Amherst College ANNUAL REPORT Fiscal Year Ended June 30, 2006 ▲ Table of Contents

The Corporation ...... 2

A Message from the President ...... 4

Report of the Treasurer ...... 6

Amherst College Statement of Operating Resources and Expenses ...... 8

Folger Shakespeare Memorial Library Statement of Operating Resources and Expenses ...... 10

Amherst College Twenty Years in Review ...... 12

Report of Independent Accountants ...... 13

Balance Sheet ...... 14

Statement of Activities ...... 15

Statement of Cash Flows ...... 16

Notes to Financial Statements ...... 18

Amherst College Gifts, Bequests and Grants Received ...... 32

Folger Shakespeare Memorial Library Gifts, Bequests and Grants Received ...... 32 The Trustees of Amherst College administer Amherst College in Amherst College Amherst, Massachusetts, and the Descriptive Analysis of Endowment and Other Similar Funds ...... 33 Folger Shakespeare Memorial Library in Washington, D.C. Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds ...... 50

Amherst College Statistical Information 2005–06 ...... 52

The cover: Visitors to the new Earth Sciences and Museum of Natural History Build- ing are greeted by the skeletons of several extinct mammals, including a mammoth (foreground), a mastodon (background) and an Irish elk (back cover). The Earth Sciences Building opened for classes in January 2006; the Museum of Natural History has hosted more than 10,000 visitors since opening in May 2006. Karen Hastie Williams, J.D. Paul E. Bragdon, LL.B. The Corporation Washington, DC Portland, OR FISCAL YEAR 2005–06 Secretary of the Corporation George L. Cadigan, A.B. 2 Susan Pikor, A.B. Topsham, ME Hadley, MA Robert W. Carington, M.Arch. Bloomfield Hills, MI Life Trustees Chairman of the Corporation K. Frank Austen, M.D. Philip H. Coombs, A.B. Jide J. Zeitlin, M.B.A. Wellesley Hills, MA Chester, CT 3 New York, NY George B. Beitzel, M.B.A.* William A. Davis, Jr., J.D. President of the College Chappaqua, NY Washington, DC Anthony W. Marx, Ph.D. Martha L. Byorum, M.B.A. Michele Y. Deitch, J.D. Amherst, MA New York, NY Austin, TX Theodore L. Cross, J.D. Charles C. Eldredge, Ph.D. Members of the Corporation Princeton, NJ Lawrence, KS Danielle S. Allen, Ph.D. Chicago, IL1 Rosanne M. Haggerty, A.B. Willie J. Epps, Jr., J.D. New York, NY Kansas City, MO Alan S. Bernstein, M.B.A. Coral Gables, FL Amos B. Hostetter, Jr., M.B.A.* John C. Esty, Jr., M.A. Boston, MA Concord, MA Katherine K. Chia, M.Arch. New York, NY Charles A. Lewis, M.B.A. Nicholas M. Evans, M.B.A. Evanston, IL Vero Beach, FL Brian J. Conway, M.B.A. Boston, MA Charles R. Longsworth, M.B.A.* Richard (Dick) F. Hubert, A.B. Royalston, MA Rye Brook, NY Colin S. Diver, LL.B. Portland, OR Robert J. McKean, Jr., LL.B. George R. Johnson, Jr., J.D. Reston, VA Washington, DC Anne Melissa Dowling, M.B.A. Enfield, CT Mary Patterson McPherson, Ph.D. Woodward Kingman, M.B.A. Rosemont, PA Belvedere, CA William E. Ford, M.B.A. New York, NY Peter A. Nadosy, M.B.A. David L. Kirp, LL.B. New York, NY San Francisco, CA Steven M. Gluckstern, Ed.D. New York, NY Edward N. Ney, A.B. Samuel F. Kitchell, A.B. New York, NY Scottsdale, AZ Frederick E. Hoxie, Ph.D. Evanston, IL Edward E. Phillips, LL.B. Thai-Hi T. Lee, M.B.A. Weston, MA Somerset, NJ David A. Kessler, M.D. San Francisco, CA H. Axel Schupf, M.B.A. Van Doorn Ooms, Ph.D. New York, NY Bethesda, MD Jonathan I. Landman, M.S. New York, NY George L. Shinn, Ph.D.* Stephen B. Oresman, M.B.A. Scarborough, ME Darien, CT Richard S. LeFrak, J.D. New York, NY John I. Williams, Jr., J.D. George E. Peterson, Ph.D. Jamaica Plain, MA Washington, DC Cullen Murphy, A.B. Medfield, MA Philip S. Winterer, LL.B. Mark J. Sandler, LL.B. New York, NY New York, NY Hope Eighmy Pascucci, A.B. Needham, MA Talcott W. Seelye, A.B. Trustees Emeriti Bethesda, MD 4 Paula K. Rauch, M.D. John E. Abele, A.B. Boston, MA Natick, MA W. Lloyd Snyder III, M.B.A. Philadelphia, PA Joseph E. Stiglitz, Ph.D. Kenneth H. Bacon, M.B.A. New York, NY Washington, DC 1 Effective March 4, 2006 Scott F. Turow, J.D. Margaret A. Bangser, M.P.P.M. 2 Deceased December 2005 Chicago, IL Dar es Salaam, Tanzania 3 Deceased February 2006 Diana Chapman Walsh, Ph.D. 4 Deceased June 2006 Wellesley, MA * Chair Emeritus

2 ▲ Joan E. Spero, Ph.D. Advancement Committee Treasurer’s Staff New York, NY Messrs. Conway (Chair), Bernstein, Peter J. Shea, M.S.B.A. Ms. Chia, Mr. Diver, Ms. Dowling, Treasurer Richard R. Spies, Ph.D. Messrs. Ford, Gluckstern, Kessler, Providence, RI Dawn M. Bates, B.B.A. Landman, LeFrak, Murphy, Ms. Pascucci Investment Analyst Bradley A. Stirn, M.B.A. Woodside, CA Audit Committee Laurie M. Bouchard, B.S. Ms. Dowling (Chair), Messrs. Bernstein, Assistant Comptroller Louis B. Thalheimer, J.D. Hoxie, Ms. Rauch, Mr. Stiglitz Baltimore, MD James D. Brassord, M.B.A., M.S. Director, Facilities Planning and Jane D. Weinberger, B.S. Budget and Finance Committee Management Washington, DC Messrs. Gluckstern (Chair), Bernstein, Conway, Ms. Dowling, Messrs. Ford, Kathryn V. Bryne, M.B.A. Gail T. Wickes, Ph.D. Kessler, LeFrak, Ms. Pascucci, Director of Human Resources Dallas, TX Mr. Stiglitz, Ms. Williams Mauricia A. Geissler, B.B.A. W. Willard Wirtz, LL.B. Director of Investments Washington, DC Buildings and Grounds Committee Ms. Chia (Chair), Messrs. Diver, Ford, Shannon D. Gurek, M.B.A. David S. Wolff, M.B.A. Gluckstern, Kessler, Landman, LeFrak, Associate Treasurer/Director Houston, TX Murphy, Ms. Pascucci, Mr. Turow, of the Budget Kimba M. Wood, J.D. Mss. Walsh, Williams Mark Healy, B.A. New York, NY Director of Rental Property Honorary Degrees Committee Robert L. Woodbury, Ph.D. Mr. Diver (Chair), Ms. Chia, Stephen M. Nigro, B.S. Harpswell, ME Messrs. Ford, Hoxie, Kessler, Comptroller Landman, Murphy, Ms. Pascucci, Barbara A. St. Onge Messrs. Stiglitz, Turow Manager, Office of Administrative Services/Mailing Center Human Resources Committee Mr. Hoxie (Chair), Ms. Rauch, Messrs. Charles G. Thompson, A.O.S. Stiglitz, Turow, Mss. Walsh, Williams Director of Dining Services William McC. Vickery, M.B.A. Instruction Committee Assistant Treasurer/Associate Ms. Walsh (Chair), Messrs. Conway, Director of Alumni Programs Diver, Ms. Dowling, Messrs. Hoxie, Kessler, Landman, Murphy, Ms. Rauch, Treasurer Emeritus Messrs. Stiglitz, Turow Kurt M. Hertzfeld, M.B.A. Investment Committee Mr. Ford (Chair), Ms. Dowling, Messrs. Hostetter, Nadosy, Zeitlin

Student Life Committee Mr. Turow (Chair), Ms. Chia, Messrs. Diver, Hoxie, Landman, Murphy, Mss. Rauch, Walsh

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

3 ▲ The 2005–06 fiscal year was a critical tively determined, college-wide inter- moment in the life of the College, as it ests, as well as departmental needs. brought new clarity to the way that we This represents an important change will connect Amherst’s historical mis- in how we shape the future Amherst sion with its ambitions for the future. faculty and the cohesiveness of our In January 2006—after more than curriculum, a change that will help a year of discussion among faculty, stu- sustain Amherst’s excellence for dents, staff and alumni—the Commit- generations to come. tee on Academic Priorities (CAP) As we think about the curriculum, A Message issued its report to the community, we must think, too, about how it laying a path for ongoing discussions connects with our students’ experi- from the that will shape Amherst for genera- ences outside the classroom—both tions to come. The CAP Report in- at Amherst and after graduation. This President cludes 22 recommendations that are past year the College received a signifi- aimed to ensure that Amherst remains cant philanthropic investment that will the nation’s leading liberal arts college allow us to make these connections five, 10 and 30 years from now. Build- more broadly and more intentionally: ing on the College’s historic commit- With a seven-year, $13-million grant ments to academic excellence, civic from John Abele ’59 and the Argosy engagement and broad, equitable Foundation, we have established the access for the brightest students, the Center for Community Engagement, CAP’s recommendations focus on which will draw hundreds of Amherst revitalizing the Amherst curriculum, students into community service connecting our students’ academic ex- through linked curricular and co- periences with the world beyond the curricular programs. By expanding classroom, and ensuring our ability to opportunities for students to gain find the best students from across the hands-on experience tackling some country and around the world. of the pressing problems our society At its May Commencement meet- faces, we will continue to demonstrate ing, in an overwhelming vote, the fac- that what we teach at Amherst is con- ulty endorsed the priorities and goals nected to the world in a very tangible of the CAP Report as a strategy for way. moving forward. The trustees are now Another key area addressed by the discussing these recommendations, CAP Report is that of selection of the and appropriate faculty committees student body. One of the College’s will take up detailed planning over the founding principles—and a belief that coming months. With the other mem- has remained central to Amherst over bers of the CAP, I am heartened and the ensuing centuries—is our commit- gratified by the support that our work ment to providing the finest education has received in the past year, and en- in the land, while bringing together thusiastic about the way in which these the very best students to participate in continuing conversations will enhance that education. In order to do that, we the Amherst education in the future. must be sure that we cast our net as Details about our emerging priori- widely as possible, to reach out to the ties are available on the college’s Web- strongest students from all segments site (www.amherst.edu/future) so I of our society and all regions of our won’t go into depth about these issues country and the world. The logic is here. However, I do want to highlight straightforward: When we cast a wide several important components of our net we reach a broad pool of appli- plans to renew the curriculum, includ- cants, and we are therefore more likely ing a proposal for a writing require- to attract those students who can most ment that will be brought before the contribute to—and benefit from—the faculty for deliberation and a vote, and academic life of the College. This is, a recommendation that all professors, of course, an ongoing discussion, one including those with tenure, partici- that coincides with our longstanding pate in student evaluations of their commitment to our existing con- courses. The faculty also are discussing stituencies, including children of a new system for the allocation of the alumni. college’s most important investment— We must continue striving to en- that of new faculty—to serve collec- sure that an Amherst education is ac-

4 ▲ cessible to the best students, whatever oversight of the Investment Commit- their financial circumstances. Our cur- tee: Bill Ford ’83, Jide Zeitlin ’85, rent focus is in broadening outreach in Anne Melissa Dowling ’80, Amos B. three areas: middle-class students, who Hostetter, Jr. ’58 and Peter Nadosy must take on tremendous debt if they P’01. enroll at highly selective colleges (or The endowment alone, of course, who choose not to enroll because they cannot sustain the operations of the don’t want to assume that debt); stu- College, and we remain grateful to dents from the lowest two quintiles of the thousands of alumni, parents and our nation’s economy, who too often friends who continue to support don’t apply to Amherst and other Amherst with unmatched generosity. highly selective colleges because they Your gifts are not only central to the wrongly think this type of education is ongoing health of the College; they unaffordable; and international stu- are a symbol of your belief in and sup- dents, for whom Amherst currently port for our aspirations. is not need-blind. Only by enrolling This is an exciting period in the the strongest students in all of these history of the College, one of great groups—while also maintaining our hope and possibility. As we look to- commitments in the other areas we ward a future of ever more ambitious prize—can we be sure that we are goals—and as we seek to model a embodying our founding ideal, of course for our students and for higher “giving light to the world.” education—we are mindful of our dis- Moreover, Amherst’s most recent tinguished past, and we invite your admission statistics demonstrate our continued participation in the ongoing effort to meet this challenge while re- discussion about what Amherst should taining our primary commitment to do to remain consistent with our tradi- providing an unsurpassed liberal arts tions and ideals. education. The academic record of this year’s incoming class is strong; we remain the most selective liberal arts college in the country. At the same time, the Class of 2010 includes a record number of Pell-eligible students (from Anthony W. Marx families with incomes below the na- President tional median), as well as a higher percentage of students of color. The class also includes an increased number of children of alumni. The overarching message is this: We are challenging conventional assumptions of a neces- sary trade-off, either between diversity and high academic standards, or between diversity and the College’s other valued constituencies. Our goals are ambitious, to be sure. But Amherst is well-positioned to meet them. Our financial situation remains uncommonly strong—thanks largely to the continuing strength of the endowment and to the ongoing support of our alumni, parents and friends. As you will read in the Report of the Treasurer on the next few pages, Amherst’s endowment in the past year grew from $1.154 billion to $1.337 billion. This increase, of 15.9 percent, again outpaced the performance of many of our peer institutions and other leading endowments. This success is due to the continuing prudent

5 ▲ in utility costs, and set aside funds for was completed in fiscal 2005–06. This Report future expenditures for capital mainte- review resulted in an expansion of nance projects and scholarships. The salary ranges, based on the College’s of the faculty and administration spent much long tenured, stable work force. The of the year discussing the priorities ar- Committee on Priorities and Re- Treasurer ticulated in the report of the Commit- sources—a faculty and student com- tee on Academic Priorities (CAP). mittee—reviews the competitiveness of These recommendations will shape faculty salaries on a yearly basis.) Other much of the work to be done over significant expenditures in the current Following this message are the audited the course of the next few years. year included allocations to facilities financial statements for the Trustees Student tuition and fees ac- maintenance, faculty research, technol- of Amherst College (Institution) pre- counted for 54.7 percent of the oper- ogy and, as noted above, the increase pared in accordance with Accounting ating resources in fiscal 2005–06, a in the cost of utilities. With the addi- Standards generally accepted in the decrease from last year’s 56.6 percent. tion of a new Director of Information United States of America. As a result, This decrease in student tuition and Technology in fiscal 2005–06 and a re- these statements combine the opera- fees was made up by an increase in en- structuring within the technology de- tions of Amherst College (College) dowment distribution to the budget partments, allocations to this area are and the Folger Shakespeare Memorial (30.5 percent of operating resources, expected to increase over the foresee- Library (Library) as well as the assets up from 29.4 percent last year). Sup- able future. The College continues to of trusts in which the Institution is a port from the endowment continues work to reduce energy consumption beneficiary into one set of financial to grow at a significant rate, due in and to implement energy conservation statements. For more description of part to the generosity of alumni, measures. The growth of financial re- the financial presentation, please see parents and friends of the College sources has allowed the College to Footnote #1 on page 18, Basis of who contribute to the endowment, as maintain the highest ratings available Presentation. well as to the work of the Investment from both Moody’s Investor Services While statements in this format Committee of the College, whose and Standard and Poor’s. Those rat- give a true financial picture of the work continues to provide returns well ings are Aaa and AAA, respectively. Institution as a whole, and provide in excess of market expectations. The The College continues to monitor in- consistency and comparability among spending rate on the endowment (4.6 terest rate levels in the market in order not-for-profit institutions, they do not percent of the three-year average en- to achieve the overall lowest cost of reflect how the Institution is internally dowment value) continues to be held debt possible. For fiscal 2005–06, the managed. In fact, both the College at a conservative level, as the Adminis- College paid an average rate of 3.1 and Library are managed as indepen- tration and Trustees feel strongly that percent on its $176.9 million of out- dent operations, with separate operat- while increased endowment support is standing debt. ing budgets based on the principles beneficial, it is important that the Col- of fund accounting. Those principles lege should grow revenues from other Giving to the College basically divide the operation into sources and not become over-reliant operating resources that fund the day- on the endowment. To that end, the to-day business of the Institution, Annual Fund and other gifts and Cash gifts, bequests and grants endowment resources that help to fi- grants to the College this year grew received in fiscal 2005–06 totaled nance the Institution over the long to 11.0 percent of operating resources. $34.5 million, substantially the same term, and the physical plant of the In- The grant revenue received in fiscal as last year’s $34.8 million. (These stitution which manages and invests 2005–06 was at the highest level in amounts represent the actual cash the physical assets. The operating re- recent history and is expected to in- received in the fiscal year and do not sults of the College and Library can be crease in the coming years. This is due include new pledges that remain found on Page 8 and 10, respectively. to significant efforts on the part of the outstanding at the end of the year.) Administration to win grants that will The level of giving for facilities help fund the CAP priorities. The total remained strong this past year at operating resources of the College $5.9 million. This was a result of AMHERST COLLEGE increased by 7.7 percent over fiscal the Trustee Challenge related to the 2004–05. Residential Master Plan and associ- These increased resources were ated projects, which raised a total Operating Results used to fund an 8.1 percent increase in of $30.0 million over the three-year student financial aid, bringing the total period ended this year. Additional The fiscal year 2005–06 operating amount spent on this important prior- pledges to be collected in the future budget for the College was $118.6 ity to $22.7 million. Student financial will add to that amount. As previously million, and at the end of the year a aid expenditures account for 19.2 per- reported, the College completed the small surplus of just over $2,000 recent of the operating budget. More very successful Amherst College Cam- mained in the operating budget. Care- than 50 percent of the College operat- paign at the end of fiscal 2000–01. ful budgeting allowed the College to ing budget is spent on salaries and Throughout the campaign, giving by fully fund its annual educational and benefits for faculty and staff. (Because Trustees, alumni, parents, faculty, other programs and commitments, ab- this expenditure is so significant, a full staff, students and friends averaged sorb higher than anticipated increases review of the staff compensation plan $40 million, while the baseline for

6 ▲ giving before the campaign was in the have been raised based on pre- met or exceeded the schedule goals for range of $12 to $15 million. The cur- Campaign giving levels. The full im- the RMP and has also completed the rent year’s results are substantially pact of these endowment gifts is even adaptive re-use conversion of Williston above the pre-campaign baseline giv- greater when the investment earnings Hall, the renovation of North and ing range, and for the third time ex- on the increased endowment base are South Halls, the construction of two ceeded the $30-million post-campaign factored into the equation. new dormitories known as King and benchmark established by the College. Life income gifts—charitable Wieland, and the replacement of This level of giving is important to remainder unitrusts, charitable re- James and Stearns dormitories. help maintain our ambitious goals mainder annuity trusts, charitable gift The reconstructed James and for the College. annuities and pooled income funds— Stearns dormitories were completed The Annual Fund (comprising the totaled $4.7 million in fiscal 2005–06. over the summer of 2005 in time for Alumni Fund and the Parents’ Fund), These gifts will provide the beneficiar- members of the entering Class of ’09. raised $8.9 million this past year, $1.3 ies of the trusts with income during Construction of the new Earth Sci- million more than in the previous year their lifetime, while also supporting a ences and Museum of Natural History and another all-time record. As a re- wide variety of College programs in Building was completed in January sult, the Fund will provide 6.7 percent future years. As noted above, gifts of 2006, allowing the building to be used of the College’s total operating budget $5.9 million were made this fiscal year for the spring semester. This new facil- in fiscal 2006–07, and remains a signif- to support facilities improvements. ity provides critically needed, state-of- icant source of unrestricted operating And finally, gifts totaling $5.3 million the-art teaching and research space for revenue. It would take approximately supported current operations in such the Geology Department, as well as an $225 million in additional endowment areas as instruction, research, library extraordinary new natural history mu- principal to generate the amount of in- purchases, and scholarships and fellow- seum. The renovations of Morris Pratt come needed to replace that level of ships during this fiscal year. and Morrow dormitories were com- operating support. The Annual Fund pleted in August 2006, in time for is also the most meaningful way for occupancy by returning students in alumni, parents and friends at all Facilities and other September. These dormitories, which economic levels to participate in the Capital Projects will serve primarily as housing for fundraising efforts of the College. The sophomores, served the College ad- minimum amount of $50,000 needed mirably for generations but were at the to establish an endowment fund as of This has been a year of great activ- point in their life cycle where compre- July 1, 2004 is well above the range ity and progress in the College’s com- hensive renovations were needed. The of many Amherst donors. A gift of any prehensive program to enhance its design architect, Sacco and McKinney amount is possible through the Annual residential facilities under the Residen- Architects, took special care to ensure Fund, which directly supports the tial Master Plan (RMP). The RMP, that the renovations preserved the ex- important ongoing programs of the which was adopted by the Trustees in terior aesthetic of the buildings while College. Many of Amherst’s most October 2001, sets out to improve the introducing new floor plan configura- generous alumni began their continu- physical condition of the College’s tions that should help to promote a ing and significant support of the Col- dormitories while introducing needed sense of community. The interior ren- lege with participation in the Annual social and program spaces. In addition, ovations include social and study Fund. Although their giving now in- the RMP calls for all first-year students spaces that create a warm and inviting cludes endowment, facilities or life in- to be housed in dormitories around environment that supports students’ come gifts, these donors remain loyal the Main Quadrangle. The Trustees academic and social needs. supporters of the Annual Fund. It is established an ambitious goal for com- Relocation of the Geology De- because of this loyalty that Amherst pleting the first phase of the RMP by partment and the Natural History leads the nation in alumni participa- September 2007. The first phase of the Museum to the new Earth Sciences tion, with 61.2 percent of all alumni RMP focuses on improving freshman Building enabled the College to pro- and 31.7 percent of parents making and sophomore dormitories, where ceed with the conversion of the former a gift to the Annual Fund in fiscal the facilities and programmatic deficits Charles Pratt building to a dormitory. 2005–06. This was the 13th consecu- are most acute. Construction activities for this project, tive year in which alumni participation Since 2001 the College has com- which will complete the first phase of in the Annual Fund exceeded 60 pleted a number of RMP “enabling” the RMP, began in February 2006, percent. projects, such as underground utility and the building is scheduled for In fiscal 2005–06, the College’s infrastructure upgrades, renovation of completion in August 2007. This endowment increased by $9.6 million academic space for departments relo- building, which originally served as the due to new gifts and another $2.7 cated from Williston, and construction College’s gymnasium, affords a great million from gifts made to life income of temporary dormitories to allow for opportunity to create what will be the funds in the past and transferred to construction phasing. These com- largest of the College’s freshman dor- endowment during the fiscal year. pleted projects, as well as the recently mitories, with capacity for 118 stu- Total gifts to the endowment since completed Earth Sciences and Mu- dents. The project architect, Shepley the beginning of The Amherst College seum of Natural History Building Bulfinch Richardson and Abbott, a Campaign through the end of fiscal project reported on below, cleared the highly regarded Boston-based firm 2005–06 were approximately $135 way for the College to proceed with that also designed the new James and million, significantly more than would the RMP. To date, the College has Sterns, has developed a creative design

