Amherst College Annual Report Fiscal Year Ended June 30, 2011

Home , Edward Hitchcock

2011 ▲

7759 AC AnnualCover.indd 2-3 12/29/11 9:47 AM 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 Auditors ...... 15.

Balance Sheet ...... 16

Amherst College Statement of Activities ...... 17

Folger Shakespeare Memorial Library Statement of Activities ...... 18

Total Statement of Activities ...... 19

Statement of Cash Flows ...... 20

Notes to Financial Statements ...... 22

Amherst College Gifts, Bequests and Grants Received ...... 41

Folger Shakespeare Memorial Library Gifts, Bequests and Grants Received ...... 41 The Trustees of Amherst College administer Amherst College in Amherst College Amherst, Massachusetts, and the Descriptive Analysis of Endowment and Other Similar Funds ...... 42 Folger Shakespeare Memorial Library in Washington, D C. . Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds ...... 60

Amherst College Statistical Information 2011 ...... 62

The cover: Orientation 2011 . Photograph by Rob Mattson

1 s Laura J . Yerkovich ’80, M B. A. . Katherine K . Chia ’88, M Arch. . The Corporation Riverside, CT New York, NY FISCAL YEAR 2010–11 William A . Davis, Jr . ’63, J D. . Secretary of the Corporation Washington, DC Susan Pikor, A B. . Hadley, MA Michele Y . Deitch ’82, J D. . Austin, TX Life Trustees Chairman of the Corporation Colin S . Diver ’65, LL B. . K . Frank Austen ’50, M D. . Jide J . Zeitlin ’85, M B. A. . Portland, OR New York, NY Wellesley Hills, MA Anne Melissa Dowling ’80, M B. A. . George B . Beitzel ’50, M B. A. *. 1 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 Gregory S . Call, Ph D. . Willie J . Epps, Jr . ’92, J D. . Rosanne M . Haggerty ’82, A B. . Amherst, MA Kansas City, MO New York, NY Carolyn “Biddy” Martin, Ph D. . John C . Esty, Jr . ’50, M A. . Amos B . Hostetter, Jr . ’58, M B. A. *. Amherst, MA Concord, MA Boston, MA Nicholas M . Evans ’52, M B. A. . Members of the Corporation Charles A . Lewis ’64, M B. A. . Vero Beach, FL Danielle S . Allen, Ph D. . Evanston, IL Princeton, NJ Steven M . Gluckstern ’72, Ed D. . Charles R . Longsworth ’51, M B. A. *. San Francisco, CA Wei Sun Christianson ’85, J D. . Royalston, MA Beijing, China Frederick E . Hoxie ’69, Ph D. . Robert J . McKean, Jr . ’50, LL B. . Evanston, IL Brian J . Conway ’80, M B. A. . Lantana, FL Boston, MA Richard (Dick) F . Hubert ’60, A B. . Mary Patterson McPherson, Ph D. . Rye Brook, NY William E . Ford ’83, M B. A. . Rosemont, PA New York, NY George R . Johnson, Jr . ’73, J D. . Peter A . Nadosy, M B. A. . Greensboro, NC Howard Gardner, Ph D. . New York, NY Cambridge, MA Woodward Kingman ’49, M B. A. . Edward N . Ney ’46, A B. . Belvedere, CA David A . Kessler ’73, M D. . New York, NY San Francisco, CA David L . Kirp ’65, LL B. . Edward E . Phillips ’52, LL B. . San Francisco, CA Richard S . LeFrak ’67, J D. . Weston, MA New York, NY Jonathan I . Landman ’74, M S. . H . Axel Schupf ’57, M B. A. . New York, NY Christopher S . Lehane ’90, J D. . New York, NY San Francisco, CA Thai-Hi T . Lee ’80, M B. A. . George L . Shinn ’45, Ph D. *. Lebanon, NJ John S . Middleton ’77, M B. A. . Scarborough, ME Bryn Mawr, PA Van Doorn Ooms ’56, Ph D. . John I . Williams, Jr . ’75, J D. . Bethesda, MD Cullen Murphy ’74, A B. . Jamaica Plain, MA Medfield, MA Stephen B . Oresman ’54, M B. A. . Philip S . Winterer ’53, LL B. . Darien, CT Andrew J . Nussbaum, ’85, J D. . New York, NY New York, NY George E . Peterson ’63, Ph D. . Hope E . Pascucci ’90, A B. . Trustees Emeriti Washington, DC John E . Abele ’59, A B. . Needham, MA Mark J . Sandler ’64, LL B. . Natick, MA Paula K . Rauch ’77, M D. . New York, NY Margaret A . Bangser ’81, M P. P. M. . Boston, MA W . Lloyd Snyder III ’66, M B. A. . Dar es Salaam, Tanzania Joseph E . Stiglitz ’64, Ph D. . Conshohocken, PA Alan S . Bernstein ’63, M B. A. . New York, NY Joan E . Spero, Ph D. . Coral Gables, FL Blair H . Taylor ’85, M B. A. . New York, NY Paul E . Bragdon ’50, LL B. . Los Angeles, CA Richard R . Spies ’67, Ph D. . Portland, OR Scott F . Turow ’70, J D. . Providence, RI Robert W . Carington ’53, M Arch. . Chicago, IL Bradley A . Stirn ’72, M B. A. . Bloomfield Hills, MI Woodside, CA

2 s Louis B . Thalheimer ’66, J D. . Advancement Committee Treasurer’s Staff Baltimore, MD Mr . Conway (Chair), Ms . Christianson, Peter J . Shea, M S. B. A. . Messrs . Ford, LeFrak, Lehane, Treasurer Diana Chapman Walsh, Ph D. . Middleton, Murphy, Nussbaum, Brookline, MA Dawn M . Bates, B B. A. . Mss .Pascucci, Yerkovich Investment Manager—Operations Gail T . Wickes, Ph D. . Dallas, TX Audit Committee Laurie M . Bouchard, B S. . Ms . Yerkovich (Chair), Messrs . Lehane, Assistant Comptroller Karen Hastie Williams, J D. . Nussbaum, Mss . Pascucci, Rauch, Washington, DC James D . Brassord, M B. A. ,. M S. . Mr .Stiglitz Director of Facilities/Associate Treasurer David S . Wolff ’62, M B. A. . for Campus Services Houston, TX Budget and Finance Committee Ms . Pascucci (Chair), Mss . Allen, John R . Dailey, M B. A. ,. M S. . Kimba M . Wood, J D. . Christianson, Messrs . Conway, Ford, Investment Officer New York, NY Kessler, LeFrak, Middleton, Stiglitz Kendall D . Doble, IV, B A. . Investment Analyst Buildings and Grounds Committee Mr . Murphy (Chair), Mss . Allen, Mauricia A . Geissler, B B. A. . Christianson, Messrs . Ford, Gardner, Chief Investment Officer Kessler, LeFrak, Middleton, Taylor, Shannon D . Gurek, M B. A. . Turow Associate Treasurer/Director of the Budget Compensation Mr . Zeitlin (Chair), Ms . Allen, Stephen M . Nigro, B S. . Messrs .Conway, Ford, Murphy, Comptroller Ms .Rauch Barbara A . St . Onge Manager, Office of Administrative Digital Strategy (Ad Hoc) Services/Mailing Center Mr . Lehane (Chair), Ms . Allen, Messrs .Conway, Gardner Charles G . Thompson, A O. S. . Director of Dining Services Honorary Degrees Committee Mr . Turow (Chair), Ms . Christianson, Treasurer Emeritus Messrs . Gardner, Kessler, Lehane, Kurt M . Hertzfeld, M B. A. . Murphy, Nussbaum, Ms . Pascucci, Mr .Stiglitz, Ms . Yerkovich Assistant Treasurer Emeritus William McC . Vickery, M B. A. . Human Resources Committee Mss . Rauch (Chair), Allen, Messrs .Kessler, Stiglitz, Taylor, Turow

Instruction Committee Ms . Allen (Chair), Messrs . Conway, Gardner, Kessler, Lehane, Murphy, Nussbaum, Ms . Rauch, Messrs . Stiglitz, Taylor, Turow

Investment Committee Mr . Ford (Chair), Messrs . Middleton, Zeitlin ex officio: Messrs . Hostetter, Nadosy

Student Life Committee Messrs . Gardner (Chair), Lehane, Murphy, Nussbaum, Ms . Rauch, * Chair Emeritus Messrs .Taylor, Turow, Ms . Yerkovich 1 Anthony W . Marx through June 30, 2011 Trusteeship Committee Mr . Zeitlin (Chair), Ms . Allen, Gregory S . Call, Acting President from Messrs .Conway, Ford, Kessler, Murphy, July 1, 2011 to August 19, 2011 Stiglitz, Turow Carolyn “Biddy” Martin beginning August 20, 2011

3 s During my first few months at center that will be designed and Amherst College I have had ample built over the next six years. The opportunity to appreciate its beauty, design phase for the project is under its friendliness, its commitment to way, and site preparation work will sustained excellence and its intel- start this summer. The project will lectual intensity, and to observe the be completed in two stages, care- College community come together fully orchestrated to minimize to deal with adversity. Hurricane disruption to teaching and research. A Message Irene struck the College during Ori- Initially, about 75 percent of the from the entation week, and a historic late- new center will be constructed to October snowstorm damaged many the east and north of Merrill, and President trees and left much of the campus most faculty will move in shortly without power. In both cases, the thereafter. During the project’s sec- campus community quickly banded ond phase, Merrill will be disman- together to remove debris, provide tled, and the remaining portion of food and shelter and restore a sense the new facility will be built on part of normalcy to campus. These signs of the former Merrill site, complet- of dedication, competence and ing the new building in 2017. community-mindedness are a boon Given the changes in scientific during difficult times and provide research and discovery over the past me hope and confidence for the 40 years, the College needs a facility years ahead. that will continue to attract the very I have been grateful for the best students and faculty and enable warm welcome that members of the them to work at the intersections of Amherst community have extended different disciplines. The four-story, to me and also consider myself 220,000-square-foot building will fortunate to be able to build on be located at the heart of campus the foundation that was laid by my and will gracefully blend into the predecessors, most recently Tony rest of campus by having much of Marx, and current and former Col- its mass inserted into the surround- lege trustees. We also are fortunate ing topography. This architecturally to have on our Board a team of wise ambitious modern building will cel- counselors whose prudent manage- ebrate our contemplative landscape ment and insightful decision-making and traditionally simple dwellings, have served the College very well rather than detracting from them. for many years. Because of their It will become a hub of campus wisdom, we have been able to take activity, a model of sustainability the necessary steps, even during a and interdisciplinary collaboration sustained economic downturn, to and a visionary testament to the ensure that we maintain our need- power and importance of science based admission and financial aid education and research in a liberal policies, continue an ambitious fac- arts college setting. Planning for the ulty hiring program made possible science center has been under way by a wave of retirements and address for several years, and the College has pressing infrastructure needs to identified funds from several key maintain our continued excellence. sources that will be used to finance In October, the Board of Trust- its construction. Additional support ees, in a significant decision that will from the College’s loyal alumni, help secure the College’s continued parents and friends also will be prominence as a preeminent liberal crucial to funding the project and arts institution, approved the design will be secured through Amherst’s and construction of a new science current comprehensive campaign.

4 s That loyal support was again sures of student academic standards and Dance. The total number of in dramatic evidence this past fis- increase for every cohort we track. tenure-track searches this year and cal year, as was the acumen of the Our low-income enrollment—now last is the College’s highest in a gen- Board’s Investment and Finance about 25 percent—has more than eration. As we seek to replenish the Committee and the College’s dedi- doubled, significantly outpacing that faculty ranks with the most qualified cated Advancement and Investment of our peers and ensuring mobil- candidates available, it also is im- staff. Amherst’s endowment had ity based on talent. Amherst now perative that we strive to assemble a an investment return of 19.2 per- better includes and represents the faculty body that equals our student cent in Fiscal Year 2010–11, with world we inhabit—with a student body in its diversity. Hiring a chief the endowment balance growing body that is more than 40 percent diversity officer—an effort that was to $1.642 billion, up $256 mil- students of color and nearly 10 per- abandoned during the financial crisis lion from last year’s balance of cent international students. We after the top candidate accepted a $1.386 billion, but still $63 mil- received 8,460 applications for the different position—will be especially lion below the all-time high bal- Class of 2015, the largest applicant helpful to departments at this time. ance of $1.705 billion in fiscal year pool in our 190-year history. Exactly At Amherst, spaces of human 2007–08. The College received a 1,127 students were admitted, an time and human interaction are still total of $67 million in cash gifts, acceptance rate of 13.3 percent, and central to what the College is, a bequests and grants. The Annual 463 students matriculated, for an research college that preserves what Fund saw a finish of $9.8 million, unprecedented yield rate of 41 per- is oddly so easily lost in education, the third highest in the College’s cent. We are privileged to welcome and it will take focus and determina- history and a result that is especially these inspiring students and are tion to preserve those spaces, even impressive in the current economic confident, as always, in the quality here. Amherst believes in fairness, environment. The Parents’ Fund of instruction, services and facilities prudence and good governance. set a new record, with more than that we will be able to offer them. And it believes, above all, in the $725,000 in contributions to the As we seek to maintain the intimate arts of teaching. I am glad overall Annual Fund. On the par- enviable ratio of student-faculty to be one of you. I look forward to ticipation front, the fiscal year ended interactions that is a hallmark of working with the Amherst com- with an increase of 252 alumni Amherst’s excellence and to con- munity, and I hope together we can donors over last year, for a 58.2 per- tinue to replace a cohort of retiring make Amherst not only an example cent participation rate. As has been faculty, this year and last represent but also an instigator of the change the case in previous years, alumni an intensive and exciting period of that we need in the world. have increased their engagement in faculty hiring at the College. Nine other ways as well, communicating new tenure-track colleagues joined Best wishes, with each other, current students the faculty in July in the Depart- and the College through our web- ments of Biology, Chemistry, site, social networking platforms, Economics, English, History, Math email and other media. and Physics and the Neuroscience As of this fall, the Lives of Con- Program. The History and Russian Biddy Martin sequence campaign has raised a total departments are sharing a position President of $412 million, 97 percent of the in Russian history with Smith Col- $425 million goal. Because the goal lege. This impressive group of tal- will be reached soon, trustees have ented scholar-teachers in an exciting decided to extend the campaign be- breadth of fields is already engaging yond the current goal of $425 mil- with the Amherst community in lion, returning to fundraising for deep and meaningful ways. Ad- various additional projects after ditionally, 12 tenure-track searches pausing to celebrate what has been will take place in the coming year in a remarkably successful effort. the Departments of Anthropology Amherst College continues to and Sociology, Asian Languages and be a highly desirable destination for Civilizations, History, Biology, Eco- the world’s most talented students. nomics, English, Political Science, In recent years we have seen mea- Psychology, Spanish and Theater

5 s Amherst College needs of students, are an important Report institutional priority and increased of the Operating Results 12 .2 percent over FY2009–10, to $38 .6 million . The endowment Treasurer The Fiscal Year (FY) 2010–11 distribution, a substantial and College operating budget was growing portion of the College’s established at $137 .9 million . This operating revenues, accounted for budget was set utilizing parameters 44 .1 percent in FY2010–11 . The Following this message are the set forth by the Advisory Budget ongoing support from the endow- audited financial statements for the Committee (ABC) that worked dur- ment remains extremely significant Trustees of Amherst College (In- ing the summer of 2009 to revise and is possible only because of the stitution), prepared in accordance the College budget parameters for extraordinary generosity of alumni, with accounting standards generally FY2009–10 through 2011–12 in re- parents and friends of the College, accepted in the United States of sponse to the economic downturn in as well as the expertise and acu- America . These statements show the the fall of 2008 . Operating budgets men of the Investment Committee individual as well as the combined now reflect Amherst College schol- of the College . The spending rate operations of Amherst College (Col- arships as a reduction in student fee on the endowment (4 .4 percent of lege) and the Folger Shakespeare revenue, rather than as an expense the three-year average endowment Memorial Library (Library), as well as in years past . This presentation value) will continue to be moni- as the assets of trusts in which the is more consistent with the audited tored as the administration, trustees Institution is a beneficiary, into one financial statement treatment of in- and campus community plan for full set of financial statements . For stitutional aid . Overall expenditures the future . One of the objectives more description of the financial ended the year at $134 .4 million, in the ABC Report was to grow presentation, please see Footnote #1 with an operating surplus of ap- other revenue sources to offset the on page 22, Basis of Presentation . proximately $10,000 . Expenditures endowment reliance . To that end, While statements in this format were kept level in all areas across the College has increased enroll- give a true financial picture of the the campus, and significant sav- ment by 100 students, to an average Institution as a whole and pro- ings were achieved in the amount of just fewer than 1,800 for this vide consistency and comparability needed for debt service and utilities . year . It is expected that the spending among nonprofit institutions, they These results could not have been rate on the endowment will con- do not reflect how the Institution achieved without the cooperation tinue to increase, reaching the high is internally managed . In fact, the and support of every member of the end of our spending policy range College and Library are managed College community . These savings, (3 .5–5 .0 percent) in the next few as independent operations, with along with additional net student years . When the financial downturn separate operating budgets based on fee revenue from student enroll- of 2008 occurred, the spending rate the principles of fund accounting . ment that was higher than bud- was at the lower end of the range, Those principles basically divide the geted, contributed to a draw on the cushioning the College somewhat operation into operating resources, endowment that was $6 .8 million from having to make the kinds of which fund the day-to-day busi- lower than budgeted . This reduced deep cuts that other institutions ness of the Institution; endowment endowment spending will have a were forced to implement . In a time resources, which help to finance positive impact on the growth of of such financial uncertainty as the the Institution over the long term; the College’s resources for years to world is experiencing now, spending and physical plant, which manages come and has helped our efforts to at the high end of the range is not and invests the Institution’s physical keep the endowment spending rate prudent, and the College is commit- assets . The operating results of the at sustainable levels over time . ted to returning to the lower end as College and Library are on pages 8 Net comprehensive fee revenue soon as possible . The Annual Fund and 10, respectively . accounted for 39 0. percent of op- and other gifts and grants to the erating resources in FY2010–11 . As College contributed 12 .4 percent noted above, this includes Amherst of operating resources . The Annual College scholarships as a reduction Fund continues to be an important to this revenue source . These schol- source of ongoing revenue to the arships are all based on the financial College operating budget, contrib-

6 s uting $10 .1 million in FY2010–11 . end, the campaign had achieved of the AF . Because of this loyalty, The total operating resources of the 97 percent of its stated goal, with Amherst is a national leader in College increased by 4 .9 percent $412 .0 million in gifts and pledges . alumni participation . over FY2009–10 . Because the total will soon surpass In FY2010–11, the College’s Approximately 57 1. percent that original goal, the trustees have endowment increased by $37 .5 of the College operating budget is decided to extend the campaign— million in new gifts and another spent on salaries and benefits for after a pause to celebrate its remark- $3 .5 million in gifts transferred to faculty and staff . Approximately 25 able success—in order to raise funds the endowment from terminated non-faculty positions were elimi- for additional projects . This support life income funds . Gifts totaling nated in FY2010–11, and several will help the College maintain its $10 .4 million supported current other positions remained vacant . strong financial foundation and fund operations in such areas as instruc- Still, the College continues to have important initiatives articulated by tion, research, library purchases, a long-tenured, stable work force . the Committee on Academic Priori- scholarships and fellowships . Gifts Without these dedicated employ- ties, whose report is the basis for the for facilities totaled $1 .4 million this ees, the path through the difficult campaign . past year . economic environment would have The Annual Fund (AF), com- Life income gifts—charitable been much more difficult . Other posed of the Alumni Fund and the remainder unitrusts and annu- significant expenditures this year Parents’ Fund, raised $9 .8 million ity trusts, charitable gift annuities included allocations to facilities this past year, almost exactly the and pooled income funds—totaled maintenance (including debt ser- same amount as raised the previ- $7 .9 million in FY2010–11 . These vice), faculty and student research ous year but still below the record gifts will provide beneficiaries with and technology . $10 .5 million raised in FY2007–08 . income during their lifetimes while The maintenance of significant The College uses the AF in the supporting a wide variety of Col- financial resources has allowed the operating budget of the following lege programs in future years . Since College to achieve, once again, year, taking away the uncertainty FY2006–07, an Internal Revenue the highest ratings available from of achieving that year’s AF goal Service ruling allows the College both Moody’s Investor Services and allowing the College to bud- to invest its charitable remainder and Standard & Poor’s . Those rat- get the contribution with certainty . unitrusts in units of the endowment ings are Aaa and AAA, respectively . The AF will provide 7 .1 percent investment pool (referred to as an The College continues to monitor of the College’s total operating “endowment trust” by the College) . interest rate levels in the market in budget in FY2011–12 and remains As a result, these trusts receive the order to achieve the lowest possible a significant source of unrestricted same market returns as the endow- overall cost of debt . For FY2010–11, operating revenue . It would take ment . Donors and beneficiaries now the College paid an average rate of approximately $230 million in ad- benefit from access to the invest- 3 .25 percent on its outstanding debt . ditional endowment principal to ment expertise of the College’s generate the amount of income endowment managers, and benefi- needed to replace that level of sup- ciaries receive annual income based Giving to the College port . The AF is the most meaningful on the trust’s yearly market value . Cash gifts, bequests and way for alumni, parents and friends This ruling contributed greatly to grants received in FY2010–11 at all economic levels to participate the level of life income gifts received totaled $67 .0 million, an increase in the College’s fundraising efforts . and pledged . of $2 .2 million over last year and The minimum needed to establish substantially more than two years an endowment fund is well above Facilities and Other ago, when the total was $38 .6 mil- the range of many Amherst donors, lion . This is a remarkable achieve- but a gift of any amount is possible Capital Projects ment, given the difficult economic through the AF . Many of Amherst’s The College is about to em- environment . The cash gifts received most generous alumni began their bark on one of its most exciting and the pledges made are included support of the College with par- and costly facilities projects ever . in the Amherst College comprehen- ticipation in the AF; though their This fall, the trustees approved sive campaign, Lives of Consequence, giving now includes endowment, the construction of a new science officially launched in the fall of 2008 facilities and life income gifts, these center, currently being designed by with a goal of $425 million . At year- donors remain loyal supporters a notable architecture firm to blend

7 s into Amherst College’s iconic New England campus . Amherst College As reported previously, the College had been studying alter- Statement of Operating Resources and Expenses natives to the outdated Merrill for the years ended June 30, 2011 and 2010 Science Center, which was built in the 1960s to house the astronomy, 2011 2010 chemistry and physics departments . Resources available While Merrill has served students Student tuition and fees $ 91,118,362 $ 83,014,623 Amherst College Scholarship 38,644,631 34,453,750 and faculty well for decades, the building was not designed for long- 52,473,731 48,560,873 term adaptability, which is a neces- Folger Shakespeare Memorial Fund 226,000 226,000 sity for modern science facilities . Income from current fund investments 31,129 101,514 Studies determined that renova- Other 5,449,942 5,140,064 tion costs to the existing Merrill, 58,180,802 54,028,451 including measures to mitigate the Restricted expendable funds availed of—net 287, 356 (367, 225) disruption to faculty and students, 58,468,158 53,661,226 would nearly equal the cost of a new facility . Furthermore, because of the Current expenses inherent design configuration of Educational and general Merrill, even a renovated building Instruction 33,451,348 33,760,926 would not meet the programmatic Academic support 11,410,214 9,832,638 aspirations of the sciences of today Research 4,055,378 2,799,708 Library 5, 817, 286 6,216,944 and the future . The new science Student services 14,908,698 14,070,301 center will strengthen Amherst’s Operation and maintenance of plant 18,254,013 17,846,334 ability to attract and enable the best Administration and general 16,518,802 15,869,430 students and faculty to effectively Pensions and professional fees 2,912,433 2,122,358 teach, learn and discover across 107,328,172 102,518,639 scientific disciplines well into the future . Academic awards 1,209,866 935,026 The architectural firms are Auxiliary activities 12,546,500 11,615,342 Debt service 13,245,830 13,030,490 currently designing the facility, and Non-educational 52,036 36,992 preparation of the building site will 27,054,232 25,617,850 begin in summer 2012 . The two phases of construction have been Total current expenses 134,382,404 128,136,489 carefully planned to minimize disruption to research and teaching . In Deficit before support from Alumni and Friends (75,914,246) (74,475,263) the first phase, about 75 percent of Distribution from endowment 59,224,716 59,320,057 the facility will be built to the north Gifts and grants for operating purposes 6,606,162 5,370,922 and east of Merrill . Most faculty Annual Fund 10,093,366 9,789,212 will then move into the new building . The second phase will involve Total Support from Alumni and Friends 75,924,244 74,480,191 dismantling Merrill and construct- Surplus $ 9,998 $ 4,928 ing the rest of the new facility on part of the former Merrill site . We expect the new science center to be complete in 2017 . and construction will be managed concept for the new science center Behnisch Architekten—a Ger- by Whiting-Turner, a firm with involves a building that occupies man firm with offices in the United significant expertise building large- and is built into the Merrill hillside, States—and Boston-based Payette scale science facilities in the hearts of partially overlapping where Merrill Associates are designing the four- college campuses . is now . This hillside location has sev- story, 220,000-square-foot building, The architects’ fundamental eral advantages, the foremost being

8 s that it allows this building, which not possible with Merrill . I encour- This year also saw a renewed will be the largest on campus, to age you to review at the informa- focus on campus renovations, with be integrated into the campus in a tion provided on this project at projects in Valentine Hall and Frost way that complements the College’s www. amherst. edu/aboutamherst/ Library performed over the sum- restrained architectural sensibility . science_center . mer of 2011 . Valentine Hall, last The completed building will be a As reported previously, the renovated in 1995, required updates hub that opens in every direction, College initiated construction on to improve its mechanical infrastruc- has ground-level access on each of a long-awaited renovation of the ture, replace dated interior finishes four floors and becomes a route Lord Jeffery Inn (LJI) during the and enhance a serving area that of choice as students navigate the spring of 2010 . The LJI had served was poorly configured to efficiently campus . This location also keeps the the College and the community accommodate the expanded menu sciences at the heart of the campus, very well over the years; however, offerings . Similarly, Frost Library, giving it both practical and symbolic since its original construction in last subject to a light renovation in importance . 1926, the only capital upgrades that 1996, required cosmetic renovations The new science center will also had been performed were primarily to make it more inviting to stu- be a leader in energy conservation cosmetic . Critical building elements dents and to foster a better envi- and sustainability . It will make sig- were past their design life, and the ronment for students to work and nificant use of natural light and will LJI was in need of a comprehensive study in group settings . The Frost be ventilated with natural air, while renovation . The goal of the project renovation involved installation of the green roof and the terraces will is to create a first-rate New En new interior finishes, reconfigura- reduce heat loss in the winter and gland inn, one that serves not only tion of the stack areas to create minimize the amount of cooling the College community but the more open space and installation needed in summer . These features broader community as well . This of new furnishings throughout . will minimize the energy footprint project has been well received by A café for Frost is currently being of the building, thus significantly the College community, as well as designed and will be built during reducing operating costs . the town, because of its importance the 2011–12 academic year . We envision the new science in supporting and sustaining a vital center as a model of interdisciplin- downtown business environment . Emily Dickinson ary collaboration, a testament to the In its renovated state, the LJI will power and importance of science incorporate the latest in sustainable Museum education and research in a liberal design features, including innova- The Emily Dickinson Museum arts college setting . While the new tive energy-savings measures such as closed FY2010–11 with record science center will provide students ground-source heating and cooling . attendance, expanding programs and faculty with state-of-the-art A major new design element and an improved financial outlook . teaching and research capabilities for the LJI is a conference and Nearly 14,000 visitors filled the in the life and physical sciences, its banquet facility that will be capable Museum’s educational tours and design and programming are also of accommodating upwards of attended its programs . The surge in intended to stimulate interaction 300 people . In addition, the inn audience represents growth of more among all students, faculty and will house a new restaurant, to be than 30 percent over the previous staff, not just those associated with known as 30 Boltwood, which will year, with its twin challenges of the sciences . make the LJI a distinctive culinary dampened cultural tourism during The science center’s flexible and destination for the community and an economic recession and tempo- innovative design will accommodate inn guests alike . rary closure of the Homestead for future renovation and reconfigura- Although a late-spring 2011 ceiling repairs . tion, allowing for generations of opening was anticipated, the Col- Fiscal-year highlights included scientific instruction and discovery . lege encountered many compli- the launch of a new membership The building’s mechanical sys- cations during the course of the program, the Friends of the Emily tems will be segmented across the project that have slowed progress, Dickinson Museum, to expand building, to enable portions of it including concealed conditions the Museum’s circle of friends and to be renovated without disrupt- such as structural problems and soil supporters and encourage longer- ing teaching and research in other contamination . We now anticipate term connections to it as it looks areas—a capability that is currently an opening in January 2012 . toward ambitious programming

