Annual Report 2010–2011

Five Colleges, Incorporated Annual Report 2010–2011

Amherst College Hampshire College Mount Holyoke College Smith College University of Massachusetts Amherst Mission Inside This Report

Five Colleges, Incorporated, sustains and enriches Reflections on the Year...... 1 the excellence of its members — Amherst, Hampshire, Mount Holyoke and Smith colleges and the Joint Faculty Appointments ...... 2 University of Massachusetts Amherst — through academic and administrative collaboration. The Faculty Exhange ...... 3 consortium facilitates intellectual communities and broad curricular and cocurricular offerings, 40th Anniversary Professors ...... 5 affording learning, research, performance and social opportunities that complement the distinctive Five College Fellows...... 5 qualities of each institution. Faculty Seminars...... 6 On the cover, clockwise, from left: A student at work in the Five College Advanced Studio Seminar (photo Lecture Fund...... 7 by Nancy Palmieri); Five College Executive Director Emerita Lorna Peterson with Mount Holyoke senior Five College Academic Programs...... 8 Sarah Vasquez, recipient of the first Lorna Peterson Prize (photo by Nancy Palmieri); UMass Amherst student Five College Student Cross Registration...... 9 Jeremy Fellows at the Hampshire College Farm as part of the Agroecosystems and Sustainable Agriculture course Five College Joint and Shared Administrative taught at Mount Holyoke (photo by Beth Hooker); the Positions and Services ...... 10 2010–2011 Five College Fellows (left to right): Andrea Nicole King, Leigh-Anne Francis, Alicia Christoff (photo Academic Collaborations ...... 12 by Nancy Palmieri). Five College Academic Centers...... 16

Five College Community Connections...... 17

Grants Received...... 18

Grants in Progress...... 19

Academic Committees and Programs...... 21

Student Symposia, Performances and Presentations...... 21

Administrative Committees...... 22

Governance ...... 23

Administration...... 24

Consolidated Financial Statements...... insert

2 • www.fivecolleges.edu Reflections on the year

or Five Colleges, 2010–2011 was a year of initiating projects, seeing the fruits of work Falready begun and planning for the future. In the fall of 2010 we released Optimizing the Consor- tium Advantage by 2020, the Five College strategic plan. Serving as both a blueprint and a measuring stick for our efforts as we move forward, the plan was the product of collaborative efforts by faculty members, administrators and students at our member campuses. I’d like to take a moment to high- light some of those collaborations that aren’t easily reflected in the data of an annual report. The fiscal year began with our first Five Col- lege Faculty-Student Summer Research Seminars cant number of other campuses, expanding on the in full swing. The seminars, funded in large part original small program of affiliate memberships. with a grant from The Andrew W. Mellon Foun- With the recent addition of the Tri-College Consor- dation, match faculty members who are carrying tium of Pennsylvania and the CARLI Consortium of out humanities and social science research with Illinois libraries, our number of affiliate institutions undergraduates who assist them while carrying has grown to 179. out research of their own. Also during the year we Collaborations outside our consortium are also hosted the first of a planned series of residencies happening much closer to home. Leaders of the 14 and visiting faculty members. higher education institutions of the Pioneer Valley Later in the year we celebrated students receiv- held the first of a planned series of meetings in spring ing the first two certificates awarded in our newest 2011, exploring possibilities for fruitful collabora- (13th!) Five College certificate program, ethnomusi- tions and deciding to focus on strengthening K–12 cology. During the year we also hosted a lecture series education in the region and encouraging college examining climate change politics, the environmental access and completion by local residents. costs of war and media portrayals of environmental As the academic year was winding down, Lorna issues, as we were laying the foundation for another Peterson — my predecessor at Five Colleges — and I certificate program proposed by a Five College faculty joined other colleagues serving as faculty members working group — in sustainability studies. of the Association for Consortium Leadership’s first As we launched and planned for new programs, Summer Institute in Consortium Leadership, held we also began a process of systematically reviewing at the Claremont University Consortium. Created our existing programs, starting with the Five College to provide senior administrators with training and Astronomy Department, a collaboration that actually insight toward strengthening their leadership roles predates the founding of the consortium itself. within higher education consortia, the inaugural in- A recent milestone worthy of note is the 40th stitute spanned three days and offered workshops in anniversary of Hampshire College admitting its first six strategic areas. Five Colleges will host the second students in the autumn of 1970, five years after break- Institute, in June 2012. ing ground in South Amherst and four years after the Finally, the year also saw the presentation of the consortium confidently changed its name from Four first Lorna Peterson Prize for student commitment to Colleges, Inc. in expectation of that moment. collaboration. Sarah Vasquez, a Mount Holyoke se- One key Five College service is now shared nior and Frances Perkins Scholar and an active leader more widely by campuses outside the consortium. in area community service programs aimed particu- Located in the Holyoke Range in the former Cold larly at high schools students, received the award. War bunker now owned by Amherst College, the I hope this note and the following reports give Five College Library Depository has long stored you greater insight into the work and successes of little-used but important print copies of books and the Five College consortium. Please keep up with periodicals, particularly those journals now avail- us online at www.fivecolleges.edu. able electronically. Last year we welcomed a signifi- — Neal B. Abraham, Executive Director

www.fivecolleges.edu • 1 Joint Faculty Appointments

hrough Joint Faculty Appointments, cam- beginning, in 1973, some 80 joint appointments have puses share specialized instruction that been made and 28 were current in 2010–11. Guide- T they might not be able to afford to do alone lines for joint faculty positions can be found at the while preserving the breadth of the curriculum as Resources for Joint Faculty Appointees site: faculty members retire or leave. Since the program’s www.fivecolleges.edu/sites/jointappointments. Joint appointees and their fields of study 2010–2011