7 ▲ that will take full advantage of the vol- ume of the original gymnasium by re- Amherst College vealing the original ceiling, which is supported by massive wooden trusses. The core of the building, which will be Statement of Operating Resources and Expenses illuminated by a central skylight, will for the years ended June 30, 2006 and 2005 be surrounded by perimeter student rooms and social spaces to create what 2006 2005 promises to be one of the most inspir- Resources available ing spaces on campus. The Charles Student tuition and fees $ 65,184,964 $ 62,429,331 Pratt annex, which was built a few Folger Shakespeare Memorial Fund 226,000 226,000 years after the original gymnasium, has Income from current fund investments 423,609 293,314 been razed to allow for a new addition Other 3,866,535 3,388,792 that will create a broad building foot- print and an efficient floor layout. The 69,701,108 66,337,437 exterior of the renovated Charles Pratt Restricted expendable funds availed of—net (482,533) (538,704) will be largely restored to preserve its distinguishing architectural details, 69,218,575 65,798,733 while the new addition will be stylisti- cally similar to the original structure Current expenses and seamlessly integrated to create Educational and general a cohesive facility. The basement of Instruction 28,536,365 27,645,377 Charles Pratt will be renovated to cre- Academic support 7,160,564 5,761,727 ate a large “all-campus” multi-purpose Research 3,423,897 2,888,684 room that will be used for a variety of Library 5,508,659 5,075,250 student functions, such as perform- Student services 10,703,095 9,838,637 ances and social events. Operation and maintenance of plant 15,438,087 14,366,417 Now that the College is nearing Administration and general 12,432,281 11,577,338 completion of the first phase of the Pensions and professional fees 1,956,847 1,939,398 RMP, attention is being focused on 85,159,795 79,092,828 the upper-class dorms. The College will begin the second phase of the Student aid and academic awards 22,741,649 21,039,606 RMP with the renovation of two for- Auxiliary activities 10,799,627 10,110,350 mer fraternity houses, Hamilton and Non-educational 31,115 28,398 Porter. Renovation of these dormitories began in July 2006 and is sched- 33,572,391 31,178,354 uled for completion in summer 2007. These projects will serve as a template Total current expenses 118,732,186 110,271,182 for future renovations in the former fraternity houses and will focus on ad- Deficit before support from Alumni and Friends (49,513,611) (44,472,449) dressing the life cycle issues for these Distribution from endowment 36,353,056 32,469,173 buildings, which have not been ad- Gifts and grants for operating purposes 5,223,236 4,710,137 dressed since their original construc- Annual Fund 7,939,656 7,296,008 tion. The buildings have been well maintained over the years and are sim- Total Support from Alumni and Friends 49,515,948 44,475,318 ply in need of modernization and code improvements. The design architects Surplus $ 2,337 $ 2,869 for these projects will strive to preserve the historic fabric of the buildings while introducing needed upgrades in an efficient and cost-effective manner. The College has begun to take physics have become much more tech- needed reconfiguration of lab spaces, inventory of how its facilities must nology- and instrument-focused disci- indicates that a major renovation proj- respond to and support the initiatives plines, with very exacting requirements ect is warranted. A planning process proposed by the Committee on Acad- about environmental conditions in the was initiated this year to bring defini- emic Priorities. One clear need that laboratories. Specifically, these labs tion to the scope of the renovation has emerged during the early stages of must have very precise temperature, project, which will likely start in ap- this strategic facilities planning process humidity and air quality controls. The proximately three years. is for the renovation of Merrill Science utility infrastructure for Merrill is woe- The College continues to aggres- Center. Merrill, which was built in the fully outdated and must be replaced to sively pursue sustainable strategies in mid-1960s, no longer adequately sup- address these performance deficits. its facilities operations and capital proj- ports the pedagogy of Amherst’s sci- This infrastructure work, along with ects. All of the projects cited above in- ence departments. Chemistry and

8 ▲ clude leading-edge design features have built an annual fund program 2005–06 was spent moving toward that reduce energy consumption and that has consistently exceeded annual these ambitious goals. minimize environmental impact. The goals, reaching $95,000 in fiscal Work on several anniversary proj- project that most significantly demon- 2006. The Emily Dickinson Museum ects—including a radio documentary strates the College’s commitment to has won a prestigious, three-year on Shakespeare in American life, the sustainability is the planned cogenera- $105,000 grant from the Institute printing of special facsimile editions tion power plant that will allow the of Museum and Library Services to of the Trevelyon Miscellany of 1608, College to generate its own electricity. create a furnishings and exhibit plan and a research seminar for under- Cogeneration is inherently more en- for the two Dickinson houses and to graduates—began during the year. ergy efficient than the traditional develop an audiotour of the historic A communications audit to refine the method of deriving electricity from landscape. Library’s public image was commis- the utility power grid because the Visits to the Emily Dickinson sioned. And planning began on many heat produced from the generator Museum have remained remarkably more initiatives, such as exhibitions, is reclaimed and beneficially used to steady during a period of decline for conferences, music and theater per- produce steam for the campus. With many historic sites, ending the fiscal formances, and Website projects. the ability to capture the “waste” heat, year with a total audience of 7,700. Much of the preparation focused the overall efficiency of a cogeneration And work on an inventory of the on the building itself, where great plant approaches 60 percent, versus Museum’s large collection from The strides were made in capital improve- the 30 percent efficiency achieved by Evergreens’ historic intact household ments during fiscal 2005–06. Renova- the utility company. Amherst’s cogen- continued in fiscal 2005–06, with tion of The Werner Gundersheimer eration plant is projected to save the identification and rehousing of more Conservation Laboratory, creation of College approximately $900,000 per than 1,700 textile items. a digital photography laboratory, and year and will reduce the College’s net The Board of Governors, chaired refurbishing of offices on the second carbon dioxide emissions by more by Polly Longsworth, elected two new and third floors were all completed, as than 50 percent. The design for the members in 2006: Betsy McInnis, an were repair of the New Reading Room project is complete, and construction Amherst resident active in community roof and conservation of the Seven is tentatively scheduled for completion affairs, and Cullen Murphy, now editor Ages of Man stained glass window in by mid-2007. at large with Vanity Fair magazine. the Old Reading Room. Despite the The Board’s strong strategic vision capital outlay, the Library’s financial for the Emily Dickinson Museum will picture remains stable. The Library EMILY DICKINSON continue to mark out a path toward finished the year with a small surplus, using the unique relationship between after setting aside more than $1 mil- MUSEUM the Dickinson family’s literary legacy lion for future capital improvements and the Museum property to widen and program reserves. During fiscal year 2005–06, the the circle of those who experience The development office, working Museum celebrated two notable the power of that legacy. off-site during office renovations, anniversaries: the 175th anniversary managed to raise an impressive $3.2 of Emily Dickinson’s birth and the million in gifts and grants during the 150th anniversary of the construction FOLGER SHAKESPEARE year. Income for the annual spring gala of The Evergreens, home of the poet’s exceeded $352,000—the most suc- brother Austin and sister-in-law Susan, MEMORIAL LIBRARY cessful to date—and the Acquisitions next door to the family Homestead. Night fundraiser brought in more than These two landmark occasions brack- At the first meeting of the newly $65,000. But much of the develop- eted a momentous achievement for configured Board of Governors in the ment team’s energy focused on plans the young museum: the successful fall of 2006, Gail Kern Paster articu- for raising money for 75th anniversary completion of its first capital cam- lated her vision for the Folger. “The projects. To meet these challenging paign. The $705,000 Campaign for 75th anniversary (which occurs in goals, they developed a detailed the Emily Dickinson Museum was 2007) will be a transformative mo- fundraising strategy that matches po- initially spurred by a matching grant ment for the Library,” she said, “when tential sponsors with planned activities of $197,500 from the Save America’s it will be whole and beautiful and ful- and programs, and established a Dia- Treasures program of the National filling its mission to optimal capacity. mond Club for donors of $75,000 Park Service. The campaign was de- The Folger will continue to be at the or more. signed to fund several significant steps forefront of its peer institutions in its Within the central library, conser- in ongoing restoration of the site: the library services, and will also offer the vators and photographers were also recent renewal of the exterior of The kinds of educational and cultural pro- disrupted by construction, but still Homestead; creation of a master plan gramming that no other institution treated and photographed hundreds for the site; and behind-the-scenes in- tries to do at the level of excellence set of items from the collection. Many of frastructure projects within the Dickin- by the Library. Further, the Folger will these books, manuscripts and objects son houses that needed immediate be in a position to offer these things were on display in the three exhibi- attention. not only to visitors but, through tech- tions mounted during the year: Con- In fundraising beyond the capital nological improvements, to those who suming Splendor: Luxury Goods in campaign, the Board of Governors, are able to access the Library’s riches England, 1580–1680; “Golden Lads volunteers and staff of the Museum only electronically.” Much of fiscal and Lasses”: Shakespeare for Children;

9 ▲ and “Noyses, sounds and sweet aires”: Music in Early Modern England. Im- Folger Shakespeare Memorial Library ages of many others appeared on the Library’s Website (www.folger.edu) and in Folger News, which spotlighted Statement of Operating Resources and Expenses new acquisitions, such as a memoir by for the years ended June 30, 2006 and 2005 Henry VIII’s jester, a 1592 treatise on remedies against the plague and a copy 2006 2005 of The Workes of Geoffrey Chaucer that Resources available includes a rare epigram. Total expendi- Distribution from endowment $ 7,829,419 $ 7,133,667 tures for acquisitions set a record in Income from current fund investments 110,110 43,425 fiscal 2005–06, and reader and refer- U.S. Government grants 605,859 1,247,684 ence services, cataloging, and creation Gifts and other grants 1,837,921 1,468,691 of online bibliographic records pro- Other 2,758,377 2,323,431 ceeded apace. Illustrations from the collection 13,141,686 12,216,898 also appear in the Folger Editions, which this year saw the publication of Restricted expendable funds availed of—net (422,705) 25,502 new editions of Pericles and Sonnets & Poems, trade paperback versions of four Appropriation for collection acquisitions (165,000) (165,000) plays, and eight reissued titles with new covers. And they grace the covers 12,553,981 12,077,400 of Shakespeare Quarterly, which continues to enliven scholarly discourse Current expenses with its thoughtful essays and timely Administration and general 3,980,721 3,314,794 book reviews. Academic discussion Development office 663,687 649,423 was also lively at The Folger Institute, Central Library 2,592,861 2,525,215 which marked the 400th anniversary Museum Shop and Rental Properties 320,845 349,898 of the foiled plan to blow up the En- Academic programs 1,388,637 1,080,303 glish Parliament with a workshop ti- Public programs 2,248,043 2,251,931 tled The Gunpowder Plot of 1605 and Grant activities 279,866 426,396 Its Aftermath. Other conferences and 11,474,660 10,597,960 colloquia included Further Transac- tions of the Book, Renaissance Paleog- Capital Campaign Expenses raphy in England, and Remembering Reserve transfer (173,000) (132,590) Theater. Plant transfer (900,000) (1,343,296) Folger Theatre’s fiscal 2005–06 Surplus $ 6,321 $ 3,554 season, called “She Said/He Said,” focused on the battle of the sexes. The wit and wordplay of Much Ado About Nothing was followed by a modern satirical take on Measure for Measure. A highlight for the education de- sumed its new responsibilities in the The year’s final offering was The Game partment—as well as for the entire Li- fall with enthusiasm and energy. New of Love and Chance, an 18th-century brary—was the November visit from member Christopher Vizas was French comedy by Pierre de Marivaux. the Prince of Wales and the Duchess elected, and C. Boyden Gray resigned. Folger Consort celebrated “Masters of Cornwall. Staff members organized Charters for seven standing commit- of the Notes” with a series of con- a student performance workshop for tees—Audit; Budget, Facilities, and certs showcasing pairs of great com- Their Royal Highnesses that was a Technology; Collections; Executive; posers, including Charpentier and great success. The education depart- Nominating and Governance; Public Corelli, Monteverdi and Palestrina, ment’s other pursuits, while less regal, Outreach; and Scholarly Activities— and Hildegard and Jaufré. The 37th continued to have a profound and were drawn up and adopted, and a season of Folger Poetry featured read- positive effect on teachers and students technology futures group was formed ings by Adrienne Rich, Charles Simic both locally—through festivals, school to guide the Library’s digital initia- and Hardison Prize winner Tony visits, training workshops and Bill’s tives. The Board played a particularly Hoagland, as well as a special interpre- Buddies performances—and through important role in planning for the tive dance performance at the annual Internet outreach. The Teaching 75th anniversary, guiding staff in set- Emily Dickinson Birthday Tribute. Shakespeare Website, which features ting priorities and identifying funding Making its debut this year was Words lesson plans, curriculum guides and opportunities, and supporting what on Will, a lecture series that included other helpful materials, received more promises to be an extraordinary cele- talks by award-winning biographer than 18 million hits during the fiscal bration of a remarkable institution. Peter Ackroyd, conductor James Con- year. lon and children’s book illustrator Led by Chair Karen Hastie Aliki. Williams, the Board of Governors as-

10 ▲ COLLEGE AND LIBRARY strategy is the same for both portfo- II. In addition, new follow on invest- lios: the purchase of underlying securi- ments were made with two of the ENDOWMENT and ties to mirror benchmark returns and College’s core real estate managers, SIMILAR FUNDS the use of long/short term fixed in- Beacon Capital Strategic Partners IV come based strategies, with underlying and Realty Associates Fund VIII. Endowment performance continued securities as collateral, to earn en- Oil and gas limited partnership in- to be strong for fiscal 2005–06. At hanced returns. Both the domestic vestments included two follow on in- June 30, 2006, the College’s Endow- equity and fixed income strategies vestments with existing investment ment Funds had increased to $1.337 were funded with $25 million, with managers, Mineral Acquisition Part- billion, an increase of $183 million the funding for the fixed income strat- ners 2006 and Natural Gas Partners from the previous year’s value of egy coming from the liquidation of VIII, and an investment in NGP En- $1.154 billion. The Folger Shake- the College’s existing TIPS portfolio. ergy Technology Partners, a new fund speare Memorial Library’s Endow- The College’s overall exposure to created by Natural Gas Partners that ment Funds increased from $203.1 hedge funds decreased during the year, will invest in companies developing million at June 30, 2005, to $233.7 as the College decided to terminate technologies for, and providing related million at June 30, 2006. Funds man- two managers and trim the position goods and services to, the energy in- aged by the Trustees under life income size of another manager. The impact dustry. The College also gained in- agreements totaled $70.8 million at of these decisions on asset allocation creased commodities exposure by June 30, 2006, an increase of $0.6 was partially offset by the hiring of two making an investment in Sowood million from the prior year. Gifts of new hedge fund managers, Old Lane Commodities Partners Fund IV. $9.6 million also contributed to the in- (an absolute return hedge fund) and As of June 30, 2006, the asset crease in the College’s endowment for Matrix Endowment Fund (a global allocation of the endowment consisted the year ended June 30, 2006. equity long/short hedge fund). of 16 percent domestic equities, 19 The time-weighted total return Gaining meaningful exposure to percent foreign equities, 28 percent for the entire endowment portfolio in new venture capital investments re- hedge funds, 17 percent venture capi- the last year was 18.9 percent, ranking mained difficult, as top venture capital tal and private equity, 7 percent fixed it for the second year in a row among firms continued to raise smaller funds income, and 13 percent natural re- the highest compared to peer institu- and scale back limited partner commit- sources and real estate. tions and leading endowments. The ments. New venture capital commit- Fiscal 2005–06 was a year spent in College’s return also compared favor- ments in fiscal 2005–06 consisted planning at the College. As previously ably against leading market indexes as primarily of follow on investments mentioned, the Committee on Acade- follows: an 8.6 percent return for the with firms the College has existing re- mic Priorities issued its report to the S&P 500 Index, a 5.6 percent return lationships with (New Enterprise Asso- College community in January. That for the NASDAQ Composite Index, ciates XII, Sequoia Capital China and report, which includes 22 specific rec- a 10.2 percent return for the EAFE Sequoia Capital XII), but also in- ommendations (concerning increased (foreign) Index, and a -0.8 percent cluded two investments with a firm outreach to the most talented stu- return for the Lehman Bond Index. new to the College, Greylock XII and dents, curricular renewal, support for Strong returns earned by several of the Greylock Israel. Private equity invest- learning, and community engage- College’s global equity and emerging ment activity was more robust and in- ment), was discussed at great length markets equity managers, as well as ex- cluded follow on investments with within the College community. The ceptional returns from select oil and existing firms, as well as several new report includes financial challenges to gas private equity investments, were relationships. Investments in Bain this College, since these proposals are instrumental in helping the endow- Capital IX, Bain Capital IX Co-invest- not without cost. I look forward to ment achieve its strong fiscal 2005–06 ment Fund, CVC European Equity working with President Marx, the fac- return. Partners IV, MHR Institutional Part- ulty, staff and the Trustees to assure During the year, the College ners III, TA Associates X and Wexford that we have the financial strength to made some strategic changes within Partners 10 represented new invest- make these priorities a reality. the endowment’s domestic equity asset ments with existing firms. Investments allocation, including liquidating the in Crestview Capital Partners, Madison entire small-cap domestic equity port- Dearborn Capital V, Old Lane India folio, terminating a core S&P 500 Fund and Reservoir Capital Invest- manager and hiring three new domes- ment Partners represented investments tic equity managers. Proceeds from the made with firms new to the College. Peter J. Shea liquidated investments were used as The College made several new Treasurer funding for the new investments. Far- real estate investments during the ley Capital and The Straus Group, year, a significant number of which both funded with $25 million, were created new relationships. The invest- hired to manage concentrated domes- ments made with managers new to tic equity portfolios. The College also the College were Broadreach Capital hired a third manager, Convexity Cap- Partners Realty II, Dune Real Estate ital, to manage two separate portfolios, Parallel Fund, IREO Investment one for domestic equity and the other Holdings III & IV Co-investment for fixed income. Convexity Capital’s Fund and Rockpoint Real Estate Fund

11 ▲ Amherst College ▲ Twenty Years in Review

2006 2005 2001 1996 1991 1986 Assets (000’s omitted) Total Assets $ 1,813,126 $ 1,609,619 $ 1,210,543 $ 610,085 $ 362,397 $ 315,311 Endowment Funds at Market 1,337,158 1,154,570 890,511 413,635 268,411 224,427 Life Funds at Market 70,798 68,957 69,198 41,653 18,570 11,515 Student Loans Outstanding 3,816 3,797 4,311 4,303 2,702 2,479

Income (000’s omitted) Student Income 65,185 62,429 52,888 41,765 31,738 20,502 Student Income—% of Net Operating Cost 54.9% 56.6% 58.7% 61.4% 58.0% 56.5% Gifts, Bequests, and Grants Received 34,528 34,835 56,808 30,636 15,567 11,650 Annual Fund, utilized 7,940 7,296 7,321 4,659 3,776 2,983 Endowment Income Distributed for Operations 36,353 32,469 21,400 14,876 12,502 10,648

Expenditures (000’s omitted) Operating Expenditures 118,732 110,271 90,172 68,035 54,737 36,278 Educational and General 85,160 79,093 66,017 49,011 39,515 31,059 Student Aid 22,742 21,040 15,345 10,960 8,054 3,905

Miscellaneous Number of Students, average for year 1,606 1,606 1,633 1,591 1,585 1,512 Comprehensive Fee $ 40,980 $ 38,940 $ 32,400 $ 26,270 $ 19,915 $ 13,400 Cost per Student 73,933 68,671 55,219 42,762 34,534 23,993 Endowment per Student, based on fall enrollment 820,846 702,293 528,180 227,214 168,072 146,016 Student Loans Granted 590 574 400 912 544 697

Comparative Investment Performances (Total Return Indexed) Amherst College Consolidated Fund 1,133.5 953.2 651.2 281.8 149.6 0.0 Standard and Poor’s 500 807.9 743.7 714.3 363.4 175.2 0.0 Shearson Lehman Bond Index 392.9 397.6 311.8 218.6 147.3 0.0 EAFE 493.7 390.1 306.2 265.5 164.9 0.0

Investments (000’s omitted) Funds (at market) Consolidated Fund $ 1,335,197 $ 1,152,705 $ 888,207 $ 406,379 $ 263,233 $ 221,114 Folger Shakespeare Memorial Library 233,729 203,057 162,794 84,325 52,446 43,745 Separately Invested Endowment Funds 1,960 1,865 2,304 7,256 5,179 3,314 Immediate Life Income Funds 9,520 10,793 12,443 8,409 5,730 4,259 Balanced Life Income Funds 7,972 7,673 6,856 4,799 1,952 973 Life Growth Fund 630 1,490 Gift Annuities 7,109 6,934 3,963 Separately Invested Life Funds 46,197 43,557 45,936 28,446 10,258 4,793 Folger Life Income Funds 1,230 1,254 1,411 Other Investments 33,516 32,495 33,449 Total Funds $1,676,430 $1,460,333 $1,157,363 $539,614 $339,428 $279,688

Investments by asset allocation Cash and cash equivalents $ 47,877 $ 87,208 $ 71,591 $ 11,202 $ 26,975 $ 7,379 Domestic equities 273,038 243,324 206,090 182,878 151,639 194,218 Foreign equities 293,185 209,766 89,763 68,588 38,576 Private equities 270,929 214,306 189,803 15,467 4,906 Fixed income 96,078 100,712 211,379 188,334 103,967 77,936 Absolute return 462,970 444,763 296,421 45,854 Natural resources 208,228 138,689 89,918 10,854 780 Other Investments 24,125 21,565 2,398 16,437 12,585 155 Total Investments $1,676,430 $1,460,333 $1,157,363 $539,614 $339,428 $279,688

12 ▲ Report of Independent Auditors

To the Board of Trustees of Amherst College Amherst, Massachusetts:

In our opinion, the accompanying balance sheet and the related statements of activities and of cash flows present fairly, in all material respects, the financial position of The Trustees of Amherst College (the “Institution”) at June 30, 2006, and the changes in its net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Institution’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As discussed in Note 1 to the financial statements, the Institution changed its method of accounting for conditional asset retirement obligations.

September 12, 2006

13 ▲ The Trustees of Amherst College Balance Sheet June 30, 2006

Folger Shakespeare Amherst Memorial College Library Total Assets Cash and cash equivalents $ 20,432,676 $ 1,052,450 $ 21,485,126 Short term investments 1,329,786 1,329,786 Accounts receivable 2,711,257 400,678 3,111,935 Accrued interest receivable 613,332 113,063 726,395 Contributions receivable, net 19,941,499 262,179 20,203,678 Beneficial interest in perpetual trusts 17,381,914 17,381,914 Investments held for sale 16,147,000 16,147,000 Other assets 8,478,164 239,459 8,717,623 Investments: Endowment and similar funds 1,337,157,518 233,728,973 1,570,886,491 Life income funds 70,798,228 1,229,712 72,027,940 Other funds 33,212,758 303,767 33,516,525 Student loans receivable, net 3,815,927 3,815,927 Mortgages and notes receivable 1,625,785 1,625,785 Property, plant and equipment, net 279,480,542 35,021,113 314,501,655 Total assets $1,813,126,386 $272,351,394 $2,085,477,780

Liabilities and net assets Accounts payable $ 2,927,473 $ 435,627 $ 3,363,100 Accrued liabilities 5,089,456 742,155 5,831,611 Deferred income and deposits 2,257,792 31,100 2,288,892 Liability for life income obligations 34,801,337 381,592 35,182,929 Postretirement benefit obligations 27,635,010 2,525,909 30,160,919 Notes, mortgages, and bonds payable 179,274,650 179,274,650 Government grants refundable 2,101,243 2,101,243 Other liabilities 4,703,236 776,496 5,479,732 Total liabilities 258,790,197 4,892,879 263,683,076 Net assets Unrestricted 559,839,712 51,587,967 611,427,679 Temporarily restricted 752,069,124 193,773,797 945,842,921 Permanently restricted 242,427,353 22,096,751 264,524,104 Total net assets 1,554,336,189 267,458,515 1,821,794,704 Total liabilities and net assets $1,813,126,386 $272,351,394 $2,085,477,780

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

14 ▲ The Trustees of Amherst College Statement of Activities for the year ended June 30, 2006

Unrestricted Folger Shakespeare Amherst Memorial Temporarily Permanently College Library Restricted Restricted Total Revenues, gains and other additions Student fee revenue $ 51,915,000 $ 51,915,000 Residence and dining hall revenue 13,269,964 13,269,964 Less Amherst College scholarships awarded (20,217,047) (20,217,047) Net student fee revenue 44,967,917 44,967,917 Other revenue, gains and other additions Investment income 27,705,494 $ 7,000,677 $ 18,185,246 $ 1,464,609 54,356,026 Realized gain (loss) on investments, net of fees 22,897,597 (2,247,453) 135,887,559 (5,986) 156,531,717 Unrealized appreciation on investments 19,279,072 578,893 44,401,762 472,656 64,732,383 Change in net value of life income funds 388,850 686,998 1,075,848 U.S. Government grants 237,259 325,993 1,893,326 2,456,578 Gifts and other grants 10,304,658 1,820,337 7,429,695 4,525,190 24,079,880 Unrealized gain and net settlement on interest rate swap agreement 7,031,526 7,031,526 Other 3,862,245 2,773,613 710,900 7,346,758 Net assets released from restrictions 62,824,115 7,641,004 (70,465,119) Total revenue, gains and other additions 199,109,883 17,893,064 138,432,219 7,143,467 362,578,633

Expenditures and other deductions Instruction and academic programs 30,149,699 1,388,637 31,538,336 Academic and student services 18,408,380 18,408,380 Library 3,798,762 2,667,336 6,466,098 Research and public programs 3,423,897 2,527,909 5,951,806 Operation and maintenance of plant 11,351,932 1,731,340 13,083,272 Administrative and general 13,192,124 3,060,499 16,252,623 Pensions and professional fees 100,366 231,832 332,198 Academic prizes, fellowships and awards 1,402,459 1,402,459 Auxiliary activities 16,034,856 16,034,856 Interest expense 5,425,303 5,425,303 Other 1,513,327 1,513,327 Total expenditures and other deductions before cumulative effect of a change in accounting principle 104,801,105 11,607,553 116,408,658 Increase in net assets before cumulative effect of a change in accounting principle 94,308,778 6,285,511 138,432,219 7,143,467 246,169,975 Cumulative effect of a change in accounting principle (2,720,521) (453,041) (3,173,562) Increase in net assets 91,588,257 5,832,470 138,432,219 7,143,467 242,996,413 Net assets, beginning of year 468,251,455 45,755,497 807,410,702 257,380,637 1,578,798,291 Net assets, end of year $559,839,712 $51,587,967 $945,842,921 $264,524,104 $1,821,794,704

