial Fellowship Fund John Mason Clarke 1877 Fellowship in Paleontology & Geology Evan Carroll Commager Fellowship Fund Warner Gardner Fletcher 1941 Fund Roswell Dwight Hitchcock Memorial Fund Rufus B. Kellogg 1858 Fellowship Fund The Susan and Kenneth Kermes 1957 Fellowship Fund

1,735,636 535,481 20,444 112,539

40

▲

3,377,520 708,062 775,350 146,878 242,194 1,962,527 904,531

Sterling Lamprecht Fellowship Fund in Philosophy Edward Poole Lay 1922 Fellowship Fund Forris Jewett Moore 1889 Fellowship Fund in Chemistry in History in Philosophy George Stebbins Moses 1957 Memorial Fellowship Fund C. Scott Porter 1919 Memorial Fellowship Lloyd I. Rosenblum Memorial Fellowship Fund Charles B. Rugg 1911 Memorial Fellowship Fund in Law John Woodruff Simpson 1871 Fellowship Fund Benjamin Goodall Symon, Jr. 1957 Memorial Fellowship Fund Roland Wood 1920 Fellowship Fund in Dramatics Total Fellowships

483,505 1,341,293

Lucius Root Eastman 1895 Fund for Visiting Lecturers Philip Edmundson 1980 Internship Fund Emery Fund for Academic Support Bonnie B. Emory Fund The Faculty Scientific Fund Vadim Filatov, M.D., 1986 Memorial Lecture Fund Stewart Lee Garrison Fund Judith and Steven M. Gluckstern 1972 Technology Fund Uta Graf Fund for Music Performance Jeffrey D. Gutcheon 1962 Music Fund John Whitney Hall 1939 Fund Nicholas Curtis Heaney Memorial Fund Edward Hitchcock Fund for Student Research in Environmental Science The Charles H. Houston Forum on Law and Social Justice The Information Technology Fund Victor S. Johnson 1882-1943 Lectureship The Robert L. Kane 1951 Memorial Geology Fund Christopher L. Kaufman 1967 Film Studies Fund The Keith Family Fund for Research and Scholarship Kropf Fund for Science Research Corliss Lamont Lectureship for a Peaceful World The Max and Etta Lazerowitz Lectureship Fund Linden Fund Karl Loewenstein Fellowship in Political Science and Jurisprudence Kristen and Christopher Mahan 1989 Information Technology Fund Mayo-Smith-Read Trans-Disciplinary Fund McGuire Family Science Fund The Andrew W. Mellon Fund David W. Mesker 1953 Fund Mishkin Fund for Musical Performance David P. Patchel 1991 Memorial Fund Virginia and David S. Pennock 1960 Russian Culture Fund The Hall and Kate Peterson fund for the Mead Art Museum Everett H. Pryde Fund Rapaport Lectureship in Contemporary Art Dr. Raymond A. Raskin Fund Read Fmily Fund The Ross Glee Club Fund H. Axel Schupf 1957 Fund for Intellectual Life Schupf Scholars Fund The Schwemm Fund Science Initiative Fund Tagliabue Fund Louis B. Thalheimer 1966 Amherst Study Center Fund The F. King Turgeon Memorial Fund John M. Vine 1966 Fellowship in Economics Lawrence and Suzanne Weiss 1962 Fund White Family Fund for Chemistry Julia A. Whitney Fund for Russian Art Wise Fund for Fine Arts Wolansky Family Research Fund Willis D. Wood 1984 Fund for Religion

1,065,703 705,255 893,109 978,438 253,878 181,111 321,234 5,452,959 295,429 882,740 $20,971,716

ALUMNI ENDOWMENT FUNDS Consolidated Nancy and Douglas D. Abbey 1971 Challenge Fund John Albree, Jr., Class of 1882 Memorial Fund Ralph S. Anthony 1920 and Henry F. Anthony 1917 Fund Benjamin C. Bourne 1934 Alumni Endowment Fund Nigel Lindsay Bowers 1976 Fund Class of 1908 Endowment Fund Class of 1920 Alumni Endowment Fund Class of 1931 Memorial Fund Grant A. Goebel 1920 Memorial Fund Samuel A. Howard 1882 and 1917 Fund Glenn D. Kesselhaut 1978 Fund W. Eugene Kimball 1896 Fund William A. King 1878 Memorial Fund Harry J. Kohout 1917 Fund John T. McAllister 1931 Memorial Fund Charles McGowan 1917 Fund Ervin A. Tucker 1923 Fund Total Alumni Endowment Funds

23,439 1,638,798 328,449 121,290 203,267 58,781 71,461 15,002 399,389 27,459 127,608 48,356 311,631 1,666,675 73,158 81,306 41,256 23,865 $5,261,190

FUNDS SUBJECT TO RESERVED INCOME Adams Benevolent Fund The Jean Reed Keith 1937 Phi Beta Kappa Fund John B. Schwemm Snack Bar Fund Total Reserved Income Funds

136,181 4,777 1,137,847 $1,278,805

ACADEMIC SERVICES William K. Allison 1920 Memorial Art Fund Alpha Delta Phi and Frank Babbott 1878 Alpha Delta Phi Fund The Amherst Art Series Fund Beals Computer Lab Fund David R. Belevetz 1954 Memorial Fund in Chemistry Jeffrey Richard Bernstein 1991 Fund Center for Russian Culture Fund Saul Z. Cohen Book Fund Copeland Colloquium Fund The Richard D. Cramer Fund for the Arts Croxton Lecture Fund Samuel B. Cummings Art Purchase Fund Samuel B. Cummings Lectureship Fund T. Krista DeGroot Fund Benjamin DeMott Memorial Fund

260,909 1,927,540 2,131,281 70,277 37,171 62,764 5,653,987 189,781 8,087,358 139,463 3,783,277 67,108 67,108 242,380 96,854

Total Academic Services

41

▲

949,024 163,278 520,803 73,661 1,999,068 51,795 61,371 1,945,042 420,860 53,385 198,824 41,569 1,008,645 938,059 9,843 2,652,399 73,952 66,215 187,182 87,760 1,252,752 62,532 72,482 7,504,869 80,467 254,390 4,971,160 5,727,834 320,428 102,238 46,994 92,938 1,478,299 51,927 101,509 20,038 128,202 85,087 9,834,403 3,698,705 587,654 6,503,596 211,705 4,012,290 172,316 188,001 427,273 206,030 164,087 4,496,154 124,563 1,822,323

$89,123,239

STUDENT SERVICES

Term Endowment, Income Unrestricted

Consolidated Roger Alcaly Public Service Fund Amherst College Rugby Football Fund David G. Bunting Family Internship Fund Geoffrey David Chazen 1980 Internship Fund Edward M. Clarke, Jr. 1969 Internship Fund Class of 1954 Commitment to Teaching Fund Class of 1959 Soccer Fund Crew Fund Dangremond Internship Fund James Q. Denton Fund Frederick L. Doar, Jr. Athletic Fund Doelling Undergraduate Research Fund George E. Doty III 2005 Fund for Sports Information Paul Eckley Memorial Fund Eric O. Fornell 1978 Internship Fund Seth E. Frank 1955 Fellowship Fund Gay and Lesbian Issues Fund Pierce Gerety Internship Fund Joy-Gerhard Sports Award Fund Inge and D. Robert Gould Internship Fund Sylvia C. Hecht and Benedict L. and Babette H. Rosenberg Internship Fund Ronald N. Hoge 1967 Internship Fund James J. Jordan, Jr. Memorial Fund Kauffman Fellowship in Biomedical Research Harry V. Keefe, Jr. 1943 Health Program Fund William A. Krupman (1958) and Pamela Allyn (1984) Internship Fund MacRae Family Internship Fund Mayo-Smith Teaching Fellowship Fund McGuire Family Fund for Athletics Minority Recruitment and Retention Fund Monosson Family Fund Don and Jane Morse Internship Fund Carol K. and John N. Park 1953 Golf Fund Pincus-Johnson-Sandler Community Service Fund Hugh B. Price 1963 Internship Fund The Steven M. Rostas Ski Fund for “Carry-Over” Sports Sellin Family Internship Fund Eugene Smith Wilson, Jr. 1929 Memorial Fund Atherton H. Sprague 1920 and Mary Ann Sprague Memorial Tennis Fund Robert M. Tiffany 1941 Hockey Fund Scott J. Ulm 1980 Internship Fund Volpert Internship Fund Peter J. Weiller 1956 Internship Fund Everett A. White 1889 Physical Education Fund Leo C. and Cora G. Wilcox Internship Wolff Community Fund Kenneth T. Wright 1952 Memorial Fund Total Student Services

