Amherst College Annual Report Fiscal Year Ended June 30, 2009 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 ...... 14

Report of Independent Accountants ...... 15

Balance Sheet ...... 16

Statement of Activities ...... 17

Statement of Cash Flows ...... 18

Notes to Financial Statements ...... 20

Amherst College Gifts, Bequests and Grants Received ...... 38

Folger Shakespeare Memorial Library The Trustees of Amherst College Gifts, Bequests and Grants Received ...... 38 administer Amherst College in Amherst, Massachusetts, and the Amherst College Folger Shakespeare Memorial Descriptive Analysis of Endowment and Other Similar Funds ...... 39 Library in Washington, D.C.

Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds ...... 56

Amherst College Statistical Information 2008–09 ...... 58

The cover: Led by Joel Upton, professor of art and the history of art, students meet for a morning meditation in the Yu¯shien Japanese garden on campus as part of a Day of Mindfulness event in April 2008.

1 s Laura J. Yerkovich ’80, M.B.A. Robert W. Carington ’53, M.Arch. The Corporation Riverside, CT Bloomfield Hills, MI FISCAL YEAR 2008–09 Katherine K. Chia ’88, M.Arch. Secretary of the Corporation New York, NY Susan Pikor, A.B. Hadley, MA William A. Davis, Jr. ’63, J.D. Washington, DC Life Trustees Chairman of the Corporation Michele Y. Deitch ’82, J.D. K. Frank Austen ’50, M.D. Jide J. Zeitlin ’85, M.B.A. Austin, TX New York, NY Wellesley Hills, MA Anne Melissa Dowling ’80, M.B.A. George B. Beitzel ’50, M.B.A.* West Hartford, CT President of the College Ridgefield, CT Anthony W. Marx, Ph.D. Charles C. Eldredge ’66, Ph.D. Martha L. Byorum, M.B.A. Amherst, MA Lawrence, KS New York, NY Willie J. Epps, Jr. ’92, J.D. Members of the Corporation Theodore L. Cross ’46, J.D. Kansas City, MO Danielle S. Allen, Ph.D. Princeton, NJ Princeton, NJ John C. Esty, Jr. ’50, M.A. Rosanne M. Haggerty ’82, A.B. Concord, MA Alan S. Bernstein ’63, M.B.A. New York, NY Coral Gables, FL Nicholas M. Evans ’52, M.B.A. Amos B. Hostetter, Jr. ’58, M.B.A.* Vero Beach, FL Brian J. Conway ’80, M.B.A. Boston, MA Boston, MA Frederick E. Hoxie ’69, Ph.D. Charles A. Lewis ’64, M.B.A. Evanston, IL Colin S. Diver ’65, LL.B. Evanston, IL Portland, OR Richard (Dick) F. Hubert ’60, A.B. Charles R. Longsworth ’51, M.B.A.* Rye Brook, NY William E. Ford ’83, M.B.A. Royalston, MA New York, NY George R. Johnson, Jr. ’73, J.D. Robert J. McKean, Jr. ’50, LL.B. Greensboro, NC Steven M. Gluckstern ’72, Ed.D. Lantana, FL New York, NY Woodward Kingman ’49, M.B.A. Mary Patterson McPherson, Ph.D. Belvedere, CA David A. Kessler ’73, M.D. Rosemont, PA San Francisco, CA David L. Kirp ’65, LL.B. Peter A. Nadosy, M.B.A. San Francisco, CA Jonathan I. Landman ’74, M.S. New York, NY New York, NY Thai-Hi T. Lee ’80, M.B.A. Edward N. Ney ’46, A.B. Piscataway, NJ Richard S. LeFrak ’67, J.D. New York, NY New York, NY Van Doorn Ooms ’56, Ph.D. Edward E. Phillips ’52, LL.B. Bethesda, MD Christopher S. Lehane ’90, J.D. Weston, MA San Francisco, CA Stephen B. Oresman ’54, M.B.A. H. Axel Schupf ’57, M.B.A. Darien, CT Cullen Murphy ’74, A.B. New York, NY Medfield, MA George E. Peterson ’63, Ph.D. George L. Shinn ’45, Ph.D.* Washington, DC Hope E. Pascucci ’90, A.B. Scarborough, ME Needham, MA Mark J. Sandler ’64, LL.B. John I. Williams, Jr. ’75, J.D. New York, NY Paula K. Rauch ’77, M.D. Jamaica Plain, MA Boston, MA W. Lloyd Snyder III ’66, M.B.A. Philip S. Winterer ’53, LL.B. Philadelphia, PA Joseph E. Stiglitz ’64, Ph.D. New York, NY New York, NY Joan E. Spero, Ph.D. Blair H. Taylor ’85, M.B.A. Trustees Emeriti New York, NY John E. Abele ’59, A.B. Los Angeles, CA Richard R. Spies ’67, Ph.D. Natick, MA Scott F. Turow ’70, J.D. Providence, RI Kenneth H. Bacon ’66, M.B.A.1 Chicago, IL Bradley A. Stirn ’72, M.B.A. Washington, DC Diana Chapman Walsh, Ph.D. Woodside, CA Margaret A. Bangser ’81, M.P.P.M. Brookline, MA Louis B. Thalheimer ’66, J.D. Dar es Salaam, Tanzania Karen Hastie Williams, J.D. Baltimore, MD Paul E. Bragdon ’50, LL.B. Washington, DC Jane D. Weinberger, B.S.2 Portland, OR Washington, DC

2 s Gail T. Wickes, Ph.D. Advancement Committee Treasurer’s Staff Dallas, TX Messrs. Conway (Chair), Bernstein, Peter J. Shea, M.S.B.A. Diver, Ford, Gluckstern, Kessler, Treasurer W. Willard Wirtz, LL.B. Landman, LeFrak, Lehane, Murphy, Washington, DC Dawn M. Bates, B.B.A. Mss. Pascucci, Yerkovich Investment Manager—Operations David S. Wolff ’62, M.B.A. Houston, TX Audit Committee Laurie M. Bouchard, B.S. Ms. Yerkovich (Chair), Messrs. Assistant Comptroller Kimba M. Wood, J.D. Bernstein, Lehane, Ms. Rauch, New York, NY James D. Brassord, M.B.A., M.S. Messrs. Stiglitz, Taylor Director of Facilities/Associate Treasurer Robert L. Woodbury ’60, Ph.D.3 for Campus Services Harpswell, ME Budget and Finance Committee Mr. Gluckstern (Chair), Ms. Allen, Kathryn V. Bryne, M.B.A. Messrs. Bernstein, Conway, Ford, Director of Human Resources Kessler, LeFrak, Ms. Pascucci, Joshua S. Cherney ’05, A.B. Mr. Stiglitz, Ms. Williams Investment Analyst Buildings and Grounds Committee Joseph M. Cullen, M.B.A. Mr. Murphy (Chair), Ms. Allen, Senior Investment Manager Messrs. Diver, Ford, Gluckstern, Mauricia A. Geissler, B.B.A. Kessler, Landman, LeFrak, Ms. Pascucci, Chief Investment Officer Mr. Turow, Mss. Walsh, Williams Shannon D. Gurek, M.B.A. Honorary Degrees Committee Associate Treasurer/Director of Messrs. Diver (Chair), Kessler, Landman, the Budget Lehane, Murphy, Ms. Pascucci, Messrs. Stephen M. Nigro, B.S. Stiglitz, Turow Comptroller Human Resources Committee Barbara A. St. Onge Mss. Rauch (Chair), Allen, Messrs. Manager, Office of Administrative Stiglitz, Taylor, Turow, Mss. Walsh, Services/Mailing Center Williams Charles G. Thompson, A.O.S. Director of Dining Services Instruction Committee Mss. Walsh (Chair), Allen, Messrs. Treasurer Emeritus Conway, Diver, Kessler, Landman, Kurt M. Hertzfeld, M.B.A. Lehane, Murphy, Ms. Rauch, Messrs. Stiglitz, Taylor, Turow Assistant Treasurer Emeritus William McC. Vickery, M.B.A. Investment Committee Mr. Ford (Chair), Ms. Pascucci, Mr. Zeitlin ex officio: Messrs. Hostetter, Nadosy

Student Life Committee Messrs. Turow (Chair), Diver, Landman, Lehane, Murphy, Ms. Rauch, Mr. Taylor, Mss. Walsh, Yerkovich

Trusteeship Committee Messrs. Zeitlin (Chair), Conway, Diver, Ford, Gluckstern, Kessler, Turow, Mss. Walsh, Williams

* Chair Emeritus 1 Deceased August 2009 2 Deceased July 2009 3 Deceased September 2009

3 s Across the United States and around finest possible undergraduate educa- the world, every institution and in- tion and access to it, and to main- dividual has been affected by the tain Amherst’s standing as the most economic downturn that began in selective and the most diverse liberal earnest with a collapse in global arts college. Another amazing point equity markets last October. The of distinction is that the $100 mil- higher education sector, and Am- lion gift is the largest cash gift ever herst College specifically, was not to an undergraduate-only college. A Message spared its share of economic distress. If these gifts were one measure from the This accounting of the past of our alumni’s incredible support year’s significant occurrences will during difficult times, gifts to the President primarily focus on our response to College through the Annual Fund that economic upheaval. In October were another. During the 2008–09 2008, at a time when our endow- fiscal year, those gifts totaled $9.5 ment had lost about a quarter of its million and a 60.1 percent partici value, I wrote a letter to the campus pation rate, only slightly less than community signaling that we would the previous record year, which be guided by these core principles: is astonishing in this economy. preserving the outstanding qual- Although this represents a decrease ity of the education we provide, as in dollars and a 2.8 percent decrease well as ensuring the well-being of in participation from the previous our campus community of students, year, an astonishing 90 percent of faculty and staff. our graduating seniors last year gave Indeed, with the profound, to the Fund. Overall gift income on collective wisdom that came from a cash basis was $38.6 million for all College constituencies and which the fiscal year, somewhat less than is the great strength of an institu- projected. Twenty-eight percent of tion like Amherst, we were able to the gifts were added to the endow- hew to that course. One measure ment, 25 percent to the Annual we took was to reaffirm our deci- Fund, 19 percent to life income sion to launch Lives of Consequence, funds, 18 percent to current funds a $425 million comprehensive and 10 percent to facilities. New campaign, which had been in the pledges during the fiscal year in- planning phases for several years. cluded another $12.3 million. We appreciated that it is precisely In January, the downturn during uncertain times, when re- showed no sign of abating, and sources are threatened, that we Trustees convened again to reas- need the support of our alumni sess the College’s response to it. At more than ever, in whatever time that meeting, following a process frames and ways that they can assist. that included input from Trustees, Our faith in the support of faculty, staff and students, it was our alumni base for our educational decided that adjusting the 2009–10 mission was rewarded in an extra fiscal year budget would require ordinary fashion on Nov. 3, 2009, measures that included a salary when I announced that two alumni freeze, a reduction in the number had pledged separate gifts of $100 of visiting faculty and additional million and $25 million to their revenue from 100 more students alma mater, the two largest gifts (over four years). Of central impor- in our history. These stunningly tance, it was agreed, was to allow generous gifts to the endowment the College endowment spend rate are unrestricted and will support to rise only temporarily, and to re- our ongoing efforts to provide the turn to a level at or below 5 percent

4 s within a decade, in order to preserve additional $37 million and move us conian moves, we have made real the endowment’s assets for future toward a sustainable spend rate of budget progress. We expect to see generations. our now smaller endowment. We the cost of educating each student Trustees returned to the campus have frozen salaries this year, with at Amherst, net of aid, shrink by in February, holding an open meet- Dean of Faculty Gregory Call and as much as 10 percent in constant ing with students, faculty and staff. myself taking pay cuts. We plan to dollars by 2012 as a result of the At a packed Johnson Chapel, they reduce the staff and administration measures taken since the economic discussed the College’s endowment, by about 40 positions through at- downturn began. Amherst has not investment strategy, overall budget trition and voluntary retirements, reduced that cost since at least the and pending budget cuts. Questions having seen this area grow by 28 1970s, and adhering to the ABC were many, and sometimes pointed, percent over 10 years; we have fewer recommendations will allow us to as were conversations that followed. visiting faculty; we are continuing to make real progress toward a bal- But there were bright moments make non-salary budget reductions; anced and sustainable budget that during these difficult times. One we will reduce copyright expenses; maintains Amherst’s quality. of them occurred in March, when and we are postponing some build- Let me conclude by noting Am- students voted overwhelmingly ing projects while we continue plan- herst’s great strength. Even during to donate a total of $100,000 to ning for the future of the sciences a very difficult past year, the central the College. Of that, $50,000 was and proceed with a solution for the activities of learning and scholarship, designated toward financial aid, Lord Jeffery Inn that will lessen its and the services that support them, $20,000 toward helping maintain reliance on College resources. have continued. We have now an- staff pay among Amherst’s lowest- Although these are challeng- other extraordinary first-year class. paid employees and $30,000 toward ing adjustments, I am grateful that We have made progress on budget the creation of an Interim Student many of our worst fears have not adjustments and will assess the need Life Fund, which will pay for stu- come to pass. We are fortunate in for any further changes in coming dent programming that had been comparison to many of our peers. months and years. In the meantime, cut or canceled due to the financial To maintain roughly an 1:8 faculty- thanks to our steps and an improve- crisis. I have always been proud of student ratio and the intimacy of ment in global equity markets, we our students, but perhaps never intellectual relations on campus, have the breathing room to do so more than when they made those we have authorized as many regu- deliberatively and inclusively. We decisions. lar faculty searches as we have ever will continue to make adjustments As winter marched on, a con seen in the last two decades, and we as needed, I trust, without reduc- sensus emerged, on campus and have made only minor adjustments ing the quality and diversity of our among Trustees, to create the in Amherst’s aid policies to ensure student body and with continued Advisory Budget Committee (ABC) access to the best students. We have determination to provide an edu- to identify further measures to bring completed capital improvement cational model that has proven so the College into financial equilib- projects that were well underway powerful over almost two centuries. rium. The committee was composed as economic conditions worsened. of me, representatives of the faculty, Chief among them were the Seelye the student body, the administra- and Hitchcock House renovations, tion, the staff, alumni and the Board which substantially increased the of Trustees. We immediately set to current number of beds available for Anthony W. Marx work, meeting with the various fac- students. Continuing the College’s President ulty committees and other commu- commitment to sustainability, sev- nity groups and convening in June eral new energy-saving technologies to discuss a range of options. By the were implemented in those projects, end of June, the ABC produced a including rooftop solar panels that detailed report of recommendations, provide hot water for laundry and which Trustees approved. showers, a high-efficiency boiler that The ABC’s recommendations will reduce fuel consumption and set the College on a course that LED lights that represent the latest will reduce projected budgets for in low-energy lighting. this and the next two years by an And, while avoiding more dra

5 s tion significantly. Investment losses ters all across the campus, an effort Report at that time were estimated to be that could not have been achieved of the in the range of 25 to 30 percent. without the support of every Col- Because the endowment provides a lege constituent. This mid-year Treasurer significant and growing percentage reduction in expenditures resulted of the operating budget revenue, a in a corresponding reduction in the loss of this magnitude required im- spending from the endowment for mediate and sustained efforts on the the year, setting the stage for the Following this message are the part of both the College and the Li- future reductions that will be neces- audited financial statements for brary to reduce expenditures in the sary over the subsequent years. the Trustees of Amherst College current year budget and in the pro- Student tuition and fees ac- (Institution), prepared in accor- jection of future budgets. President counted for 49.4 percent of the dance with accounting standards Marx, in his message, describes the operating resources in FY2008–09, generally accepted in the United process the College went through and the reduced endowment dis- States of America. These statements to make the adjustments necessary tribution to the budget accounted combine the operations of Amherst to respond to this loss of wealth. for 36.6 percent. As noted above, College (College) and the Folger The Library and the Emily Dickin- support from the endowment was Shakespeare Memorial Library son Museum went through a similar moderated significantly in the midst (Library), as well as the assets of exercise with their administration, of the economic downturn and will trusts in which the Institution is a staff and governing boards. As a continue to be moderated in the beneficiary, into one set of financial result, the Institution emerged from coming years. The ongoing support statements. For more description of this year still financially strong and from the endowment cannot be un- the financial presentation, please see well positioned to face the challenges derstated and would not be possible Footnote #1 on page 20, Basis of of operating in a changed world. without the generosity of alumni, Presentation. The report that follows highlights parents and friends of the College While statements in this format the financial results of FY2008–09. who contribute to the endowment, give a true financial picture of the as well as to the diligent work of the Institution as a whole and provide Investment Committee of the Board consistency and comparability Amherst College of Trustees who worked through- among nonprofit institutions, they out the year to mitigate investment do not reflect how the Institution Operating Results losses. The spending rate on the is internally managed. In fact, the endowment was 4.1 percent of the College and Library are managed as Historically the College did three-year average endowment value independent operations, with sepa- not include the expense of servic- in FY2008–09. It is expected that in rate operating budgets based on the ing debt in the operating budget. the short term, the spending rate on principles of fund accounting. Those However, due to the increasing the endowment will increase fairly principles basically divide the opera- significance of the amount (see significantly as the reduced endow- tion into operating resources, which discussion below), such payments ment value works its way into the fund the day-to-day business of the are now included in the operat- three-year average market value. Institution; endowment resources, ing budget presentations, and However, the steps taken by the which help to finance the Institution all information in this report has College are designed to return it to over the long term; and physical been adjusted to reflect that change. a level within our spending policy plant, which manages and invests The FY2008–09 College operating (3.5-5.0 percent) within 10 years, the Institution’s physical assets. budget was set at $166.7 million. as mandated by the Trustees. Plans The operating results of the College It was modified mid-year to ad- to increase other revenue sources to and Library are on pages 8 and 10, dress the economic downturn offset the endowment reliance are respectively. with a reduction of $3.5 million underway as the College enrolls 100 Fiscal year (FY) 2008–09 was in planned expenditures. Overall additional students over the next an unusual year, to say the least. The expenditures ended the year at four years. The Annual Fund and economic downturn that manifested $158.6 million, with an operating other gifts and grants to the College itself in October 2008 reduced the surplus of less than $3,000. Expen- contributed 11.7 percent of operat- endowment resources of the Institu- ditures were reduced in budget cen- ing resources. The Annual Fund

6 s continues to be an important source Series K‑1 and K‑2 in the amount that President Marx described in his of ongoing revenue to the College of $57.7 million refinanced a small message. The cash gifts received and operating budget. For budgeting ($7 million) fixed-rate issue and the pledges made are included in purposes, the College utilizes the approximately $50 million of new the Amherst College Comprehen- amount raised during a fiscal year money for planned capital projects, sive campaign, Lives of Consequence, in the following year’s operating including the renovation of Hitch- officially launched in the fall of budget; thus $10.7 million available cock and Seelye dormitories and the 2008. That campaign, well on its from FY2007–08 was included in Advancement Precinct. The new way to successful completion, will FY2008–09 budget. Total operating money was issued in a variable-rate help maintain a strong financial basis resources of the College increased mode that will be reset from its cur- for the College and will fund im- by 6.1 percent over FY2007–08 rent rate of 2.75 percent in January portant initiatives articulated in the levels. 2012. In addition, the College bor- Committee on Academic Priorities, The largest growth area in ex- rowed $100 million in the taxable the basis for the campaign. penditures was the amount provided market to support the operating Gifts for facilities totaled $4.0 in student financial aid and academic needs of the College. The debt is million this past year, including awards, bringing the total amount being used to fund operating costs pledge payments on the Trustee spent on this important priority during FY2008–09 and FY2009–10, Challenge to support the Residential to $33.0 million. Included in that assuring a sufficient liquidity posi- Master Plan (RMP) and associated figure is $30.3 million provided tion for the Institution in a period projects. A total of $32 million was directly by the College in the form of distressed markets. Even with this raised through the Trustee Chal- of scholarships, an increase of 14.6 additional level of outstanding debt, lenge to support the RMP. percent over the previous year. the growth of financial resources An additional $800,000 was Approximately 50 percent of the allowed the College to maintain received from the bequest from College operating budget is spent the highest ratings available from Dwight Goldthorpe ’41. This dis- on salaries and benefits for faculty both Moody’s Investor Services and tribution brings the total received and staff. When the financial mar- Standard & Poor’s. Those ratings from that bequest to $20.8 million kets began their initial decline, the are Aaa and AAA, respectively. The as of the end of the year, with an College immediately implemented a College continues to monitor inter- additional $2 million to $3 million vigorous review of positions as they est rate levels in the market in order anticipated in the future. The entire became vacant, stopping just short to achieve the overall lowest cost bequest was made specifically for of an all-out freeze on replacements. of debt possible. For FY2008–09, building and renovation purposes. During the course of the year, only the College paid an average rate of The Annual Fund (AF), com- the most essential positions were 2.7 percent on its outstanding debt. posed of the Alumni Fund and the refilled. By the end of the fiscal The Trustees and Administration Parents’ Fund, raised $9.6 million year, the College had more than 30 will continue to monitor markets this past year, below the $10.5 vacant positions and was preparing closely due to the economic uncer- million raised in the previous year, to offer an early retirement plan to tainty that exists. but again, given the economic employees. With normal attrition realities of the past year, a remark- and voluntary retirements, the Col- able achievement. The College uses lege was able to avoid widespread Giving to the College the AF in the operating budget of layoffs. The College continues to Cash gifts, bequests and grants the following year, taking away the have a long-serving and stable work received in FY2008–09 totaled uncertainty of achieving the AF goal force. Without these dedicated $38.6 million, substantially less than and allowing the College to budget employees, the path through this last year’s record $77.3 million, but the contribution with certainty. The economic environment would have still a remarkable achievement in AF will provide 5.8 percent of the been much more difficult. Other a very difficult economic environ- College’s total operating budget in significant expenditures in the cur- ment. The figure above does not FY2009–10 and remains a signifi- rent year included allocations to include the $12.3 million in new cant source of unrestricted operat- facilities maintenance, faculty and pledges made over the course of ing revenue. As noted in the past, student research and technology. FY2008–09, nor does it include the it would take approximately $240 During FY2008–09, the Col- two remarkable pledges the College million in additional endowment lege took on additional debt. The just received, totaling $125 million, principal to generate the amount of

7 s income needed to replace that level of support. The AF is also the most Amherst College meaningful way for alumni, parents and friends at all economic levels to Statement of Operating Resources and Expenses participate in the College’s fundrais- for the years ended June 30, 2009 and 2008 ing efforts. The minimum needed to establish an endowment fund is well 2009 2008 above the range of many Amherst Resources available donors, but a gift of any amount is Student tuition and fees $ 78,358,737 $ 75,591,051 Folger Shakespeare Memorial Fund 226,000 226,000 possible through the AF. Many of Income from current fund investments 190,117 258,582 Amherst’s most generous alumni Other 5,478,926 4,066,507 began their support of the College 84,253,780 80,142,140 with participation in the AF; though their giving now includes endow- Restricted expendable funds availed of—net (1,432,692) (1,273,280) ment, facilities and life income gifts, 82,821,088 78,868,860 these donors remain loyal sup- porters of the AF. Because of this Current expenses Educational and general loyalty, Amherst leads the nation Instruction 34,526,075 32,469,227 in alumni participation, with 60.1 Academic support 10,124,880 9,209,296 percent of all alumni and 25.7 per- Research 2,686,394 3,184,571 cent of parents giving to the AF in Library 6,112,271 6,148,816 FY2008–09. For the 16th consecu- Student services 14,967,397 15,129,665 tive year, alumni participation in the Operation and maintenance of plant 19,217,010 18,750,568 Administration and general 14,120,306 13,796,217 AF exceeded 60 percent. Pensions and professional fees 2,105,675 2,347,119 In FY2008–09, the College’s en- 103,860,008 101,035,479 dowment increased by $10.7 million in new gifts and another $1.2 million Student aid and academic awards 32,956,048 29,006,495 in gifts transferred to the endowment Auxiliary activities 12,680,468 12,002,832 from terminated life income funds. Debt service 9,030,034 7,695,000 Gifts totaling $7.2 million supported Non-educational 52,953 50,607 current operations in such areas as 54,719,503 48,754,934 instruction, research, library purchases, scholarships and fellowships. Total current expenses 158,579,511 149,790,413 Life income gifts—charitable Deficit before support from Alumni and Friends (75,758,423) (70,921,553) remainder unitrusts and annuity trusts, charitable gift annuities Distribution from endowment 58,098,437 53,308,521 and pooled income funds—totaled Gifts and grants for operating purposes 6,954,035 7,982,616 Annual Fund 10,708,507 9,642,097 $7.3 million in FY2008–09. These gifts will provide beneficiaries with Total Support from Alumni and Friends 75,760,979 70,933,234 income during their lifetimes, while supporting a wide variety of Col- Surplus $ 2,556 $ 11,681 lege programs in future years. Since FY2006–07, an Internal Revenue Service ruling allows the College to invest its charitable remainder unitrusts in units of the endowment ment expertise of the College’s investment pool (referred to as an endowment managers, and benefi- endowment trust by the College). ciaries receive annual income based As a result, these trusts receive the on the trust’s yearly market value. same market returns as the endow- This ruling contributed greatly to ment. Donors and beneficiaries now the level of life income gifts received benefit from access to the invest- and pledged in the last three years.