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

15 ▲ The Trustees of Amherst College Statement of Cash Flows for the year ended June 30, 2006

Folger Shakespeare Amherst Memorial College Library Total Cash flows from operating activities Increase in net assets $210,003,348 $32,993,065 $242,996,413 Adjustments to reconcile increase in net assets to net cash used in operating activities: Depreciation 10,988,880 821,893 11,810,773 Unrealized gain on investments (55,804,754) (9,295,638) (65,100,392) Realized gain on investments, net (150,503,494) (25,791,359) (176,294,853) Net change in other investments (1,124,294) (63,978) (1,188,272) Gifts to endowment (9,565,558) (710,601) (10,276,159) Income added to endowment principal (7,940,990) (45,028) (7,986,018) Life income fund gifts and other changes (2,751,471) (34,593) (2,786,064) Change in life income obligations 1,097,320 21,471 1,118,791 Unrealized gain on interest rate swap agreement (7,307,245) (7,307,245) Contributions to plant (5,826,822) (132,661) (5,959,483) Change in bebeficial interest in perpetual trusts (472,657) (472,657) Disposal of asset 1,577,313 1,577,313 Change in investments held for sale (16,147,000) (16,147,000) (Increase) decrease in assets: Accounts receivable, net (85,971) 404,214 318,243 Accrued interest receivable 164,259 31,391 195,650 Contributions receivable 10,219,718 (137,911) 10,081,807 Other assets 1,811,691 (77,131) 1,734,560 Increase (decrease) in liabilities: Accounts payable (3,709,708) 102,686 (3,607,022) Accrued liabilities (653,555) 535,867 (117,688) Deferred income and deposits (1,271,959) (618,837) (1,890,796) Liability for life income obligations 94,681 (24,491) 70,190 Postretirement benefit obligations (1,479,980) 58,022 (1,421,958) Other liabilities 2,916,554 436,705 3,353,259 Net cash used in operating activities (25,771,694) (1,526,914) (27,298,608)

Cash flows from investing activities Purchases of plant and equipment, net (36,282,237) (5,153,954) (41,436,191) Net change in mortgages and loans 193,166 193,166 Change in short-term investments (500,699) (500,699) Change in cash restricted for plant projects 16,903,210 16,903,210 Purchases of investments (454,176,569) (77,019,745) (531,196,314) Proceeds from sales and maturities of investments 478,079,164 82,648,035 560,727,199 Net cash provided by investing activities 4,216,035 474,336 4,690,371

16 ▲ The Trustees of Amherst College Statement of Cash Flows (continued) for the year ended June 30, 2006

Folger Shakespeare Amherst Memorial College Library Total Cash flows from financing activities Contributions to endowment $ 17,506,548 $ 755,629 $ 18,262,177 Contributions to plant 5,826,822 132,661 5,959,483 Contributions to life income agreements 431,457 431,457 Return on life income agreements 2,320,014 34,593 2,354,607 Payments to beneficiaries under split interest agreements (4,233,411) (4,233,411) Other financing activities 1,124,294 63,978 1,188,272 Decrease in student loan funds (44,044) (44,044) Payments on long-term debt (1,965,000) (1,965,000) Net cash provided by financing activities 20,966,680 986,861 21,953,541 Net change in cash and cash equivalents (588,979) (65,717) (654,696) Cash and cash equivalents, beginning of year 21,021,655 1,118,167 22,139,822 Cash and cash equivalents, end of year $20,432,676 $1,052,450 $21,485,126 Supplemental data Interest paid $ 5,425,302 $ 5,425,302 Gifts in kind 474,325 474,325 Purchases of plant and equipment included in accounts payable 908,304 188,825 1,097,129

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

17 ▲ 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 rigorous, residential, full-time, private, nonsectarian institution of higher education committed to the liberal education of young men and women. The Library is a center for advanced research in Shakespeare and the early modern period. It also sponsors a rich and varied season of cultural, educational and academic programs and is the home of The Shakespeare Quarterly. In accordance with the terms of the wills of Henry Clay Folger, Class of 1879, and his wife, Emily Jor- dan 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 2005–2006. The Institution qualifies as a tax-exempt, not-for-profit organization under Section 501(c)(3) of the In- ternal Revenue Code. Accordingly, no provision for income taxes has been made. The Institution owns approximately 85% of the common stock of Amherst Inn Company (“Inn”). The Inn’s accounts have not been combined with those of the Institution due to their insignificance. At March 31, 2006, the Amherst Inn Company had assets of approximately $887,000, liabilities of approximately $3,352,000, and a capital deficiency of approximately $2,465,000. The net loss for the Inn’s year ended March 31, 2006 was approximately $300. Substantially all of the liabilities of the Inn are payable to the Institution. The Institution’s investment in the Amherst Inn Company of $1,157,000 re- flects management’s estimate of its value.

BASIS OF The financial statements have been prepared on the accrual basis of accounting. The preparation of fi- PRESENTATION nancial 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 investments, its retirement and postretirement benefit obligations and its liability for life income obligations. The classifications of net assets and revenues, expenses, gains, and losses are determined by the existence or absence of donor-imposed restrictions. In the accompanying financial statements, net assets that have similar characteristics have been combined as follows: Permanently Restricted—Net assets subject to donor-imposed stipulations that they be maintained permanently by the Institution. Generally, the donors of these assets permit the Institution to use all or part of the income earned on these assets. Such assets primarily include the Institution’s permanent endowment funds. Temporarily Restricted— Net assets whose use by the Institution is subject to donor-imposed stipulations that can be fulfilled by actions of the Institution or that expire by the passage of time. Realized and unrealized gains and losses on permanently and temporarily restricted assets are reported as temporarily restricted net assets in accordance with Massachusetts law. Unrestricted— Net assets that are not subject to donor-imposed stipulations. Net assets may be designated for specific purposes by action of the Board of Trustees or may otherwise be limited by contractual agreements with outside parties. Revenues from sources other than contributions are reported as increases in unrestricted net assets. Contributions are reported as increases in the appropriate category of net assets. Expenses are reported

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

TOTAL RETURN The Institution adds interest and dividends earned on the Consolidated Endowment Fund and the Fol- DISTRIBUTION ger Fund, which represent approximately 99% of the investments of its endowments and similar funds, to ON INVESTMENTS the income allocation pools from which returns are distributed to the respective funds at a predeter- mined, 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 2005–2006 was $47,925,699 for the College and $8,164,425 for the Library. The amount distributed exceeded interest and dividend income earned, after investment management fees and expenses, by $29,852,090 for the College and $4,895,718 for the Library. Investment management fees and expenses, which include General Partners’ share of gains in limited partnerships, were $26,844,725 for the College and $4,414,289 for the Library. The amount distributed in excess of interest and dividend income earned was provided by transferring realized gains from the investments of the Institution’s endowments and similar funds to the allocation pools.

INVESTMENTS The Institution has established a diversified investment portfolio in accordance with the investment strategy determined and managed by the Investment Committee of the Board of Trustees. Investments are recorded at their respective fair values. The values of publicly traded fixed income and equity securities are based upon quoted market prices at the close of business on the last day of the year. Investments in units of non-publicly traded pooled funds are valued at the unit value determined by the fund’s administrator based on quoted market values of the underlying securities. Private equities and certain other nonmarketable securities, including alternative investments, are valued using current estimates of fair value obtained from the general partner or investment manager for the respective funds. Because alternative investments are not readily marketable, the estimated value is subject to uncertainty and may differ from the value that would have been used had a ready market for the investments existed and such differences could be material. The College considers alternative investments to be venture capital funds, private equity funds and investments in real estate and natural resources. The College believes that the carrying amount of its alternative investment instruments is a reasonable estimate of fair value. These securities represented approximately 30% of the Institution’s investments at June 30, 2006. 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 periodi- cally as capital calls are exercised. The Institution has outstanding commitments to limited partnerships at June 30, 2006 of approximately $471 million.

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

DERIVATIVE The Institution’s investment policies allow the use of derivative financial instruments to manage cur- FINANCIAL rency exchange risks arising from investments in nonderivative foreign assets in proportion to the assets INSTRUMENTS at risk. Such instruments consist of forward foreign exchange contracts entered into as part of the investments of the Consolidated Endowment Fund of the College and the Folger Fund of the Library. There were no open contracts at June 30, 2006. The College utilizes swap agreements to moderate its exposure to interest rate risk on certain bond is- suances. See Footnote No. 4, Bonds Payable. Additionally, the Institution has investments in certain limited partnerships which participate directly, or have the option to participate in derivative financial instruments. These limited partnership investments represent 28% of the Institution’s total consolidated endowment funds. Derivatives held by limited partnerships in which the Institution invests pose no off balance sheet risk to the Institution due to the limited liability structure of the investment.

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

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

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

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

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

NEW ACCOUNTING In 2005, the FASB issued FASB Interpretation No. 47, “Accounting for Conditional Asset Retirement STANDARD Obligations” (FIN 47), which is effective for the Institution as of and for the year ended June 30, 2006. FIN 47 was issued to provide clarity surrounding the recognition of conditional asset retirement obligations, as referred to in FASB Statement No. 143, “Accounting for Asset Retirement Obligations”. FIN 47 defines a conditional asset retirement obligation as a legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. Uncertainty with respect to the timing and/or method of settlement of the asset retirement obligation, does not defer recognition of a liability. The obligation to

20 ▲ perform the asset retirement activity is unconditional, and accordingly, a liability should be recognized. FIN 47 also provides guidance with respect to the criteria to be used to determine whether sufficient information exists to reasonably estimate the fair value of an asset retirement obligation. Based upon the guidance in FIN 47, management of the Institution determined that sufficient information was available to reasonably estimate the fair value of known asset retirement obligations. FIN 47 requires the initial application of the interpretation to be recognized as a cumulative effect of a change in accounting principle. Specifically, FIN 47 requires the recognition, as a cumulative effect, of the cumulative accretion and accumulated depreciation for the time period from the date the liability would have been recognized had the provisions of the interpretation been in effect when the liability was incurred to the date of adoption of this Interpretation. The liability date is presumed to be the date upon which the legal requirement to perform the asset retirement activity was enacted. The primary condition that led to the obligation is asbestos. Upon initial application of FIN 47, the Institution recognized $3,173,562 as the cumulative effect of a change in accounting principle in the Statement of Activities. As of June 30, 2006, a $3,232,266 of conditional asset retirement obligation liability is included on the Balance Sheet. Had the Institution adopted this interpretation in prior years, the pro forma effect of the change in net assets would have been a decrease of $164,830 and $156,980 for the years ended June 30, 2006 and 2005, respectively, which represents additional depreciation expense and accretion of interest expense on the obligation.

2. Endowment and Similar Funds Included in unrestricted, temporarily restricted, and permanently restricted net assets are the College’s and Library’s endowment and similar funds and life income funds. These funds are reported at fair value. Endowment and similar funds is a commonly used term to refer to the resources that have been restricted by the donor or designated by the Trustees that will be invested to provide future revenue to support the Institution’s activities. Included in endowment are certain funds which were not restricted by the donor and, accordingly, are unrestricted net assets of the Institution. Net assets of life income funds represent the difference between the investment assets of the funds and the estimated liability for the obligation to beneficiaries. Included in Endowment and similar funds on the Balance Sheet are the Consolidated Endowment Funds for both the College and the Library and separately invested endowment funds. The fair value of the Amherst College Consolidated Endowment Fund as of June 30, 2006 was $1,335,197,114 with a per share fair value of $18.11 ($15.79 at June 30, 2005). The fair value of the Folger Fund as of June 30, 2006 was $233,728,973 with a per share fair value of $27.34 ($23.83 at June 30, 2005). The total endowment shares in the Amherst College Consolidated Endowment Fund as of June 30, 2006 were 75,575,846. The total endowment shares in the Folger Fund as of June 30, 2006 were 8,560,394.

21 ▲ The comparison of cost and fair value for investments of the endowment and similar funds and life income funds assets was as follows as of June 30, 2006:

Amherst College Cost Fair Value Endowment and similar funds assets Cash and cash equivalents $ 41,890,964 $ 41,890,964 Due from broker 2,128,202 2,128,202 Due to broker (4,342,986) (4,342,986) Domestic equities 192,357,528 208,472,095 Foreign equities 181,608,913 245,380,884 Private equities 223,493,015 231,359,190 Fixed income 56,214,880 53,189,729 Absolute return 235,161,470 395,330,042 Natural resources 151,343,819 177,805,918 Other investments 17,178,979 19,399,378 Investment of other funds in the Endowment (21,562,416) (33,455,898) $1,075,472,368 $ 1,337,157,518

Life income funds assets Cash and cash equivalents $ 1,605,903 $ 1,605,903 Domestic equities 28,387,679 29,202,232 Foreign equities 4,871,183 5,820,484 Fixed income 34,593,016 33,736,129 Other investments 370,289 433,480 $ 69,828,070 $ 70,798,228

Folger Shakespeare Memorial Library Cost Fair Value Endowment and similar funds assets Cash and cash equivalents $ 6,914,749 $ 6,914,749 Due from broker 351,727 351,727 Due to broker (672,251) (672,251) Domestic equities 31,897,195 35,364,019 Foreign equities 30,453,503 41,984,011 Private equities 37,445,733 39,570,236 Fixed income 9,338,217 9,152,017 Absolute return 39,433,587 67,639,912 Natural resources 25,378,434 30,422,115 Other investments 2,926,152 3,306,205 Investment of other funds in the Endowment (300,000) (303,767) $ 183,167,046 $ 233,728,973 Life income funds assets Life funds invested with the College $ 1,231,139 $ 1,229,712

22 ▲ Net assets included the following endowment and similar funds at June 30, 2006:

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 4,191,514 $ 91,561,553 $ 32,017,948 $ 127,771,015 Income restricted 6,725,200 618,196,175 170,273,146 795,194,521 Quasi-endowment Income unrestricted 136,834,891 136,834,891 Income designated 236,185,338 236,185,338 Income restricted 41,171,753 41,171,753 $425,108,696 $709,757,728 $202,291,094 $1,337,157,518

Life income funds Income $ 6,308,202 $ 770,700 $ 7,078,902 Balanced 2,942,636 2,920,966 5,863,602 Annuity 1,533,621 1,019,264 2,552,885 Unitrusts 10,513,784 9,987,719 20,501,503 $ 21,298,243 $ 14,698,649 $ 35,996,892

Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 155,945,368 $ 5,959,705 $ 161,905,073 Income restricted $ 2,084,330 34,940,260 15,999,863 53,024,453 Quasi-endowment Income unrestricted 9,235,771 9,235,771 Income designated 7,537,246 7,537,246 Income restricted 1,542,270 484,160 2,026,430 $20,399,617 $191,369,788 $ 21,959,568 $ 233,728,973

Life income funds $ 710,937 $ 137,183 $ 8848,120

23 ▲ 3. Property, Plant and Equipment Property, plant and equipment as of June 30, 2006 consisted of the following:

Useful Amherst Folger Shakespeare Life College Memorial Library Land $ 7,300,472 $ 908,397 Land improvements 10 6,172,998 Buildings and improvements 50 273,997,088 25,934,248 Faculty residences 30 8,537,185 Equipment 5–10 52,825,125 4,737,294 Library books 10 30,716,316 Construction in progress 24,203,320 Asset retirement cost 274,874 Folger Collection 14,531,112 404,027,378 46,111,051 Less: Accumulated depreciation (124,546,836) (11,089,938) $279,480,542 $35,021,113

In fiscal year 2005–2006, depreciation of these assets amounted to $10,988,880 for the College and $821,893 for the Library. As of June 30, 2006, the College had open commitments for the construction of buildings of approximately $22 million.

4. Bonds Payable

The Institution has financed the cost of constructing and renovating various College facilities with the Massachusetts Health and Educational Facilities Authority (the “Authority”). The College’s fiscal year 2006 debt service and bonds payable as of June 30, 2006 were as follows:

Final Year Interest 2006 Debt Bonds MHEFA Series of Maturity Rates Service Payable F 2026 Variable, (1.80%–$ 1,767,415 $ 40,500,000 3.85% in 2005–2006) G 2028 Fixed, (4.45%–5.40%)795,160 8,650,000

H 2033 Variable, (2.10%– 2,427,330 48,000,000 3.58% in 2005–2006)

I 2028 Variable, (1.80%– 854,620 29,700,000 3.85% in 2005–2006)

J-1 2035 Variable, (1.80%– 861,485 30,000,000 3.85% in 2005–2006)

J-2 2035 Variable, (1.50%– 565,186 20,000,000 3.97% in 2005–2006) $7,271,196 $176,850,000

The issue costs incurred in connection with the bonds are amortized on a straight line basis over the remaining period the bonds are outstanding. The Series F bonds are a variable rate issue and are a general obligation of the College. The interest rates on the issue averaged 2.87% for fiscal year 2005–2006 and the June 30, 2006 rate was 3.82%. The bonds are redeemable at par prior to maturity at the option of the Authority with the consent of the College. The Series G bonds are a general obligation of the College. The bonds maturing on or before November

24 ▲ 1, 2008 are not redeemable prior to maturity. The bonds maturing after November 1, 2008 are redeemable at par prior to maturity at the option of the Authority with the consent of the College. On June 30, 2005, the College utilized $27,505,000 of the proceeds from the Series I bonds to ad- vance refund a portion of the Series G bond issue. The proceeds were deposited in the Refunding Trust Fund, which will provide for all future payments of principal and interest on the Series G bonds re- funded. The College has been legally released from further obligation for payments to those Series G bondholders. The Series H bonds are a variable rate issue and are a general obligation of the College. The average interest rate for fiscal year 2005–2006 was 2.90% and the interest rate at June 30, 2006 was 3.58%. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. The Series I bonds are a variable rate issue and are a general obligation of the College. The average interest rate for fiscal year 2005–2006 was 2.87% and the interest rate at June 30, 2006 was 3.82%. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. The Series J bonds are a variable rate issue and are a general obligation of the College. The interest rate on the issue averaged 2.87% for the Series J-1 bonds and 2.81% for the Series J-2 bonds for the fiscal year 2005–2006. The interest rate was 3.82% for the Series J-1 bonds and 3.97% for the Series J-2 bonds at June 30, 2006. The bonds are subject to optional redemption at par plus accrued interest at the option of the College. In connection with the issuance of the Series I and Series J bonds, the College entered into interest rate swap agreements to moderate its exposure to interest rate changes and to lower the overall cost of bor- rowing. The interest rate swap agreements effectively change the interest rate exposure on the issues from a variable rate to a fixed rate of 3.07% for Series I and 3.13% for Series J. The interest rate swap agreements have a notional amount and termination date equal to the principal amount and maturity date of the respective bonds. On June 30, 2006, the fair value of the interest rate swap agreements of $4,925,354 was recorded in other assets on the balance sheet. The total of the increase in the fair value from the prior year balance and net settlements of $7,031,526 is included as revenue on the College’s Statement of Activities for the year ended June 30, 2006. The combined debt service, which consists of principal and interest, on such bonds for the fiscal years 2006–07 through 2010–11 approximates $8,531,000, $8,527,000, $8,814,000, $8,808,000, and $8,802,000, respectively. The combined debt service thereafter approximates $256,700,000. The fair value of the bonds payable at June 30, 2006 approximates $177,000,000.

5. Line of Credit The College has a line of credit with a bank under which it may borrow up to $3,000,000 at the Eu- rodollar rate plus 0.50% (5.62% at June 30, 2006). The line is uncollateralized and will terminate effective November 30, 2006. The College expects to renew this line past the November 30 termination date. At June 30, 2006, $2,424,650 was outstanding. In 2005–2006 the College established a line of credit with a bank under which it may borrow up to $50,000,000 at the Eurodollar rate plus 0.08%. The line is uncollateralized and will terminate effective June 30, 2011. At June 30, 2006 there was no outstanding balance.

6. Pension Benefits The Institution has TIAA-CREF defined contribution pension plans for faculty, administrative and staff employees of the College, and for Library administrative employees. Eligibility for the plans begins following two years of employment for individuals who were not previously enrolled in a comparable plan. Contributions to the plans, based on a percentage of salaries, were $4,175,460 for the College and $348,323 for the Library for the year ended June 30, 2006. 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 benefits are calculated based on a percentage of final three-year average salary times the participant’s years of service with a minimum benefit payable equal to $50 per year times the number of years of credited service. Years of service for purposes of cal-

25 ▲ culating the benefit accrual were frozen on June 30, 1994, when all active College employees began par- ticipating 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 rec- ommended plan premium is comprised of the normal cost (based on the projected unit credit cost method) and an amount sufficient to amortize the unfunded actuarial liability over the remaining amortization period of 10 years. The Institution contributed $600,000 to the College’s plan in 2005–2006. There was no contribution in 2005–2006 to the Library Plan. A minimum pension liability adjustment is required when the actuarial present value of the accumulated benefits exceeds the plan assets and accrued pension liabilities. As of June 30, 2006, the accumulated benefits exceeded plan assets for the College Plan by $175,333. The minimum pension liability adjustment amount is recorded as a reduction to unrestricted net assets. The decrease in the minimum pension liability from prior year as of June 30, 2006 was $2,191,038 which is partially due to an increase in the discount rate from 5.25% in fiscal year 2005 to 6.25% in fiscal year 2006. The accumulated benefit obligation at June 30, 2006 was $16,663,943 and $1,397,970 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, 2006:

College Library Employee Plan Employee Plan Service cost $ 40,646 $ 94,538 Interest cost 1,079,920 94,853 Expected return on plan assets (1,088,846) (114,375) Amortization of unrecognized net loss 275,721 0 Net periodic pension cost $ 307,441 $ 75,016

26 ▲ The following is a summary of the projected benefit obligation, plan assets, and funded status of the defined benefit plans as of June 30, 2006:

College Library Employee Plan Employee Plan Change in projected benefit obligation: Projected benefit obligation, June 30, 2005 $ 21,048,310 $ 1,889,458 Decrease due to benefits paid (878,116) (132,661) Increase due to employee service 40,646 94,538 Increase due to accrual of interest 1,079,920 94,853 Decrease due to changes in actuarial assumptions and other sources (2,582,862) (214,756) Projected benefit obligation, June 30, 2006 $18,707,898 $1,731,432 Change in plan assets: Fair value of plan assets, June 30, 2005 $ 14,176,200 $ 1,559,429 Actual return 1,066,021 99,246 Employer contributions 600,000 0 Benefits paid (878,116) (132,661) Fair value of plan assets, June 30, 2006 $14,964,105 $1,526,014 Funded status: Projected benefit obligation $(18,707,898) $(1,731,432) Fair value of plan assets 14,964,105 1,526,014 Funded status (3,743,793) (205,418) Unrecognized net loss (gain) 2,219,288 (148,913) Minimum pension liability adjustment (175,333) 0 Accrued pension cost $ (1,699,838)$(354,331)

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, 2006 was 6.25%. The rate of compensation increase used in determining benefit obligations and the net periodic pension cost was 3.50%. The discount rate used in determining the net periodic pension cost was 5.25% and a long-term rate of return of 7.50%. The expected long-term rate of return on plan assets is determined by reviewing historical returns, taking into account current asset diversification between equity and fixed income investments. Current market factors such as inflation and interest rates are evaluated. The weighted average asset allocations at June 30, 2006 of the defined benefit plans were as follows:

College Library Employee Plan Employee Plan Equity securities 40% 23% Fixed income 60% 77% Total 100% 100%

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

27 ▲ The Institution expects the 2006–2007 contribution to be reasonably consistent with the current year. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

College Library Employee Plan Employee Plan 2007 $ 1,062,000 $ 94,000 2008 984,000 100,000 2009 969,000 85,000 2010 982,000 81,000 2011 1,003,000 82,000 2012–2016 5,895,000 568,000 Total $10,895,000 $1,010,000

The Institution offers a Phased Retirement Program to faculty of the College. Faculty members may enter the program at any time between age 60 and 65. Upon entering the program, faculty members receive a reduced salary. Participants also receive stipends for part-time work which they can continue until age 70 when they fully retire. The Institution has recorded a liability for this program of $3,475,296 as of June 30, 2006. This program is funded on a cash basis as benefits are paid.