Other Participating Name Department/Field of Study Home Campus Campuses Heba Arafah Arabic Mount Holyoke All campuses Abdelkader Berrahmoun Arabic Smith All campuses

Fumiko Brown Japanese Amherst Hampshire, Mount Holyoke, Smith Richard Chu* History/Asian Pacific University All campuses American Studies Jane Hwang Degenhardt English/Renaissance University All campuses Evgeny Dengub Russian Amherst Mount Holyoke Robert Eisenstein Music/Early Music Mount Holyoke All campuses Sergey Glebov History/Russia University All campuses Yasmine Hasnaoui Arabic Amherst All campuses Constance Valis Hill* Dance/History Hampshire All campuses Baba Hillman Film Studies/Production Hampshire All campuses Mohammed Jiyad Asian Studies/Arabic Mount Holyoke All campuses Agnes Kimokoti Swahili Hampshire All campuses Michael Klare* Peace and World Security Hampshire All campuses Studies Elizabeth Klarich Latin American Archaeology Smith Amherst, Mount Holyoke Thom Long Architecture and Design Hampshire Amherst, Mount Holyoke Suk Massey Korean Smith All campuses Elizabeth Mazzocco* “Languages, Literatures and University Five College Center for the Cultures/Italian” Study of World Languages Bernadine Mellis Film Studies/Production Mount Holyoke All campuses Marilyn Middleton-Sylla Dance Smith Amherst, Mount Holyoke Catharine Newbury* Government/African Studies Smith All campuses Bode Omojola Ethnomusicology Mount Holyoke All campuses Sujani Reddy American Studies/Asian Pa- Amherst All campuses cific American Studies J. Michael Rhodes* Geology University All campuses Nadya Sbaiti Middle Eastern History Smith Mount Holyoke Teresa Shawcross Medieval History Amherst Mount Holyoke John Slepian Art and Technology Hampshire Smith Jon Western* “International Relations/ US Mount Holyoke All campuses Diplomacy” *Tenured faculty member (long-term faculty member at Hampshire College)

2 • www.fivecolleges.edu Number of Number of Joint Appointments by year Faculty Exchanges by year 30 60

25 50

20 40

15 30

10 20

5 10 10 10 17 14 15 23 24 27 28 28 36 43 27 51 43 44 40 47 0 0 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 Academic Year Academic Year Faculty Exchange hrough the Five College Faculty Exchange already teaching on the five campuses represent program, member campuses borrow fac- a tremendous depth and breadth for this pro- T ulty members from one another to teach gram. In the 2010–11 academic year, there were 47 courses not otherwise available. Using experienced exchanges in 18 fields, of which 31 were overtime Five College full-time faculty members to cover borrows, six were release-time arrangements, two short-term needs minimizes acclimation chal- were straight exchanges and eight were special lenges, and the 2,000 full-time faculty members arrangements. Courses offered through Faculty Exchange 2010–2011 Key: AC=Amherst College, HC=Hampshire College, MHC=Mount Holyoke College, SC=Smith College, UM=UMass Amherst * Five College 40th Anniversary Professor Field/Program Course Title Professor From To Anthropology/Sociology Latino Identity in the US Judith Flores- HC AC Carmona Anthropology/Sociology Visual Anthropology Debbora Battaglia* MHC AC Art & Art History Digital Photo Kane Stewart HC MHC Art & Art History Digital Photo Kane Stewart HC MHC Comparative Literature Seminar: Mediterraneans Anna Botta SC UM (LLC) Comparative Literature Seminar: The Theory of the Great Thomas Dumm AC UM (LLC) Divide Comparative Literature Seminar: Performance Heidi Gilpin AC UM (LLC) Complex Organizations Individuals and Organizations Tony Butterfield UM MHC Computer Science Computational Geometry Ileana Streinu* SC UM Critical Social Inquiry/ Writing & Talking About the Nazi Mark Lauer MHC HC Social Science Regime: Constructing Memory History in Personal & Public Account Economics Introduction to Economics Steven Schmeiser MHC AC Economics Corporate Governance Steven Schmeiser MHC AC English Shakespeare Peter Berek MHC AC English Old English Stephen Harris UM MHC Continued on page 4

www.fivecolleges.edu • 3 Faculty Exchange continued

Field/Program Course Title Professor From To English Classical Literature of India Indira Peterson* MHC SC German Bauhaus Karen Kohler HC AC History Back to the Future: History Joseph Ellis* MHC AC of Prophecy History Modern Latin America Lowell Gudmundson MHC UM History Introduction to Modern East Asia Jonathan Lipman MHC SC History Making of the Medieval World, Fred McGinness MHC SC 1000–1350 History Middle East History II Monica Ringer AC UM Humanities, Arts, and Buddhist Life Writing Maria Heim AC HC Cultural Studies Mathematics Calculus & Discrete Mathematics Jung-Jin Lee MHC SC Mathematics & Statistics Introduction to the Ideas and Pamela Matheson SC MHC Applications of Statistics Music Seminar in Composition Salvatore Macchia UM AC Music Electro-Acoustic Music Daniel Warner HC SC Music & Dance Seminar: American Popular Music Steven Waksman SC UM Political Science World Politics Vincent Ferraro MHC UM Political Science World Politics Vincent Ferraro MHC UM Psychology Abnormal Psychology Richard Halgin UM AC