8 s Facilities and Other (LJI) renovation and expansion lab spaces, indicates that a major project that was slated to begin in project is warranted. As such, an Capital Projects November 2008. This resulted in architectural and program plan- As noted in previous reports, a temporary shuttering of the Inn ning process has been underway for the Trustees adopted a comprehen- while the scope and scale of the the past year. From this process, a sive, multi-year, phased strategy in project were reconsidered. The definition of the scope and scale for 2001 to improve the physical condi- LJI, built in 1926, had graciously a science building project will begin tion of the College’s dormitories served the College and the com- to emerge. It is anticipated that while introducing needed social and munity over the years; however, this complex planning process will program spaces. The past year has since its original construction, the continue in the upcoming year and seen continued progress in meet- only capital upgrades that had been the conceptual approach that best ing the College’s goal of enhancing performed were primarily cosmetic. addresses the needs of the science its residential facilities under the As such, critical building elements departments and the campus will be Residential Master Plan (RMP). were past their design life and the defined. This conceptual plan will After completion of the first phase LJI was in need of a comprehensive form the basis to hire a design archi- of the RMP in 2006, which fo- renovation. With the goal of creat- tect, who will translate the College’s cused on developing the Freshmen ing a first-rate New England inn, the aspirations for this major project Quadrangle, attention was turned College had initially planned on ex- into a tangible design. to upgrading the upper-class dorms. panding from 48 to 70 guest rooms Working in a thoughtful and The College has made significant and adding banquet/function facil- deliberate manner with Shepley progress on the second phase of ities. Following the postponement, Bulfinch Richardson & Abbott Inc., the RMP; to date, six fraternity the College reconsidered the scope an architectural planner, the College dorms have been renovated, with of the project and determined that is developing a framework to define the recent completion of Hitchcock it would be financially advanta- the scope, budget and schedule for and Seelye in the summer of 2009. geous to scale back to a less ambi- pressing space needs of the other The fraternity dormitory renova- tious renovation-only project that academic facilities on campus. Such tions have focused on addressing preserves guest-room count and a comprehensive planning process design life-cycle issues, preserving modestly enhances the banquet/ will ensure that these needs are care- architectural character and historic function capacity. The College made fully identified, scaled and properly fabric and introducing needed the decision about reinitiating the coordinated so that space needs are programmatic enhancements. LJI project just this fall. efficiently and equitably addressed in In keeping with the College’s Despite the economic down- a multi-year, phased fashion without sustainable-design philosophies, turn, the College recognizes the physically overwhelming the campus these projects include features such critical importance of expeditiously or the College’s financial resources. as solar hot-water panels, energy- moving forward with a science efficient lighting, HVAC heat recla- building project. Merrill, which was Emily Dickinson mation and insulation systems that built in the mid-1960s, no longer exceed energy code requirements. adequately supports the pedagogy Museum As a result of the downturn in the of the sciences. Chemistry and The Emily Dickinson Museum came economy, the College has opted physics have become much more through the financial hazards of to delay further renovations of the technology- and instrument-focused the last year with its fiscal position fraternity dorms. Since the dorms in disciplines that have very exacting and public program in good health. the worst condition were renovated requirements for environmental This would not have been possible first, the College does not anticipate conditions in the laboratories. without a growing constituency of any adverse impact from deferring Specifically, the labs must have very supportive friends, prudent steward- renovations on the remaining six precise temperature, humidity and ship and a small reserve. fraternity dorms. The status of the air-quality controls. The utility In fiscal year 2009, the Museum Social Dorms will be evaluated over infrastructure for Merrill is woefully supported its operations by raising the coming year. outdated and must be replaced to 32 percent of its $422,413 budget The challenging economic address these performance deficits. in gifts and grants, earning 32 per- climate prompted the Trustees to This infrastructure work, along cent in admissions-related income, postpone the Lord Jeffery Inn with needed reconfiguration of drawing 11 percent in distributions

9 s from endowment funds and royal- ties and drawing 25 percent from Folger Shakespeare Memorial Library other sources. The year began with a rousing Statement of Operating Resources and Expenses fifth-anniversary celebration and for the years ended June 30, 2009 and 2008 marathon poetry reading and ended with a dramatic restoration of the 2009 2008 historic hedge and fence along its Resources available Main Street frontage. Between these Distribution from endowment $ 11,000,146 $ 9,624,600 Income from current fund investments 12,652 60,183 two substantial undertakings came U.S. Government grants 1,029,609 794,441 a multitude of guided tours and a Gifts and other grants 1,550,704 1,780,182 series of lively, engaging programs Other 3,257,961 3,029,016 under the umbrella of The Big 16,851,072 15,288,422 Read: The Poetry of Emily Dickin- son. Part of a pilot initiative created Restricted expendable funds availed of—net (247,367) (130,371) by the National Endowment for the Arts in partnership with the Poetry Appropriation for collection acquisitions (410,000) (200,000) Foundation, The Big Read’s empha- 16,193,705 14,958,051 sis on community-based program- Current expenses ming coincided perfectly with the Administration and general 4,999,547 5,048,094 sense of place vital to Dickinson’s Development office 692,069 702,114 work and this year’s 250th anni- Central Library 3,315,508 3,231,025 versary of the Town of Amherst’s Museum Shop and Rental Properties 396,274 397,122 establishment. Academic programs 1,476,135 1,284,197 Public programs 3,137,415 3,007,505 The complex restoration of Grant activities 570,955 388,454 the 900-foot hemlock hedge and 14,587,903 14,058,511 fence along the southern border of the historic Dickinson family house Capital Expenses lots occupied much of the year. Reserve transfer (315,000) (257,000) Originally planted in the 1860s Plant transfer for building projects (890,000) (630,000) as a hedge, nearly 200 overgrown Plant transfer for collection acquisitions (400,000) and diseased hemlock trees were Surplus $ 802 $ 12,540 removed and replaced by healthy shrubs. Picket fencing and massive decorative gate posts were fabricated to match historic examples, from She is currently an independent founded, the situation at the Folger the Museum’s collection, of how consultant on poetry, arts and turned out to be not as dire as at the property looked in Emily’s time. cultural issues and president of some other institutions. Thanks Spurred by a generous leadership the Folger Shakespeare Memorial to conservative financial manage- gift, the Board of Governors pro- Library’s Poetry Board. ment—and despite a decline in the vided the majority of the $275,000 endowment and in gift and grant in private contributions raised to Folger Shakespeare income—the Library imposed no complete the project. layoffs and ended the fiscal year with The Board of Governors Memorial Library a surplus. Happily, the Folger and its welcomed a 14th member, Gigi At the January 2009 meeting of the programs remain strong—if spare— Bradford of Washington, D.C. Ms. Folger Board of Governors, Direc- and more than able to continue Bradford has been a senior official tor Gail Paster called upon a Biblical fulfilling its educational and cultural with the National Endowment for analogy to describe the impact of mission. the Arts and executive director of the financial crisis. The Library had There were a number of transi- the Center for Arts and Culture, seven years of fat, she said, and now tions at the Library this year. Rich- America’s first independent think must endure some requisite years of ard Kuhta retired in December after tank for arts and cultural issues. lean. While her caution was well- 15 years of excellent service, and

10 s January saw the arrival of Stephen digital imaging lab launched a free plans to upgrade the Great Hall and Enniss, former director of Emory public access database of more than improve handicap access, are still University’s Manuscript, Archives 27,000 images, and the conserva- on hold pending better economic and Rare Book Library, to assume tion lab celebrated the 30th year of forecasts, the Folger looks to the the position of Eric Weinmann the Library’s internship program. future from a firmer footing than Librarian. In June, Barbara Mowat Library staff and guest curators many and a more optimistic outlook ended her distinguished 20-year mounted three very successful than most. career as director of research, chair exhibitions: Breaking News: Renais- of the Folger Institute and executive sance Journalism and the Birth of COLLEGE AND LIBRARY editor of Shakespeare Quarterly. She the Newspaper; To Sleep, Perchance to ENDOWMENT and was succeeded by David Schalkwyk, Dream; and The Curatorial Eye: Dis- a respected Shakespeare scholar and coveries from the Folger Vault. And, SIMILAR FUNDS professor from the University of despite fiscal restraints, the Library For FY2008–09, the return on the Cape Town. acquired a variety of manuscripts, College’s investments was –20.1 Changes in the Board of Gov artwork and rare books, including percent, net of all fees and expenses. ernors included the election of a copy of John Selden’s Titles of This brought the value of the En- three new members: writer and Honor (1631) owned by Lady Anne dowment Funds to $1.3 billion, a civic volunteer Susan Sachs Gold- Clifford. decrease of $400 million from the man, neurologist Carol Ludwig In addition to the Folger previous year’s value of $1.7 billion. and Peter Rose, an expert in finan- Institute’s usual slate of thought- The Folger Shakespeare Memo- cial management and media rela- provoking seminars and symposia, rial Library’s Endowment Fund tions. The Board also reluctantly a year-long curriculum called Re- decreased from $293.5 million to accepted the resignation of Karen searching the Archives and a work- $222.8 million during the fiscal Hastie Williams, who had served for shop in teaching the research skill of year. Funds managed by the trust- a dozen years and chaired for nine, paleography has made the Institute ees under life income agreements and welcomed Laura Yerkovich, a recognized leader in the field. The totaled $69.3 million at June 30, Amherst Trustee, investment banker Folger Editions continue to achieve 2009, a decrease of $11.1 million and geologist, to take her place. high sales figures, and a new edi- from the prior year. Gifts of $10.7 Despite the economic down- tion of Macbeth, with a DVD of the million helped partially offset the turn, the Library experienced more 2008 Folger Theatre production, decrease in endowment value that than its share of bright moments. was published in September 2009. resulted from the year’s negative The 2008–09 season of Folger Folger Education continues to investment returns. Theatre, which featured produc- lead the way in performance-based FY 2008–09 was a difficult year tions of 1 Henry IV, The Winter’s teaching, hosting an NEH-funded for almost all institutional inves- Tale and Arcadia by Tom Stop- month-long Teaching Shakespeare tors, including Amherst. Still, the pard, filled a record 97.2 percent of Institute for high school teachers long-term performance for the available seats. The theater was also and the first-ever conference for College remains strong, even after honored to debut Rachel and Juliet, elementary school educators. The the downdraft of the past year. For a one-woman show by Folger Board Teaching Shakespeare Web site, the three-, five- and 10-year periods member Lynn Redgrave. Folger which extends the reach of the ending June 30, 2009, the College Consort and Folger Poetry enjoyed Library’s education programs by achieved annualized returns of 2.2, robust ticket sales, and a new Folger making available lesson plans, work- 8.8 and 10.3 percent, respectively. Fridays series that offered after- shops and links to videos and other The strong returns achieved by the hours talks and other events during resources, logged 1.4 million page endowment over the past decade the season attracted large numbers views in FY2008–09. have been critical to the College and of visitors, many of them new to the Digital outreach in other areas its operating budget. Library. has also grown exponentially. More The –20.1 percent return for The Central Library had a busy than 650,000 visitors logged onto the endowment portfolio during fis- year, recording both the largest www.folger.edu in FY2008–09 and, cal 2009 compared favorably against number of on‑site readers in five among them, they viewed nearly 4 those of our many peer institutions years and a record number of titles million pages on the site. and other leading endowments that catalogued. The photography and So while many projects, such as saw their endowments decrease by

11 s larger percentages. Relative to the changed. The proverbial “voting annualized returns of 8.8 percent major market indices, the endow- machine” was in full effect. and 10.3 percent respectively, the ment outpaced the –26.2 percent The lessons of Modern Portfo- College remains in the top decile of return registered by the S&P 500 lio Theory have long suggested that both the broad universe of Col- Index and the –30.9 percent return diversification can be a key means leges and Universities, as well as for the EAFE (foreign) Index, but for mitigating portfolio volatility the universe of endowments greater was unable to keep pace with the over time. The theory proposes than $1 billion. We believe this is a +6.6 percent return registered by that a collection of assets will have testament not only to the diversi- the Barclays Government Bond collectively lower risk over time than fication of our endowment, but to Index. any individual asset. While history the quality of the managers we are The seminal event affecting has clearly demonstrated the ben- selecting. Still, we understand that the markets this fiscal year was the efits of diversification, FY2008–09 we must adapt to changing realities, Lehman Brothers’ bankruptcy, in was marked by unprecedented and we are constantly working to September 2008. In the months correlation of returns across asset ensure that the portfolio is optimally following the bankruptcy, the credit classes. With the exception of cash positioned for the future. markets were essentially frozen and and fixed income, every asset class The College did not make global equity markets declined by produced negative returns. The any significant changes to its long- 40 percent or more. The legendary table below demonstrates the re- term strategic asset allocation policy value investor Benjamin Graham markable correlation of returns that targets during the year. Actual asset is often quoted as saying, “In the existed last year. allocation differences relative to short run, the market is a voting With perfect hindsight, we the long-term strategic policy were machine, but in the long run, it would have entered this fiscal year driven mainly by changes in valua- is a weighing machine.” Graham with greater exposure to fixed tions resulting from significant mar- believed that in the short run, stock income and cash and less exposure ket volatility and from liquidations prices often diverge from their “true to equity-focused asset classes with the College made from its public value,” but that in the long run, greater volatility. However, we re- equity portfolio to meet the liquid- prices will properly reflect underly- main committed to our belief in the ity needs of the College. Actual ing business fundamentals. Indeed, long-term value of having a diversi- allocations as of June 30, 2009, are as fear crept into the markets and in- fied portfolio of actively managed shown in the table on the next page. vestors became increasingly focused investments. The College’s exposure To manage its liquidity needs on their immediate liquidity needs, to both equities and alternative asset and to build cash reserves, the Col- all sense of balance and rationality in classes has been a key contributor lege took several actions during the the markets disappeared. As a result, to the exceptional returns achieved year. stock prices declined irrespective of by the endowment over the past Most transparently, the Col- whether business fundamentals had 10 years. With five- and 10-year lege issued $100 million in taxable bonds in an effort to provide additional liquidity for the operating Fiscal Year 2008–09 Performance budget and to relieve the need to draw cash from the endowment to Amherst Benchmark Relative help support the College’s opera- Public Markets Equity (26.3)% (28.9)% 2.6% tions. Equity Hedge Funds (19.9)% (11.8)% (8.1)% The College also withdrew some of the available liquidity from Private Equity (23.9)% (27.0)% 3.1 its more liquid investments, result- Venture Capital (11.1)% (17.1)% 6.0 ing in a 9 percent reduction in Absolute Return (9.6)% 7.2 (16.8)% the public equity allocation and a Real Estate (33.7)% (19.6)% (14.1)% concomitant increase of 8 percent Natural Resources (17.5)% (10.1)% (7.4)% to the cash allocation. Within public equities, the College raised nearly Fixed Income 5.4 6.6 (1.2)% $113 million in cash by fully liqui- Total Endowment (20.1)% (13.3)% (6.8)% dating three investments and taking

12 s Strategic Actual Asset As I noted at the beginning Policy Allocation as of this report, this was an unusual Target (%) of 6/30/09 (%) year. The financial downturn and the effect it has had on the Institu- Public Equity (U.S. + non-U.S.) 30 16 tion have been profound. At a time Hedge Strategies 30 27 when self-interest could have taken Private Equity/Venture Capital 16 22 over, I am very happy to report that Real Assets (natural resources 12 17 the collective community rose to and real estate) the occasion in remarkable ways. In Fixed Income + Cash 12 18 numerous meetings throughout the Total Pool 100 100 year, President Marx and the administration, faculty, staff, students and Trustees worked together to make available liquidity from four other $51 million reduction to outstand- suggestions to help solve the budget managers across the public equity ing commitments. issues and looked out for each other. asset classes (including U.S. Equity, During the last few months of All did not agree on everything, but Global Equity, Non-U.S. Equity the fiscal year, the markets regained the collective desire to make the and Emerging Markets Equity). The some momentum and recaptured best decisions for Amherst given the College also raised liquidity from its some of the losses that had been economic realities was clear. It dem- hedge fund portfolios, withdraw- endured earlier in the year. Without onstrated for me once again that ing approximately $57 million from question, the change in the psychol- Amherst is a remarkable place. these accounts. The College did not ogy of the market and the improv- hire any new public equity or hedge ing level of market performance was fund managers during the year but a direct result of the government did consolidate two investment programs that funneled massive strategies with one manager into a amounts of capital to both Main combined strategy. Street and Wall Street. Looking In addition to raising liquid- ahead, many uncertainties remain Peter J. Shea ity, the College also took action to regarding the long-term impact Treasurer reduce the level of unfunded com- of the government’s intervention mitments we have to our portfolio and to what extent the markets of non-marketable investments. will continue to rally. It is unclear This was accomplished in two ways: whether, in the absence of a contin- 1) by limiting the number of new uous stream of government capital, investment commitments made dur- consumer demand will be enough to ing the year and 2) by actively seek- support the economy and whether ing opportunities to reduce existing investor confidence will remain unfunded commitments. During strong enough to push investment fiscal 2009, new commitments were returns higher. limited to three follow-on invest- We remain convinced that ments with existing investment portfolio decisions should be based managers in the Oil & Gas alloca- on a long-term investment horizon. tion. To proactively reduce un- While the unprecedented events of funded commitments, the College the past year wreaked havoc on the transacted in the secondary market financial markets and led to nega- and completed the partial sale of tive returns for our endowment, four investments. Further, the Col- we are confident that a diversified lege took advantage of commitment portfolio of top-quality managers reductions offered by two of its will preserve endowment capital and existing managers. Together, these continue to achieve solid long-term actions resulted in an approximately results.

13 s Amherst College s Twenty Years in Review

2009 2008 2004 1999 1994 1989

Assets (000’s omitted) Total Assets $ 2,013,088 $ 2,309,170 $ 1,381,466 $ 911,077 $ 451,799 $ 369,110 Endowment Funds at Market 1,305,944 1,705,917 993,418 634,517 331,637 266,506 Life Funds at Market 68,660 79,533 65,668 68,644 29,630 15,574 Student Loans Outstanding 4,014 4,126 3,853 4,617 3,484 2,632

Income (000’s omitted) Student Income 78,359 75,591 58,612 48,315 37,671 26,817 Student Income —% of Operating Expenditures 49.4% 50.5% 54.2% 58.0% 57.2% 53.7% Gifts, Bequests, and Grants Received 38,646 77,311 36,705 44,890 19,754 14,705 Annual Fund, utilized 10,709 9,642 7,372 6,042 3,633 3,594 Endowment Income Distributed 58,098 53,309 33,696 21,028 16,787 15,222

Expenditures (000’s omitted) Operating Expenditures 158,580 149,790 108,151 83,254 65,802 49,968 Educational and General 103,860 100,582 74,805 57,654 45,151 35,168 Student Aid 32,956 29,006 19,756 13,243 10,002 6,180

Miscellaneous Number of Students, average for year 1,676 1,674 1,594 1,620 1,574 1,579 Comprehensive Fee $ 46,760 $ 45,000 $ 36,910 $ 30,010 $ 23,880 $ 16,850 Net Cost per Student (net of scholarships) 76,529 73,674 56,448 43,948 36,088 28,260 Endowment per student, based on fall enrollment 769,560 1,016,637 612,087 383,858 207,923 168,249 Student Loans Granted 303 671 586 627 838 693

Comparative Investment Performances (Total Return Indexed) Amherst College Consolidated Fund 902.3 1,129.2 591.2 337.0 156.5 100.0 Standard and Poor's 500 445.6 604.0 499.1 558.0 163.3 100.0 Lehman Bond Index 387.8 363.7 298.0 215.2 149.2 100.0 EAFE 213.2 310.5 190.2 189.4 127.7 100.0

Investments (000’s omitted) Funds (at market) Consolidated Fund $ 1,303,925 $ 1,703,808 $ 991,449 $ 631,976 $ 325,387 $ 261,385 Folger Shakespeare Memorial Library 222,828 293,463 176,889 122,201 67,550 51,114 Separately Invested Endowment Funds 2,019 2,109 1,969 2,541 6,250 5,121 Immediate Life Income Funds 7,963 8,991 11,021 11,931 6,968 4,607 Balanced Life Income Funds 6,828 7,977 6,708 6,859 3,070 1,456 Life Growth Fund 21 1,473 Gift Annuities 4,632 6,929 5,124 1,643 Separately Invested Life Funds 49,237 55,636 42,815 48,211 19,571 8,038 Folger Life Income Funds 660 862 1,214 1,539 Other Investments 145,734 122,249 35,864 33,424 Total Funds $1,743,826 $2,202,024 $1,273,053 $860,325 $428,817 $333,194

Investments by asset allocation Cash and cash equivalents $ 184,344 $ 64,704 $ 124,730 $ 21,940 $ 16,495 $ 46,767 Domestic equities 77,580 176,995 206,753 309,557 200,080 151,392 Foreign equities 154,399 285,343 119,532 62,541 49,978 21,442 Global equities 42,424 89,244 Private equities 368,131 420,531 173,326 137,745 6,872 Fixed income 139,566 159,730 150,517 129,904 118,096 110,203 Absolute return 470,243 622,937 376,937 139,653 24,037 Natural resources 296,474 370,243 113,805 57,495 6,230 Other investments 10,663 12,297 7,453 1,490 7,029 3,390 Total Investments $1,743,826 $2,202,024 $1,273,053 $860,325 $428,817 $333,194

14 s 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, 2009 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 audit. We conducted our audit 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 audit provides a reasonable basis for our opinion.

During 2009, as discussed in Note 1, the Institution adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements.

October 15, 2009

15 s The Trustees of Amherst College Balance Sheet June 30, 2009

Folger Shakespeare Amherst Memorial College Library Total Assets Cash and cash equivalents $ 63,190,224 $ 63,190,224 Deposits with trustee 15,749,919 15,749,919 Short term investments 346,400 346,400 Accounts receivable 5,921,297 $ 169,737 6,091,034 Accrued interest receivable 294,378 100,339 394,717 Contributions receivable, net 52,184,342 23,816 52,208,158 Beneficial interest in perpetual trusts 13,037,149 13,037,149 Other assets 5,055,391 142,878 5,198,269 Investments 1,515,067,603 228,758,031 1,743,825,634 Student loans receivable, net 4,014,071 4,014,071 Mortgages and notes receivable 4,218,987 4,218,987 Property, plant and equipment, net 334,008,538 38,011,276 372,019,814 Total assets $2,013,088,299 $267,206,077 $2,280,294,376

Liabilities And Net Assets Accounts payable $ 5,870,952 $ 1,897,259 $ 7,768,211 Accrued liabilities 3,748,918 211,760 3,960,678 Deferred income and deposits 3,059,701 362,896 3,422,597 Liability for life income obligations 33,234,419 319,162 33,553,581 Postretirement benefit obligations 35,294,512 2,710,639 38,005,151 Bonds payable 317,805,400 317,805,400 Government grants refundable 2,070,632 2,070,632 Other liabilities 11,141,740 830,577 11,972,317 Total liabilities 412,226,274 6,332,293 418,558,567 Net Assets Unrestricted 604,511,868 53,417,322 657,929,190 Temporarily restricted 713,740,482 183,130,264 896,870,746 Permanently restricted 282,609,675 24,326,198 306,935,873 Total net assets 1,600,862,025 260,873,784 1,861,735,809 Total liabilities and net assets $2,013,088,299 $267,206,077 $2,280,294,376

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

16 s The Trustees of Amherst College Statement of Activities for the year ended June 30, 2009

Unrestricted Folger Shakespeare Amherst Memorial Temporarily Permanently College Library Restricted Restricted Total Revenues, gains and other additions Student fee revenue $ 62,412,848 $ 62,412,848 Residence and dining hall revenue 15,945,889 15,945,889 Less Amherst College scholarships awarded (30,318,076) (30,318,076) Net student fee revenue 48,040,661 48,040,661 Other revenue, gains and other additions Investment income 8,349,351 $ 4,528,953 $ 21,392,830 $ 929,241 35,200,375 Realized (loss) gain on investments, net of fees (19,330,371) (3,347,930) (6,700,188) 3,786 (29,374,703) Unrealized loss on investments (145,062,162) (5,401,026) (287,030,104) (3,918,656) (441,411,948) Change in net value of life income funds (5,135,498) (3,019,365) (8,154,863) U.S. Government grants 266,732 458,654 1,729,628 2,455,014 Gifts and other grants 11,818,912 936,579 9,572,489 13,022,183 35,350,163 Other 5,649,255 3,473,895 473,817 245,520 9,842,487 Net assets released from restrictions 70,249,846 10,486,182 (80,736,028) Total revenue, gains and other additions (20,017,776) 11,135,307 (346,433,054) 7,262,709 (348,052,814)

Expenditures and other deductions Instruction and academic programs 42,287,210 1,476,135 43,763,345 Academic support 13,668,622 13,668,622 Student services 20,037,691 20,037,691 Library 9,806,374 6,501,121 16,307,495 Research and public programs 2,443,838 3,853,488 6,297,326 Administrative and general 17,802,565 3,635,249 21,437,814 Pensions and professional fees 9,375,037 1,089,694 10,464,731 Academic prizes, fellowships and awards 1,039,928 1,039,928 Auxiliary activities 22,973,844 22,973,844 Unrealized loss and net settlement on interest rate swap 7,147,234 7,147,234 Other 4,138,549 652,410 4,790,959 Total expenditures and other deductions 150,720,892 17,208,097 167,928,989 (Decrease) Increase in net assets (170,738,668) (6,072,790) (346,433,054) 7,262,709 (515,981,803) Net assets, beginning of year 775,250,536 59,490,112 1,243,303,800 299,673,164 2,377,717,612 Net assets, end of year $604,511,868 $53,417,322 $896,870,746 $306,935,873 $1,861,735,809

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

17 s The Trustees of Amherst College Statement of Cash Flows for the year ended June 30, 2009

Folger Shakespeare Amherst Memorial College Library Total Cash flows from operating activities Decrease in net assets $(445,752,964) $(70,228,839) $(515,981,803) Adjustments to reconcile decrease in net assets to net cash used in operating activities: Depreciation 14,541,105 1,249,896 15,791,001 Unrealized loss on investments 391,963,670 60,789,030 452,752,700 Net change in other investments (2,800,128) (59,936) (2,860,064) Change in life income obligations (6,980,263) (112,937) (7,093,200) Unrealized loss on interest rate swap agreement 5,581,006 5,581,006 Change in beneficial interest in perpetual trusts 3,918,657 3,918,657 Realized loss on investments, net 3,440,750 497,177 3,937,927 Gifts to endowment (10,692,908) (107,677) (10,800,585) Income added to endowment principal (8,217,189) (73,471) (8,290,660) Life income fund gifts and other changes (2,073,658) (24,032) (2,097,690) Contributions to plant (3,964,045) (45,780) (4,009,825) Disposal of assets 1,468,862 1,468,862 Receipt of contributed securities (3,612,113) (39,520) (3,651,633) (Increase) decrease in assets: Accounts receivable, net (2,973,062) 559,610 (2,413,452) Accrued interest receivable 247,219 (12,369) 234,850 Contributions receivable (1,562,069) 14,485 (1,547,584) Other assets (1,714,237) 142,466 (1,571,771) Increase (decrease) in liabilities: Accounts payable (5,707,272) 1,491,003 (4,216,269) Accrued liabilities 1,719,264 14,681 1,733,945 Deferred income and deposits 629,345 26,285 655,630 Liability for life income obligations 2,252,692 23,667 2,276,359 Postretirement benefit obligations 8,852,734 956,712 9,809,446 Other liabilities (120,986) 53,228 (67,758) Net cash used in operating activities (61,555,590) (4,886,321) (66,441,911)

Cash flows from investing activities Purchases of plant and equipment, net (27,317,620) (1,180,332) (28,497,952) Net change in deposits with trustee (15,749,919) (15,749,919) Net change in mortgages and loans (2,831,789) (2,831,789) Proceeds from sales of contributed securities 4,464,433 39,520 4,503,953 Purchases of investments (191,098,496) (28,904,351) (220,002,847) Proceeds from sales and maturities of investments 191,428,753 34,411,180 225,839,933 Net cash (used in) provided by investing activities (41,104,638) 4,366,017 (36,738,621)

18 s The Trustees of Amherst College Statement of Cash Flows (continued) for the year ended June 30, 2009

Folger Shakespeare Amherst Memorial College Library Total Cash flows from financing activities Contributions to endowment $ 18,910,097 $ 181,148 $ 19,091,245 Contributions to plant 3,964,045 45,780 4,009,825 Contributions to life income agreements 13,432 13,432 Return on life income agreements 2,060,226 24,032 2,084,258 Payments to beneficiaries under split interest agreements (4,597,894) (4,597,894) Other financing activities 2,800,128 59,936 2,860,064 Proceeds from bond issuance 155,155,400 155,155,400 Decrease in student loan funds (25,332) (25,332) Payments on long-term debt (12,429,650) (12,429,650) Net cash provided by financing activities 165,850,452 310,896 166,161,348 Net change in cash and cash equivalents 63,190,224 (209,408) 62,980,816 Cash and cash equivalents, beginning of year 209,408 209,408 Cash and cash equivalents, end of year $ 63,190,224 $ $ 63,190,224 Supplemental data Interest paid $ 3,832,825 $ 3,832,825 Gifts in kind 713,519 713,519 Purchases of plant and equipment included in accounts payable 943,212 $ 23,266 966,478

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

19 s 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 (“Col- lege”) and Folger Shakespeare Memorial Library (“Library”). The College is an academically rig- orous, 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 Shake- speare 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 2008–2009. 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 are unaudited and have not been consolidated with those of the Institution due to their insignificance. At March 31, 2009, the Amherst Inn Company had assets of approximately $1,717,000, liabilities of approximately $5,202,000, and a capital deficiency of approximately $3,485,000. The net loss for the Inn’s year ended March 31, 2009 was approximately $919,000. 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 The financial statements have been prepared on the accrual basis of accounting. The preparation of Presentation 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 its alternative 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 exis- tence 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 per- mit 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 Trust- ees or may otherwise be limited by contractual agreements with outside parties.