7. Other Postretirement Benefits The Institution provides health insurance benefits to eligible retired employees and their dependents. The Institution funds these plans on a cash basis as benefits are paid. The components of net periodic postretirement benefit cost for the Institution’s plans as of June 30, 2006 were as follows:

College Library Employee Plan Employee Plan Service cost $ 770,012 $ 41,739 Interest cost 1,090,975 64,673 Recognized net gain 0 (49,656) Amortization of prior service credit (160,262) 0 Net periodic postretirement benefit cost $1,700,725 $56,756

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

College Library Employee Plan Employee Plan Change in accumulated benefit obligation Benefit obligation, June 30, 2005 $ 40,843,436 $ 3,786,578 Service cost 770,012 41,739 Interest cost 1,090,975 64,673 Plan participants’ contributions 151,329 8,949 Actuarial gain (22,684,749) (2,683,658) Benefits paid (665,908) (82,699) Benefit obligation, June 30, 2006 $ 19,505,095 $ 1,135,582

Change in plan assets Fair value of plan assets, June 30, 2005 $ 0 $ 0 Employer contribution 514,579 73,750 Plan participants’ contributions 151,329 8,949 Benefits paid (665,908) (82,699) Fair value of plan assets, June 30, 2006 $ 00000 $ 00000

Funded status Retirees and dependents $ (7,813,410) $ (592,964) Actives fully eligible (4,644,815) (55,445) Actives not fully eligible (7,046,870) (487,173) Accumulated postretirement benefit obligation (19,505,095) (1,135,582) Fair value of plan assets 0 0 Funded status (19,505,095) (1,135,582) Unrecognized prior service cost (1,134,707) Unrecognized net gain (1,820,074) (1,035,996) Accrued postretirement benefit cost $(22,459,876)$(2,171,578)

The discount rate used in determining the accumulated postretirement benefit obligation as of June 30, 2006 was 6.25% versus 5.25% at June 30, 2005. The change in the discount rate, changes in medical cost experience under the plan and the effects of the Medicare Prescription Drug Act Subsidy caused the actuarial gain in the benefit obligation. The assumed health care cost trend used in measuring the accumulated postretirement benefit obligation was 10.00% in 2006, declining gradually to 5.00% in 2011. The discount rate used in determining the net periodic postretirement benefit cost at June 30, 2006, which is determined as of July 1, 2005, was 5.25%. Following is the effect of a change in the trend rates at June 30, 2006:

College Library Employee Plan Employee Plan Impact of 1% increase in health care cost trend Interest cost plus service cost $ 362,000 $ 23,000 Accumulated postretirement benefit obligation 2,775,000 182,000 Impact of 1% decrease in health care cost trend Interest cost plus service cost (287,000) (18,000) Accumulated postretirement benefit obligation (2,301,000) (148,000)

29 ▲ The Institution expects the 2006–2007 contribution to be reasonably consistent with the current year. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

College Library Employee Plan Employee Plan 2007 $ 935,707 $ 50,256 2008 1,010,227 53,293 2009 1,085,654 56,139 2010 1,159,704 58,199 2011 1,231,508 61,983 2012–2016 6,894,442 355,984 Total $ 12,317,242 $635,854

8. Temporarily Restricted and Unrestricted Net Assets Temporarily restricted net assets were available for the following purposes at June 30, 2006:

Amherst Folger Shakespeare College Memorial Library Program services $ 11,285,792 $ 1,645,018 Student loans 2,321,477 Life income funds 21,323,491 710,937 Buildings and improvements 7,380,636 48,057 Realized and unrealized gains available for distribution under the limits of total return policy 704,221,121 191,369,785 Other 5,536,607 $752,069,124 $193,773,797

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

Amherst Folger Shakespeare College Memorial Library Program services $ 36,872,135 $ 1,456,761 Buildings and improvements 5,826,822 1,715,791 Total return distribution 20,125,158 4,468,452 $ 62,824,115 $ 7,641,004

Unrestricted net assets are summarized as follows at June 30, 2006:

Amherst Folger Shakespeare College Memorial Library Program services $ 5,362,623 $ 850,841 Student loans 1,503,973 Buildings and improvements 154,900,653 32,584,102 Held for investment 398,072,463 18,153,024 $559,839,712 $ 51,587,967

30 ▲ 9. Expenditures by Functional Classification Expenditures and other deductions listed in the Statement of Activities represent the following functional classifications:

Amherst Folger Shakespeare College Memorial Library Program services $ 91,608,981 $ 8,547,054 Administrative and general 13,192,124 3,060,499 $104,801,105 $ 11,607,553

10. Contributions Contributions receivable, net, are summarized as follows at June 30, 2006:

Amherst Folger Shakespeare College Memorial Library Unconditional promises expected to be collected within: One year $ 4,911,147 $ 157,500 One to five years 12,023,405 111,000 Over five years 11,015,673 27,950,225 268,500 Less unamortized discount and allowance for uncollectible accounts (8,008,726) (6,321) $ 19,941,499 $ 262,179

At June 30, 2006, the College had also received conditional promises to give of approximately $13,590,000. These conditional promises to give will not be recognized as assets until the conditions are met. They are generally restricted for specific purposes stipulated by the donors, primarily endowments for faculty support, scholarships, buildings and improvements or general operating support of a particular department. Additions to contributions receivable in fiscal year 2005–2006 resulted in approximately $3,761,000 in permanently restricted revenue and $3,402,000 in temporarily restricted revenue for the College. These amounts have been included in gifts and other grants on the Statement of Activities. 11. Collections The Folger Shakespeare Memorial Library holds the largest and most complete collection of 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 sub- jects and includes books, manuscripts, documents, paintings, illustrations, tapestries, furnishings, musical instruments, scores, and curios from the Renaissance and theater history. The collection is a source of research for scholars from all over the world and is shared with the public through extensive exhibitions. The collection is exhibited within the Folger Shakespeare Memorial Library in Washington, D.C. where the collection is maintained in climate controlled storage. The College has its own collections housed in the Mead Art Museum and the Museum of Natural History. The Mead Art Museum exhibits selections from its diverse collection of 14,000 works including American art, Russian modernist art, French art, British portraiture, African art, Japanese art, 19th and 20th century photography, Old Master and modern prints and drawings. The Museum of Natural History houses research collections of vertebrate and invertebrate paleontology, minerals, anthropology and modern verte- brates, as well as numerous exhibits which illustrate the evolution and ecology of major groups of animals. The College’s collections are exhibited on campus where they are maintained. The College and the Library maintain policies and procedures addressing the collections’ upkeep as well as other aspects of its management, including accession and deaccession policies.

31 ▲ The Trustees of Amherst College ▲ Amherst College

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2006

Fund Endowment Life 2006 2005 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 107,936 $ 980,761 $1,018,182 $ 377,372 $ 2,484,251 $ 1,942,371 Administration 3,142 105,950 109,092 160,057 Instruction 2,068,875 50,350 104,701 2,223,926 2,107,995 Library 409,509 6,000 5,200 67,602 488,311 122,114 Physical Plant 195,500 $ 5,826,822 3,767 6,026,089 10,318,227 Scholarships and Student Aid 2,875,674 5,574 1,335,284 4,216,532 4,206,663 Prizes 2,734 40,600 12,800 56,134 5,129 Fellowships 1,000 75,000 76,000 28,000 Research 2,754,127 2,754,127 2,236,324 Annual Fund 2,878 *8,923,430 8,926,308 7,636,810 Academic Services 1,510,767 3,789 5,500 1,520,056 Student Services 275,472 1,615 385,097 662,184 1,645,546 Remainder Interest 4,799,177 4,799,177 4,238,023 Dickinson Museum 93,332 92,523 185,855 187,814 Total—2006 $7,453,487 $ 986,761 $1,125,310 $4,799,177 $ 5,920,154 $14,243,153 $34,528,042 Total—2005 $6,543,335 $ 441,620 $ 994,077 $4,238,023 $10,191,056 $12,426,962 $34,835,073 *This amount does not include Reunion Funds and endowment income transferred to the 2006 Annual Fund. When that amount is included, the total of the 2006 Annual Fund is $9,115,612.

The Trustees of Amherst College ▲ Folger Shakespeare Memorial Library

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2006

Fund

Endowment Life 2006 2005 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 0 $1,123,888 $1,123,888 $1,246,828 Administration $132,661 77,639 210,300 648,619 Director $ 1,146 650,839 40,000 691,985 11,955 Academic Programs 0 98,282 98,282 55,473 Public Programs 200 171,866 172,066 226,819 Education 300 5,730 168,044 174,074 88,842 Grant Support 605,860 605,860 922,396 Technology 40,000 40,000 20,000 Central Library 12,386 0 400 105,699 118,485 112,242 Acquisitions 52,504 52,504 46,214 Folger Unitrust 0 0 60,155 Total—2006 $ 14,032 0 $696,569 $ 0 $133,061 $2,443,782 $3,287,444 Total—2005 $ 27,666 $ 0 $ 36,758 $ 60,155 $658,744 $2,656,220 $3,349,543

32 ▲ The Trustees of Amherst College ▲ Amherst College Descriptive Analysis of Endowment and Other Similar Funds June 30, 2006 (Valuations at Market)

Permanent Endowment, Income Unrestricted William M. Ducker 1876 Fund 57,679 Consolidated $1,238,121 Noble S. Elderkin 1901 Memorial Fund 92,106 Charles H. Allen Fund 1,585,519 John Cushing Esty 1922 Memorial Fund 356,271 Fred H. Allen, Jr. 1934 Fund 87,868 Lillian and Paul L. Feinberg 1928 Fund 1,011,298 The Amherst College Campaign Fund 18,149,932 Feldman Family Fund 153,443 William H. Anderson 1924 Memorial Fund 342,490 The Stuart C. Frazier 1922 Memorial Fund 72,439 Anonymous 334,920 Philip M. Friedmann 1967 Endowment Fund 4,530 Frank L. Babbott 1913 Fund 2,281,618 Georg P. L. Gail 1915 Fund 7,281,696 Dorothy T. Bailey Fund 48,027 Henry W. Giese 1902 Fund 724,604 Frederick T. Bedford 1899 Fund 561,400 Estate of Frary Hale 1905 71,370 The E. & E. Goepel Beyer Memorial Fund 1,538,796 The Jimmy Hamilton Fund 53,496 Robert E. Bingham 1940 Fund 36,542 William Irving Hamilton 1904 Fund 548,705 Elizabeth D. and Foster F. Birch III 1932 Fund 127,127 The Ralph and Bertha Hooper 1919 Fund 188,395 Richard Bond Fund 77,419 Samuel A. Howard Class of 1882 Fund 1,994,997 Campus Community Unrestricted Endowment Fund 155,756 Perry B. and Elizabeth W. Jenkins Fund 3,322,743 Class of 1900 Endowment Fund 91,979 Stuart M. Johnson 1964 Endowment Fund 907,015 Class of 1911 Endowment Fund 690,051 Eldon B. Keith 1902 Fund 90,548 Class of 1920 Endowment Fund 2,681,045 John E. Kirkpatrick 1951 Fund 733,470 Class of 1924 Endowment Fund 750,356 The Knight Family Fund 521,468 Class of 1952 Endowment Fund 1,802,400 Frederick Houk Law, Class of 1895, Fund 29,556 Class of 1956 Endowment Fund 2,075,494 Andrew F. Lawrence 1965 and L. Jay Lawrence Class of 1904 Fund 346,275 1930 Fund 405,602 Class of 1940 Reunion Endowment Fund 507,594 Jonathan R. Longley 1974 Fund 1,414,138 Class of 1941 Reunion Endowment Fund 263,967 Joseph A. Lowe 1904 Fund 313,062 Class of 1942 Reunion Endowment Fund 239,382 The Michael R. McGuire, M.D. Memorial Fund 35,948 Class of 1943 Reunion Endowment Fund 434,817 Munch Memorial Fund 2,235,710 Class of 1944 Reunion Endowment Fund 104,420 Blanche A. Myers Fund 90,548 Class of 1945 Reunion Endowment Fund 285,933 Olds House Fund 568,824 Class of 1946 Reunion Endowment Fund 292,272 Walter S. Orr 1912 Fund 1,741,552 Class of 1950 Reunion Endowment Fund 401,419 C. Scott Porter 1919 Memorial Fund 73,344 Class of 1951 Reunion Endowment Fund 166,428 John Porter 1910 Fund 258,497 Class of 1953 Reunion Endowment Fund 408,970 Charles M. Pratt 1900 Fund 889,854 Class of 1955 Reunion Endowment Fund 784,311 Richardson Pratt 1915 Fund 514,333 Class of 1956 Reunion Endowment Fund 15,665 Theodore Pratt 1909 Memorial Fund 338,343 Class of 1957 Reunion Endowment Fund 266,736 Stuart E. Price 1915 and Stuart E. Price, Jr. 1950 Class of 1958 Reunion Endowment Fund 324,960 Family Fund 93,119 Class of 1960 Reunion Endowment Fund 1,919,751 David Prouty Fund 77,238 Class of 1961 Reunion Endowment Fund 269,496 John V. and Vernal Piper Robinson Memorial Fund 77,636 Class of 1962 Reunion Endowment Fund 151,524 Rosenthal-Siegel Fund 105,218 Class of 1963 Reunion Endowment Fund 360,256 William A. Sargent 1879 Fund 15,002,533 Class of 1965 Reunion Endowment Fund 836,599 C. P. Sawyer 1885 Fund 181,097 Class of 1966 Reunion Endowment Fund 201,126 Oliver and Hester Mary Semple Fund 334,830 Class of 1967 Reunion Endowment Fund 236,549 George L. Shinn 1945 Fund 1,657,179 Class of 1968 Reunion Endowment Fund 638,663 Hugh R. Silbaugh, Jr. 1954 Endowment Fund 190,194 Class of 1969 Reunion Endowment Fund 131,423 George F. B. Smith 1924 Fund 38,737 Class of 1970 Reunion Endowment Fund 638,918 Cushing B. Snider 1934 Fund 53,007 Class of 1971 Reunion Endowment Fund 384,450 Wilson Snushall 1903 Fund 938,769 Class of 1963 25th Reunion Gift Fund 1,395,531 W. Lloyd Snyder, III 1966 Fund 831,250 Class of 1964 25th Reunion Endowment Fund 683,658 The Staff Retirement Plan Funds 12,775,606 William M. Cowles 1920 Memorial Fund 23,398 Alfred E. Stearns 1894 Fund 167,913 C. J. Crary 1901 Endowment Fund 783,551 James M. Stilwell Fund 577,336 Allen Davidson 1922 Memorial Fund 156,685 Storke Memorial Fund 2,235,710 Martin W. Deyo 1925 Memorial Fund 57,045 Wesley H. Swiler 1927 Memorial Fund 157,500 Reverend Austin Dickinson Fund 53,786 Howard S. Taylor Class of 1914 Fund 194,751 The Dorothy H. Donovan Memorial Fund 761,312 Sherman R. Thayer 1926 Fund 566,814

33 ▲ Willard Brown Thorp 1887 Memorial Fund 446,639 Funds for Specific Instruction Purposes Ellsworth M. Tracy 1930 Endowment Fund 46,578 Consolidated 33,505 Harold R. Ward 1939 Zero Coupon Fund 69,813 Addison Allen 1888 Fund 327,785 The Robert A. Ward 1957 Memorial Fund 456,284 Amherst House Fund Doshisha University 60,178 William F. Washburn 1911 Memorial Fund 37,215 Anonymous Fund for Religious Purposes 857,764 Paul D. Weathers 1915 Fund 560,114 Anonymous Professorship Fund 1,229,853 William H. Webster 1906 Memorial Fund 300,530 Winifred L. Arms Chair in the Arts and Humanities 4,140,902 Ellis H. Whitaker Fund 115,721 Barrett Gymnasium Fund 92,359 The Charles S. Whitman 1890 Memorial Fund 42,295 Henry Ward Beecher Lectureship in History and Edward S. Whitney 1890 Fund 346,347 Political Science 181,097 William C. Wickenden 1935 Memorial Fund 77,853 Beitzel Professorship in Technology and Society 720,777 Frederick N. Wier 1882 Fund 1,444,463 Bruce B. Benson 1943 and Lucy Wilson Benson Samuel Williston Fund 1,376,769 Professorship 781,151 Peter B. Wyckoff 1868 Fund 90,548 William P. Bigelow 1889 Fund 53,677 Total Permanent Endowment, Parmly Billings 1884 Professorship Fund 905,483 Income Unrestricted $117,946,920 Brian E. Boyle 1969 Professorship Fund 2,363,249 The Cadigan Fund 289,755 Permanent Endowment, Income Restricted Campus Community Fund for Faculty Research and ADMINISTRATION Scholarly Activities 18,418 The Alumni Endowment Funds Michael deShee Clarke 1957 Memorial Fund 139,861 Consolidated 224,089 Class of 1880 Professorship of Greek 3,053,289 Estate of Warren D. Brown 1894 90,548 Class of 1952 Dean Eugene Wilson Faculty Estate of William W. Clarke 1925 90,548 Development Fellowship Fund 1,625,935 Estate of Fannie B. Look 260,634 Class of 1959 Professorship 3,630,236 Estate of Frank B. Nelson 1873 2,710,491 Henry Steele Commager Professorship 3,835,735 Estate of Alexander D. Noyes 1883 90,548 George H. Corey 1888 Professorship of Chemistry 2,535,353 John Bayley O’Brien 1905 Fund 1,810,966 William Lyman Cowles 1878 Memorial Fund George D. Olds 1895 Memorial Fund 54,329 for Latin 3,050,355 Estate of Ralph M. Stoughton 1901 509,550 G. Armour Craig Professorship in Language and Estate of Isabel J. Turner 38,704,314 Literature 1,816,336 Estate of James Turner 1880 3,621,932 Harold B. Cranshaw 1911 Memorial Fund 116,916 Estate of William J. Turner 31,594,153 The Miner D. Crary 1897 Memorial Fund 915,534 Transferred from previous annual Alumni funds, George Lyman Crosby 1896 and Stanley Warfield and miscellaneous items 2,574,234 Crosby, Jr. Foundation Professorship of Philosophy 1,855,262 George Lyman Crosby 1896 and Stanley Warfield Total Alumni Endowment Funds 82,336,336 Crosby, Jr. Foundation Professorship of Religion 2,715,399 Consolidated 4,527 The Amanda and Lisa Cross Chair 10,877,750 Chester W. Chapin Fund 905,483 Sidney Dillon Fund 452,742 Fine Arts Fund 45,039 Benjamin John Diver Memorial Fund for Music 68,056 Hewlett-Mellon Challenge Fund 959,685 Doshisha House Fund 95,945 Hewlett-Mellon Presidential Challenge 741,717 Frank Fowler Dow 1874 Fund for Chemistry 5,043,449 Pratt Health Cottage Fund 623,878 George P. Eastman 1884 Fund for Music and Lectures 90,548 Harold Wade, Jr. 1968 Memorial Fund 134,174 John Eastman, Jr. Fine Arts Fund 228,653 Ives Washburn 1908 Fund 452,742 Joseph B. Eastman Foundation Professorship in Total Administration $86,203,581 Political Science 5,430,218 English Language and Literature Fund 1,866,653 INSTRUCTION The William Esty 1889 Fund 662,775 General Instruction Henry P. Field 1880 Fund 7,044,948 Consolidated 246,762 The Fine Arts Fund 222,260 Fred B. Asche 1927 Fund 863,903 The Clyde Fitch 1886 Fund for English and Asian Studies Fund 235,625 Dramatic Arts 362,193 Centennial Fund 27,997,248 Edwin F. and Jessie Burnell Fobes Fund for Greek 1,712,920 Nanette W. Chesebrough Fund 165,903 Eliza J. Clark Folger Professorship 2,897,546 William S. Clark 1848 Fund 531,645 Emily C. Jordan Folger Professorship 2,897,546 D. Willis James Fund 1,802,201 Henry Clay Folger 1879 Professorship 2,897,546 Henry P. Kendall 1899 Fund 1,659,388 Clarence Francis 1910 Professorship in the William H. Moore 1871 Fund 720,873 Social Sciences 3,630,118 1901 Endowment Fund 1,802,201 Mary O. Fulton Fund 673,861 1911 Endowment Fund 7,226,842 The Geology Fund 64,470 1918 Endowment Fund 11,775,826 The Julian H. Gibbs 1946 Professorship 4,493,377 Second Century Fund 16,282,089 Glover-Rose Fund 7,261 Julius H. Seelye 1849 Fund 1,802,201 Samuel Green Professorship Fund 543,290 Total General Instruction 73,112,707 John and Mary Greenebaum 1952 Fund 287,456

34 ▲ Richard H. Gregory 1898 and Richard H. Gregory Martin S. & Audrey P. Schwartz Professorship 504,212 1933 Memorial Fund 73,308 Sears Literary and Benevolent Fund 19,870,161 James J. Grosfeld Professorship 1,735,120 Sears Real Estate Fund 162,987 Handyside Fund for Chamber Music 150,654 Jay E. Silberg 1963 Choral Fund 65,267 Edward S. Harkness Professorship 2,897,546 Winthrop H. Smith 1916 Professorship of American William H. Hastie 1925 Professorship 83,680 History and American Studies 4,668,761 William H. Heaney 1968 Research Fund 112,461 Bertrand H. Snell 1894 Professorship in American Edward Hitchcock Fellowship in Physical Education 362,193 Government 3,966,441 Hitchcock Professorship in Mineralogy and Geology 474,473 Stone Professorship of Biology 814,935 The Charles Hamilton Houston 1915 Professorship Edward H. Sudbury 1909 Fund 78,288 in American Studies 3,458,076 The Thalheimer Professorship 2,583,609 Alan L. Hyde 1950 Fund for Latin American and The Willard Long Thorp Professorship in Economics 4,347,985 Caribbean Studies 428,659 Edward Tuckerman Fund 90,548 W. MacLean Johnson 1938 Memorial Fund 582,859 Turner Family Fund 522,877 The Judaica Fund 1,207,493 Scott F. Turow 1970 Creative Writing Fund 366,031 Saul H. Katz Fund 21,713 Joseph E. and Grace W. Valentine Professorship in Christopher L. Kaufman 1967 Fund 118,003 Music 5,073,983 Robert E. Keiter 1957 Fund for Postdoctoral Fellows 204,289 Robert C. Vogel 1960 Fund 80,298 William R. Kenan, Jr. Professorship 7,394,157 Richard S. Volpert 1956 Professorship in Economics 2,367,228 William E. Kennick Fund for Teaching 77,758 Walker Professorship Fund 3,395,562 Margaret and Stanley King 1903 Fund 13,986,653 Thomas B. Walton, Jr. Memorial Professorship 5,097,112 Margaret and Stanley King 1903 Music Department Wanner Family Professorship 2,776,659 Fund 219,054 John William Ward Professorship 2,815,031 Alfred Sargent Lee 1941 and Mary Farley Ames Lee The Roberta R. and David M. Weinstein 1968 Professorship 2,765,816 Professorship 143,423 Guy Carlet Levy-Despas 1940 Fund 624,658 G. Henry Whitcomb 1864 Memorial Fund 625,435 Lewis-Sebring Professorship in Latin American and L. Stanton Williams 1941 Professorship 2,299,936 Latino Culture 3,237,619 Samuel Williston Professorship of Greek 367,626 Jeffrey A. Libert 1977 Fund 544,340 Samuel Williston Professorship of Rhetoric and Rufus Tyler Lincoln Professorship 1,810,966 Oratory 463,607 Manwell Family Professorship in Life Sciences 2,127,415 Winkley Professorship of History and Political Alan D. 1916 and Warren L. Marks 1919 Music Fund 90,548 Economy 905,483 Marquand and Stone Public Speaking Fund 362,193 Peter B. Wyckoff 1868 Physical Education Fund 90,548 The Math Fund 58,983 Total Specific Instruction Purposes 264,622,567 The John J. McCloy 1916 Professorship of American Institutions and International Diplomacy 3,646,143 Total Instruction $337,735,274 William R. Mead 1867 Professorship in Fine Arts 2,897,546 Charles E. Merrill 1908 Professorship in Economics 1,991,538 LIBRARY The Philip B. Miller 1930 Fund 396,728 Willis E. Bridegam Fund for the Amherst College Library 42,480 Charles H. Morgan Memorial Fund 63,726 Brooks Humanities Librarian Endowment Fund 721,380 Dwight W. Morrow 1895 Professorship in Political Robert Frost Library Fund 7,286,187 Science 3,621,932 Hitchcock Memorabilia and Archives Fund 291,715 Anson D. Morse 1871 Professorship in History 2,897,546 Polly Longsworth Library Resources Fund 949,521 National Endowment for Humanities Fund 11,972,424 McGoun Archival Fund 449,989 John C. Newton Professorship of Greek 858,398 Sargent H. Wellman 1912 Memorial Fund 142,125 Edward N. Ney 1946 Professorship in American Book Funds: Institutions 4,149,956 Consolidated 269,619 George Daniel Olds Professorship in Economics and African Studies Collection Fund 36,799 Social Institutions 1,810,966 Alden Memorial Fund 199,750 Olin Professorship in Asian Studies 3,254,741 Gordon K. Allison 1926 Memorial Book Fund for James E. Ostendarp Professorship 3,741,637 Fine Arts 183,311 Domenic J. Paino 1955 Professorship in Global Ella E. Ames Fund 108,658 Environmental Studies 2,927,747 The Theodore Baird Fund 340,842 Herbert S. Pasternak, M.D. 1956 Geology Fund 47,625 Marshall Bloom 1966 Acquisition Fund 192,157 Ward H. Patton Professorship in Economics 2,214,160 The Gladys Brooks Foundation Fund 943,159 Thomas F. Pick Environmental Studies Fund 1,454,315 Campus Community Fund for Library Resources 53,679 Peter R. Pouncey Professorship 3,373,685 Centennial Fund 1,810,966 Harold I. Pratt 1900 Pool Fund 90,548 The Charles W. Cole 1927 Book Fund 110,342 George William and Kate Ellis Reynolds 1877 Fund 2,716,449 Katharine S. Cole Memorial Book Fund 88,422 E. Dwight Salmon Professorship in History 4,772,712 R. John Cooper 1964 Book Fund 121,715 H. Axel Schupf 1957 Asian Studies Fund 1,848,671 Katharine C. Cowles Memorial Fund 21,895 Willem Schupf Professorship in Asian Languages Edward A. Crane 1854 Library Fund 634,617 and Civilizations 4,220,909 John A. Cranshaw 1939 Memorial Fund 28,411