45,252 470,779 87,002 143,702 46,962 115,561 1,637,119 53,886 520,831 50,115 62,518 85,268 99,935 47,755 67,587 106,249 427,643 35,965 252,137 48,243 40,433

Consolidated Gift Accounts for future allocation Consolidated (those under $10,000) Jessie Brill 1964 Gift Account Zsolt Harsanyi 1965 Gift Account Class of 1953 Eagle Endowment Fund Class of 1962 25th Reunion Gift Fund The Kahn Fund The George W. Siguler Fund Spiegel-Litowitz Fund

Total Emily Dickinson Museum TOTAL PERMANENT ENDOWMENT

36,836 93,511 183,244 130,534 947,790 339,563 175,261 42,015

Total Unrestricted

$9,626,915

Term Endowment, Income Restricted INSTRUCTION Funds for Specific Instruction Purposes William Constable Breed and James McVickar Breed 1903 Memorial Fund Frank Backus Williams Fund Total Instruction

11,778,529 743,012 $12,521,541

LIBRARY Michael J. Israels 1971 Library Fund

457,813 3,629 64,271 144,547 921,654

Total Library

86,628 $86,628

PRIZES Haskell R. Coplin Memorial Prize Fund Total Prizes

601,393 32,257 351,793 2,411,227 1,344,222 44,395 86,196 66,904 1,387,996 490,477 96,912 72,948 747,700

26,991 $26,991

FUNDS SUBJECT TO RESERVED INCOME Amherst Day School Fund Amherst College Neesima Endowment Fund Frautschi/Rosenfeld IM/PM Debate Fund Total Reserved Income Funds TOTAL TERM ENDOWMENT

514,450 46,368 236,414 $797,232 $23,059,307

Quasi-Endowment, Unrestricted Consolidated Janet G. and William H. Agnew 1943 Walter T. Akers, Jr. 1927 Fund Walton C. Allen 1920 Fund Dana S. Anderson 1930 Fund Robert A. Arms 1927 Memorial Fund George W. Atwell 1874 Fund Estate of Marie Ax Thomas B. Babcox 1941 Loretta Baker-Pohl Martin T. Baldwin 1893 Fund William H. Baldwin 1928 Fund Baldwin and Lilly Fund Robert P. Barnes 1940 Charles Baumheckel, Jr. 1937 Fund John H. Becker, Jr. 1940 Marcus G. Beebe 1936 Ernest P. Bennett Fund Estate of Robert U. Berry 1925 Dwight B. Billings 1918 Fund D. H. Bixler 1896 Fund Herbert E. Bixler 1932 Fund Carl M. Blair 1899 Fund Roy R. Blair 1918 Fund

81,308 170,700 45,872 82,350 62,429 1,747,960 113,965 824,743 175,630

17,076,233

EMILY DICKINSON MUSEUM Martha Dickinson Bianchi Trust Gilbert H. Montague Fund

7,678,161

871,623 430,599 $1,302,222 $1,126,036,856

42

▲

10,717,782 690,420 63,603 30,763 685,481 1,060,313 171,387 48,154 92,966 150,434 118,209 32,460 83,227 26,502 153,706 839,990 97,224 94,367 95,751 231,240 571,044 347,931 1,594,432 104,770

Edward W. Blatchford 1891 Fund Molly Bean Borgenson Fund Estate of Robert H. Breusch Ralph B. Bristol 1917 Fund Bazil W. Brown, Jr. 1953 George A. Brown 1905 Fund Edward Kendall Browne 1906 Memorial Fund Nathan C. Bulkley 1904 Fund Howard F. Burns 1912 Fund The Harry N. Busick 1927 Fund Lulu C. Butler Fund Robert M. Byrne 1941 Centennial Fund Richard E. Church 1941 Dexter Clarke 1938 Fund Class of 1906 Fund Class of 1910 50-Year Fund Class of 1912 Fund Class of 1914 Fund Class of 1916 Endowment Fund Class of 1936 Memorial Fund Class of 1953 Endowment Fund Class of 1957 Endowment Fund Class of 1966 Capital Fund Estate of Elizabeth Lamprecht Cobb Sally R. Cohn J. Gerald Cole 1915 Fund Howard O. Colgan, Jr. 1932 Estate of Sarah Nelson Cook Thomas F. Cousins 1913 Fund Dennison B. Cowles 1921 G. Armour Craig Fund Estate of Mary Crane Miner D. Crary, Jr. 1942 Fund John F. Creamer 1916 Fund Estate of Winthrop S. Dakin E. Kent Damon 1940 Endowment Fund Dana Street Property Fund Jane B. Davey Fund Robert J. Davis 1919 Fund Paul DeCicco 1927 Fund W. E. Dickerman 1890 Fund Maude R. Dillon Fund Estate of Lloyd P. Dodge 1936 Estate of Lewis W. Douglas 1916 Estate of Paul G. Dugan Estate of George G. Eakin 1948 Reginald H. Ellis 1923 Fund Estate of Daniel E. Emrie 1910 Frank B. Evans III 1935 Endowment Fund Francis F. Faulkner 1944 Paul L. Feinberg 1928 James R. Field 1940 Franklin M. Finsthwait 1932 Fund Osmun Fort 1937 Fund Evan Fotos 1944 Fund Robert B. Freeman 1923 Fund Laura M. Friel Garnett Family Trust Fund John M. Gaus 1915 Fund E. N. Gibbs Fund Estate of Mary Musser Gilmore Estate of Alpheus John Goddard, Jr. 1925

68,515 602,836 307,612 50,610 58,312 490,206 2,888,619 1,273,202 192,953 2,013,936 196,859 101,711 244,813 10,779 68,381 73,158 84,097 623,016 450,982 301,205 564,392 1,394,068 2,785,702 167,547 56,035 56,214 51,838 58,580 683,345 161,207 124,460 141,505 25,651 1,391,753 221,439 743,592 231,504 665,969 483,576 308,729 24,200 208,111 273,657 128,803 791,166 50,074 392,796 1,147,313 205,388 584,964 177,409 28,687 63,691 39,269 47,864 53,378 589,730 132,810 1,627,138 290,043 207,374 160,559 56,482

Walter A. Grant 1925 Edward Greaves Fund J. Newell Green 1923 Fund John L. Green 1942 Fund Estate of Virginia Greenough William B. Greenough 1888 Memorial Fund Raymond Josiah Gregory 1896 Memorial Fund Ruth Gridley Fund Merton L. Griswold, Jr. 1925 Minot Grose 1936 Frederic M. Hadley 1928 Fund Edward T. Hall 1907 Fund John S. Hall 1930 Fund Louis H. Hall 1897 Memorial Fund Louis J. and Elizabeth K. Hall Fund Howard K. Halligan 1930 Fund Stanley P. Ham 1925 Fund Donald M. Harris 1932 Estate of James S. Harvey 1928 Leland Hays 1905 Fund Carlton F. Heard 1921 Fund Gilbert P. Heathcote 1945 John C. Hellebush 1945 Richard M. Hemenway 1932 Estate of Charles M. Henderson 1931 Thomas J. Henderson 1953 Estate of Margaret B. Hendrickson 1919 Everett M. Hicks 1929 Fund William W. Higgins 1957 Aida M. Hildreth Memorial Fund Helen M. Hill 1925 Fund Estate of Morton C. Hirshkind Chandler H. Holton 1929 Fund Reverend Lawrence M. Horton 1932 Dennett and Rosamond Howe Fund Charles Evans Hughes Fund Mr. and Mrs. F. K. Middleton Hunter Fund John W. Ireys 1935 William A. Jewett, Jr. 1934 Harold F. Johnson 1918 Fund Porteous E. Johnson 1928 Thomas H. Johnson 1920 Harry F. Jones, Jr. 1938 Fund Logan O. Jones 1939 J. Hartley Joys 1939 Fund James T. Kaull, Jr. 1942 Fund George J. Kautzenbach 1921 Fund Gerald Keith 1915 Fund Henry W. Kendall Fund Robert H. Kennedy 1908 Fund Estate of Gordon Ketcham 1928 Ruth B. and Marcus P. Kiley 1919 Fund Estate of Stanley King 1903 Joseph R. Kingman, Jr. Grace N. Klem Estate of G. Edward Knapp 1934 Richard S. Kyle 1924 Fund Estate of Rose L. Kyle Estate of Hayes C. Lamont 1957 Sterling P. Lamprecht Fund Arthur L. Lanckton 1934 Fund Gregory Lane 1933 Endowment Fund William N. Larkin 1937 Fund