20 s 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 as decreases in unrestricted net assets. Gains and losses on investments are reported as increases or decreases in the applicable category of 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 grant expenditures are incurred.

Total Return The Institution adds interest and dividends earned on the Consolidated Endowment Fund and the Distribution Folger Fund, which represent approximately 99% of the investments of its endowments and similar on INVESTMENTS 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 2008–2009 was $70,665,926 for the College and $11,359,554 for the Library. In addition, investment manager fees and expenses, which include the general partners’ share of gains in limited partnerships, were distributed from this pool and were $22,970,886 for the College and $3,300,271 for the Library. Interest and dividend income earned in 2008–2009 in the Funds was $30,968,433 and $4,814,184 for the College and Library, respectively. 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 and was $62,668,379 for the College and $9,845,641 for the Library.

INVESTMENTS The Institution has established a diversified investment portfolio in accordance with the investment strategy determined 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 Institutions’s alternative investments include venture capital funds, private equity funds and investments in real estate and natural

21 s resources. These investments represented approximately 40% of the Institution’s investments at June 30, 2009. 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 and results included in the financial statements. 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 fund- ing periodically as capital calls are exercised. The Institution has outstanding commitments to limited partnerships at June 30, 2009 of approximately $427 million through 2013. Purchases and sales of investments are recorded on 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.

Derivative The Institution’s investment policies allow for the use of derivative financial instruments to manage Financial currency exchange risks arising from investments in nonderivative foreign assets in proportion to the INSTRUMENTS 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, 2009. The College utilizes swap agreements to moderate its exposure to interest rate risk on certain bond issuances. See Footnote No. 5, 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 Life income obligations result from annuity and life income agreements which are irrevocable chari- OBLIGATIONS table remainder agreements. The assets held for these agreements are reported as part of the Insti- tution’s 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 Beneficial interest in perpetual trusts represents resources neither in the possession of nor under the Interest in control of the Institution, but held and administered by outside fiscal agents, with the College deriv- Perpetual Trusts ing income from such funds. The trusts are recorded at their respective fair values.

Property, Property, plant and equipment are recorded at cost. Plant and The Institution capitalizes the cost of construction and major improvements to buildings, and pur- Equipment chases 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. 12, Collections.

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

Cash Cash equivalents include short-term, highly liquid investments with a maturity of three months or EQUIVALENTS 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.

Short Term Short term investments are comprised of equity securities received as gifts and identified for liquida- Investments tion by the Institution.

22 s New Accounting During 2009 the Institution adopted the provisions of Statement of Financial Accounting Standards PRONOUNCEMENTS No. 157, “Fair Value Measurements” (“SFAS 157”). SFAS 157 defines the term fair value, establishes a framework for measuring it within generally accepted accounting principles and expands disclosures about its measurement. Fair value is the amount that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS 157 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. The degree of judgment utilized in developing those assumptions generally correlates to the level of pricing observability. The availability of observable inputs can vary across financial assets and liabilities. For investments, fair value is affected by a wide variety of factors including, for example, the type of investment, whether the investment is new and not yet established in the market place and other characteristics particular to the investment. The inputs used for valuing investments are not necessar- ily an indication of the risk associated with investing in those securities. The Institution’s investments have been categorized based upon the fair value hierarchy as defined in SFAS 157. The hierarchy is comprised of the following three broad levels: Level 1: Valuations based on observable inputs that reflect quoted prices in active markets for identical assets and liabilities. Assets and liabilities utilizing Level 1 inputs may include exchange traded securities, short term money market funds and actively-traded obligations issued by the U.S. Treasury. Level 2: Valuations based upon quoted prices for identical or similar assets or liabilities in markets that are less active or other significant market-based inputs which are observable, either directly or indi- rectly. As of June 30, 2009, the Institution did not hold any Level 2 investments. Level 3: Valuations based on unobservable inputs that are significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs may include real estate partnerships, private equity investments, and other illiquid securities with little, if any, market activity. Valuation of these instruments entails a significant degree of estimation and judgment. It is possible that these fair value valuations may differ materially from amounts that are ultimately realized. During 2009, the Institution adopted the provisions of FASB staff position FAS 117–1, “Endow- ments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Ver- sion of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for all Endowment Funds” (“FSP 117–1”). This FSP requires additional disclosures about endowments (both donor restricted funds and board designated funds) for all organizations. See Footnote #2, Investments for additional disclosure. Statement of Financial Accounting Standards No. 165, “Subsequent Events “ (SFAS 165) establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. Management has evaluated subsequent events for the period after June 30, 2009 through October 15, 2009, the date the financial statements were available to be issued.

23 s 2. Investments The comparison of fair value and cost for investments in accordance with the hierarchy as defined in SFAS 157 was as follows as of June 30, 2009:

Amherst College Fair Value Measurements as of June 30, 2009 Quoted Prices in Active Markets for Identical Significant Assets Unobservable Fair Value Description (Level 1) (Level 3) Total Cost Endowment and similar funds Cash and equivalents $ 159,708,268 $ 159,708,268 $ 159,708,268 Due to broker, net (582,127) (582,127) (582,127) Domestic equities 46,259,259 $ 12,872,461 59,131,720 90,658,007 Global equities 36,781,898 36,781,898 47,103,300 Foreign equities 30,338,854 103,525,256 133,864,110 132,449,523 Private equities 319,169,799 319,169,799 356,936,952 Fixed income 9,496,044 99,073,793 108,569,837 97,857,357 Absolute return 407,700,979 407,700,979 298,819,651 Real estate and natural resources 257,042,839 257,042,839 271,347,524 Other investments 8,107,352 8,107,352 23,471,149 Due to other funds (31,397,069) (31,397,069) (31,397,069) Other funds invested in the endowment pool (24,877,053) (127,276,816) (152,153,869) (186,684,210) $ 188,946,176 $ 1,116,997,561 $ 1,305,943,737 $ 1,259,688,325

Life Funds Cash and equivalents 1,728,353 1,728,353 1,718,736 Equities 8,756,581 8,756,581 10,967,475 Fixed income 14,422,755 14,422,755 13,918,599 Other assets 665,239 665,239 673,153 Investment of Life funds in endowment 7,044,682 36,042,238 43,086,920 55,734,651 32,617,610 36,042,238 68,659,848 83,012,614

Other funds invested in the endowment 17,832,370 91,234,579 109,066,949 130,949,559 Due to other funds 31,397,069 31,397,069 31,397,069 Total Investments $ 270,793,225 $ 1,244,274,378 $ 1,515,067,603 $ 1,505,047,567 Beneficial interest in perpetual trusts $ 13,037,149 $ 13,037,149 $ 16,782,366 Total Financial Assets $ 270,793,225 $ 1,257,311,527 $ 1,528,104,752 $ 1,521,829,933

24 s Folger Shakespeare Memorial Library Fair Value Measurements as of June 30, 2009 Quoted Prices in Active Markets for Identical Significant Assets Unobservable Fair Value Description (Level 1) (Level 3) Total Cost Endowment and similar funds Cash and equivalents $ 23,579,140 $ 23,579,140 $ 23,579,140 Due to broker, net (89,299) (89,299) (89,299) Domestic equities 7,788,090 $ 1,903,211 9,691,301 12,935,495 Global equities 5,642,437 5,642,437 6,898,584 Foreign equities 4,654,057 15,881,037 20,535,094 19,398,092 Private equities 48,961,458 48,961,458 52,275,727 Fixed income 1,375,697 15,198,172 16,573,869 14,066,617 Absolute return 62,542,365 62,542,365 43,764,073 Real estate and natural resources 39,431,023 39,431,023 39,740,602 Other investments 1,230,711 1,230,711 3,425,115 Due to other funds (3,770,035) (3,770,035) (3,770,035) Other funds invested in the endowment pool (245,298) (1,254,446) (1,499,744) (1,799,348) 33,292,352 189,535,968 222,828,320 210,424,763

Life Funds 107,898 552,034 659,932 857,700 Other funds invested in the endowment 245,298 1,254,446 1,499,744 1,799,348 Due to other funds 3,770,035 3,770,035 3,770,035 Total Investments $ 37,415,583 $ 191,342,448 $ 228,758,031 $ 216,851,846

Investments in domestic equities, global equities, foreign equities and private equities consist of investments directly held by the Institution as well as investments held by investment funds. As of June 30, 2009, the Institution had interest rate swaps with a fair value liability of $6,033,503, which is valued using significant other observable inputs (Level 2). The reconciliation of the Level 3 total Financial Assets for the College and Library as of June 30, 2009 are as follows:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Folger Shakespeare Amherst Memorial College Library Total Beginning Balance $ 1,685,129,197 $ 264,746,742 $ 1,949,875,939 Total realized and unrealized losses included in decrease in net assets (392,654,820) (60,886,478) (453,541,298) Purchases, sales, issuances and settlements, net (35,162,850) (12,517,816) (47,680,666) Ending Balance $ 1,257,311,527 $ 191,342,448 $ 1,448,653,975

25 s The amount of total net losses for the year ended June 30, 2009 attributable to the change in unrealized losses relating to endowment assets still held at June 30, 2009 is $(372,427,983) for the College and $(58,859,414) for the Library. Included in Endowment are the Consolidated Endowment Funds for both the College and the Li- brary and separately invested endowment funds. The fair value of the Amherst College Consolidated Endowment Fund as of June 30, 2009 was $1,303,924,673 with a per share fair value of $17.09 ($22.50 at June 30, 2008). The fair value of the Folger Fund as of June 30, 2009 was $222,828,321 with a per share fair value of $25.91 ($34.11 at June 30, 2008). The total endowment shares in the Amherst College Consolidated Endowment Fund as of June 30, 2009 were 76,303,220. The total endowment shares in the Folger Fund as of June 30, 2009 were 8,598,879. Included in Other funds are funds invested and designated by the Institution for spending primarily on capital projects, employee benefits and other priorities.

Interpretation of Absent explicit donor stipulations to the contrary, The Board of Trustees of the Institution has in- Relevant LAW terpreted Massachusetts’ Uniform Prudent Management of Institutional Funds Act (“UPMIFA”), which was enacted in July 2009, and related Commonwealth of Massachusetts Attorney General guidance to require the preservation of donor-restricted endowment funds at their fair value mea- sured on the date of the gift. As a result of this interpretation, the Institution classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment and (b) ac- cumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Institution in a manner consistent with the standard of prudence prescribed by UPMIFA. Prior to the enactment of UPMIFA, the Institution followed the provisions of Massachusetts’ Uni- form Management of Institutional Funds Act statute which was in effect for the Institution’s year ended June 30, 2009.

Spending Policy The Institution has adopted a spending policy that is calculated as a percentage of the average market and How the value of the endowment for the three previous years. This allows for the smoothing of growth and Investment decline in endowment fair values. Specifically, the formula used to set the amount of annual spending Objectives is to increase the prior year’s distribution by a factor equal to inflation plus the percentage increase Relate to in the endowment due to capital gifts. This amount is then compared to the budgetary needs of the Spending POLICY Institution and is increased, if possible, to reflect the use of market growth over time. It is expected over time that the rate will range between 3.5% and 5.0% of the average market value of the endowment for the three previous years—higher in years of market decline, lower in years of market growth. The calculated amount is then tested as a percentage of the market value of the endowment and the growth is held to a rate at or below inflation if the spending rate were to continue to exceed 5.0% over time.

Return The Institution has adopted investment policies for its endowment assets that seek to ensure that Objectives and current and future spending requirements are supported, while also preserving the endowment fund Risk PARAMETERS in perpetuity. Endowment assets include those assets that have been restricted by the donor or designated by the Trustees and are invested to provide future revenue to support the Institution’s activities. Under the Institution’s investment policy, as approved by the Committee on Investment of the Board of Trustees, an asset allocation or strategic policy portfolio is developed based on long-term return, risk and correlation assumptions that properly balance the need for liquidity, preservation of purchasing power, and risk tolerance. The College uses two benchmarks to assess aggregate performance: • Simple Market Benchmark—serves to help evaluate the value added from asset allocation in creat- ing a well-diversified investment program versus a non-diversified market index. This benchmark consists of: 88% Russell 3000 Index and 12% Barclays Brothers Government (5–10 year) Index. • Strategic Policy Portfolio Benchmark—serves to evaluate the impact of manager selection and active management versus passive management. This benchmark is a weighted average return derived by applying the target policy weights of each asset class to the performance of the respective asset class benchmarks.

26 s The Institution expects its endowment funds, over time, to provide an average real rate of return of approximately 4.3% percent annually (or a nominal annual rate of return of approximately 6.8%). Ac- tual returns in any given year may vary from this amount.

Strategies To satisfy its long-term return objectives, the Institution relies on a total return strategy in which Employed for investment returns are achieved through both capital appreciation (realized and unrealized) and cur- Achieving rent yield (interest and dividends). The Institution has established a strategic policy portfolio that is Objectives diversified across asset classes.

3. Endowment and Similar Funds Included in unrestricted, temporarily restricted, and permanently restricted net assets are the Col- lege’s and Library’s endowment and similar funds and life income funds. 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 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. Net assets included the following endowment and similar funds at June 30, 2009.

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 4,363,759 $ 82,542,086 $ 36,204,817 $ 123,110,662 Income restricted 7,023,722 559,063,588 204,255,949 770,343,259 Quasi-endowment Income unrestricted 140,623,099 140,623,099 Income designated 222,829,259 222,829,259 Income restricted 49,037,458 49,037,458 $ 423,877,297 $ 641,605,674 $ 240,460,766 $ 1,305,943,737 Life income funds Income $ 5,529,913 $ 724,324 $ 6,254,237 Balanced 2,655,933 2,585,260 5,241,193 Annuity 602,691 559,177 1,161,868 Unitrusts 13,760,759 9,043,365 22,804,124 $ 22,549,296 $ 12,912,126 $ 35,461,422

27 s Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 147,504,157 $ 5,959,705 $ 153,463,862 Income restricted $ 1,990,136 32,406,290 18,248,326 52,644,752 Quasi-endowment Income unrestricted 8,508,727 8,508,727 Income designated 6,868,843 6,868,843 Income restricted 950,116 392,020 1,342,136 $ 18,317,822 $ 180,302,467 $ 24,208,031 $ 222,828,320

Life income funds $ 222,602 $ 118,167 $ 340,769

The activity of the endowment and similar funds net assets for the College and Library for the year ended June 30, 2009 is as follows:

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 556,514,155 $ 922,764,967 $ 226,637,710 $ 1,705,916,832 Investment return: Investment income 7,213,558 74,390 929,241 8,217,189 Net realized and unrealized (depreciation) appreciation (110,088,929) (238,083,663) 3,786 (348,168,806) Total investment return (102,875,371) (238,009,273) 933,027 (339,951,617) Contributions 2,005,670 3,003 8,684,235 10,692,908 Appropriation of endowment return for expenditure (19,763,562) (42,904,817) (62,668,379) Other changes (12,003,595) (248,206) 4,205,794 (8,046,007) Endowment net assets, end of year $ 423,877,297 $ 641,605,674 $ 240,460,766 $ 1,305,943,737

Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 24,415,927 $ 245,172,398 $ 23,875,097 $ 293,463,422 Investment return: Investment income 65,515 7,956 73,471 Net realized and unrealized depreciation (5,062,975) (55,646,629) (60,709,604) Total investment return (4,997,460) (55,638,673) (60,636,133) Contributions 20,263 87,414 107,677 Appropriation of endowment return for expenditure (820,235) (9,025,406) (9,845,641) Other changes (300,673) (205,852) 245,520 (261,005) Endowment net assets, end of year $ 18,317,822 $ 180,302,467 $ 24,208,031 $ 222,828,320

28 s 4. Property, Plant and Equipment Property, plant and equipment as of June 30, 2009 consisted of the following:

Useful Amherst Folger Shakespeare Life College Memorial Library Land $ 7,300,472 $ 908,397 Land improvements 10 11,253,132 Buildings and improvements 50 343,428,645 28,771,063 Faculty residences 30 11,405,009 Equipment 5–10 64,733,507 4,258,381 Library books 10 33,004,399 Construction in progress 20,282,157 Folger collection 17,101,997 491,407,321 51,039,838 Less: Accumulated depreciation (157,398,783) (13,028,562) $ 334,008,538 $38,011,276

In fiscal year 2008–2009, depreciation of these assets amounted to $14,541,105 for the College and $1,249,896 for the Library. As of June 30, 2009 the College had open commitments for the construction of buildings of approximately $4,700,000.

5. 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”). In addition, the Institution issued taxable bonds in fiscal year 2009 for working capital and other eligible purposes. The College’s fiscal year 2009 debt service and bonds payable as of June 30, 2009 were as follows:

MHEFA Series/ Final Year Interest 2009 Debt Bonds Taxable Bonds of Maturity Rates Service Payable F 2026 Variable, (0.05%– $ 1,067,422 $ 38,600,000 8.00% in 2008–2009) G Terminated Fixed, (4.45%–5.40%) 653,319 0

H 2033 Variable, (2.63%– 2,648,143 44,350,000 2.85% in 2008–2009) I 2028 Variable, (0.05%– 278,700 29,700,000 8.00% in 2008–2009) J-1 2035 Variable, (0.05%– 281,516 30,000,000 8.00% in 2008–2009) J-2 2035 Variable, (0.07%– 181,118 20,000,000 9.85% in 2008–2009) K-1 2021 Fixed, (3.00%–5.00%) 128,252 7,170,000

K-2 2038 Variable, 2.75% 640,622 50,520,000

Taxable Bonds, Series 2009A 2039 Fixed, 5.875% 2,039,931 100,000,000

Less discount (2,534,600)

$ 7,919,023 $ 317,805,400

29 s The issuance 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 0.95% for fiscal year 2008–2009 and the June 30, 2009 rate was 0.17%. The bonds are redeemable at par prior to maturity at the option of the Authority with the consent of the College. On January 15, 2009, the College utilized $7,500,000 of the proceeds from the Series K‑1 bonds to retire the outstanding portion of the Series G bond issue. The Series H bonds are a variable rate issue and are a general obligation of the College. The average interest rate for fiscal year 2008–2009 was 2.78% and the interest rate at June 30, 2009was 2.85%. 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 2008–2009 was 0.95% and the interest rate at June 30, 2009was 0.17%. 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 0.95% for the Series J‑1 bonds and 0.91% for the Series J‑2 bonds for the fiscal year 2008–2009. The interest rate was 0.17% for the Series J‑1 bonds and 0.19% for the Series J‑2 bonds at June 30, 2009. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. The Series K‑1 bonds were issued on January 15, 2009. The bonds are a fixed rate issuance and are a general obligation of the College. A portion of the proceeds, $7,500,000, was used to retire the remaining outstanding portion of the Series G bond issue. The Series K‑2 bonds are a variable rate issuance and are a general obligation of the College. The proceeds are intended to be used for capital projects. The Series 2009A taxable bonds were issued on February 27, 2009. The bonds are a fixed rate issuance and are a general obligation of the College. The proceeds of the bonds are being used by the College for the payment of the issuance costs, working capital, and other eligible expenses. 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, 2009, the fair value of the interest rate swap agreements was a liability of $6,033,503 and was recorded in other liabilities on the balance sheet. The total of the decrease in the fair value from the prior year balance and the offsetting net settlements equal $7,147,234 and is included as an expense on the College’s Statement of Activities for the year ended June 30, 2009. The combined debt service, which consists of principal and interest, on such bonds for the fiscal years 2009–10 through 2013–14 approximates $13,525,000; $13,725,000; $13,840,000; $15,400,000 and $15,420,000, respectively. The combined debt service thereafter approximates $530,700,000. The Series F, H, I, J and K‑2 bonds are subject to tender by bondholders. As of June 30, 2009, the Series J‑2 bonds are set to remarket in a daily mode, the Series F, I and J‑1 bonds set in a weekly mode and Series H and K‑2 in a flexible mode until July 2010 and January 2012, respectively. If these bonds had been fully tendered as of June 30, 2009, or on their next remarketing date, the combined debt service for fiscal years 2009–10 through 2013–14 would have been approximately, $171,873,000; $9,371,000; $59,292,000; $8,060,000 and $8,012,000, respectively. The combined debt service thereafter approximates $266,341,000. The College has not experienced a failed remarketing of its bonds. The fair value of the bonds payable at June 30, 2009 approximates $321,016,000.

30 s 6. Line of Credit 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% for purposes of repurchasing its outstanding bonds if they are unable to be remarketed. The line is uncollateralized and will terminate effective June 30, 2011. At June 30, 2009 there was no outstanding balance. 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 0.45% for purposes of repurchasing its outstanding bonds if they are unable to be remarketed. The line is uncollateralized and will terminate effective December 30, 2009. At June 30, 2009 there was no outstanding balance. The College has a line of credit with a bank under which it may borrow up to $25,000,000 at the Eurodollar rate plus 0.45% for operational purposes. The line is uncollateralized and will terminate effective February 26, 2010. At June 30, 2009 there was no outstanding balance.

7. 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, unless they were previously enrolled in a comparable plan and therefore are immediately eligible. Contributions to the plans, based on a percentage of salaries, were $5,122,806 for the College and $445,539 for the Library for the year ended June 30, 2009. The Institution has maintained a TIAA-CREF noncontributory, defined benefit pension plan for Col- lege 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 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 Institution contributed $66,828 to the College’s Plan and $46,961 to the Library’s plan in 2008–2009. As of June 30, 2009, a $7,848,176 and $1,017,676 postretirement pension benefit obligation liability is included on the Balance Sheet of the College and Library, respectively. The accumulated benefit obligation at June 30, 2009 was $18,339,555 and $1,892,784 for the College Plan and Library Plan, respectively. There is no expected amortization in fiscal year 2010 from unrestricted net assets into net periodic benefit cost related to the amortization of prior service cost. Net loss amortization of $481,576 and $31,336 is expected to be recognized in fiscal year 2010 for the College Plan and Library Plan, respectively.

31 s The following were the components of net periodic pension cost for the defined benefit pension plans for the fiscal year ended June 30, 2009:

College Library Employee Plan Employee Plan Service cost $ 38,842 $ 67,174 Interest cost 1,244,220 123,338 Expected return on plan assets (1,071,836) (106,599) Amortization of net loss 104,888 Net periodic pension cost $ 316,114 $ 83,913

The following is a summary of the projected benefit obligation, plan assets, and funded status of the defined benefit plans as of June 30, 2009:

College Library Employee Plan Employee Plan Change in projected benefit obligation: Projected benefit obligation, June 30, 2008 $ 18,684,198 $ 1,816,420 Decrease due to benefits paid (894,901) (88,644) Increase due to employee service 38,842 67,174 Increase due to accrual of interest 1,244,220 123,338 Increase due to changes in actuarial assumptions and other sources 1,219,860 454,715 Projected benefit obligation, June 30, 2009 $ 20,292,219 $ 2,373,003

Change in plan assets: Fair value of plan assets, June 30, 2008 $ 15,018,628 $ 1,483,900 Actual return (1,509,512) (53,530) Employer contributions 66,828 46,961 Surrender charge (237,000) (33,360) Benefits paid (894,901) (88,644) Fair value of plan assets, June 30, 2009 $ 12,444,043 $ 1,355,327

Funded status: Projected benefit obligation $ (20,292,219) $ (2,373,003) Fair value of plan assets 12,444,043 1,355,327 Accrued pension cost $ (7,848,176) $ (1,017,676)

As of June 30, 2009 the College Plan had a $6,411,561 cumulative net actuarial loss recognized in unrestricted net assets. The Library Plan had a cumulative net actuarial loss recognized in unrestricted net assets of $522,461. In 2008–2009 the College Plan had an actuarial loss of $3,683,392 and the Library Plan had an actuarial loss of $563,875. The College Plan had amortization of a net actuarial loss of $104,888. 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, 2009 was 6.25%. 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 6.80% 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. Cur- rent market factors such as inflation and interest rates are evaluated.