35 ▲ Edward West Currier 1865 Fund 181,097 PHYSICAL PLANT Delta Kappa Epsilon Book Fund 90,548 Biological and Geological Laboratory Maintenance Fund 905,483 Janice C. Denton Book Fund 46,298 Centennial Fund 4,527,416 Wills T. Engle 1928 Book Fund 137,959 Chapin Hall Endowment Fund 888,188 The Faculty Library Endowment Fund 70,410 Converse Library Fund 3,621,932 Allyn B. Forbes Library Resources Fund 57,376 Daniels Gallery Fund 421,593 The Alfred Friendly Library Acquisition Fund 417,899 Kurt L. Daniels 1923 Mead Art Fund 164,834 George B. Funnell 1924 Book Fund 233,234 Mary Lee and Wallace C. Dayton 1943 Fund 2,735,546 Joel Giles 1828 Fund 916,258 Ellwood R. Kirby Fund 382,096 Hagstrom Fund for Support of the Amherst Richard S. LeFrak Endowment Fund 535,335 College Library 48,830 Life Sciences Building Maintenance Fund 1,000,094 John D. Harris 1934 Book Fund 83,214 The MacLeod Building Fund 272,695 Nicholas Curtis Heaney Library Fund 34,716 Maintenance of Life Sciences Fund 3,973,911 Arnold S. Hemley 1931 Memorial Book Fund 39,093 Moore 1871 Laboratory Endowment Fund 4,527,416 Kenneth P. Higgins 1927 Memorial Library Fund 54,385 Walter S. Orr Rink Fund 2,432,870 Augustus S. Hutchins 1879 Fund 180,408 Frederic B. Pratt 1887 Athletic Field Fund 362,320 David W. P. Jewitt 1943 Book Fund 144,551 Eustace Seligman 1910 Fund 112,407 Robert E. Keiter 1957 Book Fund 126,514 Myron and Anabel Taylor Fund for Orr Rink 103,316 Glenn D. Kesselhaut 1978 Book Fund 5,222 Z/G2Japanese Garden Fund 41,816 Library Acquisitions and Special Collections Total Physical Plant $27,009,268 Support Fund 84,669 Louis R. Liss Endowment Fund 32,380 SCHOLARSHIPS AND STUDENT AID Phyllis A. Maurer and Barry D. Maurer 1959 Consolidated 2,283,609 Memorial Book Fund 42,956 Abeles Family Scholarship Fund 79,660 Richmond Mayo-Smith 1909 Fund 191,745 David H. Morton and John Breckenridge Adams Newton F. McKeon 1926 Library Fund 242,508 Scholarship Fund 2,054,107 Clement Fessenden Merrill 1937 Memorial Fund 33,449 Nishtha J. Adhvaryu 1996 Memorial Scholarship Fund 25,680 James Merrill 1947 Book Fund 313,243 Albert Family Scholarship Fund 44,684 James Merrill 1947 Library Fund 590,194 Rachen Cohan Albert 1984 and Jonathan D. Albert Henry Mishkin Fund for the Music Library 85,170 1983 Scholarship Fund 54,279 The F. Franklin Moon 1935 Acquisition Fund 53,967 James K. Alexander, M.D. Scholarship Award 114,743 The Leonard Page Moore 1919 Library Fund 21,786 Ralph G. Allen 1955 Memorial Scholarship Fund 68,588 Stephen Morrow 1961 Memorial Book Fund 92,196 Vivian B. Allen Foundation Scholarship Fund 883,770 E. Kimball Morsman 1924 Book Fund 725,346 Frederick S. Allis 1893 Scholarship Fund 73,616 The NEH Challenge Grant 5,188,038 Amherst College Canadian Foundation 96,217 Laurence B. Packard Memorial Library Endowment Amherst 1908 Fund 288,360 Fund 387,474 The Amherst Scholarship Fund 1,924,419 Arthur Stanley Pease 1933 Honorary Fund 113,772 Brierly W. Anderson 1954 Scholarship Fund 26,815 Phi Psi Library Fund 49,457 Wallace W. Anderson 1922 Memorial Fund 80,715 John Worthington Porter 1950 Frost Library Fund 102,863 Carol and Bruce Angiolillo Scholarship Fund 227,493 Sherman Pratt 1927 Fund 117,713 Eugene P. Angrist 1959 Scholarship Fund 80,756 Philip and Bess Rosenblum Book Fund 46,632 Anonymous Scholarship Fund 14,661,926 Olyn Koller Ruxin Library Fund 217,837 Edward A. Appleton 1889 Scholarship Fund 233,289 Helen M. and Hugo T. Saglio 1931 Fund 705,825 Arnaboldi Family Scholarship Fund 22,781 Jack Shand 1943 Psychology Book Fund 76,550 John Ferguson Aronson 1950 Scholarship Fund 102,576 David and Elsie Skolnick Memorial Fund 208,605 Charles K. Arter III 1968 Memorial Fund 351,237 Harry deForest Smith and Adela Wood Smith Frank L. and Elizabeth Babbott Scholarship Fund 875,014 Robert Frost Library Fund 96,887 Frank L. Babbott 1878 Scholarship Fund 259,276 William B. and Josephene W. Stitt 1918 Lydia Richardson Babbott Endowment Fund 905,483 Memorial Fund 140,811 Baines Family Physics and Astronomy Scholarship Fund 53,315 Surdna Fund for Library Acquisitions 803,236 George T. Baird, Jr. 1940 Scholarship Fund 246,667 M. Barnes Taft Library Fund 167,951 Albert P. Baker 1968 Scholarship Fund 87,495 Alvin and Fanny B. Thalheimer Book Fund 40,366 George O. Baker 1933 Scholarship Fund 64,054 Ervin A. Tucker 1923 Library Acquisition Fund 25,897 William Darling Ballantine 1901 Scholarship Fund 137,543 James Turner 1880 Fund for South College Library 108,658 Danforth Keyes Bangs Scholarship Fund 77,890 William Seymour Tyler 1830 Memorial Fund 504,408 Edmund P. Barker 1876 and Susan Marvin Barker The John William Ward Fund for Books in Scholarship Fund 146,815 American Studies 157,514 Harriet S. Barnett Scholarship Fund 51,757 Louis S. Welty 1927 Book Fund 72,801 Seymour Israel Barowsky Scholarship Fund 46,940 Charles D. Yegian 1959 Christian Book Collection 69,867 George Miller Bartlett 1901 Scholarship 102,301 Paul Zigler 1957 Memorial Fund 46,958 Ivory H. Bartlett Scholarship Fund 91,943 Total Library $29,855,480 Ralph A. Beebe 1920 Memorial Fund 399,995

36 ▲ Daniel Beecher 1907 Scholarship Fund 1,653,412 The William Montague Cobb 1925 Scholarship Fund 102,772 Frederick Warren Beekman Scholarship Fund 668,319 Daniel C. Cochran 1968 and Gregory B. Sutphin Bender-Lewis Scholarship Fund 287,672 1971 Scholarship Fund 179,539 Berkowitz Family Fund 57,842 Jonathan P. Coffin 1976 Scholarship Fund 100,604 The Bernstein Family Scholarship Fund 367,293 The Jacob Cohan Memorial Scholarship Fund 83,434 Robert H. Bidwell 1941 and Constance Gorman The Edwin C. Cohen 1964 Scholarship Fund 48,172 Scholarship Fund 92,759 Charles Woolsey Cole 1927 Fund 1,469,853 Bingham Osborn 1970 Scholarship Fund 93,431 Stephen Collins 1969 Scholarship Fund 32,510 The Bisbee Fund 1,520,451 The George F. Conant 1950 Memorial Fund 55,734 Pamelia Lovell Black Scholarship Fund 186,439 Peter Martin Conklin 1959 Memorial Fund 87,494 Robert Eldredge Blood III 1973 Scholarship Fund 53,379 Connecticut Alumni Scholarship Fund 197,172 John E. Booth 1923 Scholarship Fund 627,953 E. C. Converse Scholarship Fund 921,872 Haven D. Brackett 1898 Memorial Fund 73,417 James and Dolores Conway Scholarship Fund 638,185 E. Wayne Brant Natural History Summer William Lyman Cowles 1878 Fund 54,764 Scholarship Fund 28,052 G. Armour Craig 1937 Scholarship Fund 75,808 Chandler Matthews Bray 1893 Scholarship Fund 385,826 Robin S. Cramer Memorial Scholarship Fund 882,318 J. Barry Brokaw 1964 Scholarship Fund 50,019 Miner D. Crary 1897 Scholarship Fund 231,051 Colin S. Brooks 2001 Scholarship Fund 40,989 Clarence E. P. Crauer Scholarship 86,890 Roger Bednarske Brooks 1918 Memorial Scholarship 498,470 Elizabeth P. and Frederick K. Cressman, Jr., Brothers Family Scholarship Fund 31,810 Class of 1954, Scholarship Fund 369,706 Charles Henry Brown 1916 Scholarship Fund of George Lyman Crosby 1896 Memorial Scholarship Fund the Amherst Club of Chicago 336,152 and Stanley Warfield Crosby, Jr. Scholarship Fund 509,280 Randall K. Brown Scholarship Fund 419,408 Fred B. and Harriet E. Cross 1902 Fund 567,629 H. Prentice Browning 1933 Memorial Scholarship Fund 56,595 Gorham L. Cross 1918 Memorial Scholarship Fund 902,404 Edward J. Burnell, Jr. 1933 Memorial Scholarship Fund 731,522 Joan F. and Gorham L. Cross, Jr. 1952 Howard J. Burnett 1952 Scholarship Fund 33,556 Scholarship Fund 330,515 George Burns 1908 Memorial Scholarship Fund 95,202 William Cutler and Harriette Gilbert Cutler Memorial The Butts Family Scholarship Fund 203,548 Scholarship Fund 284,557 Andrew Cader 1981 Scholarship Fund 43,324 John E. Dame 1866 Scholarship Fund 89,027 John A. Callahan 1883 Scholarship Fund 168,257 John E. Day 1871 Scholarship Fund 41,344 Stephen P. Campbell 1989 and Heather McHold Moses Day 1882 Fund 90,548 Scholarship Fund 71,576 Allen J. de Castro, Jr. 1942 Scholarship Fund 31,058 Campus Community Student Scholarship Fund 106,966 Elizabeth M. DeHaas Memorial Scholarship Fund 51,659 Robert Carmel 1958 Scholarship Fund 42,632 Peter H. DeHaas 1960 Scholarship Fund 949,474 Stephen W. Carr 1965 Family Scholarship Fund 59,421 William C. Dick 1932 Scholarship Fund 454,100 Otis and Alice Cary Scholarship Fund 624,722 Sidney and Hannah Dillon Fund 90,548 Centennial Fund 2,234,732 The Dodge Fund 88,375 Chan Family Scholarship Fund 255,777 J. Henry Doscher, Jr. 1942 Scholarship Fund 221,028 Edward L. Chapin 1909 Scholarship Fund 90,766 The Douglass Family Scholarship Fund 562,287 The Charitable Fund 4,040,594 The Warren F. Draper 1906 Fund 54,782 Lewis B. Chesler 1968 Scholarship Fund 30,232 Charles R. Drew 1926 Memorial Scholarship Fund 251,435 Jefferson Clark 1866 Scholarship Fund 181,097 John Eastman Sr. 1902 Scholarship Fund 228,653 Lewis F. Clark 1837 Scholarship Fund 181,097 Lucius R. Eastman 1895 Fund 181,097 Lincoln Clark Memorial Scholarship Fund 257,963 James M. Ellis 1856 Fund 91,562 Class of 1880 Scholarship Fund 61,917 Arthur F. Ells 1902 Scholarship Fund 261,675 Class of 1897 Scholarship Fund 95,619 Levi H. Elwell 1875 and James H. Elwell 1919 Class of 1938 Scholarship Fund 403,864 Memorial Fund 1,156,574 Class of 1991 Scholarship Fund 36,763 Epstein Family Scholarship Fund 36,098 Class of 1913 50-Year Fund 419,528 Robert Houghton Esty 1946 Memorial Fund 107,028 Fund in Memory of Allen Davidson and Members Evans Family Scholarship Fund 168,354 of the Class of 1922 320,668 Malcolm D. Ewen 1976 Scholarship Fund 46,610 Class of 1927 Memorial Fund 208,732 Addison Alvord Ewing 1892 Scholarship Fund 162,987 Class of 1928 25-Year Fund 255,401 Isaac D. Farnsworth Scholarship Fund 54,329 Class of 1929 25-Year Fund 206,649 Knaus Fehling Memorial Scholarship Fund 48,721 Class of 1930 25-Year Fund 391,205 David W. Ferguson 1975 Memorial Scholarship Fund 210,892 Class of 1932 25-Year Fund 456,798 The Ferre Family Fund 939,753 Class of 1933 25-Year Fund 343,015 Thomas P. Field 1834 Scholarship Fund 181,097 Class of 1935 25-Year Fund 327,495 Michael T. Fiore 1976 Endowment Fund 32,375 Class of 1937 25-Year Fund 421,321 Roger S. Firestone Foundation and the Wray Family Class of 1939 25-Year Fund 1,032,015 Scholarship Fund 199,499 Class of 1940 25-Year Fund 365,598 Fiske and Warren Scholarship Fund 544,938 Class of 1941 25-Year Fund 699,377 James M. Flanigan 1959 Scholarship Fund 17,502 Miscellaneous Classes Scholarship Funds 639,796 Karen and David Fleiss Scholarship Fund 1,093,226

37 ▲ William and Lenore Ford Scholarship Fund 106,065 Dr. and Mrs. Samuel Haig Jameson Scholarship Fund 391,730 Frederick Forman 1928 Memorial Scholarship Fund 1,404,712 The Jephson Scholarship Fund 123,852 John Franklin Fort II 1933 Scholarship Fund 158,742 Victor S. Johnson Student Loan Fund 117,713 Louis G. Fotiades Scholarship Fund 49,236 Edward P. Judd 1927 and 1955 Memorial Fund 1,076,728 Seth E. Frank 1955 Scholarship Fund 563,928 Isabelle Block Kaplan Scholarship Fund 1,497,581 John M. Freeman, M.D., Class of 1954 Scholarship Fund 33,560 Stanley J. Kay, Sr. Memorial Scholarship Fund 27,481 Julia L., Charles N. and Charles F. Frey 1951 Harry V. Keefe, Jr. 1943 Scholarship Fund 436,769 Scholarship Fund 39,859 Sean Matthew Keener Memorial Scholarship Fund 32,163 Daniel M. Galbreath 1950 Scholarship Fund 183,052 Harold C. Keith 1937 Memorial Scholarship 119,712 J. Carr Gamble, Jr. 1940 Scholarship Fund 38,994 Robert E. Keith 1935 Scholarship Fund 195,584 Augustine Milton Gay 1850 Scholarship Fund 91,562 William E. Kennick Scholarship Fund 42,183 Emerson Gaylord 1905 Scholarship Fund 146,054 Glenn D. Kesselhaut 1978 Memorial Scholarship Fund 69,663 Henry W. Giese Memorial Scholarship Fund 220,974 Paulette and David Kessler 1973 Family Scholarship Vernon P. Gilbert 1889 Memorial Scholarship Fund 5,389,997 Fund 119,598 William O. Gilbert 1890 Scholarship Fund 1,305,652 Henry S. Kingman 1915 Memorial Fund 93,011 Albert Franklin Gilman 1897 Scholarship Fund 889,405 Joseph R. Kingman 1924 Scholarship Fund 44,296 Ralph B. Gilpatrick, Jr. 1949 Memorial Fund 483,419 Charles R. Kirk and Dorothy M. Kirk P’60 Jubal C. Gleason 1863 Scholarship Fund 99,259 Scholarship Fund 25,677 Raymond D. Gozzi Scholarship Fund 64,896 Knowles Scholarship Fund 54,329 Gorth Family Scholarship Fund 33,168 Edward J. Kovacs 1928 Scholarship Fund 56,520 Darold Greek, Jr. 1960 Memorial Scholarship Fund 204,613 Frederick H. Kuesel 1920 Scholarship Fund 200,112 Harry P. Greeley 1898 Scholarship Fund 276,281 David S. Kunian 1932 Scholarship Fund 88,429 Greene Scholarship Fund 27,092 Peter B. Kunz 1984 Memorial Scholarship Fund 510,228 Peter A. Gross 1960 Scholarship Fund 223,821 Paul Gerard LaFerriere 1970 Scholarship Fund 160,588 Gilbert H. Grosvenor 1897 Memorial Fund 138,195 John S. Lancaster 1951 Scholarship Fund 92,920 Richard William Gustafson Scholarship Fund 80,896 Raymond B. Landis 1936 Scholarship Fund 267,498 George A. Hall 1882 Scholarship Fund 90,548 The Lasher Family Scholarship Fund 175,809 The Gordon Hall III 1952 Scholarship Fund 85,134 Andrew D. Lawrie 1873 Scholarship Fund 2,067,669 John Whitney Hall 1939 Scholarship Fund 273,694 Robert L. Leach II 1960 Memorial Fund 114,363 Martha M. and Henry J. Harding Fund 1,545,550 Daniel Kie-Hong Lee 1950 Scholarship Fund 292,924 Donald E. Hardy 1916 Scholarship Fund 3,665,993 Lyndon E. Lee and Bertha C. Lee Scholarship Fund 26,096 Edward K. Hardy, Jr. 1929 Scholarship Fund 207,953 Thai-Hi Lee 1980 International Scholarship Fund 417,529 Kenneth L. Hardy 1944 Memorial Scholarship Fund 180,949 Charles P. Leffel 1950 Memorial Scholarship Fund 545,372 Paul Wallace Hardy 1914 Scholarship Fund 88,647 Samuel J. and Ethel LeFrak Scholarship Fund 1,561,125 Kirk and Ellen Hartman Scholarship Fund 34,792 John E. Lehman Fund 32,079 Wyatt R. Haskell Fund 234,321 Wallace Minot Leonard, Jr. 1916 Memorial Fund 37,125 William H. Hastie 1925 Scholarship Fund 295,224 Elayne Levin Scholarship Fund 168,103 Samuel W. and Susan H. Heaney Scholarship Fund 83,993 John E. Levy 1976 & Victoria Westhead Scholarship The Hearst Foundation Fund 680,688 Fund 34,490 L. William Heinrich 1953 Memorial Scholarship Fund 49,642 Liedtke Scholarship Fund 336,586 Hepburn Family International Scholarship Fund 122,469 Henry M. Littlefield Memorial Scholarship Fund 358,450 Jesse J. Hermann 1984 Scholarship Fund 36,691 John D. Lobrano 1979 Scholarship Fund 121,659 William Hilton Scholarship Fund 905,483 Lawrence Woodbury Lockwood 1946 Scholarship Fund 410,232 George M. Hinckley 1934, Abigail J. and Samuel Loomis Scholarship Fund 73,354 Miriam D. Hinckley Scholarship Fund 445,581 George W. Long Memorial Fund 22,692 Hitchcock Scholarship Endowment Fund 208,189 Ludington Scholarship Fund 1,871,778 Hoeg Family Scholarship Fund 35,330 Albert E. Lumley Fund 144,171 Irving B. Holley Scholarship Fund 107,716 Georges Lurcy Scholarship Fund 2,691,944 The Hollinshead Family Scholarship Fund 294,532 MacLennan Family Scholarship Fund 173,568 Frank A. Hosmer 1875 Scholarship Fund 271,645 Marc E. Manly 1974 Scholarship Fund 61,917 Clarissa Dodge Howard Scholarship Fund 181,097 Allison W. (Eli) Marsh Fund 193,745 William R. Howard 1889 Scholarship Fund 90,548 Francis J. Marsh 1870 Memorial Fund 90,548 The Hubshman Foundation Scholarship Fund 665,295 William Rolfe Marsh 1910 Scholarship Fund 53,949 Peter Y. Huh 1985 Scholarship Fund 66,233 Richard Wheeler Maynard 1920 Scholarship Fund 171,933 Sigval Emile and Elizabeth Neary Hunsbedt Michael J. McCaffrey 1983 Scholarship Fund 1,884,485 Scholarship Fund 830,328 David H. McConnell 1923 Scholarship Fund 336,278 David W. Hunter 1950 Scholarship Fund 79,302 John S. McGeeney 1956 Scholarship Fund 145,072 John Montgomery Hunter 1907 Scholarship Fund 624,728 Mame Louise Reynolds McGeorge Scholarship Fund 494,432 iAgora.org Fund for International Scholarships 60,657 C. Edward McKinney, Jr. 1896 Fund 3,664,689 Infirmary Aid Fund 60,178 Mehr Scholarship Fund 239,389 George L. Ingalls 1935 Scholarship Fund 63,544 The Charles Merriam Fund 58,186 Robert A. Jacobs 1927 Memorial Scholarship Fund 45,654 Charles E. Merrill 1908 Scholarship Fund 1,468,076 The Jameson Foundation Scholarship Fund 143,266 Charles Morton Merrill Fund 1,845,592

38 ▲ The David Clarke Miller 1979 Memorial Scholarship Russ Family Scholarship Fund 39,352 Fund 41,453 Ezekiel Russell 1829 Scholarship Fund 144,877 The Philip B. Miller 1930 Scholarship Fund 396,728 Saffron Scholarship Fund 77,014 Jane N. and John M. Millet Scholarship Fund 528,528 John E. Sanford 1851 Scholarship Fund 181,097 Henry George and Kirsten Monica Mishkin Scholarship John W. Sansing 1965 Memorial Scholarship Fund 42,128 Fund 26,644 Guido J. and Louise R. Santonelli Scholarship Fund 267,641 Howard M. and Martha P. Mitchell 1939 Scholarship George Sarvis Scholarship Fund 28,599 Fund 52,997 Anthony Scenna 1927 Memorial Scholarship Fund 259,475 The Moore Beneficiary Fund 1,726,917 Lloyd G. Schermer 1950 Scholarship Fund 1,443,735 William H. Moore 1871 Fund 452,742 Edward G. Schleyer 2006 Scholarship Fund 20,223 Albert Millard Morris 1913 Scholarship Fund 517,783 Ned Schroeder 1959 Memorial Scholarship Fund 328,038 Ruth E. and Anson E. Morse 1902 Scholarship Fund 46,995 Eugene B. Schwartz 1935 and Peter D. Schwartz George A. Morse 1891 Memorial Fund 846,790 1961 Scholarship Fund 78,508 E. Kimball Morsman 1924 Scholarship Fund 156,612 Segal Family Scholarship Fund 226,434 The C. Lawrence Munch 1915 and Marie L. Munch Eustace Seligman 1910 Scholarship Fund 477,479 Kofsky Memorial Scholarship Fund 2,690,571 Edward J. Serues Memorial Scholarship Fund 67,477 Bradford Badger Munsill Memorial Fund 51,033 James S. Seymour Scholarship Fund 90,548 James G. and Mary D. Murphy Scholarship Fund 88,673 Kenneth A. Sharp 1926 Scholarship Fund 896,356 New Mexico Scholarship Fund 31,232 Saud Shawwaf 1960 Scholarship Fund 582,552 Edward N. Ney Scholarship Fund 409,206 Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard Norqual Family Fund 372,562 Scholarship Fund 132,826 Laverne Noyes Foundation 760,407 George L. Shinn Scholarship Fund 319,527 John S. Oberly 1907 Scholarship Fund 43,445 Mary J. Shores Fund 97,086 Jean W. and Robert K. O’Connor 1944 Scholarship Siegel Family International Scholarship Fund 90,674 Fund 1,497,581 Fredrick J. Sievert 1970 Scholarship Fund 159,467 The Ong Family Scholarship Fund 91,568 Albin J. Sigda 1942 Student Employment Fund 823,175 William Orr 1883 Scholarship Fund 27,816 Andrew Baird Simpson 1938 Scholarship Fund 91,816 Osathanugrah Scholarship Fund 1,361,158 Addison Henry Smith 1878 Scholarship Fund 121,555 Ouyang Family Scholarship Fund 103,327 Harry deForest Smith Scholarship Fund 391,513 Dr. Frederick Allen Parker 1920 Memorial Scholarship Isaac F. Smith 1883 Student Loan Fund 236,295 Fund 14,610 Luther Ely Smith 1894 Memorial Fund 332,167 Susan Patsner Memorial Scholarship Fund 58,621 Theodore Soller Memorial Scholarship Fund 78,487 Mildred and Ward H. Patton Scholarship Fund 549,085 South African Scholarship Fund 324,774 Edward H. Perkins, Jr. Scholarship Fund 90,548 Southern California Scholarship Fund 11,970 Mark W. Perry 1965 Scholarship Fund 1,709,915 Carl and Mildred Spero Fund 338,288 Robert T. Pfeifer 1942 Scholarship Fund 31,855 Robert E. Sproul 1969 Memorial Scholarship Fund 40,040 Woody Phillips Memorial Scholarship Fund 34,515 Frederick H. Stamm, Jr. 1940 Memorial Scholarship Asa Clinton Pierce 1843 Scholarship Fund 90,548 Fund 84,482 Peter R. Pouncey Scholarship Fund 8,124,549 Charles J. Staples 1896 Memorial Fund 459,496 George D. Pratt 1893 Scholarship Fund 895,758 C. V. Starr Scholarship Fund 2,280,749 The Theodore Pratt, Jr. 1944 and Bettie Curland Pratt Allan W. Steere 1956 Memorial Scholarship Fund 109,798 Memorial Scholarship Fund 55,198 Edward C. and Hazel L. Stephenson Scholarship Fund 73,676 President’s Loan Fund 290,823 Harold Parker Stevens 1902 Fund 641,154 Monica Mittelstadt Prounis 1984 Memorial Scholarship Arthur W. Stewart 1929 and Rhea T. Stewart Fund 81,005 International Student Scholarship Fund 332,253 The Pruyne Family Scholarship Fund 1,084,914 William W. Stifler, Jr. 1939 Scholarship 185,823 Psi Upsilon Memorial Fund 23,905 J. Sydney Stillman 1929 Scholarship Fund 383,737 Gordon Radley 1968 Scholarship Fund 158,445 The Caleb Stimson Fund 503,557 Ralph Family Scholarship Fund 94,692 Albert L. Stirn 1913 Fund 561,675 The Mike Ransom Memorial Scholarship Fund 557,704 Frederic N. Stone 1903 Scholarship Fund 89,172 Reader’s Digest Foundation Endowed Scholarship Fund 126,768 Harlan F. Stone 1894 Scholarship Fund 603,468 George Milton Reed 1862 Scholarship Fund 91,562 Stone Educational Fund 452,742 The Reed Scholarship Fund 60,776 Henry E. Storrs 1864 Scholarship Fund 90,548 ReliaStar Scholarship Fund 240,859 The Frederic A. Stott 1940 Scholarship Fund 68,183 Francis M. Richards, Jr. 1945 Memorial Music Robert B. Swain III 1976 Scholarship Fund 50,433 Scholarship Fund 118,576 William Swindells 1952 Scholarship Fund 38,466 Ellsworth E. (Red) Richardson 1927 Scholarship Fund 197,850 Ordway Tead 1912 Scholarship Fund 241,402 Frederick B. Richardson 1882 Memorial Fund 96,633 Robert Spafford Terwilliger Scholarship Fund 497,708 John M. Riedl 1929 Scholarship Fund 693,587 Lucius E. Thayer 1918 Scholarship Fund 90,548 Stuart Robinson 1836 Scholarship Fund 54,329 The Thomases Physics Scholarship Fund 40,384 Herbert W. Rogers 1924 Memorial Scholarship Fund 144,017 Frederic Lincoln Thompson 1892 Scholarship Fund 3,132,301 Chester B. Rosoff 1943 and Deborah Lee Rosoff 1981 C. Van Ting Memorial Fund 1,150,380 Scholarship Fund 60,985 The Tower Scholarship Fund 1,719,241