Psychology Psychopathology Lisa Raskin AC UM Social Thought & Genocide and Crimes Against Flavio Risech HC UM Political Economy Humanity Social Thought & Race and Urban Political Economy Preston Smith MHC UM Political Economy Social Thought & Artivism and the Social Imagination Wilson Valentin- HC UM Political Economy Escobar Spanish Pedro Almodóvar Justin Crumbaugh MHC AC Spanish Haiti: Fact and Fiction Roberto Marquez MHC AC Sport Management College Athletics Laurie Priest MHC UM Sport Management College Athletics Laurie Priest MHC UM Theater and Dance Experiments in Choreography James Coleman MHC AC Women & Gender Indigenous Women, Gender & Alice Nash UM SC Colonization in the Americas

4 • www.fivecolleges.edu 40th Anniversary Professors

nitiated in 2005 to celebrate the 40th birthday John Connolly, Professor of Philosophy, Smith of the consortium, the 40th Anniversary College, appointed 2007–08 IProfessorships honor faculty members whose excellence in teaching and scholarship have Joseph J. Ellis, Professor of History, Mount remained central to cooperation among Five College Holyoke College, appointed 2009–10 institutions. During their three-year appointments, each 40th Anniversary Professor receives an annual David Newbury, Gwendolen Carter Professor of research allowance and once during the three years African Studies (Department of History), Smith presents a colloquium or public lecture on a topic College, appointed 2005–06 related to his or her research. Each year a 40th Anniversary Professor teaches one course at another Indira Peterson, David B. Truman Professor of campus and in return is assigned one course fewer Asian Studies, Mount Holyoke College, appointed at his or her home campus. As of 2011, the following 2008–09 14 people have been recognized as Five College 40th Anniversary Professors: Austin Sarat, William Nelson Cromwell Professor of Jurisprudence and Political Science, Amherst Martha Ackelsberg, Professor of Government, College, appointed 2005–06 Smith College, appointed 2006–07 Joseph Skerrett, Professor of English, University of Debbora Battaglia, Professor of Anthropology, Massachusetts Amherst, appointed 2007–08 Mount Holyoke College, appointed 2010–11 Ilan Stavans, Lewis-Sebring Professor in Latin Herbert Bernstein, Professor of Physics, American and Latino Culture (Departments of Hampshire College, appointed 2010–11 Spanish and European Studies), Amherst College, appointed 2005–06 Christopher Benfey, Mellon Professor of English, Mount Holyoke College, appointed 2005–06 Ileana Streinu, Professor of Computer Science and Mathematics, Smith College, appointed 2008–09 Barton Byg, Professor of Germanic Languages and Literatures in the Department of Languages, Daniel Warner, Professor of Music in the School of Literatures, and Cultures, University of Humanities, Arts, and Cultural Studies, Hampshire Massachusetts Amherst, appointed 2005–06 College, appointed 2005–06

Five College Fellows

hrough the Five College Fellowship Amherst College hosted Alicia Christoff, a gradu- Program, our four liberal arts colleges ate student in English at Princeton University; T provide residencies for graduate students completing their dissertations. Each Fellow resides Mount Holyoke College hosted Leigh-Anne in an academic department at the hosting institu- Francis, a graduate student in history at Rutgers tion, usually teaching one course during the year. The University; and program’s goal is to support scholars from under- represented groups and/or scholars with unique Smith College hosted Andrea King, a graduate stu- interests and histories. In the 2010–11 academic year, dent in history at the University of California Davis. the following Fellows served at our colleges:

www.fivecolleges.edu • 5 Faculty Seminars

n 2010–2011, the Faculty Seminar Program progress and host guest speakers. In 2010–2011, there distributed $17,170 in grants to Five College were 28 active seminars. Expenses ranged from less Igroups bringing together faculty members from than $100 to $1,000. member institutions to exchange ideas, read works in Active Faculty Seminars 2010–2011

Afro-Luso-Brazilian Literary Translation Architectural Theory Marxist and Postcolonial Discourse Atlantic Studies Medieval Studies Buddhist Studies Native American Indian Studies Chemistry Number Theory Childhood Studies Performance Studies Classics Propositional Attitudes (Philosophy) Coastal & Marine Sciences Religion Economics Renaissance Film Slavic Studies French Social Thought/Political Economy History Spanish Inter-Asian Political Cultures Valley Geometry Seminar Italian Studies Women’s Studies

Number of Faculty Seminars by year 35

5 24 29 26 26 31 28 33 28 28 28 0 01–02 02–03 03–04 04–05 05–06 06–07 07–08 08–09 09–10 10–11 Academic Year

6 • www.fivecolleges.edu Lecture Fund

he Five College Lecture Fund supports events were made up of lectures, workshops, film collaborative events that involve at least screenings, residencies and other special activities, T three of the five campuses, with organizers with the Lecture Fund providing a total of $11,977 contributing more than half of the cost of the in support, ranging from less than $100 to $1,000. project. In the 2010–2011 academic year, the 18

Art Exhibit “Transported and Translated: Arts of the An- cient Americas” with students Conference International biennial conference of GEMELA Film Annual Multicultural Film Festival Film Screening and Lecture Co-exist, a documentary of genocide in Rwanda Film Screening and Lecture Freedom Riders Film Screening and Lecture Documentary: Orgasm, Inc. Lecture Herbert Bix, lecturer at Five College Japan Lec- ture Series Lecture Naomi Oreskes lecture: “Merchants of Doubt: How a Handful of Scientists Obscured the Truth on Issues from Tobacco Smoke to Global Warming” Lecture Pedar Foss: Pompeii course Lecture Stephanie Coontz: “Betty Friedan’s Feminine Mystique” Lecture and Reading Dr. China Mieville Lecture Series Five College French Lecture Series Panel Discussions and Presentations 25th Anniversary of the Stonewall Center at the University of Massachusetts Amherst Panel Discussions and Presentations United Nations Oral History Project Performances and Workshops Cynthia Hopkins Residency Charles Payne Residency Friederike Plafki Residency Joerg Foth, film director