32 s The weighted average asset allocations at June 30, 2009 of the defined benefit plans were as follows:

College Library Employee Plan Employee Plan Equity securities 40% 24% Fixed income 60% 76% Total 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 third 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. In- vestments include publicly traded bonds, direct loans to business and industry, commercial mortgages and income producing real estate. The Institution expects the 2009–2010 contribution to be reasonably consistent with the current year. The following benefit payments, which reflect expected future service, are expected to be paid:

College Library Employee Plan Employee Plan 2010 $ 1,139,000 $ 85,000 2011 1,084,000 86,000 2012 1,107,000 110,000 2013 1,210,000 119,000 2014 1,233,000 133,000 2015–2019 6,923,000 780,000 Total $ 12,696,000 $ 1,313,000

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 $3,790,191 as of June 30, 2009. This program is funded on a cash basis as benefits are paid.

8. 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. As of June 30, 2009, a $23,423,145 and $1,692,963 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, 2009 were as follows:

College Library Employee Plan Employee Plan Service cost $ 644,676 $ 45,782 Interest cost 1,331,755 94,847 Amortization of net gain (107,831) (36,713) Amortization of prior service credit (160,262) Net periodic postretirement benefit cost $ 1,708,338 $ 103,916

33 s The following provides a reconciliation of the accumulated benefit obligation, plan assets and funded status of the plans:

College Library Employee Plan Employee Plan Change in accumulated benefit obligation Benefit obligation, June 30, 2008 $ 20,032,830 $ 1,421,407 Service cost 644,676 45,782 Interest cost 1,331,755 94,847 Medicare Part D subsidy 102,890 Plan participants’ contributions 242,686 13,038 Actuarial loss 2,258,055 251,289 Benefits paid (1,189,747) (133,400) Benefit obligation, June 30, 2009 $ 23,423,145 $ 1,692,963

Change in plan assets Fair value of plan assets, June 30, 2008 $ 0 $ 0 Employer contribution 844,171 120,362 Plan participants’ contributions 242,686 13,038 Medicare Part D subsidy 102,890 Benefits paid (1,189,747) (133,400) Fair value of plan assets, June 30, 2009 $ 0 $ 0

Funded status Retirees and dependents $ (8,555,650) $ (824,103) Actives fully eligible (4,961,177) (48,720) Actives not fully eligible (9,906,318) (820,140) Accumulated postretirement benefit obligation (23,423,145) (1,692,963) Fair value of plan assets 0 0 Accrued postretirement benefit cost $(23,423,145) $ (1,692,963)

As of June 30, 2009, the College Plan had a net actuarial gain of $945,383 and a net prior service credit of $653,921 recognized in unrestricted net assets. The Library Plan had a $405,207 net actuarial gain recognized in unrestricted net assets. In fiscal year 2009, the College Plan had an actuarial loss of $2,258,055, amortization of net gain of $107,831 and amortization of prior service credit of $160,262. In 2008–2009 the Library Plan had an actuarial loss of $251,289 and amortization of net gain of $36,713. In fiscal year 2010, expected amortization from unrestricted net assets into net periodic benefit cost is $160,262 related to the prior service cost for the College’s Plan and $20,514 related to net actuarial gain for the Library’s Plan. The discount rate used in determining the accumulated postretirement benefit obligation as of June 30, 2009 was 6.25% versus 6.80% at June 30, 2008. The assumed health care cost trend used in measuring the accumulated postretirement benefit obligation was 10.00% in 2009, declining gradually to 5.00% in 2014. The discount rate used in determining the net periodic postretirement benefit cost at June 30, 2009, which is determined as of July 1, 2008, was 6.80%.

34 s Following is the effect of a change in the trend rates at June 30, 2009:

College Library Employee Plan Employee Plan Impact of 1% increase in health care cost trend Interest cost plus service cost $ 343,000 $ 26,000 Accumulated postretirement benefit obligation 3,585,000 286,000 Impact of 1% decrease in health care cost trend Interest cost plus service cost (278,000) (21,000) Accumulated postretirement benefit obligation $ (2,969,000) $ (234,000)

The Institution expects the 2009–2010 contribution to be reasonably consistent with the current year. The following benefit payments, which reflect expected future service, are expected to be paid:

College Library Employee Plan Employee Plan 2010 $ 1,009,000 $ 58,000 2011 1,141,000 65,000 2012 1,256,000 71,000 2013 1,344,000 80,000 2014 1,435,000 84,000 2015–2019 8,356,000 474,000 Total $ 14,541,000 $ 832,000

The Institution offers a defined contribution health program for those employees that do not qualify for the defined contribution plan described above. Under this plan, each year eligible participants (regular, benefited employees) are entitled to a contribution based on 66.7% of the College’s Medi- care supplemental insurance cost on July 1 of that current year. The contribution is credited to a notional account. Annually an interest factor based upon the published yield of a five-year CD is applied to each participant’s account on July 1 against any previous year July 1 balance. Contributions begin at age 40 and continue for a maximum of 25 years. Vesting occurs after 10 years of service and the attainment of age 62. Upon retirement the value of the account will be deposited into a Health Reimbursement Account (HRA) in the participant’s name. Funds in an HRA may be used for eligible medical expenses, including health plan premiums, on a tax-favored basis. As of June 30, 2009 the Institution has recorded a liability of $233,000 for this program.

9. Temporarily Restricted and Unrestricted Net Assets Temporarily restricted net assets were available for the following purposes at June 30, 2009:

Amherst Folger Shakespeare College Memorial Library Program services $ 42,435,769 $ 2,605,195 Student loans 2,832,518 Life income funds 22,549,297 222,602 Buildings and improvements 4,197,422 Realized and unrealized gains available for distribution under the limits of total return policy 635,449,893 180,302,467 Other 6,275,583 $ 713,740,482 $ 183,130,264

35 s Temporarily restricted net assets released from restrictions during the year for the Institution’s activities were used for the following purposes:

Amherst Folger Shakespeare College Memorial Library Program services $ 23,380,984 $ 1,414,996 Buildings and improvements 3,964,045 45,780 Total return distribution 42,904,817 9,025,406 $ 70,249,846 $ 10,486,182

Unrestricted net assets are summarized as follows at June 30, 2009:

Amherst Folger Shakespeare College Memorial Library Program services $ 16,155,127 $ 1,208,924 Student loans 1,615,590 Buildings and improvements 193,676,124 35,424,429 Held for investment 393,065,027 16,783,969 $ 604,511,868 $ 53,417,322

Permanently restricted net assets are summarized as follows at June 30, 2009:

Amherst Folger Shakespeare College Memorial Library Program services $ 256,660,400 $ 24,208,031 Life income funds 12,912,126 118,167 Beneficial interest in perpetual trusts 13,037,149 $ 282,609,675 $ 24,326,198

10. 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 Folger Shakespeare College Memorial Library Program services $ 132,918,327 $ 13,572,848 Administrative and general 17,802,565 3,635,249 $ 150,720,892 $ 17,208,097

36 s 11. Contributions Contributions receivable, net, are summarized as follows at June 30, 2009:

Amherst Folger Shakespeare College Memorial Library Unconditional promises expected to be collected within: One year $ 9,332,488 $ 19,000 One to five years 31,719,112 5,000 Over five years 18,098,365 59,149,965 24,000 Less unamortized discount and allowance for uncollectible accounts (6,965,623) (184) $ 52,184,342 $ 23,816

At June 30, 2009 the College had also received conditional promises to give of $6,250,000. 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. Additions to contributions receivable in fiscal year 2008–2009 resulted in approximately $2,500,000 in permanently restricted revenue and $6,300,000 in temporarily restricted revenue for the College. These amounts have been included in Gifts and other grants on the statement of activities.

12. Collections The Folger Shakespeare Memorial Library holds the largest and most complete collection of Shake- speareana 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, furnish- ings, 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 Emily Dickinson Museum consists of two historic houses, and their contents, in the center of Amherst, Massachusetts, closely associated with the poet Emily Dickinson and members of her family during the nineteenth and early twentieth centuries. The Museum is dedicated to educating diverse audiences about Emily Dickinson’s life, family, creative work, times, and enduring relevance, and to preserving and interpreting the Homestead and The Evergreens as historical resources for the benefit of scholars and the general public The College has collections housed in the Mead Art Museum and the Museum of Natural His- tory. 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 their management, including accession and deaccession policies.

37 s The Trustees of Amherst College s Amherst College

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2009

Fund Endowment Life 2009 2008 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 322,609 $ 1,271,266 $ 2,003,371 $ 403,362 $ 4,000,608 $ 12,269,332 Administration 3,692 592,322 596,014 93,806 Instruction 955,275 155,599 1,110,874 3,867,116 Library 3,202 500 56,353 60,055 254,548 Physical Plant $ 3,721,445 100 3,721,545 27,310,326 Scholarships and Student Aid 4,887,794 1,082 2,132,248 7,021,124 7,857,311 Prizes 4,141 699 250 5,090 1,950 Fellowships 1,000 34,000 35,000 60,000 Research 3,095,064 3,095,064 3,790,979 Annual Fund 3,231 *9,547,781 9,551,012 10,481,468 Academic Services 424,321 3,021 9,000 436,342 1,195,394 Student Services 807,704 479,876 1,287,580 650,950 Remainder Interest 7,256,294 7,256,294 9,264,958 Dickinson Museum 242,600 226,885 469,485 212,930 Total—2009 $7,412,969 $ 1,271,266 $ 2,008,673 $7,256,294 $ 3,964,045 $ 16,732,840 $38,646,087 Total—2008 $ 12,586,485 $ 1,112,222 $ 8,652,539 $9,264,958 $ 27,029,352 $ 18,665,512 $ 77,311,068

*This amount does not include endowment income transferred to the 2009 Annual Fund. When that amount is included, the total of the 2009 Annual Fund is $9,916,665.

The Trustees of Amherst College s Folger Shakespeare Memorial Library

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2009

Fund Endowment Life 2009 2008 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 867,739 $ 867,739 $ 1,055,735 Administration $ 20,000 $ 45,780 150,000 215,780 133,113 Director 40,041 Academic Programs $ 1,200 263 115,735 117,198 32,598 Public Programs 2,430 270,176 272,606 231,472 Education 550 109,090 109,640 163,337 Grant Support 774,137 Technology 20,000 Central Library 5,900 5,900 40,342 Acquisitions 83,234 32,064 115,297 186,219 Folger Unitrust 444,843 Total—2009 $ 87,414 $ 0 $ 20,263 $ 0 $ 45,780 $ 1,550,703 $ 1,704,160 Total—2008 $ 62,061 $ 0 $ 20,273 $ 444,843 $ 53,113 $ 2,541,547 $ 3,121,837

38 s The Trustees of Amherst College s Amherst College Descriptive Analysis of Endowment and Other Similar Funds June 30, 2009 (Valuations at Market)

Permanent Endowment, Income Unrestricted Noble S. Elderkin 1901 Memorial Fund 87,017 Consolidated $1,498,296 John Cushing Esty 1922 Memorial Fund 336,186 Charles H. Allen Fund 1,496,135 Lillian and Paul L. Feinberg 1928 Fund 954,286 Fred H. Allen, Jr. 1934 Fund 82,914 Feldman Family Fund 144,793 The Amherst College Campaign Fund 17,126,724 The Stuart C. Frazier 1922 Memorial Fund 68,355 William H. Anderson 1924 Memorial Fund 323,182 Philip M. Friedmann 1967 Endowment Fund 19,905 Anonymous 316,039 Georg P. L. Gail 1915 Fund 6,871,188 Austen Family Fund 93,780 Henry W. Giese 1902 Fund 683,754 Frank L. Babbott 1913 Fund 2,152,991 John C. Haas 1940 and Chara C. Haas Endowment Dorothy T. Bailey Fund 45,319 Fund 1,512,277 Frederick T. Bedford 1899 Fund 529,750 Estate of Frary Hale 1905 67,347 The E. & E. Goepel Beyer Memorial Fund 1,452,046 The Jimmy Hamilton Fund 50,480 Robert E. Bingham 1940 Fund 34,482 William Irving Hamilton 1904 Fund 517,771 Elizabeth D. and Foster F. Birch III 1932 Fund 120,850 The Ralph and Bertha Hooper 1919 Fund 177,774 Richard Bond Fund 73,054 Samuel A. Howard Class of 1882 Fund 1,882,528 Campus Community Unrestricted Endowment Fund 146,976 Perry B. and Elizabeth W. Jenkins Fund 3,135,422 Class of 1900 Endowment Fund 86,794 Stuart M. Johnson 1964 Endowment Fund 855,882 Class of 1911 Endowment Fund 651,149 Eldon B. Keith 1902 Fund 85,444 Class of 1920 Endowment Fund 2,529,900 John E. Kirkpatrick 1951 Fund 912,572 Class of 1924 Endowment Fund 708,054 The Knight Family Fund 492,070 Class of 1952 Endowment Fund 1,700,789 Frederick Houk Law, Class of 1895, Fund 27,890 Class of 1956 Endowment Fund 1,958,487 Andrew F. Lawrence 1965 and L. Jay Lawrence Class of 1904 Fund 326,753 1930 Fund 382,736 Class of 1940 Reunion Endowment Fund 478,978 Jonathan R. Longley 1974 Fund 1,334,416 Class of 1941 Reunion Endowment Fund 249,085 Joseph A. Lowe 1904 Fund 295,413 Class of 1942 Reunion Endowment Fund 225,887 The Michael R. McGuire, M.D. Memorial Fund 33,921 Class of 1943 Reunion Endowment Fund 410,304 Munch Memorial Fund 2,109,671 Class of 1944 Reunion Endowment Fund 98,534 Blanche A. Myers Fund 85,444 Class of 1945 Reunion Endowment Fund 269,814 Nussbaum Family Fund 75,782 Class of 1946 Reunion Endowment Fund 275,795 Olds House Fund 536,757 Class of 1950 Reunion Endowment Fund 378,789 Walter S. Orr 1912 Fund 1,643,371 Class of 1951 Reunion Endowment Fund 157,045 C. Scott Porter 1919 Memorial Fund 69,509 Class of 1953 Reunion Endowment Fund 385,915 John Porter 1910 Fund 243,924 Class of 1955 Reunion Endowment Fund 740,096 Charles M. Pratt 1900 Fund 839,689 Class of 1956 Reunion Endowment Fund 14,782 Richardson Pratt 1915 Fund 485,337 Class of 1957 Reunion Endowment Fund 251,699 Theodore Pratt 1909 Memorial Fund 319,269 Class of 1958 Reunion Endowment Fund 306,641 Stuart E. Price 1915 and Stuart E. Price, Jr. Class of 1960 Reunion Endowment Fund 1,811,524 1950 Family Fund 87,869 Class of 1961 Reunion Endowment Fund 254,303 David Prouty Fund 72,883 Class of 1962 Reunion Endowment Fund 142,981 John V. and Vernal Piper Robinson Memorial Fund 73,259 Class of 1963 Reunion Endowment Fund 339,946 Rosenthal-Siegel Fund 101,109 Class of 1965 Reunion Endowment Fund 789,436 William A. Sargent 1879 Fund 14,156,760 Class of 1966 Reunion Endowment Fund 189,787 C. P. Sawyer 1885 Fund 170,887 Class of 1967 Reunion Endowment Fund 223,214 Oliver and Hester Mary Semple Fund 315,953 Class of 1968 Reunion Endowment Fund 602,658 George L. Shinn 1945 Fund 1,563,755 Class of 1969 Reunion Endowment Fund 124,014 Hugh R. Silbaugh, Jr. 1954 Endowment Fund 179,472 Class of 1970 Reunion Endowment Fund 602,899 George F. B. Smith 1924 Fund 36,553 Class of 1971 Reunion Endowment Fund 362,777 Cushing B. Snider 1934 Fund 50,019 Class of 1963 25th Reunion Gift Fund 1,316,857 Wilson Snushall 1903 Fund 885,845 Class of 1964 25th Reunion Endowment Fund 645,116 W. Lloyd Snyder, III 1966 Fund 861,431 William M. Cowles 1920 Memorial Fund 22,079 The Staff Retirement Plan Funds 12,055,377 C. J. Crary 1901 Endowment Fund 739,378 Alfred E. Stearns 1894 Fund 158,447 Allen Davidson 1922 Memorial Fund 147,852 James M. Stilwell Fund 544,789 Martin W. Deyo 1925 Memorial Fund 53,829 Storke Memorial Fund 2,109,671 Reverend Austin Dickinson Fund 50,754 Wesley H. Swiler 1927 Memorial Fund 148,621 The Dorothy H. Donovan Memorial Fund 718,393 Howard S. Taylor Class of 1914 Fund 183,772 William M. Ducker 1876 Fund 54,428 Sherman R. Thayer 1926 Fund 534,860

39 s Willard Brown Thorp 1887 Memorial Fund 421,459 Funds for Specific Instruction Purposes Ellsworth M. Tracy 1930 Endowment Fund 43,952 Consolidated 31,614 Harold R. Ward 1939 Zero Coupon Fund 65,877 Addison Allen 1888 Fund 309,306 The Robert A. Ward 1957 Memorial Fund 430,661 Amherst House Fund Doshisha University 56,786 William F. Washburn 1911 Memorial Fund 35,117 Anonymous Fund for Religious Purposes 809,407 Paul D. Weathers 1915 Fund 528,537 Winifred L. Arms Chair in the Arts and Humanities 3,907,457 William H. Webster 1906 Memorial Fund 283,587 Barrett Gymnasium Fund 87,152 Ellis H. Whitaker Fund 109,197 Henry Ward Beecher Lectureship in History and The Charles S. Whitman 1890 Memorial Fund 39,911 Political Science 170,887 Edward S. Whitney 1890 Fund 326,822 Beitzel Professorship in Technology and Society 877,655 William C. Wickenden 1935 Memorial Fund 73,464 Bruce B. Benson 1943 and Lucy Wilson Benson Frederick N. Wier 1882 Fund 1,363,031 Professorship 737,113 Samuel Williston Fund 1,299,153 William P. Bigelow 1889 Fund 50,651 Peter B. Wyckoff 1868 Fund 85,444 Parmly Billings 1884 Professorship Fund 854,436 Brian E. Boyle 1969 Professorship Fund 2,230,020 Total Permanent Endowment, The Cadigan Fund 273,420 Income Unrestricted $113,625,777 Campus Community Fund for Faculty Research and Scholarly Activities 17,379 Permanent Endowment, Income Restricted Michael deShee Clarke 1957 Memorial Fund 131,976 ADMINISTRATION Class of 1880 Professorship of Greek 2,881,159 The Alumni Endowment Funds Class of 1952 Dean Eugene Wilson Faculty Consolidated 211,456 Development Fellowship Fund 1,543,042 Estate of Warren D. Brown 1894 85,444 Class of 1959 Professorship 3,274,295 Estate of William W. Clarke 1925 85,444 Henry Steele Commager Professorship 3,619,494 Estate of Fannie B. Look 245,941 George H. Corey 1888 Professorship of Chemistry 2,392,421 Estate of Frank B. Nelson 1873 2,557,686 William Lyman Cowles 1878 Memorial Fund for Estate of Alexander D. Noyes 1883 85,444 Latin 2,878,390 John Bayley O’Brien 1905 Fund 1,708,872 G. Armour Craig Professorship in Language and George D. Olds 1895 Memorial Fund 51,266 Literature 1,721,862 Estate of Ralph M. Stoughton 1901 490,652 Harold B. Cranshaw 1911 Memorial Fund 110,325 Estate of Isabel J. Turner 36,522,346 The Miner D. Crary 1897 Memorial Fund 863,920 Estate of James Turner 1880 3,417,745 George Lyman Crosby 1896 and Stanley Warfield Estate of William J. Turner 29,813,022 Crosby, Jr. Foundation Professorship of Philosophy 1,750,671 Transferred from previous annual Alumni funds, George Lyman Crosby 1896 and Stanley Warfield and miscellaneous items 2,429,111 Crosby, Jr. Foundation Professorship of Religion 2,562,317 Total Alumni Endowment Funds 77,704,429 The Amanda and Lisa Cross Chair 10,264,513 Rachel and Michael Deutch Professorship 2,288,377 Consolidated 4,272 Sidney Dillon Fund 427,218 Chester W. Chapin Fund 854,436 Benjamin John Diver Memorial Fund for Music 64,219 Fine Arts Fund 42,500 Doshisha House Fund 90,536 Hewlett-Mellon Challenge Fund 905,583 Frank Fowler Dow 1874 Fund for Chemistry 4,962,047 Hewlett-Mellon Presidential Challenge 699,903 George P. Eastman 1884 Fund for Music and The Susan and Kenneth Kermes 1957 Fellowship Fund 692,384 Lectures 130,457 Pratt Health Cottage Fund 588,707 John Eastman, Jr. Fine Arts Fund 215,762 Harold Wade, Jr. 1968 Memorial Fund 126,610 Joseph B. Eastman Foundation Professorship in Ives Washburn 1908 Fund 427,218 Political Science 5,124,088 Total Administration $82,046,042 English Language and Literature Fund 1,761,420 The William Esty 1889 Fund 632,848 Henry P. Field 1880 Fund 6,647,787 INSTRUCTION The Fine Arts Fund 209,730 General Instruction The Clyde Fitch 1886 Fund for English and Consolidated 232,869 Dramatic Arts 341,774 Fred B. Asche 1927 Fund 815,200 Edwin F. and Jessie Burnell Fobes Fund for Greek 1,616,354 Asian Studies Fund 222,341 Eliza J. Clark Folger Professorship 2,734,196 Centennial Fund 26,418,894 Emily C. Jordan Folger Professorship 2,734,196 Nanette W. Chesebrough Fund 156,550 Henry Clay Folger 1879 Professorship 2,734,196 William S. Clark 1848 Fund 501,674 Clarence Francis 1910 Professorship in the Social D. Willis James Fund 1,700,601 Sciences 3,425,469 Henry P. Kendall 1899 Fund 1,565,840 Mary O. Fulton Fund 635,871 William H. Moore 1871 Fund 680,234 The Geology Fund 60,836 1901 Endowment Fund 1,700,601 The Julian H. Gibbs 1946 Professorship 4,535,353 1911 Endowment Fund 6,819,426 Glover-Rose Fund 6,852 1918 Endowment Fund 11,111,960 Samuel Green Professorship Fund 512,662 Second Century Fund 15,364,181 John and Mary Greenebaum 1952 Fund 271,251 Julius H. Seelye 1849 Fund 1,700,601 Richard H. Gregory 1898 and Richard H. Gregory Total General Instruction 68,990,972 1933 Memorial Fund 69,175

40 s James J. Grosfeld Professorship 1,917,905 Sears Real Estate Fund 153,799 Handyside Fund for Chamber Music 142,161 Jay E. Silberg 1963 Choral Fund 61,588 Edward S. Harkness Professorship 2,734,196 Winthrop H. Smith 1916 Professorship of American William H. Hastie 1925 Professorship 78,963 History and American Studies 4,405,558 William H. Heaney 1968 Research Fund 106,121 Bertrand H. Snell 1894 Professorship in American Hitchcock Professorship in Mineralogy and Geology 447,725 Government 3,742,832 The Charles Hamilton Houston 1915 Professorship Stone Professorship of Biology 768,993 in American Studies 3,263,126 Edward H. Sudbury 1909 Fund 73,875 Alan L. Hyde 1950 Fund for Latin American and The Thalheimer Professorship 2,437,957 Caribbean Studies 406,182 The Willard Long Thorp Professorship in Economics 4,102,866 W. MacLean Johnson 1938 Memorial Fund 550,001 Edward Tuckerman Fund 85,444 The Judaica Fund 1,139,420 Turner Family Fund 602,179 Saul H. Katz Fund 24,534 Scott F. Turow 1970 Creative Writing Fund 345,396 Christopher L. Kaufman 1967 Fund 111,350 Joseph E. and Grace W. Valentine Professorship in Christopher L. Kaufman 1967 and Carlyn A. Clement Music 4,787,936 1977 Fund for Faculty Scholarship 120,786 William McCall Vickery 1957 Professorship 1,517,920 Robert E. Keiter 1957 Fund for Postdoctoral Fellows 2,085,795 Robert C. Vogel 1960 Fund 75,771 William R. Kenan, Jr. Professorship 6,977,309 Richard S. Volpert 1956 Professorship in Economics 2,233,775 William E. Kennick Fund for Teaching 76,437 Walker Professorship Fund 3,204,136 Margaret and Stanley King 1903 Fund 13,198,151 Thomas B. Walton, Jr. Memorial Professorship 4,809,761 Margaret and Stanley King 1903 Music Department Wanner Family Professorship 2,701,098 Fund 206,705 John William Ward Professorship 2,656,727 Alfred Sargent Lee 1941 and Mary Farley Ames Lee The Roberta R. and David M. Weinstein 1968 Professorship 2,935,904 Professorship 139,914 Guy Carlet Levy-Despas 1940 Fund 589,443 G. Henry Whitcomb 1864 Memorial Fund 590,176 Lewis-Sebring Professorship in Latin American and L. Stanton Williams 1941 Professorship 2,368,564 Latino Culture 3,055,098 Samuel Williston Professorship of Greek 346,901 Jeffrey A. Libert 1977 Fund 570,007 Samuel Williston Professorship of Rhetoric and Rufus Tyler Lincoln Professorship 1,708,872 Oratory 437,471 Georges Lurcy Professorship 2,115,460 Winkley Professorship of History and Political Manwell Family Professorship in Life Sciences 2,007,481 Economy 854,436 Alan D. 1916 and Warren L. Marks 1919 Music Peter B. Wyckoff 1868 Physical Education Fund 85,444 Fund 85,444 Total Specific Instruction Purposes 260,455,975 Marquand and Stone Public Speaking Fund 341,774 The Math Fund 55,658 Total Instruction $329,446,947 The John J. McCloy 1916 Professorship of American Institutions and International Diplomacy 3,526,660 LIBRARY William R. Mead 1867 Professorship in Fine Arts 2,734,196 Willis E. Bridegam Fund for the Amherst College Charles E. Merrill 1908 Professorship in Economics 1,879,264 Library 42,491 The Philip B. Miller 1930 Fund 374,363 Brooks Humanities Librarian Endowment Fund 680,712 Charles H. Morgan Memorial Fund 60,133 Robert Frost Library Fund 6,875,426 Dwight W. Morrow 1895 Professorship in Political Hitchcock Memorabilia and Archives Fund 275,427 Science 3,417,745 Polly Longsworth Library Resources Fund 895,991 Anson D. Morse 1871 Professorship in History 2,734,196 McGoun Archival Fund 429,682 National Endowment for Humanities Fund 11,297,475 Sargent H. Wellman 1912 Memorial Fund 134,112 John C. Newton Professorship of Greek 810,006 Book Funds: Edward N. Ney 1946 Professorship in American Consolidated 254,417 Institutions 3,916,001 African Studies Collection Fund 34,724 George Daniel Olds Professorship in Economics Alden Memorial Fund 188,489 and Social Institutions 1,708,872 Gordon K. Allison 1926 Memorial Book Fund for Olin Professorship in Asian Studies 3,071,254 Fine Arts 172,977 James E. Ostendarp Professorship 3,532,059 Ella E. Ames Fund 102,532 Domenic J. Paino 1955 Professorship in Global The Theodore Baird Fund 321,627 Environmental Studies 2,762,695 Marshall Bloom 1966 Acquisition Fund 181,484 Herbert S. Pasternak, M.D. 1956 Geology Fund 46,631 The Gladys Brooks Foundation Fund 889,988 Ward H. Patton Professorship in Economics 3,151,274 Campus Community Fund for Library Resources 50,653 Thomas F. Pick Environmental Studies Fund 1,481,094 Centennial Fund 1,708,872 Peter R. Pouncey Professorship 3,295,261 The Charles W. Cole 1927 Book Fund 104,122 Harold I. Pratt 1900 Pool Fund 85,444 Katharine S. Cole Memorial Book Fund 83,995 George William and Kate Ellis Reynolds 1877 Fund 2,563,309 R. John Cooper 1964 Book Fund 114,853 E. Dwight Salmon Professorship in History 4,503,648 Katharine C. Cowles Memorial Fund 20,660 H. Axel Schupf 1957 Asian Studies Fund 1,744,451 Edward A. Crane 1854 Library Fund 598,840 Willem Schupf Professorship in Asian Languages John A. Cranshaw 1939 Memorial Fund 27,021 and Civilizations 3,982,954 Edward West Currier 1865 Fund 170,887 Martin S. & Audrey P. Schwartz Professorship 586,093 Delta Kappa Epsilon Book Fund 85,444 Sears Literary and Benevolent Fund 19,908,030 Janice C. Denton Book Fund 44,080