39 ▲ Samuel F. Trull 1945 Fund 24,810 Doshisha-Asian Studies Prize 43,662 Bessie Tucker Scholarship Fund 241,655 James R. Elster 1971 Award 85,967 Tulchin Family Scholarship Fund 149,472 G. Forrest Gillett 1936 Memorial Fund 42,035 Turner Family Scholarship Fund 447,841 Pedro Grases Prize in Spanish 98,420 Updike Family Fund 205,243 Anna Baker Heap Prize Fund 54,094 Hans P. Utsch 1958 Scholarship Fund 1,938,256 James Charlton Knox 1970 Memorial Fund 96,700 The Vernon Scholarship Fund 109,900 Sylvia and Irving Lerner Piano Prize Fund 42,268 F. Trowbridge vom Baur 1929 Scholarship Fund 155,390 Manstein Family Award 35,984 Ernest T. Wakefield 1904 Fund 861,549 Moseley Prize Fund 161,448 Ed Wall Fund 38,982 The 19th Century English Novel Prize Fund 29,845 The John Henry Washburn 1849 and 1934 Fund 566,778 Gordon B. Perry Memorial Fund 38,483 John W. Wastcoat 1934 Scholarship Fund 111,972 Donald S. Pitkin Prize Fund 18,055 Richardson L. Watkins 1976 Scholarship 38,489 Eleazer Porter Prize Fund 52,518 George H. Watson 1870 Memorial Fund 1,135,584 Psi Upsilon Prize Fund 136,760 Everett S. Webb 1924 Scholarship Fund 190,984 David Quinn Memorial Fund 14,307 Leslie T. Webster, Jr. 1947 Scholarship Fund 48,842 Noah C. Rogers Public Speaking Prize 38,429 William M. Weiant 1960 and Clarissa L. Weiant John Sumner Runnells 1865 Memorial Fund 118,220 1990 Scholarship Fund 86,473 Sawyer Prize Fund of Physical Education 54,257 Edwin P. Wells 1881 Scholarship Fund 584,852 Oscar E. Schotte Prize Fund 53,033 Edward and Eleanor Werner Family Fund 1,201,449 Oscar E. Schotte Scholarship Fund 53,442 M. Tilghman West 1937 Memorial Scholarship Fund 106,721 Obed Finch Slingerland 1942 Memorial Fund 245,603 Hobart K. Whitaker 1890 Scholarship Fund 108,386 Laura Ayres Snyder Poetry Prize Fund 46,198 G. Henry Whitcomb 1864 Scholarship Fund 897,678 Stanley V. and Charles B. Travis 1864 Fund 54,184 Donald G. White, Jr. 1949 Memorial Fund 140,984 Frederick King Turgeon Prize Fund 63,481 Heath Edgar White 1908 Scholarship Fund 79,049 Walker Prize Fund 124,866 Herbert Otis White 1895 Scholarship Fund 232,818 Thomas H. Wyman 1951 Memorial Endowment Fund 94,251 John Warren White 1934 Scholarship Fund 133,090 William C. Young 1921 Memorial Fund 40,022 Robert B. and Mabel W. Whitney Scholarship Fund 437,946 Total Prize Funds $3,548,861 Elmer W. Wiggins 1901 Fund 4,453,823 Harry Wilbur 1884 Scholarship Fund 90,548 FELLOWSHIPS Henry Lawrence Wilkinson 1888 Memorial Fund 90,548 Amherst Memorial Fellowship Fund $2,739,820 Eugene F. Williams 1910 Scholarship Fund 207,120 John Mason Clarke 1877 Fellowship in Paleontology & George W. Williams 1911 Scholarship Fund 142,324 Geology 574,375 J. Vernon Williams 1943 Scholarship Fund 75,448 Evan Carroll Commager Fellowship Fund 628,958 The Williamson Scholarship Fund 396,254 Warner Gardner Fletcher 1941 Fund 119,147 Dean Eugene S. Wilson Scholarship Fund 1,530,418 Roswell Dwight Hitchcock Memorial Fund 196,466 Robert Whitelaw Wilson 1930 Scholarship Fund 424,275 Rufus B. Kellogg 1858 Fellowship Fund 1,591,988 Richard S. Wolfe 1952 Cross-Cultural Education Fund 1,407,936 The Susan and Kenneth Kermes 1957 Fellowship Fund 733,749 Leo Wolff Memorial Scholarship Fund 434,378 Sterling Lamprecht Fellowship Fund in Philosophy 392,215 Worcester Scholarship Fund 91,291 Edward Poole Lay 1922 Fellowship Fund 1,088,047 The George R. Yerrall III 1941 Memorial Scholarship Forris Jewett Moore 1889 Fellowship Fund Fund 62,542 in Chemistry 864,491 Cynthia A. and Paul G. Yock 1973 Scholarship Fund 127,849 in History 572,098 John M. Zafiriou 1977 Scholarship Fund 63,494 in Philosophy 724,484 Aleta Pedrick Zoidis 1981 Scholarship Fund 415,817 George Stebbins Moses 1957 Memorial Fellowship Fund 793,702 Total Scholarships and Student Aid $192,451,166 C. Scott Porter 1919 Memorial Fellowship 205,063 PRIZES Lloyd I. Rosenblum Memorial Fellowship Fund 137,488 Charles B. Rugg 1911 Memorial Fellowship Fund Consolidated $483,998 in Law 260,582 Armstrong Prize 52,264 John Woodruff Simpson 1871 Fellowship Fund 4,423,401 Bancroft Prize Fund 120,284 Benjamin Goodall Symon, Jr. 1957 Memorial Bassett Physics Prize Fund 89,444 Fellowship Fund 239,650 Bertram Latin Prize Fund 52,826 Roland Wood 1920 Fellowship Fund in Dramatics 716,072 Harvey Blodgett 1829 Memorial Scholarship Fund 60,432 Bond Commencement Prize Fund 204,802 Total Fellowships $17,001,796 Samuel Bowles Fund 84,409 Addison Brown 1852 Scholarship Fund 126,079 ALUMNI ENDOWMENT FUNDS Samuel Walley Brown 1866 Scholarship Fund 122,602 Consolidated 19,015 Jeffrey J. Carre Memorial Fund 66,567 Nancy and Douglas D. Abbey 1971 Challenge Fund 1,329,381 Robert Cover Prize Fund 12,260 John Albree, Jr., Class of 1882 Memorial Fund 264,226 Dr. Ernest D. Daniels Latin Prize 25,915 Ralph S. Anthony 1920 and Henry F. Anthony 1917 Fund 98,390 The Asa J. Davis Prize Fund 67,853 Benjamin C. Bourne 1934 Alumni Endowment Fund 164,888 Doshisha-American Studies Prize 42,594 Nigel Lindsay Bowers 1976 Fund 47,683

40 ▲ Class of 1908 Endowment Fund 57,969 Linden Fund 58,797 Class of 1920 Alumni Endowment Fund 12,170 Karl Loewenstein Fellowship in Political Science and Class of 1931 Memorial Fund 323,982 Jurisprudence 6,087,866 Grant A. Goebel 1920 Memorial Fund 22,275 Kristen and Christopher Mahan 1989 Information Samuel A. Howard 1882 and 1917 Fund 103,515 Technology Fund 56,790 Glenn D. Kesselhaut 1978 Fund 39,226 Mayo-Smith-Read Trans-Disciplinary Fund 206,360 W. Eugene Kimball 1896 Fund 252,793 McGuire Family Science Fund 4,032,569 William A. King 1878 Memorial Fund 1,351,995 The Andrew W. Mellon Fund 4,646,378 Harry J. Kohout 1917 Fund 59,345 David W. Mesker 1953 Fund 250,644 John T. McAllister 1931 Memorial Fund 65,012 Mishkin Fund for Musical Performance 82,934 Charles McGowan 1917 Fund 33,467 David P. Patchel 1991 Memorial Fund 38,121 Ervin A. Tucker 1923 Fund 19,359 Virginia and David S. Pennock 1960 Russian Culture Total Alumni Endowment Funds $4,264,691 Fund 75,391 The Hall and Kate Peterson fund for the FUNDS SUBJECT TO RESERVED INCOME Mead Art Museum 1,195,800 Adams Benevolent Fund 110,469 Everett H. Pryde Fund 42,123 The Jean Reed Keith 1937 Phi Beta Kappa Fund 3,875 Rapaport Lectureship in Contemporary Art 82,343 John B. Schwemm Snack Bar Fund 923,013 Dr. Raymond A. Raskin Fund 9,278 Read Fmily Fund 103,997 Total Reserved Income Funds $1,037,357 The Ross Glee Club Fund 66,920 H. Axel Schupf 1957 Fund for Intellectual Life 7,976,654 ACADEMIC SERVICES Schupf Scholars Fund 2,152,205 William K. Allison 1920 Memorial Art Fund 211,648 The Schwemm Fund 476,701 Alpha Delta Phi and Frank Babbott 1878 Alpha Science Initiative Fund 5,275,671 Delta Phi Fund 1,563,606 Tagliabue Fund 171,734 The Amherst Art Series Fund 1,728,880 Louis B. Thalheimer 1966 Amherst Study Center Fund 3,254,741 Beals Computer Lab Fund 57,008 The F. King Turgeon Memorial Fund 139,781 David R. Belevetz 1954 Memorial Fund in Chemistry 30,153 John M. Vine 1966 Fellowship in Economics 152,505 Jeffrey Richard Bernstein 1991 Fund 50,914 Lawrence and Suzanne Weiss 1962 Fund 346,601 Center for Russian Culture Fund 4,580,890 White Family Fund for Chemistry 167,130 Saul Z. Cohen Book Fund 153,949 Julia A. Whitney Fund for Russian Art 133,106 Copeland Colloquium Fund 6,427,735 Wise Fund for Fine Arts 3,647,248 The Richard D. Cramer Fund for the Arts 113,131 Wolansky Family Research Fund 57,926 Croxton Lecture Fund 3,068,967 Willis D. Wood 1984 Fund for Religion 1,478,255 Samuel B. Cummings Art Purchase Fund 54,438 Total Academic Services $70,582,605 Samuel B. Cummings Lectureship Fund 54,438 T. Krista DeGroot Fund 196,617 Benjamin DeMott Memorial Fund 73,180 STUDENT SERVICES Lucius Root Eastman 1895 Fund for Visiting Lecturers 769,842 Consolidated 36,709 Philip Edmundson 1980 Internship Fund 104,168 Roger Alcaly Public Service Fund 348,725 Emery Fund for Academic Support 422,471 Amherst College Rugby Football Fund 60,242 Bonnie B. Emory Fund 57,100 David G. Bunting Family Internship Fund 116,570 The Faculty Scientific Fund 1,621,630 Geoffrey David Chazen 1980 Internship Fund 26,851 Vadim Filatov, M.D., 1986 Memorial Lecture Fund 40,328 Edward M. Clarke, Jr. 1969 Internship Fund 83,737 Stewart Lee Garrison Fund 49,783 Class of 1954 Commitment to Teaching Fund 1,328,019 Judith and Steven M. Gluckstern 1972 Technology Class of 1959 Soccer Fund 43,536 Fund 1,577,804 Crew Fund 422,494 Uta Graf Fund for Music Performance 247,126 Dangremond Internship Fund 40,653 Jeffrey D. Gutcheon 1962 Music Fund 43,306 James Q. Denton Fund 50,714 John Whitney Hall 1939 Fund 161,285 Frederick L. Doar, Jr. Athletic Fund 69,169 Nicholas Curtis Heaney Memorial Fund 33,720 Doelling Undergraduate Research Fund 78,710 Edward Hitchcock Fund for Student Research in George E. Doty III 2005 Fund for Sports Information 37,812 Environmental Science 317,536 Paul Eckley Memorial Fund 54,732 The Charles H. Houston Forum on Law and Seth E. Frank 1955 Fellowship Fund 346,901 Social Justice 760,947 Gay and Lesbian Issues Fund 28,920 The Information Technology Fund 7,027 Pierce Gerety Internship Fund 204,091 Victor S. Johnson 1882–1943 Lectureship 2,136,928 Joy-Gerhard Sports Award Fund 39,134 The Robert L. Kane 1951 Memorial Geology Fund 59,989 Inge and D. Robert Gould Internship Fund 32,799 Christopher L. Kaufman 1967 Film Studies Fund 53,713 Sylvia C. Hecht and Benedict L. and Babette H. The Keith Family Fund for Research and Scholarship 147,640 Rosenberg Internship Fund 360,798 Kropf Fund for Science Research 71,190 James J. Jordan, Jr. Memorial Fund 49,319 Corliss Lamont Lectureship for a Peaceful World 1,016,224 Kauffman Fellowship in Biomedical Research 117,255 The Max and Etta Lazerowitz Lectureship Fund 50,725 Harry V. Keefe, Jr. 1943 Health Program Fund 747,639

41 ▲ William A. Krupman (1958) and Pamela Allyn FUNDS SUBJECT TO RESERVED INCOME (1984) Internship Fund 478,418 Amherst Day School Fund 417,319 MacRae Family Internship Fund 21,449 Amherst College Neesima Endowment Fund 37,614 Mayo-Smith Teaching Fellowship Fund 285,372 Frautschi/Rosenfeld IM/PM Debate Fund 185,106 McGuire Family Fund for Athletics 1,955,970 Total Reserved Income Funds $640,039 Minority Recruitment and Retention Fund 1,090,423 Monosson Family Fund 36,013 TOTAL TERM ENDOWMENT $20,708,106 Don and Jane Morse Internship Fund 69,922 Carol K. and John N. Park 1953 Golf Fund 49,559 Quasi-Endowment, Unrestricted Pincus-Johnson-Sandler Community Service Fund 1,125,932 Consolidated 8,781,528 Hugh B. Price 1963 Internship Fund 374,127 Janet G. and William H. Agnew 1943 560,064 The Steven M. Rostas Ski Fund for “Carry-Over” Sports 78,614 Walter T. Akers, Jr. 1927 Fund 51,594 Sellin Family Internship Fund 59,175 Walton C. Allen 1920 Fund 24,955 Eugene Smith Wilson, Jr. 1929 Memorial Fund 606,529 Dana S. Anderson 1930 Fund 556,057 Atherton H. Sprague 1920 and Mary Ann Sprague Robert A. Arms 1927 Memorial Fund 860,118 Memorial Tennis Fund 56,044 George W. Atwell 1874 Fund 139,028 Robert M. Tiffany 1941 Hockey Fund 137,336 Estate of Marie Ax 39,063 Scott J. Ulm 1980 Internship Fund 32,968 Thomas B. Babcox 1941 75,414 Volpert Internship Fund 66,707 Loretta Baker-Pohl 122,031 Everett A. White 1889 Physical Education Fund 1,417,932 Martin T. Baldwin 1893 Fund 95,891 Leo C. and Cora G. Wilcox Internship 85,147 William H. Baldwin 1928 Fund 26,331 Wolff Community Fund 669,025 Baldwin and Lilly Fund 67,513 Kenneth T. Wright 1952 Memorial Fund 141,887 Robert P. Barnes 1940 21,498 Total Student Services 13,564,078 Charles Baumheckel, Jr. 1937 Fund 124,685 John H. Becker, Jr. 1940 681,394 EMILY DICKINSON MUSEUM Marcus G. Beebe 1936 78,868 Martha Dickinson Bianchi Trust 707,054 Ernest P. Bennett Fund 76,550 Gilbert H. Montague Fund 349,299 Estate of Robert U. Berry 1925 77,672 Dwight B. Billings 1918 Fund 187,580 Total Emily Dickinson Museum $1,056,353 D. H. Bixler 1896 Fund 463,227 TOTAL PERMANENT ENDOWMENT $902,257,430 Herbert E. Bixler 1932 Fund 282,239 Carl M. Blair 1899 Fund 1,293,392 Term Endowment, Income Unrestricted Roy R. Blair 1918 Fund 84,989 Edward W. Blatchford 1891 Fund 55,579 Consolidated 5,960,086 Estate of Robert H. Breusch 249,533 Gift Accounts for future allocation Ralph B. Bristol 1917 Fund 41,055 Consolidated (those under $10,000) 29,881 Bazil W. Brown, Jr. 1953 47,302 Jessie Brill 1964 Gift Account 73,172 George A. Brown 1905 Fund 397,652 Zsolt Harsanyi 1965 Gift Account 143,388 Edward Kendall Browne 1906 Memorial Fund 2,343,227 Class of 1953 Eagle Endowment Fund 102,143 Nathan C. Bulkley 1904 Fund 1,032,812 Class of 1962 25th Reunion Gift Fund 741,646 Howard F. Burns 1912 Fund 156,522 The Deutch Family Fund 2,336,847 The Harry N. Busick 1927 Fund 1,633,691 The Kahn Fund 265,708 Lulu C. Butler Fund 159,691 The George W. Siguler Fund 137,141 Robert M. Byrne 1941 82,508 Spiegel-Litowitz Fund 34,082 Centennial Fund 198,591 Total Unrestricted $9,824,094 Richard E. Church 1941 8,744 Dexter Clarke 1938 Fund 55,470 Term Endowment, Income Restricted Class of 1906 Fund 59,345 INSTRUCTION Class of 1910 50-Year Fund 68,219 Funds for Specific Instruction Purposes Class of 1912 Fund 505,386 William Constable Breed and Class of 1914 Fund 365,833 James McVickar Breed 1903 Memorial Fund 9,554,658 Class of 1916 Endowment Fund 244,336 Frank Backus Williams Fund 602,726 Class of 1936 Memorial Fund 457,830 Total Instruction $10,157,384 Class of 1953 Endowment Fund 1,130,858 Class of 1957 Endowment Fund 2,259,742 LIBRARY Class of 1966 Capital Fund 135,913 Michael J. Israels 1971 Library Fund 64,694 Estate of Elizabeth Lamprecht Cobb 45,455 Sally R. Cohn 45,600 Total Library $64,694 J. Gerald Cole 1915 Fund 42,051 Howard O. Colgan, Jr. 1932 47,520 PRIZES Estate of Sarah Nelson Cook 554,325 Haskell R. Coplin Memorial Prize Fund 21,895 Thomas F. Cousins 1913 Fund 130,770 Total Prizes $21,895 Dennison B. Cowles 1921 100,961

42 ▲ G. Armour Craig Fund 114,788 Chandler H. Holton 1929 Fund 25,209 Estate of Mary Crane 20,808 Reverend Lawrence M. Horton 1932 70,809 Miner D. Crary, Jr. 1942 Fund 1,128,980 Dennett and Rosamond Howe Fund 199,007 John F. Creamer 1916 Fund 179,630 Charles Evans Hughes Fund 241,420 Estate of Winthrop S. Dakin 603,197 Mr. and Mrs. F. K. Middleton Hunter Fund 52,590 E. Kent Damon 1940 Endowment Fund 187,794 John W. Ireys 1935 46,125 Dana Street Property Fund 540,229 William A. Jewett, Jr. 1934 27,109 Jane B. Davey Fund 392,273 Harold F. Johnson 1918 Fund 222,658 Robert J. Davis 1919 Fund 250,439 Porteous E. Johnson 1928 478,367 Paul DeCicco 1927 Fund 19,631 Thomas H. Johnson 1920 7,275,213 W. E. Dickerman 1890 Fund 168,818 Harry F. Jones, Jr. 1938 Fund 75,028 Maude R. Dillon Fund 221,988 Logan O. Jones 1939 23,869 Estate of Lloyd P. Dodge 1936 104,484 J. Hartley Joys 1939 Fund 34,007 Estate of Lewis W. Douglas 1916 641,788 James T. Kaull, Jr. 1942 Fund 34,354 Estate of Paul G. Dugan 40,620 George J. Kautzenbach 1921 Fund 406,978 Estate of George G. Eakin 1948 310,998 Gerald Keith 1915 Fund 399,898 Reginald H. Ellis 1923 Fund 930,692 Henry W. Kendall Fund 2,322,787 Estate of Daniel E. Emrie 1910 166,609 Robert H. Kennedy 1908 Fund 710,967 Frank B. Evans III 1935 Endowment Fund 474,519 Estate of Gordon Ketcham 1928 52,047 Francis F. Faulkner 1944 143,913 Ruth B. and Marcus P. Kiley 1919 Fund 1,531,262 Paul L. Feinberg 1928 23,271 Estate of Stanley King 1903 12,047,634 James R. Field 1940 51,665 Joseph R. Kingman, Jr. 187,860 Franklin M. Finsthwait 1932 Fund 31,855 Grace N. Klem 209,402 Osmun Fort 1937 Fund 38,827 Estate of G. Edward Knapp 1934 69,323 Evan Fotos 1944 Fund 43,300 Richard S. Kyle 1924 Fund 146,887 Robert B. Freeman 1923 Fund 478,385 Estate of Hayes C. Lamont 1957 71,316 Laura M. Friel 107,734 Sterling P. Lamprecht Fund 71,805 Garnett Family Trust Fund 1,319,923 Arthur L. Lanckton 1934 Fund 25,426 John M. Gaus 1915 Fund 235,281 Gregory Lane 1933 Endowment Fund 126,686 E. N. Gibbs Fund 168,221 William N. Larkin 1937 Fund 15,846 Estate of Mary Musser Gilmore 130,245 Robert F. Lehman 1931 Fund 297,741 Estate of Alpheus John Goddard, Jr. 1925 45,817 Edward H. Lerchen 1942 124,543 Walter A. Grant 1925 57,625 Walter C. Longstreth 1901 Fund 115,558 Edward Greaves Fund 178,026 Estate of Cedric M. Luce, Jr. 1944 1,066,243 J. Newell Green 1923 Fund 54,148 The H. Gardner Lund 1904 Fund 75,046 John L. Green 1942 Fund 56,031 Edwin H. Lutkins 1916 Fund 1,128,485 Estate of Virginia Greenough 57,675 Thomas H. Lydon 1944 Fund 32,706 William B. Greenough 1888 Memorial Fund 88,665 F. and L. MacFarland Charitable and Educational Fund 173,364 Raymond Josiah Gregory 1896 Memorial Fund 84,427 Harry Cornell Madden 1925 Fund 36,817 Merton L. Griswold, Jr. 1925 88,683 Estate of Edward J. Maloney 1917 2,291,324 Minot Grose 1936 18,200 Jane D. Marshall Fund 65,122 Frederic M. Hadley 1928 Fund 352,559 Richmond Mayo-Smith 1909 Fund 130,027 Edward T. Hall 1907 Fund 119,940 John H. McBride 1926 11,572 John S. Hall 1930 Fund 100,907 Estate of H. Douglas McGeorge 1932 130,516 Louis H. Hall 1897 Memorial Fund 91,508 Estate of Everett F. McTernan 1915 1,578,384 Louis J. and Elizabeth K. Hall Fund 36,080 Dudley H. Meek, Jr. 1952 151,785 Howard K. Halligan 1930 Fund 73,435 Cornelia R. Meiklejohn 312,915 Stanley P. Ham 1925 Fund 48,371 Charles E. Merrill 1908 Fund 466,921 Donald M. Harris 1932 430,575 Charles E. Merrill Trust and Estate 21,164,146 Estate of James S. Harvey 1928 53,224 Dorothy W. Merrill 18,780 Leland Hays 1905 Fund 46,343 Earl W. Merrill 1927 Fund 43,807 Carlton F. Heard 1921 Fund 95,963 James Merrill 1947 Fund 3,362,271 Gilbert P. Heathcote 1945 204,331 Oliver B. Merrill 1925 Fund 493,951 John C. Hellebush 1945 14,216 Estate of Jane Peck Messler 144,530 Richard M. Hemenway 1932 15,850 Joseph D. Messler 1935 348,424 Estate of Charles M. Henderson 1931 107,678 Lloyd W. Miller 1919 Fund 61,573 Thomas J. Henderson 1953 57,345 Robert T. Miller, Jr. 1899 Fund 80,878 Estate of Margaret B. Hendrickson 1919 276,933 Arthur N. Milliken 1880 Fund 284,883 Everett M. Hicks 1929 Fund 72,692 The Millimet Lead Trust Fund 47,357 William W. Higgins 1957 101,115 Ivalita G. Miner 33,883 Aida M. Hildreth Memorial Fund 24,991 Bruce M. Minnick 1940 27,327 Helen M. Hill 1925 Fund 741,899 Charles E. Mitchell 1899 Fund 337,618 Estate of Morton C. Hirshkind 836,630 Edward W. Morehouse 1918 Fund 42,920