9 s and restoration goals . In December 2010, Garrison Keillor appeared in Folger Shakespeare Memorial Library a benefit performance for the Mu- seum on the 180th anniversary of Statement of Operating Resources and Expenses Emily Dickinson’s birth . The host for the years ended June 30, 2011 and 2010 of the acclaimed American Public Radio programs A Prairie Home 2011 2010 Companion and The Writer’s Alma- Resources available nac mesmerized a sell-out crowd in Distribution from endowment $ 9,563,189 $ 9,191,985 Income from current fund investments 159 Johnson Chapel and overflow audi- U .S . Government grants 1,254,611 894,766 ence in Converse with his legend- Gifts and other grants 1,882,860 1,499,033 ary humor, song and readings of Other 3,142,435 2,985,439 Dickinson’s letters and poems . The 15,843,254 14,571,223 Museum’s second Emily Dickinson Big Read, funded by the National Restricted expendable funds availed of—net (13,178) (9,349) Endowment for the Arts, offered more than 25 programs to the Appropriation for collection acquisitions (175,000) (250,000) Amherst community and its neigh- 15,655,076 14,311,874 bors during April (National Poetry Current expenses Month) and May . A kickoff event Administration and general 4,862,397 4,754,907 featured a panel on which poets Development office 697,432 644,755 Richard Wilbur, Peggy O’Brien, Central Library 3,266,357 3,147,079 Thom Tammaro and Sheila Coghill Museum Shop and Rental Properties 360,406 373,836 discussed favorite Dickinson poems Academic programs 1,516,317 1,515,231 Public programs 3,157,359 2,903,502 and the poet’s impacts on their Grant activities 1,080,580 482,314 writing lives . The Museum took 14,940,848 13,821,624 its introductory program, “Emily Dickinson’s Poetry 101,” to college Capital Campaign Expenses campuses and public libraries in Reserve transfer (190,000) neighboring towns . In collaboration Plant transfer for building projects (385,000) (300,000) with the Jones Library, the Museum Endowment transfer (325,000) sponsored a more in-depth “Emily Surplus $ 4,228 $ 250 Dickinson’s Poetry 102” lecture series with talks by three prominent Dickinson scholars . Internation- ally acclaimed visual artist Spencer healthy financial condition . The plenishing the Shelves, an ongoing Finch, who claims Dickinson’s Museum raised 38 percent of its project to restock the libraries of poetry as a frequent inspiration and $536,000 operating budget in the Homestead and The Evergreens was the Museum’s first artist-in- contributions, earned 34 percent with copies of editions owned by residence, installed an original work in admissions-related income, drew the Dickinson family . Gifts to the of art, Shade, in the Homestead’s 12 percent in distributions from collections also included a Dickin- south-facing central window . The endowment funds and royalties son family brooch, an oil painting Big Read concluded with the an- and received 16 percent from other and several photographs . nual Emily Dickinson Poetry Walk, smaller sources . Museum programs The Board of Governors wel- this year celebrating “Dickinson in and tours accounted for 39 percent comed two new members, Cristanne Translation” with readings of her of expenditures; administration, Miller and Penny Barr . Miller is poems in 14 languages by members fundraising and general expenses, the Edward H . Butler Professor of of the local community . 36 percent; marketing and mer- English and department chair at the Emerging from a year of physi- chandising, 15 percent; and facilities SUNY University at Buffalo . Barr is cal plant repairs and tighter belts upkeep, 10 percent . project manager of children’s initia- during a recessionary period, the The Museum was the grateful tives at the Chicago-based Poetry Museum ended FY2010–11 in a recipient of 15 volumes to Re- Foundation .

10 s With the help of its many head—and another from the Folger than 11,000 teachers; and reaching friends, the Museum looks forward staff, when Beverly With retired as thousands of teachers and students to vigorous challenges and exciting director of development in De through its workshops, festivals, new opportunities in the year ahead . cember . programs and webinars . These transitions in no way The Research Division saw Folger Shakespeare diminished the level of activity at several milestones in FY2010–11 . the Folger in FY2010–11 . Folger The Folger Institute celebrated Memorial Library Theatre’s productions of Henry its 40th anniversary with a major On June 30, 2011, the Folger VIII and Cyrano required extended conference on translation and added marked Director Gail Kern Paster’s runs, The Comedy of Errors played two universities to its membership last day by serving ice cream (her to enthusiastic audiences, and the consortium . The Folger Shakespeare favorite indulgence) for all staff and theater was nominated for 19 Helen Editions expanded into the e-book readers in the Elizabethan Garden . Hayes Awards, winning Outstand- market, and the fourth Undergradu- After all the well-deserved formal ing Resident Play of 2010 for last ate Research Program included stu- tributes, it seemed fitting that she season’s Hamlet . The Folger Con- dents from The George Washington spend her last day with those whose sort celebrated Music for All Seasons University, the University of Mary- well-being was always her primary with a special performance of music land and American University . concern . from the court of Henry VIII and Finally, after an extensive During the extensive structural was named Best Classical Chamber international search, the Board repairs to the book vaults several Ensemble by the Washington Area of Governors selected Michael years ago, for example, she ensured Music Awards for a third year in a Witmore to become the Folger’s that the scholars were never denied row . And the renamed O .B . Hardi- new director on July 1, 2011 . An access to the collection, and, when son Poetry Series featured a lineup inspired choice, Dr . Witmore is not the economic downturn threatened of well-known poets, including only a Shakespeare scholar but a the budget, she managed to avert former U .S . Poet Laureate Robert pioneer in digital studies and a pas- staff layoffs while still maintaining Hass . sionate advocate for the humanities . the Library’s core functions . Her Henry VIII was also the inspira- I look forward to working with him many other accomplishments dur- tion for the exhibition Vivat Rex!, in the years ahead, to help ensure a ing her nine-year tenure have been which commemorated the 500th continued strong financial footing well documented—the transition to anniversary of his accession . Other for the future that he envisions for the Folger Board of Governors, the exhibitions recognized the contri- the Library . strengthening of Folger Education, butions of early modern women the establishment of an undergradu- to medical and scientific discovery COLLEGE AND LIBRARY ate research program, the growth of (Beyond Home Remedy: Women, ENDOWMENT and Public Programs and the encourage- Medicine, and Science) and explored ment of digitization and electronic the obsession with what Henry Clay SIMILAR FUNDS communications—and I can add Folger called “the most precious For the year ended June 30, only my profound thanks for her book in the world” (Fame, Fortune, 2011, the return on the College’s leadership and her friendship . & Theft: The Shakespeare First Folio) . investments was +19 2. percent, In other transitions, the Board A new acquisition, the Rosebery net of all fees and expenses . This of Governors elected four new collection of English Civil War boosted the value of the Endow- members: Deneen Howell, an at- broadsides and pamphlets, helped ment Funds to $1 .642 billion, an torney specializing in intellectual to create a significant archive of increase of $256 million from the property; Edward R . Leahy, a book Civil War material at the Folger . previous year’s value of $1 .386 bil- collector, philanthropist and expert Folger Education continued lion . The Folger Shakespeare in business law; Philip J . Deutch, a to be an influential voice in Shake- Memorial Library’s Endowment leader in energy investments; and speare education in FY2010–11, Fund increased from $231 .7 million The Lord Browne of Madingley, hosting 25 high school teachers for to $267 .2 million during the fiscal an international business figure . the Teaching Shakespeare Institute, year . Funds managed by the trust- There was one resignation from funded by the National Endow- ees under life income agreements the board—of Michael R . Winston, ment for the Humanities; sending totaled $80 .5 million at June 30, a scholar, teacher and foundation its BardNotes e-newsletter to more 2011, showing a net increase of

11 s $10 .3 million from the prior year . to those of several peer institu- their benchmark, and the College’s As noted earlier, gifts of $37 .5 mil- tions, and we expect the return to Fixed Income managers also per- lion and another $3 5. million in be near the median for college and formed admirably during the year . transfers to the endowment from university endowments . Longer- Finally, Private Capital strategies terminated life income funds also term results are more impressive, contributed to performance during contributed to the increase in the with the College’s five-, 10- and the year, led by strong returns from College’s endowment for the year . 20-year annualized returns stand- Venture Capital, Private Equity and On an absolute basis, the ing at 6 6. percent, 9 .1 percent and Oil & Gas partnerships . Private Real College’s investment return of 12 .5 percent, respectively . These Estate produced modest returns 19 .2 percent for the fiscal year was returns rank in the top decile of during the year, and Timber was strong, well ahead of the long-term returns for college and university effectively flat . expected annual return of 6 .8 per- endowments and indicate that the Over the past year, the Col- cent and slightly ahead of the Col- College’s endowment remains well lege continued to rebuild its equity lege’s strategic policy benchmark positioned to generate attractive portfolio, continuing its emphasis of 18 .3 percent . Relative to equity risk-adjusted returns over the long on investing in liquid strategies indices, the College’s return lagged, term while dealing with short-term when possible . The College added with the S&P 500 Index generat- market volatility . $21 .5 million to its U .S . Equity ing a return of 30 .7 percent for the In portfolio performance spe- portfolio, $15 million to the Global fiscal year, the MSCI EAFE Index cifically, the College’s public equity Equity portfolio and $35 million to returning 30 4. percent and the managers produced mixed relative Asian Equities (including funding MSCI Emerging Markets Index returns . U .S . Equity managers, as a new manager within this strat- rising 28 2. percent . The College’s a group, outperformed the S&P egy) and made a $10 million initial return slightly underperformed the 500 Index, while Global Equity investment with a manager focusing 60 percent S&P 500 Index/40 per- managers slightly underperformed on Emerging and Frontier equity cent Barclays Aggregate Bond Index the MSCI World and MSCI EAFE markets . The College modestly blended return of 20 .0 percent . Indices . The College’s Asian Equity reduced its European Equity expo- Many of the College’s equity hedge managers outperformed the MSCI sure by $5 .1 million, and withdrew fund managers, along with the abso- Asia ex Japan Index, while Emerg- $40 million from an existing Emerg- lute return managers, had lower net ing Markets Equity managers lagged ing Markets equity manager, to exposure to equity markets during the MSCI Emerging Markets Index, fund the new investments in Asian the year, as they were unconvinced largely because of lower market and Emerging Equities . Within the of the sustainability of the equity exposure . The College’s Equity Equity Hedge Fund strategy, the market rally . While this lower equity Hedge Fund managers, in aggre- College made one new investment exposure hurt relative performance gate, captured more than 60 per- of $10 million and added $15 mil- during FY2010–11, we have seen cent of the MSCI World return, lion to an existing relationship . The significant market volatility during with considerably lower volatility . Fixed Income/Cash allocation was a the first two months of FY2011–12, Performance within the category source of capital over the past year, and these managers are well posi- was quite diverse, as managers with as the College, through full and tioned to protect capital . higher net market exposure led the partial liquidations, reallocated ap- Overall, the College’s group . Absolute Return managers proximately $76 million to various FY2010–11 return was comparable produced strong returns relative to other strategies . The College also selectively made new investments Strategic Actual to private strategies, including Policy Asset Target Allocation $19 .5 million to Venture Capi- tal, $70 million to Private Equity Equities (public and private) 50% 57% (Global and U .S . strategies) and Absolute return 15% 12% $25 million to Oil & Gas . The College continues to Fixed Income (includes cash) 15% 14% closely monitor and manage its Real Assets (natural resources 20% 17% commitments to nonmarketable and real estate) investments within the portfolio . Total Pool 100% 100% The $114 .5 million of new commit-

12 s ments during the year represented Italy, Spain and Portugal worrisome . significantly improved since those one new relationship for the Col- Political unrest within the Middle dark days of 2008 . Challenges lege and follow-on investments with East has been a near-constant occur- remain, but I am confident that the seven existing manager relation- rence since the Egyptian revolution College will face them as it has in ships . While the Investment Com- began in January . As a result, we recent years, as a community that mittee realizes the need to pursue have seen oil prices spike, reaching a engages in reasoned debate and dis- liquid strategies when available, the high of nearly $115/barrel in April, cussion before coming to consensus . opportunity to invest with top-tier before ending the fiscal year at $95/ Thank you all for your contin- managers within the various private barrel . ued support of this extraordinary capital strategies will continue to be As we start FY2011–12, volatil- institution . an important component of future ity remains at its highest levels since success . the financial crisis of 2008 . August After simplifying the policy alone produced wild swings in finan- portfolio last year (reducing the cial markets, as evidenced by the number of sub-asset classes), the In- 15 percent decline in the S&P 500 vestment Committee decided to add Index during the first two weeks of an Absolute Return category, which the month, only to see a snap-back Peter J . Shea identifies the managers that have rally of 9 percent in the second half Treasurer the ability to invest across the entire of the month . The volatility has spectrum of market opportunities continued throughout the fall . (equities, debt, private investments, The Investment Committee and etc .) . This category includes some Investment Staff are confident that of the College’s top-performing the Endowment is well positioned managers over time and will con- to navigate these turbulent waters, tinue to be an important part of the taking advantage of opportunities College’s allocation . The strategic when appropriate but always main- policy portfolio targets, along with taining a focus on capital preserva- actual asset allocation levels as of tion . June 30, 2011, are shown in the Two fiscal years have now table on page 12 . passed since the financial crisis While FY2010–11 saw the best in FY2008–09 . The College has performance for developed markets weathered this crisis with its val- equities since 1987, the gains were ues intact, in spite of the financial concentrated in the second half of uncertainty that continues to be 2010 . The global economy has seen a challenge for the institution as a a significant increase in volatility whole . The College is embarking in 2011, making global macro on a period of exciting change with economic circumstances more rel- the planned construction of the new evant than ever . Within the U S. ,. we science center . With the appoint- have witnessed a credit downgrade ment of Carolyn “Biddy” Martin prompted by record deficit levels . as the 19th president this fall, we Economic growth has been muted, welcomed a new leader as we ap- as evidenced by the 1 6. percent proach our bicentennial in 2021 . annual GDP growth for the year I look forward to working with her ending June 2011 . Unemployment and all members of the Amherst levels have shown only minimal im- community to insure that the Col- provement, and housing prices have lege maintains its place as one of the remained depressed in many areas preeminent undergraduate institu- of the country . Overseas, the Euro- tions in the country . While financial zone’s sovereign debt crisis con- uncertainty has not been resolved, tinues to be a major concern, with and may not be for years to come, situations within Greece, Ireland, the College’s financial health has

13 s Amherst College s Twenty Years in Review

2011 2010 2006 2001 1996 1991

Assets (000’s omitted) Total Assets $ 2,468,873 $ 2,183,314 $ 1,813,126 $ 1,210,543 $ 610,085 $ 362,397 Endowment Funds at Market 1,641,511 1,385,745 1, 337,158 890,511 413,635 268,411 Life Funds at Market 80,491 69,478 70,798 69,198 41,653 18,570 Student Loans Outstanding 3,503 3,827 3,816 4,311 4,303 2,702

Income (000’s omitted) Net Student Income 52,474 48,561 44,118 38,814 31,749 24,542 Student Income —% of Operating Expenditures 39 .0% 37 9. % 45 .6% 51 .0% 54 .7% 51 .6% Gifts, Bequests, and Grants Received $ 67,012 $ 64,846 $ 34,528 $ 56,808 $ 30,636 $ 15,567 Annual Fund, utilized 10,093 9,789 7,94 0 7, 321 4,659 3,776 Endowment Income Distributed 59,225 59,320 44,121 28,713 18,815 14,587

Expenditures (000’s omitted) Net Operating Expenditures 134,382 128,136 96,791 76,098 58,019 47, 5 41 Educational and General 107,328 102,519 85,160 66,017 49,011 39,515

Scholarships Awarded (000’s omitted) 38,645 34,454 21,067 14,074 10,016 7,196

Miscellaneous Number of Students, average for year 1,787 1,709 1,606 1,633 1,591 1,585 Comprehensive Fee $ 50,820 $ 48,400 $ 40,980 $ 32,400 $ 26,270 $ 19,915 Net Cost per Student (net of scholarships) 75,200 74,977 60,270 46,600 36,467 29,994 Endowment per student, based on fall enrollment 914,491 794,579 820,846 528,180 259,332 168,072 Student Loans Granted 358 419 590 400 912 544

Comparative Investment Performances (Total Return Indexed) Amherst College Consolidated Fund 1,044 9. 876 .6 757 .4 435 1. 188 .3 100 .0 Standard and Poor’s 500 532 9. 4 07 .8 461 1. 407 .6 207 .4 100 .0 Barclays Capital Bond Index 360 .7 350 .6 266 .7 211 .7 148 .4 100 .0 EAFE 322 1. 2 47 1. 299 .4 185 .7 161 .0 100 .0

Investments (000’s omitted) Funds (at market) Consolidated Fund $ 1,640,283 $ 1,384,230 $ 1,335,197 $ 888,207 $ 406,379 $ 263,233 Folger Shakespeare Memorial Library 267,172 231,689 233,729 162,794 84,325 52,446 Separately Invested Endowment Funds 1,228 1,516 1,960 2,304 7, 256 5,179 Immediate Life Income Funds 6,662 8,245 9,520 12,443 8,409 5,730 Balanced Life Income Funds 8,078 7,114 7,972 6,856 4,799 1,952 Life Growth Fund 630 Gift Annuities 5,835 4,552 7,10 9 3,963 Separately Invested Life Funds 59,916 49,567 46,197 45,936 28,446 10,258 Folger Life Income Funds 682 675 1,230 1,411 Other Investments 272,577 233,740 33,516 33,449 Total Funds $2,262,433 $1,921,328 $1,676,430 $1,157,363 $539,614 $339,428

Investments by asset allocation Cash and cash equivalents $ 62,953 $ 136,621 $ 47, 877 $ 71,591 $ 11,202 $ 26,975 Domestic equities 209,683 135,806 273,038 206,090 182,878 151,639 Foreign equities 283,354 224,928 293,185 89,763 68,588 38,576 Global equities 87,623 49,084 Private equities 454,874 333,081 270,929 189,803 15,467 4,906 Fixed income 259,419 279,975 96,078 211,379 188,334 103,967 Absolute return 520,232 438,829 462,970 296,421 45,854 Natural resources 370,834 313,231 208,228 89,918 10,854 780 Other investments 13,461 9,773 24,125 2,398 16,437 12,585 Total Investments $2,262,433 $1,921,328 $1,676,430 $1,157,363 $539,614 $339,428

14 s Report of Independent Auditors

To the Board of Trustees of Amherst College:

In our opinion, the accompanying consolidated and individual balance sheets and the related consolidated and individual statements of activities and of cash flows present fairly, in all material respects, the consolidated financial position of the Trustees of Amherst College (the “Institution”) and the individual financial positions of Amherst College (the “College”) and Folger Shakespeare Memorial Library (the “Library”) at June 30, 2011, and the consolidated and individual changes in their net assets and their consolidated and individual 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 .

October 15, 2011

15 s The Trustees of Amherst College Balance Sheet June 30, 2011

Folger Shakespeare Amherst Memorial College Library Total Assets Cash and cash equivalents $ 2, 257,4 61 $ 2, 257,4 61 Deposits with trustee $ 1,425,373 1,425,373 Short term investments 353,264 1,000 354,264 Accounts receivable, net 4,858,215 612,087 5,470,302 Accrued interest receivable 1,056,641 205,076 1,261,717 Contributions receivable, net 100,849,053 69,248 100,918,301 Beneficial interest in perpetual trusts 16,037,125 16,037,125 Other assets 5,426,730 272,473 5,699,203 Investments 1,992,886,104 269, 5 47,175 2,262,433,279 Student loans receivable, net 3,502,574 3,502,574 Mortgages and notes receivable 725,446 100,000 825,446 Property, plant and equipment, net 341,752,250 38,637,566 380,389,816 Total assets $2,468,872,775 $311,702,086 $2,780,574,861

Liabilities and Net Assets Accounts payable $ 14,643,940 $ 410,058 $ 15,053,998 Accrued liabilities 3,719,813 67,616 3,787,429 Deferred income and deposits 3,318,474 384,895 3,703,369 Liability for life income obligations 37, 563, 815 251,096 37, 814,911 Postretirement benefit obligations 46,025,421 3,547,595 49,573,016 Bonds payable 312,795,200 312,795,200 Government grants refundable 2,028,057 2,028,057 Other liabilities 11,565,438 550,500 12,115,938 Total liabilities 431,660,158 5,211,760 436,871,918 Net Assets Unrestricted 733,555,760 59,220,611 792,776,371 Temporarily restricted 888,601,992 222,988,785 1,111,590,777 Permanently restricted 415,054,865 24,280,930 439,335,795 Total net assets 2,037,212,617 306,490,326 2,343,702,943 Total liabilities and net assets $2,468,872,775 $311,702,086 $2,780,574,861

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

16 s The Trustees of Amherst College s Amherst College Statement of Activities for the year ended June 30, 2011

Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, gains and other additions Student fee revenue $ 72,348,755 $ 72,348,755 Residence and dining hall revenue 18,769,607 18,769,607 Less Amherst College scholarships awarded (38,644,631) (38,644,631) Net student fee revenue 52,473,731 52,473,731 Other revenue, gains and other additions Investment income 19,954,520 $ 26,959,425 $ 850,206 47,76 4,151 Realized (loss) gain on investments, net of fees (7,792,303) 52,320,259 (21,472) 44,506,484 Unrealized gain on investments 83,304,170 133,360,490 2,205,313 218,869,973 Change in net value of life income funds 1,840,127 3,783,599 5,623,726 U .S . Government grants 273,651 1,755,398 2,029,049 Gifts and other grants 11,653,703 6,959,724 14,513,082 33,126,509 Other 7,918,198 2,399,046 (2,214,773) 8,102,471 Net assets released from restrictions 79,336,153 (79,336,153) Total revenue, gains and other additions 2 47,121,823 146,258,316 19,115,955 412,496,094

Expenditures and other deductions Instruction and academic programs 41,415,387 41,415,387 Academic support 14,898,465 14,898,465 Student services 19,631,601 19,631,601 Library 8,668,492 8,668,492 Research and public programs 3,772,703 3,772,703 Administrative and general 18,659,614 18,659,614 Pensions and professional fees 5,665,957 5,665,957 Academic prizes, fellowships and awards 961,461 961,461 Auxiliary activities 23,170,483 23,170,483 Net settlement on interest rate swap 2,185,640 2,185,640 Other 1,006,470 1,006,470 Total expenditures and other deductions 140,036,273 140,036,273 Increase in net assets 107,085, 550 146,258,316 19,115,955 272,459,821 Net assets, beginning of year 626,470,210 742,343,676 395,938,910 1,764,752,796 Net assets, end of year $733,555,760 $888,601,992 $415,054,865 $2,037,212,617

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

17 s The Trustees of Amherst College s Folger Shakespeare Memorial Library Statement of Activities for the year ended June 30, 2011

Temporarily Permanently Unrestricted Restricted Restricted Total Other revenue, gains and other additions Investment income $ 6,818,534 $ 7, 575 $ 6,826,109 Realized (loss) gain on investments, net of fees (3,486,488) 9,980,050 6,493,562 Unrealized gain on investments 2,926,798 28,282,232 31,209,030 Change in net value of life income funds 38,035 $ 96,489 134,524 U .S . Government grants 182,515 1,072,096 1,254,611 Gifts and other grants 1,424,350 1,132,921 75,602 2,632,873 Other 2,583,549 307,412 (217,389) 2,673,572 Net assets released from restrictions 9,214,997 (9,214,997) Total revenue, gains and other additions 19,664,255 31,605,324 (45,298) 51,224,281

Expenditures and other deductions Instruction and academic programs 1,516,317 1,516,317 Library 4,874,656 4,874,656 Research and public programs 4, 387, 515 4, 387, 515 Administrative and general 3,350,850 3,350,850 Pensions and professional fees 378,244 378,244 Other 175,246 175,246 Total expenditures and other deductions 14,682,828 14,682,828 Increase in net assets 4,981,427 31,605,324 (45,298) 36,541,453 Net assets, beginning of year 54,239,184 191,383,461 24,326,228 269,948,873 Net assets, end of year $59,220,611 $222,988,785 $24,280,930 $306,490,326

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

18 s The Trustees of Amherst College Statement of Activities: Total for the year ended June 30, 2011

Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, gains and other additions Student fee revenue $ 72,348,755 $ 72,348,755 Residence and dining hall revenue 18,769,607 18,769,607 Less Amherst College scholarships awarded (38,644,631) (38,644,631) Net student fee revenue 52,473,731 52,473,731 Other revenue, gains and other additions Investment income 26,773,054 $ 26,967,000 $ 850,206 54,590,260 Realized (loss) gain on investments, net of fees (11,278,791) 62,300,309 (21,472) 51,000,046 Unrealized gain on investments 86,230,968 161,642,722 2,205,313 250,079,003 Change in net value of life income funds 1,878,162 3,880,088 5,758,250 U .S . Government grants 456,166 2, 827,494 3,283,660 Gifts and other grants 13,078,053 8,092,645 14,588,684 35,759,382 Other 10,501,747 2,706,458 (2,432,162) 10,776,043 Net assets released from restrictions 88,551,150 (88,551,150) Total revenue, gains and other additions 266,786,078 177,863,6 40 19,070,657 463,720,375

Expenditures and other deductions Instruction and academic programs 42,931,704 42,931,704 Academic support 14,898,465 14,898,465 Student services 19,631,601 19,631,601 Library 13,543,148 13,543,148 Research and public programs 8,160,218 8,160,218 Administrative and general 22,010,464 22,010,464 Pensions and professional fees 6,044,201 6,044,201 Academic prizes, fellowships and awards 961,461 961,461 Auxiliary activities 23,170,483 23,170,483 Net settlement on interest rate swap 2,185,640 2,185,640 Other 1,181,716 1,181,716 Total expenditures and other deductions 154,719,101 154,719,101 Increase in net assets 112,066,977 177, 863,6 4 0 19,070,657 309,001,274 Net assets, beginning of year 680,709,394 933,727,137 420,265,138 2,034,701,669 Net assets, end of year $792,776,371 $1,111,590,777 $439,335,795 $2,343,702,943

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

19 s The Trustees of Amherst College Statement of Cash Flows for the year ended June 30, 2011

Folger Shakespeare Amherst Memorial College Library Total Cash flows from operating activities Increase in net assets $272,459,821 $36,541,453 $309,001,274 Adjustments to reconcile increase in net assets to net cash used in operating activities: Depreciation 14,129,344 761,806 14,891,150 Unrealized gain on investments (218,869,973) (31,209,030) (250,079,003) Change in net value of life income obligations 5,623,726 134,524 5,758,250 Unrealized gain on interest rate swap agreement (2,519,384) (2,519,384) Change in beneficial interest in perpetual trusts (2,205,313) (2,205,313) Realized gain on investments, net (77,499,907) (10,816,898) (88,316,805) Gifts to endowment (37, 8 47,4 67) (75,602) (37,923,0 69) Life income fund gifts (3,357,658) (9,922) (3,367,580) Contributions to plant (1,426,010) (1,426,010) Loss on disposal of assets 27,479 27,479 Receipt of contributed securities (14,872,427) (141,249) (15,013,676) Amortization of bond discount 87,400 87,400 (Increase) decrease in assets: Accounts receivable, net (308,128) (209,775) (517,903) Accrued interest receivable (991,382) (137, 3 49) (1,128,731) Contributions receivable 23,844,362 (39,423) 23,804,939 Other assets (1,587,437) 62,618 (1,524,819) Increase (decrease) in liabilities: Accounts payable 6,571,389 74,685 6,646,074 Accrued liabilities 821,849 (27,741) 794,108 Deferred income and deposits (468,131) (28,415) (496,546) Liability for life income obligations (486,980) (181,587) (668,567) Postretirement benefit obligations 3,593,235 52,494 3,645,729 Other liabilities 71,640 (48,171) 23,469 Net cash used in operating activities (35,209,952) (5,297,582) (40,507,534)

Cash flows from investing activities Purchases of plant and equipment, net (18,260,532) (1,247,566) (19,508,098) Net change in deposits with trustee 5,853,205 5,853,205 Net change in mortgages and student loans receivable 481,180 (100,000) 381,180 Proceeds from sales of contributed securities 15,161,598 140,249 15,301,847 Purchases of investments (413,420,830) (57, 883,037) (471,303,867) Proceeds from sales and maturities of investments 408,377,353 64,183,207 472,560,560 Net cash (used in) provided by investing activities (1,808,026) 5,092,853 3,284,827

20 s The Trustees of Amherst College Statement of Cash Flows (continued) for the year ended June 30, 2011

Folger Shakespeare Amherst Memorial College Library Total Cash flows from financing activities Contributions to endowment $ 9,540,535 $ 75,602 $ 9,616,137 Contributions to plant 1,426,010 1,426,010 Contributions to life income agreements 3,357,658 9,922 3,367,580 Proceeds from pledges receivable 28,306,932 28,306,932 Payments to beneficiaries under split interest (4,204,618) (4,204,618) agreements Decrease in government grants refundable (8,555) (8,555) Payments on long-term debt (2,710,000) (2,710,000) Net cash provided by financing activities 35,707,962 85,524 35,793,486 Net change in cash and cash equivalents (1,310,016) (119,205) (1,429,221) Cash and cash equivalents, beginning of year 1,310,016 2,376,666 3,686,682 Cash and cash equivalents, end of year $ 2,257,461 $ 2,257,461 Supplemental data Interest paid $ 7,960,183 $ 7,960,183 Gifts in kind 2,386,722 2,386,722 Purchases of plant and equipment included in accounts payable 3,138,249 3,138,249 Contributed securities 15,134,844 $ 141,249 15,276,093

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

21 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 2010–2011 . 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 100% of the common stock of Amherst Inn Company (“Inn”) . The Inn has been consolidated in the Institution’s financial statements .