43

▲

71,037 219,462 66,751 69,073 71,099 109,302 104,078 525,287 109,324 22,436 434,618 147,857 124,393 112,807 44,478 90,527 59,629 530,793 65,612 57,129 118,299 251,890 17,525 19,539 132,740 70,693 341,390 89,611 124,649 30,808 914,577 1,031,358 31,076 87,290 245,327 297,611 64,831 56,861 33,418 274,483 589,708 8,968,537 92,491 29,424 41,922 42,350 501,704 492,975 3,309,256 876,447 64,161 1,887,668 14,851,751 231,585 258,141 85,458 181,076 1,048,567 87,915 88,518 31,344 156,172 19,534

Robert F. Lehman 1931 Fund 367,041 Edward H. Lerchen 1942 153,531 Estate of Suzanne Gabriella Lindsey 421,202 Walter C. Longstreth 1901 Fund 142,454 Estate of Cedric M. Luce, Jr. 1944 1,314,413 The H. Gardner Lund 1904 Fund 92,514 Edwin H. Lutkins 1916 Fund 1,391,143 Thomas H. Lydon 1944 Fund 40,318 F. and L. MacFarland Charitable and Educational Fund 213,715 Harry Cornell Madden 1925 Fund 45,386 Estate of Edward J. Maloney 1917 2,824,635 Jane D. Marshall Fund 80,280 Richmond Mayo-Smith 1909 Fund 160,292 John H. McBride 1926 14,266 Estate of H. Douglas McGeorge 1932 160,894 Estate of Everett F. McTernan 1915 1,945,757 Dudley H. Meek, Jr. 1952 187,113 Cornelia R. Meiklejohn 385,747 Charles E. Merrill 1908 Fund 575,599 Charles E. Merrill Trust and Estate 26,090,155 Dorothy W. Merrill 23,151 Earl W. Merrill 1927 Fund 54,004 James Merrill 1947 Fund 4,144,848 Oliver B. Merrill 1925 Fund 608,919 Estate of Jane Peck Messler 178,170 Joseph D. Messler 1935 429,520 Lloyd W. Miller 1919 Fund 75,904 Robert T. Miller, Jr. 1899 Fund 99,702 Arthur N. Milliken 1880 Fund 351,190 The Millimet Lead Trust Fund 58,379 Ivalita G. Miner 41,770 Bruce M. Minnick 1940 33,688 Charles E. Mitchell 1899 Fund 416,200 Edward W. Morehouse 1918 Fund 52,910 Estate of Chandler Morse 1927 57,801 Horace C. Moses, Jr. 1929 Fund 1,410,722 Estate of Alexander Hyde Mossman 1920 55,097 Estate of Katharine A. Murphy 183,978 Edwin A. Neale 1930 120,866 Frank F. Nelson 1873 Fund 73,917 William J. Newlin 1899 Fund 118,209 Estate of Ralph H. Oatley 1922 129,394 Charles H. Olmsted 1943 Fund 48,980 Theodore P. Palmer 1928 102,247 Martha J. Parker Fund 114,079 Charles F. Partridge 1933 138,423 Estate of Ralph D. Patch 1927 508,825 Loomis Patrick 1927 Fund 57,129 Randolph Paul 1911 Fund 156,072 Horace B. Paulmier 1929 Fund 117,718 F. Stuart Pease 1912 Fund 85,816 John R. Penn 1899 Fund 480,875 Estate of Janet S. Perkins 108,922 Francis T. P. Plimpton 1922 Fund 73,930 Frederick J. Pohl 1911 437,051 Harold I. Pratt 1900 Memorial Fund 209,540 Newell and Anita G. Presbrey 20,449 Henry Randall 1929 170,570 Estate of Paul A. Raushenbush 1920 28,442 Reader’s Digest Foundation Fund 133,480 Joseph E. Reeve 1929 Fund 150,111 Estate of James O. Reynolds 1947 80,883 Estate of Elsie T. Rider 55,097

E. Marion Roberts 1911 Fund Emily T. Robertson Hayden D. Robinson 1917 Memorial Fund Ruth Hibbard Romer Fund William H. Ross 1929 Fund Estate of Gordon A. Rust 1930 Estate of Frank K. Sanders, Jr. 1917 Howell E. Sayre 1908 Memorial Fund Henry Schmidt 1933 Jewel H. Schwab Fund The Seligman Fund Emily A. Shields The Franklin Atwood Shurtleff 1928 Memorial Fund Estate of June S. Sicard Elizabeth B. and Richard P. Simcoke 1932 Estate of G. Northrup Simpson, Jr. 1951 Athanasios Demetrios Skouras 1936 Memorial Fund Theodore Southworth 1919 Fund Atherton H. Sprague Fund James A. Stewart 1939 Fund Harold F. Still, Jr. 1944 Endowment Fund Robert I. Stout 1913 Fund Arthur I. Strang 1937 Estate of Dorothy G. Suydam John C. Tapley, Jr. Fund Estate of Thomas H. Taylor, Jr. Ruth L. Thompson 1920 Fund Estate of Clarice Brows Thorp Harry G. Tinker 1893 Trust Estate of George L. Titus 1924 Edmund C. Twichell 1933 Procter C. Twichell 1937 Clinton W. Tylee, Jr. 1936 Howell Van Auken Memorial Fund John L. Van Woert 1933 Estate of Raymond M. Walls, Jr. 1953 Paul W. Watt 1923 Fund Estate of Harold N. Weber Edgar H. Weil and Florence Weil Fund Nellie Wells Fund Estate of Oliver Wells Grace Wethern Fund Robert R. White, Jr. 1919 Fund Ralph T. Whitelaw 1902 Fund Estate of Elizabeth H. Whitney Thomas P. Whitney 1937 Fund Charles J. Wier 1889 Fund Charles T. Wilder Fund Bertha L. Wilkinson Fund Benjamin Williams 1936 Mazelia E. Williams Fund Ralph M. Williams 1933 Fund James R. Williston Fund Thomas M. Wilson, Jr. 1933 Fund Dwight L. Woodberry 1902 Fund David W. Woodward 1934 Estate of John N. Worcester 1921 Edward B. Wright 1920 Fund Frances L. Youtz Fund Total Quasi-Endowment, Unrestricted

44

▲

1,316,110 783,102 102,381 55,432 532,713 4,264,091 308,796 63,559 16,163 232,802 1,455,126 41,948 695,237 3,013,191 62,911 1,352,712 66,528 207,665 285,282 346,427 375,807 3,120,797 83,405 50,074 45,386 736,155 25,807 458,727 843,897 219,497 23,262 36,970 74,385 1,194,663 21,142 89,723 309,644 932,791 138,635 254,725 42,730 255,149 27,973 268,165 52,910 371,640 2,811,644 331,165 104,078 115,350 63,871 53,490 1,040,556 5,611,801 863,141 181,233 555,529 118,589 244,322

$172,962,779

PHYSICAL PLANT

Quasi-Endowment, Restricted

Faculty Club Fund Harry V. Keefe Student Health Center Fund Edmund L. Pratt 1925 Building Maintenance Fund Laura P. Pratt Dorm Renovation Fund John William Ward Fund Frederick W. Zink Maintenance Fund

ADMINISTRATION Kurt L. Daniels 1923 Presidential Fund John D. Weil 1963 Presidential Discretionary Fund Total Administration

2,329,720 284,194 $2,613,914

INSTRUCTION Funds for Specific Instruction Purposes Consolidated John Tennant Adams 1929 and Elizabeth Collins Adams Music Fund The Amherst College Campaign Fund for Interdisciplinary Teaching Bruce B. Benson Physics Fund Elizabeth W. Bruss Fund Arnold Collery Econonmics Fund William Nelson Cromwell Fund W. W. Davis 1879 Fund The Dow Reinvested Income Fund Economics Department Fund English Language and Literature Reinvested Income Fund Friends of Music Endowment Fund Fund for Special Geology Field Trips Estate of George Harris 1906 Japanese Language and Literature Fund (NEH) Harold F. Johnson 1918 Fund Knowles Fund Robert Edmund Lee 1940 Massachusetts Professorship in Chemistry and Natural History Moore 1871 Laboratory Fund James R. Nelson Fund Edmund L. Pratt 1925 Athletic Fund Edmund L. Pratt 1925 Fine Arts Fund Edmund L. Pratt 1925 Music Fund Leslie T. Webster 1915 Biological Sciences Fund Total Instruction