Piloting new academic collaborations

Lecture Series and Colloquia Using Technology to Support • Sustainability Studies Speaker Series Cross-Campus Learning • Second Language Acquisition Colloquium • Telematic Music Concert: Multi-site networked concert featuring performers at Residencies and Visiting Positions Amherst College and Hampshire College • Multicultural Theater • Advanced Mathematics Methods course (Physics 324): taught at Mount Holyoke and Smith, using networked whiteboard and enhanced teleconferencing software

www.fivecolleges.edu • 7 Five College Academic Programs ive College certificate programs, akin Five College Major, Departments to academic minors, offer students the and Graduate Program Fopportunity for focused study in areas most campuses couldn’t offer alone. In the 2010– Responding to student and faculty interests in 2011 academic year, 146 certificates were issued in expanding the scope of certain fields, Five Colleges 13 programs, including a record 38 certificates in created two departments, a major and a graduate Culture, Health, and Science and a record-tying 59 program, each built on the strengths of combined in International Studies. campus offerings. In the 2010–11 academic year, 16 seniors graduated from the Five College Astronomy Five-Year averages for Five College Department and 37 seniors graduated from the Five Certificates 1987–2011 College Dance Department. In the Five College film major, 12 seniors graduated, and the UMass/Five Key:  = Avg. certificates granted;  = Certificate programs College Graduate Program in History awarded two 120 master’s degrees and 12 doctorates. 110 100 Certificate Programs 90 African Studies 80 Asian/Pacific/American Studies 70 Buddhist Studies 60 Coastal & Marine Sciences 50 Cognitive Neuroscience 40 Culture, Health, and Science 30 Ethnomusicology 20 International Relations 10 26.6 3 33.6 3 40.8 5 77.8 10 113.2 13 Latin American Studies 0 87–91 92–96 97–01 02–06 07–11 Logic Middle Eastern Studies Native American Studies Russian, East European, Eurasian Studies Five-year totals of Five College Certificates, by campus

Graduation Amherst Hampshire Mount Smith UMass Totals years Holyoke Amherst

1987–1991 11 1 22 28 71 133

1992–1996 47 7 28 13 73 168

1997–2001 55 13 40 32 64 204

2002–2006 55 26 80 60 168 389

2007–2011 66 79 110 94 221 570

Totals 234 126 280 227 597 1,464

8 • www.fivecolleges.edu Five College Student Cross Registration

ny of the nearly 29,000 students in the made possible a range of Five College curricular consortium may take courses at any structures, including the astronomy and dance Aof the other four without paying departments, the film studies major, certificate additional fees. Student cross registration has programs and the drawing seminar. Course enrollments through Five College student cross registration 2010–2011: 5,558 total Numbers of enrollments leaving from: Numbers of enrollments going to: 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 598 1,972 1,225 859 904 1,141 602 751 1,255 1,560 249 0 0 Amherst Hampshire Mount Smith UMass Amherst Hampshire Mount Smith UMass FCCSWL* College College Holyoke College Amherst College College Holyoke College Amherst College College * FCCSWL = Five College Center for the Study of World Languages Number of graduating seniors in the class Percentage of graduating seniors in the of 2011 taking at least one course at another class of 2011 taking at least one course institution in four years at another institution in four years 450450 100 400400 90 350350 80 70 300300 60 250250 50 200 200 40 150 150 30 100100 20 5050 10 270 286 391 326 436 56 92 69 48 9 00 0 Amherst Hampshire Mount Smith UMass Amherst Hampshire Mount Smith UMass College College Holyoke College Amherst College College Holyoke College College College Number of courses taken through cross-registration each academic year, 2006–2011

6,000 6000 5,500 5500 5,000 5000 4,500 4500 4,000 4000 3,500 3500 3,000 3000 2,500 2500 2,000 2000 1,500 1500 1,000 1000 500 4,788 5,130 5,474 5,790 5,558 500 0 0 06–07 07–08 08–09 09–10 10–11 www.fivecolleges.edu • 9 Five College Joint and Shared Administrative Positions and Services Five Colleges manages the following positions and services among the campuses noted.

Audit Services (Hampshire, Mount Holyoke, Listservs. Five Colleges manages some 31 listservs for Smith). Three campuses and Five Colleges have different Five College administrative committees. retained the services of an auditor. Meal Exchange (all campuses). By special arrange- Energy Management (Amherst, Mount Holyoke, ment among the food service directors, students Smith). Since 2004, the energy manager has advised enrolled in meal plans at their home campuses may the schools on the purchase of energy commodities, receive permission to have meals at another campus worked with campus committees to develop and as part of their meal plan. implement an energy-conservation program, and developed a standard reporting methodology for en- Messenger (all campuses). The Five College ergy utilization as a way to benchmark and compare messenger makes two daily round-trips among all outcomes. campuses transporting inter-campus mail and inter- library loans, as well as materials being committed to Fiber Optic Network (all campuses). Built and the Five College Depository. owned by all five institutions under the auspices of the subsidiary Five College Net, LLC, the fiber optic Museums10 (all campuses). A collaboration of network — running 53 miles from Springfield up and seven Five College campus museums and three affili- around the Five College campuses — was completed ated independent museums, Museums10 combines in 2007. It now provides broadband Internet access the resources of its members with grant funding to to all five campuses; and dark fiber for the towns of promote its members’ exhibitions and cultural tour- Amherst, Hadley and South Hadley; and the cities of ism in the region. Chicopee and Northampton. Recycling Management (Amherst, Hampshire, Libraries (all campuses). Extensive and long-stand- Mount Holyoke, Smith). Since 1993, the recycling ing cooperation among the libraries also gives Five manager has assisted each campus in upgrading its College campus community members access to the educational campaign and improving methods of combined collection of all campus libraries. This col- recycling as well as marketing certain waste materials. lection currently totals some nine million volumes. In addition to open borrowing privileges, any member Risk Management (Amherst, Hampshire, Mount of the Five College community may search the collec- Holyoke, Smith). Since 1994, the risk manager tions and place a borrowing request online by using has advised the campuses on policies and liability an integrated library catalog system overseen by the insurance. integrated library system coordinator, a position shared among the five campuses. The libraries also Training Collaborative. The Five College Manage- share an East Asian librarian. ment Training Collaborative was established in 1994. Currently, pooled funds are used for joint administra- Library Depository (all campuses). The five cam- tive and staff training programs. pus libraries store more than 400,000 volumes in this high-density storage facility. Items in the depository Transportation. The Five College Bus System are managed as a shared collection. serves all five campuses and has been in operation since 1960. Since the 1980s, the service has been run by contracting through the Pioneer Valley Transit Authority and UMass Transit, transporting tens of thousands of passengers over four routes annually.