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 donor funds are recorded 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 . 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 . Revenues from other sources are generally reported as increases in un-

22 s restricted net assets . 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 re- classifications 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 in which the grant expenditures are incurred .

Interpretation Absent explicit donor stipulations to the contrary, The Board of Trustees of the Institution has in- of Relevant Law terpreted Massachusetts’ Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) statute, which was enacted in July 2009, and related Commonwealth of Massachusetts Attorney Gen- eral guidance to require the preservation of donor-restricted endowment funds at their fair value measured 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) accumulations 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 as 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 .

Total Return The Institution adds interest and dividends earned on the College’s investments and the Folger Fund, Distribution which represent approximately 99% of the investments of its endowments and similar funds, to the in- on Investments come 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 2010–2011 was $75,604,980 for the College and $9,931,810 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 $32,954,206 for the College and $4,306,556 for the Library . Interest and dividend income earned in 2010–2011 by the Funds was $49,306,588 and $6,825,954 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 Institution’s investment pools of $59,252,598 for the College and $7,435,958 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 fair value . 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 . In-

23 s vestments 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 based upon the net asset value of the funds determined by the general partner or investment manager for the respective funds . Because alternative investments are not readily market- able, the estimated fair 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 In- stitution’s alternative investments include venture capital funds, private equity funds and investments in real estate and natural resources . These alternative investments represented approximately 38% of the Institution’s investments at June 30, 2011 . 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 funding periodically as capital calls are exercised . 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 and interest rate risks arising from investments in nonderivative assets in propor- Instruments tion to the assets at risk . Such instruments consist of forward foreign exchange and interest rate futures contracts entered into as part of the investments of the Institution . As of June 30, 2011 the Institution had an investment in one fund that invests in interest rate futures within its strategy . The College utilizes swap agreements to moderate its exposure to interest rate risk on certain bond issuances . (See note 6) The Institution also has investments in certain limited partnerships which participate directly, or have the option to participate in, derivative financial instruments . These limited partnership investments represent 23% 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 .

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, which is reported by the outside fiscal agent .

Property, Plant Property, plant and equipment are recorded at cost . and Equipment The Institution capitalizes the cost of construction and major improvements to buildings, and purchases of equipment, and library books . Depreciation is calculated on a straight line basis over the estimated useful life of the asset . Purchases for the Library’s 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 note 12)

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

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

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

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 3 0%. 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 . uncertain tax The Institution is generally exempt from federal and state income taxes . Management annually re- positions views for uncertain tax positions along with any related interest and penalties and believes that the Institution has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate, upon the Institution’s balance sheet, or the related statements of activities, or cash flows .

2. Investments The Institution records its investments at fair value . 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 . The degree of judgment utilized in developing those assumptions generally correlates to the level of pricing observability . The availability of observable inputs can vary among financial assets and liabilities . For investments, fair value is affected by a wide variety of factors including, 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 necessarily an indication of the risk associated with investing in those securities . The Institution’s investments have been categorized based upon a fair value hierarchy 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 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 indirectly . Level 3: Valuations based on unobservable inputs that are significant to determining an overall fair value measurement . Assets and liabilities utilizing Level 3 inputs 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 .

25 s The comparison of fair value and cost for investments in accordance with the fair value hierarchy was as follows as of June 30, 2011:

Amherst College Fair Value Measurements as of June 30, 2011 Description Level 1 Level 2 Level 3 Total Cost Financial Assets Cash and equivalents $ 54,982,172 $ 54,982,172 $ 54,982,172 Due from broker, net 423,897 423,897 423,897 Domestic equities 185,193,042 185,193,042 150,566,679 Global equities $ 35,071,254 $ 42,019,296 77,090,550 65,879,095 Foreign equities 47,60 4,174 64,054,916 137,635,751 249,294,841 219,339,225 Private equities 4 0 0,197,6 41 4 0 0,197,6 41 309,752,202 Fixed income 90,254,715 80,078,397 60,082,044 230,415,156 199,369,433 Absolute return 23,781,536 433,918,474 457,70 0,010 291,491,076 Real estate and natural resources 326,259,975 326,259,975 321,775,164 Other investments 618,047 10,710,773 11,328,820 10,639,031 379,076,047 202,986,103 1,410,823,954 1,992,886,104 1,62 4,217,974 Beneficial interest in perpetual trusts $ 16,037,125 $ 16,037,125 $ 16,782,366 Total Financial Assets $ 379,076,047 $ 202,986,103 $ 1,426,861,079 $ 2,008,923,229 $ 1,641,000,340

As of June 30, 2011, the College had interest rate swaps with a fair value liability of $7,201,423, which were valued using significant other observable inputs (Level 2) .

Folger Shakespeare Memorial Library Fair Value Measurements as of June 30, 2011 Description Level 1 Level 2 Level 3 Total Cost Financial Assets Cash and equivalents $ 7,488,126 $ 7,488,126 $ 7,488,126 Due from broker, net 58,517 58,517 58,517 Domestic equities 24,489,536 24,489,536 18,246,019 Global equities $ 4,791,503 $ 5,740,758 10,532,261 8,451,562 Foreign equities 6,503,776 8,751,309 18,804,066 34,059,151 28,138,806 Private equities 54,675,782 54,675,782 39,737,799 Fixed income 9,855,301 10,940,468 8,208,527 29,004,296 23,327,122 Absolute return 3,249,079 59,282,791 62,531,870 37,395,095 Real estate and natural resources 44,574,279 44,574,279 41,280,207 Other investments 122,785 70,361 1,940,211 2,133,357 2,036,352 Total Financial Assets $ 48,518,041 $ 27,802,720 $ 193,226,414 $ 269,547,175 $ 206,159,605

The College’s Investments as of June 30, 2011 are comprised of Endowment and Similar Funds of $1,641,510,807, Life Income Funds of $80,490,715 and Other Funds of $270,884,582 . The Library’s Investments as of June 30, 2011 are comprised of Endowment and Similar Funds of $267,171,927, Life Income Funds of $682,432 and Other Funds of $1,692,816 . The Institution’s major investment categories are comprised of the following:

Domestic Equities The Domestic Equities category includes investments in separate accounts and institutional commingled funds that invest primarily in the equity securities of U S. . domiciled corporations . Fund managers generally hold long portfolio capital assets . Underlying investment securities in the funds

26 s are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the fund, or in the case of the majority of these assets where the securities are directly owned in a separate account, they are recorded at the market value of the underlying securities at the close of business .

Global Equities The Global Equities category includes investments in separate accounts and institutional commingled funds that invest primarily in the equity securities of both U .S . domiciled and foreign corporations . Fund managers generally hold long portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the partnerships .

Foreign Equities The Foreign Equities category includes investments in institutional commingled pooled funds that invest primarily in the equity securities of non-U .S . domiciled corporations . Fund managers generally hold long portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the funds .

Private Equities The Private Equities category includes investments in limited partnerships that invest primarily in unlisted, non-public U S. . and non-U S. . domiciled companies . Private Equity includes venture capital (early-stage) and buyout (later-stage) investments . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, uniqueness of market and product, strategic advantage, corporate management quality, financial conditions and financing requirements, and anticipated exit strategies . Liquidity for these funds is provided in varying degrees, but is mostly greater than five years . The fair values of the investments in this category are estimated using the General Partner’s valuation of investments, generally equal to or based upon the reported capital account or net asset value (NAV) of the underlying investee funds .

Fixed Income The Fixed Income category includes investments in separate accounts and commingled funds that invest primarily in the debt securities of U S. . domiciled corporations . Fund managers hold long and short portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, duration, convexity, liquidity, credit risk, term structures, and strategic advantage . Liquidity for these funds is provided in varying degrees, ranging from daily to annual increments . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the funds or in the case of the separate accounts where the securities are directly owned, they are recorded at the market value of the underlying securities at the close of business .

Absolute Return The Absolute Return category includes investments in commingled funds that invest primarily in the equity, debt, and derivative securities of U S. . and non-U S. . domiciled corporations . Fund managers hold long and short portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the funds .

Real Estate The Real Estate and Natural Resources category includes investments in limited partnerships that and Natural invest primarily in unlisted, non-public U S. . and non-U S. . real estate, timber, and oil and gas assets . Resources Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, uniqueness of market and product, strategic advantage, corporate management quality, financial conditions and financing requirements, and anticipated exit strategies . Liquidity for these funds is provided in varying degrees, but is generally greater than seven years . The fair values of the investments in this category are estimated using the General Part- ner’s valuation of investments, generally equal to or based upon the reported capital account or net asset value (NAV) of the underlying investee funds .

27 s Other The Other category includes investments in separate account and general partnership funds that have been or are currently being liquidated . The unfunded commitment and redemption frequencies of the Institution’s investment categories as of June 30, 2011 were as follows:

Institution Unfunded Investment Strategy Commitments Notice Period and Redemption Frequency Domestic equities No notice period applicable; immediate redemption Global equities 30–75 day notice; between semi-annual and five year redemption Foreign equities 6–90 day notice; between monthly and five year redemption Private equities $ 201,570,000 Not redeemable Fixed income 4,319,000 Zero–90 day notice; between immediate and annual redemption Absolute return 30–180 day notice; between quarterly and five year redemption Real estate and natural resources 92,533,000 Not redeemable $ 298,422,000

The investments in domestic equities do not possess a defined liquidation period . These investments can be liquidated as deemed appropriate by the Institution . The Institution is unable to redeem its investments in private equities, real estate and natural resources until the underlying partnerships are dissolved and the funds closed, although the Institution would have the ability to liquidate these partnerships through a negotiated transaction in the secondary market . Investments in private equities, real estate and natural resources have remaining durations from one to thirteen years as of June 30, 2011 . The reconciliation of the Level 3 total financial assets for the College and Library as of June 30, 2011 are as follows:

Amherst College Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Purchases, Net Realized Issuances, Net Transfers Beginning and Unrealized Sales and In (Out) of Ending Investment Category Balance Gains (Losses) Settlements Level 3 Balance Domestic equities $ 465,815 $ (465,815) Global equities 26,668,213 $ 8,226,456 $ 7,12 4,627 $ 42,019,296 Foreign equities 84,284,430 19,955,466 4 4,4 27,9 94 (11,032,139) 137,635,751 Private equities 292,112,479 91,970,458 16,114,704 4 0 0,197,6 41 Fixed income 70,065,514 3,913,348 (13,896,818) 60,082,044 Absolute return 364,842,150 54,310,267 26,802,084 (12,036,027) 433,918,474 Real estate and natural resources 274,6 67, 20 6 28,408,951 23,183,818 326,259,975 Other investments 7,368,124 (2,375,193) 5,717,842 10,710,773 Perpetual trusts 13,831,812 2,205,313 16,037,125 Total Level 3 Financial Assets $1,134,305,743 $206,615,066 $109,474,251 $ (23,533,981) $1,426,861,079

28 s Folger Shakespeare Memorial Library Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Purchases, Net Realized Issuances, Net Transfers Beginning and Unrealized Sales and In (Out) of Ending Investment Category Balance Gains (Losses) Settlements Level 3 Balance Global equities $ 3,740,240 $ 1,195,604 $ 804,914 $ 5,740,758 Foreign equities 11,820,964 3,042,609 5,487,760 $ (1, 5 47, 267) 18,804,066 Private equities 40,969,022 12,924,720 782,040 54,675,782 Fixed income 9,826,749 5 47, 233 (2,165,455) 8,208,527 Absolute return 51,169,424 7, 305, 828 2,495,602 (1,688,063) 59,282,791 Real estate and natural resources 38,564,281 4,274,162 1,735,836 44,574,279 Other investments 1,505,866 (379,676) 823,392 (9,371) 1,940,211 Total Level 3 Financial Assets $ 157,596,546 $ 28,910,480 $ 9,964,089 $ (3,244,701) $ 193,226,414

The amount of total unrealized net gains on Level 3 assets for the year ended June 30, 2011 is $158,998,000 for the College and $24,377,000 for the Library .

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 decline Investment in endowment fair values . Specifically, the formula used to set the amount of annual spending increases Objectives the prior year’s distribution by a factor equal to inflation plus the percentage growth in the endowment Relate to from prior year capital gifts . This amount is compared to the budgetary needs of the Institution and is in- Spending Policy creased, if possible, to reflect the use of market growth over time . The calculated amount is also evaluated as a percentage of the endowment’s market value and the growth portion of the formula would be held to a rate at or below inflation if the spending rate were to continue to exceed 5 0%. over time . It is expected that over time 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 and lower in years of market growth . The Institution has adopted investment policies for its endowment assets that seek to ensure that current and future spending requirements are supported, while also preserving the endowment fund 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 seek to balance the need for liquidity, preservation of pur- chasing 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 de- rived by applying the target policy weights of each asset class to the performance of the respective asset class benchmarks . 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%) . The investments in the Institution’s endowment portfolio involve various risks, and actual returns in any given year may vary from this anticipated long-term average annual rate of return . To satisfy its long-term return objectives, the Institution relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends) . The Institution has established a strategic policy portfolio that is diversified across asset classes .

29 s 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 . 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, 2011 was $1,640,282,582 with a per share fair value of $20 32. ($17 61. at June 30, 2010) . The fair value of the separately invested endowment funds as of June 30, 2011 was $1,228,225 . The fair value of the Folger Fund as of June 30, 2011 was $267,171,927 with a per share fair value of $30 95. ($26 95. at June 30, 2010) . The total endowment shares in the Amherst College Consolidated Endowment Fund as of June 30, 2011 were 80,741,014 . The total endowment shares in the Folger Fund as of June 30, 2011 were 8,633,549 . 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, 2011:

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 5,795,729 $ 108,057,000 $ 92,654,272 $ 20 6, 507,0 01 Income restricted 9,159,031 708,009,457 219,096,646 936,265,134 Quasi-endowment Income unrestricted 176,091,275 176,091,275 Income designated 264,026,940 264,026,940 Income restricted 58,516,207 104,250 58,620,457 $ 513,589,182 $ 816,170,707 $ 311,750,918 $ 1,641,510,807 Life income funds Income $ 4,455,996 $ 807,156 $ 5,263,152 Balanced 3, 237,488 3,131,071 6,368,559 Annuity 1,688,474 488,274 2,176,748 Unitrusts 16,510,397 12,637,800 29,148,197 $ 25,892,355 $ 17,06 4,301 $ 42,956,656

Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 177,319,889 $ 5,944,903 $ 183,264,792 Income restricted $ 2,378,525 41,954,678 18,192,708 62,525,911 Quasi-endowment Income unrestricted 10,454,222 10,454,222 Income designated 9,266,820 9,266,820 Income restricted 1,192,992 467,190 1,660,182 $ 23,292,559 $ 219,741,757 $ 2 4,137,611 $ 267,171,927

Life income funds $ 288,017 $ 143,319 $ 431,336

30 s The activity of the endowment and similar funds net assets for the College and Library for the year ended June 30, 2011 is as follows:

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 438,005,274 $ 671,271,662 $ 276,468,443 $ 1,385,745,379 Investment return: Investment income 411,863 850,206 1,262,069 Net realized and unrealized appreciation (depreciation) 86,074,662 186,773,229 (21,472) 272,826,419 Total investment return 86,486,525 186,773,229 828,734 274,088,488 Contributions 1,594,154 104,250 35,753,897 37,452, 301 Appropriation of endowment return for expenditure (18,033,763) (41,218,835) (59,252,598) Other changes 5,536,992 (759,599) (1,300,156) 3,477, 237 Endowment net assets, end of year $ 513,589,182 $ 816,170,707 $ 311,750,918 $ 1,641,510,807

Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 19,168,413 $ 188,317,361 $ 24,203,610 $ 231,689,384 Investment return: Investment income 72,114 7, 575 79,689 Net realized and unrealized appreciation 3,551,022 38,262,282 41,813,304 Total investment return 3,623,136 38,269,857 41,892,993 Contributions 25 620,446 75,602 696,073 Appropriation of endowment return for expenditure (648,199) (6,787,759) (7,435,958) Other changes 1,149,184 (678,148) (141,601) 329,435 Endowment net assets, end of year $ 23,292,559 $ 219,741,757 $ 2 4,137,611 $ 267,171,927

4. Contributions Contributions receivable, net, are summarized as follows at June 30, 2011:

Amherst Folger Shakespeare College Memorial Library Unconditional promises expected to be collected within: One year $ 32,593,843 $ 65,248 Two to five years 55,245,330 2,000 Over five years 21,304,500 2,000 109,143,673 69,248 Less: Unamortized discount and allowance for uncollectible accounts (8,294,620) $100,849,053 $69,248

31 s At June 30, 2011 the College had also received conditional promises to give of $5,850,000 . These conditional promises to give will not be recognized as assets until the conditions are substantially 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 .

5. Property, Plant and Equipment Property, plant and equipment as of June 30, 2011 consisted of the following:

Useful Amherst Folger Shakespeare Life College Memorial Library Land $ 7,300,472 $ 908,397 Land improvements 10 11,607, 202 Buildings and improvements 50 366,802,070 29,080,458 Faculty residences 30 11,931,532 Equipment 5–10 65,157,421 3,790,902 Library books 10 33,004,399 Folger collection 18,870,803 495,803,096 52,650,560 Less: Accumulated depreciation (182,472,008) (14,012,994) 313,331,088 38,637,566 Construction in progress 28,421,162 $ 341,752,250 $ 38,637,566

In fiscal year 2010–2011, depreciation of these assets amounted to $14,129,344 for the College and $761,806 for the Library . As of June 30, 2011 the College had open commitments for the construction of buildings of approximately $5,743,000 .

6. Bonds Payable The Institution has financed the cost of constructing and renovating various College facilities through the issuance of Massachusetts Development Finance Agency (the “Agency” or “MDFA”) bonds . In addition, the Institution issued taxable bonds in fiscal year 2009 for working capital and other eligible purposes . The College’s fiscal year 2011 debt service and bonds payable as of June 30, 2011 were as follows:

Final Year MDFA Series/ of Interest 2011 Debt Bonds Taxable Bonds Maturity Rates Service Payable F 2026 Variable, (0 .03%–0 .31% in 2010–2011) $ 773,660 $ 37,200,000 H 2033 Variable, (0 .45%–0 .48% in 2010–2011) 1,738,560 41,325,000 I 2028 Variable, (0 .03%–0 .31% in 2010–2011) 58,407 29,700,000 J-1 2035 Variable, (0 .03%–0 .31% in 2010–2011) 58,997 30,000,000 J-2 2035 Variable, (0 .03%–0 .30% in 2010–2011) 34,077 20,000,000 K-1 2021 Fixed, (2 .50%–5 .00%) 721,471 6,410,000 K-2 2038 Variable, (2 .75% in 2010–2011) 1,389,300 50,520,000 Taxable Bonds, 2039 Fixed, 5 .875% 5,875,000 100,000,000 Series 2009A Less discount (2,359,800) $ 10,649,472 $ 312,795,200

32 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 a general obligation of the College . The average interest rate for fiscal year 2010–2011 was 0 .20% and the interest rate at June 30, 2011 was 0 .03% . The bonds are redeemable at par prior to maturity at the option of the Agency with the consent of the College . The Series H bonds are a variable rate issue and a general obligation of the College . The average interest rate for fiscal year 2010–2011 was 0 .45% and the interest rate at June 30, 2011 was 0 .45% . 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 a general obligation of the College . The average interest rate for fiscal year 2010–2011 was 0 20%. and the interest rate at June 30, 2011 was 0 03%. . 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 a general obligation of the College . The interest rate on the issue averaged 0 20%. for the Series J-1 bonds and 0 17%. for the Series J-2 bonds for the fiscal year 2010–2011 . The interest rate was 0 03%. for the Series J-1 bonds and 0 03%. for the Series J-2 bonds at June 30, 2011 . 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 at a fixed rate and are a general obligation of the College . The average interest rate on the issue was 3 98%. for the year ended June 30, 2011 . The Series K-2 bonds are a variable rate issue and a general obligation of the College . The bonds had an interest rate of 2 75%. in 2010–2011 . The proceeds are used for capital projects and $1,425,373 remains on deposit with the trustee . The Series K-1 bonds maturing on or after November 1, 2018 are subject to optional redemption after that date, at the option of the Agency with the written consent of the College or at the written direction of the College . The Series K-2 bonds are not subject to optional redemption . The Series 2009A taxable bonds were issued at a fixed rate and are a general obligation of the Col- lege . The proceeds of the bonds were used by the College for the payment of the issuance costs, working capital, and other eligible expenses . The bonds are subject to optional redemption at the consent of the College with a make-whole provision . 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 swaps were not designated as cash flow hedges for the bonds . 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 of $79,700,000 as of June 30, 2011 and termination date equal to the principal amount and maturity date of the respective bonds . On June 30, 2011, the fair value of the interest rate swap agreements was a liability of $7,201,423 and was recorded in other liabilities on the balance sheet . The decrease in the fair value from the prior year balance of $2,519,384 is recorded in other revenue in the College’s statement of activities for the year ended June 30, 2011 . The total net settlements of $2,185,640 is recorded as an expense in the College’s statement of activities for the year ended June 30, 2011 . The principal payments on such bonds for the fiscal years 2011–12 through 2015–16 is $2,775,000; $4,405,000; $4,530,000; $4,680,000 and $4,840,000, respectively . The combined debt service thereafter approximates $293,925,000 . The Series F, H, I, J and K-2 bonds are subject to tender by bondholders . As of June 30, 2011, 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 2011 and January 2012, respectively . If these bonds had been fully tendered as of June 30, 2011, or on their next remarketing date, the principal payments for fiscal years 2011–12 through 2015–16 would have been approximately, $209,220,000; $495,000; $515,000; $535,000 and $555,000, respectively . The principal payments thereafter would have approximated $103,835,000 . The College has not experienced a failed remarketing of its bonds . The fair value of the bonds payable at June 30, 2011 approximates $328,000,000 .

33 s 7. Lines of Credit The College has a bank line of credit under which it may borrow up to $50,000,000 at the Eurodol- lar rate plus 0 08%. for purposes of repurchasing its outstanding bonds if they are unable to be remar- keted . The line is uncollateralized and will terminate effective June 27, 2014 . At June 30, 2011 there was no outstanding balance . The College has a bank line of credit under which it may borrow up to $50,000,000 at the Eurodol- lar rate plus 0 50%. for purposes of repurchasing its outstanding bonds if they are unable to be remar- keted . The line is uncollateralized and will terminate effective December 29, 2011 . At June 30, 2011 there was no outstanding balance . The College has a bank line of credit under which it may borrow up to $25,000,000 at the Eurodol- lar rate plus 0 65%. for operational purposes . The line is uncollateralized and will terminate effective February 25, 2013 . At June 30, 2011 there was no outstanding balance .