43 ▲ Estate of Chandler Morse 1927 46,888 John L. Van Woert 1933 17,150 Horace C. Moses, Jr. 1929 Fund 1,144,368 Estate of Raymond M. Walls, Jr. 1953 72,783 Estate of Alexander Hyde Mossman 1920 44,695 Paul W. Watt 1923 Fund 251,181 Estate of Katharine A. Murphy 149,242 Estate of Harold N. Weber 756,673 Edwin A. Neale 1930 98,046 Edgar H. Weil and Florence Weil Fund 112,459 Frank F. Nelson 1873 Fund 59,961 Nellie Wells Fund 206,631 William J. Newlin 1899 Fund 95,891 Estate of Oliver Wells 34,662 Estate of Ralph H. Oatley 1922 104,964 Grace Wethern Fund 206,975 Charles H. Olmsted 1943 Fund 39,733 Robert R. White, Jr. 1919 Fund 22,691 Theodore P. Palmer 1928 82,942 Ralph T. Whitelaw 1902 Fund 217,533 Martha J. Parker Fund 92,540 Estate of Elizabeth H. Whitney 42,920 Charles F. Partridge 1933 112,288 Thomas P. Whitney 1937 Fund 301,472 Estate of Ralph D. Patch 1927 412,755 Charles J. Wier 1889 Fund 2,280,785 Loomis Patrick 1927 Fund 46,343 Charles T. Wilder Fund 268,639 Randolph Paul 1911 Fund 126,605 Bertha L. Wilkinson Fund 84,427 Horace B. Paulmier 1929 Fund 95,492 Benjamin Williams 1936 93,571 F. Stuart Pease 1912 Fund 69,614 Mazelia E. Williams Fund 51,812 John R. Penn 1899 Fund 390,082 Ralph M. Williams 1933 Fund 43,391 Estate of Janet S. Perkins 88,357 James R. Williston Fund 844,091 Francis T. P. Plimpton 1922 Fund 59,949 Thomas M. Wilson, Jr. 1933 Fund 3,860,994 Frederick J. Pohl 1911 354,533 Dwight L. Woodberry 1902 Fund 700,174 Harold I. Pratt 1900 Memorial Fund 169,977 David W. Woodward 1934 147,015 Newell and Anita G. Presbrey 16,588 Estate of John N. Worcester 1921 450,641 Henry Randall 1929 138,365 Edward B. Wright 1920 Fund 96,199 Estate of Paul A. Raushenbush 1920 23,072 Frances L. Youtz Fund 198,184 Reader’s Digest Foundation Fund 108,278 Total Quasi-Endowment, Unrestricted $136,834,891 Joseph E. Reeve 1929 Fund 121,769 Estate of James O. Reynolds 1947 65,611 Estate of Elsie T. Rider 44,695 Quasi-Endowment, Restricted E. Marion Roberts 1911 Fund 1,067,619 Emily T. Robertson 244,879 ADMINISTRATION Hayden D. Robinson 1917 Memorial Fund 83,051 Kurt L. Daniels 1923 Presidential Fund 1,889,852 Ruth Hibbard Romer Fund 44,966 John D. Weil 1963 Presidential Discretionary Fund 230,536 William H. Ross 1929 Fund 432,133 Total Administration $2,120,388 Estate of Gordon A. Rust 1930 3,459,000 Estate of Frank K. Sanders, Jr. 1917 250,493 INSTRUCTION Howell E. Sayre 1908 Memorial Fund 51,558 Funds for Specific Instruction Purposes Henry Schmidt 1933 13,111 Consolidated 217 Jewel H. Schwab Fund 188,848 John Tennant Adams 1929 and Elizabeth Collins The Seligman Fund 1,180,388 Adams Music Fund 1,688,128 Emily A. Shields 34,028 The Amherst College Campaign Fund for The Franklin Atwood Shurtleff 1928 Memorial Fund 563,971 Interdisciplinary Teaching 59,526 Estate of June S. Sicard 2,444,279 Bruce B. Benson Physics Fund 51,245 Elizabeth B. and Richard P. Simcoke 1932 51,033 Elizabeth W. Bruss Fund 85,471 Estate of G. Northrup Simpson, Jr. 1951 1,097,311 Arnold Collery Economics Fund 30,144 Athanasios Demetrios Skouras 1936 Memorial Fund 53,967 William Nelson Cromwell Fund 5,321,542 Theodore Southworth 1919 Fund 168,456 W. W. Davis 1879 Fund 44,369 Atherton H. Sprague Fund 231,140 The Dow Reinvested Income Fund 2,134,505 James A. Stewart 1939 Fund 281,019 Economics Department Fund 94,131 Harold F. Still, Jr. 1944 Endowment Fund 304,852 English Language and Literature Reinvested Robert I. Stout 1913 Fund 2,531,568 Income Fund 359,175 Arthur I. Strang 1937 67,658 Friends of Music Endowment Fund 35,984 Estate of Dorothy G. Suydam 40,620 Fund for Special Geology Field Trips 142,770 John C. Tapley, Jr. Fund 36,817 Estate of George Harris 1906 228,779 Estate of Thomas H. Taylor, Jr. 597,164 Japanese Language and Literature Fund (NEH) 303,011 Ruth L. Thompson 1920 Fund 20,935 Harold F. Johnson 1918 Fund 82,906 Estate of Clarice Brows Thorp 372,116 Knowles Fund 84,427 Harry G. Tinker 1893 Trust 684,563 Robert Edmund Lee 1940 25,009 Estate of George L. Titus 1924 178,054 Massachusetts Professorship in Chemistry and Edmund C. Twichell 1933 18,870 Natural History 257,447 Procter C. Twichell 1937 29,990 Moore 1871 Laboratory Fund 262,626 Clinton W. Tylee, Jr. 1936 60,341 James R. Nelson Fund 353,182 Howell Van Auken Memorial Fund 969,102 Edmund L. Pratt 1925 Athletic Fund 770,439

44 ▲ Edmund L. Pratt 1925 Fine Arts Fund 68,201 President’s Discretionary Fund 647,348 Edmund L. Pratt 1925 Music Fund 68,201 The Returned Scholarship Fund 255,137 Leslie T. Webster 1915 Biological Sciences Fund 1,910,750 Elbert W. Rockwood 1884 Fund 1,019,393 Total Instruction $14,462,185 Soule Family Memorial Scholarship Fund 462,376 Von Blon Family Scholarship Fund 83,232 LIBRARY Robert A. Ward Fund 163,281 Consolidated 60,234 Westinghouse Foundation Scholarship 112,461 Lucy Wilson Benson Fund 33,521 Henry Kirk White 1880 Scholarship Fund 28,686 Hannah S. Calmus Library Fund 1,033,917 Total Scholarships and Student Aid $8,482,513 Stuart C. Frazier Book Fund 34,354 Friends of Library Endowment Fund 35,984 PRIZES David C. Fulton 1951 Book Fund 58,639 Robert H. Breusch Prize Fund 54,220 John F. Genung Fund 66,752 G. Armour Craig 1937 Prize Fund 24,303 George H. Gilbert Fund 176,406 Anthony and Anastasia Nicolaides Award 17,077 Frederick Walbridge Hoeing 1929 Fund 33,394 Total Prizes $95,600 Eric S. Jeltrup 1934 Robert Frost Library Fund 162,130 The Frederick S. Lane Fund 68,002 ACADEMIC SERVICES The Amherst College Campaign Fund for Library Consolidated 925 Acquisitions 38,012 Amherst Center for Russian Culture 180,318 The Library Acquisitions Fund NEH 76,930 The Amherst College Campaign Fund for May H. Morris and Albert M. Morris 1913 Fund 727,990 Faculty Research and Scholarship 116,047 Howard A. Newton 1906 Fund 410,329 The Collins Print Room Endowment Fund 66,146 The Olds Family Fund 91,523 Joseph Epstein Lecture Fund in Philosophy 51,033 The Stanley I. Posner 1930 Book Fund 48,063 Forry Fund in Philosophy and Science 349,812 Edmund L. Pratt 1925 Library Fund 770,439 Glee Club Endowment Fund, in memory of Morris Pratt 1911 Dormitory Library Fund 62,478 James Evan Boicourt 1969 14,826 Ralph M. Williams 1933 Fund 25,462 George L. Hamilton 1893 Fund 1,090,926 Total Library $4,014,559 The Keck Foundation Fund 649,521 Pratt Museum Fund 363,636 PHYSICAL PLANT Program for Physical Science Development 1,520,143 Faculty Club Fund 633,096 Science Initiative Reinvested Income Fund 1,864,591 Harry V. Keefe Student Health Center Fund 2,673,493 The Templeton Photography Fund 423,005 Edmund L. Pratt 1925 Building Maintenance Fund 248,809 Weather Station Fund 34,529 Laura P. Pratt Dorm Renovation Fund 228,127 Total Academic Services $6,725,458 John William Ward Fund 302,305 Frederick W. Zink Maintenance Fund 794,507 STUDENT SERVICES Total Physical Plant $4,880,337 The Amherst College Campaign Fund for Student Life 23,814 SCHOLARSHIPS AND STUDENT AID The Philip W. Avirett 1946 Memorial Fund 95,628 Consolidated 85,280 Gladys Brooks Psychotherapy Fund 53,797 The Amherst College Campaign Fund for International Hotchkiss/Patrick Internship Fund 217,474 Student Aid 117,532 Total Student Services 390,713 The Amherst College Campaign Fund for Student Financial Aid 954,705 Total Quasi-Endowment, Restricted $41,171,753 Jay W. Butts 1946 Scholarship Fund 106,664 Edwin Clapp 1849 Scholarship Fund 113,783 Carlton J. Cuqua Memorial Fund 36,292 Quasi-Endowment, Designated Augustus I. Dillon 1906 Fund 246,418 COLLEGE Elsie Dittrich Lepper Scholarship Fund 158,098 General Memorial Fund 417,057 Frank Rose Elder 1911 Scholarship Fund 123,109 Warner Seely 1915 and Charles D. Seely Richard D. Fairbend, Jr. 1929 Scholarship Fund 35,151 1876 Memorial Fund 42,829 Miriam and Henry Fillman 1917 Scholarship Fund 966,573 Total College $459,886 Elmo Giordanetti Memorial Scholarship Fund 73,765 John H. Klingenfeld 1913 Loan Fund 48,932 ADMINISTRATION O. Howard Korell 1954 Scholarship Fund 94,279 Consolidated 51,053,356 James B. Krumsiek 1958 Memorial Scholarship Fund 587,210 Estate of Winifred L. Arms 11,710,414 George W. McFadden, Jr. 1922 Scholarship Fund 93,790 Frank L. Babbott 1878 Fund 23,513,404 Middle Income Student Loan Fund 86,782 Frederick T. Bedford 1899 Fund 5,715,341 Alfred S. Lee Scholarship Fund 1,296,788 Clara M. Chapin Fund 6,407,112 Walter W. and Catherine S. Newcombe Scholarship Fund 62,859 Edward C. Crossett 1905 Fund 23,746,514 Roderic D. G. O’Connor Scholarship Fund 302,866 Frank K. Daniels Fund 138,702 Theodore B. Plimpton 1902 Scholarship Fund 119,723 Kurt L. Daniels 1923 Fund 256,777

45 ▲ Edwin Duffey 1890 Fund 3,809,364 FELLOWSHIPS The Gordon R. Hall 1915 Memorial Fund 19,482,464 The MacArthur-Leithauser Travel Award 129,010 Hewlett-Mellon Presidential Discretionary Fund 1,079,463 Total Fellowships $129,010 Henry P. Kendall 1899 Fund 8,396,187 Samuel and Ethel LeFrak Presidential Discretionary FUNDS SUBJECT TO RESERVED INCOME Fund 1,316,120 Pelham Cemetery Fund for upkeep of Harkness graves 33,775 The Mead Fund 3,541,261 The McGregor Foundation Presidents Fund 73,344 Total Reserved Income Funds $33,775 Laura P. Pratt Fund 2,053,201 Sherman Pratt 1927 Fund 8,123,630 ACADEMIC SERVICES Ebenezer Strong Snell 1822 Memorial Fund 2,441,401 Wallace C. Dayton 1943 Environmental Fund 689,960 Eliza W. Valentine Fund 2,560,591 Latham Internships in Washington 185,986 Theodore L. Widmayer 1917 Fund 2,573,846 Mead Art Acquisitions Fund 401,348 The Charles H. Morgan Fine Arts Fund 156,069 Total Administration $177,992,492 Neesima Memorial Committee Fund 30,098 INSTRUCTION Total Academic Services $1,463,461 General Instruction—various funds applicable to the common purpose of teachers’ salaries STUDENT SERVICES Douglas Dayton 1946 Fund 91,436 George L. Cadigan 1933 Chaplaincy Fund 3,475,520 The Ford Foundation Fund 25,927,458 Career Center Internships 129,429 Total General Instruction 26,018,894 Total Student Services 3,604,949

Funds for Specific Instruction Purposes Total Quasi-Endowment, Designated $236,185,338 Ashton Fund 86,709 TOTAL QUASI ENDOWMENT $414,191,982 Frances C. Chapman Fund 158,188 Edward C. Crossett 1905 Fund 538,962 TOTAL ENDOWMENT FUNDS $1,337,157,518 The Winifred Capron Moyer Fund 218,964 Total Specific Instruction Purposes 1,002,823 Life Funds The Balanced Income Fund $7,971,635 Total Instruction $27,021,717 S. Stanley Alderfer 1930 James M. Hund 1944 Robert S. Alexander 1938 Thomas H. Johnson 1920 LIBRARY James B. Ammon 1944 Berthe W. Keith Barrett W. Couper 1971 Memorial Fund 159,803 Anonymous (Thomas B. Keith II 1960) Alpheus John Goddard 1893 Memorial Fund 55,651 Thomas F. A. Bibby 1943 Phyllis D. Kirkpatrick The Israels Family Fund 429,054 Robert W. Boden 1953 (John E. Kirkpatrick 1951) Total Library $644,508 J. Robert Buchanan 1950 Robert C. Knowles 1951 Isabel E. Bumstead Charles R. Longsworth 1951 PHYSICAL PLANT John T. Burgess 1942 Maurice A. Longsworth 1954 Richmond M. Rudden Fund 446,675 Pierce A. Cassedy 1943 G. Vicary Mahler 1953 Maurice F. Childs 1954 Robert C. McAdoo 1943 Total Physical Plant $446,675 William C. Clarke, Jr. 1944 Carolyn L. McCluney Michael A. Connor, Jr. 1945 (Henry N. McCluney 1939) SCHOLARSHIPS AND STUDENT AID Howard O. Colgan, Jr. 1932 Willard C. McNitt 1942 Consolidated 9,909,158 William F. Cordner 1940 David H. Means 1950 Frederick T. Bedford 1899 Scholarship Fund 6,401,729 Robert E. Dillon, Jr. 1953 Howard M. Mitchell 1939 Chemical Bank Scholarship Fund 411,216 Waldo E. Dodge 1945 Matthew P. Mitchell 1954 Class of 1934 25-Year Fund 194,063 Allan A. Eaton 1944 and Angela F. Mitchell J. Davey Gerhard 1938 Memorial Scholarship 36,745 Louis F. Eaton, Jr. 1940 Hugh G. Moulton 1955 Sarah M. Kaemmerling Scholarship Fund 113,711 Robert A. Eaton 1943 Peter W. Moyer 1949 The McGregor Foundation Scholarship Fund 73,724 and Meredith V. Eaton Alexis P. Nason 1943 The Earl W. Merrill 1927 Scholarship Fund 263,858 Ruth H. Fitzgerald Edmund G. Noyes 1943 William M. Prest 1888 Fund 6,597,893 J. Russell Fowler 1940 Lester N. Odams, Jr. 1951 Total Scholarships and Student Aid $24,002,097 Richard S. Gray 1953 Theodore P. Palmer 1928 William B. Greenough III 1953 John N. and Carol K. Louis H. Hall, Jr. 1931 Park 1953 PRIZES Philip F. Hall, Jr. 1937 Wm. Richard Park 1949 The Richard M. Foose Geology Prize Fund 327,194 Myron C. Hamer, Jr. 1953 Linn B. Perkins 1949 Alfred F. Havighurst Prize Fund 20,384 Montagu Hankin, Jr. 1943 Donald I. Perry Charles Hamilton Houston 1915 Prize Fund 15,484 Helen S. Harris Elizabeth H. Potter Ed Serues Racquets Trophy Fund 12,188 (Timothy M. Harris 1957) (Robert A. Potter 1940) Stonewall Prize Fund 11,518 George Heller 1952 Philip T. Rand 1961 Total Prizes $386,768 William S. Hosford 1943 William G. Reynolds 1946

46 ▲ J. Bushnell Richardson, Jr. 1929 Nancy W. Valentine Woodward Kingman 1949 C. Keith Shay 1943 and Miriam D. Richardson (Richard H. Valentine 1943) John E. Lehman 1938 Charles F. Sheridan, Jr. 1948 Donald B. Riefler 1949 Jack H. Vernon 1952 Orrin H. Lincoln, Jr. 1938 Edwin F. Sherman, Jr. 1938 Irving L. Segal 1942 Anita T. Wait Dorothy T. Linton James L. Shields 1935 Robert M. Segal 1936 (Ward H. Wait 1936) (Thomas Linton 1932) William P. Simons II 1942 Thomas R. Shepard, Jr. 1940 Edwin H. Watkins 1946 Charles R. Longsworth 1951 Ralph S. Smith 1941 George L. Shinn 1945 Sterling L. Weaver 1953 Hector E. Lynch III 1940 Wilson Snushall 1903 Richard C. Simon 1949 and Jean C. Weaver W. Barry Mallon, Jr. 1944 Frederic A. Stott 1940 P. Whitney Spaulding 1950 William B. Whiston 1943 R. William Marberger, Jr. 1941 John W. Strahan III 1952 Polly W. Spaulding William H. Whorf 1942 Arthur V. C. Marshall 1937 George W. R. Sykes 1938 Clifford B. Storms 1954 Patricia Wilcox Robert K. Massey, Jr. 1963 C. George Taylor 1939 Daniel D. Strohmeier 1932 (William W. Wilcox 1954) George B. May 1946 Harrison G. Taylor, Jr. 1942 Albert W. Tenney, Jr. 1953 James P. Wilkerson 1937 Robert C. McAdoo 1943 R. John Theibert 1945 and David F. Tuttle, Jr. 1934 Richard E. Winslow, Jr. 1926 John H. McBride 1926 Nancy Theibert Henry N. McCluney 1939 Roy E. Tilles, Jr. 1937 Lydia N. McCollum Thomas E. Tisza 1943 (Robert S. McCollum 1938) Edwin J. Titsworth Immediate Life Income Fund $9,520,198 Kimball A. McMullin 1939 Phelps K. Tracy 1931 Robert L. Abbey 1939 Samuel B. Feinberg 1937 and Robert L. Mitchell 1943 Harry A. Trautmann, Jr. 1940 Lucetta S. Alderfer Marilyn M. Feinberg John C. Moench 1943 David M. Traver 1946 (S. Stanley Alderfer 1930) Claus N. Felfe 1956 Hugh G. Moulton 1955 Samuel F. Trull 1945 Fred H. Allen, Jr. 1934 J. Carr Gamble, Jr. 1940 Gilbert H. Mudge 1936 Ervin A. Tucker 1923 George H. Allen I. Lloyd Gang 1943 William J. Murray, Jr. 1945 Becky H. Tuttle Wallace W. Anderson, Jr. 1951 Crombie J.D. Garrett 1940 Alexis P. Nason 1943 (David F. Tuttle, Jr. 1934) Frank L. Anker 1935 W. Philip Giddings 1934 Mary S. Park David F. Tuttle, Jr. 1934 Anonymous Henry F. Goodnow 1939 (Wm. Richard Park 1949) Ward H. Wait 1936 William J. Babcock, Jr. 1943 William J. Graham 1945 Sanborn Partridge 1936 Theodore G. Walker III 1949 Arthur D. Baldwin 1932 Thayer A. Greene 1950 Susan Patton John W. Wastcoat 1934 William E. Ball 1944 Thomas P. Greenman 1945 Pauline Perry Edwin H. Watkins 1946 William H. Banks III 1953 Merton L. Griswold, Jr. 1925 C. Edgar Phreaner, Jr. 1936 William C. Wheeler 1939 Reed E. Bartlett 1935 Elizabeth M. Guest George H. Phreaner 1937 Homer O. White, Jr. 1942 Edwin R. Bates 1941 (J. Alfred Guest 1933) De Nyse W. T. Pinkerton John W. White 1934 William M. Bellows 1944 John T. Gyger, Jr. 1949 Goldwin S. Pollard 1941 Katharine S. White John M. Betts 1942 Benjamin E. Haller 1938 William E. Redeker 1940 (John W. White 1934) Robert H. Bidwell 1941 W. Chapin Harris 1945 Leslie M. Redman 1940 Elmer W. Wiggins, Jr. 1938 Herbert E. Bixler 1932 William C. Hart 1944 Hugh M. J. Reeves 1940 James P. Wilkerson 1937 Daniel Bliss 1920 Frank C. Hartzell, Jr. 1949 Dorian F. Reid 1938 Emmons J. Williams 1945 Robert E. Blood, Jr. 1942 Albert H. Hastorf 1942 Norman E. Richardson, Jr. 1931 Richard E. Winslow, Jr. 1926 David Broadbent 1942 Alfred C. Haven 1945 and Charles M. Rieser 1939 Richard E. Winslow III 1956 George G. Brooks 1944 and Jane H. Haven Adrien L. Ringuette 1948 Gerald B. Woodruff 1926 Priscilla A. Brooks Fred R. Havens 1944 Chalmers M. Roberts 1933 Elbert B. M. Wortman 1910 J. Robert Buchanan 1950 David R. Hawkins 1944 J. Robert Rowley 1942 Rufus J. Wysor, Jr. 1942 Robert F. Buehler 1938 John T. Heald 1942 Matthew M. Rubin 1959 and Mr. and Mrs. Benjamin M. John P. Burrows 1944 Samuel A. Hess 1943 Carolyn W. Rubin Ziegler John C. Carpenter 1944 David M. Hildreth 1939 Walter A. Schloss 1936 George M. Zimberg 1948 Otis Cary 1943 Abigail J. and George M. James M. Selby 1937 Willard C. Case 1949 Hinckley 1934 Howard O. Colgan, Jr. 1932 Lucy Patton Holt Cyrus S. Collins 1939 W. Stewart Hotchkiss 1929 Gift Annuities $7,109,276 Philip H. Coombs 1937 John W. Howard 1949 Anonymous Virginia A. Christenson James A. Corrigan 1949 L. Eugene Hurtz 1939 Arthur D. Baldwin 1932 (Leon R. Christenson 1949) Edith P. Cranshaw John Jeppson 1938 James J. Barnes 1954 Paula H. Connolly (John A. Cranshaw 1939) C. Frederick Johnson 1942 Richard G. Bateson 1945 (Leo W. Connolly 1953) Miner D. Crary, Jr. 1942 Donald F. Johnson 1958 David S. Beebe 1956 and Michael A. Connor, Jr. 1945 William H. Creamer 1936 Porteous E. Johnson 1928 Judy Beebe Erich H. Cramer 1956 Samuel B. Cummings, Jr. 1926 George R. Jonelunas 1949 Donald N. Bigelow 1939 Laura S. Cramer Robert L. Davidson 1952 Clayton B. Jones, Jr. 1939 Paul E. Bragdon 1950 (Robert R. Cramer 1940) Caleb W. Davis 1940 Horace W. Jordan 1937 George G. Brooks 1944 and Richard W. Cutting 1953 Thomas J. Donoghue 1943 Frederick W. Kates 1931 Priscilla A. Brooks Ethel B. David Parker S. Dorman 1944 W. Deaver Kehne 1942 J. Robert Buchanan 1950 (Clifford C. David 1944) George B. Dowley 1940 J. Joseph Kelly, Jr. 1941 Douglas P. Butler 1942 John T. Dobbin 1945 Raymond H. Dresser, Jr. 1953 Douglas E. Kellogg 1941 John C. Carpenter 1944 and George B. Dowley 1940 John H. Esquirol, Jr. 1950 Leslie H. Kerr, Jr. 1940 Evelyn A. Carpenter John K. Dustin 1940