41 s Wills T. Engle 1928 Book Fund 130,182 PHYSICAL PLANT The Faculty Library Endowment Fund 66,441 Biological and Geological Laboratory Maintenance Allyn B. Forbes Library Resources Fund 54,142 Fund 854,436 The Alfred Friendly Library Acquisition Fund 394,339 Centennial Fund 4,272,181 George B. Funnell 1924 Book Fund 220,086 Chapin Hall Endowment Fund 838,116 Joel Giles 1828 Fund 864,604 Converse Library Fund 3,417,745 Elizabeth M. Guest Library Fund 55,739 Daniels Gallery Fund 397,825 Hagstrom Fund for Support of the Amherst College Kurt L. Daniels 1923 Mead Art Fund 155,542 Library 46,077 Mary Lee and Wallace C. Dayton 1943 Fund 2,581,329 John D. Harris 1934 Book Fund 78,523 Ellwood R. Kirby Fund 360,555 Nicholas Curtis Heaney Library Fund 32,759 Richard S. LeFrak Endowment Fund 505,155 Arnold S. Hemley 1931 Memorial Book Fund 37,553 Life Sciences Building Maintenance Fund 943,713 Kenneth P. Higgins 1927 Memorial Library Fund 223,982 The MacLeod Building Fund 257,322 Augustus S. Hutchins 1879 Fund 170,238 Maintenance of Life Sciences Fund 4,063,391 David W. P. Jewitt 1943 Book Fund 136,402 Moore 1871 Laboratory Endowment Fund 4,272,181 Robert E. Keiter 1957 Book Fund 119,382 Walter S. Orr Rink Fund 2,295,716 Glenn D. Kesselhaut 1978 Book Fund 8,840 Frederic B. Pratt 1887 Athletic Field Fund 341,894 Benjamin N. Kightlinger 1951 Library Fund 177,829 Eustace Seligman 1910 Fund 106,070 Frederick S. Lane 1936 Library Fund 460,076 Myron and Anabel Taylor Fund for Orr Rink 97,491 Library Acquisitions and Special Collections Support Z/G 2 Japanese Garden Fund 57,985 Fund 79,895 Louis R. Liss Endowment Fund 31,518 Total Physical Plant $25,818,647 Phyllis A. Maurer and Barry D. Maurer 1959 Memorial Book Fund 40,534 SCHOLARSHIPS AND STUDENT AID Richmond Mayo-Smith 1909 Fund 180,935 Consolidated 2,196,392 Newton F. McKeon 1926 Library Fund 228,837 Abeles Family Scholarship Fund 85,377 Clement Fessenden Merrill 1937 Memorial Fund 31,563 David H. Morton and John Breckenridge Adams James Merrill 1947 Book Fund 295,584 Scholarship Fund 1,938,306 James Merrill 1947 Library Fund 556,922 Nishtha J. Adhvaryu 1996 Memorial Scholarship Fund 24,282 Henry Mishkin Fund for the Music Library 80,368 Albert Family Scholarship Fund 126,086 The F. Franklin Moon 1935 Acquisition Fund 50,924 Rachen Cohan Albert 1984 and Jonathan D. Albert The Leonard Page Moore 1919 Library Fund 20,558 1983 Scholarship Fund 129,062 Stephen Morrow 1961 Memorial Book Fund 86,999 James K. Alexander, M.D. Scholarship Award 108,274 E. Kimball Morsman 1924 Book Fund 684,455 Ralph G. Allen 1955 Memorial Scholarship Fund 72,065 The NEH Challenge Grant 4,895,561 Vivian B. Allen Foundation Scholarship Fund 833,947 Laurence B. Packard Memorial Library Endowment Frederick S. Allis 1893 Scholarship Fund 69,466 Fund 365,630 Amherst College Canadian Foundation 90,792 Arthur Stanley Pease 1933 Honorary Fund 119,977 Amherst 1908 Fund 272,104 Donald I. Perry 1920 Book Fund 51,214 Brierly W. Anderson 1954 Scholarship Fund 51,645 Phi Psi Library Fund 46,669 Wallace W. Anderson 1922 Memorial Fund 76,164 John Worthington Porter 1950 Frost Library Fund 97,064 Carol and Bruce Angiolillo Scholarship Fund 243,356 Sherman Pratt 1927 Fund 111,077 Eugene P. Angrist 1959 Scholarship Fund 120,229 Philip and Bess Rosenblum Book Fund 44,003 Anonymous Scholarship Fund 13,835,356 Olyn Koller Ruxin Library Fund 213,709 Edward A. Appleton 1889 Scholarship Fund 220,137 Helen M. and Hugo T. Saglio 1931 Fund 826,807 Arnaboldi Family Scholarship Fund 78,798 Jack Shand 1943 Psychology Book Fund 72,234 John Ferguson Aronson 1950 Scholarship Fund 96,793 David and Elsie Skolnick Memorial Fund 196,845 Charles K. Arter III 1968 Memorial Fund 331,436 Harry deForest Smith and Adela Wood Smith Robert Frank L. and Elizabeth Babbott Scholarship Fund 825,685 Frost Library Fund 91,425 Frank L. Babbott 1878 Scholarship Fund 244,659 William B. and Josephene W. Stitt 1918 Memorial Lydia Richardson Babbott Endowment Fund 854,436 Fund 132,873 Baines Family Physics and Astronomy Scholarship Fund 71,652 Surdna Fund for Library Acquisitions 757,953 George T. Baird, Jr. 1940 Scholarship Fund 241,127 M. Barnes Taft Library Fund 158,482 Albert P. Baker 1968 Scholarship Fund 89,590 Alvin and Fanny B. Thalheimer Book Fund 38,091 George O. Baker 1933 Scholarship Fund 60,443 Ervin A. Tucker 1923 Library Acquisition Fund 24,437 William E. Ball 1944 Alumni Scholarship Fund 48,762 James Turner 1880 Fund for South College Library 102,532 William Darling Ballantine 1901 Scholarship Fund 129,789 William Seymour Tyler 1830 Memorial Fund 475,972 Danforth Keyes Bangs Scholarship Fund 73,499 The John William Ward Fund for Books in American Edmund P. Barker 1876 and Susan Marvin Barker Studies 148,634 Scholarship Fund 138,538 Louis S. Welty 1927 Book Fund 68,697 Harriet S. Barnett Scholarship Fund 48,840 Charles D. Yegian 1959 Christian Book Collection 65,928 Seymour Israel Barowsky Scholarship Fund 44,294 Paul Zigler 1957 Memorial Fund 44,311 George Miller Bartlett 1901 Scholarship 96,534 Total Library $29,285,917 Ivory H. Bartlett Scholarship Fund 86,759 Ralph A. Beebe 1920 Memorial Fund 377,445 Daniel Beecher 1907 Scholarship Fund 1,560,201 Frederick Warren Beekman Scholarship Fund 630,642

42 s Bender-Lewis Scholarship Fund 271,454 The William Montague Cobb 1925 Scholarship Fund 96,979 Berkowitz Family Fund 54,581 Daniel C. Cochran 1968 and Gregory B. Sutphin The Bernstein Family Scholarship Fund 346,587 1971 Scholarship Fund 209,870 Robert H. Bidwell 1941 and Constance Gorman Jonathan P. Coffin 1976 Scholarship Fund 94,933 Scholarship Fund 87,530 The Jacob Cohan Memorial Scholarship Fund 92,805 Bingham Osborn 1970 Scholarship Fund 97,890 The Edwin C. Cohen 1964 Scholarship Fund 45,456 The Bisbee Fund 1,434,735 Charles Woolsey Cole 1927 Fund 1,387,547 Pamelia Lovell Black Scholarship Fund 175,928 Francis W. Collins, Jr. 1948 Scholarship Fund 237,356 Robert Eldredge Blood III 1973 Scholarship Fund 51,610 Stephen Collins 1969 Scholarship Fund 30,678 John E. Booth 1923 Scholarship Fund 592,552 The George F. Conant 1950 Memorial Fund 52,592 John Garland Bowes Scholarship Fund 33,274 Peter Martin Conklin 1959 Memorial Fund 83,056 Haven D. Brackett 1898 Memorial Fund 69,278 Connecticut Alumni Scholarship Fund 186,056 E. Wayne Brant Natural History Summer E. C. Converse Scholarship Fund 869,901 Scholarship Fund 26,470 James and Dolores Conway Scholarship Fund 602,207 Chandler Matthews Bray 1893 Scholarship Fund 364,075 William Lyman Cowles 1878 Fund 51,676 J. Barry Brokaw 1964 Scholarship Fund 47,199 G. Armour Craig 1937 Scholarship Fund 73,613 Colin S. Brooks 2001 Scholarship Fund 42,191 Robin S. Cramer Memorial Scholarship Fund 852,816 Roger Bednarske Brooks 1918 Memorial Scholarship 470,368 Michael J. Crames 1956 Scholarship Fund 13,511 Brothers Family Scholarship Fund 30,017 Miner D. Crary 1897 Scholarship Fund 218,358 Charles Henry Brown 1916 Scholarship Fund of the Clarence E. P. Crauer Scholarship 81,992 Amherst Club of Chicago 317,201 Elizabeth P. and Frederick K. Cressman, Jr., Randall K. Brown Scholarship Fund 395,764 Class of 1954, Scholarship Fund 348,863 H. Prentice Browning 1933 Memorial George Lyman Crosby 1896 Memorial Scholarship Fund Scholarship Fund 54,045 and Stanley Warfield Crosby, Jr. Scholarship Fund 480,569 Edward J. Burnell, Jr. 1933 Memorial Fred B. and Harriet E. Cross 1902 Fund 535,629 Scholarship Fund 690,282 Gorham L. Cross 1918 Memorial Scholarship Fund 851,531 Howard J. Burnett 1952 Scholarship Fund 39,817 Joan F. and Gorham L. Cross, Jr. 1952 Scholarship Fund 311,882 George Burns 1908 Memorial Scholarship Fund 89,835 William Cutler and Harriette Gilbert Cutler Memorial The Butts Family Scholarship Fund 192,073 Scholarship Fund 268,515 Andrew Cader 1981 Scholarship Fund 40,882 John E. Dame 1866 Scholarship Fund 84,008 John A. Callahan 1883 Scholarship Fund 158,771 John E. Day 1871 Scholarship Fund 39,014 Stephen P. Campbell 1989 and Heather McHold Moses Day 1882 Fund 85,444 Scholarship Fund 164,724 Allen J. de Castro, Jr. 1942 Scholarship Fund 29,307 Campus Community Student Scholarship Fund 100,936 Elizabeth M. DeHaas Memorial Scholarship Fund 74,631 Robert Carmel 1958 Scholarship Fund 125,210 Peter H. DeHaas 1960 Scholarship Fund 901,108 Stephen W. Carr 1965 Family Scholarship Fund 56,071 Nicolas Desmarais 2007 Scholarship Fund 33,947 Otis and Alice Cary Scholarship Fund 600,973 William C. Dick 1932 Scholarship Fund 428,500 Centennial Fund 2,108,749 Sidney and Hannah Dillon Fund 85,444 Chan Family Scholarship Fund 254,777 The Dodge Fund 83,393 Edward L. Chapin 1909 Scholarship Fund 85,649 J. Henry Doscher, Jr. 1942 Scholarship Fund 208,568 The Charitable Fund 3,888,640 The Douglass Family Scholarship Fund 530,588 Lewis B. Chesler 1968 Scholarship Fund 28,527 The Warren F. Draper 1906 Fund 51,693 Frances Chia Scholarship Fund 517,543 Charles R. Drew 1926 Memorial Scholarship Fund 237,260 A. F. Chisholm Scholarship Fund 1,815,929 John Eastman Sr. 1902 Scholarship Fund 215,762 Jefferson Clark 1866 Scholarship Fund 170,887 Lucius R. Eastman 1895 Fund 170,887 Lewis F. Clark 1837 Scholarship Fund 170,887 Beverly B. and Thomas H. Eighmy 1959 Lincoln Clark Memorial Scholarship Fund 243,420 Scholarship Fund 436,068 Class of 1880 Scholarship Fund 58,426 James M. Ellis 1856 Fund 86,401 Class of 1897 Scholarship Fund 90,228 Arthur F. Ells 1902 Scholarship Fund 247,178 Class of 1938 Scholarship Fund 381,096 Levi H. Elwell 1875 and James H. Elwell 1919 Class of 1991 Scholarship Fund 34,690 Memorial Fund 1,091,371 Class of 1913 50-Year Fund 395,877 Epstein Family Scholarship Fund 34,063 Fund in Memory of Allen Davidson and Members Robert Houghton Esty 1946 Memorial Fund 100,994 of the Class of 1922 302,590 Equal Chances International Scholarship Fund 90,377 Class of 1927 Memorial Fund 196,965 Evans Family Scholarship Fund 158,863 Class of 1928 25-Year Fund 241,002 Malcolm D. Ewen 1976 Scholarship Fund 43,982 Class of 1929 25-Year Fund 194,999 Addison Alvord Ewing 1892 Scholarship Fund 153,799 Class of 1930 25-Year Fund 369,151 Isaac D. Farnsworth Scholarship Fund 51,266 Class of 1932 25-Year Fund 431,046 Knaus Fehling Memorial Scholarship Fund 48,825 Class of 1933 25-Year Fund 323,678 David W. Ferguson 1975 Memorial Scholarship Fund 216,820 Class of 1935 25-Year Fund 309,032 The Ferre Family Fund 927,440 Class of 1937 25-Year Fund 397,569 Thomas P. Field 1834 Scholarship Fund 170,887 Class of 1939 25-Year Fund 973,835 Michael T. Fiore 1976 Endowment Fund 30,550 Class of 1940 25-Year Fund 344,987 Roger S. Firestone Foundation and the Wray Family Class of 1941 25-Year Fund 659,949 Scholarship Fund 194,701 Miscellaneous Classes Scholarship Funds 603,728 Fiske and Warren Scholarship Fund 514,217

43 s James M. Flanigan 1959 Scholarship Fund 26,302 John Montgomery Hunter 1907 Scholarship Fund 596,531 Karen and David Fleiss Scholarship Fund 1,031,595 iAgora.org Fund for International Scholarships 64,871 William and Lenore Ford Scholarship Fund 100,085 Infirmary Aid Fund 56,786 Frederick Forman 1928 Memorial Scholarship Fund 1,325,521 George L. Ingalls 1935 Scholarship Fund 59,962 John Franklin Fort II 1933 Scholarship Fund 150,636 Robert A. Jacobs 1927 Memorial Scholarship Fund 43,155 Louis G. Fotiades Scholarship Fund 48,684 The Jameson Foundation Scholarship Fund 135,189 Seth E. Frank 1955 Scholarship Fund 552,123 Dr. and Mrs. Samuel Haig Jameson Scholarship Fund 369,646 John M. Freeman, M.D., Class of 1954 Scholarship Fund 31,668 Jarrett Family Scholarship Fund 39,123 Julia L., Charles N. and Charles F. Frey 1951 Scholarship The Jephson Scholarship Fund 116,870 Fund 47,214 Victor S. Johnson Student Loan Fund 111,077 Daniel M. Galbreath 1950 Scholarship Fund 172,733 Edward P. Judd 1927 and 1955 Memorial Fund 1,016,027 J. Carr Gamble, Jr. 1940 Scholarship Fund 37,886 Isabelle Block Kaplan Scholarship Fund 1,413,154 Stewart Lee Garrison Fund 46,977 Stanley J. Kay, Sr. Memorial Scholarship Fund 25,931 Augustine Milton Gay 1850 Scholarship Fund 86,401 Harry V. Keefe, Jr. 1943 Scholarship Fund 412,146 Emerson Gaylord 1905 Scholarship Fund 137,821 Sean Matthew Keener Memorial Scholarship Fund 30,426 Henry W. Giese Memorial Scholarship Fund 208,517 Harold C. Keith 1937 Memorial Scholarship 115,719 Vernon P. Gilbert 1889 Memorial Scholarship Fund 5,086,134 Robert E. Keith 1935 Scholarship Fund 184,558 William O. Gilbert 1890 Scholarship Fund 1,232,046 William E. Kennick Scholarship Fund 41,885 Albert Franklin Gilman 1897 Scholarship Fund 839,265 Glenn D. Kesselhaut 1978 Memorial Scholarship Fund 72,411 Ralph B. Gilpatrick, Jr. 1949 Memorial Fund 456,911 Paulette and David Kessler 1973 Family Scholarship Fund 127,693 Giordano Family Fund 40,766 Benjamin N. Kightlinger 1951 Scholarship Fund 124,471 Jubal C. Gleason 1863 Scholarship Fund 93,663 Henry S. Kingman 1915 Memorial Fund 87,768 Raymond D. Gozzi Scholarship Fund 61,237 Joseph R. Kingman 1924 Scholarship Fund 41,799 Gorth Family Scholarship Fund 49,824 Charles R. Kirk and Dorothy M. Kirk P’60 Edward S. Greaves 1958 Scholarship Fund 203,591 Scholarship Fund 182,137 Darold Greek, Jr. 1960 Memorial Scholarship Fund 193,543 Klarman Family Scholarship Fund 169,734 Harry P. Greeley 1898 Scholarship Fund 260,706 Knowles Scholarship Fund 51,266 Greene Scholarship Fund 25,565 Edward J. Kovacs 1928 Scholarship Fund 53,334 Peter A. Gross 1960 Scholarship Fund 220,123 Frederick H. Kuesel 1920 Scholarship Fund 188,830 Gilbert H. Grosvenor 1897 Memorial Fund 130,404 David S. Kunian 1932 Scholarship Fund 83,444 Richard William Gustafson Scholarship Fund 76,335 Peter B. Kunz 1984 Memorial Scholarship Fund 481,464 David C. and Martha Sykes Hale 1917 Memorial Paul Gerard LaFerriere 1970 Scholarship Fund 169,821 Scholarship Fund 504,136 John S. Lancaster 1951 Scholarship Fund 87,682 George A. Hall 1882 Scholarship Fund 85,444 Raymond B. Landis 1936 Scholarship Fund 252,418 The Gordon Hall III 1952 Scholarship Fund 80,334 The Lasher Family Scholarship Fund 165,897 John Whitney Hall 1939 Scholarship Fund 258,264 Andrew D. Lawrie 1873 Scholarship Fund 1,972,795 Martha M. and Henry J. Harding Fund 1,458,420 Robert L. Leach II 1960 Memorial Fund 107,915 Donald E. Hardy 1916 Scholarship Fund 3,459,322 Daniel Kie-Hong Lee 1950 Scholarship Fund 276,410 Edward K. Hardy, Jr. 1929 Scholarship Fund 196,230 Lyndon E. Lee and Bertha C. Lee Scholarship Fund 24,625 Kenneth L. Hardy 1944 Memorial Scholarship Fund 173,362 Thai-Hi Lee 1980 International Scholarship Fund 393,991 Paul Wallace Hardy 1914 Scholarship Fund 83,649 Charles P. Leffel 1950 Memorial Scholarship Fund 514,627 Bradford D. Hart 1977 and Susan Hart Richard and Karen LeFrak Scholarship Fund 517,840 Scholarship Fund 14,821 Samuel J. and Ethel LeFrak Scholarship Fund 1,473,116 Kirk and Ellen Hartman Scholarship Fund 45,344 John E. Lehman Fund 30,270 Wyatt R. Haskell Fund 221,111 Wallace Minot Leonard, Jr. 1916 Memorial Fund 35,032 William H. Hastie 1925 Scholarship Fund 278,659 Elayne Levin Scholarship Fund 158,626 Samuel W. and Susan H. Heaney Scholarship Fund 79,258 John E. Levy 1976 & Victoria Westhead The Hearst Foundation Fund 642,314 Scholarship Fund 32,546 L. William Heinrich 1953 Memorial Scholarship Fund 47,458 Liedtke Scholarship Fund 317,611 Hepburn Family International Scholarship Fund 115,565 Henry M. Littlefield Memorial Scholarship Fund 351,363 Jesse J. Hermann 1984 Scholarship Fund 49,873 John D. Lobrano 1979 Scholarship Fund 157,940 William Hilton Scholarship Fund 854,436 Lawrence Woodbury Lockwood 1946 Scholarship Fund 387,105 George M. Hinckley 1934, Abigail J. and Samuel Loomis Scholarship Fund 71,293 Miriam D. Hinckley Scholarship Fund 420,462 George W. Long Memorial Fund 21,930 Hitchcock Scholarship Endowment Fund 196,452 Ludington Scholarship Fund 1,766,256 Hoeg Family Scholarship Fund 109,406 Albert E. Lumley Fund 136,043 Irving B. Holley Scholarship Fund 101,644 Georges Lurcy Scholarship Fund 2,540,185 The Hollinshead Family Scholarship Fund 420,205 MacLennan Family Scholarship Fund 244,324 Frank A. Hosmer 1875 Scholarship Fund 256,331 Donald G. MacVicar, Jr. 1951 Scholarship Fund 264,914 Clarissa Dodge Howard Scholarship Fund 170,887 Caroline S. Mah 1997 Scholarship Fund 38,451 William R. Howard 1889 Scholarship Fund 85,444 Marc E. Manly 1974 Scholarship Fund 58,426 The Hubshman Foundation Scholarship Fund 627,788 Allison W. (Eli) Marsh Fund 182,823 Peter Y. Huh 1985 Scholarship Fund 127,172 Francis J. Marsh 1870 Memorial Fund 85,444 Sigval Emile and Elizabeth Neary Hunsbedt William Rolfe Marsh 1910 Scholarship Fund 50,907 Scholarship Fund 783,518 Richard Wheeler Maynard 1920 Scholarship Fund 162,240 David W. Hunter 1950 Scholarship Fund 74,832 Michael J. McCaffrey 1983 Scholarship Fund 1,786,299