10 • www.fivecolleges.edu The following are examples of shared positions and services. Collaborations within the consortium have inspired police, grant accounting, career services and retire- member campuses to pursue collaborations with ment fund counseling. In addition, campuses carry each other outside the consortium. Among those out joint bidding for insurance brokers, benefits collaborations are: student health services, campus advisers, health insurance and other services.

Career Services (Mount Holyoke, Smith). MHEC Joint Purchasing. Initiated as a Five Mount Holyoke and Smith share the services of a College buying group in 1967, the Massachusetts director of employer relations, representing both Higher Education Consortium (MHEC) today con- campuses to potential employers and overseeing the solidates the buying power of 87 schools through- campuses’ combined recruiting programs. out New England in drawing up common contracts for goods and services. Environmental Health and Safety (Hampshire, Mount Holyoke). Beginning in 2006, Hampshire Ombudsperson (Amherst, Hampshire, Mount contracted with Mount Holyoke to provide environ- Holyoke). Amherst and Hampshire began sharing mental health and safety services under the direc- an ombudsperson in 2006, and since 2009 Mount tion of a Mount Holyoke administrator. Holyoke has shared that staff member.

Everywoman’s Center (all campuses). Campus Police (Mount Holyoke, Smith, Based at UMass, Everywoman’s Center offers the Hampshire). In 2004, Mount Holyoke and Smith Five College community rape crisis services, coun- began sharing a director of public safety. They were seling services, Latina community services and other joined by Hampshire in 2008. Since fall 2009, a information and referral services for women. merged dispatch system and a merged employee workforce have been managed by Mount Holyoke Grant support (Mount Holyoke, Amherst). for all three campuses. Since April 2010, Mount Holyoke and Amherst have shared a grant accountant who works with faculty Printing Services (UMass, Smith, Hampshire). members and administrators to support applica- Through its Printing Services Department, UMass tions for external grants and grant reporting. offers digital duplicating, full color digital printing, offset lithography and binding and finishing to Health Services (UMass, Amherst, Hampshire). Smith and Hampshire. UMass provides student health services for Amherst and Hampshire Colleges. Religious Life (Amherst, Hampshire, Mount Holyoke, Smith). Several institutions have shared Library Cataloging (Mount Holyoke). religious services staff members over the decades. UMass provides library cataloging services for Mount Holyoke. Rental Property Management (Amherst, Mount Holyoke, Smith). This program was created in Local Purchasing. All five campuses collaborate on 2000 to oversee rental property management for the local-food purchasing. three campuses.

Mail Services (UMass, Smith, Hampshire). WFCR Public Radio (all campuses). UMass holds UMass’ full service mail and distribution services the broadcast license for WFCR, Five College Radio. are also available to Hampshire and Smith colleges. In addition to UMass’ support, the four colleges contribute to the station’s operating budget.

www.fivecolleges.edu • 11 Academic Collaborations Dozens of inter-campus academic committees and programs come together within Five Colleges. Listed here are those that are the most active.

African Studies Council Asian/Pacific/American Pacific Studies Nationally recognized as a center for the study of Faculty members from the five campuses oversee a Africa, the Five College campuses have one of the Five College Certificate Program and participate in a largest concentrations of Africanist faculty members faculty seminar that meets regularly throughout the in the United States. The African Studies Council year. The program also supports two joint faculty oversees a certificate program (including a collab- appointees. oratively taught capstone course) and coordinates lectures and other Africa-focused programming (in- Astronomy cluding in 2008–09 a weeklong visit by a Senegalese The Five College Astronomy Department, coordi- scholar organized in collaboration with Westfield nated by faculty members from each institution, State College). It also sponsors a monthly faculty offers a single undergraduate curriculum for majors seminar and annually organizes a celebration of stu- and coordinates research programs offered on each dent work on (and in) Africa. The council includes campus, creating a richer environment for studying two joint faculty appointments. Members co-edit astronomy than would be possible if each campus the African Studies Review, the journal of the African had a small department that operated independently. Studies Association. Buddhist Studies Anthropology Managed by one of the largest concentrations of The five departments organize an annual sympo- scholars of Buddhist studies in the United States, sium of student work and cooperate in support the Five College Buddhist Studies Certificate Pro- of a joint faculty appointment in Latin American gram offers studies in most of the major Buddhist archaeology. traditions. It maintains a junior year abroad program, other extended study programs in Asia, and Arabic an academic exchange program with the Central The Five College Arabic Program supports the offer- Institute of Higher Tibetan Studies, in India. ing of courses in Modern Standard Arabic and various Arabic dialects for students at all Five College Coastal & Marine Sciences campuses. The program supports three joint faculty The Five College Coastal & Marine Sciences Certifi- appointees. cate Program coordinates a guest lecture series and offers an interdisciplinary curriculum to undergradu- Architectural Studies ate students enrolled in the Five College campuses, A cross-disciplinary committee coordinates course including collaborative field trips and summer offerings in all aspects of the study of the built research fellowships at some of the nation’s premier environment, including courses in history, theory centers for marine study. These complement course and studio. The committee developed a proposal for and traditional laboratory work with hands-on a joint major, now under review by curricular com- research experience. mittees on the campuses. The program supports a joint faculty appointment in architectural studies. Cognitive Neuroscience The Five College Cognitive Neuroscience Certificate Art: Advanced Drawing Seminar Program comprises courses in research techniques, Eleven studio art faculty members from the five basic scientific foundations, neuroscience, philoso- campuses join to provide an advanced seminar to phy and cognition, combined with independent 15 competitively selected students. Addressing an research. It brings together several related disci- array of perspectives, styles and media, this popular plines, each of which provides a different focus on course has been taught each fall since 1994. mind-brain issues.