Total Physical Plant 268

Total Library

$6,016,248

SCHOLARSHIPS AND STUDENT AID Consolidated The Amherst College Campaign Fund for International Student Aid The Amherst College Campaign Fund for Student Financial Aid Jay W. Butts 1946 Scholarship Fund Edwin Clapp 1849 Scholarship Fund Carlton J. Cuqua Memorial Fund Augustus I. Dillon 1906 Fund Elsie Dittrich Lepper Scholarship Fund Frank Rose Elder 1911 Scholarship Fund Richard D. Fairbend, Jr. 1929 Scholarship Fund Miriam and Henry Fillman 1917 Scholarship Fund Elmo Giordanetti Memorial Scholarship Fund John H. Klingenfeld 1913 Loan Fund O. Howard Korell 1954 Scholarship Fund James B. Krumsiek 1958 Memorial Scholarship Fund George W. McFadden, Jr. 1922 Scholarship Fund Middle Income Student Loan Fund Alfred S. Lee Scholarship Fund Walter W. and Catherine S. Newcombe Scholarship Fund Roderic D. G. O’Connor Scholarship Fund Theodore B. Plimpton 1902 Scholarship Fund Edmond C. Powers Scholarship Fund President’s Discretionary Fund The Returned Scholarship Fund Elbert W. Rockwood 1884 Fund Soule Family Memorial Scholarship Fund Von Blon Family Scholarship Fund Robert A. Ward Fund Joseph C. Weller 1928 Scholarship Fund Westinghouse Foundation Scholarship Henry Kirk White 1880 Scholarship Fund

2,081,045 73,381 63,172 105,364 37,160 6,560,145 54,696 2,631,316 116,040 442,774 44,359 176,000 282,028 373,537 102,203 104,078 30,830 317,368 323,753 435,386 949,761 84,075 84,075 2,355,774 $17,828,588

LIBRARY Consolidated Lucy Wilson Benson Fund Hannah S. Calmus Library Fund Stuart C. Frazier Book Fund Friends of Library Endowment Fund David C. Fulton 1951 Book Fund John F. Genung Fund George H. Gilbert Fund Frederick Walbridge Hoeing 1929 Fund Eric S. Jeltrup 1934 Robert Frost Library Fund The Frederick S. Lane Fund The Amherst College Campaign Fund for Library Acquisitions The Library Acquisitions Fund NEH May H. Morris and Albert M. Morris 1913 Fund Howard A. Newton 1906 Fund The Olds Family Fund The Stanley I. Posner 1930 Book Fund Edmund L. Pratt 1925 Library Fund Morris Pratt 1911 Dormitory Library Fund Ralph M. Williams 1933 Fund

780,450 3,295,756 306,719 281,225 372,667 979,431

74,252 41,323 1,274,564 42,350 44,359 72,287 82,289 217,465 41,167 199,866 83,829

Total Scholarships and Student Aid

105,127 144,888 1,176,915 131,490 140,266 44,739 303,773 194,896 151,764 43,332 1,192,853 91,062 60,321 116,223 725,027 115,620 106,980 1,598,619 77,489 373,359 147,589 110,777 798,020 316,617 1,256,659 569,995 102,604 201,285 104,615 138,637 35,362

$10,676,903

PRIZES Robert H. Breusch Prize Fund G. Armour Craig 1937 Prize Fund Anthony and Anastasia Nicolaides Award Total Prizes

66,840 29,960 21,052 $117,852

ACADEMIC SERVICES Consolidated Amherst Center for Russian Culture The Amherst College Campaign Fund for Faculty Research and Scholarship The Collins Print Room Endowment Fund Joseph Epstein Lecture Fund in Philosophy Forry and Micken Fund in Philosophy and Science Glee Club Endowment Fund, in memory of James Evan Boicourt 1969 George L. Hamilton 1893 Fund The Keck Foundation Fund

46,860 94,835 897,432 505,834 112,825 59,250 949,761 77,020 31,389 $4,948,957

45

▲

1,662 222,287 143,057 81,542 62,911 432,453 30,611 1,344,842 800,699

Pratt Museum Fund Program for Physical Science Development Science Initiative Reinvested Income Fund The Templeton Photography Fund Weather Station Fund

448,338 1,873,960 2,417,437 521,461 42,621

Total Academic Services

LIBRARY Barrett W. Couper 1971 Memorial Fund Alpheus John Goddard 1893 Memorial Fund The Israels Family Fund Total Library

$8,423,881

Richmond M. Rudden Fund

The Amherst College Campaign Fund for Student Life The Philip W. Avirett 1946 Memorial Fund Gladys Brooks Psychotherapy Fund Hotchkiss/Patrick Internship Fund

Total Quasi-Endowment, Restricted

29,357 117,886 53,527 217,743

Consolidated Frederick T. Bedford 1899 Scholarship Fund Chemical Bank Scholarship Fund Class of 1934 25-Year Fund J. Davey Gerhard 1938 Memorial Scholarship Sarah M. Kaemmerling Scholarship Fund The McGregor Foundation Scholarship Fund The Earl W. Merrill 1927 Scholarship Fund William M. Prest 1888 Fund

418,513 $51,044,856

515,926

Total Administration

Total General Instruction Funds for Specific Instruction Purposes Ashton Fund Frances C. Chapman Fund Edward C. Crossett 1905 Fund The Winifred Capron Moyer Fund Total Specific Instruction Purposes Total Instruction

$29,588,649

PRIZES

$568,724

The Richard M. Foose Geology Prize Fund Alfred F. Havighurst Prize Fund Charles Hamilton Houston 1915 Prize Fund Ed Serues Racquets Trophy Fund Stonewall Prize Fund Total Prizes

61,041,173 14,436,042 28,986,208 7,045,601 7,898,383 29,273,575 170,985 316,542 4,696,003 24,017,057 1,330,710 10,350,420

403,785 25,128 19,309 15,025 14,199 $477,446

FELLOWSHIPS The MacArthur-Leithauser Travel Award Total Fellowships

159,036 $159,036

FUNDS SUBJECT TO RESERVED INCOME Pelham Cemetery Fund for upkeep of Harkness graves Total Reserved Income Funds

41,636 $41,636

ACADEMIC SERVICES 1,622,450 4,365,499 90,415 2,531,089 10,014,426 3,009,643 3,156,575 3,172,915

Wallace C. Dayton 1943 Environmental Fund Latham Internships in Washington Mead Art Acquisitions Fund The Charles H. Morgan Fine Arts Fund Neesima Memorial Committee Fund Total Academic Services

850,550 229,392 494,762 193,526 37,104 $1,805,334

STUDENT SERVICES George L. Cadigan 1933 Chaplaincy Fund Career Center Internships Total Student Services

$217,525,711

INSTRUCTION General Instruction-various funds applicable to the common purpose of teachers’ salaries Douglas Dayton 1946 Fund The Ford Foundation Fund

12,215,542 7,891,748 506,928 239,232 45,297 140,177 90,884 325,271 8,133,570

Total Scholarships and Student Aid 52,798

ADMINISTRATION Consolidated Estate of Winifred L. Arms Frank L. Babbott 1878 Fund Frederick T. Bedford 1899 Fund Clara M. Chapin Fund Edward C. Crossett 1905 Fund Frank K. Daniels Fund Kurt L. Daniels 1923 Fund Edwin Duffey 1890 Fund The Gordon R. Hall 1915 Memorial Fund Hewlett-Mellon Presidential Discretionary Fund Henry P. Kendall 1899 Fund Samuel and Ethel LeFrak Presidential Discretionary Fund The Mead Fund The McGregor Foundation Presidents Fund Laura P. Pratt Fund Sherman Pratt 1927 Fund Ebenezer Strong Snell 1822 Memorial Fund Eliza W. Valentine Fund Theodore L. Widmayer 1917 Fund

$550,640

SCHOLARSHIPS AND STUDENT AID

COLLEGE

Total College

550,640

Total Physical Plant

Quasi-Endowment, Designated General Memorial Fund Warner Seely 1915 and Charles D. Seely 1876 Memorial Fund