8. 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 $5,128,120 for the College and $466,807 for the Library for the year ended June 30, 2011 . 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 is fully vested after five years of participation in the plan . Retirement benefitsare 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 In- stitution contributed $490,289 to the College’s Plan and $52,954 to the Library’s Plan in 2010–2011 . The plans’ accumulated benefit obligations at June 30, 2011 were $20,438,322 and $2,157,279 for the College Plan and Library Plan, respectively . Net actuarial loss amortization of $333,983 and $13,361 is expected to be recognized in fiscal year 2012 for the College Plan and Library Plan, respectively . The following were the components of net periodic pension cost for the defined benefit pension plans for the fiscal year ended June 30, 2011:

College Library Employee Plan Employee Plan Service cost $ 7,936 $ 99,101 Interest cost 1,158,856 143,084 Expected return on plan assets (943,941) (105,084) Amortization of net actuarial loss 605,628 60,555 Net periodic pension cost $ 828,479 $ 197,656

34 s The following is a summary of the projected benefit obligation, plan assets, and funded status of the defined benefit plans as of June 30, 2011:

College Library Employee Plan Employee Plan Change in projected benefit obligation: Projected benefit obligation, June 30, 2010 $ 22, 5 47, 260 $ 2,782,520 Decrease due to benefits paid (1,089,442) (77,4 21) Increase due to employee service 7,936 99,101 Increase due to accrual of interest 1,158,856 143,084 Decrease due to changes in actuarial assumptions and other sources (604,930) (281,502) Projected benefit obligation, June 30, 2011 $ 22,019,680 $ 2,665,782

Change in plan assets: Fair value of plan assets, June 30, 2010 $ 12,910,355 $ 1,416,260 Actual return 2,290,224 181,745 Employer contributions 490,289 52,954 Change in surrender charge 26,637 1,205 Benefits paid (1,089,442) (77,4 21) Fair value of plan assets, June 30, 2011 $ 14,628,063 $ 1,574,743

Funded status: Projected benefit obligation $ (22,019,680) $ (2,665,782) Fair value of plan assets 14,628,063 1,574,743 Accrued pension cost $ (7,391,617) $ (1,091,039)

Cumulative Net Actuarial Loss: Cumulative net actuarial loss, June 30, 2010 $ 7,695,831 $ 752,703 Amortization (605,628) (60,555) Net gain (1,882,386) (320,016) Cumulative net actuarial loss, June 30, 2011 $ 5,207,817 $ 372,132

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, 2011 was 5 .40% . 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 5 30%. and the long- term rate of return was 7 .50% . The expected long-term rate of return on plan assets is determined by reviewing historical returns, taking into account current asset diversification between equity and fixed income investments . Cur- rent market factors such as inflation and interest rates are evaluated . The asset allocations at June 30, 2011 of the defined benefit plans were as follows:

College Employee Plan Library Employee Plan Equity securities $ 8,752,158 60% $ 627,0 90 40% Fixed income 5,875,905 40% 947,653 60% Total $14,628,063 100% $1,574,743 100%

The defined benefit plans’ assets are valued using the same fair value hierarchy as the Institution’s investments as described in note 2, Investments .

35 s The following table summarizes the Institution’s fair values of investments by major type held by the defined benefit plans at June 30, 2011:

College Employee Plan Level 1 Level 2 Level 3 Total Equity securities $ 8,752,158 $ 8,752,158 Fixed income $ 5,875,905 5,875,905 Total $8,752,158 $5,875,905 $14,628,063

Library Employee Plan Level 1 Level 2 Level 3 Total Equity securities $ 627,0 90 $ 627,0 90 Fixed income $ 947,653 947,653 Total $627,090 $947,653 $1,574,743

The reconciliation of Level 3 total investments for the defined benefit plans as of June 30, 2011 is as follows:

Level 3 Fair Value Measurements College Library Employee Plan Employee Plan Total Beginning balance $ 6,685,982 $ 984,962 $ 7,670,94 4 Interest income 252,728 38,907 291,635 Sales, net (1,089,442) (77,4 21) (1,166,863) Change in surrender charge 26,637 1,205 27,842 Total $5,875,905 $ 947,653 $6,823,558

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 2011–2012 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 2012 $ 1,286,000 $ 104,000 2013 1,214,000 112,000 2014 1,216,000 126,000 2015 1,257,000 128,000 2016 1,284,000 138,000 2017–2021 7,294,000 875,000 Total $13,551,000 $1,483,000

36 s 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 $4,793,021 as of June 30, 2011 . This program is funded on a cash basis as benefits are paid .

9. Other Postretirement Benefits The Institution provides a defined benefit health insurance plan to eligible College employees em- ployed before July 1, 2003 who have met certain age and service criteria . The Institution also provides a defined benefit health insurance plan to eligible Library employees and their dependents who have met certain age and service criteria . The Institution funds these plans on a cash basis as benefits are paid . As of June 30, 2011, a $32,970,783 and $2,456,556 postretirement benefit obligation liability is recorded for the College and Library, respectively . The components of net periodic postretirement benefit cost for the Institution’s plans as of June 30, 2011 were as follows:

Folger Shakespeare Amherst College Memorial Library Service cost $ 1,0 47,410 $ 71,019 Interest cost 1,466,631 110,766 Amortization of prior service credit (160,262) Net periodic postretirement benefit cost $ 2,353,779 $181,785

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

Folger Shakespeare Amherst College Memorial Library Change in accumulated postretirement benefit obligation Benefit obligation, June 30, 2010 $ 28,170,037 $ 2,128,841 Service cost 1,0 47,410 71,019 Interest cost 1,466,631 110,766 Medicare Part D subsidy 113,397 Plan participants’ contributions 229,852 15,331 Change in actuarial assumptions 3,198,736 248,551 Benefits paid (1,255,280) (117,952) Benefit obligation, June 30, 2011 $ 32,970,783 $ 2,456,556 Change in plan assets Fair value of plan assets, June 30, 2010 $ 0 $ 0 Employer contribution 912,031 102,621 Plan participants’ contributions 229,852 15,331 Medicare Part D subsidy 113,397 Benefits paid (1,255,280) (117,952) Fair value of plan assets, June 30, 2011 $ 0 $ 0 Funded status Retirees and dependents $ (9,489,027) $ (1,196,154) Actives fully eligible (6,965,577) Actives not fully eligible (16,516,179) (1,260,402) Accumulated postretirement benefit obligation (32,970,783) (2,456,556) Fair value of plan assets 0 0 Accrued postretirement benefit cost $(32,970,783) $(2,456,556)

37 s As of June 30, 2011, the College Plan had a cumulative net actuarial loss of $5,637,611 and a cumulative net prior service credit of $333,397 recognized in unrestricted net assets . The Library Plan had a $229,580 cumulative net actuarial loss recognized in unrestricted net assets . In fiscal year 2012 expected amortization from unrestricted net assets into net periodic benefit is $49,275 related to the prior service cost and a net actuarial loss for the College’s Plan . The discount rate used in determining the accumulated postretirement benefit obligation as of June 30, 2011 was 5 40%. compared to 5 30%. at June 30, 2010 . The assumed health care cost trend used in measuring the accumulated postretirement benefit obligation was 10 00%. in 2011, declining gradually to 5 00%. in 2016 . The discount rate used in determining the net periodic postretirement benefit cost at June 30, 2011, which is determined as of July 1, 2010, was 5 .30% . Following is the effect of a change in the trend rates at June 30, 2011:

College Library Employee Plan Employee Plan Impact of 1% increase in health care cost trend Interest cost plus service cost $ 517,000 $ 37,000 Accumulated postretirement benefit obligation 5,680,000 429,000 Impact of 1% decrease in health care cost trend Interest cost plus service cost (408,000) (30,000) Accumulated postretirement benefit obligation $ (4,784,000) $ (358,000)

The Institution expects its 2011–2012 contribution to be reasonably consistent with the current year . The following benefit payments, which reflect expected future service, are expected to be paid by the Institution:

College Library Employee Plan Employee Plan 2012 $ 1,122,000 $ 77,000 2013 1,232,000 85,000 2014 1,362,000 92,000 2015 1,478,000 100,000 2016 1,598,000 110,000 2017–2021 9,604,000 712,000 Total $ 16,396,000 $ 1,176,000

The Institution offers a defined contribution health program for those College employees that do not qualify for the defined benefit 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 . Eligibility for contributions begins at age 40 and continues for a maximum of 25 years . Vesting requires 10 years of service after the age of 40, the attainment of age 62 and retirement from the College . 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, 2011 the Institution has recorded a liability of approximately $870,000 for this program .

38 s 10. Temporarily Restricted and Unrestricted Net Assets Temporarily restricted net assets were available for the following purposes at June 30, 2011:

Folger Amherst Shakespeare College Memorial Library Program services $ 40,073,761 $ 2,959,011 Student loans 3,197,594 Life income funds 25,892,355 288,017 Buildings and improvements 3, 267, 576 Realized and unrealized gains available for distribution under the limits of total return policy 810,921,681 219,659,165 Other 5,249,025 82,592 $888,601,992 $222,988,785

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

Folger Amherst Shakespeare College Memorial Library Program services $ 37,783,788 $ 2,4 27, 238 Buildings and improvements 1,426,010 Total return distribution 40,126,355 6,787,759 $79,336,153 $9,214,997

Permanently restricted net assets are summarized as follows at June 30, 2011:

Folger Amherst Shakespeare College Memorial Library Permanent endowment $ 311,750,918 $ 24,137,611 Contributions receivable 70,202,522 Life income funds 17,0 6 4, 30 0 143,319 Beneficial interest in perpetual trusts 16,037,125 $415,054,865 $24,280,930

11. Expenditures by Summarized Functional Classification Expenditures and other deductions listed in the Statement of Activities by their functional classifications can be summarized as follows:

Folger Amherst Shakespeare College Memorial Library Program services $ 121,376,659 $ 11,331,978 Administrative and general 18,659,614 3,350,850 $ 140,036,273 $ 14,682,828

39 s 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, furnishings, musical instruments, scores, and curios from the Renaissance and theater history . The collection is a source of research for scholars from all over the world and is shared with the public through extensive exhibitions . The collection is exhibited within the Folger Shakespeare Memorial Library in Washington, D C. . where the collection is maintained in secure, 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 History . The Mead Art Museum exhibits selections from its diverse collection of 16,000 works including American art, Russian modernist art, French art, British portraiture, African art, Japanese art, 19th and 20th century photography, and 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 .

13. Subsequent Events Management has evaluated subsequent events for the period after June 30, 2011, through October 15, 2011 the date the financial statements were available to be issued . Management is not aware of any subsequent events that would have a material impact on the June 30, 2011 financial statements .

40 s The Trustees of Amherst College s Amherst College

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2011

Fund Endowment Life 2011 2010 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 25,460,570 $ 2,004,383 $ 1,592,554 $ 336,915 $ 29,394,422 $ 32,731,302 Administration 4,096 1,338,672 1,342,768 889,059 Instruction 363,539 350 24,509 388,398 1,037, 570 Library 737 300 59,269 60,306 54,736 Physical Plant $ 1,426,010 20,625 1,446,635 6, 267,4 20 Scholarships and Student Aid 5,985,621 1,221 3,444,339 9,431,181 6,335,640 Prizes 913 800 400 2,113 2,384 Fellowships 1,000 1,000 26,000 Research 3,104,979 3,104,979 2,167,124 Annual Fund 2,763 *9,852,763 9,855,526 9,852,209 Academic Services 765,294 2,192 123,172 890,658 301,108 Student Services 1,164,980 100,987 1,625,608 2,891,575 2,164,225 Remainder Interest 7,927, 570 7,927, 570 2,636,297 Dickinson Museum 274,868 274,868 381,355 Total—2011 $ 33,749,513 $ 2,004,383 $ 1,698,404 $7,927,570 $ 1,426,010 $ 20,206,119 $67,011,999 Total—2010 $ 30,362,339 $ 3,180,762 $ 4,124,481 $2,636,297 $ 6,327,270 $ 18,215,280 $ 64,846,429

*This amount does not include endowment income transferred to the 2011 Annual Fund . When that amount is included, the total of the 2011 Annual Fund is $10,146,130 .

The Trustees of Amherst College s Folger Shakespeare Memorial Library

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2011

Fund Endowment Life 2011 2010 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 1,396,420 $ 1,396,420 $ 863,079 Administration $ 20,000 20,000 20,000 Director 600,000 600,000 Research Division $ 1,032 2,532 3,564 35,082 Public Programs 10,000 296,084 306,084 276,727 Education 500 25 96,476 97,0 01 122,262 Grant Support 9,334 9,334 Technology Central Library 446 16,725 17,171 112,480 Acquisitions 64,070 48,155 112,225 89,439 Folger Unitrust Total—2011 $ 75,602 $ $ 620,471 $ $ $ 1,865,726 $ 2,561,799 $ 1,519,069 Total—2010 $ 38,512 $ $ 20,693 $ $ $ 1,459,864 $ 1,519,069

41 s The Trustees of Amherst College s Amherst College Descriptive Analysis of Endowment and Other Similar Funds June 30, 2011 (Valuations at Market)

Permanent Endowment, Income Unrestricted Martin W . Deyo 1925 Memorial Fund 63,993 Consolidated $2,342,616 Reverend Austin Dickinson Fund 60,337 Naomi Aberly 1985 and Laurence Lebowitz Fund 108,809 The Dorothy H . Donovan Memorial Fund 854,037 Charles H . Allen Fund 1,778,630 William M . Ducker 1876 Fund 64,704 Fred H . Allen, Jr . 1934 Fund 98,570 Noble S . Elderkin 1901 Memorial Fund 103,447 The Amherst College Campaign Fund 20,360,533 John Cushing Esty 1922 Memorial Fund 399,664 William H . Anderson 1924 Memorial Fund 384,204 Lillian and Paul L . Feinberg 1928 Fund 1,134,471 Anonymous 375,712 Feldman Family Fund 172,132 Anonymous Donor Fund 10,718,477 The Stuart C . Frazier 1922 Memorial Fund 81,261 Austen Family Fund 224,513 Philip M . Friedmann 1967 Endowment Fund 23,663 Frank L . Babbott 1913 Fund 2,559,512 Georg P . L . Gail 1915 Fund 8,168,582 Dorothy T . Bailey Fund 53,876 Henry W . Giese 1902 Fund 812,858 Frederick T . Bedford 1899 Fund 629,776 John C . Haas 1940 and Chara C . Haas The E . & E . Goepel Beyer Memorial Fund 1,726,216 Endowment Fund 1,797,819 Robert E . Bingham 1940 Fund 40,993 Estate of Frary Hale 1905 80,063 Elizabeth D . and Foster F . Birch III 1932 Fund 143,669 The Jimmy Hamilton Fund 60,012 Richard Bond Fund 86,848 William Irving Hamilton 1904 Fund 615,535 Campus Community Unrestricted Endowment Fund 174,727 Zsolt P . Harsanyi 1965 Fund 188,285 Class of 1900 Endowment Fund 103,182 The Ralph and Bertha Hooper 1919 Fund 211,341 Class of 1911 Endowment Fund 774,096 Samuel A . Howard Class of 1882 Fund 2,237,980 Class of 1920 Endowment Fund 3,007,587 Perry B . and Elizabeth W . Jenkins Fund 3,727,442 Class of 1924 Endowment Fund 841,747 Stuart M . Johnson 1964 Endowment Fund 1,017,487 Class of 1952 Endowment Fund 2,021,927 The Kahn Fund 352,320 Class of 1956 Endowment Fund 2,328,282 Eldon B . Keith 1902 Fund 101,577 Class of 1904 Fund 388,450 The Knight Family Fund 584,981 Class of 1940 Reunion Endowment Fund 589,539 Frederick Houk Law, Class of 1895, Fund 33,156 Class of 1941 Reunion Endowment Fund 297,162 Andrew F . Lawrence 1965 and L . Jay Lawrence Class of 1942 Reunion Endowment Fund 268,538 1930 Fund 455,003 Class of 1943 Reunion Endowment Fund 487,776 Thomas Linton 1932 Memorial Fund 70,282 Class of 1944 Reunion Endowment Fund 117,138 Lives of Consequence Fund 43,338,743 Class of 1945 Reunion Endowment Fund 320,759 Jonathan R . Longley 1974 Fund 1,586,375 Class of 1946 Reunion Endowment Fund 327,870 Joseph A . Lowe 1904 Fund 351,192 Class of 1950 Reunion Endowment Fund 450,310 The Michael R . McGuire, M D. . Memorial Fund 40,326 Class of 1951 Reunion Endowment Fund 186,698 Munch Memorial Fund 2,508,012 Class of 1953 Reunion Endowment Fund 458,782 Blanche A . Myers Fund 101,577 Class of 1955 Reunion Endowment Fund 879,838 Nussbaum Family Fund 122,982 Class of 1956 Reunion Endowment Fund 17,573 Olds House Fund 638,105 Class of 1957 Reunion Endowment Fund 299,224 Walter S . Orr 1912 Fund 1,953,667 Class of 1958 Reunion Endowment Fund 364,540 C . Scott Porter 1919 Memorial Fund 83,273 Class of 1960 Reunion Endowment Fund 2,153,570 John Porter 1910 Fund 289,981 Class of 1961 Reunion Endowment Fund 302,319 Charles M . Pratt 1900 Fund 998,236 Class of 1962 Reunion Endowment Fund 169,979 Richardson Pratt 1915 Fund 576,976 Class of 1963 Reunion Endowment Fund 404,133 Theodore Pratt 1909 Memorial Fund 379,552 Class of 1965 Reunion Endowment Fund 938,494 Stuart E . Price 1915 and Stuart E . Price, Jr . 1950 Class of 1966 Reunion Endowment Fund 225,622 Family Fund 104,460 Class of 1967 Reunion Endowment Fund 265,360 David Prouty Fund 86,645 Class of 1968 Reunion Endowment Fund 716,450 John V . and Vernal Piper Robinson Memorial Fund 87,092 Class of 1969 Reunion Endowment Fund 147,430 Rosenthal-Siegel Fund 120,313 Class of 1970 Reunion Endowment Fund 716,737 William A . Sargent 1879 Fund 16,829,791 Class of 1971 Reunion Endowment Fund 431,275 C . P . Sawyer 1885 Fund 203,154 Class of 1962 25th Reunion Gift Fund 981,849 Oliver and Hester Mary Semple Fund 375,611 Class of 1963 25th Reunion Gift Fund 1,565,501 George L . Shinn 1945 Fund 1,859,018 Class of 1964 25th Reunion Endowment Fund 766,925 Hugh R . Silbaugh, Jr . 1954 Endowment Fund 213,359 William M . Cowles 1920 Memorial Fund 26,247 George W . Siguler Fund 180,080 C . J . Crary 1901 Endowment Fund 878,985 George F . B . Smith 1924 Fund 43,455 Allen Davidson 1922 Memorial Fund 175,768 Cushing B . Snider 1934 Fund 59,463 Deutch Family Fund 143,463 Wilson Snushall 1903 Fund 1,053,108

42 s W . Lloyd Snyder, III 1966 Fund 1,066,398 D . Willis James Fund 2,021,703 The Staff Retirement Plan Funds 14,331,632 Henry P . Kendall 1899 Fund 1,861,496 Alfred E . Stearns 1894 Fund 188,364 William H . Moore 1871 Fund 808,673 James M . Stilwell Fund 647,654 1901 Endowment Fund 2,021,703 Storke Memorial Fund 2,508,012 1911 Endowment Fund 8,107,047 Wesley H . Swiler 1927 Memorial Fund 176,683 1918 Endowment Fund 13,210,082 Howard S . Taylor Class of 1914 Fund 218,471 Second Century Fund 18,265,193 Kenneth E . Taylor 1984 Fund 361,483 Julius H . Seelye 1849 Fund 2,021,703 Sherman R . Thayer 1926 Fund 635,850 Total General Instruction 82,017,611 Willard Brown Thorp 1887 Memorial Fund 501,038 Ellsworth M . Tracy 1930 Endowment Fund 52,251 Funds for Specific Instruction Purposes Harold R . Ward 1939 Zero Coupon Fund 78,316 Consolidated 37,581 The Robert A . Ward 1957 Memorial Fund 512,091 Addison Allen 1888 Fund 367,708 William F . Washburn 1911 Memorial Fund 41,748 Amherst House Fund Doshisha University 67,508 Paul D . Weathers 1915 Fund 628,334 Anonymous Fund for Religious Purposes 962,237 William H . Webster 1906 Memorial Fund 337,133 Winifred L . Arms Chair in the Arts and Humanities 4,645,250 Ellis H . Whitaker Fund 129,815 Barrett Gymnasium Fund 103,608 The Charles S . Whitman 1890 Memorial Fund 47,446 Henry Ward Beecher Lectureship in History and Edward S . Whitney 1890 Fund 388,531 Political Science 203,154 William C . Wickenden 1935 Memorial Fund 87,336 Beitzel Professorship in Technology and Society 1,504,005 Frederick N . Wier 1882 Fund 1,620,394 Bruce B . Benson 1943 and Lucy Wilson Benson Samuel Williston Fund 1,544,455 Professorship 876,292 Peter B . Wyckoff 1868 Fund 101,577 William P . Bigelow 1889 Fund 60,215 Parmly Billings 1884 Professorship Fund 1,015,768 Total Permanent Endowment, Brian E . Boyle 1969 Professorship Fund 2,651,084 Income Unrestricted $191,210,796 The Cadigan Fund 325,046 Campus Community Fund for Faculty Research Permanent Endowment, Income Restricted and Scholarly Activities 20,661 ADMINISTRATION Michael deShee Clarke 1957 Memorial Fund 156,896 The Alumni Endowment Funds Class of 1880 Professorship of Greek 3,425,169 Consolidated 251,382 Class of 1952 Dean Eugene Wilson Faculty Estate of Warren D . Brown 1894 101,577 Development Fellowship Fund 1,834,393 Estate of William W . Clarke 1925 101,577 Class of 1959 Professorship 3,893,663 Estate of Fannie B . Look 292,379 Henry Steele Commager Professorship 4,303,413 Estate of Frank B . Nelson 1873 3,040,620 George H . Corey 1888 Professorship of Chemistry 2,844,150 Estate of Alexander D . Noyes 1883 101,577 William Lyman Cowles 1878 Memorial Fund John Bayley O’Brien 1905 Fund 2,031,536 for Latin 3,421,878 George D . Olds 1895 Memorial Fund 60,946 G . Armour Craig Professorship in Language Estate of Ralph M . Stoughton 1901 591,861 and Literature 2,046,978 Estate of Isabel J . Turner 43,418,369 Harold B . Cranshaw 1911 Memorial Fund 131,156 Estate of James Turner 1880 4,063,072 The Miner D . Crary 1897 Memorial Fund 1,027,043 Estate of William J . Turner 35,442,214 George Lyman Crosby 1896 and Transferred from previous annual Alumni funds, Stanley Warfield Crosby, Jr . Foundation and miscellaneous items 3,541,807 Professorship of Philosophy 2,081,227 Total Alumni Endowment Funds 93,038,917 George Lyman Crosby 1896 and Stanley Warfield Crosby, Jr . Foundation Consolidated 5,079 Professorship of Religion 3,046,125 Chester W . Chapin Fund 1,015,768 The Amanda and Lisa Cross Chair 12,202,623 Fund for Commencement Canes 226,881 Rachel and Michael Deutch Professorship 2,720,461 Fine Arts Fund 50,524 Sidney Dillon Fund 507,884 Hewlett-Mellon Challenge Fund 1,076,572 Benjamin John Diver Memorial Fund for Music 76,345 Hewlett-Mellon Presidential Challenge 832,056 Doshisha House Fund 107,631 The Susan and Kenneth Kermes 1957 Fellowship Fund 823,117 Frank Fowler Dow 1874 Fund for Chemistry 6,072,196 Pratt Health Cottage Fund 699,864 George P . Eastman 1884 Fund for Music and Harold Wade, Jr . 1968 Memorial Fund 150,516 Lectures 155,089 Ives Washburn 1908 Fund 507,884 John Eastman, Jr . Fine Arts Fund 273,864 Total Administration $98,427,178 Joseph B . Eastman Foundation Professorship in Political Science 6,091,601 INSTRUCTION English Language and Literature Fund 2,094,005 General Instruction The William Esty 1889 Fund 759,311 Consolidated 276,839 Henry P . Field 1880 Fund 7,902,999 Fred B . Asche 1927 Fund 969,124 The Fine Arts Fund 249,330 Asian Studies Fund 264,323 The Clyde Fitch 1886 Fund for English and Centennial Fund 31,407,218 Dramatic Arts 406,307 Nanette W . Chesebrough Fund 186,109 Edwin F . and Jessie Burnell Fobes Fund for Greek 1,921,548 William S . Clark 1848 Fund 596,398 Eliza J . Clark Folger Professorship 3,250,457

43 s Emily C . Jordan Folger Professorship 3,250,457 Domenic J . Paino 1955 Professorship in Henry Clay Folger 1879 Professorship 3,250,457 Global Environmental Studies 3,284,337 Clarence Francis 1910 Professorship in the Herbert S . Pasternak, M D. . 1956 Geology Fund 57,662 Social Sciences 4,072,254 Ward H . Patton Professorship in Economics 3,746,286 Mary O . Fulton Fund 755,934 Thomas F . Pick Environmental Studies Fund 1,760,749 The Geology Fund 72,323 Peter R . Pouncey Professorship 3,917,461 The Julian H . Gibbs 1946 Professorship 5,391,702 Harold I . Pratt 1900 Pool Fund 101,577 Glover-Rose Fund 19,264 George William and Kate Ellis Reynolds 1877 Fund 3,047,304 Samuel Green Professorship Fund 609,461 E . Dwight Salmon Professorship in History 5,354,012 John and Mary Greenebaum 1952 Fund 322,467 H . Axel Schupf 1957 Asian Studies Fund 2,073,832 Richard H . Gregory 1898 and Willem Schupf Professorship in Richard H . Gregory 1933 Memorial Fund 82,237 Asian Languages and Civilizations 4,735,002 James J . Grosfeld Professorship 2,280,037 Martin S . & Audrey P . Schwartz Professorship 632,755 Handyside Fund for Chamber Music 169,003 Sears Literary and Benevolent Fund 24,798,591 Edward S . Harkness Professorship 3,250,457 Sears Real Estate Fund 182,838 William H . Hastie 1925 Professorship 93,872 Jay E . Silberg 1963 Choral Fund 73,217 Hugh Hawkins Lecture Fund 115,823 Winthrop H . Smith 1916 Professorship of William H . Heaney 1968 Research Fund 126,158 American History and American Studies 5,237,401 Hitchcock Professorship in Mineralogy and Geology 532,262 Bertrand H . Snell 1894 Professorship in The Charles Hamilton Houston 1915 American Government 4,449,540 Professorship in American Studies 3,879,258 Stone Professorship of Biology 914,191 Alan L . Hyde 1950 Fund for Latin American and Edward H . Sudbury 1909 Fund 87,823 Caribbean Studies 484,103 The Thalheimer Professorship 2,898,284 W . MacLean Johnson 1938 Memorial Fund 653,850 The Willard Long Thorp Professorship in Economics 4,877,555 The Judaica Fund 1,354,562 Edward Tuckerman Fund 101,577 Saul H . Katz Fund 29,167 Turner Family Fund 715,880 Christopher L . Kaufman 1967 Fund 132,375 Scott F . Turow 1970 Creative Writing Fund 410,612 Christopher L . Kaufman 1967 and Joseph E . and Grace W . Valentine Carlyn A . Clement 1977 Fund Professorship in Music 5,691,977 for Faculty Scholarship 143,593 William McCall Vickery 1957 Professorship 1,804,528 Robert E . Keiter 1957 Fund for Postdoctoral Fellows 2,910,793 Robert C . Vogel 1960 Fund 90,078 William R . Kenan, Jr . Professorship 8,294,740 Richard S . Volpert 1956 Professorship in Economics 2,655,549 William E . Kennick Fund for Teaching 90,870 Walker Professorship Fund 3,809,130 Margaret and Stanley King 1903 Fund 15,690,181 Thomas B . Walton, Jr . Memorial Professorship 5,717,923 Margaret and Stanley King 1903 Wanner Family Professorship 3,211,110 Music Department Fund 245,735 John William Ward Professorship 3,158,860 John E . Kirkpatrick 1951 Professorship 1,316,408 The Roberta R . and David M . Weinstein 1968 Alfred Sargent Lee 1941 and Professorship 169,073 Mary Farley Ames Lee Professorship 3,518,331 G . Henry Whitcomb 1864 Memorial Fund 701,611 Guy Carlet Levy-Despas 1940 Fund 700,739 L . Stanton Williams 1941 Professorship 2,901,386 Lewis-Sebring Professorship in Latin American and Samuel Williston Professorship of Greek 412,402 Latino Culture 3,631,951 Samuel Williston Professorship of Jeffrey A . Libert 1977 Fund 677,634 Rhetoric and Oratory 520,073 Rufus Tyler Lincoln Professorship 2,031,536 Winkley Professorship of History and Georges Lurcy Professorship 2,514,894 Political Economy 1,015,768 Manwell Family Professorship in Life Sciences 2,386,527 Peter B . Wyckoff 1868 Physical Education Fund 101,577 Alan D . 1916 and Warren L . Marks 1919 Music Fund 101,577 Total Specific Instruction Purposes 313,285,299 Marquand and Stone Public Speaking Fund 406,307 The Math Fund 66,167 Total Instruction $395,302,910 The John J . McCloy 1916 Professorship of American Institutions and International Diplomacy 4,192,552 LIBRARY William R . Mead 1867 Professorship in Fine Arts 3,250,457 Willis E . Bridegam Fund for the Amherst College Library 50,514 Charles E . Merrill 1908 Professorship in Economics 2,234,100 Brooks Humanities Librarian Endowment Fund 809,242 The Philip B . Miller 1930 Fund 445,049 Robert Frost Library Fund 8,173,620 Dwight W . Morrow 1895 Professorship in Hitchcock Memorabilia and Archives Fund 327,432 Political Science 4,063,072 Polly Longsworth Library Resources Fund 1,065,169 Anson D . Morse 1871 Professorship in History 3,250,457 McGoun Archival Fund 510,813 National Endowment for Humanities Fund 13,430,625 Sargent H . Wellman 1912 Memorial Fund 159,435 John C . Newton Professorship of Greek 962,948 Book Funds: Edward N . Ney 1946 Professorship Consolidated 302,455 in American Institutions 4,655,406 African Studies Collection Fund 41,281 George Daniel Olds Professorship in Economics and Alden Memorial Fund 224,078 Social Institutions 2,031,536 Gordon K . Allison 1926 Memorial Book Fund for Olin Professorship in Asian Studies 3,651,157 Fine Arts 205,638 James E . Ostendarp Professorship 4,199,084 Ella E . Ames Fund 121,892