12 • www.fivecolleges.edu Community-Based Learning (CBL) East Asian Languages Program The Five College CBL Program coordinates campus- The Five College East Asian Language Program based efforts bringing together students, faculty supports language instruction on the campuses in members and community organizations to advance Chinese, Japanese and Korean, coordinating faculty projects that provide intellectually rich experiences professional development as well as cultural pro- for students and tangible benefits to the greater gramming. Faculty members participating in the community. Specific programs include joint faculty program include joint appointees in Japanese- and professional development and joint training for Korean-language instruction. students who provide service in Holyoke, Massachu- setts. The latter program, called Holyoke Bound, is Ethnomusicology a twice annual, daylong orientation to help students The Five College Certificate Program in Ethnomusi- transition into internships in this city in which 40 cology, approved in the spring of 2010 to begin the percent of children live below the poverty line. A following academic year, is made up of faculty mem- consolidation of individual campus orientation pro- bers from a range of disciplines — including a joint grams, Holyoke Bound now enrolls approximately appointee in ethnomusicology — who meet regularly 250 students each year. The relationship between to coordinate course offerings and cultural program- Five College Community-Based Learning and ming that demonstrates the diversity of world musi- Holyoke is guided by the Holyoke Campus Com- cal traditions and interactions among them. munity Compact, which maintains a database that links the needs of community organizations with Film Studies Major students and faculty members who are interested Within the film studies major, film is explored in in service or community-based learning opportuni- relation to the arts, humanities and social sciences ties. Holyoke Bound’s success has served as a model and can lead to careers in teaching, arts administra- for Springfield Bound, which is for students doing tion, web design and freelance work in nonindustry service in Springfield, Massachusetts. venues. The major comprises 10 courses, at least two of which must be taken outside the home institution. Culture, Health, and Science The program supports faculty professional develop- The Five College Certificate Program in Culture, ment as well as an annual festival featuring student- Health, and Science gives students an opportunity made films. Faculty members participating in the ma- to explore human health, disease and healing from jor include two joint appointees in film production. an interdisciplinary and cross-cultural perspective. The program emphasizes that study of human Geology health requires theoretical frameworks and research The geology departments of the Five College insti- strategies that integrate physical and sociocultural tutions organize an annual student research col- aspects of human experience. loquium and regularly offer weeklong field trips to locations as far afield as the Colorado Plateau and Dance: The Five College Dance Department Iceland. They also sponsor an annual speaker series, Each of the five institutions offers its own distinc- bringing outside speakers to the region, as well as a tive program of dance and collaborates in support- faculty symposium presenting new work by members ing a uniquely rich five-campus academic depart- from each of the five campuses. In addition, this ment. The Five College Dance Department pools collaboration supports a joint faculty appointee and the strengths of these five programs, making it one specialized lab facilities. of the largest dance departments in the nation, offering all students opportunities for performance Continued on page 14 and many opportunities for guest performances and master classes. Among the program faculty members are two joint appointees.

www.fivecolleges.edu • 13 Academic Collaborations continued

History Graduate Program The Massachusetts Review The University of Massachusetts Amherst/Five Col- Founded in 1959 by the University of Massachusetts lege Graduate Program in History offers qualified and Amherst, Mount Holyoke, and Smith colleges students combined campus resources to pursue (and later joined by Hampshire), the Massachusetts advanced study in history. Faculty members from Review is a 200-page quarterly of fiction, poetry, all five campuses teach graduate-level courses. The essays, and the visual arts by both emerging talents program supports an annual lectureship as well as and established authors. It is considered one of the an annual residency focusing on writing history for nation’s leading literary magazines, distinctive in the general public. joining the highest level of artistic concern with pressing public issues. International Relations The Five College International Relations Certifi- Middle Eastern Studies cate Program brings together political scientists, The Middle Eastern Studies Certificate Program historians and economists from all five campuses to offers a wide range of courses at the five campuses. share research and to offer a diverse range of courses Students in the program are encouraged to spend from multiple disciplines and intellectual perspec- time in the Middle East, learning Arabic and other tives that enable students to earn a Five College languages and immersing themselves in the culture Certificate. The program supports a joint appointee of the area. The program is complemented by lan- in international relations. guage offerings in Hebrew, Standard Arabic, and a number of Arabic dialects. The program supports a Latin American Studies Council joint appointee in Middle Eastern history. The Latin American Studies Program offers a Five College Certificate in Latin American, Caribbean, Music and Latino Studies. Within the program, students Although each music department at Five Colleges design a sequential, coordinated and comprehensive has its own identity, its own range of offerings and a course of study drawing on course offerings at the particular emphasis, a variety of special cooperative five campuses. A joint appointee in Latin American arrangements among the departments gives students archaeology is supported by the program. access to their combined faculties, courses, music libraries and guest artists. Faculty members within the Listservs campus music departments organize such popular Five Colleges manages 47 listservs used by academic events as the Five College Jazz Festival, Five College committees, programs and other groups. Choral Festival, Five College New Music Festival, Five College Opera (in cooperation with the theater Logic chairs) and annual scholars-in-residence programs. The Five College Logic Certificate Program brings together aspects of logic from different parts of the Music: Early Music curriculum: philosophy, mathematics, computer A faculty of performers and scholars at the five cam- science and linguistics. The program is designed to puses, together with the Five College Early Music acquaint students with the uses of logic and initiate director, make it possible for students to participate them into the profound mysteries and discoveries of in a variety of experiences in the study and perfor- modern logic. mance of music of the Middle Ages, the Renaissance and the Baroque era. The program supports a joint faculty appointee.