$799,751

PHYSICAL PLANT

STUDENT SERVICES

Total Student Services

202,229 68,604 528,918

112,718 31,962,140 32,074,858

4,286,111 159,555 4,445,666

Total Quasi-Endowment, Designated

$289,273,683

TOTAL QUASI ENDOWMENT

$513,281,318

TOTAL ENDOWMENT FUNDS

$1,662,377,481

Life Funds 106,891 195,007 664,406 269,928

The Balanced Income Fund S. Stanley Alderfer 1930 Robert S. Alexander 1938 James B. Ammon 1944 Anonymous Thomas F. A. Bibby 1943 Robert W. Boden 1953

1,236,232 $33,311,090

46

▲

$8,710,365 J. Robert Buchanan 1950 Isabel E. Bumstead John T. Burgess 1942 Pierce A. Cassedy 1943 Maurice F. Childs 1954 William C. Clarke, Jr. 1944

Howard O. Colgan, Jr. 1932 Michael A. Connor, Jr. 1945 William F. Cordner 1940 Robert E. Dillon, Jr. 1953 Waldo E. Dodge 1945 Allan A. Eaton 1944 Louis F. Eaton, Jr. 1940 Robert A. Eaton 1943 and Meredith V. Eaton Ruth H. Fitzgerald J. Russell Fowler 1940 Richard S. Gray 1953 William B. Greenough III 1953 Philip F. Hall, Jr. 1937 Myron C. Hamer, Jr. 1953 Montagu Hankin, Jr. 1943 Helen S. Harris (Timothy M. Harris 1957) George Heller 1952 William S. Hosford 1943 James M. Hund 1944 Thomas H. Johnson 1920 Berthe W. Keith (Thomas B. Keith II 1960) Phyllis D. Kirkpatrick (John E. Kirkpatrick 1951) Robert C. Knowles 1951 Charles R. Longsworth 1951 Maurice A. Longsworth 1954 G. Vicary Mahler 1953 Robert C. McAdoo 1943 Carolyn L. McCluney (Henry N. McCluney 1939) Willard C. McNitt 1942 David H. Means 1950 Howard M. Mitchell 1939 Matthew P. Mitchell 1954 and Angela F. Mitchell Hugh G. Moulton 1955 Peter W. Moyer 1949 Immediate Life Income Fund Robert L. Abbey 1939 Lucetta S. Alderfer (S. Stanley Alderfer 1930) Fred H. Allen, Jr. 1934 George H. Allen Wallace W. Anderson, Jr. 1951 Frank L. Anker 1935 Anonymous William J. Babcock, Jr. 1943 Arthur D. Baldwin 1932 William H. Banks III 1953 Reed E. Bartlett 1935 Edwin R. Bates 1941 William M. Bellows 1944 John M. Betts 1942 Robert H. Bidwell 1941 Herbert E. Bixler 1932 Daniel Bliss 1920 Robert E. Blood, Jr. 1942 David Broadbent 1942 George G. Brooks 1944 and Priscilla A. Brooks J. Robert Buchanan 1950 Robert F. Buehler 1938 John P. Burrows 1944 John C. Carpenter 1944 Otis Cary 1943

Alexis P. Nason 1943 Edmund G. Noyes 1943 Lester N. Odams, Jr. 1951 Theodore P. Palmer 1928 John N. and Carol K. Park 1953 Wm. Richard Park 1949 Linn B. Perkins 1949 Donald I. Perry Elizabeth H. Potter (Robert A. Potter 1940) Philip T. Rand 1961 William G. Reynolds 1946 J. Bushnell Richardson, Jr. 1929 and Miriam D. Richardson Donald B. Riefler 1949 Robert M. Segal 1936 Thomas R. Shepard, Jr. 1940 George L. Shinn 1945 Richard C. Simon 1949 P. Whitney Spaulding 1950 Polly W. Spaulding Clifford B. Storms 1954 Daniel D. Strohmeier 1932 Albert W. Tenney, Jr. 1953 David F. Tuttle, Jr. 1934 Nancy W. Valentine (Richard H. Valentine 1943) Jack H. Vernon 1952 Anita T. Wait (Ward H. Wait 1936) Edwin H. Watkins 1946 Sterling L. Weaver 1953 and Jean C. Weaver William B. Whiston 1943 William H. Whorf 1942 Patricia Wilcox (William W. Wilcox 1954) James P. Wilkerson 1937 Richard E. Winslow, Jr. 1926

Elizabeth M. Guest (J. Alfred Guest 1933) John T. Gyger, Jr. 1949 Benjamin E. Haller 1938 W. Chapin Harris 1945 William C. Hart 1944 Frank C. Hartzell, Jr. 1949 Albert H. Hastorf 1942 Alfred C. Haven 1945 and Jane H. Haven Fred R. Havens 1944 David R. Hawkins 1944 John T. Heald 1942 Samuel A. Hess 1943 David M. Hildreth 1939 Abigail J. and George M. Hinckley 1934 Lucy Patton Holt W. Stewart Hotchkiss 1929 John W. Howard 1949 L. Eugene Hurtz 1939 John Jeppson 1938 C. Frederick Johnson 1942 Donald F. Johnson 1958 Porteous E. Johnson 1928 George R. Jonelunas 1949 Horace W. Jordan 1937 Frederick W. Kates 1931 W. Deaver Kehne 1942 Douglas E. Kellogg 1941 J. Joseph Kelly, Jr. 1941 Leslie H. Kerr, Jr. 1940 Woodward Kingman 1949 John E. Lehman 1938 Orrin H. Lincoln, Jr. 1938 Dorothy T. Linton (Thomas Linton 1932) Charles R. Longsworth 1951 Hector E. Lynch III 1940 W. Barry Mallon, Jr. 1944 R. William Marberger, Jr. 1941 Arthur V. C. Marshall 1937 Robert K. Massey, Jr. 1963 Robert C. McAdoo 1943 Henry N. McCluney 1939 Lydia N. McCollum (Robert S. McCollum 1938) Kimball A. McMullin 1939 Robert L. Mitchell 1943 John C. Moench 1943 Hugh G. Moulton 1955 Gilbert H. Mudge 1936 William J. Murray, Jr. 1945 Alexis P. Nason 1943 Mary S. Park (Wm. Richard Park 1949) Sanborn Partridge 1936 Susan Patton

$9,772,246 Willard C. Case 1949 Howard O. Colgan, Jr. 1932 Cyrus S. Collins 1939 Philip H. Coombs 1937 James A. Corrigan 1949 Edith P. Cranshaw (John A. Cranshaw 1939) Miner D. Crary, Jr. 1942 William H. Creamer 1936 Samuel B. Cummings, Jr. 1926 Robert L. Davidson 1952 Caleb W. Davis 1940 Thomas J. Donoghue 1943 Parker S. Dorman 1944 George B. Dowley 1940 Raymond H. Dresser, Jr. 1953 John H. Esquirol, Jr. 1950 Samuel B. Feinberg 1937 and Marilyn M. Feinberg Claus N. Felfe 1956 J. Carr Gamble, Jr. 1940 I. Lloyd Gang 1943 W. Philip Giddings 1934 Henry F. Goodnow 1939 William J. Graham 1945 Thayer A. Greene 1950 Thomas P. Greenman 1945

Gift Annuities Anonymous Arthur D. Baldwin 1932 James J. Barnes 1954 Richard G. Bateson 1945 David S. Beebe 1956 and Judy Beebe Paul E. Bragdon 1950 George G. Brooks 1944 and Priscilla A. Brooks

47

▲

Pauline Perry C. Edgar Phreaner, Jr. 1936 George H. Phreaner 1937 De Nyse W. T. Pinkerton Goldwin S. Pollard 1941 William E. Redeker 1940 Leslie M. Redman 1940 Hugh M. J. Reeves 1940 Dorian F. Reid 1938 Norman E. Richardson, Jr. 1931 Adrien L. Ringuette 1948 Chalmers M. Roberts 1933 Matthew M. Rubin 1959 and Carolyn W. Rubin Walter A. Schloss 1936 James M. Selby 1937 C. Keith Shay 1943 Charles F. Sheridan, Jr. 1948 Edwin F. Sherman, Jr. 1938 James L. Shields 1935 William P. Simons II 1942 Ralph S. Smith 1941 Wilson Snushall 1903 John W. Strahan III 1952 C. George Taylor 1939 Harrison G. Taylor, Jr. 1942 R. John Theibert 1945 and Nancy Theibert Roy E. Tilles, Jr. 1937 Thomas E. Tisza 1943 Edwin J. Titsworth Phelps K. Tracy 1931 Harry A. Trautmann, Jr. 1940 David M. Traver 1946 Samuel F. Trull 1945 Ervin A. Tucker 1923 David F. Tuttle, Jr. 1934 Ward H. Wait 1936 Theodore G. Walker III 1949 John W. Wastcoat 1934 Edwin H. Watkins 1946 William C. Wheeler 1939 Homer O. White, Jr. 1942 John W. White 1934 Katharine S. White (John W. White 1934) Elmer W. Wiggins, Jr. 1938 James P. Wilkerson 1937 Emmons J. Williams 1945 Richard E. Winslow, Jr. 1926 Richard E. Winslow III 1956 Gerald B. Woodruff 1926 Elbert B. M. Wortman 1910 Rufus J. Wysor, Jr. 1942 Mr. and Mrs. Benjamin M. Ziegler George M. Zimberg 1948