47 ▲ Allan A. Eaton 1944 Violet B. Nienaber Michael I. and Holly H. Barach Charitable Remainder Unitrust II William W. Falsgraf 1955 (Robert C. Nienaber 1946) Michael I. and Holly H. Barach Charitable Remainder Unitrust III Jeffrey A. Fillman 1955 John M. Orders 1964 Michael I. and Donna J. Barach Charitable Remainder Unitrust J. Russell Fowler 1940 Kenneth L. Parkhurst 1950 A. James Barker Charitable Remainder Unitrust Theodore V. Fowler III 1941 Henry B. Pearsall 1956 John B. Bean Charitable Remainder Unitrust Robert Y. Fox 1955 Frederick Y. Peters 1942 Lucy Wilson Benson Charitable Remainder Annuity Trust Edwin D. Frost, Jr. 1941 Nancy L. Phillips Lucy Wilson Benson Charitable Remainder Unitrust I. Lloyd Gang 1943 (Edward C. Phillips 1933) Don B. Blenko 1950 Charitable Remainder Unitrust Paul H. Geithner, Jr. 1952 and George H. Phreaner 1937 Dean E. Butts Charitable Remainder Unitrust Irmgard H. Geithner De Nyse W. T. Pinkerton Charles B. Cohler Charitable Remainder Unitrust Hall Roberts Family Trust Gordon M. Pradl 1965 Francis W. Collins, Jr. 1948 Charitable Remainder Unitrust (John F. Hall 1939) William H. Reese 1931 George C. Corson, Jr. 1956 Charitable Remainder Unitrust Leesley B. Hardy 1950 and J. Robert Rowley 1942 Randall and Deborah Deshotel Charitable Remainder Annuity Trust Joan J. Hardy Carol Sagendorph Lorayne V. Dodge Charitable Remainder Unitrust Ethel V. Harris (Samuel L. Sagendorph 1939) Jean Schabacker Donati and Richard C. Donati 1945 Charitable (W. Chapin Harris 1945) Walter A. Schloss 1936 Remainder Unitrust D. Jeffery Hartzell 1951 Andrew A. Scholtz 1950 George B. Dowley 1940 Dwight H. Hibbard 1945 Henry W. Seeley, Jr. 1939 John Eastman, Jr. Charitable Remainder Unitrusts William S. Hosford 1943 and Thomas R. Shepard, Jr. 1940 Jane N. and G. Yale Eastman 1950 Charitable Remainder Unitrust Georgette L. Hosford George L. Shinn 1945 Alma Lee Eck Charitable Remainder Unitrust Marilyn E. Kingman Albin J. Sigda 1942 John L. Fletcher, Jr. Charitable Remainder Unitrust (Henry S. Kingman, Jr. 1943) Richard L. Silva, Jr. 1949 I. Lloyd Gang 1943 Edwin P. Lepper 1936 Richard C. Simon 1949 William H. Giese 1966 Wilbur O. Lepper 1933 William P. Simons II 1942 Theodore P. Greene 1943 and Mary J. Greene Charitable Allan S. Lerner 1951 Bradley F. Skinner 1934 Remainder Unitrust John C. Lightfoot 1952 Hubbard M. Smith 1957 and Suzanne A. Greenman and Thomas P. Greenman Charitable Orrin H. Lincoln, Jr. 1938 Linda F. Smith Remainder Unitrust Maurice A. Longsworth 1954 Alfred Soman 1956 Thomas P. Greenman and Suzanne A. Greenman Charitable Laura Leigh MacDougall I. Jack Spiegel 1939 Remainder Unitrust (R. Donald MacDougall Robert J. Stark, Jr. 1941 Mr. and Mrs. J. Alfred Guest 1933 Charitable 1955) Margaret H. Steketee Remainder Unitrust Janet L. Mahler (Robert D. Steketee 1950) J. Edward C. Harris 1956 (G. Vicary Mahler 1953) Peter F.E. Swinchatt 1955 W. Stewart and Anne Hotchkiss 2002 Charitable Remainder Michael E. McGoldrick 1959 William E. Traver II 1942 Annuity Trust Robert J. McKean, Jr. 1950 and Clifford H. Tuttle, Jr. 1952 Charles Klem, Jr. Charitable Remainder Unitrust Sally A. McKean Herbert H. Uhl 1953 Jeanette Louise Wolfe Knight Charitable Remainder Unitrust Hugh J. McLane 1944 Wilfred F. Vallely, Jr. 1950 Frederick S. Lane 1936 Charitable Remainder Unitrust Dudley H. Meek 1952 Samuel M. Watson 1951 Wilbur O. Lepper 1933 Charitable Remainder Unitrust II Robert L. Meineker 1943 Jean C. Weaver Susan E. Lewis Charitable Remainder Unitrust I Judith P. Melick (Sterling L. Weaver 1953) Everett W. MacLennan 1996 Charitable Remainder Unitrust (Edwin F. Melick 1954) Edwin F. Wesely, Jr. 1952 John MacLeod 1948 Charitable Remainder Unitrusts Suzanne F. Merrill William E. Whitney, Jr. 1954 Robert K. W. McCoy 1930 (Charles F. Merrill 1955) Thomas P. Wilson 1939 Emery Meschter 1930 Charitable Remainder Unitrust Floyd S. Merritt 1951 Abigail K. Winans Emery Meschter 1930 Charitable Remainder Unitrust II Howard M. Mitchell 1939 (Charles A. Winans 1950) Douglas D. and Bessie Rilla B. Milne Charitable Remainder Hugh G. Moulton 1955 James L. Woodress, Jr. 1938 and Unitrust Peter W. Moyer 1949 Roberta Woodress Ray A. and Ilga S. Moore Charitable Remainder Unitrust David S. Newcombe 1952 and L. Leverett Wright 1938 Abe J. and Mary Jo M. Moses 1955 Charitable Remainder Unitrust Sissel M. Newcombe Peter A. Nadosy Charitable Remainder Unitrust Edward N. Ney 1946 Charitable Remainder Unitrust Ward H. Patton, Jr. 1942 Charitable Remainder Unitrust Adele S. Perlman and Lee A. Perlman 1962 Charitable Remainder Separately Invested Funds $46,197,119 Unitrust Fred H. and Frances B. Allen Charitable Remainder Unitrust Charles A. Pittman III 1951 and Claire M. Pittman Charitable Patricia M. and G. Ernest Anderson 1950 Charitable Remainder Remainder Unitrust Unitrust Saverio Provenzano Charitable Remainder Unitrust Anonymous Unitrusts David S. Purvis Charitable Remainder Unitrust Kenneth H. Bacon 1966 and Dorothy W. Bacon Charitable Verne R. Read 1944 Remainder Unitrust Theodore B. Reed 1940 and Nancy E. Reed Charitable Remainder William Whitaker Baer 1945 and Anne Fraser Baer Charitable Unitrust Remainder Unitrust Marc W. Richman 1958 Charitable Remainder Unitrust Mary and James Bandeen 1949 Charitable Remainder Unitrust Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard Charitable Michael I. and Holly H. Barach Charitable Remainder Unitrust Remainder Unitrust

48 ▲ Thomas R. Shepard, Jr. 1940 and Nancy K. Shepard 1997 Harry L. Harkness Perpetual 1898 Scholarship Fund Charitable Remainder Unitrust Estate of Ethel Grace Harkness Elizabeth B. Simcoke 1998 Charitable Remainder Unitrust James A. and Marian S. Hawkins Unitrust Richard P. Simcoke 1932 and Elizabeth B. Simcoke Charitable James A. Hawkins 1950 and Marian S. Hawkins Remainder Unitrust Roger C. Holden Testamentary Trust Richard P. Simcoke 1932 and Elizabeth B. Simcoke Charitable Walter J. Hunziker, Jr. 1951 Charitable Remainder Unitrust Remainder Unitrust for the benefit of Susan S. Rodenbaugh, Ann Walter J. Hunziker, Jr. 1951 S. Wood, Grant Earnest and Emily Earnest Robert D. Jones Charitable Remainder Unitrust Bradley F. and Billee E. Skinner Annuity Robert D. Jones 1952 S. Harold Skolnick 1936 Charitable Remainder Unitrust Leach Children Charitable Remainder Unitrust Alfred Soman 1956 Charitable Remainder Unitrust Charles N. Leach, Jr. 1956 Robert J. Stark 1941 Alan P. and Gail Levenstein Charitable Remainder Unitrust Thomas Rush Sturges II Charitable Remainder Unitrust Mr. and Mrs. Alan P. Levenstein 1956 Garrett R. Tucker, Jr. 1936 Charitable Remainder Unitrust Liverpool Trust Charitable Remainder Unitrust William McCall Vickery 1957 Charitable Remainder Unitrust Lorna D. Johnson William McCall Vickery 1995 Charitible Remainder Unitrust Hunter L. Martin, Jr. and Lore l. Martin Richard S. and Marcia F. Volpert 1956 Charitable Remainder Charitable Remainder Unitrust Unitrust Hunter L. Martin, Jr. 1947 Kenneth M. Walbridge 1937 and Jean P. Walbridge Charitable McClay Charitable Remainder Unitrust II Remainder Unitrust John B. McClay 1954 and Diana B. McClay Samuel M. Watson 1951 Charitable Remainder Unitrust Lewis A. and Margaret S. McCreary 1996 Leslie T. Webster, Jr. 1947 Charitable Remainder Unitrust Charitable Remainder Unitrust Peter J. Weiller 1956 Charitable Remainder Unitrust Mr. and Mrs. Lewis A. McCreary 1943 Philip Steele Winterer 1953 Charitable Remainder Unitrust Hugh G. Moulton Charitable Remainder Unitrust 1999 Karin Elizabeth Wolfe Charitable Remainder Unitrust Hugh G. Moulton 1955 Richard S. Wolfe 1952 Susan W. Noyes Charitable Remainder Unitrust Richard Shipley Wolfe 1952 Charitable Remainder Unitrust Susan W. Noyes David W. Woodward 1934 Charitable Remainder Unitrust The Robert K. and Jean W. O’Connor Unitrust TOTAL LIFE FUNDS $70,798,228 R. K. O’Connor 1944 Powar Family Charitable Remainder Unitrust TOTAL ENDOWMENT AND OTHER William L. Powar 1968 and Paula K. Powar SIMILAR FUNDS —Amherst College $1,407,955,746 John A. Quisenberry Irrevocable Charitable Remainder Unitrust John A. Quisenberry 1960 The Gordon A. Rust 1930 Trust Funds Held in Trust by Others G. A. Rust 1930 Anonymous Charitable Remainder Unitrust Trevor G. Smith 1998 Unitrust Paula Avenius 2006 Charitable Remainder Unitrust Trevor G. Smith 1957 Paula Avenius Clifford B. and Valeria Parker Storms Charitable Charitable Remainder Unitrust Agreement for Hanna H. Bartlett Remainder Unitrust 1996 Charitable Remainder Unitrust Agreement of Hanna H. Clifford B. Storms 1954 and Valeria Parker Storms Bartlett and James T. Bartlett The David M. Traver and Helen D. Traver James T. Bartlett 1959 Charitable Remainder Unitrust John B. Bartlett Charitable Remainder Unitrust Mr. and Mrs. D. M. Traver 1946 John B. Bartlett 1960 Norma Propp Tulgan and Henry Tulgan Charitable Trust Bushman Family Charitable Remainder Unitrust The Becky H. Tuttle Gift to the Boston Foundation Thomas D. Bushman 1951 and Joyslin W. Bushman Pooled Income Fund for the Benefit of Cooney-Alma Charitable Remainder Unitrust the Trustees of Amherst College D. Paul Cooney 1950 Mrs. David F. Tuttle 1934 Paul R. Dimond and Constance C. Dimond Trust Walbridge Children’s Inter Vivos Charitable Remainder Unitrust Mr. and Mrs. P. R. Dimond 1966 White-Chafkin 2000 Charitable Remainder Unitrust Doscher Charitable Remainder Unitrust The Robert B. Whitney, Jr. and Helen C. Whitney J. Henry Doscher 1942 Charitable Remainder Unitrust English Family Charitable Remainder Trust Mr. and Mrs. R. B. Whitney, Jr. 1955 James R. English, Jr. 1941 The Thomas M. Wilson Trust Eileen Glick Charitable Remainder Annuity Trust Mildred E. Wolcott Family Charitable Trusts L.G. Schermer 1950 Laurence C. Griesemer Charitable Remainder Annuity Trust Laurence C. Griesemer 1940 Gordon Hall III Charitable Remainder Unitrust Gordon Hall III 1952 John A. and Ute Hargreaves Charitable Remainder Unitrust Mr. and Mrs. John A. Hargreaves, Jr. 1954

49 ▲ The Trustees of Amherst College ▲ Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds June 30, 2006 (Valuations at Market)

Permanent Endowment, Income Unrestricted The Forrest & Deborah Mars Fund for Ella Poe Burling Endowment fund $61,078 Educational Outreach 794,971 Emily C. J. Folger Fund 117,295,396 Matillda D. Mascioli Memorial Fund 246,817 Henry Clay Folger 1879 Fund 44,501,084 The Andrew W. Mellon Fund 3,749,929 Tod Sedgwick Endowment Fund 47,515 The Andrew W. Mellon Foundation— The Folger Institute of Renaissance and Total Permanent Endowment, Income Unrestricted $161,905,073 Eighteenth-Century Studies 3,591,991 The Andrew W. Mellon Foundation—Curator Permanent Endowment, Income Restricted of Books 2,787,404 The K. Frank and Joycelyn C. Austen Acquisition Fund 374,819 The Andrew W. Mellon Partial Curatorship Fund 2,315,451 The Winton and Carolyn Blount Exhibition Fund 1,697,699 The Andrew W. Mellon Postdoctoral Fellowship Fund 1,807,180 The Gladys Brooks Acquisitions Fund 275,332 The Andrew W. Mellon Publications Fund 2,443,643 The Gladys Brooks Fund for Technology 173,548 The Andrew W. Mellon Technology Endowment Fund 997,382 Brian Cabe Memorial Fund 23,134 The Paul Mellon Acquisition Fund 818,530 The Elizabeth L. Cabot Acquisition Fund 81,306 The Millennium Education Endowment 801,349 The Mildred Grinnell Clarke Public Programs Fund 51,233 The Mosaic Foundation Endowment 64,438 Colt Acquisition Fund 333,260 The Frank Battles Newlin Education Fund 200,559 The Bertita E. Compton Acquisitions Fund 674,672 The Elizabeth Niemeyer Acquisition Fund 548,774 The Ann Jennalie Cook Acquisitions Fund 119,991 Poetry Endowment 305,949 Conservation Program 5,027,016 The Ramsbotham Fund 24,386 Charles E. Culpeper Conservation Fund 514,684 The Reader Campaign Fellowship Fund 796,604 Hanson Lee Dulin Senior Fellowship Fund 1,236,817 Bess and Philip Rosenblum Fellowship 220,248 The Early Music Endowment 233,806 The B.F. Saul Rare Book Fund 623,603 The Elizabeth L. Eisenstein Acquisitions Fund 50,130 Shakespeare Quarterly Reserve 369,526 The Charles W. Englehard Acquisition Fund 715,544 The Roger T. & Peggy M. Simonds Fund 44,207 The Charles W. Englehard Fund for The James B. Sitrick Endowment Fund 240,283 Pre College Education 210,502 The Albert H. Small Fund 126,962 The 301 East Capitol Street Endowment 500,688 Room Renovations 73,569 The Kathrine Dulin Folger & Family Acquisitions Fund 838,542 Professor Emile V. Telle Acquisition Fund 1,006,404 The Steven & Judith Gluckstern Education Fund 47,925 Louis B. Thalheimer Curatorial Endowment 1,755,192 The Steven & Judith Gluckstern Technology Fund 47,925 The Verizon Technology Endowment Fund The Herman & Friedl Gundersheimer Fund 124,800 for Pre-College Education Programs 179,727 The Karen Gundersheimer Acquisitions Fund 36,293 John and Marva Warnock Technology Endowment 256,577 Trustees Fellowship and Acquisition Fund 1,131,480 The Nancy & Jean Francis Webb Memorial The Georges Lurcy Acquisition Fund 292,500 Education Fund 138,136 The Georges Lurcy Fund for Technology 152,898 Eric and Mary Weinmann Acquisitions Fund 1,259,253 The O. B. Hardison Fellowship Fund 1,522,729 Eric and Mary Weinmann Junior Fellowship Fund 734,299 The O. B. Hardison Poetry Prize Fund 1,013,645 The Weinmann Librarian Fund 1,366,782 The Wyatt R. and Susan N. Haskell Public The Mary and David S. Wolff Endowment 57,221 Programs Fund 719,672 The Judge William H. Hastie Educational Endowment 205,519 Total Permanent Endowment, Income Restricted $52,542,112 The Eunice & Mones E. Hawley Fund for Early Music 58,717 TOTAL PERMANENT ENDOWMENT $214,447,185 The William Randolph Hearst Fellowship Fund 403,688 The William Randolph Hearst Fund for Term Endowment Pre College Education 173,548 Professor Rosalie L Colie Memorial Reading Room Fund 46,688 Charlton Myra Hinman Fellowship Fund 439,386 Golden Anniversary Fund 246,161 The Kenneth C. Hogate Acquisition Fund 183,144 The Wyatt R. Haskell Annual Public Programs Fund 151,831 The Humana Education Fund 376,376 The Evelyn Stefansson Nef Education Fund 37,661 The Philip A. Knachel Fellowship Fund 943,962 The Philip A. Knachel Endowment 283,724 TOTAL TERM ENDOWMENT $482,341 The Knight Foundation Fund 348,736 Virginia Lamar Prize Fund 10,471 Ruth Leila Hazel Hand Lefkovits Fund 108,153 The Librarianship Fund 36,752

50 ▲ Quasi-Endowment, Unrestricted $5,849,662 The Estate of Ella Poe Burling 278,264 Property Disposition Fund 2,974,622 The Renaissance Fund 133,223 Total Quasi-Endowment, Unrestricted $9,235,771 Quasi-Endowment, Restricted The Early Music Guest Artist Fund 59,114 Lila Wallace Readers-Digest Fund 771,127 Mellon Fellowship 502,735 Mellon Institute 26,109 Janet Field-Pickering Elementary Education Endowment 43,968 The Barbara Taft Endowment Fund 286,050 John Warnock Photography Fund 337,327 Total Quasi-Endowment, Restricted $2,026,430 Quasi-Endowment, Designated The Staff Retirement Plan Funds 2,857,530 Charlotte B. Dow Acquisition Fund 525,292 Director’s Discretionary Fund 906,803 Early Music Recordings Endowment 10,509 The Folger Fund for Library Technology 668,785 The Folger Acquisition Endowment Fund 2,223,427 The Poetry Board Endowment 73,453 The Susan Snyder Memorial Junior Fellowship Endowment 271,447 Total Quasi-Endowment, Designated $7,537,246 TOTAL QUASI-ENDOWMENT $18,799,447 TOTAL ENDOWMENT FUNDS $233,728,973 Life Funds Jay L. Halio, Gift Annuity Jay L. Halio, Immediate Life Income Fund Bernice W. Kliman and Merwin Kliman, Balanced Income Fund Lilly S. Lievsay Charitable Remainder Unitrust Robert J. McKean, Jr. 1950 and Sally A. McKean, Gift Annuity Elizabeth Niemyer Charitable Remainder Unitrust Ruth Rappaport, Immediate Life Income Fund Marilyn Schoenbaum, Balanced Income Fund Alden T. Vaughan 1950, Gift Annuity William McC. Vickery 1957, Immediate Life Income Fund Ruby York Weinbrecht, Gift Annuity TOTAL LIFE FUNDS $1,229,712 TOTAL ENDOWMENT AND OTHER SIMILAR FUNDS— Folger Shakespeare Memorial Library $234,958,685

51 ▲ Amherst College ▲ Statistical Information 2005–06

1st 2nd Instruction Appointments with Full-Time Equivalency Enrollment Semester Semester (including tenured faculty with administrative duties) Freshmen 435 435 2005–06 2004–05 Sophomores 438 441 Number F.T.E. Number F.T.E. Juniors 328 309 Professor 108 107.50 108 107.50 Seniors 409 392 Associate Professor 12 12.00 12 12.00 Total 1,610 1,577 Assistant Professor 42 41.50 42 42.00 Exchange 2 1 Total Regular Faculty 162 161.00 162 161.50 Special 18 15 Lecturers 18 16.67 19 17.17 Visiting (Students from New Orleans) 11 Coaches 13 12.50 13 12.50 Comprehensive Fee for 2005–06 $40,980 Phased and Other Continuing Appointments 9 3.50 10 4.08 Academic Plant Visiting Appointments 17 16.50 21 19.75 Educational, Athletic, and Misc. 1,219,750 sq. ft. Residential, etc. 1,182,700 sq. ft. Total 219 210.17 225 215.00 Parking 4.8 acres Land 1,009 acres Average Compensation of Full-Time Faculty Volumes in Libraries, including Government Documents 1,023,085 (Salary and Fringe Benefits as Reported to AAUP) Micro-Forms 539,789 2005–06 2004–05 2000–2001 1995–96 U.S. Geological Maps 88,705 Professor $148,953 $ 140,550 $ 121.720 $ 97,987 AV Material and Cataloged Maps 48,742 Associate Professor 100,562 97,362 83,637 68,881 Serial Titles 12,190 Assistant Professor 91,191 85,296 72,101 59,222 The Folger Shakespeare Memorial Library Average (All Ranks) $128,921 $122,396 $106,491 $84,578 Collection—approximately 265,000 volumes, 55,000 manuscripts and extensive collections of pamphlets and occasional materials, Summary of Benefits including notebooks, theatre posters and programs, paintings, Social Security $ 3,405,830 prints, Shakespearean curiosa, costumes, etc. Retirement 5,082,901 Buildings 83,600 sq. ft. Insurance—Health, Life, Disability, Number of Employees (Full Time) 86 Workers’ Compensation, Unemployment 5,691,645 Other—Grant in Aid, Housing Subsidy, Moving, Faculty & Staff FY 2005–06 (Position F.T.E.) Educational Assistance, Recognition and Awards 895,265 Faculty: Total $15,075,641 Professors 107.50 Associate Professors 12.00 Assistant Professors 41.50 Other 49.17 210.17

Trustee Administrative Appointees 115.36 Clerical, Technical and Service Staff (Full-time and Part-time) 435.92 551.28 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. 2005–06 2004–05 Faculty Minorities 22 25 Women 68 72 Administration Minorities 21 22 Women 80 80 Staff Minorities 29 27 Women 49 70 Amherst College does not discriminate in its admission or employ- Subtotal Minorities 72 74 ment policies and practices on the basis of such factors as race, sex, Women 197 222 sexual orientation, age, color, religion, national origin, disability, or status as a veteran of the Vietnam War or as a disabled veteran. The Total 269 296 College complies with federal and state legislation and regulations Total (adjusted) *241 *270 regarding nondiscrimination. Inquiries should be addressed to the * Total adjusted for women counted in both minorities and women Affirmative Action Officer, Converse Hall, Campus # 2217, Amherst figures. College, PO Box 5000, Amherst, MA 01002-5000.

52 ▲ 2006 ▲