14 • www.fivecolleges.edu Native American Indian Studies Russian, East European and Eurasian Studies The Five College Certificate Program in Native (REEES) American Indian Studies offers students the op- The Five College REEES Certificate Program offers portunity to acquire a knowledge and understand- annually a collaboratively taught foundation course. ing of the development, growth and interactions of The program also sponsors special events of interest the indigenous peoples and nations of the Western to students and faculty members working in the field. Hemisphere, with a focus on those of the Northeast. The program supports a joint appointee in history. It supports a foundation course taught in collaboration with Native elders. Supervising Graduate Students Faculty members at the colleges serve on doctoral Peace and World Security Studies (PAWSS) thesis advisory committees at the university; some PAWSS is a multidisciplinary educational endeavor also serve as thesis advisers. of Five Colleges established to foster student and faculty awareness of major international issues and Theater to promote undergraduate education in the peace Within the Five College theater community, and security field. PAWSS supports a joint faculty several groups meet regularly to organize consor- appointee. tial projects and maintain a joint online calendar. The theater department chairs, the costumers and Philosophy technical directors, and the lighting designers and The philosophy departments of the five campuses directors work together to host artists in residence, work collectively to enhance many course options share resources and collaborate on joint projects. with guest speakers, symposia and library resources. Auditions for campus productions are open to all students from the Five College community. Physics The physics departments of the Five College cam- Theater: Multicultural puses work to augment courses with guest speakers, The Five College Multicultural Theater Committee joint undergraduate symposia and library resources. supports productions and workshops promoting an Majors are welcome to take courses in the depart- appreciation of diversity and difference. It also en- ments on other campuses, and there is coordination courages student productions with a multicultural (alternation) of some course offerings to ensure that focus and organizes WORD!, an annual multicul- a broad curriculum is available somewhere in the tural student play-reading festival. consortium to every student each semester. Mount Holyoke and Smith coordinate scheduling of upper- Teacher Education level courses to be able to offer students express van The Five College teacher licensure coordinator transportation to each campus for those courses. works with students and faculty members from Mount Holyoke, Hampshire and Amherst colleges, PoetryFest advising students, identifying and overseeing practi- Each year, two students from each campus are cho- cum and pre-practicum placements, and serving as sen to read their works at PoetryFest. Their poems a three-campus representative to the Massachusetts are then assembled as a collection. Department of Education.

www.fivecolleges.edu • 15 Five College Academic Centers

Five Colleges manages the following positions and services among the campuses noted.

Center for Crossroads in the Study of academic year, students enrolled in the following lan- the Americas (CISA) guages in the Mentored Language Program: Arabic, Founded in 1997, CISA brings together faculty Hindi, Indonesian, Pashto, Persian, Swahili, Turk- members from the five campuses to explore relational ish, Urdu and Yoruba. Highly motivated language aspects of identity in the Americas. Instead of adopt- students interested in languages not taught on the ing a North-South approach, CISA has developed for campuses enter the center’s Supervised Indepen- its work a triangular model, in which the three sides dent Language Program (FCSILP), which combines are formed by the Old World (Africa, Asia, Europe), independent study with native-speaker conversations. the polities of the New World, and the indigenous During 2010-11, students enrolled in the following peoples of the Americas. The program organizes a languages in the FCSILP: Bosnian-Croatian-Serbian yearlong seminar for new faculty members working in (BCS), Czech, Greek, Hungarian, Norwegian, Roma- the comparative study of the Americas (CISA Fellows) nian, Thai, Twi, Vietnamese, Wolof and Zulu. and an annual symposium of student work. Schools Partnership Center for East Asian Studies The Five College Schools Partnership offers profes- The Five College Center for East Asian Studies works sional development opportunities for teachers in to support, encourage and improve teaching about math and science education and the humanities. Asia in elementary, middle and secondary schools, as The partnership has an advisory committee made well as at two- and four-year colleges in the Northeast. up of Five College faculty members and representa- The center maintains a resource library; publishes a tives from area schools. In 2010–2011, the partner- newsletter three times a year; and conducts seminars, ship worked with the Social Studies Department institutes, conferences and workshops for college and of Springfield Public Schools to continue to offer pre-college educators. It also organizes seminars on two Department of Education–funded Teaching Asia for teachers in the region. American History programs that included academic yearbook clubs, workshops on Native Americans and Center for the Study of World Languages on Latin American immigration in the 20th century, The Five College Center for the Study of World two summer institutes and a weeklong travel institute Languages specializes in the study of languages not to Gettysburg, Harpers Ferry and Washington, D.C. usually offered on member campuses. The center’s A $300,000, two-year grant from the National Science Mentored Language Program combines independent Foundation, awarded in 2011, funds current efforts study with small-group conversation sessions and to improve mathematics teaching in kindergarten individual tutorials in languages. During the 2010-11 through college. Center for the Study of World Languages enrollment statistics Women’s Studies Research Center Key: Bars and black values = numbers of student enrollments, The Five College Women’s Studies Research Center Line with dots, brown values = numbers of languages enrolled in was founded on the interests and strengths of more 300 275 than 350 scholars of women’s studies at the five cam- 250 puses — considered the largest concentration in the 225 country. The center offers regular programs of men- 200 175 tors, speakers, symposia and discussions. Each year it 150 encourages critical feminist scholarship from diverse 125 perspectives by hosting as many as 15 scholars and 100 75 associates for up to eight months. While at the center, 50 associates have access to Five College library resources 25 and have various opportunities to present their work 0 1995–1996 2000–2001 2005–2006 2010–2011 to a broad activist and scholarly community. 151, 11 108, 11 184, 19 254, 20 16 • www.fivecolleges.edu Five College Community Connections While many Five College collaborations include public presentations and other interactions with the community, the following programs incorpo- rate community involvement into their operating principles.