44 s David H. McConnell 1923 Scholarship Fund 317,321 The Reed Scholarship Fund 57,350 John S. McGeeney 1956 Scholarship Fund 136,894 ReliaStar Scholarship Fund 227,280 Mame Louise Reynolds McGeorge Scholarship Fund 469,170 Francis M. Richards, Jr. 1945 Memorial Music James T. McKinlay Scholarship Fund 44,349 Scholarship Fund 118,469 C. Edward McKinney, Jr. 1896 Fund 3,458,091 Ellsworth E. (Red) Richardson 1927 Scholarship Fund 186,944 Mehr Scholarship Fund 231,856 Frederick B. Richardson 1882 Memorial Fund 91,185 The Charles Merriam Fund 54,906 John M. Riedl 1929 Scholarship Fund 654,486 Charles E. Merrill 1908 Scholarship Fund 1,451,833 Stuart Robinson 1836 Scholarship Fund 51,266 Charles Morton Merrill Fund 1,741,546 Herbert W. Rogers 1924 Memorial Scholarship Fund 136,118 The David Clarke Miller 1979 Memorial Chester B. Rosoff 1943 and Deborah Lee Rosoff 1981 Scholarship Fund 39,116 Scholarship Fund 57,547 The Philip B. Miller 1930 Scholarship Fund 374,363 Russ Family Scholarship Fund 58,093 Jane N. and John M. Millet Scholarship Fund 689,562 Ezekiel Russell 1829 Scholarship Fund 136,710 The Douglas D. Milne, Jr. 1945 Scholarship Fund 590,524 Saffron Scholarship Fund 85,222 Henry George and Kirsten Monica Mishkin John E. Sanford 1851 Scholarship Fund 170,887 Scholarship Fund 25,383 John W. Sansing 1965 Memorial Scholarship Fund 39,753 Howard M. and Martha P. Mitchell 1939 Guido J. and Louise R. Santonelli Scholarship Fund 269,090 Scholarship Fund 56,256 George Sarvis Scholarship Fund 27,507 The Moore Beneficiary Fund 1,694,978 Anthony Scenna 1927 Memorial Scholarship Fund 244,847 William H. Moore 1871 Fund 427,218 Lloyd G. Schermer 1950 Scholarship Fund 2,127,162 Albert Millard Morris 1913 Scholarship Fund 488,593 Edward G. Schleyer 2006 Scholarship Fund 70,449 Ruth E. and Anson E. Morse 1902 Scholarship Fund 44,345 Ned Schroeder 1959 Memorial Scholarship Fund 309,545 George A. Morse 1891 Memorial Fund 799,052 Eugene B. Schwartz 1935 and Peter D. Schwartz E. Kimball Morsman 1924 Scholarship Fund 147,783 1961 Scholarship Fund 74,082 Mugford Family Scholarship Fund 128,582 Segal Family Scholarship Fund 261,639 The C. Lawrence Munch 1915 and Marie L. Munch Eustace Seligman 1910 Scholarship Fund 450,561 Kofsky Memorial Scholarship Fund 2,538,889 Edward J. Serues Memorial Scholarship Fund 63,673 Bradford Badger Munsill Memorial Fund 48,156 James S. Seymour Scholarship Fund 85,444 James G. and Mary D. Murphy Scholarship Fund 89,218 Kenneth A. Sharp 1926 Scholarship Fund 845,823 George and Clarissa Nevius Scholarship Fund 89,732 Saud Shawwaf 1960 Scholarship Fund 549,710 New Mexico Scholarship Fund 41,663 Evan Sheinberg 1982 and Abby McKenna Edward N. Ney Scholarship Fund 386,137 Scholarship Fund 58,273 Alice Michiko Noll 1998 Memorial Scholarship Fund 210,392 Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard Norqual Family Fund 351,558 Scholarship Fund 200,339 Laverne Noyes Foundation 717,538 George L. Shinn Scholarship Fund 301,513 John S. Oberly 1907 Scholarship Fund 40,996 Mary J. Shores Fund 91,613 Jean W. and Robert K. O’Connor 1944 Siegel Family International Scholarship Fund 112,306 Scholarship Fund 1,413,154 Fredrick J. Sievert 1970 Scholarship Fund 166,097 The Ong Family Scholarship Fund 94,833 Albin J. Sigda 1942 Student Employment Fund 2,878,187 William Orr 1883 Scholarship Fund 26,248 Andrew Baird Simpson 1938 Scholarship Fund 86,640 Osathanugrah Scholarship Fund 1,284,423 Addison Henry Smith 1878 Scholarship Fund 114,702 Ouyang Family Scholarship Fund 97,502 Harry deForest Smith Scholarship Fund 369,441 Dr. Frederick Allen Parker 1920 Memorial Isaac F. Smith 1883 Student Loan Fund 222,974 Scholarship Fund 15,802 Luther Ely Smith 1894 Memorial Fund 313,441 Susan Patsner Memorial Scholarship Fund 63,095 Theodore Soller Memorial Scholarship Fund 74,063 Mildred and Ward H. Patton Scholarship Fund 518,913 South African Scholarship Fund 361,609 Edward H. Perkins, Jr. Scholarship Fund 85,444 Southern California Scholarship Fund 11,296 Mark W. Perry 1965 Scholarship Fund 1,613,518 Carl and Mildred Spero Fund 319,217 Robert T. Pfeifer 1942 Scholarship Fund 30,059 Atherton Hall Sprague 1920 Memorial Woody Phillips Memorial Scholarship Fund 32,569 Scholarship Fund 766,177 Asa Clinton Pierce 1843 Scholarship Fund 85,444 Robert E. Sproul 1969 Memorial Scholarship Fund 37,783 Peter R. Pouncey Scholarship Fund 7,666,525 Frederick H. Stamm, Jr. 1940 Memorial George D. Pratt 1893 Scholarship Fund 845,260 Scholarship Fund 79,719 The Theodore Pratt, Jr. 1944 and Bettie Curland Pratt Charles J. Staples 1896 Memorial Fund 433,592 Memorial Scholarship Fund 52,086 C. V. Starr Scholarship Fund 2,337,435 President’s Loan Fund 274,428 Allan W. Steere 1956 Memorial Scholarship Fund 108,694 Monica Mittelstadt Prounis 1984 Memorial Edward C. and Hazel L. Stephenson Scholarship Fund 69,523 Scholarship Fund 76,810 Harold Parker Stevens 1902 Fund 605,009 The Pruyne Family Scholarship Fund 1,023,751 Arthur W. Stewart 1929 and Rhea T. Stewart Psi Upsilon Memorial Fund 22,557 International Student Scholarship Fund 313,522 Gordon Radley 1968 Scholarship Fund 165,254 William W. Stifler, Jr. 1939 Scholarship 175,347 Ralph Family Scholarship Fund 96,614 J. Sydney Stillman 1929 Scholarship Fund 362,103 The Mike Ransom Memorial Scholarship Fund 527,610 The Caleb Stimson Fund 475,169 David A. Read Memorial Scholarship Fund 40,039 Albert L. Stirn 1913 Fund 530,528 Reader’s Digest Foundation Endowed Scholarship Fund 119,621 Frederic N. Stone 1903 Scholarship Fund 84,145 George Milton Reed 1862 Scholarship Fund 86,401 Harlan F. Stone 1894 Scholarship Fund 569,448

45 s Stone Educational Fund 427,218 PRIZES Henry E. Storrs 1864 Scholarship Fund 85,444 Consolidated 434,568 The Frederic A. Stott 1940 Scholarship Fund 100,856 Armstrong Prize 49,318 Robert B. Swain III 1976 Scholarship Fund 47,705 Bancroft Prize Fund 113,503 William Swindells 1952 Scholarship Fund 36,297 Bassett Physics Prize Fund 84,401 Ordway Tead 1912 Scholarship Fund 227,793 Bertram Latin Prize Fund 49,848 Robert Spafford Terwilliger Scholarship Fund 469,649 Harvey Blodgett 1829 Memorial Scholarship Fund 57,025 Lucius E. Thayer 1918 Scholarship Fund 85,444 Bond Commencement Prize Fund 193,256 The Thomases Physics Scholarship Fund 38,641 Samuel Bowles Fund 79,651 Frederic Lincoln Thompson 1892 Scholarship Fund 2,955,717 Addison Brown 1852 Scholarship Fund 118,972 Robert and C. Van Ting Memorial Scholarship Fund 1,087,092 Samuel Walley Brown 1866 Scholarship Fund 115,691 The Tower Scholarship Fund 1,622,318 Jeffrey J. Carre Memorial Fund 62,815 Samuel F. Trull 1945 Fund 23,412 Robert Cover Prize Fund 11,569 Bessie Tucker Scholarship Fund 228,032 Dr. Ernest D. Daniels Latin Prize 24,454 Tulchin Family Scholarship Fund 149,184 The Asa J. Davis Prize Fund 64,184 Turner Family Scholarship Fund 422,594 Doshisha-American Studies Prize 40,193 Updike Family Fund 194,562 Doshisha-Asian Studies Prize 41,201 Hans P. Utsch 1958 Scholarship Fund 1,828,986 James R. Elster 1971 Award 81,120 The Vernon Scholarship Fund 110,701 G. Forrest Gillett 1936 Memorial Fund 39,665 Veterans Scholarship Fund 320,460 Pedro Grases Prize in Spanish 98,755 F. Trowbridge vom Baur 1929 Scholarship Fund 147,883 Anna Baker Heap Prize Fund 51,044 Ernest T. Wakefield 1904 Fund 812,979 Edward Jones 1826 Prize Fund 14,702 Ed Wall Fund 428,721 James Charlton Knox 1970 Memorial Fund 92,133 The John Henry Washburn 1849 and 1934 Fund 534,826 Sylvia and Irving Lerner Piano Prize Fund 39,885 John W. Wastcoat 1934 Scholarship Fund 105,660 Manstein Family Award 34,030 Richardson L. Watkins 1976 Scholarship 45,065 Moseley Prize Fund 152,346 George H. Watson 1870 Memorial Fund 1,071,566 The 19th Century English Novel Prize Fund 28,162 Everett S. Webb 1924 Scholarship Fund 180,218 Gordon B. Perry Memorial Fund 36,314 Charles M. Webster 1957 Scholarship Fund 141,290 Donald S. Pitkin Prize Fund 17,037 Leslie T. Webster, Jr. 1947 Scholarship Fund 50,117 Walter F. Pond 1907 Geology Prize Fund 25,495 William M. Weiant 1960 and Clarissa L. Weiant 1990 Eleazer Porter Prize Fund 49,557 Scholarship Fund 101,625 Psi Upsilon Prize Fund 131,620 Edwin P. Wells 1881 Scholarship Fund 551,880 David Quinn Memorial Fund 13,500 Frederic 1954 and Jacqueline Werner/ Noah C. Rogers Public Speaking Prize 36,262 Edward and Eleanor Werner Family Fund 1,152,713 John Sumner Runnells 1865 Memorial Fund 111,555 M. Tilghman West 1937 Memorial Scholarship Fund 116,721 Sawyer Prize Fund of Physical Education 51,198 Hobart K. Whitaker 1890 Scholarship Fund 102,276 Oscar E. Schotte Prize Fund 50,913 G. Henry Whitcomb 1864 Scholarship Fund 847,071 Oscar E. Schotte Scholarship Fund 50,670 Donald G. White, Jr. 1949 Memorial Fund 133,036 Obed Finch Slingerland 1942 Memorial Fund 231,757 Heath Edgar White 1908 Scholarship Fund 74,592 Laura Ayres Snyder Poetry Prize Fund 43,593 Herbert Otis White 1895 Scholarship Fund 219,693 Stanley V. and Charles B. Travis 1864 Fund 51,129 John Warren White 1934 Scholarship Fund 201,715 Frederick King Turgeon Prize Fund 59,902 Robert B. and Mabel W. Whitney Scholarship Fund 413,767 Walker Prize Fund 117,827 Elmer W. Wiggins 1901 Fund 4,371,449 Thomas H. Wyman 1951 Memorial Endowment Fund 88,938 Harry Wilbur 1884 Scholarship Fund 85,444 William C. Young 1921 Memorial Fund 37,766 Henry Lawrence Wilkinson 1888 Memorial Fund 85,444 Eugene F. Williams 1910 Scholarship Fund 195,444 Total Prize Funds $3,377,524 George W. Williams 1911 Scholarship Fund 134,300 J. Vernon Williams 1943 Scholarship Fund 71,338 FELLOWSHIPS The Williamson Scholarship Fund 411,740 Amherst Memorial Fellowship Fund 2,585,362 Dean Eugene S. Wilson Scholarship Fund 1,481,082 John Mason Clarke 1877 Fellowship in Paleontology Robert Whitelaw Wilson 1930 Scholarship Fund 415,547 & Geology 541,994 Richard S. Wolfe 1952 Cross-Cultural Education Fund 1,328,563 Evan Carroll Commager Fellowship Fund 593,500 Leo Wolff Memorial Scholarship Fund 409,890 Warner Gardner Fletcher 1941 Fund 112,430 William H. Woolverton Scholarship Fund 54,162 Roswell Dwight Hitchcock Memorial Fund 185,390 Worcester Scholarship Fund 86,144 Rufus B. Kellogg 1858 Fellowship Fund 1,502,239 The George R. Yerrall III 1941 Memorial Sterling Lamprecht Fellowship Fund in Philosophy 370,104 Scholarship Fund 59,489 Edward Poole Lay 1922 Fellowship Fund 1,026,708 Cynthia A. and Paul G. Yock 1973 Scholarship Fund 120,642 Forris Jewett Moore 1889 Fellowship Fund John M. Zafiriou 1977 Scholarship Fund 81,012 in Chemistry 815,755 Aleta Pedrick Zoidis 1981 Scholarship Fund 661,454 in History 539,845 Total Scholarships and Student Aid $194,019,247 in Philosophy 683,641 George Stebbins Moses 1957 Memorial Fellowship Fund 748,957 C. Scott Porter 1919 Memorial Fellowship 196,123 Lloyd I. Rosenblum Memorial Fellowship Fund 138,633

46 s Charles B. Rugg 1911 Memorial Fellowship Fund Nicholas Curtis Heaney Memorial Fund 31,819 in Law 245,892 Edward Hitchcock Fund for Student Research in John Woodruff Simpson 1871 Fellowship Fund 4,174,031 Environmental Science 1,147,056 Benjamin Goodall Symon, Jr. 1957 Memorial The Charles H. Houston Forum on Law and Social Fellowship Fund 226,140 Justice 718,048 Roland Wood 1920 Fellowship Fund in Dramatics 675,703 The Information Technology Fund 7,534 Victor S. Johnson 1882-1943 Lectureship 2,030,309 Total Fellowships $15,362,447 The Robert L. Kane 1951 Memorial Geology Fund 56,607 ALUMNI ENDOWMENT FUNDS Christopher L. Kaufman 1967 Film Studies Fund 50,685 Consolidated 17,943 The Keith Family Fund for Research and Scholarship 147,743 Nancy and Douglas D. Abbey 1971 Challenge Fund 1,254,437 Kropf Fund for Science Research 67,177 John Albree, Jr., Class of 1882 Memorial Fund 255,822 Corliss Lamont Lectureship for a Peaceful World 958,934 Ralph S. Anthony 1920 and Henry F. Anthony Max and Etta Lazerowitz Lectureship Fund 47,866 1917 Fund 92,843 Linden Family Fund 73,133 Benjamin C. Bourne 1934 Alumni Endowment Fund 155,593 Karl Loewenstein Fellowship in Political Science Nigel Lindsay Bowers 1976 Fund 44,995 and Jurisprudence 5,744,834 Class of 1908 Endowment Fund 54,701 Kristen and Christopher Mahan 1989 Information Class of 1920 Alumni Endowment Fund 11,484 Technology Fund 71,391 Class of 1931 Memorial Fund 305,717 Mayo-Smith-Read Trans-Disciplinary Fund 194,726 Grant A. Goebel 1920 Memorial Fund 21,019 McGuire Family Science Fund 3,805,232 Samuel A. Howard 1882 and 1917 Fund 97,679 The Andrew W. Mellon Fund 4,384,437 Glenn D. Kesselhaut 1978 Fund 37,015 David W. Mesker 1953 Fund 245,275 W. Eugene Kimball 1896 Fund 238,541 Mishkin Fund for Musical Performance 78,259 William A. King 1878 Memorial Fund 1,275,776 David P. Patchel 1991 Memorial Fund 35,972 Harry J. Kohout 1917 Fund 56,000 Virginia and David S. Pennock 1960 Russian Culture Fund 71,140 John T. McAllister 1931 Memorial Fund 62,978 The Hall and Kate Peterson fund for the Mead Art Charles McGowan 1917 Fund 31,580 Museum 1,140,873 Ervin A. Tucker 1923 Fund 18,268 Everett H. Pryde Fund 39,748 Rapaport Lectureship in Contemporary Art 77,701 Total Alumni Endowment Funds $4,032,391 Dr. Raymond A. Raskin Fund 16,153 Read Fmily Fund 98,134 FUNDS SUBJECT TO RESERVED INCOME Ross Glee Club Fund 69,926 Adams Benevolent Fund 104,241 H. Axel Schupf 1957 Fund for Intellectual Life 7,529,662 The Jean Reed Keith 1937 Phi Beta Kappa Fund 3,657 Schupf Scholars Fund 3,323,098 John B. Schwemm Snack Bar Fund 870,978 The Schwemm Fund 449,826 Total Reserved Income Funds $978,876 Science Initiative Fund 4,978,253 Samuel L. and Charlotte E. Sperling Constitutional ACADEMIC SERVICES Law and Public Policy Colloquium Fund 23,907 William K. Allison 1920 Memorial Art Fund 199,716 Tagliabue Fund 162,052 Alpha Delta Phi and Frank Babbott 1878 Louis B. Thalheimer 1966 Amherst Study Center Fund 3,071,254 Alpha Delta Phi Fund 1,475,458 The F. King Turgeon Memorial Fund 131,901 Amherst Art Series Fund 1,631,413 John M. Vine 1966 Fellowship in Economics 143,907 Beals Computer Lab Fund 53,794 Lawrence and Suzanne Weiss 1962 Fund 327,061 David R. Belevetz 1954 Memorial Fund in Chemistry 28,453 White Family Fund for Chemistry 157,708 Jeffrey Richard Bernstein 1991 Fund 48,043 Julia A. Whitney Fund for Russian Art 125,602 Center for Russian Culture Fund 4,336,236 Wise Fund for Fine Arts 3,441,633 Saul Z. Cohen Book Fund 145,270 Wolansky Family Research Fund 95,348 Copeland Colloquium Fund 6,190,561 Willis D. Wood 1984 Fund for Religion 1,394,918 The Richard D. Cramer Fund for the Arts 106,753 Total Academic Services $69,155,226 Croxton Lecture Fund 2,895,953 Samuel B. Cummings Art Purchase Fund 51,369 Samuel B. Cummings Lectureship Fund 51,369 STUDENT SERVICES T. Krista DeGroot Fund 185,532 Consolidated 34,640 Benjamin DeMott Memorial Fund 74,138 Roger Alcaly Public Service Fund 408,177 Lucius Root Eastman 1895 Fund for Visiting Lecturers 726,442 Amherst College Rugby Football Fund 93,472 Emery Fund for Academic Support 398,654 David G. Bunting Family Internship Fund 156,575 Bonnie B. Emory Fund 57,126 Geoffrey David Chazen 1980 Internship Fund 57,394 The Faculty Scientific Fund 1,530,210 Edward M. Clarke, Jr. 1969 Internship Fund 103,805 Vadim Filatov, M.D., 1986 Memorial Lecture Fund 40,769 Class of 1954 Commitment to Teaching Fund 1,253,152 Judith and Steven M. Gluckstern 1972 Technology Class of 1959 Soccer Fund 41,248 Fund 1,488,855 Crew Fund 398,676 Uta Graf Fund for Music Performance 470,686 Dangremond Internship Fund 38,361 Douglas C. and Ann M. Grissom 1989 Fund for James Q. Denton Fund 48,249 Writing 7,495 Frederick L. Doar, Jr. Athletic Fund 65,270 Jeffrey D. Gutcheon 1962 Music Fund 41,897 Doelling Undergraduate Research Fund 78,003 John Whitney Hall 1939 Fund 152,192 George E. Doty III 2005 Fund for Sports Information 38,252

47 s Paul Eckley Memorial Fund 52,000 Term Endowment, Income Restricted Philip Edmundson 1980 Internship Fund 251,351 INSTRUCTION Eric O. Fornell 1978 Internship Fund 81,329 Funds for Specific Instruction Purposes Seth E. Frank 1955 Fellowship Fund 337,337 Frank Backus Williams Fund 568,747 Gay and Lesbian Issues Fund 27,989 Pierce Gerety Internship Fund 193,001 Total Instruction $568,747 Joy-Gerhard Sports Award Fund 36,928 Inge and D. Robert Gould Internship Fund 30,950 LIBRARY Sylvia C. Hecht and Benedict L. and Babette H. Michael J. Israels 1971 Library Fund 69,708 Rosenberg Internship Fund 372,993 Total Library $69,708 Edward Hitchcock Fellowship in Physical Education 341,774 Ronald N. Hoge 1967 Internship Fund 2,778 PRIZES James J. Jordan, Jr. Memorial Fund 54,610 Haskell R. Coplin Memorial Prize Fund 20,660 Sally Rathmann Kadifa, M.D. 1981 Fund for Community Engagement 105,812 Total Prizes $20,660 Kauffman Fellowship in Biomedical Research 110,645 Harry V. Keefe, Jr. 1943 Health Program Fund 705,491 FUNDS SUBJECT TO RESERVED INCOME William A. Krupman (1958) and Pamela Allyn (1984) Amherst Day School Fund 393,793 Internship Fund 462,841 Amherst College Neesima Endowment Fund 35,493 MacRae Family Internship Fund 26,441 Frautschi/Rosenfeld IM/PM Debate Fund 180,966 Mayo-Smith Teaching Fellowship Fund 269,284 Total Reserved Income Funds $610,252 McGuire Family Fund for Athletics 1,846,303 Minority Recruitment and Retention Fund 1,028,950 TOTAL TERM ENDOWMENT $10,754,252 Monosson Family Fund 41,720 Don and Jane Morse Internship Fund 65,980 Quasi-Endowment, Unrestricted Ouyang Family Summer Study Program Fund 478,140 Consolidated 9,557,631 Carol K. and John N. Park 1953 Golf Fund 51,213 Janet G. and William H. Agnew 1943 528,490 Pincus-Johnson-Sandler Community Service Fund 1,062,457 Walter T. Akers, Jr. 1927 Fund 48,686 Hugh B. Price 1963 Internship Fund 375,441 Walton C. Allen 1920 Fund 23,548 The Steven M. Rostas Ski Fund for “Carry-Over” Sports 74,182 Dana S. Anderson 1930 Fund 524,709 Schnell Family Public Service Internship Fund 67,424 Robert A. Arms 1927 Memorial Fund 811,629 Sellin Family Internship Fund 55,839 George W. Atwell 1874 Fund 131,190 Eugene Smith Wilson, Jr. 1929 Memorial Fund 572,336 Estate of Marie Ax 36,860 Atherton H. Sprague 1920 and Mary Ann Sprague Thomas B. Babcox 1941 71,162 Memorial Tennis Fund 62,238 Loretta Baker-Pohl 115,152 Robert M. Tiffany 1941 Hockey Fund 130,664 Martin T. Baldwin 1893 Fund 90,485 Scott J. Ulm 1980 Internship Fund 43,832 William H. Baldwin 1928 Fund 24,847 Volpert Internship Fund 67,584 Baldwin and Lilly Fund 63,707 Peter J. Weiller 1956 Internship Fund 47,787 Robert P. Barnes 1940 20,286 Everett A. White 1889 Physical Education Fund 1,337,996 Charles Baumheckel, Jr. 1937 Fund 117,656 Leo C. and Cora G. Wilcox Internship Fund 98,855 John H. Becker, Jr. 1940 642,980 Wolff Community Fund 631,309 Marcus G. Beebe 1936 74,421 Kenneth T. Wright 1952 Memorial Fund 134,749 Ernest P. Bennett Fund 72,234 Total Student Services 14,553,827 Estate of Robert U. Berry 1925 73,294 Dwight B. Billings 1918 Fund 177,005 EMILY DICKINSON MUSEUM D. H. Bixler 1896 Fund 437,112 Martha Dickinson Bianchi Trust 667,194 Herbert E. Bixler 1932 Fund 266,328 Gilbert H. Montague Fund 329,607 Carl M. Blair 1899 Fund 1,220,477 Roy R. Blair 1918 Fund 80,197 Total Emily Dickinson Museum $996,801 Edward W. Blatchford 1891 Fund 52,445 Total Permanent Endowment, Income Restricted $769,073,892 Molly Bean Borgenson Fund 461,447 Estate of Robert H. Breusch 235,466 TOTAL PERMANENT ENDOWMENT $882,699,669 Ralph B. Bristol 1917 Fund 38,740 Bazil W. Brown, Jr. 1953 44,636 Term Endowment, Income Unrestricted George A. Brown 1905 Fund 375,234 Consolidated 7,870,389 Edward Kendall Browne 1906 Memorial Fund 2,211,127 Gift Accounts for future allocation Nathan C. Bulkley 1904 Fund 974,587 Consolidated (those under $10,000) 28,196 Howard F. Burns 1912 Fund 147,698 Jessie Brill 1964 Gift Account 77,672 The Harry N. Busick 1927 Fund 1,541,591 Zsolt Harsanyi 1965 Gift Account 152,206 Lulu C. Butler Fund 150,688 Class of 1953 Eagle Endowment Fund 108,424 Robert M. Byrne 1941 77,856 Class of 1962 25th Reunion Gift Fund 787,255 Centennial Fund 187,395 The Kahn Fund 282,498 Richard E. Church 1941 8,251 The George W. Siguler Fund 145,575 Dexter Clarke 1938 Fund 52,343 Spiegel-Litowitz Fund 32,670 Class of 1906 Fund 56,000 Class of 1910 50-Year Fund 64,373 Total Unrestricted $9,484,885