44 s The Theodore Baird Fund 382,355 M . Barnes Taft Library Fund 188,406 Marshall Bloom 1966 Acquisition Fund 215,860 Alvin and Fanny B . Thalheimer Book Fund 45,283 The Gladys Brooks Foundation Fund 1,058,032 Ervin A . Tucker 1923 Library Acquisition Fund 29,051 Campus Community Fund for Library Resources 60,217 James Turner 1880 Fund for South College Library 121,892 Centennial Fund 2,031,536 William Seymour Tyler 1830 Memorial Fund 565,844 The Charles W . Cole 1927 Book Fund 123,781 The John William Ward Fund for Books in Katharine S . Cole Memorial Book Fund 100,244 American Studies 176,699 R . John Cooper 1964 Book Fund 136,540 Louis S . Welty 1927 Book Fund 81,668 Katharine C . Cowles Memorial Fund 24,561 Charles D . Yegian 1959 Christian Book Collection 78,377 Edward A . Crane 1854 Library Fund 711,911 Paul Zigler 1957 Memorial Fund 52,678 John A . Cranshaw 1939 Memorial Fund 32,453 Total Library $34,835,681 Edward West Currier 1865 Fund 203,154 Delta Kappa Epsilon Book Fund 101,577 PHYSICAL PLANT Janice C . Denton Book Fund 52,512 Biological and Geological Laboratory Wills T . Engle 1928 Book Fund 154,762 Maintenance Fund 1,015,768 The Faculty Library Endowment Fund 78,986 Centennial Fund 5,078,839 Allyn B . Forbes Library Resources Fund 64,364 Chapin Hall Endowment Fund 996,367 The Alfred Friendly Library Acquisition Fund 468,797 Converse Library Fund 4,063,072 George B . Funnell 1924 Book Fund 261,641 Daniels Gallery Fund 472,942 Joel Giles 1828 Fund 1,027,856 Kurt L . Daniels 1923 Mead Art Fund 184,910 Elizabeth M . Guest Library Fund 66,263 Mary Lee and Wallace C . Dayton 1943 Fund 3,068,727 Hagstrom Fund for Support of the Amherst College Ellwood R . Kirby Fund 428,634 Library 54,777 Richard S . LeFrak Endowment Fund 600,537 John D . Harris 1934 Book Fund 93,349 Life Sciences Building Maintenance Fund 1,121,902 Nicholas Curtis Heaney Library Fund 38,945 The MacLeod Building Fund 403,976 Arnold S . Hemley 1931 Memorial Book Fund 45,150 Maintenance of Life Sciences Fund 4,830,627 Kenneth P . Higgins 1927 Memorial Library Fund 266,274 Moore 1871 Laboratory Endowment Fund 5,078,839 Augustus S . Hutchins 1879 Fund 202,382 Walter S . Orr Rink Fund 2,729,185 David W . P . Jewitt 1943 Book Fund 162,157 Frederic B . Pratt 1887 Athletic Field Fund 406,449 Robert E . Keiter 1957 Book Fund 141,923 Eustace Seligman 1910 Fund 126,097 Glenn D . Kesselhaut 1978 Book Fund 29,165 Myron and Anabel Taylor Fund for Orr Rink 115,899 Benjamin N . Kightlinger 1951 Library Fund 211,406 Z/G2 Japanese Garden Fund 68,934 Frederick S . Lane 1936 Library Fund 546,946 Library Acquisitions and Special Collections Total Physical Plant $30,791,704 Support Fund 94,981 Louis R . Liss Endowment Fund 37,470 SCHOLARSHIPS AND STUDENT AID Phyllis A . Maurer and Barry D . Maurer 1959 Consolidated 2,601,718 Memorial Book Fund 48,188 Abeles Family Scholarship Fund 101,498 Richmond Mayo-Smith 1909 Fund 215,099 David H . Morton and John Breckenridge Adams Newton F . McKeon 1926 Library Fund 272,045 Scholarship Fund 2,304,290 Clement Fessenden Merrill 1937 Memorial Fund 37,522 Nishtha J . Adhvaryu 1996 Memorial Scholarship Fund 28,866 James Merrill 1947 Book Fund 351,395 Albert Family Scholarship Fund 199,043 James Merrill 1947 Library Fund 662,078 Rachen Cohan Albert 1984 and Henry Mishkin Fund for the Music Library 95,543 Jonathan D . Albert 1983 Scholarship Fund 280,848 The F . Franklin Moon 1935 Acquisition Fund 60,540 James K . Alexander, M D. . Scholarship Award 128,718 The Leonard Page Moore 1919 Library Fund 24,439 Ralph G . Allen 1955 Memorial Scholarship Fund 85,672 Stephen Morrow 1961 Memorial Book Fund 103,425 Vivian B . Allen Foundation Scholarship Fund 991,410 E . Kimball Morsman 1924 Book Fund 813,691 Frederick S . Allis 1893 Scholarship Fund 82,582 The NEH Challenge Grant 5,819,923 Amherst College Canadian Foundation 107,935 Laurence B . Packard Memorial Library Amherst 1908 Fund 323,481 Endowment Fund 434,667 Brierly W . Anderson 1954 Scholarship Fund 61,397 Arthur Stanley Pease 1933 Honorary Fund 142,630 Wallace W . Anderson 1922 Memorial Fund 90,546 Donald I . Perry 1920 Book Fund 60,884 Carol and Bruce Angiolillo Scholarship Fund 289,306 Phi Psi Library Fund 55,481 Eugene P . Angrist 1959 Scholarship Fund 225,613 John Worthington Porter 1950 Frost Library Fund 115,391 Anonymous Scholarship Fund 16,447,700 Sherman Pratt 1927 Fund 132,050 Edward A . Appleton 1889 Scholarship Fund 261,702 Philip and Bess Rosenblum Book Fund 52,312 Arnaboldi Family Scholarship Fund 137,117 Olyn Koller Ruxin Library Fund 254,061 John Ferguson Aronson 1950 Scholarship Fund 115,069 Helen M . and Hugo T . Saglio 1931 Fund 982,922 Charles K . Arter III 1968 Memorial Fund 394,016 Jack Shand 1943 Psychology Book Fund 85,873 Frank L . and Elizabeth Babbott Scholarship Fund 981,588 David and Elsie Skolnick Memorial Fund 234,013 Frank L . Babbott 1878 Scholarship Fund 290,855 Harry deForest Smith and Adela Wood Smith Lydia Richardson Babbott Endowment Fund 1,015,768 Robert Frost Library Fund 108,687 Baines Family Physics and Astronomy Scholarship Fund 98,898 William B . and Josephene W . Stitt 1918 George T . Baird, Jr . 1940 Scholarship Fund 297,809 Memorial Fund 157,961 Albert P . Baker 1968 Scholarship Fund 109,998 Surdna Fund for Library Acquisitions 901,067 George O . Baker 1933 Scholarship Fund 71,855

45 s William E . Ball 1944 Alumni Scholarship Fund 57,969 Fund in Memory of Allen Davidson and Members of William Darling Ballantine 1901 Scholarship Fund 154,295 the Class of 1922 359,724 Danforth Keyes Bangs Scholarship Fund 87,376 Class of 1927 Memorial Fund 234,155 Edmund P . Barker 1876 and Susan Marvin Barker Class of 1928 25-Year Fund 286,507 Scholarship Fund 164,697 Class of 1929 25-Year Fund 231,819 Harriet S . Barnett Scholarship Fund 58,061 Class of 1930 25-Year Fund 438,852 Seymour Israel Barowsky Scholarship Fund 52,657 Class of 1932 25-Year Fund 512,435 George Miller Bartlett 1901 Scholarship 114,761 Class of 1933 25-Year Fund 384,793 Ivory H . Bartlett Scholarship Fund 103,141 Class of 1935 25-Year Fund 367,383 Ralph A . Beebe 1920 Memorial Fund 448,713 Class of 1937 25-Year Fund 472,637 Daniel Beecher 1907 Scholarship Fund 1,854,792 Class of 1939 25-Year Fund 1,157,711 Frederick Warren Beekman Scholarship Fund 749,718 Class of 1940 25-Year Fund 410,126 Bender-Lewis Scholarship Fund 322,828 Class of 1941 25-Year Fund 784,559 Berkowitz Family Fund 64,887 Miscellaneous Classes Scholarship Funds 717,721 The Bernstein Family Scholarship Fund 412,029 The William Montague Cobb 1925 Scholarship Fund 115,290 Robert H . Bidwell 1941 and Constance Gorman Daniel C . Cochran 1968 and Scholarship Fund 104,057 Gregory B . Sutphin 1971 Scholarship Fund 249,497 Bingham Osborn 1970 Scholarship Fund 128,918 Jonathan P . Coffin 1976 Scholarship Fund 112,858 The Bisbee Fund 1,705,637 The Jacob Cohan Memorial Scholarship Fund 110,328 Pamelia Lovell Black Scholarship Fund 209,147 The Edwin C . Cohen 1964 Scholarship Fund 54,543 Robert Eldredge Blood III 1973 Scholarship Fund 82,954 Charles Woolsey Cole 1927 Fund 1,649,929 John E . Booth 1923 Scholarship Fund 704,435 Francis W . Collins, Jr . 1948 Scholarship Fund 282,173 Lisa S . and Stephen B . Bonner 1968 Scholarship Fund 100,871 Stephen Collins 1969 Scholarship Fund 38,663 John Garland Bowes Scholarship Fund 84,449 The George F . Conant 1950 Memorial Fund 62,522 Haven D . Brackett 1898 Memorial Fund 82,358 Peter Martin Conklin 1959 Memorial Fund 98,854 E . Wayne Brant Natural History Summer Connecticut Alumni Scholarship Fund 221,187 Scholarship Fund 31,468 E . C . Converse Scholarship Fund 1,034,153 Chandler Matthews Bray 1893 Scholarship Fund 432,819 James and Dolores Conway Scholarship Fund 715,913 J . Barry Brokaw 1964 Scholarship Fund 56,111 William Lyman Cowles 1878 Fund 61,434 Colin S . Brooks 2001 Scholarship Fund 50,157 G . Armour Craig 1937 Scholarship Fund 87,513 Roger Bednarske Brooks 1918 Memorial Scholarship 559,182 Robin S . Cramer Memorial Scholarship Fund 1,034,404 Brothers Family Scholarship Fund 63,760 Michael J . Crames 1956 Scholarship Fund 29,052 Charles Henry Brown 1916 Scholarship Fund of Miner D . Crary 1897 Scholarship Fund 259,587 the Amherst Club of Chicago 377,094 Clarence E . P . Crauer Scholarship 97,473 Dan 1986 and Blythe Brown Scholarship Fund 517,484 Elizabeth P . and Frederick K . Cressman, Jr ,. Randall K . Brown Scholarship Fund 470,490 Class of 1954, Scholarship Fund 414,735 H . Prentice Browning 1933 Memorial George Lyman Crosby 1896 Memorial Scholarship Fund Scholarship Fund 64,249 and Stanley Warfield Crosby, Jr . Scholarship Fund 571,308 Edward J . Burnell, Jr . 1933 Memorial Scholarship Fund 820,619 Fred B . and Harriet E . Cross 1902 Fund 636,765 Howard J . Burnett 1952 Scholarship Fund 47,335 Gorham L . Cross 1918 Memorial Scholarship Fund 1,012,314 George Burns 1908 Memorial Scholarship Fund 106,798 Joan F . and Gorham L . Cross, Jr . 1952 The Butts Family Scholarship Fund 228,340 Scholarship Fund 370,770 Andrew Cader 1981 Scholarship Fund 48,601 William Cutler and Harriette Gilbert Cutler John A . Callahan 1883 Scholarship Fund 188,750 Memorial Scholarship Fund 319,215 Stephen P . Campbell 1989 and Heather McHold John E . Dame 1866 Scholarship Fund 99,870 Scholarship Fund 195,827 John E . Day 1871 Scholarship Fund 46,380 Campus Community Student Scholarship Fund 119,994 Moses Day 1882 Fund 101,577 Robert Carmel 1958 Scholarship Fund 148,851 Allen J . de Castro, Jr . 1942 Scholarship Fund 34,841 Stephen W . Carr 1965 Family Scholarship Fund 76,746 Elizabeth M . DeHaas Memorial Scholarship Fund 90,736 Otis and Alice Cary Scholarship Fund 714,447 Peter H . DeHaas 1960 Scholarship Fund 1,075,465 Centennial Fund 2,506,915 Nicolas Desmarais 2007 Scholarship Fund 85,110 Chan Family Scholarship Fund 361,969 William C . Dick 1932 Scholarship Fund 509,408 Edward L . Chapin 1909 Scholarship Fund 101,821 Sidney and Hannah Dillon Fund 101,577 The Charitable Fund 4,694,458 The Dodge Fund 99,139 Lewis B . Chesler 1968 Scholarship Fund 33,914 J . Henry Doscher, Jr . 1942 Scholarship Fund 1,026,532 Frances Chia Scholarship Fund 1,055,559 The Douglass Family Scholarship Fund 753,280 A . F . Chisholm Scholarship Fund 2,158,806 The Warren F . Draper 1906 Fund 61,454 Jefferson Clark 1866 Scholarship Fund 203,154 Charles R . Drew 1926 Memorial Scholarship Fund 282,058 Lewis F . Clark 1837 Scholarship Fund 203,154 John Eastman Sr . 1902 Scholarship Fund 273,864 Lincoln Clark Memorial Scholarship Fund 289,382 Lucius R . Eastman 1895 Fund 203,154 Clary Family Scholarship Fund 206,562 Beverly B . and Thomas H . Eighmy 1959 Class of 1880 Scholarship Fund 69,458 Scholarship Fund 829,643 Class of 1897 Scholarship Fund 107,265 James M . Ellis 1856 Fund 102,714 Class of 1938 Scholarship Fund 453,053 Arthur F . Ells 1902 Scholarship Fund 294,018 Class of 1991 Scholarship Fund 41,240 Levi H . Elwell 1875 and James H . Elwell 1919 Class of 1913 50-Year Fund 470,626 Memorial Fund 1,297,440

46 s Epstein Family Scholarship Fund 40,495 Samuel W . and Susan H . Heaney Scholarship Fund 94,223 Robert Houghton Esty 1946 Memorial Fund 120,064 The Hearst Foundation Fund 763,593 Equal Chances International Scholarship Fund 107,441 L . William Heinrich 1953 Memorial Scholarship Fund 57,080 Evans Family Scholarship Fund 211,055 Hepburn Family International Scholarship Fund 137,386 Malcolm D . Ewen 1976 Scholarship Fund 52,286 Jesse J . Hermann 1984 Scholarship Fund 70,739 Addison Alvord Ewing 1892 Scholarship Fund 182,838 William Hilton Scholarship Fund 1,015,768 Robert Fagles 1955 and Richard Wilbur 1942 George M . Hinckley 1934, Abigail J . and Scholarship Fund 94,879 Miriam D . Hinckley Scholarship Fund 499,852 Isaac D . Farnsworth Scholarship Fund 60,946 Hitchcock Scholarship Endowment Fund 233,545 Knaus Fehling Memorial Scholarship Fund 60,057 Hoeg Family Scholarship Fund 163,167 David W . Ferguson 1975 Memorial Scholarship Fund 279,997 Irving B . Holley Scholarship Fund 120,836 The Ferre Family Fund 1,102,557 The Hollinshead Family Scholarship Fund 499,546 Thomas P . Field 1834 Scholarship Fund 203,154 Frank A . Hosmer 1875 Scholarship Fund 304,730 Michael T . Fiore 1976 Endowment Fund 61,536 Clarissa Dodge Howard Scholarship Fund 203,154 Roger S . Firestone Foundation and the Wray Family William R . Howard 1889 Scholarship Fund 101,577 Scholarship Fund 248,755 The Hubshman Foundation Scholarship Fund 746,325 Fiske and Warren Scholarship Fund 611,309 Peter Y . Huh 1985 Scholarship Fund 197,035 James M . Flanigan 1959 Scholarship Fund 31,268 Sigval Emile and Elizabeth Neary Hunsbedt Karen and David Fleiss Scholarship Fund 1,226,377 Scholarship Fund 931,459 William and Lenore Ford Scholarship Fund 118,983 David W . Hunter 1950 Scholarship Fund 88,961 Frederick Forman 1928 Memorial Scholarship Fund 1,575,801 John Montgomery Hunter 1907 Scholarship Fund 715,737 John Franklin Fort II 1933 Scholarship Fund 179,644 iAgora org. Fund for International Scholarships 88,239 Louis G . Fotiades Scholarship Fund 97,355 Infirmary Aid Fund 67,508 Seth E . Frank 1955 Creative Writing Scholarship Fund 224,236 George L . Ingalls 1935 Scholarship Fund 71,283 Seth E . Frank 1955 Scholarship Fund 662,743 Robert A . Jacobs 1927 Memorial Scholarship Fund 51,304 John M . Freeman, M D. ,. Class of 1954 Scholarship Fund 37,647 The Jameson Foundation Scholarship Fund 160,715 Julia L ,. Charles N . and Charles F . Frey 1951 Dr . and Mrs . Samuel Haig Jameson Scholarship Fund 439,442 Scholarship Fund 56,128 Jarrett Family Scholarship Fund 46,510 Daniel M . Galbreath 1950 Scholarship Fund 205,348 Jenkins Family Scholarship Fund 56,493 J . Carr Gamble, Jr . 1940 Scholarship Fund 45,039 The Jephson Scholarship Fund 138,937 Stewart Lee Garrison Fund 381,253 Victor S . Johnson Student Loan Fund 132,050 Augustine Milton Gay 1850 Scholarship Fund 102,714 Edward P . Judd 1927 and 1955 Memorial Fund 1,207,870 Emerson Gaylord 1905 Scholarship Fund 163,843 Isabelle Block Kaplan Scholarship Fund 1,679,981 Amanda K . Gibson 2008 Scholarship Fund 65,742 Stanley J . Kay, Sr . Memorial Scholarship Fund 30,918 Henry W . Giese Memorial Scholarship Fund 247,888 Harry V . Keefe, Jr . 1943 Scholarship Fund 489,966 Vernon P . Gilbert 1889 Memorial Scholarship Fund 6,046,480 Sean Matthew Keener Memorial Scholarship Fund 36,171 William O . Gilbert 1890 Scholarship Fund 1,464,676 Harold C . Keith 1937 Memorial Scholarship 140,127 Albert Franklin Gilman 1897 Scholarship Fund 997,732 Robert E . Keith 1935 Scholarship Fund 219,405 Ralph B . Gilpatrick, Jr . 1949 Memorial Fund 543,184 William E . Kennick Scholarship Fund 54,120 Giordano Family Fund 48,463 Glenn D . Kesselhaut 1978 Memorial Scholarship Fund 86,084 Jubal C . Gleason 1863 Scholarship Fund 111,348 Paulette and David Kessler 1973 Family Raymond D . Gozzi Scholarship Fund 72,800 Scholarship Fund 152,055 Gorth Family Scholarship Fund 59,232 Benjamin N . Kightlinger 1951 Scholarship Fund 257,608 Edward S . Greaves 1958 Scholarship Fund 242,033 John J . Kim 1989 Scholarship Fund 102,779 Darold Greek, Jr . 1960 Memorial Scholarship Fund 255,517 Henry S . Kingman 1915 Memorial Fund 104,340 Harry P . Greeley 1898 Scholarship Fund 309,931 Joseph R . Kingman 1924 Scholarship Fund 49,691 Greene Scholarship Fund 30,392 Charles R . Kirk and Dorothy M . Kirk P’60 Douglas C . and Ann M . Grissom 1989 Scholarship Fund 387,218 Scholarship Fund 227,783 Grosfeld Family Scholarship Fund 220,243 Klarman Family Scholarship Fund 424,155 Peter A . Gross 1960 Scholarship Fund 266,850 Knowles Scholarship Fund 60,946 Gilbert H . Grosvenor 1897 Memorial Fund 155,026 Edward J . Kovacs 1928 Scholarship Fund 63,404 Richard William Gustafson Scholarship Fund 90,749 Emily K . Kroenlein and Robert M . Schlein 1989 David C . and Martha Sykes Hale 1917 Scholarship Fund 164,731 Memorial Scholarship Fund 599,326 Frederick H . Kuesel 1920 Scholarship Fund 224,485 George A . Hall 1882 Scholarship Fund 101,577 David S . Kunian 1932 Scholarship Fund 99,200 The Gordon Hall III 1952 Scholarship Fund 95,502 Peter B . Kunz 1984 Memorial Scholarship Fund 572,372 John Whitney Hall 1939 Scholarship Fund 307,029 Paul Gerard LaFerriere 1970 Scholarship Fund 222,388 Martha M . and Henry J . Harding Fund 1,733,793 John S . Lancaster 1951 Scholarship Fund 104,237 Donald E . Hardy 1916 Scholarship Fund 4,112,499 Raymond B . Landis 1936 Scholarship Fund 300,078 Edward K . Hardy, Jr . 1929 Scholarship Fund 233,281 The Lasher Family Scholarship Fund 197,221 Kenneth L . Hardy 1944 Memorial Scholarship Fund 236,220 Andrew D . Lawrie 1873 Scholarship Fund 2,348,038 Paul Wallace Hardy 1914 Scholarship Fund 99,444 Robert L . Leach II 1960 Memorial Fund 128,291 Bradford D . Hart 1977 and Susan Hart Scholarship Fund 17,620 Daniel Kie-Hong Lee 1950 Scholarship Fund 328,601 Kirk and Ellen Hartman Scholarship Fund 86,321 Lyndon E . Lee and Bertha C . Lee Scholarship Fund 29,274 Wyatt R . Haskell Fund 262,860 Thai-Hi Lee 1980 International Scholarship Fund 468,383 William H . Hastie 1925 Scholarship Fund 331,274 Charles P . Leffel 1950 Memorial Scholarship Fund 611,797