$7,279,539 J. Robert Buchanan 1950 Douglas P. Butler 1942 John C. Carpenter 1944 and Evelyn A. Carpenter Virginia A. Christenson (Leon R. Christenson 1949) Paula H. Connolly (Leo W. Connolly 1953) Michael A. Connor, Jr. 1945

Erich H. Cramer 1956 Laura S. Cramer (Robert R. Cramer 1940) W. Barton Cummings, Jr. 1951 Richard W. Cutting 1953 Ethel B. David (Clifford C. David 1944) John T. Dobbin 1945 George B. Dowley 1940 John K. Dustin 1940 Allan A. Eaton 1944 William H. Erskine 1943 William W. Falsgraf 1955 Jeffrey A. Fillman 1955 J. Russell Fowler 1940 Theodore V. Fowler III 1941 Robert Y. Fox 1955 Edwin D. Frost, Jr. 1941 I. Lloyd Gang 1943 Paul H. Geithner, Jr. 1952 and Irmgard H. Geithner Hall Roberts Family Trust (John F. Hall 1939) Leesley B. Hardy 1950 and Joan J. Hardy Ethel V. Harris (W. Chapin Harris 1945) D. Jeffery Hartzell 1951 Robert J. Haynes 1946 William S. Hosford 1943 and Georgette L. Hosford Davis G. Johnson 1941 and Mary C. Johnson Marilyn E. Kingman (Henry S. Kingman, Jr. 1943) Edwin P. Lepper 1936 Wilbur O. Lepper 1933 Allan S. Lerner 1951 John C. Lightfoot 1952 Orrin H. Lincoln, Jr. 1938 Maurice A. Longsworth 1954 Laura Leigh MacDougall (R. Donald MacDougall 1955) Janet L. Mahler (G. Vicary Mahler 1953) Michael E. McGoldrick 1959 Robert J. McKean, Jr. 1950 and Sally A. McKean Hugh J. McLane 1944 Dudley H. Meek 1952 Robert L. Meineker 1943 Judith P. Melick (Edwin F. Melick 1954) Suzanne F. Merrill (Charles F. Merrill 1955)

Separately Invested Funds

Michael I. and Holly H. Barach Charitable Remainder Unitrust II Michael I. and Holly H. Barach Charitable Remainder Unitrust III Michael I. and Donna J. Barach Charitable Remainder Unitrust A. James Barker Charitable Remainder Unitrust John B. Bean Charitable Remainder Unitrust Lucy Wilson Benson Charitable Remainder Annuity Trust Lucy Wilson Benson Charitable Remainder Unitrust Don B. Blenko 1950 Charitable Remainder Unitrust Dean E. Butts Charitable Remainder Unitrust Sally Cogan and Jerry A. Cogan, Jr. 1956 Charles B. Cohler Charitable Remainder Unitrust Francis W. Collins, Jr. 1948 Charitable Remainder Unitrust George C. Corson, Jr. 1956 Charitable Remainder Unitrust Randall and Deborah Deshotel Charitable Remainder Annuity Trust Lorayne V. Dodge 2004 Charitable Remainder Unitrust Jean Schabacker Donati and Richard C. Donati 1945 Charitable Remainder Unitrust II George B. Dowley 1940 John Eastman, Jr. Charitable Remainder Unitrusts Jane N. and G. Yale Eastman 1950 Charitable Remainder Unitrust Alma Lee Eck Charitable Remainder Unitrust John L. Fletcher, Jr. Charitable Remainder Unitrust I. Lloyd Gang 1943 William H. Giese 1966 Theodore P. Greene 1943 and Mary J. Greene Charitable Remainder Unitrust Suzanne A. Greenman and Thomas P. Greenman Charitable Remainder Unitrust Thomas P. Greenman and Suzanne A. Greenman Charitable Remainder Unitrust Elizabeth M. Guest Charitable Remainder Unitrust Werner Gundersheimer 1959 Charitable Remainder Unitrust John C. Haas 1940 J. Edward C. Harris 1956 W. Stewart and Anne Hotchkiss 2002 Charitable Remainder Annuity Trust Sheridan W. Johns III 1957 Charitable Remainder Unitrust Charles Klem, Jr. Charitable Remainder Unitrust Jeanette Louise Wolfe Knight Charitable Remainder Unitrust Frederick S. Lane 1936 Charitable Remainder Unitrust Wilbur O. Lepper 1933 Charitable Remainder Unitrust II Susan E. Lewis Charitable Remainder Unitrust I Omar and Maria Lyettefi Charitable Remainder Unitrust Everett W. MacLennan 1996 Charitable Remainder Unitrust John MacLeod 1948 Charitable Remainder Unitrusts Robert K. W. McCoy 1930 Emery Meschter 1930 Charitable Remainder Unitrust Emery Meschter 1930 Charitable Remainder Unitrust II Douglas D. and Bessie Rilla B. Milne Charitable Remainder Unitrust Ray A. and Ilga S. Moore Charitable Remainder Unitrust Abe J. and Mary Jo M. Moses 1955 Charitable Remainder Unitrust Peter A. Nadosy Charitable Remainder Unitrust Edward N. Ney 1946 Charitable Remainder Unitrust Ward H. Patton, Jr. 1942 Charitable Remainder Unitrust Adele S. Perlman and Lee A. Perlman 1962 Charitable Remainder Unitrust Boyd and Cindy Peterson Charitable Remainder Unitrust Charles A. Pittman III 1951 and Claire M. Pittman Charitable Remainder Unitrust Saverio Provenzano Charitable Remainder Unitrust

Floyd S. Merritt 1951 Howard M. Mitchell 1939 Hugh G. Moulton 1955 Peter W. Moyer 1949 David S. Newcombe 1952 and Sissel M. Newcombe Violet B. Nienaber (Robert C. Nienaber 1946) John M. Orders 1964 Kenneth L. Parkhurst 1950 Henry B. Pearsall 1956 Frederick Y. Peters 1942 Nancy L. Phillips (Edward C. Phillips 1933) George H. Phreaner 1937 De Nyse W. T. Pinkerton Gordon M. Pradl 1965 Richard C. Read 1941 William H. Reese 1931 Carol Sagendorph (Samuel L. Sagendorph 1939) Walter A. Schloss 1936 Andrew A. Scholtz 1950 Henry W. Seeley, Jr. 1939 Thomas R. Shepard, Jr. 1940 George L. Shinn 1945 Albin J. Sigda 1942 Richard L. Silva, Jr. 1949 Richard C. Simon 1949 William P. Simons II 1942 Bradley F. Skinner 1934 Hubbard M. Smith 1957 and Linda F. Smith Alfred Soman 1956 I. Jack Spiegel 1939 Robert J. Stark, Jr. 1941 Margaret H. Steketee (Robert D. Steketee 1950) Peter F.E. Swinchatt 1955 William E. Traver II 1942 Clifford H. Tuttle, Jr. 1952 Herbert H. Uhl 1953 Wilfred F. Vallely, Jr. 1950 James K. Vernon 1957 Samuel M. Watson 1951 Jean C. Weaver (Sterling L. Weaver 1953) Edwin F. Wesely, Jr. 1952 William E. Whitney, Jr. 1954 Thomas P. Wilson 1939 Abigail K. Winans (Charles A. Winans 1950) James L. Woodress, Jr. 1938 and Roberta Woodress L. Leverett Wright 1938

$50,730,842

Fred H. and Frances B. Allen Charitable Remainder Unitrust Patricia M. and G. Ernest Anderson 1950 Charitable Remainder Unitrust Anonymous Unitrusts Kenneth H. Bacon 1966 and Dorothy W. Bacon Charitable Remainder Unitrust William Whitaker Baer 1945 and Anne Fraser Baer Charitable Remainder Unitrust Mary and James Bandeen 1949 Charitable Remainder Unitrust Michael I. and Holly H. Barach Charitable Remainder Unitrust