48 s Class of 1912 Fund 476,895 Carlton F. Heard 1921 Fund 90,553 Class of 1914 Fund 345,209 Gilbert P. Heathcote 1945 192,812 Class of 1916 Endowment Fund 230,561 John C. Hellebush 1945 13,415 Class of 1936 Memorial Fund 432,020 Richard M. Hemenway 1932 14,956 Class of 1953 Endowment Fund 1,067,105 Estate of Charles M. Henderson 1931 101,607 Class of 1957 Endowment Fund 2,132,348 Thomas J. Henderson 1953 54,112 Class of 1966 Capital Fund 128,251 Estate of Margaret B. Hendrickson 1919 261,321 Estate of Elizabeth Lamprecht Cobb 42,893 Everett M. Hicks 1929 Fund 68,594 Sally R. Cohn 43,029 William W. Higgins 1957 95,414 J. Gerald Cole 1915 Fund 39,680 Aida M. Hildreth Memorial Fund 23,582 Howard O. Colgan, Jr. 1932 44,841 Helen M. Hill 1925 Fund 700,074 Cyrus and Madeleine Collins Fund 105,297 Estate of Morton C. Hirshkind 789,465 Estate of Sarah Nelson Cook 523,074 Chandler H. Holton 1929 Fund 23,788 Thomas F. Cousins 1913 Fund 123,398 Reverend Lawrence M. Horton 1932 66,817 Dennison B. Cowles 1921 95,270 Dennett and Rosamond Howe Fund 187,788 G. Armour Craig Fund 108,317 Charles Evans Hughes Fund 227,810 Estate of Mary Crane 19,635 Mr. and Mrs. F. K. Middleton Hunter Fund 49,626 Miner D. Crary, Jr. 1942 Fund 1,065,333 John W. Ireys 1935 43,525 John F. Creamer 1916 Fund 169,503 William A. Jewett, Jr. 1934 25,580 Estate of Winthrop S. Dakin 569,191 Donald F. Johnson 1958 68,453 E. Kent Damon 1940 Endowment Fund 177,207 Harold F. Johnson 1918 Fund 210,106 Dana Street Property Fund 509,774 Porteous E. Johnson 1928 451,399 Jane B. Davey Fund 370,159 Thomas H. Johnson 1920 6,865,070 Robert J. Davis 1919 Fund 236,320 Harry F. Jones, Jr. 1938 Fund 70,799 Paul DeCicco 1927 Fund 18,524 Logan O. Jones 1939 22,523 W. E. Dickerman 1890 Fund 159,301 J. Hartley Joys 1939 Fund 32,090 Maude R. Dillon Fund 209,474 James T. Kaull, Jr. 1942 Fund 32,417 Estate of Lloyd P. Dodge 1936 98,593 George J. Kautzenbach 1921 Fund 384,035 Estate of Lewis W. Douglas 1916 605,607 Gerald Keith 1915 Fund 377,353 Estate of Paul G. Dugan 38,330 Henry W. Kendall Fund 7,809,029 Estate of George G. Eakin 1948 300,670 Robert H. Kennedy 1908 Fund 670,886 Reginald H. Ellis 1923 Fund 878,224 Estate of Gordon Ketcham 1928 49,113 Estate of Daniel E. Emrie 1910 157,216 Ruth B. and Marcus P. Kiley 1919 Fund 1,444,937 Frank B. Evans III 1935 Endowment Fund 447,768 Estate of Stanley King 1903 11,368,445 Francis F. Faulkner 1944 135,800 Joseph R. Kingman, Jr. 177,269 Paul L. Feinberg 1928 21,959 Grace N. Klem 197,597 James R. Field 1940 48,753 Estate of G. Edward Knapp 1934 65,415 Franklin M. Finsthwait 1932 Fund 30,059 Richard S. Kyle 1924 Fund 138,607 Osmun Fort 1937 Fund 36,638 Estate of Rose L. Kyle 807,374 Evan Fotos 1944 Fund 40,859 Estate of Hayes C. Lamont 1957 67,295 Robert B. Freeman 1923 Fund 451,416 Sterling P. Lamprecht Fund 67,757 Laura M. Friel 101,661 Arthur L. Lanckton 1934 Fund 23,993 Garnett Family Trust Fund 1,245,512 Gregory Lane 1933 Endowment Fund 119,544 John M. Gaus 1915 Fund 222,017 William N. Larkin 1937 Fund 14,953 E. N. Gibbs Fund 158,737 Robert F. Lehman 1931 Fund 280,956 Estate of Mary Musser Gilmore 122,902 Edward H. Lerchen 1942 117,522 Estate of Alpheus John Goddard, Jr. 1925 43,234 Estate of Suzanne Gabriella Lindsey 336,211 Walter A. Grant 1925 54,376 Walter C. Longstreth 1901 Fund 109,043 J. Newell Green 1923 Fund 51,095 Estate of Cedric M. Luce, Jr. 1944 1,006,133 John L. Green 1942 Fund 52,873 The H. Gardner Lund 1904 Fund 70,816 Estate of Virginia Greenough 54,424 Edwin H. Lutkins 1916 Fund 1,064,867 William B. Greenough 1888 Memorial Fund 83,666 Thomas H. Lydon 1944 Fund 30,862 Raymond Josiah Gregory 1896 Memorial Fund 79,668 F. and L. MacFarland Charitable and Educational Fund 163,590 Ruth Gridley Fund 402,087 Harry Cornell Madden 1925 Fund 34,741 Merton L. Griswold, Jr. 1925 83,683 Estate of Edward J. Maloney 1917 2,162,149 Minot Grose 1936 17,174 Jane D. Marshall Fund 61,451 Frederic M. Hadley 1928 Fund 332,683 Robert K. Massey 1937 Memorial Fund 165,069 Edward T. Hall 1907 Fund 113,179 Richmond Mayo-Smith 1909 Fund 122,697 John S. Hall 1930 Fund 95,218 John H. McBride 1926 10,920 Louis H. Hall 1897 Memorial Fund 86,349 Estate of H. Douglas McGeorge 1932 123,158 Louis J. and Elizabeth K. Hall Fund 34,046 Hugh J. McLane 1944 Fund 217,890 Howard K. Halligan 1930 Fund 69,295 Estate of Everett F. McTernan 1915 1,489,402 Stanley P. Ham 1925 Fund 45,644 Dudley H. Meek, Jr. 1952 143,228 Donald M. Harris 1932 406,302 Cornelia R. Meiklejohn 295,274 Estate of James S. Harvey 1928 50,224 Charles E. Merrill 1908 Fund 440,599 Leland Hays 1905 Fund 43,730 Charles E. Merrill Trust and Estate 19,971,011

49 s Dorothy W. Merrill 17,721 Arthur I. Strang 1937 63,843 Earl W. Merrill 1927 Fund 41,338 Estate of Dorothy G. Suydam 38,330 James Merrill 1947 Fund 3,172,722 George W. R. Sykes 1938 44,776 Oliver B. Merrill 1925 Fund 466,104 John C. Tapley, Jr. Fund 34,741 Estate of Jane Peck Messler 136,383 Estate of Thomas H. Taylor, Jr. 563,499 Joseph D. Messler 1935 328,781 Ruth L. Thompson 1920 Fund 19,755 Lloyd W. Miller 1919 Fund 58,102 Estate of Clarice Brows Thorp 351,138 Robert T. Miller, Jr. 1899 Fund 76,318 Harry G. Tinker 1893 Trust 645,971 Arthur N. Milliken 1880 Fund 268,823 Estate of George L. Titus 1924 168,016 The Millimet Lead Trust Fund 44,687 Phelps Tracy 1931 Endowment Fund 168,877 Ivalita G. Miner 31,973 Edmund C. Twichell 1933 17,806 Bruce M. Minnick 1940 25,787 Procter C. Twichell 1937 28,299 Charles E. Mitchell 1899 Fund 318,585 Clinton W. Tylee, Jr. 1936 56,939 Edward W. Morehouse 1918 Fund 40,500 Howell Van Auken Memorial Fund 914,469 Estate of Chandler Morse 1927 44,245 John L. Van Woert 1933 16,183 Horace C. Moses, Jr. 1929 Fund 1,079,854 Estate of Raymond M. Walls, Jr. 1953 68,680 Estate of Alexander Hyde Mossman 1920 42,175 Paul W. Watt 1923 Fund 237,021 Estate of Katharine A. Murphy 140,828 Estate of Harold N. Weber 714,015 Edwin A. Neale 1930 92,518 Edgar H. Weil and Florence Weil Fund 106,119 Frank F. Nelson 1873 Fund 56,581 Nellie Wells Fund 194,982 William J. Newlin 1899 Fund 90,485 Estate of Oliver Wells 32,708 Violet B. Nienaber Fund 83,278 Grace Wethern Fund 195,307 Estate of Ralph H. Oatley 1922 99,046 Robert R. White, Jr. 1919 Fund 21,412 Charles H. Olmsted 1943 Fund 37,493 Ralph T. Whitelaw 1902 Fund 205,270 Theodore P. Palmer 1928 78,266 Estate of Elizabeth H. Whitney 40,500 Martha J. Parker Fund 87,323 Thomas P. Whitney 1937 Fund 284,476 Charles F. Partridge 1933 105,958 Charles J. Wier 1889 Fund 2,152,205 Estate of Ralph D. Patch 1927 389,486 Charles T. Wilder Fund 253,494 Loomis Patrick 1927 Fund 43,730 Bertha L. Wilkinson Fund 79,668 Randolph Paul 1911 Fund 119,467 Benjamin Williams 1936 88,296 Horace B. Paulmier 1929 Fund 90,109 Mazelia E. Williams Fund 48,891 F. Stuart Pease 1912 Fund 65,689 Ralph M. Williams 1933 Fund 40,945 John R. Penn 1899 Fund 368,091 James R. Williston Fund 796,505 Estate of Janet S. Perkins 83,376 Thomas M. Wilson, Jr. 1933 Fund 4,938,174 Francis T. P. Plimpton 1922 Fund 56,609 Dwight L. Woodberry 1902 Fund 660,701 Frederick J. Pohl 1911 334,546 James L. Woodress, Jr. 1938 Fund 131,094 Harold I. Pratt 1900 Memorial Fund 160,395 David W. Woodward 1934 138,727 Newell and Anita G. Presbrey 15,653 Estate of John N. Worcester 1921 425,236 Henry Randall 1929 130,565 Edward B. Wright 1920 Fund 90,775 Estate of Paul A. Raushenbush 1920 21,771 Frances L. Youtz Fund 187,019 Reader’s Digest Foundation Fund 102,173 Total Quasi-Endowment, Unrestricted $140,623,099 Joseph E. Reeve 1929 Fund 114,905 Estate of James O. Reynolds 1947 61,912 Estate of Elsie T. Rider 42,175 Quasi-Endowment, Restricted E. Marion Roberts 1911 Fund 1,007,432 ADMINISTRATION Emily T. Robertson 612,909 Kurt L. Daniels 1923 Presidential Fund 1,783,311 Hayden D. Robinson 1917 Memorial Fund 78,369 John D. Weil 1963 Presidential Discretionary Fund 217,539 Ruth Hibbard Romer Fund 42,431 Total Administration $2,000,850 William H. Ross 1929 Fund 407,771 Estate of Gordon A. Rust 1930 3,263,998 Estate of Frank K. Sanders, Jr. 1917 236,371 INSTRUCTION Howell E. Sayre 1908 Memorial Fund 48,652 Funds for Specific Instruction Purposes Henry Schmidt 1933 12,372 Consolidated 205 Jewel H. Schwab Fund 178,201 John Tennant Adams 1929 and Elizabeth Collins The Seligman Fund 1,113,843 Adams Music Fund 1,592,960 Emily A. Shields 32,110 The Amherst College Campaign Fund for The Franklin Atwood Shurtleff 1928 Memorial Fund 532,177 Interdisciplinary Teaching 56,171 Estate of June S. Sicard 2,306,482 Bruce B. Benson Physics Fund 48,356 Elizabeth B. and Richard P. Simcoke 1932 154,065 William Constable Breed and Estate of G. Northrup Simpson, Jr. 1951 1,035,449 James McVickar Breed 1903 Memorial Fund 9,016,011 Athanasios Demetrios Skouras 1936 Memorial Fund 50,924 Elizabeth W. Bruss Fund 80,733 Theodore Southworth 1919 Fund 158,959 Arnold Collery Econonmics Fund 28,445 Atherton H. Sprague Fund 218,373 William Nelson Cromwell Fund 5,021,539 James A. Stewart 1939 Fund 265,177 W. W. Davis 1879 Fund 41,867 Harold F. Still, Jr. 1944 Endowment Fund 287,666 The Dow Reinvested Income Fund 2,014,171 Robert I. Stout 1913 Fund 2,388,850 Economics Department Fund 88,824

50 s English Language and Literature Reinvested Elsie Dittrich Lepper Scholarship Fund 149,186 Income Fund 330,827 Frank Rose Elder 1911 Scholarship Fund 116,169 Friends of Music Endowment Fund 33,955 Richard D. Fairbend, Jr. 1929 Scholarship Fund 33,169 Fund for Special Geology Field Trips 134,721 Miriam and Henry Fillman 1917 Scholarship Fund 913,083 Estate of George Harris 1906 215,882 Elmo Giordanetti Memorial Scholarship Fund 69,848 Japanese Language and Literature Fund (NEH) 285,929 John H. Klingenfeld 1913 Loan Fund 46,174 Harold F. Johnson 1918 Fund 78,232 O. Howard Korell 1954 Scholarship Fund 88,964 Knowles Fund 79,668 James B. Krumsiek 1958 Memorial Scholarship Fund 556,619 Robert Edmund Lee 1940 23,600 George W. McFadden, Jr. 1922 Scholarship Fund 88,503 Massachusetts Professorship in Chemistry and Middle Income Student Loan Fund 81,889 Natural History 242,933 Alfred S. Lee Scholarship Fund 1,223,681 Moore 1871 Laboratory Fund 247,821 Walter W. and Catherine S. Newcombe James R. Nelson Fund 333,271 Scholarship Fund 59,315 Edmund L. Pratt 1925 Athletic Fund 727,006 Roderic D. G. O’Connor Scholarship Fund 285,792 Edmund L. Pratt 1925 Fine Arts Fund 64,356 Theodore B. Plimpton 1902 Scholarship Fund 112,974 Edmund L. Pratt 1925 Music Fund 64,356 Edmond C. Powers Scholarship Fund 84,936 Leslie T. Webster 1915 Biological Sciences Fund 1,803,254 President’s Discretionary Fund 687,691 The Returned Scholarship Fund 242,358 Total Instruction $22,655,093 Elbert W. Rockwood 1884 Fund 961,924 LIBRARY Soule Family Memorial Scholarship Fund 436,309 Consolidated 56,837 Von Blon Family Scholarship Fund 78,540 Lucy Wilson Benson Fund 31,631 Robert A. Ward Fund 154,076 Hannah S. Calmus Library Fund 975,629 Joseph C. Weller 1928 Scholarship Fund 80,078 Stuart C. Frazier Book Fund 32,417 Westinghouse Foundation Scholarship 106,121 Friends of Library Endowment Fund 33,955 Henry Kirk White 1880 Scholarship Fund 27,069 David C. Fulton 1951 Book Fund 55,333 Total Scholarships and Student Aid $8,653,986 John F. Genung Fund 62,989 George H. Gilbert Fund 166,461 PRIZES Frederick Walbridge Hoeing 1929 Fund 31,512 Robert H. Breusch Prize Fund 51,164 Eric S. Jeltrup 1934 Robert Frost Library Fund 152,990 G. Armour Craig 1937 Prize Fund 22,933 The Frederick S. Lane Fund 64,168 Anthony and Anastasia Nicolaides Award 16,115 The Amherst College Campaign Fund for Total Prizes $90,212 Library Acquisitions 35,869 The Library Acquisitions Fund NEH 72,593 May H. Morris and Albert M. Morris 1913 Fund 686,950 ACADEMIC SERVICES Consolidated 1,270 Howard A. Newton 1906 Fund 387,196 Amherst Center for Russian Culture 170,152 The Olds Family Fund 86,991 The Amherst College Campaign Fund for Faculty The Stanley I. Posner 1930 Book Fund 45,353 Research and Scholarship 109,505 Edmund L. Pratt 1925 Library Fund 727,006 The Collins Print Room Endowment Fund 62,417 Morris Pratt 1911 Dormitory Library Fund 58,956 Joseph Epstein Lecture Fund in Philosophy 48,156 Willard and Claire Brows Thorp Library Fund 48,142 Forry and Micken Fund in Philosophy and Science 332,632 Ralph M. Williams 1933 Fund 24,027 Glee Club Endowment Fund, in memory Total Library $3,837,005 of James Evan Boicourt 1969 23,432 George L. Hamilton 1893 Fund 1,029,425 PHYSICAL PLANT The Keck Foundation Fund 612,904 Faculty Club Fund 597,405 Pratt Museum Fund 343,186 Harry V. Keefe Student Health Center Fund 2,522,774 Program for Physical Science Development 1,434,445 Edmund L. Pratt 1925 Building Maintenance Fund 234,782 Science Initiative Reinvested Income Fund 2,237,388 Laura P. Pratt Dorm Renovation Fund 215,267 The Templeton Photography Fund 399,158 Schupf Family Landscape Fund 42,416 Weather Station Fund 33,124 John William Ward Fund 285,262 Frederick W. Zink Maintenance Fund 749,716 Total Academic Services $6,837,194 Total Physical Plant $4,647,622 STUDENT SERVICES The Amherst College Campaign Fund for Student Life 22,472 SCHOLARSHIPS AND STUDENT AID Philip W. Avirett 1946 Memorial Fund 90,237 Consolidated 80,471 Gladys Brooks Psychotherapy Fund 36,113 The Amherst College Campaign Fund for Hotchkiss/Patrick Internship Fund 166,674 International Student Aid 110,906 The Amherst College Campaign Fund for Student Total Student Services 315,496 Financial Aid 900,883 Total Quasi-Endowment, Restricted $49,037,458 Paula R. and David J. Avenius 1941 Scholarship Fund 402,467 Jay W. Butts 1946 Scholarship Fund 100,651 Edwin Clapp 1849 Scholarship Fund 107,368 Carlton J. Cuqua Memorial Fund 34,246 Augustus I. Dillon 1906 Fund 232,526

51 s Quasi-Endowment, Designated Class of 1934 25-Year Fund 183,123 COLLEGE J. Davey Gerhard 1938 Memorial Scholarship Fund 34,673 General Memorial Fund 398,609 Sarah M. Kaemmerling Scholarship Fund 107,300 Warner Seely 1915 and Charles D. Seely 1876 The McGregor Foundation Scholarship Fund 69,568 Memorial Fund 40,415 The Earl W. Merrill 1927 Scholarship Fund 248,983 William M. Prest 1888 Fund 6,225,935 Total College $439,024 Total Scholarships and Student Aid $22,648,974 ADMINISTRATION Consolidated 45,427,441 PRIZES Estate of Winifred L. Arms 11,050,235 The Richard M. Foose Geology Prize Fund 309,661 Frank L. Babbott 1878 Fund 22,187,828 Alfred F. Havighurst Prize Fund 19,534 Frederick T. Bedford 1899 Fund 5,393,137 Charles Hamilton Houston 1915 Prize Fund 14,780 Clara M. Chapin Fund 6,045,909 Ed Serues Racquets Trophy Fund 11,501 Edward C. Crossett 1905 Fund 22,407,796 Stonewall Prize Fund 10,868 Frank K. Daniels Fund 130,883 Total Prizes $366,344 Kurt L. Daniels 1923 Fund 242,301 Edwin Duffey 1890 Fund 3,594,610 FELLOWSHIPS The Gordon R. Hall 1915 Memorial Fund 18,384,134 The MacArthur-Leithauser Travel Award 121,737 Hewlett-Mellon Presidential Discretionary Fund 1,018,608 Total Fellowships $121,737 Henry P. Kendall 1899 Fund 7,922,849 Samuel and Ethel LeFrak Presidential Discretionary FUNDS SUBJECT TO RESERVED INCOME Fund 1,241,923 Pelham Cemetery Fund for upkeep of Harkness graves 31,870 The Mead Fund 3,341,621 Total Reserved Income Funds $31,870 The McGregor Foundation Presidents Fund 69,209 Laura P. Pratt Fund 1,937,451 ACADEMIC SERVICES Sherman Pratt 1927 Fund 7,665,658 Wallace C. Dayton 1943 Environmental Fund 651,063 Ebenezer Strong Snell 1822 Memorial Fund 2,303,766 Latham Internships in Washington 175,760 Eliza W. Valentine Fund 2,416,237 Mead Art Acquisitions Fund 378,722 Theodore L. Widmayer 1917 Fund 2,428,745 The Charles H. Morgan Fine Arts Fund 150,808 Total Administration $165,210,341 Neesima Memorial Committee Fund 28,401 INSTRUCTION Total Academic Services $1,384,754 General Instruction-various funds applicable to the STUDENT SERVICES common purpose of teachers’ salaries George L. Cadigan 1933 Chaplaincy Fund 3,280,853 Paula R. and David J. Avenius 1941 Professorship 797,253 Career Center Internships 122,133 Douglas Dayton 1946 Fund 86,281 The Ford Foundation Fund 24,465,789 Total Student Services 3,402,986 Roger C. Holden 1919 Professorship in Theater Total Quasi-Endowment, Designated $222,829,259 and Dance 1,890,224 TOTAL QUASI ENDOWMENT $412,489,816 Total General Instruction 27,239,547 TOTAL ENDOWMENT FUNDS $1,305,943,737 Funds for Specific Instruction Purposes Ashton Fund 81,821 Life Funds Frances C. Chapman Fund 149,270 The Balanced Income Fund $6,828,368 Edward C. Crossett 1905 Fund 508,578 S. Stanley Alderfer 1930 Richard S. Gray 1953 The Winifred Capron Moyer Fund 206,620 James B. Ammon 1944 William B. Greenough III 1953 Total Specific Instruction Purposes 946,289 Anonymous Philip F. Hall, Jr. 1937 Total Instruction $28,185,836 Robert W. Boden 1953 Myron C. Hamer, Jr. 1953 J. Robert Buchanan 1950 Montagu Hankin, Jr. 1943 LIBRARY Isabel E. Bumstead Helen S. Harris Barrett W. Couper 1971 Memorial Fund 158,520 Pierce A. Cassedy 1943 (Timothy M. Harris 1957) Alpheus John Goddard 1893 Memorial Fund 52,514 Maurice F. Childs 1954 George Heller 1952 The Israels Family Fund 404,866 William C. Clarke, Jr. 1944 William S. Hosford 1943 Howard O. Colgan, Jr. 1932 James M. Hund 1944 Total Library $615,900 Michael A. Connor, Jr. 1945 Thomas H. Johnson 1920 William F. Cordner 1940 Berthe W. Keith PHYSICAL PLANT Robert E. Dillon, Jr. 1953 (Thomas B. Keith II 1960) Richmond M. Rudden Fund 421,493 Waldo E. Dodge 1945 Phyllis D. Kirkpatrick Total Physical Plant $421,493 Allan A. Eaton 1944 (John E. Kirkpatrick 1951) Louis F. Eaton, Jr. 1940 Robert C. Knowles 1951 SCHOLARSHIPS AND STUDENT AID Robert A. Eaton 1943 Charles R. Longsworth 1951 Consolidated 9,350,528 and Meredith V. Eaton Maurice A. Longsworth 1954 Frederick T. Bedford 1899 Scholarship Fund 6,040,830 Ruth H. Fitzgerald G. Vicary Mahler 1953 Chemical Bank Scholarship Fund 388,034 J. Russell Fowler 1940 Robert C. McAdoo 1943

52 s Carolyn L. McCluney Robert M. Segal 1936 Dorothy T. Linton Charles F. Sheridan, Jr. 1948 (Henry N. McCluney 1939) Thomas R. Shepard, Jr. 1940 (Thomas Linton 1932) Edwin F. Sherman, Jr. 1938 Willard C. McNitt 1942 George L. Shinn 1945 Charles R. Longsworth 1951 James L. Shields 1935 David H. Means 1950 Richard C. Simon 1949 Hector E. Lynch III 1940 William P. Simons II 1942 Howard M. Mitchell 1939 P. Whitney Spaulding 1950 W. Barry Mallon, Jr. 1944 Ralph S. Smith 1941 Matthew P. Mitchell 1954 Polly W. Spaulding R. William Marberger, Jr. 1941 John W. Strahan III 1952 and Angela F. Mitchell Clifford B. Storms 1954 Arthur V. C. Marshall 1937 C. George Taylor 1939 Hugh G. Moulton 1955 Albert W. Tenney, Jr. 1953 Robert C. McAdoo 1943 Harrison G. Taylor, Jr. 1942 Peter W. Moyer 1949 David F. Tuttle, Jr. 1934 Henry N. McCluney 1939 R. John Theibert 1945 and Alexis P. Nason 1943 Nancy W. Valentine Lydia N. McCollum Nancy Theibert Edmund G. Noyes 1943 (Richard H. Valentine 1943) (Robert S. McCollum 1938) Thomas E. Tisza 1943 Lester N. Odams, Jr. 1951 Jack H. Vernon 1952 Kimball A. McMullin 1939 Edwin J. Titsworth Theodore P. Palmer 1928 Anita T. Wait Robert L. Mitchell 1943 Harry A. Trautmann, Jr. 1940 John N. and Carol K. Park 1953 (Ward H. Wait 1936) John C. Moench 1943 David M. Traver 1946 Wm. Richard Park 1949 Edwin H. Watkins 1946 Hugh G. Moulton 1955 Samuel F. Trull 1945 Linn B. Perkins 1949 Sterling L. Weaver 1953 Gilbert H. Mudge 1936 Ervin A. Tucker 1923 Elizabeth H. Potter and Jean C. Weaver William J. Murray, Jr. 1945 David F. Tuttle, Jr. 1934 (Robert A. Potter 1940) William B. Whiston 1943 Alexis P. Nason 1943 Ward H. Wait 1936 Philip T. Rand 1961 William H. Whorf 1942 Mary S. Park Theodore G. Walker III 1949 William G. Reynolds 1946 Patricia Wilcox (Wm. Richard Park 1949) John W. Wastcoat 1934 J. Bushnell Richardson, Jr. 1929 (William W. Wilcox 1954) Sanborn Partridge 1936 Edwin H. Watkins 1946 and Miriam D. Richardson James P. Wilkerson 1937 Susan Patton William C. Wheeler 1939 Donald B. Riefler 1949 Richard E. Winslow, Jr. 1926 Pauline Perry John W. White 1934 C. Edgar Phreaner, Jr. 1936 Katharine S. White George H. Phreaner 1937 (John W. White 1934) Immediate Life Income Fund $7,963,240 De Nyse W. T. Pinkerton Elmer W. Wiggins, Jr. 1938 Robert L. Abbey 1939 John H. Esquirol, Jr. 1950 William E. Redeker 1940 James P. Wilkerson 1937 Lucetta S. Alderfer Samuel B. Feinberg 1937 Leslie M. Redman 1940 Emmons J. Williams 1945 (S. Stanley Alderfer 1930) and Marilyn M. Feinberg Hugh M. J. Reeves 1940 Richard E. Winslow, Jr. 1926 Fred H. Allen, Jr. 1934 Claus N. Felfe 1956 Norman E. Richardson, Jr. 1931 Richard E. Winslow III 1956 George H. Allen I. Lloyd Gang 1943 Adrien L. Ringuette 1948 Gerald B. Woodruff 1926 Wallace W. Anderson, Jr. 1951 W. Philip Giddings 1934 Chalmers M. Roberts 1933 Elbert B. M. Wortman 1910 Frank L. Anker 1935 Henry F. Goodnow 1939 Matthew M. Rubin 1959 Rufus J. Wysor, Jr. 1942 Anonymous William J. Graham 1945 and Carolyn W. Rubin Mr. and Mrs. Benjamin M. William J. Babcock, Jr. 1943 Thayer A. Greene 1950 Walter A. Schloss 1936 Ziegler William H. Banks III 1953 Thomas P. Greenman 1945 C. Keith Shay 1943 George M. Zimberg 1948 Edwin R. Bates 1941 John T. Gyger, Jr. 1949 William M. Bellows 1944 Benjamin E. Haller 1938 John M. Betts 1942 W. Chapin Harris 1945 Gift Annuities $4,631,713 Robert H. Bidwell 1941 William C. Hart 1944 Anonymous John K. Dustin 1940 Herbert E. Bixler 1932 Frank C. Hartzell, Jr. 1949 James J. Barnes 1954 Allan A. Eaton 1944 Daniel Bliss 1920 Albert H. Hastorf 1942 Richard G. Bateson 1945 William H. Erskine 1943 Robert E. Blood, Jr. 1942 Alfred C. Haven 1945 and Jane David S. Beebe 1956 and Judy William W. Falsgraf 1955 David Broadbent 1942 H. Haven Beebe Jeffrey A. Fillman 1955 George G. Brooks 1944 Fred R. Havens 1944 Paul E. Bragdon 1950 J. Russell Fowler 1940 and Priscilla A. Brooks David R. Hawkins 1944 George G. Brooks 1944 and Theodore V. Fowler III 1941 J. Robert Buchanan 1950 John T. Heald 1942 Priscilla A. Brooks Robert Y. Fox 1955 Robert F. Buehler 1938 Samuel A. Hess 1943 J. Robert Buchanan 1950 Edwin D. Frost, Jr. 1941 John P. Burrows 1944 David M. Hildreth 1939 Douglas P. Butler 1942 I. Lloyd Gang 1943 John C. Carpenter 1944 Abigail J. and George M. John C. Carpenter 1944 and Paul H. Geithner, Jr. 1952 Otis Cary 1943 Hinckley 1934 Evelyn A. Carpenter and Irmgard H. Geithner Willard C. Case 1949 Lucy Patton Holt Virginia A. Christenson Elizabeth Lameyer Gilmore Howard O. Colgan, Jr. 1932 W. Stewart Hotchkiss 1929 (Leon R. Christenson 1949) Hall Roberts Family Trust Philip H. Coombs 1937 John W. Howard 1949 Paula H. Connolly (John F. Hall 1939) James A. Corrigan 1949 L. Eugene Hurtz 1939 (Leo W. Connolly 1953) Leesley B. Hardy 1950 and Edith P. Cranshaw John Jeppson 1938 Michael A. Connor, Jr. 1945 Joan J. Hardy (John A. Cranshaw 1939) Porteous E. Johnson 1928 Erich H. Cramer 1956 Ethel V. Harris Miner D. Crary, Jr. 1942 George R. Jonelunas 1949 Laura S. Cramer (W. Chapin Harris 1945) William H. Creamer 1936 Horace W. Jordan 1937 (Robert R. Cramer 1940) D. Jeffery Hartzell 1951 Samuel B. Cummings, Jr. 1926 Frederick W. Kates 1931 W. Barton Cummings, Jr. Robert J. Haynes 1946 Robert L. Davidson 1952 W. Deaver Kehne 1942 1951 William S. Hosford 1943 and Caleb W. Davis 1940 Douglas E. Kellogg 1941 Richard W. Cutting 1953 Georgette L. Hosford Thomas J. Donoghue 1943 J. Joseph Kelly, Jr. 1941 Ethel B. David J. Roger Hull, Jr. 1959 Parker S. Dorman 1944 Leslie H. Kerr, Jr. 1940 (Clifford C. David 1944) Davis G. Johnson 1941 and George B. Dowley 1940 Woodward Kingman 1949 John T. Dobbin 1945 Mary C. Johnson Raymond H. Dresser, Jr. 1953 John E. Lehman 1938 George B. Dowley 1940 Robert D. Jones 1952