47 s Richard and Karen LeFrak Scholarship Fund 615,617 Laverne Noyes Foundation 853,022 Samuel J . and Ethel LeFrak Scholarship Fund 1,751,265 Darcy and Andrew J . Nussbaum 1985 Scholarship Fund 21,927 Stephen F . Lehane Scholarship Fund 44,563 John S . Oberly 1907 Scholarship Fund 48,737 John E . Lehman Fund 35,986 Jean W . and Robert K . O’Connor 1944 Wallace Minot Leonard, Jr . 1916 Memorial Fund 41,646 Scholarship Fund 1,679,981 Elayne Levin Scholarship Fund 188,578 The Ong Family Scholarship Fund 112,739 John E . Levy 1976 & Victoria Westhead William Orr 1883 Scholarship Fund 31,204 Scholarship Fund 70,099 Osathanugrah Scholarship Fund 1,526,943 Ward B . and Susan E . Lewis Scholarship Fund 1,666,148 Ouyang Family Scholarship Fund 115,912 Liedtke Scholarship Fund 377,581 Dr . Frederick Allen Parker 1920 Memorial Henry M . Littlefield Memorial Scholarship Fund 418,943 Scholarship Fund 19,853 John D . Lobrano 1979 Scholarship Fund 237,271 Susan Patsner Memorial Scholarship Fund 75,009 Lawrence Woodbury Lockwood 1946 Scholarship Fund 460,196 Mildred and Ward H . Patton Scholarship Fund 616,892 Samuel Loomis Scholarship Fund 87,087 Edward H . Perkins, Jr . Scholarship Fund 101,577 George W . Long Memorial Fund 26,071 Mark W . Perry 1965 Scholarship Fund 2,677,350 Ludington Scholarship Fund 2,099,755 Robert T . Pfeifer 1942 Scholarship Fund 35,735 Albert E . Lumley Fund 161,731 Philip Family Goldman Sachs Scholars Fund 302,612 Georges Lurcy Scholarship Fund 3,019,814 Woody Phillips Memorial Scholarship Fund 38,719 MacLennan Family Scholarship Fund 339,907 Asa Clinton Pierce 1843 Scholarship Fund 101,577 Donald G . MacVicar, Jr . 1951 Scholarship Fund 634,485 Peter R . Pouncey Scholarship Fund 9,114,091 Caroline S . Mah 1997 Scholarship Fund 49,228 George D . Pratt 1893 Scholarship Fund 1,004,859 Marc E . Manly 1974 Scholarship Fund 69,458 The Theodore Pratt, Jr . 1944 and Bettie Curland Pratt Allison W . (Eli) Marsh Fund 217,343 Memorial Scholarship Fund 61,921 Francis J . Marsh 1870 Memorial Fund 101,577 President’s Loan Fund 326,244 William Rolfe Marsh 1910 Scholarship Fund 60,519 Monica Mittelstadt Prounis 1984 Memorial Marx Scholarship Fund 10,087 Scholarship Fund 91,313 Richard Wheeler Maynard 1920 Scholarship Fund 192,874 The Pruyne Family Scholarship Fund 1,730,336 Michael J . McCaffrey 1983 Scholarship Fund 2,136,206 Psi Upsilon Memorial Fund 26,816 David H . McConnell 1923 Scholarship Fund 377,236 Gordon Radley 1968 Scholarship Fund 208,850 John S . McGeeney 1956 Scholarship Fund 162,742 Ralph Family Scholarship Fund 140,074 Mame Louise Reynolds McGeorge Scholarship Fund 567,232 The Mike Ransom Memorial Scholarship Fund 628,890 James T . McKinlay Scholarship Fund 102,574 David A . Read Memorial Scholarship Fund 103,657 C . Edward McKinney, Jr . 1896 Fund 4,111,036 Reader’s Digest Foundation Endowed Scholarship Fund 142,208 Mehr Scholarship Fund 470,426 George Milton Reed 1862 Scholarship Fund 102,714 The Charles Merriam Fund 65,273 The Reed Scholarship Fund 68,178 Charles E . Merrill 1908 Scholarship Fund 1,828,248 ReliaStar Scholarship Fund 270,194 Charles Morton Merrill Fund 2,070,379 Francis M . Richards, Jr . 1945 Memorial Music The David Clarke Miller 1979 Memorial Scholarship Fund 140,838 Scholarship Fund 47,063 Ellsworth E . (Red) Richardson 1927 Scholarship Fund 222,576 The Philip B . Miller 1930 Scholarship Fund 445,049 Frederick B . Richardson 1882 Memorial Fund 108,403 Jane N . and John M . Millet Scholarship Fund 991,832 John M . Riedl 1929 Scholarship Fund 778,063 The Douglas D . Milne, Jr . 1945 Scholarship Fund 702,024 Stuart Robinson 1836 Scholarship Fund 60,946 Henry George and Kirsten Monica Mishkin Herbert W . Rogers 1924 Memorial Scholarship Fund 161,819 Scholarship Fund 30,469 Chester B . Rosoff 1943 and Deborah Lee Rosoff 1981 Howard M . and Martha P . Mitchell 1939 Scholarship Fund 68,413 Scholarship Fund 73,306 Russ Family Scholarship Fund 69,062 The Moore Beneficiary Fund 2,077,842 Ezekiel Russell 1829 Scholarship Fund 162,523 Lori and David Moore 1978 Scholarship Fund 48,382 Saffron Scholarship Fund 101,371 William H . Moore 1871 Fund 507,884 John E . Sanford 1851 Scholarship Fund 203,154 Jordan A . Moore-Fields 2011 Scholarship Fund 20,134 John W . Sansing 1965 Memorial Scholarship Fund 47,259 Albert Millard Morris 1913 Scholarship Fund 580,847 Santonelli Family Scholarship Fund 320,150 Ruth E . and Anson E . Morse 1902 Scholarship Fund 52,718 George Sarvis Scholarship Fund 32,701 George A . Morse 1891 Memorial Fund 949,926 Anthony Scenna 1927 Memorial Scholarship Fund 291,078 E . Kimball Morsman 1924 Scholarship Fund 175,687 Lloyd G . Schermer 1950 Scholarship Fund 3,170,151 Mugford Family Scholarship Fund 264,743 Edward G . Schleyer 2006 Scholarship Fund 106,224 Anna R . Mullen 2009 Scholarship Fund 21,956 Ned Schroeder 1959 Memorial Scholarship Fund 367,992 The C . Lawrence Munch 1915 and Eugene B . Schwartz 1935 and Peter D . Schwartz 1961 Marie L . Munch Kofsky Memorial Scholarship Fund 3,018,273 Scholarship Fund 88,070 Bradford Badger Munsill Memorial Fund 57,249 Segal Family Scholarship Fund 311,153 Bennett J . Murphy Family Scholarship Fund 44,387 Eustace Seligman 1910 Scholarship Fund 535,635 James G . and Mary D . Murphy Scholarship Fund 121,162 Edward J . Serues Memorial Scholarship Fund 75,695 George and Clarissa Nevius Scholarship Fund 238,126 James S . Seymour Scholarship Fund 101,577 New Mexico Scholarship Fund 61,027 Kenneth A . Sharp 1926 Scholarship Fund 1,005,529 Edward N . Ney Scholarship Fund 459,046 Saud Shawwaf 1960 Scholarship Fund 767,572 Alice Michiko Noll 1998 Memorial Scholarship Fund 250,229 Evan Sheinberg 1982 and Abby McKenna Norqual Family Fund 417,939 Scholarship Fund 101,071

48 s Thomas R . Shepard, Jr . 1940 and Nancy K . Shepard Frederic 1954 and Jacqueline Werner/ Scholarship Fund 238,167 Edward and Eleanor Werner Family Fund 1,370,364 George L . Shinn Scholarship Fund 358,444 M . Tilghman West 1937 Memorial Scholarship Fund 138,759 Mary J . Shores Fund 108,911 Hobart K . Whitaker 1890 Scholarship Fund 121,587 Siegel Family International Scholarship Fund 142,530 G . Henry Whitcomb 1864 Scholarship Fund 1,007,012 Fredrick J . Sievert 1970 Scholarship Fund 214,848 Donald G . White, Jr . 1949 Memorial Fund 158,155 Albin J . Sigda 1942 Student Employment Fund 3,455,199 Heath Edgar White 1908 Scholarship Fund 88,677 Andrew Baird Simpson 1938 Scholarship Fund 102,999 Herbert Otis White 1895 Scholarship Fund 261,174 Addison Henry Smith 1878 Scholarship Fund 136,360 John Warren White 1934 Scholarship Fund 239,802 Harry deForest Smith Scholarship Fund 439,198 Robert B . and Mabel W . Whitney Scholarship Fund 491,893 Isaac F . Smith 1883 Student Loan Fund 265,075 Elmer W . Wiggins 1901 Fund 5,358,878 Janine and Michael M . Smith 1984 Scholarship Fund 67,717 Harry Wilbur 1884 Scholarship Fund 101,577 Luther Ely Smith 1894 Memorial Fund 372,624 Henry Lawrence Wilkinson 1888 Memorial Fund 101,577 Theodore Soller Memorial Scholarship Fund 88,047 Eugene F . Williams 1910 Scholarship Fund 232,347 South African Scholarship Fund 429,887 George W . Williams 1911 Scholarship Fund 159,658 Southern California Scholarship Fund 13,428 J . Vernon Williams 1943 Scholarship Fund 86,823 Carl and Mildred Spero Fund 379,491 The Williamson Scholarship Fund 507,910 Atherton Hall Sprague 1920 Memorial Scholarship Fund 910,844 Dean Eugene S . Wilson Scholarship Fund 1,769,348 Robert E . Sproul 1969 Memorial Scholarship Fund 44,917 Robert Whitelaw Wilson 1930 Scholarship Fund 497,344 Frederick H . Stamm, Jr . 1940 Memorial Scholarship Fund 94,771 Richard S . Wolfe 1952 Cross-Cultural Education Fund 1,579,417 Charles J . Staples 1896 Memorial Fund 515,462 Leo Wolff Memorial Scholarship Fund 487,284 C . V . Starr Scholarship Fund 2,778,781 Rima Wong Kar-Ki Scholarship Fund 258,202 Allan W . Steere 1956 Memorial Scholarship Fund 134,692 William H . Woolverton Scholarship Fund 87,216 Edward C . and Hazel L . Stephenson Scholarship Fund 82,650 Worcester Scholarship Fund 102,410 Harold Parker Stevens 1902 Fund 719,245 The George R . Yerrall III 1941 Memorial Arthur W . Stewart 1929 and Rhea T . Stewart Scholarship Fund 70,721 International Student Scholarship Fund 372,721 Cynthia A . and Paul G . Yock 1973 Scholarship Fund 143,421 William W . Stifler, Jr . 1939 Scholarship 208,456 John M . Zafiriou 1977 Scholarship Fund 114,240 J . Sydney Stillman 1929 Scholarship Fund 430,475 Susan Howard Zauber Memorial Scholarship Fund 112,962 The Caleb Stimson Fund 564,889 Aleta Pedrick Zoidis 1981 Scholarship Fund 890,589 Albert L . Stirn 1913 Fund 631,594 Frederic N . Stone 1903 Scholarship Fund 100,033 Total Scholarships and Student Aid $243,028,032 Harlan F . Stone 1894 Scholarship Fund 676,969 Stone Educational Fund 507,884 PRIZES Henry E . Storrs 1864 Scholarship Fund 101,577 Consolidated 516,619 The Frederic A . Stott 1940 Scholarship Fund 119,900 Armstrong Prize 58,630 Robert B . Swain III 1976 Scholarship Fund 56,961 Bancroft Prize Fund 134,935 William Swindells 1952 Scholarship Fund 43,151 Bassett Physics Prize Fund 100,338 Ordway Tead 1912 Scholarship Fund 270,804 Bertram Latin Prize Fund 59,260 Robert Spafford Terwilliger Scholarship Fund 558,327 Harvey Blodgett 1829 Memorial Scholarship Fund 67,792 Lucius E . Thayer 1918 Scholarship Fund 101,577 Bond Commencement Prize Fund 229,746 The Thomases Physics Scholarship Fund 47,065 Samuel Bowles Fund 94,690 Frederic Lincoln Thompson 1892 Scholarship Fund 3,513,805 Addison Brown 1852 Scholarship Fund 141,436 Robert and C . Van Ting Memorial Scholarship Fund 1,292,353 Samuel Walley Brown 1866 Scholarship Fund 137,535 The Tower Scholarship Fund 1,928,638 Jeffrey J . Carre Memorial Fund 74,722 Samuel F . Trull 1945 Fund 27,832 Robert Cover Prize Fund 13,753 Bessie Tucker Scholarship Fund 271,088 Dr . Ernest D . Daniels Latin Prize 29,071 Tulchin Family Scholarship Fund 184,299 The Asa J . Davis Prize Fund 77,082 Turner Family Scholarship Fund 502,386 Doshisha-American Studies Prize 47,782 Updike Family Fund 236,855 Doshisha-Asian Studies Prize 48,980 Hans P . Utsch 1958 Scholarship Fund 2,174,329 James R . Elster 1971 Award 96,437 Vernon Family Scholarship Fund 131,603 Pedro Grases Prize in Spanish 118,830 Veterans Scholarship Fund 485,546 Anna Baker Heap Prize Fund 60,682 F . Trowbridge vom Baur 1929 Scholarship Fund 176,925 Edward Jones 1826 Prize Fund 17,478 Ernest T . Wakefield 1904 Fund 966,483 James Charlton Knox 1970 Memorial Fund 109,781 Ed Wall Fund 615,705 Sylvia and Irving Lerner Piano Prize Fund 47,416 The John Henry Washburn 1849 and 1934 Fund 635,810 Manstein Family Award 40,455 John W . Wastcoat 1934 Scholarship Fund 125,610 Moseley Prize Fund 181,111 Richardson L . Watkins 1976 Scholarship 53,574 The 19th Century English Novel Prize Fund 33,480 George H . Watson 1870 Memorial Fund 1,273,895 Gordon B . Perry Memorial Fund 43,170 Everett S . Webb 1924 Scholarship Fund 214,246 Donald S . Pitkin Prize Fund 20,254 Charles M . Webster 1957 Scholarship Fund 250,655 Walter F . Pond 1907 Geology Prize Fund 30,308 Leslie T . Webster, Jr . 1947 Scholarship Fund 59,580 Eleazer Porter Prize Fund 58,915 William M . Weiant 1960 and Clarissa L . Weiant 1990 Psi Upsilon Prize Fund 158,894 Scholarship Fund 139,715 David Quinn Memorial Fund 16,049 Edwin P . Wells 1881 Scholarship Fund 656,084 Noah C . Rogers Public Speaking Prize 43,109

49 s John Sumner Runnells 1865 Memorial Fund 132,619 ACADEMIC SERVICES Sawyer Prize Fund of Physical Education 60,865 William K . Allison 1920 Memorial Art Fund 237,426 Oscar E . Schotte Prize Fund 60,526 Alpha Delta Phi and Frank Babbott 1878 Oscar E . Schotte Scholarship Fund 60,530 Alpha Delta Phi Fund 1,850,274 Obed Finch Slingerland 1942 Memorial Fund 275,517 Amherst Art Series Fund 1,939,451 Laura Ayres Snyder Poetry Prize Fund 51,824 Beals Computer Lab Fund 63,951 Stanley V . and Charles B . Travis 1864 Fund 60,784 David R . Belevetz 1954 Memorial Fund in Chemistry 33,825 Frederick King Turgeon Prize Fund 71,213 Jeffrey Richard Bernstein 1991 Fund 57,115 Walker Prize Fund 140,074 Center for Russian Culture Fund 5,166,164 Thomas H . Wyman 1951 Memorial Endowment Fund 105,731 Saul Z . Cohen Book Fund 172,700 William C . Young 1921 Memorial Fund 44,897 Copeland Colloquium Fund 7,359,442 Total Prize Funds $3,973,320 The Richard D . Cramer Fund for the Arts 126,910 Croxton Lecture Fund 3,471,215 FELLOWSHIPS Samuel B . Cummings Art Purchase Fund 61,068 Amherst Memorial Fellowship Fund 3,073,521 Samuel B . Cummings Lectureship Fund 61,068 John Mason Clarke 1877 Fellowship in T . Krista DeGroot Fund 220,564 Paleontology & Geology 644,332 Benjamin DeMott Memorial Fund 88,136 Evan Carroll Commager Fellowship Fund 705,563 Lucius Root Eastman 1895 Fund for Visiting Lecturers 863,606 Warner Gardner Fletcher 1941 Fund 133,658 Emery Fund for Academic Support 473,927 Roswell Dwight Hitchcock Memorial Fund 220,395 Bonnie B . Emory Fund 67,912 Rufus B . Kellogg 1858 Fellowship Fund 1,785,886 The Faculty Scientific Fund 1,819,139 Sterling Lamprecht Fellowship Fund in Philosophy 439,986 Vadim Filatov, M D. ,. 1986 Memorial Lecture Fund 48,467 Edward Poole Lay 1922 Fellowship Fund 1,220,568 G . Forrest Gillett 1936 Memorial Fund 47,154 Forris Jewett Moore 1889 Fellowship Fund Judith and Steven M . Gluckstern 1972 in Chemistry 969,783 Technology Fund 1,769,976 in History 641,777 Uta Graf Fund for Music Performance 559,559 in Philosophy 812,723 Douglas C . and Ann M . Grissom 1989 Fund for Writing 396,128 George Stebbins Moses 1957 Memorial Fellowship Fund 890,372 Jeffrey D . Gutcheon 1962 Music Fund 49,808 C . Scott Porter 1919 Memorial Fellowship 235,284 John Whitney Hall 1939 Fund 180,929 Lloyd I . Rosenblum Memorial Fellowship Fund 164,809 Nicholas Curtis Heaney Memorial Fund 37,827 Charles B . Rugg 1911 Memorial Fellowship Fund in Law 292,321 Edward Hitchcock Fund for Student Research in John Woodruff Simpson 1871 Fellowship Fund 4,962,157 Environmental Science 1,471,413 Benjamin Goodall Symon, Jr . 1957 The Charles H . Houston Forum on Law and Memorial Fellowship Fund 268,839 Social Justice 853,628 Roland Wood 1920 Fellowship Fund in Dramatics 803,287 The Information Technology Fund 8,957 Victor S . Johnson 1882–1943 Lectureship 2,933,103 Total Fellowships $18,265,261 The Robert L . Kane 1951 Memorial Geology Fund 67,296 ALUMNI ENDOWMENT FUNDS Christopher L . Kaufman 1967 Film Studies Fund 60,255 Consolidated 21,330 The Keith Family Fund for Research and Scholarship 178,968 Nancy and Douglas D . Abbey 1971 Challenge Fund 1,491,296 Kropf Fund for Science Research 79,861 John Albree, Jr ,. Class of 1882 Memorial Fund 308,588 Corliss Lamont Lectureship for a Peaceful World 1,139,996 Ralph S . Anthony 1920 and Henry F . Anthony 1917 Max and Etta Lazerowitz Lectureship Fund 56,903 Fund 110,373 Linden Family Fund 97,864 Benjamin C . Bourne 1934 Alumni Endowment Fund 184,971 Karl Loewenstein Fellowship in Political Science and Nigel Lindsay Bowers 1976 Fund 53,490 Jurisprudence 6,830,432 Class of 1908 Endowment Fund 65,029 Kristen and Christopher Mahan 1989 Class of 1920 Alumni Endowment Fund 13,652 Information Technology Fund 92,380 Class of 1931 Memorial Fund 375,450 Mayo-Smith-Read Trans-Disciplinary Fund 231,494 Grant A . Goebel 1920 Memorial Fund 24,988 McGuire Family Science Fund 4,523,722 Samuel A . Howard 1882 and 1917 Fund 116,123 The Andrew W . Mellon Fund 5,212,291 Glenn D . Kesselhaut 1978 Fund 44,003 David W . Mesker 1953 Fund 291,587 W . Eugene Kimball 1896 Fund 283,582 Mishkin Fund for Musical Performance 93,036 William A . King 1878 Memorial Fund 1,516,663 Charles H . Morgan Memorial Fund 71,487 Harry J . Kohout 1917 Fund 66,573 David P . Patchel 1991 Memorial Fund 42,764 John T . McAllister 1931 Memorial Fund 75,966 Virginia and David S . Pennock 1960 Russian Culture Fund 84,573 Charles McGowan 1917 Fund 37,543 The Hall and Kate Peterson fund for Ervin A . Tucker 1923 Fund 21,717 the Mead Art Museum 1,356,289 Everett H . Pryde Fund 47,254 Total Alumni Endowment Funds $4,811,337 Rapaport Lectureship in Contemporary Art 92,372 Dr . Raymond A . Raskin Fund 28,786 FUNDS SUBJECT TO RESERVED INCOME Read Fmily Fund 116,663 Adams Benevolent Fund 123,924 Ross Glee Club Fund 88,052 The Jean Reed Keith 1937 Phi Beta Kappa Fund 4,347 H . Axel Schupf 1957 Fund for Intellectual Life 8,951,911 John B . Schwemm Snack Bar Fund 1,035,433 Schupf Scholars Fund 3,955,469 Total Reserved Income Funds $1,163,704 The Schwemm Fund 534,761

50 s Science Initiative Fund 6,023,004 Schnell Family Public Service Internship Fund 147,611 Samuel L . and Charlotte E . Sperling Constitutional Law Sellin Family Internship Fund 68,637 and Public Policy Colloquium Fund 82,826 Eugene Smith Wilson, Jr . 1929 Memorial Fund 680,402 Tagliabue Fund 195,940 Atherton H . Sprague 1920 and Mary Ann Sprague Louis B . Thalheimer 1966 Amherst Study Center Fund 3,651,157 Memorial Tennis Fund 73,990 The F . King Turgeon Memorial Fund 162,443 Robert M . Tiffany 1941 Hockey Fund 155,619 John M . Vine 1966 Fellowship in Economics 171,079 Scott J . Ulm 1980 Internship Fund 57,899 Lawrence and Suzanne Weiss 1962 Fund 388,816 Volpert Internship Fund 110,057 White Family Fund for Chemistry 187,486 Peter J . Weiller 1956 Internship Fund 56,810 Julia A . Whitney Fund for Russian Art 149,318 Everett A . White 1889 Physical Education Fund 1,590,632 Wise Fund for Fine Arts 4,091,470 Leo C . and Cora G . Wilcox Internship Fund 119,250 Wolansky Family Research Fund 113,351 Joseph and Joyce R . Wolf Fund 43,582 Willis D . Wood 1984 Fund for Religion 1,658,302 Wolff Community Fund 750,510 Total Academic Services $83,692,500 Kenneth T . Wright 1952 Memorial Fund 160,817 Total Student Services 19,279,449 STUDENT SERVICES Consolidated 41,178 EMILY DICKINSON MUSEUM Roger Alcaly Public Service Fund 1,038,077 Martha Dickinson Bianchi Trust 793,171 Amherst College Rugby Football Fund 134,327 Gilbert H . Montague Fund 391,843 David G . Bunting Family Internship Fund 186,139 Total Emily Dickinson Museum $1,185,014 Geoffrey David Chazen 1980 Internship Fund 94,919 Edward M . Clarke, Jr . 1969 Internship Fund 146,494 TOTAL PERMANENT ENDOWMENT $1,125,966,886 Class of 1954 Commitment to Teaching Fund 1,489,767 Class of 1959 Soccer Fund 49,036 Term Endowment, Income Unrestricted Crew Fund 473,953 Consolidated 15,160,494 Dangremond Internship Fund 45,604 Gift Accounts for future allocation James q . Denton Fund 57,360 Jessie Brill 1964 Gift Account 96,871 Frederick L . Doar, Jr . Athletic Fund 77,594 Spiegel-Litowitz Fund 38,839 Doelling Undergraduate Research Fund 92,731 George E . Doty III 2005 Fund for Sports Information 46,571 Total Unrestricted $15,296,204 Paul Eckley Memorial Fund 61,819 Philip Edmundson 1980 Internship Fund 576,590 Term Endowment, Income Restricted John E . Foley 1987 Fund for Community Engagement 114,841 INSTRUCTION Eric O . Fornell 1978 Internship Fund 96,685 Funds for Specific Instruction Purposes Seth E . Frank 1955 Fellowship Fund 401,032 Frank Backus Williams Fund 676,136 Gay and Lesbian Issues Fund 33,722 Total Instruction $676,136 Pierce Gerety Internship Fund 229,443 Joy-Gerhard Sports Award Fund 43,900 LIBRARY Inge and D . Robert Gould Internship Fund 36,794 Michael J . Israels 1971 Library Fund 82,870 Sylvia C . Hecht and Benedict L . and Total Library $82,870 Babette H . Rosenberg Internship Fund 507,510 Edward Hitchcock Fellowship in Physical Education 406,307 PRIZES Ronald N . Hoge 1967 Internship Fund 3,303 Haskell R . Coplin Memorial Prize Fund 24,562 James J . Jordan, Jr . Memorial Fund 71,512 Sally Rathmann Kadifa, M D. . 1981 Fund for Total Prizes $24,562 Community Engagement 137,243 Kauffman Fellowship in Biomedical Research 131,536 FUNDS SUBJECT TO RESERVED INCOME Harry V . Keefe, Jr . 1943 Health Program Fund 838,699 Amherst Day School Fund 468,147 William A . Krupman (1958) and Pamela Allyn (1984) Amherst College Neesima Endowment Fund 42,195 Internship Fund 553,129 Frautschi/Rosenfeld IM/PM Debate Fund 215,135 Lazarus Family Fund 67,045 Total Reserved Income Funds $725,477 MacRae Family Internship Fund 33,025 G . Vicary Mahler 1953 Fund 134,126 TOTAL TERM ENDOWMENT $16,805,249 Mayo-Smith Teaching Fellowship Fund 320,129 McGuire Family Fund for Athletics 2,194,915 Quasi-Endowment, Unrestricted Minority Recruitment and Retention Fund 1,223,233 Consolidated 14,216,309 Monosson Family Fund 55,040 Janet G . and William H . Agnew 1943 628,277 Don and Jane Morse Internship Fund 90,020 Walter T . Akers, Jr . 1927 Fund 57,878 Ouyang Family Summer Study Program Fund 568,421 Walton C . Allen 1920 Fund 27,995 Carol K . and John N . Park 1953 Golf Fund 60,882 Dana S . Anderson 1930 Fund 623,783 Pincus-Johnson-Sandler Community Service Fund 1,263,067 Robert A . Arms 1927 Memorial Fund 964,878 Hugh B . Price 1963 Internship Fund 446,330 George W . Atwell 1874 Fund 155,961 Brooke Kamin Rapaport 1984 Fellowship in Art History 52,830 Estate of Marie Ax 43,820 Roch-McKinstry Study Abroad Fund 20,174 Thomas B . Babcox 1941 84,599 The Steven M . Rostas Ski Fund for Carry-Over Sports 516,581 Loretta Baker-Pohl 136,894