48

▲

David S. Purvis Charitable Remainder Unitrust Verne R. Read 1944 Theodore B. Reed 1940 and Nancy E. Reed Charitable Remainder Unitrust Marc W. Richman 1958 Charitable Remainder Unitrust Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard Charitable Remainder Unitrust Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard 2007 Charitable Remainder Unitrust for the Benefit of Sue S. Jaques Elizabeth B. Simcoke 1998 Charitable Remainder Unitrust Richard P. Simcoke 1932 and Elizabeth B. Simcoke Charitable Remainder Unitrust Richard P. Simcoke 1932 and Elizabeth B. Simcoke Charitable Remainder Unitrust for the benefit of Susan S. Rodenbaugh, Ann S. Wood, Grant Earnest and Emily Earnest Bradley F. and Billee E. Skinner Annuity S. Harold Skolnick 1936 Charitable Remainder Unitrust Alfred Soman 1956 Charitable Remainder Unitrust Thomas Rush Sturges II Charitable Remainder Unitrust Garrett R. Tucker, Jr. 1936 Charitable Remainder Unitrust William McCall Vickery 1957 Charitable Remainder Unitrust William McCall Vickery 1995 Charitible Remainder Unitrust Richard S. and Marcia F. Volpert 1956 Charitable Remainder Unitrust Kenneth M. Walbridge 1937 and Jean P. Walbridge Charitable Remainder Unitrust Samuel M. Watson 1951 Charitable Remainder Unitrust Leslie T. Webster, Jr. 1947 Charitable Remainder Unitrust Peter J. Weiller 1956 Charitable Remainder Unitrust Perry R. Williams 1945 Philip Steele Winterer 1953 Charitable Remainder Unitrust Karin Elizabeth Wolfe Charitable Remainder Unitrust Richard Shipley Wolfe 1952 Charitable Remainder Unitrust TOTAL LIFE FUNDS TOTAL ENDOWMENT AND OTHER SIMILAR FUNDS —Amherst College

Gordon Hall III Charitable Remainder Unitrust Gordon Hall III 1952 John A. and Ute Hargreaves Charitable Remainder Unitrust Mr. and Mrs. John A. Hargreaves, Jr. 1954 Harry L. Harkness Perpetual 1898 Scholarship Fund Estate of Ethel Grace Harkness James A. and Marian S. Hawkins Unitrust James A. Hawkins 1950 and Marian S. Hawkins Walter J. Hunziker, Jr. 1951 Charitable Remainder Unitrust Walter J. Hunziker, Jr. 1951 Robert D. Jones Charitable Remainder Unitrust Robert D. Jones 1952 Leach Children Charitable Remainder Unitrust Charles N. Leach, Jr. 1956 Alan P. and Gail Levenstein Charitable Remainder Unitrust Mr. and Mrs. Alan P. Levenstein 1956 Liverpool Trust Charitable Remainder Unitrust Lorna D. Johnson Hunter L. Martin, Jr. and Lore l. Martin Charitable Remainder Unitrust Hunter L. Martin, Jr. 1947 McClay Charitable Remainder Unitrust II John B. McClay 1954 and Diana B. McClay Lewis A. and Margaret S. McCreary 1996 Charitable Remainder Unitrust Mr. and Mrs. Lewis A. McCreary 1943 Hugh G. Moulton Charitable Remainder Unitrust 1999 Hugh G. Moulton 1955 Susan W. Noyes Charitable Remainder Unitrust Susan W. Noyes The Robert K. and Jean W. O’Connor Unitrust R. K. O’Connor 1944 Powar Family Charitable Remainder Unitrust William L. Powar 1968 and Paula K. Powar John A. Quisenberry Irrevocable Charitable Remainder Unitrust John A. Quisenberry 1960 The Gordon A. Rust 1930 Trust G. A. Rust 1930 Trevor G. Smith 1998 Unitrust Trevor G. Smith 1957 Clifford B. and Valeria Parker Storms Charitable Remainder Unitrust Clifford B. Storms 1954 and Valeria Parker Storms The David M. Traver and Helen D. Traver Charitable Remainder Unitrust Mr. and Mrs. D. M. Traver 1946 Norma Propp Tulgan and Henry Tulgan Charitable Trust Henry Tulgan 1954 and Norma Propp Tulgan The Becky H. Tuttle Gift to the Boston Foundation Pooled Income Fund for the Benefit of the Trustees of Amherst College Mrs. David F. Tuttle 1934 Walbridge Children’s Inter Vivos Charitable Remainder Unitrust Kenneth M. Walbridge 1937 and Jean P. Walbridge White-Chavkin 2000 Charitable Remainder Unitrust Robert R. White III 1949 and Dana E. Chavkin The Robert B. Whitney, Jr. and Helen C. Whitney Charitable Remainder Unitrust Mr. and Mrs. R. B. Whitney, Jr. 1955 The Thomas M. Wilson Trust Mildred E. Wolcott Family Charitable Trusts Mildred E. Wolcott

$76,492,992 $1,738,870,473

Funds Held in Trust by Others Anonymous Charitable Remainder Unitrust Paula Avenius 2006 Charitable Remainder Unitrust Paula Avenius Charitable Remainder Unitrust Agreement for Hanna H. Bartlett 1996 Charitable Remainder Unitrust Agreement of Hanna H. Bartlett and James T. Bartlett James T. Bartlett 1959 John B. Bartlett Charitable Remainder Unitrust John B. Bartlett 1960 Bushman Family Charitable Remainder Unitrust Thomas D. Bushman 1951and Joyslin W. Bushman Cooney-Alma Charitable Remainder Unitrust D. Paul Cooney 1950 Paul R. Dimond and Constance C. Dimond Trust Mr. and Mrs. P. R. Dimond 1966 Doscher Charitable Remainder Unitrust J. Henry Doscher 1942 English Family Charitable Remainder Trust James R. English, Jr. 1941 Eileen Glick Charitable Remainder Annuity Trust L.G. Schermer 1950 Laurence C. Griesemer Charitable Remainder Annuity Trust Laurence C. Griesemer 1940

49

▲

The Trustees of Amherst College ▲ Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds June 30, 2007 (Valuations at Market) The Forrest & Deborah Mars Fund for Educational Outreach Matillda D. Mascioli Memorial Fund The Andrew W. Mellon Fund The Andrew W. Mellon Foundation— The Folger Institute of Renaissance and Eighteenth-Century Studies The Andrew W. Mellon Foundation—Curator of Books The Andrew W. Mellon Partial Curatorship Fund The Andrew W. Mellon Postdoctoral Fellowship Fund The Andrew W. Mellon Publications Fund The Andrew W. Mellon Technology Endowment Fund The Mellon Challenge Fellowship Endowment The Paul Mellon Acquisition Fund The Millennium Education Endowment The Mosaic Foundation Endowment The Frank Battles Newlin Education Fund The Elizabeth Niemeyer Acquisition Fund Poetry Endowment The Ramsbotham Fund The Reader Campaign Fellowship Fund Bess and Philip Rosenblum Fellowship The B.F. Saul Rare Book Fund Shakespeare Quarterly Reserve The Roger T. & Peggy M. Simonds Fund The James B. Sitrick Endowment Fund The Albert H. Small Fund Room Renovations Professor Emile V. Telle Acquisition Fund Louis B. Thalheimer Curatorial Endowment The Verizon Technology Endowment Fund for Pre-College Education Programs John and Marva Warnock Technology Endowment The Nancy & Jean Francis Webb Memorial Education Fund Eric and Mary Weinmann Acquisitions Fund Eric and Mary Weinmann Junior Fellowship Fund The Weinmann Librarian Fund The Mary and David S. Wolff Endowment

Permanent Endowment, Income Unrestricted Ella Poe Burling Endowment fund Emily C. J. Folger Fund Henry Clay Folger 1879 Fund Tod Sedgwick Endowment Fund