53 s Marilyn E. Kingman Richard C. Read 1941 George C. Corson, Jr. 1956 Charitable Remainder Unitrust (Henry S. Kingman, Jr. 1943) Dora F. Reese Randall and Deborah Deshotel Charitable Edwin P. Lepper 1936 William H. Reese 1931 Remainder Annuity Trust Wilbur O. Lepper 1933 Carol Sagendorph Dimond Scholarship Trust Allan S. Lerner 1951 (Samuel L. Sagendorph Lorayne V. Dodge 2004 Charitable Remainder Unitrust John C. Lightfoot 1952 1939) Jean Schabacker Donati and Richard C. Donati 1945 Maurice A. Longsworth 1954 Walter A. Schloss 1936 Charitable Remainder Unitrust II Laura Leigh MacDougall Andrew A. Scholtz 1950 J. Henry Doscher, Jr. 1942 Charitable Remainder Unitrust (R. Donald MacDougall Henry W. Seeley, Jr. 1939 J. Henry Doscher, Jr. 1942 Charitable Remainder Unitrust II 1955) Thomas R. Shepard, Jr. 1940 George B. Dowley 1940 Janet L. Mahler George L. Shinn 1945 John Eastman, Jr. Charitable Remainder Unitrusts (G. Vicary Mahler 1953) Albin J. Sigda 1942 Jane N. and G. Yale Eastman 1950 Charitable Remainder Unitrust Michael E. McGoldrick 1959 Richard L. Silva, Jr. 1949 Alma Lee Eck Charitable Remainder Unitrust Robert J. McKean, Jr. 1950 and Richard C. Simon 1949 John L. Fletcher, Jr. Charitable Remainder Unitrust Sally A. McKean William P. Simons II 1942 Sandra and John Fulton 1956 Charitable Remainder Unitrust Dudley H. Meek 1952 Bradley F. Skinner 1934 I. Lloyd Gang 1943 Robert L. Meineker 1943 Hubbard M. Smith 1957 and William H. Giese 1966 Judith P. Melick Linda F. Smith Paul B. Goodrich 1968 Charitable Remainder Unitrust (Edwin F. Melick 1954) Alfred Soman 1956 Theodore P. Greene 1943 and Mary J. Greene Suzanne F. Merrill I. Jack Spiegel 1939 Charitable Remainder Unitrust (Charles F. Merrill 1955) Robert J. Stark, Jr. 1941 Suzanne A. Greenman and Thomas P. Greenman Floyd S. Merritt 1951 Margaret H. Steketee Charitable Remainder Unitrust Howard M. Mitchell 1939 (Robert D. Steketee 1950) Thomas P. Greenman and Suzanne A. Greenman Hugh G. Moulton 1955 Peter F.E. Swinchatt 1955 Charitable Remainder Unitrust Peter W. Moyer 1949 William E. Traver II 1942 Werner Gundersheimer 1959 Charitable Remainder Unitrust David S. Newcombe 1952 and Clifford H. Tuttle, Jr. 1952 John C. Haas 1940 Sissel M. Newcombe Herbert H. Uhl 1953 J. Edward C. Harris 1956 John M. Orders 1964 Wilfred F. Vallely, Jr. 1950 Meredith R. and Myron C. Hamer 1953 Charitable Remainder Kenneth L. Parkhurst 1950 James K. Vernon 1957 Unitrust Henry B. Pearsall 1956 Samuel M. Watson 1951 Guy and Michele Horner Charitable Remainder Unitrust Frederick Y. Peters 1942 Jean C. Weaver W. Stewart and Anne Hotchkiss 2002 Norma H. Petersen (Sterling L. Weaver 1953) Charitable Remainder Annuity Trust (Raymond C. Petersen 1951) Edwin F. Wesely, Jr. 1952 Walter J. Hunziker, Jr. 1951 Charitable Remainder Unitrust Nancy L. Phillips William E. Whitney, Jr. 1954 Sheridan W. Johns III 1957 Charitable Remainder Unitrust (Edward C. Phillips 1933) Thomas P. Wilson 1939 Bertram W. and Ellen U. Justus 1953 Charitable Remainder George H. Phreaner 1937 Abigail K. Winans Unitrust De Nyse W. T. Pinkerton (Charles A. Winans 1950) Susan and Larry Kahn 1968 Charitable Remainder Unitrust Gordon M. Pradl 1965 L. Leverett Wright 1938 Kirkpatrick 2007 Charitable Remainder Unitrust Charles Klem, Jr. Charitable Remainder Unitrust Jeanette Louise Wolfe Knight Charitable Remainder Unitrust Separately Invested Funds $49,236,527 William and Anne Krupman 1958 Charitable Remainder Unitrust Fred H. and Frances B. Allen Charitable Remainder Unitrust Frank and Gerry Leftwich 2008 Charitable Remainder Unitrust Patricia M. and G. Ernest Anderson 1950 Wilbur O. Lepper 1933 Charitable Remainder Unitrust II Charitable Remainder Unitrust Susan E. Lewis Charitable Remainder Unitrust I Anonymous Unitrusts Charles R. Longsworth 1951 and Polly Longsworth Robert Answorth 1950 Charitable Remainder Unitrust Charitable Remainder Unitrust Kenneth H. Bacon 1966 and Dorothy W. Bacon Omar and Maria Lyettefi Charitable Remainder Unitrust Charitable Remainder Unitrust Everett W. MacLennan 1996 Charitable Remainder Unitrust William Whitaker Baer 1945 and Anne Fraser Baer John MacLeod 1948 Charitable Remainder Unitrusts Charitable Remainder Unitrust Patricia and Richard Maddi Charitable Remainder Unitrust Mary and James Bandeen 1949 Charitable Remainder Unitrust Robert K. W. McCoy 1930 Michael I. and Holly H. Barach Charitable Remainder Unitrust Joe and Betty McDonald 1958 Charitable Remainder Unitrust Michael I. and Holly H. Barach Charitable Remainder Unitrust II Emery Meschter 1930 Charitable Remainder Unitrust Michael I. and Holly H. Barach Charitable Remainder Unitrust III Emery Meschter 1930 Charitable Remainder Unitrust II Michael I. and Donna J. Barach Charitable Remainder Unitrust Howard M. Mitchell 1939 Charitable Remainder Unitrust A. James Barker Charitable Remainder Unitrust Douglas D. and Bessie Rilla B. Milne Charitable Remainder John B. Bean Charitable Remainder Unitrust Unitrust Lucy Wilson Benson Charitable Remainder Annuity Trust Ray A. and Ilga S. Moore Charitable Remainder Unitrust Lucy Wilson Benson Charitable Remainder Unitrust Abe J. and Mary Jo M. Moses 1955 Charitable Remainder Unitrust Don B. Blenko 1950 Charitable Remainder Unitrust Moulton Charitable Remainder Unitrust Dean E. Butts Charitable Remainder Unitrust Peter A. Nadosy Charitable Remainder Unitrust Adrienne and Arthur Cannella Charitable Remainder Unitrust Edward N. Ney 1946 Charitable Remainder Unitrust Elaine Kursch and Jon R. Catlin Charitable Remainder Unitrust Cecily C. Perez Charitable Remainder Unitrust Sally Cogan and Jerry A. Cogan, Jr. 1956 Adele S. Perlman and Lee A. Perlman 1962 Charles B. Cohler Charitable Remainder Unitrust Charitable Remainder Unitrust Charles and Patricia Collins 1960 Charitable Remainder Unitrust Boyd and Cindy Peterson Charitable Remainder Unitrust

54 s Stephen R. Pflaum Charitable Remainder Unitrust Cooney-Alma Charitable Remainder Unitrust Charles A. Pittman III 1951 and Claire M. Pittman D. Paul Cooney 1950 Charitable Remainder Unitrust Paul R. Dimond and Constance C. Dimond Trust Arthur G. Powell 1958 Charitable Remainder Unitrust Mr. and Mrs. P. R. Dimond 1966 Gordon M. and Mary Ann Pradl 1965 Charitable Remainder Doscher Charitable Remainder Unitrust Unitrust J. Henry Doscher 1942 Saverio Provenzano Charitable Remainder Unitrust English Family Charitable Remainder Trust David S. Purvis Charitable Remainder Unitrust James R. English, Jr. 1941 Gordon Radley 1968 Charitable Remainder Unitrust Laurence C. Griesemer Charitable Remainder Annuity Trust Verne R. Read 1944 Laurence C. Griesemer 1940 Theodore B. Reed 1940 and Nancy E. Reed Charitable Gordon Hall III Charitable Remainder Unitrust Remainder Unitrust Gordon Hall III 1952 Marc W. Richman 1958 Charitable Remainder Unitrust John A. and Ute Hargreaves Charitable Remainder Unitrust Kenneth Rosenthal 1960 Charitable Remainder Unitrust Mr. and Mrs. John A. Hargreaves, Jr. 1954 Kenneth Rosenthal 1960 Charitable Remainder Unitrust II Harry L. Harkness Perpetual 1898 Scholarship Fund Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard Estate of Ethel Grace Harkness Charitable Remainder Unitrust James A. and Marian S. Hawkins Unitrust Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard 2007 James A. Hawkins 1950 and Marian S. Hawkins Charitable Remainder Unitrust for the Benefit of Sue S. Jaques Robert D. Jones Charitable Remainder Unitrust Albin J. Sigda 1942 Charitable Remainder Unitrust Robert D. Jones 1952 Elizabeth B. Simcoke 1998 Charitable Remainder Unitrust Leach Children Charitable Remainder Unitrust Richard P. Simcoke 1932 and Elizabeth B. Simcoke Charles N. Leach, Jr. 1956 Charitable Remainder Unitrust for the benefit of Alan P. and Gail Levenstein Charitable Remainder Unitrust Susan S. Rodenbaugh, Ann S. Wood, Mr. and Mrs. Alan P. Levenstein 1956 Grant Earnest and Emily Earnest Liverpool Trust Charitable Remainder Unitrust Bradley F. and Billee E. Skinner Annuity Lorna D. Johnson S. Harold Skolnick 1936 Charitable Remainder Unitrust Hunter L. Martin, Jr. and Lore l. Martin Robert Bruce Slater and Katherine Neville Charitable Remainder Charitable Remainder Unitrust Unitrust Hunter L. Martin, Jr. 1947 Alfred Soman 1956 Charitable Remainder Unitrust McClay Charitable Remainder Unitrust II Michael and Joan Spero 1958 Charitable Remainder Unitrust John B. McClay 1954 and Diana B. McClay Joseph E. Stiglitz 1964 Charitable Remainder Unitrust Lewis A. and Margaret S. McCreary 1996 David and Lois Stowe 1958 Charitable Remainder Unitrust Charitable Remainder Unitrust Thomas Rush Sturges II Charitable Remainder Unitrust Mr. and Mrs. Lewis A. McCreary 1943 Garrett R. Tucker, Jr. 1936 Charitable Remainder Unitrust Hugh G. Moulton Charitable Remainder Unitrust 1999 Hans P. Utsch 1958 Charitable Remainder Unitrust Hugh G. Moulton 1955 William McCall Vickery 1957 Charitable Remainder Unitrust Susan W. Noyes Charitable Remainder Unitrust William McCall Vickery 1995 Charitible Remainder Unitrust Susan W. Noyes Richard S. and Marcia F. Volpert 1956 Charitable The Robert K. and Jean W. O’Connor Unitrust Remainder Unitrust R. K. O’Connor 1944 Kenneth M. Walbridge 1937 and Jean P. Walbridge Powar Family Charitable Remainder Unitrust Charitable Remainder Unitrust William L. Powar 1968 and Paula K. Powar Samuel M. Watson 1951 Charitable Remainder Unitrust John A. Quisenberry Irrevocable Charitable Remainder Unitrust Leslie T. Webster, Jr. 1947 Charitable Remainder Unitrust John A. Quisenberry 1960 Peter J. Weiller 1956 Charitable Remainder Unitrust Trevor G. Smith 1998 Unitrust Alan E. Weston 1959 Charitable Remainder Unitrust Trevor G. Smith 1957 Harold R. Wilde 1967 Charitable Remainder Unitrust Clifford B. and Valeria Parker Storms Charitable Perry R. Williams 1945 Remainder Unitrust Philip Steele Winterer 1953 Charitable Remainder Unitrust Clifford B. Storms 1954 and Valeria Parker Storms Karin Elizabeth Wolfe Charitable Remainder Unitrust Mr. and Mrs. D. M. Traver 1946 Richard Shipley Wolfe 1952 Charitable Remainder Unitrust Norma Propp Tulgan and Henry Tulgan Charitable Trust Z/G² 1959 Charitable Remainder Unitrust Henry Tulgan 1954 and Norma Propp Tulgan The Becky H. Tuttle Gift to the Boston Foundation Pooled Income TOTAL LIFE FUNDS $68,659,848 Fund for the Benefit of the Trustees of Amherst College TOTAL ENDOWMENT AND OTHER Mrs. David F. Tuttle 1934 SIMILAR FUNDS—Amherst College $1,374,603,585 Walbridge Children’s Inter Vivos Charitable Remainder Unitrust Kenneth M. Walbridge 1937 and Jean P. Walbridge Funds Held in Trust by Others White-Chavkin 2000 Charitable Remainder Unitrust Charitable Remainder Unitrust Agreement for Hanna H. Bartlett Robert R. White III 1949 and Dana E. Chafkin 1996 Charitable Remainder Unitrust Agreement of The Robert B. Whitney, Jr. and Helen C. Whitney Hanna H. Bartlett and James T. Bartlett Charitable Remainder Unitrust James T. Bartlett 1959 Mr. and Mrs. R. B. Whitney, Jr. 1955 John B. Bartlett Charitable Remainder Unitrust The Thomas M. Wilson Trust John B. Bartlett 1960 Mildred E. Wolcott Family Charitable Trusts Bushman Family Charitable Remainder Unitrust Mildred E. Wolcott Thomas D. Bushman 1951and Joyslin W. Bushman

55 s The Trustees of Amherst College s Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds June 30, 2009 (Valuations at Market)

Permanent Endowment, Income Unrestricted The Andrew W. Mellon Fund 3,554,419 Ella Poe Burling Endowment fund $57,891 The Andrew W. Mellon Foundation— Emily C. J. Folger Fund 111,179,989 The Folger Institute of Renaissance and Henry Clay Folger 1879 Fund 42,180,939 Eighteenth-Century Studies 3,404,716 Tod Sedgwick Endowment Fund 45,043 The Andrew W. Mellon Foundation-Curator of Books 2,642,078 The Andrew W. Mellon Partial Curatorship Fund 2,194,730 Total Permananent Endowment, Income Unrestricted $153,463,862 The Andrew W. Mellon Postdoctoral Fellowship Fund 1,712,959 The Andrew W. Mellon Publications Fund 2,316,240 Permanent Endowment, Income Restricted The Andrew W. Mellon Technology Endowment Fund 945,382 The K. Frank and Joycelyn C. Austen Acquisition Fund 355,275 The Mellon Challenge Fellowship Endowment 1,136,899 The Winton and Carolyn Blount Exhibition Fund 1,609,185 The Paul Mellon Acquisition Fund 775,855 The Gladys Brooks Acquisitions Fund 260,976 The Millennium Education Endowment 759,569 The Gladys Brooks Fund for Technology 164,500 The Mosaic Foundation Endowment 61,078 Brian Cabe Memorial Fund 23,317 The Frank Battles Newlin Education Fund 190,103 The Elizabeth L. Cabot Acquisition Fund 77,067 The Elizabeth Niemeyer Acquisition Fund 537,364 The Mildred Grinnell Clarke Public Programs Fund 48,562 Poetry Endowment 304,890 Colt Acquisition Fund 318,477 The Ramsbotham Fund 23,115 The Bertita E. Compton Acquisitions Fund 639,497 The Reader Campaign Fellowship Fund 755,072 The Ann Jennalie Cook Acquisitions Fund 113,735 Room Renovations 69,734 Conservation Program 4,764,924 Bess and Philip Rosenblum Fellowship 211,962 Charles E. Culpeper Conservation Fund 487,850 The B.F. Saul Rare Book Fund 591,090 Hanson Lee Dulin Senior Fellowship Fund 1,172,333 Lois Green Schwoerer Fund 18,438 The Early Music Endowment 221,616 Shakespeare Quarterly Reserve 350,260 The Elizabeth L. Eisenstein Acquisitions Fund 47,517 The Roger T. & Peggy M. Simonds Fund 41,902 The Charles W. Englehard Acquisition Fund 678,238 The James B. Sitrick Endowment Fund 227,755 The Charles W. Englehard Fund for Pre College The Albert H. Small Fund 120,343 Education 199,528 Professor Emile V. Telle Acquisition Fund 953,933 The 301 East Capitol Street Endowment 720,104 Louis B. Thalheimer Curatorial Endowment 1,663,682 The Kathrine Dulin Folger & Family Acquisitions Fund 794,823 Trustees Fellowship and Acquisition Fund 1,072,488 The Steven & Judith Gluckstern Education Fund 45,427 The Verizon Technology Endowment Fund The Steven & Judith Gluckstern Technology Fund 45,427 for Pre-College Education Programs 170,356 The Herman & Friedl Gundersheimer Fund 118,294 John and Marva Warnock Technology Endowment 243,200 The Karen Gundersheimer Acquisitions Fund 34,401 The Nancy & Jean Francis Webb Memorial The O. B. Hardison Fellowship Fund 1,443,338 Education Fund 130,934 The O. B. Hardison Poetry Prize Fund 968,060 Eric and Mary Weinmann Acquisitions Fund 1,199,040 The Wyatt R. and Susan N. Haskell Public Eric and Mary Weinmann Junior Fellowship Fund 696,015 Programs Fund 682,151 Eric W. Weinmann Chief Conservator Fund 627,096 The Judge William H. Hastie Educational Endowment 194,804 The Weinmann Librarian Fund 1,295,523 The Eunice & Mones E. Hawley Fund for Early Music 55,656 The Mary and David S. Wolff Endowment 54,232 The William Randolph Hearst Fellowship Fund 382,641 Total Permanent Endowment, Income Restricted $51,939,915 The William Randolph Hearst Fund for Pre College Education 164,500 TOTAL PERMANENT ENDOWMENT $205,403,777 Charlton Myra Hinman Fellowship Fund 416,645 The Kenneth C. Hogate Acquisition Fund 173,596 Term Endowment The Humana Education Fund 356,753 Professor Rosalie L Colie Memorial Reading Room Fund 44,256 The Philip A. Knachel Fellowship Fund 894,746 Golden Aniversary Fund 233,326 The Philip A. Knachel Endowment 268,932 The Wyatt R. Haskell Annual Public Programs Fund 161,862 The Knight Foundation Fund 330,554 Mellon Manuscript Cataloging Fund 229,696 Richard J. Kuhta Fund for Library Acquisitions 57,091 The Evelyn Stefansson Nef Education Fund 35,697 Virginia Lamar Prize Fund 9,925 TOTAL TERM ENDOWMENT $704,837 Ruth Leila Hazel Hand Lefkovits Fund 102,514 The Librarianship Fund 34,836 The Georges Lurcy Acquisition Fund 277,250 Quasi-Endowment, Unrestricted 5,299,159 The Estate of Ella Poe Burling 263,757 The Georges Lurcy Fund for Technology 144,926 Property Disposition Fund 2,819,534 The Forrest & Deborah Mars Fund for Educational The Renaissance Fund 126,277 Outreach 753,524 Matillda D. Mascioli Memorial Fund 233,948 Total Quasi-Endowment, Unrestricted $8,508,727

56 s Quasi-Endowment, Restricted The Early Music Guest Artist Fund 56,032 Mellon Institute 24,748 Janet Field-Pickering Elementary Education Endowment 42,144 The Barbara Taft Endowment Fund 271,136 Lila Wallace Readers-Digest Fund 800,764 John Warnock Photography Fund 147,312 Total Quasi-Endowment, Restricted $1,342,136 Quasi-Endowment, Designated The Staff Retirement Plan Funds 2,708,546 Charlotte B. Dow Acquisition Fund 497,905 Director’s Discretionary Fund 531,903 Early Music Recordings Endowment 9,961 The Folger Fund for Library Technology 685,124 The Folger Acquisition Endowment Fund 2,107,505 The Poetry Board Endowment 69,624 The Susan Snyder Memorial Junior Fellowship Endowment 258,275 Total Quasi-Endowment, Designated $6,868,843 TOTAL QUASI-ENDOWMENT $16,719,706 TOTAL ENDOWMENT FUNDS $222,828,320 Life Funds Jay L. Halio, Gift Annuity Jay L. Halio, Immediate Life Income Fund Howard G. and Gail Kern Paster 2007 Charitable Remainder Unitrust 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 $659,932 TOTAL ENDOWMENT AND OTHER SIMILAR FUNDS— Folger Shakespeare Memorial Library $223,488,252

57 s Amherst College s Statistical Information 2008–09

1st 2nd Instruction Appointments with Full-Time Equivalency Enrollment Semester Semester (including tenured faculty with administrative duties) Freshmen 441 441 2008–09 2007–08 Sophomores 488 473 Number F.T.E. Number F.T.E. Juniors 347 303 Professor 103 102.50 104 103.50 Seniors 422 437 Associate Professor 24 24.00 20 20.00 Total 1,698 1,654 Assistant Professor 35 34.50 37 36.50 Exchange 2 1 Total Regular Faculty 162 161.00 161 160.00 Special 32 29 Lecturers 25 23.42 23 22.42 Comprehensive Fee for 2008–09 $46,760 Coaches 21 21.00 19 19.00 Phased and Other Academic Plant Continuing Appointments 9 3.70 10 4.00 Educational, Athletic, and Misc. 1,300,150 sq. ft. Visiting Appointments 32 30.25 25 24.50 Residential, etc. 1,176,750 sq. ft. Parking 4.9 acres Total 249 239.37 238 229.92 Land 1,010 acres Volumes in Libraries, including Government Documents 1,053,730 Average Compensation of Full-Time Faculty Micro-Forms 555,926 (Salary and Fringe Benefits as Reported to AAUP) Non-Print 54,372 2008–09 2007–08 2003–2004 1998–99 Serial Titles 10,491 Professor $ 169,667 $ 164,116 $ 135,691 $109,085 The Folger Shakespeare Memorial Library Associate Professor 116,023 112,599 95,222 78,783 Collection—approximately 256,000 volumes, 60,000 manuscripts Assistant Professor 104,722 99,870 82,377 65,797 and extensive collections of pamphlets and occasional materials, Average (All Ranks) $146,567 $142,024 $118,973 $96,187 including notebooks, theatre posters and programs, paintings, prints, Shakespearean curiosa, costumes, etc. Summary of Benefits Buildings 83,600 sq. ft. Social Security $ 4,073,197 Number of Employees (Full Time) 105 Retirement 5,505,748 Insurance—Health, Life, Disability, Faculty & Staff FY 2008–09 (Position F.T.E.) Workers’ Compensation, Unemployment 7,889,910 Faculty: Other—Grant in Aid, Housing Subsidy, Moving, Professors 102.50 Educational Assistance, Recognition and Awards 1,284,217 Associate Professors 24.00 Assistant Professors 34.50 Total $18,753,072 Other 78.37 239.37

Trustee Administrative Appointees 135.53 Clerical, Technical and Service Staff (Full-time and Part-time) 470.66 609.19 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. 2008–09 2007–08 Faculty Minorities 45 47 Women 101 94 Administration Minorities 14 14 Women 75 71 Staff Minorities 45 38 Women 56 56 Amherst College does not discriminate in its admission or employ- Subtotal Minorities 104 99 ment policies and practices on the basis of such factors as race, sex, Women 232 221 sexual orientation, age, color, religion, national origin, disability, or status as a veteran of the Vietnam War or as a disabled veteran. The Total 336 320 College complies with federal and state legislation and regulations Total (adjusted) *282 *282 regarding nondiscrimination. Inquiries should be addressed to the * Total adjusted for women counted in both minorities and women Affirmative Action Officer, AC# 2217, Amherst College, PO Box figures. 5000, Amherst, MA 01002-5000.

58 s 2009 ▲