51 s Martin T . Baldwin 1893 Fund 107,570 Frank B . Evans III 1935 Endowment Fund 532,314 William H . Baldwin 1928 Fund 29,539 Francis F . Faulkner 1944 161,441 Baldwin and Lilly Fund 75,736 Paul L . Feinberg 1928 26,105 Robert P . Barnes 1940 24,117 James R . Field 1940 57,958 Charles Baumheckel, Jr . 1937 Fund 139,871 Franklin M . Finsthwait 1932 Fund 35,735 John H . Becker, Jr . 1940 764,386 Osmun Fort 1937 Fund 43,556 Marcus G . Beebe 1936 88,473 Evan Fotos 1944 Fund 48,574 Ernest P . Bennett Fund 85,873 Robert B . Freeman 1923 Fund 536,650 Estate of Robert U . Berry 1925 87,133 Laura M . Friel 120,856 Dwight B . Billings 1918 Fund 210,426 I . Lloyd Gang 1943 Fund 310,604 D . H . Bixler 1896 Fund 519,647 Garnett Family Trust Fund 1,480,685 Herbert E . Bixler 1932 Fund 316,615 John M . Gaus 1915 Fund 263,937 Carl M . Blair 1899 Fund 1,450,923 E . N . Gibbs Fund 188,709 Roy R . Blair 1918 Fund 95,340 Estate of Mary Musser Gilmore 146,108 Edward W . Blatchford 1891 Fund 62,348 Estate of Alpheus John Goddard, Jr . 1925 51,398 Molly Bean Borgenson Fund 548,576 Donald R . Grant 1945 Fund 1,485,619 Estate of Robert H . Breusch 279,925 Walter A . Grant 1925 64,643 Ralph B . Bristol 1917 Fund 46,055 J . Newell Green 1923 Fund 60,743 Bazil W . Brown, Jr . 1953 53,064 John L . Green 1942 Fund 62,856 George A . Brown 1905 Fund 446,085 Estate of Virginia Greenough 64,700 Edward Kendall Browne 1906 Memorial Fund 2,628,624 William B . Greenough 1888 Memorial Fund 99,464 Nathan C . Bulkley 1904 Fund 1,158,605 Raymond Josiah Gregory 1896 Memorial Fund 94,710 Howard F . Burns 1912 Fund 175,586 Ruth Gridley Fund 478,008 The Harry N . Busick 1927 Fund 1,832,669 Merton L . Griswold, Jr . 1925 99,484 Lulu C . Butler Fund 179,141 Minot Grose 1936 20,417 Robert M . Byrne 1941 92,557 John C . Haas 1940 Fund 248,449 Centennial Fund 222,778 Frederic M . Hadley 1928 Fund 395,499 Richard E . Church 1941 9,808 Edward T . Hall 1907 Fund 134,549 Dexter Clarke 1938 Fund 62,226 John S . Hall 1930 Fund 113,197 Class of 1906 Fund 66,573 Louis H . Hall 1897 Memorial Fund 102,654 Class of 1910 50-Year Fund 76,528 Louis J . and Elizabeth K . Hall Fund 40,475 Class of 1912 Fund 566,941 Howard K . Halligan 1930 Fund 82,379 Class of 1914 Fund 410,391 Stanley P . Ham 1925 Fund 54,262 Class of 1916 Endowment Fund 274,095 Donald M . Harris 1932 483,018 Class of 1936 Memorial Fund 513,593 Estate of Shattuck W . Hartwell, Jr . 1950 215,959 Class of 1953 Endowment Fund 1,268,593 Estate of James S . Harvey 1928 59,707 Class of 1957 Endowment Fund 2,534,971 Leland Hays 1905 Fund 51,987 Class of 1966 Capital Fund 152,467 Carlton F . Heard 1921 Fund 107,651 Estate of Elizabeth Lamprecht Cobb 50,992 Gilbert P . Heathcote 1945 229,218 Sally R . Cohn 51,154 John C . Hellebush 1945 15,948 J . Gerald Cole 1915 Fund 47,172 Richard M . Hemenway 1932 17,780 Howard O . Colgan, Jr . 1932 53,307 Estate of Charles M . Henderson 1931 120,792 Cyrus and Madeleine Collins Fund 125,179 Thomas J . Henderson 1953 64,330 Estate of Sarah Nelson Cook 621,839 Estate of Margaret B . Hendrickson 1919 310,662 Thomas F . Cousins 1913 Fund 146,697 Everett M . Hicks 1929 Fund 81,546 Dennison B . Cowles 1921 113,258 William W . Higgins 1957 113,430 G . Armour Craig Fund 128,768 Aida M . Hildreth Memorial Fund 28,035 Estate of Mary Crane 23,342 Helen M . Hill 1925 Fund 832,259 Miner D . Crary, Jr . 1942 Fund 1,266,486 Estate of Morton C . Hirshkind 938,529 John F . Creamer 1916 Fund 201,508 Chandler H . Holton 1929 Fund 28,279 Estate of Winthrop S . Dakin 676,664 Reverend Lawrence M . Horton 1932 79,433 E . Kent Damon 1940 Endowment Fund 210,667 Dennett and Rosamond Howe Fund 223,246 Dana Street Property Fund 606,027 Charles Evans Hughes Fund 270,824 Jane B . Davey Fund 440,051 Mr . and Mrs . F . K . Middleton Hunter Fund 58,996 Robert J . Davis 1919 Fund 280,941 John W . Ireys 1935 51,743 Paul DeCicco 1927 Fund 22,022 William A . Jewett, Jr . 1934 30,410 W . E . Dickerman 1890 Fund 189,380 Donald F . Johnson 1958 81,379 Maude R . Dillon Fund 249,026 Harold F . Johnson 1918 Fund 249,777 Estate of Lloyd P . Dodge 1936 117,209 Porteous E . Johnson 1928 1,419,713 Estate of Lewis W . Douglas 1916 719,956 Thomas H . Johnson 1920 8,161,309 Estate of Paul G . Dugan 45,567 Harry F . Jones, Jr . 1938 Fund 84,167 Estate of George G . Eakin 1948 357,442 Logan O . Jones 1939 26,776 Louis F . Eaton 1940 Fund 59,983 J . Hartley Joys 1939 Fund 38,149 Robert Eaton 1943 and Meredith Eaton Fund 146,805 James T . Kaull, Jr . 1942 Fund 38,538 Reginald H . Ellis 1923 Fund 1,044,047 George J . Kautzenbach 1921 Fund 456,547 Estate of Daniel E . Emrie 1910 186,901 Gerald Keith 1915 Fund 448,604

52 s Henry W . Kendall Fund 9,283,583 Charles F . Partridge 1933 125,964 Robert H . Kennedy 1908 Fund 797,561 Estate of Ralph D . Patch 1927 463,028 Estate of Gordon Ketcham 1928 58,386 Loomis Patrick 1927 Fund 51,987 Ruth B . and Marcus P . Kiley 1919 Fund 1,717,765 Randolph Paul 1911 Fund 142,025 Estate of Stanley King 1903 13,514,995 Horace B . Paulmier 1929 Fund 107,123 Joseph R . Kingman, Jr . 210,741 F . Stuart Pease 1912 Fund 78,092 Grace N . Klem 234,906 John R . Penn 1899 Fund 437,593 Estate of G . Edward Knapp 1934 77,766 Estate of Janet S . Perkins 99,119 Richard S . Kyle 1924 Fund 164,778 DeNyse W . Pinkerton Fund 151,540 Estate of Rose L . Kyle 959,819 Francis T . P . Plimpton 1922 Fund 67,298 Estate of Hayes C . Lamont 1957 80,002 Frederick J . Pohl 1911 397,714 Sterling P . Lamprecht Fund 80,550 Harold I . Pratt 1900 Memorial Fund 190,680 Arthur L . Lanckton 1934 Fund 28,523 Newell and Anita G . Presbrey 18,609 Gregory Lane 1933 Endowment Fund 142,115 Henry Randall 1929 155,218 William N . Larkin 1937 Fund 17,776 Estate of Paul A . Raushenbush 1920 25,882 Robert F . Lehman 1931 Fund 334,005 Reader’s Digest Foundation Fund 121,466 Edward H . Lerchen 1942 139,712 Joseph E . Reeve 1929 Fund 136,600 Estate of Ward B . Lewis 1960 289,558 Estate of James O . Reynolds 1947 73,603 Estate of Suzanne Gabriella Lindsey 399,693 Estate of Elsie T . Rider 50,138 Walter C . Longstreth 1901 Fund 129,632 E . Marion Roberts 1911 Fund 1,197,651 Estate of Cedric M . Luce, Jr . 1944 1,196,107 Emily T . Robertson 728,793 The H . Gardner Lund 1904 Fund 84,187 Hayden D . Robinson 1917 Memorial Fund 93,166 Edwin H . Lutkins 1916 Fund 1,265,931 Ruth Hibbard Romer Fund 50,443 Thomas H . Lydon 1944 Fund 36,690 William H . Ross 1929 Fund 484,765 F . and L . MacFarland Charitable and Educational Fund 194,479 Estate of Gordon A . Rust 1930 3,880,294 Harry Cornell Madden 1925 Fund 41,301 Estate of Frank K . Sanders, Jr . 1917 281,002 Estate of Edward J . Maloney 1917 2,570,399 Howell E . Sayre 1908 Memorial Fund 57,838 Jane D . Marshall Fund 73,054 Henry Schmidt 1933 14,708 Robert K . Massey 1937 Memorial Fund 196,236 Jewel H . Schwab Fund 211,849 Richmond Mayo-Smith 1909 Fund 145,864 The Seligman Fund 1,324,155 John H . McBride 1926 12,982 Emily A . Shields 38,173 Estate of H . Douglas McGeorge 1932 146,413 The Franklin Atwood Shurtleff 1928 Memorial Fund 632,661 Hugh J . McLane 1944 Fund 259,031 Estate of June S . Sicard 2,741,984 Estate of Everett F . McTernan 1915 1,770,626 Elizabeth B . and Richard P . Simcoke 1932 533,089 Dudley H . Meek, Jr . 1952 170,271 Estate of G . Northrup Simpson, Jr . 1951 1,230,959 Cornelia R . Meiklejohn 351,027 Athanasios Demetrios Skouras 1936 Memorial Fund 60,540 Charles E . Merrill 1908 Fund 523,791 Theodore Southworth 1919 Fund 188,973 Charles E . Merrill Trust and Estate 23,741,868 Atherton H . Sprague Fund 259,605 Dorothy W . Merrill 21,067 James A . Stewart 1939 Fund 315,247 Earl W . Merrill 1927 Fund 49,143 Harold F . Still, Jr . 1944 Endowment Fund 341,982 James Merrill 1947 Fund 3,771,784 Robert I . Stout 1913 Fund 2,839,904 Oliver B . Merrill 1925 Fund 554,112 Arthur I . Strang 1937 75,898 Estate of Jane Peck Messler 162,134 Estate of Dorothy G . Suydam 45,567 Joseph D . Messler 1935 390,860 George W . R . Sykes 1938 53,231 Lloyd W . Miller 1919 Fund 69,072 John C . Tapley, Jr . Fund 41,301 Robert T . Miller, Jr . 1899 Fund 90,728 Estate of Thomas H . Taylor, Jr . 669,896 Arthur N . Milliken 1880 Fund 319,581 Ruth L . Thompson 1920 Fund 23,485 The Millimet Lead Trust Fund 53,125 Estate of Clarice Brows Thorp 417,439 Ivalita G . Miner 38,010 Harry G . Tinker 1893 Trust 767,941 Bruce M . Minnick 1940 30,656 Estate of George L . Titus 1924 199,741 Charles E . Mitchell 1899 Fund 378,739 Phelps Tracy 1931 Endowment Fund 200,764 Hazel I . and Robert L . Mitchell 1943 Fund 111,174 Edmund C . Twichell 1933 21,169 Edward W . Morehouse 1918 Fund 48,147 Procter C . Twichell 1937 33,642 Estate of Chandler Morse 1927 52,599 Clinton W . Tylee, Jr . 1936 67,690 Horace C . Moses, Jr . 1929 Fund 1,283,748 Howell Van Auken Memorial Fund 1,087,136 Estate of Alexander Hyde Mossman 1920 50,138 John L . Van Woert 1933 19,239 Estate of Katharine A . Murphy 167,419 Anita T . Wait Fund 76,677 Edwin A . Neale 1930 109,987 Estate of Raymond M . Walls, Jr . 1953 81,647 Frank F . Nelson 1873 Fund 67,264 Paul W . Watt 1923 Fund 281,774 William J . Newlin 1899 Fund 107,570 Estate of Harold N . Weber 848,833 Richard H . Nicholls 1960 Fund 112,738 Edgar H . Weil and Florence Weil Fund 126,157 Violet B . Nienaber Fund 99,002 Nellie Wells Fund 231,798 Estate of Ralph H . Oatley 1922 117,748 Estate of Oliver Wells 38,884 Charles H . Olmsted 1943 Fund 44,572 Grace Wethern Fund 232,184 Theodore P . Palmer 1928 93,044 Robert R . White, Jr . 1919 Fund 25,455 Martha J . Parker Fund 103,811 Ralph T . Whitelaw 1902 Fund 244,028

53 s Estate of Elizabeth H . Whitney 48,147 Hannah S . Calmus Library Fund 1,159,844 Thomas P . Whitney 1937 Fund 338,190 Stuart C . Frazier Book Fund 38,538 Charles J . Wier 1889 Fund 2,558,577 Friends of Library Endowment Fund 40,367 Charles T . Wilder Fund 301,358 David C . Fulton 1951 Book Fund 65,781 Bertha L . Wilkinson Fund 94,710 John F . Genung Fund 74,882 Benjamin Williams 1936 104,968 George H . Gilbert Fund 197,892 Estate of Mabel M . Williams 454,509 Frederick Walbridge Hoeing 1929 Fund 37,462 Mazelia E . Williams Fund 58,122 Eric S . Jeltrup 1934 Robert Frost Library Fund 181,876 Ralph M . Williams 1933 Fund 48,676 The Frederick S . Lane Fund 76,284 James R . Williston Fund 946,899 The Amherst College Campaign Fund for Thomas M . Wilson, Jr . 1933 Fund 6,881,219 Library Acquisitions 42,642 Dwight L . Woodberry 1902 Fund 785,453 The Library Acquisitions Fund NEH 86,300 James L . Woodress, Jr . 1938 Fund 155,847 May H . Morris and Albert M . Morris 1913 Fund 816,657 David W . Woodward 1934 164,921 Howard A . Newton 1906 Fund 460,305 Estate of John N . Worcester 1921 505,527 The Olds Family Fund 103,745 Estate of Elbert Wortman 1910 154,664 The Stanley I . Posner 1930 Book Fund 53,917 Edward B . Wright 1920 Fund 107,915 Edmund L . Pratt 1925 Library Fund 864,276 Frances L . Youtz Fund 222,331 Morris Pratt 1911 Dormitory Library Fund 70,088 Willard and Claire Brows Thorp Library Fund 57,232 Total Quasi-Endowment, Unrestricted $176,091,275 Ralph M . Williams 1933 Fund 28,563 Quasi-Endowment, Restricted Total Library $4,561,822 ADMINISTRATION Kurt L . Daniels 1923 Presidential Fund 2,120,029 PHYSICAL PLANT John D . Weil 1963 Presidential Discretionary Fund 258,615 Faculty Club Fund 710,205 Harry V . Keefe Student Health Center Fund 2,999,116 Total Administration $2,378,644 Edmund L . Pratt 1925 Building Maintenance Fund 279,113 Laura P . Pratt Dorm Renovation Fund 255,913 INSTRUCTION Schupf Family Landscape Fund 50,425 Funds for Specific Instruction Purposes John William Ward Fund 339,124 Consolidated 242 Frederick W . Zink Maintenance Fund 891,275 John Tennant Adams 1929 and Elizabeth Collins Adams Music Fund 1,893,737 Total Physical Plant $5,525,171 The Amherst College Campaign Fund for Interdisciplinary Teaching 66,777 SCHOLARSHIPS AND STUDENT AID Bruce B . Benson Physics Fund 57,602 Consolidated 95,662 William Constable Breed and The Amherst College Campaign Fund for James McVickar Breed 1903 Memorial Fund 9,861,242 International Student Aid 131,847 Elizabeth W . Bruss Fund 96,946 The Amherst College Campaign Fund for Arnold Collery Econonmics Fund 33,816 Student Financial Aid 1,070,985 William Nelson Cromwell Fund 5,969,688 Paula R . and David J . Avenius 1941 Scholarship Fund 478,460 W . W . Davis 1879 Fund 49,773 Jay W . Butts 1946 Scholarship Fund 119,655 The Dow Reinvested Income Fund 2,394,480 Edwin Clapp 1849 Scholarship Fund 127,641 Economics Department Fund 107,403 Carlton J . Cuqua Memorial Fund 40,712 English Language and Literature Augustus I . Dillon 1906 Fund 276,431 Reinvested Income Fund 203,996 Elsie Dittrich Lepper Scholarship Fund 680,080 Friends of Music Endowment Fund 40,367 Frank Rose Elder 1911 Scholarship Fund 138,104 Fund for Special Geology Field Trips 160,159 Richard D . Fairbend, Jr . 1929 Scholarship Fund 39,432 Estate of George Harris 1906 256,644 Miriam and Henry Fillman 1917 Scholarship Fund 1,085,488 Elmo Giordanetti Memorial Scholarship Fund 83,329 Japanese Language and Literature Fund (NEH) 339,917 John H . Klingenfeld 1913 Loan Fund 54,892 Harold F . Johnson 1918 Fund 93,004 O . Howard Korell 1954 Scholarship Fund 105,762 Knowles Fund 94,710 James B . Krumsiek 1958 Memorial Scholarship Fund 663,956 Robert Edmund Lee 1940 28,056 George W . McFadden, Jr . 1922 Scholarship Fund 105,213 Massachusetts Professorship in Chemistry and Middle Income Student Loan Fund 97,351 Natural History 288,803 Alfred S . Lee Scholarship Fund 1,454,733 Moore 1871 Laboratory Fund 294,613 Walter W . and Catherine S . Newcombe Scholarship Fund 70,515 James R . Nelson Fund 397,629 Roderic D . G . O’Connor Scholarship Fund 339,754 Edmund L . Pratt 1925 Athletic Fund 864,276 Theodore B . Plimpton 1902 Scholarship Fund 134,305 Edmund L . Pratt 1925 Fine Arts Fund 76,508 Edmond C . Powers Scholarship Fund 101,094 Edmund L . Pratt 1925 Music Fund 76,508 President’s Discretionary Fund 817,539 Leslie T . Webster 1915 Biological Sciences Fund 2,143,739 The Returned Scholarship Fund 288,119 Total Instruction $25,890,635 Elbert W . Rockwood 1884 Fund 1,143,551 Soule Family Memorial Scholarship Fund 518,692 LIBRARY Von Blon Family Scholarship Fund 93,369 Consolidated 67,567 Robert A . Ward Fund 183,168 Lucy Wilson Benson Fund 37,604 Joseph C . Weller 1928 Scholarship Fund 95,199

54 s Westinghouse Foundation Scholarship 126,158 Ebenezer Strong Snell 1822 Memorial Fund 2,738,755 Henry Kirk White 1880 Scholarship Fund 32,180 Eliza W . Valentine Fund 2,872,462 Theodore L . Widmayer 1917 Fund 2,887,332 Total Scholarships and Student Aid $10,793,376 Total Administration $194,706,475 PRIZES Robert H . Breusch Prize Fund 60,824 INSTRUCTION G . Armour Craig 1937 Prize Fund 27,263 General Instruction—various funds applicable to the Anthony and Anastasia Nicolaides Award 19,157 common purpose of teachers’ salaries Total Prizes $107,244 Paula R . and David J . Avenius 1941 Professorship 947,787 Douglas Dayton 1946 Fund 102,572 ACADEMIC SERVICES The Ford Foundation Fund 29,085,335 Consolidated 1,510 Roger C . Holden 1919 Professorship in Amherst Center for Russian Culture 153,678 Theater and Dance 2,247,129 The Amherst College Campaign Fund for Total General Instruction 32,382,823 Faculty Research and Scholarship 130,181 The Collins Print Room Endowment Fund 74,203 Funds for Specific Instruction Purposes Joseph Epstein Lecture Fund in Philosophy 57,249 Ashton Fund 97,270 Forry and Micken Fund in Philosophy and Science 397,429 Frances C . Chapman Fund 177,455 Glee Club Endowment Fund, in memory of Edward C . Crossett 1905 Fund 604,605 James Evan Boicourt 1969 29,094 The Winifred Capron Moyer Fund 245,633 George L . Hamilton 1893 Fund 1,223,797 Total Specific Instruction Purposes 1,124,963 The Keck Foundation Fund 728,631 Pratt Museum Fund 408,406 Total Instruction $33,507,786 Program for Physical Science Development 1,705,291 Science Initiative Reinvested Income Fund 3,263,739 LIBRARY The Templeton Photography Fund 474,526 Barrett W . Couper 1971 Memorial Fund 194,193 Weather Station Fund 42,772 Alpheus John Goddard 1893 Memorial Fund 62,429 Wise Acquisition Fund for Mead Art 263,712 The Israels Family Fund 481,311 Total Academic Services $8,954,218 Total Library $737,933 STUDENT SERVICES PHYSICAL PLANT The Amherst College Campaign Fund for Student Life 26,715 Richmond M . Rudden Fund 501,078 Philip W . Avirett 1946 Memorial Fund 107,275 Hotchkiss/Patrick Internship Fund 173,582 Total Physical Plant $501,078 Turner Family Hockey Program Fund 101,775 SCHOLARSHIPS AND STUDENT AID Total Student Services 409,347 Consolidated 11,116,065 Total Quasi-Endowment, Restricted $58,620,457 Frederick T . Bedford 1899 Scholarship Fund 7,181,438 Chemical Bank Scholarship Fund 461,301 Quasi-Endowment, Designated Class of 1934 25-Year Fund 217,699 COLLEGE J . Davey Gerhard 1938 Memorial Scholarship Fund 41,220 General Memorial Fund 478,935 Sarah M . Kaemmerling Scholarship Fund 127,560 Warner Seely 1915 and Charles D . Seely 1876 The McGregor Foundation Scholarship Fund 82,704 Memorial Fund 48,046 The Earl W . Merrill 1927 Scholarship Fund 295,995 William M . Prest 1888 Fund 7,401,494 Total College $526,981 Benjamin M . Ziegler Scholarship Fund 806,668 ADMINISTRATION Total Scholarships and Student Aid $27,732,144 Consolidated 52,306,584 Estate of Winifred L . Arms 13,136,703 PRIZES Frank L . Babbott 1878 Fund 26,377,257 The Richard M . Foose Geology Prize Fund 368,526 Frederick T . Bedford 1899 Fund 6,411,450 Alfred F . Havighurst Prize Fund 23,862 Clara M . Chapin Fund 7,187,476 Charles Hamilton Houston 1915 Prize Fund 17,571 Edward C . Crossett 1905 Fund 26,638,759 Ed Serues Racquets Trophy Fund 13,672 Frank K . Daniels Fund 155,595 Stonewall Prize Fund 12,921 Kurt L . Daniels 1923 Fund 288,051 Total Prizes $436,552 Edwin Duffey 1890 Fund 4,273,331 The Gordon R . Hall 1915 Memorial Fund 21,855,362 FELLOWSHIPS Hewlett-Mellon Presidential Discretionary Fund 1,210,938 The MacArthur-Leithauser Travel Award 144,723 Henry P . Kendall 1899 Fund 9,418,814 Samuel and Ethel LeFrak Presidential Discretionary Fund 1,476,419 Total Fellowships $144,723 The Mead Fund 3,972,575 The McGregor Foundation Presidents Fund 82,277 FUNDS SUBJECT TO RESERVED INCOME Pelham Cemetery Fund for upkeep of Harkness graves 37,888 Laura P . Pratt Fund 2,303,274 Sherman Pratt 1927 Fund 9,113,061 Total Reserved Income Funds $37,888

55 s ACADEMIC SERVICES Immediate Life Income Fund $6,662,211 Wallace C . Dayton 1943 Environmental Fund 773,995 Robert L . Abbey 1939 W . Deaver Kehne 1942 Latham Internships in Washington 209,175 Lucetta S . Alderfer Douglas E . Kellogg 1941 Mead Art Acquisitions Fund 450,231 (S . Stanley Alderfer 1930) J . Joseph Kelly, Jr . 1941 The Charles H . Morgan Fine Arts Fund 182,638 Fred H . Allen, Jr . 1934 Leslie H . Kerr, Jr . 1940 Neesima Memorial Committee Fund 33,764 George H . Allen Woodward Kingman 1949 Total Academic Services $1,649,803 Wallace W . Anderson, Jr . 1951 John E . Lehman 1938 Anonymous Charles R . Longsworth 1951 STUDENT SERVICES William J . Babcock, Jr . 1943 Hector E . Lynch III 1940 George L . Cadigan 1933 Chaplaincy Fund 3,900,383 William H . Banks III 1953 W . Barry Mallon, Jr . 1944 Career Center Internships 145,194 Edwin R . Bates 1941 R . William Marberger, Jr . 1941 William M . Bellows 1944 Arthur V . C . Marshall 1937 Total Student Services 4,045,577 John M . Betts 1942 Robert C . McAdoo 1943 Total Quasi-Endowment, Designated $264,026,940 Robert H . Bidwell 1941 Henry N . McCluney 1939 Herbert E . Bixler 1932 Lydia N . McCollum TOTAL QUASI ENDOWMENT $498,738,672 Daniel Bliss 1920 (Robert S . McCollum 1938) David Broadbent 1942 Kimball A . McMullin 1939 TOTAL ENDOWMENT FUNDS $1,641,510,807 George G . Brooks 1944 John C . Moench 1943 and Priscilla A . Brooks Hugh G . Moulton 1955 Life Funds Henry B . Bruyn 1940 Gilbert H . Mudge 1936 The Balanced Income Fund $8,077,747 J . Robert Buchanan 1950 William J . Murray, Jr . 1945 S . Stanley Alderfer 1930 Willard C . McNitt 1942 Robert F . Buehler 1938 Alexis P . Nason 1943 James B . Ammon 1944 David H . Means 1950 John C . Carpenter 1944 Mary S . Park Anonymous Howard M . Mitchell 1939 Otis Cary 1943 (Wm . Richard Park 1949) Robert W . Boden 1953 Matthew P . Mitchell 1954 Willard C . Case 1949 Sanborn Partridge 1936 J . Robert Buchanan 1950 and Angela F . Mitchell Howard O . Colgan, Jr . 1932 Susan Patton Isabel E . Bumstead Hugh G . Moulton 1955 Philip H . Coombs 1937 Pauline Perry Pierce A . Cassedy 1943 Peter W . Moyer 1949 James A . Corrigan 1949 C . Edgar Phreaner, Jr . 1936 Maurice F . Childs 1954 Alexis P . Nason 1943 Edith P . Cranshaw George H . Phreaner 1937 William C . Clarke, Jr . 1944 Edmund G . Noyes 1943 (John A . Cranshaw 1939) William E . Redeker 1940 Howard O . Colgan, Jr . 1932 Lester N . Odams, Jr . 1951 Miner D . Crary, Jr . 1942 Leslie M . Redman 1940 Michael A . Connor, Jr . 1945 Theodore P . Palmer 1928 William H . Creamer 1936 Hugh M . J . Reeves 1940 William F . Cordner 1940 John N . and Carol K . Park 1953 Samuel B . Cummings, Jr . 1926 Adrien L . Ringuette 1948 Robert E . Dillon, Jr . 1953 Wm . Richard Park 1949 Robert L . Davidson 1952 Chalmers M . Roberts 1933 Waldo E . Dodge 1945 Linn B . Perkins 1949 Caleb W . Davis 1940 Matthew M . Rubin 1959 Allan A . Eaton 1944 Elizabeth H . Potter Thomas J . Donoghue 1943 and Carolyn W . Rubin Louis F . Eaton, Jr . 1940 (Robert A . Potter 1940) Parker S . Dorman 1944 Walter A . Schloss 1936 Robert A . Eaton 1943 Philip T . Rand 1961 Raymond H . Dresser, Jr . 1953 C . Keith Shay 1943 and Meredith V . Eaton J . Bushnell Richardson, Jr . 1929 John H . Esquirol, Jr . 1950 Charles F . Sheridan, Jr . 1948 Ruth H . Fitzgerald and Miriam D . Richardson Samuel B . Feinberg 1937 Edwin F . Sherman, Jr . 1938 J . Russell Fowler 1940 Donald B . Riefler 1949 and Marilyn M . Feinberg James L . Shields 1935 Richard S . Gray 1953 Robert M . Segal 1936 Claus N . Felfe 1956 William P . Simons II 1942 William B . Greenough III 1953 Thomas R . Shepard, Jr . 1940 W . Philip Giddings 1934 John W . Strahan III 1952 Philip F . Hall, Jr . 1937 George L . Shinn 1945 William J . Graham 1945 C . George Taylor 1939 Myron C . Hamer, Jr . 1953 Richard C . Simon 1949 Thayer A . Greene 1950 Harrison G . Taylor, Jr . 1942 Montagu Hankin, Jr . 1943 P . Whitney Spaulding 1950 Thomas P . Greenman 1945 R . John Theibert 1945 Helen S . Harris Polly W . Spaulding John T . Gyger, Jr . 1949 and Nancy Theibert (Timothy M . Harris 1957) Clifford B . Storms 1954 Benjamin E . Haller 1938 Thomas E . Tisza 1943 George Heller 1952 Albert W . Tenney, Jr . 1953 W . Chapin Harris 1945 Edwin J . Titsworth William S . Hosford 1943 David F . Tuttle, Jr . 1934 William C . Hart 1944 Harry A . Trautmann, Jr . 1940 James M . Hund 1944 Nancy W . Valentine Frank C . Hartzell, Jr . 1949 David M . Traver 1946 Thomas H . Johnson 1920 (Richard H . Valentine 1943) Albert H . Hastorf 1942 Samuel F . Trull 1945 Berthe W . Keith Jack H . Vernon 1952 Alfred C . Haven 1945 Ervin A . Tucker 1923 (Thomas B . Keith II 1960) Edwin H . Watkins 1946 and Jane H . Haven David F . Tuttle, Jr . 1934 Phyllis D . Kirkpatrick Sterling L . Weaver 1953 Samuel A . Hess 1943 Theodore G . Walker III 1949 (John E . Kirkpatrick 1951) and Jean C . Weaver David M . Hildreth 1939 John W . Wastcoat 1934 Robert C . Knowles 1951 William B . Whiston 1943 Abigail J . and George M . Edwin H . Watkins 1946 Charles R . Longsworth 1951 William H . Whorf 1942 Hinckley 1934 William C . Wheeler 1939 Maurice A . Longsworth 1954 Patricia Wilcox Lucy Patton Holt John W . White 1934 G . Vicary Mahler 1953 (William W . Wilcox 1954) W . Stewart Hotchkiss 1929 Katharine S . White Robert C . McAdoo 1943 James P . Wilkerson 1937 John W . Howard 1949 (John W . White 1934) Carolyn L . McCluney Richard E . Winslow, Jr . 1926 L . Eugene Hurtz 1939 Elmer W . Wiggins, Jr . 1938 (Henry N . McCluney 1939) John Jeppson 1938 James P . Wilkerson 1937 George R . Jonelunas 1949 Emmons J . Williams 1945 Horace W . Jordan 1937 Richard E . Winslow, Jr . 1926