$75,406 144,819,636 54,943,595 58,665

Total Permananent Endowment, Income Unrestricted $199,897,302

Permanent Endowment, Income Restricted The K. Frank and Joycelyn C. Austen Acquisition Fund The Winton and Carolyn Blount Exhibition Fund The Gladys Brooks Acquisitions Fund The Gladys Brooks Fund for Technology Brian Cabe Memorial Fund The Elizabeth L. Cabot Acquisition Fund The Mildred Grinnell Clarke Public Programs Fund Colt Acquisition Fund The Bertita E. Compton Acquisitions Fund The Ann Jennalie Cook Acquisitions Fund Conservation Program Charles E. Culpeper Conservation Fund Hanson Lee Dulin Senior Fellowship Fund The Early Music Endowment The Elizabeth L. Eisenstein Acquisitions Fund The Charles W. Englehard Acquisition Fund The Charles W. Englehard Fund for Pre College Education The 301 East Capitol Street Endowment The Kathrine Dulin Folger & Family Acquisitions Fund The Steven & Judith Gluckstern Education Fund The Steven & Judith Gluckstern Technology Fund The Herman & Friedl Gundersheimer Fund The Karen Gundersheimer Acquisitions Fund Trustees Fellowship and Acquisition Fund The Georges Lurcy Acquisition Fund The Georges Lurcy Fund for Technology The O. B. Hardison Fellowship Fund The O. B. Hardison Poetry Prize Fund The Wyatt R. and Susan N. Haskell Public Programs Fund The Judge William H. Hastie Educational Endowment The Eunice & Mones E. Hawley Fund for Early Music The William Randolph Hearst Fellowship Fund The William Randolph Hearst Fund for Pre College Education Charlton Myra Hinman Fellowship Fund The Kenneth C. Hogate Acquisition Fund The Humana Education Fund The Philip A. Knachel Fellowship Fund The Philip A. Knachel Endowment The Knight Foundation Fund Virginia Lamar Prize Fund Ruth Leila Hazel Hand Lefkovits Fund The Librarianship Fund

462,773 2,096,077 339,941 214,273 28,912 100,385 63,256 412,625 832,989 148,148 6,206,643 635,459 1,527,045 288,670 61,894 883,452 259,898 618,179 1,035,313 59,171 59,171 154,086 44,809 1,396,990 361,137 188,776 1,880,048 1,255,841 888,549 253,745 72,496 498,416

981,517 304,734 4,629,878

4,434,879 3,441,489 2,858,788 2,231,248 3,017,062 1,231,425 1,480,889 1,010,604 989,391 79,559 247,622 682,661 377,742 30,109 983,533 273,149 769,936 456,238 54,581 296,667 156,755 90,833 1,242,564 2,167,061 221,901 316,784 170,550 1,555,705 906,607 1,687,508 70,648

Total Permanent Endowment, Income Restricted $66,365,758 TOTAL PERMANENT ENDOWMENT

214,272 542,709 226,120 464,696 1,165,469 350,302 430,570 12,928 133,532 45,376

$266,263,060

Term Endowment Professor Rosalie L Colie Memorial Reading Room Fund Golden Aniversary Fund The Wyatt R. Haskell Annual Public Programs Fund Mellon Manuscript Cataloging Fund The Evelyn Stefansson Nef Education Fund TOTAL TERM ENDOWMENT

50

▲

57,647 303,928 194,124 707,603 46,498

$1,309,800

Quasi-Endowment, Unrestricted

7,222,328 343,561 3,672,639 164,485

The Estate of Ella Poe Burling Property Disposition Fund The Renaissance Fund Total Quasi-Endowment, Unrestricted

$11,403,013

Quasi-Endowment, Restricted The Early Music Guest Artist Fund Lila Wallace Readers-Digest Fund Mellon Collections Management Grant Mellon Institute Renovate 301 East Capitol Street Janet Field-Pickering Elementary Education Endowment The Barbara Taft Endowment Fund UPS Grant for Shakespeare Steps Out John Warnock Photography Fund Total Quasi-Endowment, Restricted

72,986 985,932 1 32,235 1 54,896 353,173 1 364,336

$1,863,559

Quasi-Endowment, Designated The Staff Retirement Plan Funds Charlotte B. Dow Acquisition Fund Director’s Discretionary Fund Early Music Recordings Endowment The Folger Fund for Library Technology The Folger Acquisition Endowment Fund The Poetry Board Endowment The Susan Snyder Memorial Junior Fellowship Endowment Total Quasi-Endowment, Designated

3,528,069 648,556 824,755 12,975 846,172 2,745,171 90,690 335,841 $9,032,229

TOTAL QUASI-ENDOWMENT

$22,298,801

TOTAL ENDOWMENT FUNDS

$289,871,661

Life Funds Anonymous Jay L. Halio, Gift Annuity Jay L. Halio, Immediate Life Income Fund Bernice W. Kliman and Merwin Kliman, Balanced Income Fund Lilly S. Lievsay Charitable Remainder Unitrust Robert J. McKean, Jr. 1950 and Sally A. McKean, Gift Annuity Elizabeth Niemyer Charitable Remainder Unitrust Ruth Rappaport, Immediate Life Income Fund Marilyn Schoenbaum, Balanced Income Fund Alden T. Vaughan 1950, Gift Annuity William McC. Vickery 1957, Immediate Life Income Fund Ruby York Weinbrecht, Gift Annuity TOTAL LIFE FUNDS

$1,264,338

TOTAL ENDOWMENT AND OTHER SIMILAR FUNDS— Folger Shakespeare Memorial Library $291,135,999

51

▲

Amherst College ▲ Statistical Information 2006–07 Enrollment Freshmen Sophomores Juniors Seniors Total Exchange Special

1st Semester 392 375 442 439

2nd Semester 381 356 437 438

1,648 0 16

1,612 1 13

Comprehensive Fee for 2006–07

Instruction Appointments with Full-Time Equivalency (including tenured faculty with administrative duties) 2006–07 2005–06 Professor Associate Professor Assistant Professor

$43,360

Academic Plant Educational, Athletic, and Misc. 1,219,750 sq. ft. Residential, etc. 1,213,100 sq. ft. Parking 4.8 acres Land 1,009 acres Volumes in Libraries, including Government Documents 1,023,085 Micro-Forms 545,911 U.S. Geological Maps 88,824 AV Material and Cataloged Maps 49,345 Serial Titles 12,359

216.67

Trustee Administrative Appointees Clerical, Technical and Service Staff (Full-time and Part-time)

571.22

F.T.E. 107.50 14.00 37.50

Number 108 12 42

F.T.E. 107.50 12.00 41.50

Total Regular Faculty Lecturers Coaches Phased and Other Continuing Appointments Visiting Appointments

160 21 14

159.00 19.42 13.50

162 18 13

161.00 16.67 12.50

9 24

3.50 21.25

9 17

3.50 16.50

Total

228

216.67

219

210.17

Average Compensation of Full-Time Faculty (Salary and Fringe Benefits as Reported to AAUP) 2006–07 2005–06 2001–2002 1996–97 Professor $ 156,201 $ 148,953 Associate Professor 106,290 100,562 Assistant Professor 96,438 91,191 Average (All Ranks) $136,929 $128,921

The Folger Shakespeare Memorial Library Collection—approximately 265,000 volumes, 56,000 manuscripts and extensive collections of pamphlets and occasional materials, including notebooks, theatre posters and programs, paintings, prints, Shakespearean curiosa, costumes, etc. Buildings 83,600 sq. ft. Number of Employees (Full Time) 86 Faculty & Staff FY 2006–07 (Position F.T.E.) Faculty: Professors 107.50 Associate Professors 14.00 Assistant Professors 37.50 Other 57.67

Number 108 14 38

$ 124,855 $100,140 84,601 70,860 76,786 60,077 $110,844 $86,561

Summary of Benefits Social Security Retirement Insurance—Health, Life, Disability, Workers’ Compensation, Unemployment Other—Grant in Aid, Housing Subsidy, Moving, Educational Assistance, Recognition and Awards Total

$ 3,623,057 5,030,435 6,345,843 89,708 $15,089,043

119.50 451.72

Faculty, Administration and Staff Affirmative Action Statistics The following statistics compare changes in the number of minorities in all positions and women in professional level positions. 2006–07 2005–06 Faculty Administration Staff Subtotal

Minorities Women Minorities Women Minorities Women

30 68 24 86 38 56

22 68 21 80 29 49

Minorities

92

72

210

197

302 *267

269 *241

Women Total Total (adjusted)

Amherst College does not discriminate in its admission or employment policies and practices on the basis of such factors as race, sex, sexual orientation, age, color, religion, national origin, disability, or status as a veteran of the Vietnam War or as a disabled veteran. The College complies with federal and state legislation and regulations regarding nondiscrimination. Inquiries should be addressed to the Affirmative Action Officer, Converse Hall, Campus # 2217, Amherst College, PO Box 5000, Amherst, MA 01002-5000.

* Total adjusted for women counted in both minorities and women figures.

52

▲