56 s Richard E . Winslow III 1956 Rufus J . Wysor, Jr . 1942 Jean C . Weaver Thomas P . Wilson 1939 Gerald B . Woodruff 1926 George M . Zimberg 1948 (Sterling L . Weaver 1953) Abigail K . Winans Edwin F . Wesely, Jr . 1952 (Charles A . Winans 1950) Gift Annuities $5,835,089 William E . Whitney, Jr . 1954 L . Leverett Wright 1938 Anonymous Laura Leigh MacDougall James J . Barnes 1954 (R . Donald MacDougall 1955) Separately Invested Funds $59,915,668 Richard G . Bateson 1945 Janet L . Mahler Fred H . and Frances B . Allen Charitable Remainder Unitrust David S . Beebe 1956 (G . Vicary Mahler 1953) Patricia M . and G . Ernest Anderson 1950 and Judy Beebe Michael E . McGoldrick 1959 Charitable Remainder Unitrust Robert H . Bidwell 1941 Robert J . McKean, Jr . 1950 Anonymous Unitrusts Paul E . Bragdon 1950 and Sally A . McKean Robert Answorth 1950 Charitable Remainder Unitrust George G . Brooks 1944 Margaret McLane Kenneth H . Bacon 1966 and Dorothy W . Bacon and Priscilla A . Brooks (Hugh J . McLane 1944) Charitable Remainder Unitrust J . Robert Buchanan 1950 Dudley H . Meek 1952 William Whitaker Baer 1945 and Anne Fraser Baer Douglas P . Butler 1942 Robert L . Meineker 1943 Charitable Remainder Unitrust John C . Carpenter 1944 Judith P . Melick Mary and James Bandeen 1949 Charitable Remainder Unitrust and Evelyn A . Carpenter (Edwin F . Melick 1954) Michael I . and Holly H . Barach Charitable Remainder Unitrust Virginia A . Christenson Suzanne F . Merrill Michael I . and Holly H . Barach Charitable Remainder Unitrust II (Leon R . Christenson 1949) (Charles F . Merrill 1955) Michael I . and Holly H . Barach Charitable Remainder Unitrust III Charles H . Cleminshaw 1951 Floyd S . Merritt 1951 Michael I . and Donna J . Barach Charitable Remainder Unitrust Paula H . Connolly Howard M . Mitchell 1939 A . James Barker Charitable Remainder Unitrust (Leo W . Connolly 1953) Hugh G . Moulton 1955 John B . Bean Charitable Remainder Unitrust Michael A . Connor, Jr . 1945 Peter W . Moyer 1949 Lucy Wilson Benson Charitable Remainder Annuity Trust Erich H . Cramer 1956 David S . Newcombe 1952 Lucy Wilson Benson Charitable Remainder Unitrust Laura S . Cramer and Sissel M . Newcombe Don B . Blenko 1950 Charitable Remainder Unitrust (Robert R . Cramer 1940) John M . Orders 1964 David R . Bornemann 1961 Charitable Remainder Unitrust W . Barton Cummings, Jr . 1951 Kenneth L . Parkhurst 1950 John Z . and Caroline S . Bulkeley 1960 Richard W . Cutting 1953 Henry B . Pearsall 1956 Charitable Remainder Unitrust Ethel B . David Frederick Y . Peters 1942 Dean E . Butts Charitable Remainder Unitrust (Clifford C . David 1944) Norma H . Petersen Adrienne and Arthur Cannella Charitable Remainder Unitrust John T . Dobbin 1945 (Raymond C . Petersen 1951) Elaine Kursch and Jon R . Catlin Charitable Remainder Unitrust John K . Dustin 1940 Nancy L . Phillips Sally Cogan and Jerry A . Cogan, Jr . 1956 Allan A . Eaton 1944 (Edward C . Phillips 1933) Charles B . Cohler Charitable Remainder Unitrust Theodore F . Ells 1961 George H . Phreaner 1937 Charles and Patricia Collins 1960 Charitable Remainder Unitrust William H . Erskine 1943 Gordon M . Pradl 1965 George C . Corson, Jr . 1956 Charitable Remainder Unitrust William W . Falsgraf 1955 Robert C . Preble, Jr . 1944 Randall and Deborah Deshotel Charitable Jeffrey A . Fillman 1955 Richard C . Read 1941 Remainder Annuity Trust J . Russell Fowler 1940 Dora F . Reese Dimond Scholarship Trust Robert Y . Fox 1955 William H . Reese 1931 Lorayne V . Dodge 2004 Charitable Remainder Unitrust Edwin D . Frost, Jr . 1941 Carol Sagendorph Jean Schabacker Donati and Richard C . Donati 1945 Paul H . Geithner, Jr . 1952 (Samuel L . Sagendorph 1939) Charitable Remainder Unitrust II and Irmgard H . Geithner Walter A . Schloss 1936 J . Henry Doscher, Jr . 1942 Charitable Remainder Unitrust Elizabeth Lameyer Gilmore Daniel B . Schwarzkopf 1951 J . Henry Doscher, Jr . 1942 Charitable Remainder Unitrust II Mary Groskloss Andrew A . Scholtz 1950 John Eastman, Jr . Charitable Remainder Unitrust (Howard H . Groskloss 1930) Henry W . Seeley, Jr . 1939 Jane N . and G . Yale Eastman 1950 Charitable Remainder Unitrust Hall Roberts Family Trust Thomas R . Shepard, Jr . 1940 Alma Lee Eck Charitable Remainder Unitrust (John F . Hall 1939) George L . Shinn 1945 John L . Fletcher, Jr . Charitable Remainder Unitrust Leesley B . Hardy 1950 Albin J . Sigda 1942 Sandra and John Fulton 1956 Charitable Remainder Unitrust and Joan J . Hardy Richard L . Silva, Jr . 1949 Richard L . Gernold 1960 Charitable Remainder Unitrust Ethel V . Harris Richard C . Simon 1949 William H . Giese 1966 (W . Chapin Harris 1945) William P . Simons II 1942 Paul B . Goodrich 1968 Charitable Remainder Unitrust Robert J . Haynes 1946 Bradley F . Skinner 1934 Theodore P . Greene 1943 and Mary J . Greene David M . Hildreth 1939 Hubbard M . Smith 1957 Charitable Remainder Unitrust and Evelyn W . Hildreth and Linda F . Smith Suzanne A . Greenman and Thomas P . Greenman William S . Hosford 1943 Alfred Soman 1956 Charitable Remainder Unitrust and Georgette L . Hosford I . Jack Spiegel 1939 Thomas P . Greenman and Suzanne A . Greenman J . Roger Hull, Jr . 1959 Margaret H . Steketee Charitable Remainder Unitrust Davis G . Johnson 1941 (Robert D . Steketee 1950) Werner Gundersheimer 1959 Charitable Remainder Unitrust and Mary C . Johnson Peter F E. . Swinchatt 1955 J . Edward C . Harris 1956 Robert D . Jones 1952 William E . Traver II 1942 Meredith R . and Myron C . Hamer 1953 Marilyn E . Kingman Clifford H . Tuttle, Jr . 1952 Charitable Remainder Unitrust (Henry S . Kingman, Jr . 1943) Herbert H . Uhl 1953 Guy and Michele Horner Charitable Remainder Unitrust Leonard S . Kolsky 1951 Wilfred F . Vallely, Jr . 1950 W . Stewart and Anne Hotchkiss 2002 John C . Lightfoot 1952 James K . Vernon 1957 Charitable Remainder Annuity Trust Maurice A . Longsworth 1954 Samuel M . Watson 1951 Walter J . Hunziker, Jr . 1951 Charitable Remainder Unitrust

57 s Sheridan W . Johns III 1957 Charitable Remainder Unitrust Richard S . and Marcia F . Volpert 1956 Bertram W . and Ellen U . Justus 1953 Charitable Remainder Unitrust Charitable Remainder Unitrust Kenneth M . Walbridge 1937 and Jean P . Walbridge Susan and Larry Kahn 1968 Charitable Remainder Unitrust Charitable Remainder Unitrust Kirkpatrick 2007 Charitable Remainder Unitrust Samuel M . Watson 1951 Charitable Remainder Unitrust Charles Klem, Jr . Charitable Remainder Unitrust Leslie T . Webster, Jr . 1947 Charitable Remainder Unitrust Jeanette Louise Wolfe Knight Charitable Remainder Unitrust William M . Weiant 1960 Charitable Remainder Unitrust William and Anne Krupman 1958 Charitable Remainder Unitrust Peter J . Weiller 1956 Charitable Remainder Unitrust Frank and Gerry Leftwich 2008 Charitable Remainder Unitrust Alan E . Weston 1959 Charitable Remainder Unitrust Charles R . Longsworth 1951 and Polly Longsworth Harold R . Wilde 1967 Charitable Remainder Unitrust Charitable Remainder Unitrust Philip Steele Winterer 1953 Charitable Remainder Unitrust Omar and Maria Lyettefi Charitable Remainder Unitrust Karin Elizabeth Wolfe Charitable Remainder Unitrust Everett W . MacLennan 1996 Charitable Remainder Unitrust Richard Shipley Wolfe 1952 Charitable Remainder Unitrust John MacLeod 1948 Charitable Remainder Unitrusts Z/G2 1959 Charitable Remainder Unitrust Patricia and Richard Maddi Charitable Remainder Unitrust Louis A . Matis 1971 Charitable Remainder Unitrust TOTAL LIFE FUNDS $80,490,715 Joe and Betty McDonald 1958 Charitable Remainder Unitrust TOTAL ENDOWMENT AND OTHER Emery Meschter 1930 Charitable Remainder Unitrust Emery Meschter 1930 Charitable Remainder Unitrust II SIMILAR FUNDS—Amherst College $1,722,001,522 Howard M . Mitchell 1939 Charitable Remainder Unitrust Ray A . and Ilga S . Moore Charitable Remainder Unitrust Funds Held in Trust by Others David E . and Ruth S . Morine Charitable Remainder Unitrust Charitable Remainder Unitrust Agreement for Hanna H . Bartlett Abe J . and Mary Jo M . Moses 1955 1996 Charitable Remainder Unitrust Agreement of Charitable Remainder Unitrust Hanna H . Bartlett and James T . Bartlett Moulton Charitable Remainder Unitrust James T . Bartlett 1959 Peter A . Nadosy Charitable Remainder Unitrust John B . Bartlett Charitable Remainder Unitrust Edward N . Ney 1946 Charitable Remainder Unitrust John B . Bartlett 1960 Pennock Environmental Scholarship Trust Bushman Family Charitable Remainder Unitrust Cecily C . Perez Charitable Remainder Unitrust Thomas D . Bushman 1951 and Joyslin W . Bushman Adele S . Perlman and Lee A . Perlman 1962 Cooney-Alma Charitable Remainder Unitrust Charitable Remainder Unitrust D . Paul Cooney 1950 Boyd and Cindy Peterson Charitable Remainder Unitrust Paul R . Dimond and Constance C . Dimond Trust Stephen R . Pflaum Charitable Remainder Unitrust Mr . and Mrs . P . R . Dimond 1966 Charles A . Pittman III 1951 and Claire M . Pittman Doscher Charitable Remainder Unitrust Charitable Remainder Unitrust J . Henry Doscher 1942 Arthur G . Powell 1958 Charitable Remainder Unitrust English Family Charitable Remainder Trust Gordon M . and Mary Ann Pradl 1965 James R . English, Jr . 1941 Charitable Remainder Unitrust Laurence C . Griesemer Charitable Remainder Annuity Trust Saverio Provenzano Charitable Remainder Unitrust Laurence C . Griesemer 1940 David S . Purvis Charitable Remainder Unitrust Gordon Hall III Charitable Remainder Unitrust Gordon Radley 1968 Charitable Remainder Unitrust Gordon Hall III 1952 Verne R . Read 1944 John A . and Ute Hargreaves Charitable Remainder Unitrust Theodore B . Reed 1940 and Nancy E . Reed Mr . and Mrs . John A . Hargreaves, Jr . 1954 Charitable Remainder Unitrust Harry L . Harkness Perpetual 1898 Scholarship Fund Marc W . Richman 1958 Charitable Remainder Unitrust Estate of Ethel Grace Harkness Kenneth Rosenthal 1960 Charitable Remainder Unitrust James A . and Marian S . Hawkins Unitrust Kenneth Rosenthal 1960 Charitable Remainder Unitrust II James A . Hawkins 1950 and Marian S . Hawkins Thomas R . Shepard, Jr . 1940 and Nancy K . Shepard Robert D . Jones Charitable Remainder Unitrust Charitable Remainder Unitrust Robert D . Jones 1952 Thomas R . Shepard, Jr . 1940 and Nancy K . Shepard 2007 Leach Children Charitable Remainder Unitrust Charitable Remainder Unitrust for the Benefit of Sue S . Jaques Albin J . Sigda 1942 Charitable Remainder Unitrust Charles N . Leach, Jr . 1956 Elizabeth B . Simcoke 1998 Charitable Remainder Unitrust Alan P . and Gail Levenstein Charitable Remainder Unitrust Bradley F . and Billee E . Skinner Annuity Mr . and Mrs . Alan P . Levenstein 1956 S . Harold Skolnick 1936 Charitable Remainder Unitrust Liverpool Trust Charitable Remainder Unitrust Robert Bruce Slater and Katherine Neville Lorna D . Johnson Charitable Remainder Unitrust Hunter L . Martin, Jr . and Lore l . Martin Alfred Soman 1956 Charitable Remainder Unitrust Charitable Remainder Unitrust Michael and Joan Spero 1958 Charitable Remainder Unitrust Hunter L . Martin, Jr . 1947 Joseph E . Stiglitz 1964 Charitable Remainder Unitrust McClay Charitable Remainder Unitrust II David and Lois Stowe 1958 Charitable Remainder Unitrust John B . McClay 1954 and Diana B . McClay Thomas Rush Sturges II Charitable Remainder Unitrust Lewis A . and Margaret S . McCreary 1996 Garrett R . Tucker, Jr . 1936 Charitable Remainder Unitrust Charitable Remainder Unitrust Hans P . Utsch 1958 Charitable Remainder Unitrust Mr . and Mrs . Lewis A . McCreary 1943 William McCall Vickery 1957 Charitable Remainder Unitrust Maynette Shearn More Charitable Remainder Unitrust William McCall Vickery 1995 Charitible Remainder Unitrust Estate of J . Henry Doscher 1942

58 s Hugh G . Moulton Charitable Remainder Unitrust 1999 Hugh G . Moulton 1955 Susan W . Noyes Charitable Remainder Unitrust Susan W . Noyes The Robert K . and Jean W . O’Connor Unitrust R . K . O’Connor 1944 David L . Perry 1993 Trust Estate of David L . Perry 1963 Powar Family Charitable Remainder Unitrust William L . Powar 1968 and Paula K . Powar John A . Quisenberry Irrevocable Charitable Remainder Unitrust John A . Quisenberry 1960 Trevor G . Smith 1998 Unitrust Trevor G . Smith 1957 S . Harold Skolnick Trust Estate of S . Harold Skolnick 1936 Clifford B . and Valeria Parker Storms Charitable Remainder Unitrust Clifford B . Storms 1954 and Valeria Parker Storms Norma Propp Tulgan and Henry Tulgan Charitable Trust Henry Tulgan 1954 and Norma Propp Tulgan The Becky H . Tuttle Gift to the Boston Foundation Pooled Income Fund for the Benefit of the Trustees of Amherst College Mrs . David F . Tuttle 1934 Walbridge Children’s Inter Vivos Charitable Remainder Unitrust Kenneth M . Walbridge 1937 and Jean P . Walbridge White-Chavkin 2000 Charitable Remainder Unitrust Robert R . White III 1949 and Dana E . Chafkin The Robert B . Whitney, Jr . and Helen C . Whitney Charitable Remainder Unitrust Mr . and Mrs . R . B . Whitney, Jr . 1955 The Thomas M . Wilson Trust Mildred E . Wolcott Family Charitable Trusts Mildred E . Wolcott

59 s The Trustees of Amherst College s Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds June 30, 2011 (Valuations at Market)

Permanent Endowment, Income Unrestricted The Andrew W . Mellon Fund 4,244,647 Ella Poe Burling Endowment fund $69,133 The Andrew W . Mellon Foundation— Emily C . J . Folger Fund 132,769,878 The Folger Institute of Renaissance and Henry Clay Folger 1879 Fund 50,371,997 Eighteenth-Century Studies 4,065,874 Tod Sedgwick Endowment Fund 53,784 The Andrew W . Mellon Foundation-Curator of Books 3,155,139 The Andrew W . Mellon Partial Curatorship Fund 2,620,922 Total Permananent Endowment, Income Unrestricted $183,264,792 The Andrew W . Mellon Postdoctoral Fellowship Fund 2,045,596 The Andrew W . Mellon Publications Fund 2,766,027 Permanent Endowment, Income Restricted The Andrew W . Mellon Technology Endowment Fund 1,128,964 The K . Frank and Joycelyn C . Austen Acquisition Fund 424,266 The Paul Mellon Acquisition Fund 926,517 The Winton and Carolyn Blount Exhibition Fund 1,921,670 The Millennium Education Endowment 907,069 The Gladys Brooks Acquisitions Fund 311,655 The Mosaic Foundation Endowment 72,939 The Gladys Brooks Fund for Technology 196,444 Barbara A . Mowat Senior Fellowship 1,357,671 Brian Cabe Memorial Fund 28,963 The Frank Battles Newlin Education Fund 227,018 The Elizabeth L . Cabot Acquisition Fund 92,033 The Elizabeth Niemeyer Acquisition Fund 793,625 The Mildred Grinnell Clarke Public Programs Fund 57,992 The Lee Piepho Acquisitions Fund 28,846 Colt Acquisition Fund 383,091 Poetry Endowment 364,097 The Bertita E . Compton Acquisitions Fund 763,680 The Ramsbotham Fund 27,604 The Ann Jennalie Cook Acquisitions Fund 135,821 The Reader Campaign Fellowship Fund 901,698 Conservation Program 5,690,218 Room Renovations 83,275 Charles E . Culpeper Conservation Fund 582,585 Bess and Philip Rosenblum Fellowship 255,571 Hanson Lee Dulin Senior Fellowship Fund 1,399,987 The B F. . Saul Rare Book Fund 705,873 The Early Music Endowment 275,823 Lois Green Schwoerer Fund 23,155 The Elizabeth L . Eisenstein Acquisitions Fund 56,744 Shakespeare Quarterly Reserve 418,277 The Charles W . Englehard Acquisition Fund 809,944 The Roger T . & Peggy M . Simonds Fund 50,039 The Charles W . Englehard Fund for The James B . Sitrick Endowment Fund 271,982 Pre College Education 238,274 The Albert H . Small Fund 143,712 The 301 East Capitol Street Endowment 566,743 Professor Emile V . Telle Acquisition Fund 1,139,176 The Kathrine Dulin Folger & Family Acquisitions Fund 949,169 Louis B . Thalheimer Curatorial Endowment 1,986,750 The Steven & Judith Gluckstern Education Fund 54,248 Trustees Fellowship and Acquisition Fund 1,280,753 The Steven & Judith Gluckstern Technology Fund 54,248 The Verizon Technology Endowment Fund The Herman & Friedl Gundersheimer Fund 141,265 for Pre-College Education Programs 203,438 The Karen Gundersheimer Acquisitions Fund 41,081 John and Marva Warnock Technology Endowment 290,426 The O . B . Hardison Fellowship Fund 1,723,618 The Nancy & Jean Francis Webb The O . B . Hardison Poetry Prize Fund 1,156,989 Memorial Education Fund 156,359 The Wyatt R . and Susan N . Haskell Eric and Mary Weinmann Acquisitions Fund 1,432,888 Public Programs Fund 814,617 Eric and Mary Weinmann Junior Fellowship Fund 831,173 The Judge William H . Hastie Educational Endowment 232,632 Eric W . Weinmann Chief Conservator Fund 748,871 The Eunice & Mones E . Hawley Fund for Early Music 66,464 The Weinmann Librarian Fund 1,547,098 The William Randolph Hearst Fellowship Fund 456,945 The Mary and David S . Wolff Endowment 64,770 The William Randolph Hearst Fund for Total Permanent Endowment, Income Restricted $61,942,438 Pre College Education 196,444 Charlton Myra Hinman Fellowship Fund 497,589 TOTAL PERMANENT ENDOWMENT $245,207,230 The Kenneth C . Hogate Acquisition Fund 207,306 The Humana Education Fund 426,031 Term Endowment The Philip A . Knachel Fellowship Fund 1,068,496 Professor Rosalie L Colie Memorial Reading Room Fund 52,850 The Philip A . Knachel Endowment 321,155 Golden Aniversary Fund 278,636 The Knight Foundation Fund 394,744 The Wyatt R . Haskell Annual Public Programs Fund 209,357 Richard J . Kuhta Fund for Library Acquisitions 76,363 The Evelyn Stefansson Nef Education Fund 42,629 Virginia Lamar Prize Fund 11,852 Ruth Leila Hazel Hand Lefkovits Fund 122,422 TOTAL TERM ENDOWMENT $583,472 The Librarianship Fund 41,601 The Georges Lurcy Acquisition Fund 331,089 Quasi-Endowment, Unrestricted 6,621,392 The Georges Lurcy Fund for Technology 173,069 The Estate of Ella Poe Burling 314,975 The Forrest & Deborah Mars Fund for Property Disposition Fund 3,367,056 Educational Outreach 899,850 The Renaissance Fund 150,799 Matillda D . Mascioli Memorial Fund 279,379 Total Quasi-Endowment, Unrestricted 10,454,222

60 s Quasi-Endowment, Restricted The Early Music Guest Artist Fund 66,914 Mellon Institute 29,553 Janet Field-Pickering Elementary Education Endowment 50,470 The Barbara Taft Endowment Fund 323,787 Lila Wallace Readers-Digest Fund 1,035,732 John Warnock Photography Fund 153,727 Total Quasi-Endowment, Restricted 1,660,183 Quasi-Endowment, Designated The Staff Retirement Plan Funds 3,234,515 Charlotte B . Dow Acquisition Fund 594,592 Director’s Discretionary Fund 1,327,090 Early Music Recordings Endowment 11,896 The Folger Fund for Library Technology 861,418 The Folger Acquisition Endowment Fund 2,516,759 Gail Kern Paster Director’s Educational Endowment Fund 327,815 The Poetry Board Endowment 83,144 The Susan Snyder Memorial Junior Fellowship Endowment 309,591 Total Quasi-Endowment, Designated 9,266,820 TOTAL QUASI-ENDOWMENT $21,381,225 TOTAL ENDOWMENT FUNDS $267,171,927 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 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 $682,432 TOTAL ENDOWMENT AND OTHER SIMILAR FUNDS— Folger Shakespeare Memorial Library $267,854,359

61 s Amherst College s Statistical Information 2010–11

1st 2nd Instruction Appointments with Full-Time Equivalency Enrollment Semester Semester (including tenured faculty with administrative duties) Freshmen 493 482 2010–11 2009–10 Sophomores 470 455 Number F.T.E. Number F.T.E. Juniors 351 367 Professor 92 91 50 . 100 99 50 . Seniors 480 476 Associate Professor 32 32 .00 30 30 .00 Total 1,794 1,780 Assistant Professor 36 36 .00 31 31 .00 Exchange 1 1 Total Regular Faculty 160 159.50 161 160.50 Special 31 20 Lecturers 25 23 70 . 25 23 70 . Comprehensive Fee for 2010–11 $50,820 Coaches 22 22 00 . 23 23 00 . Phased and Other Academic Plant Continuing Appointments 14 7 .00 10 4 .00 Educational, Athletic, and Misc . 1,340,000 sq . ft . Visiting Appointments 22 20 .05 20 18 .30 Residential, etc . 1,230,000 sq . ft . Parking 4 .9 acres Total 243 232.25 239 229.50 Land 1,010 acres Print Volumes in Libraries 1,031,164 Average Compensation of Full-Time Faculty E-Books 167,024 (Salary and Fringe Benefits as Reported to AAUP) Serial Print Titles 11,342 2010–11 2009–10 2005–06 2000–01 Electronic Journals 57,890 Professor $ 172,200 $ 169,800 $ 149,000 $121,700 Nonprint Media 56,372 Associate Professor 118,800 116,100 100,600 83,600 The Folger Shakespeare Memorial Library Assistant Professor 99,900 100,500 91,200 72,100 Collection contains: 256,000 books, 60,000 manuscripts; 250,000 Average (All Ranks) $142,100 $144,700 $130,200 $106,500 playbills; 200 oil paintings; and 50,000 drawings, watercolors, prints, and photographs . Summary of Benefits Buildings 83,600 sq . ft . Social Security $ 4,143,463 Number of Employees (Full Time) 98 Retirement 6,446,888 Insurance—Health, Life, Disability, Faculty & Staff FY 2010–11 (Position F.T.E.) Workers’ Compensation, Unemployment 8,105,723 Faculty: Other—Grant in Aid, Housing Subsidy, Moving, Professors 91 50. Educational Assistance, Recognition and Awards 1,199,378 Associate Professors 32 .00 Assistant Professors 36 .00 Total $19,895,452 Other 72 75. 232 25.

Trustee Administrative Appointees 131 .21 Clerical, Technical and Service Staff (Full-time and Part-time) 453 .26 584 .47 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 . 2010–11 2009–10 Faculty Minorities 50 48 Women 113 97 Administration Minorities 18 15 Women 85 74 Staff Minorities 51 46 Amherst College does not discriminate in its admission or employ- Women 65 56 ment policies and practices on the basis of such factors as race, sex, Subtotal Minorities 119 109 sexual orientation, gender identity, gender expression, age, color, re- Women 263 227 ligion, national origin, disability, or status as a veteran of the Vietnam War or as a disabled veteran . The College complies with federal and Total 382 336 state legislation and regulations regarding nondiscrimination . Inqui- Total (adjusted) *330 *282 ries should be directed to the Special Assistant to the President for * Total adjusted for women counted in both minorities and women Diversity and Inclusion, Amherst College, P O. . Box 5000, Amherst, figures . MA 01002-5000 .

62 s