The Academic Career Network Fiber Optic Network (all campuses) The Academic Career Network (ACN) exists to help Built and owned by all five institutions under the campuses accommodate dual career couples seeking auspices of the subsidiary Five College Net, LLC, the employment in higher education. ACN provides fiber optic network — running 53 miles from Spring- couples with easy access to job postings at dozens field up and around the Five College campuses — was of colleges and universities in New England and completed in 2007. It now provides broadband Inter- upstate New York. In addition, member campuses net access to all five campuses; and dark fiber for the belong to a listserv on which deans and human towns of Amherst, Hadley and South Hadley; and the resources directors share resumes of job-seeking cities of Chicopee and Northampton. partners and spouses. Museums10 Center for East Asian Studies A collaboration of seven Five College campus mu- The Five College Center for East Asian Studies works seums and three affiliated independent museums, to support, encourage and improve the teaching Museums10 combines the resources of its mem- of East Asian cultures in elementary, middle and bers with grant funding to promote its members’ secondary schools, as well as at two- and four-year exhibitions and cultural tourism in the region. It is colleges in the Northeast. The center maintains a considered a model for collaboratively promoting resource library; publishes a newsletter; and conducts regional creative economies. seminars, institutes, conferences and workshops for college and pre-college educators. It also organizes Pioneer Valley Higher Education Collaborative seminars on Asia for teachers in the region. Beginning in spring 2011, presidents and top administrators from the 14 colleges and universities of Community-Based Learning (CBL) the Pioneer Valley, from Springfield to Greenfield, The Five College CBL Program coordinates campus- have been meeting to examine potential areas for based efforts bringing together students, faculty collaboration. members and community organizations to advance projects that provide intellectually rich experiences Schools Partnership for students and tangible benefits to the greater The Five College Schools Partnership offers profes- community. Specific programs include joint faculty sional development opportunities for teachers in professional development and joint training for math and science education and the humanities. students who provide service in Holyoke, Massachu- The partnership has an advisory committee made setts. The latter program, called Holyoke Bound, is a up of Five College faculty members and representa- twice-annual, daylong orientation to help students tives from area schools. In 2010–2011, the partner- transition into internships in this city in which 40 ship worked with the Social Studies Department of percent of children live below the poverty line. A Springfield Public Schools to continue to offer two consolidation of individual campus orientation pro- Department of Education–funded Teaching Ameri- grams, Holyoke Bound now enrolls approximately can History programs that included academic year- 250 students each year. The relationship between book clubs, workshops on Native Americans and on Five College Community-Based Learning and Holy- Latin American immigration in the 20th century, two oke is guided by the Holyoke Campus Community summer institutes and a weeklong travel institute to Compact, which maintains a database that links the Gettysburg, Harpers Ferry and Washington, D.C. A needs of community organizations with students $300,000, two-year grant from the National Science and faculty members who are interested in service- or Foundation, awarded in 2011, funds current efforts community-based learning opportunities. Holyoke to improve mathematics teaching in kindergarten Bound’s success has served as a model for Spring- through college. field Bound, which is for students doing service in Springfield, Massachusetts. www.fivecolleges.edu • 17 Grants Received July 1, 2010–June 30, 2011

Award Award Date – Project/Program Amount End Date Funding Source

Five College Center for East Asian Studies

Japan Artists Information $20,264 1/1/11–12/31/11 Japan Foundation Directory (JAID) Center for Global Partnership

National Consortium for Teaching $307,000 4/28/11–6/30/12 The Freeman Foundation About Asia, Year XIV (2011–2012)

Five College Dance Department

Merce Cunningham’s EVENTS: $15,000 9/10/10–3/31/12 National Endowment Creative Collaboration in the Arts for the Arts

Five College Learning in Retirement

Sesquicentennial Symposium — $10,000 4/1/11–3/31/12 Mass Humanities Civil War Causes and Consequences

Sesquicentennial Symposium — $2,100 4/29/11–12/30/11 Community Foundation of Civil War Causes and Consequences Western Massachusetts

Five College Schools Partnership

Western Massachusetts $299,854 4/27/11–3/31/13 National Science Foundation Mathematics Partnership (WMMP)

Five Colleges, Incorporated

RIVERSCAPING: Rethinking Arts, $125,195 12/8/10–6/30/12 U.S. Delegation of the Environment and Community European Union

Infrastructure Endowment for the $1,500,000 3/18/11–6/30/16 The Andrew W. Mellon Five College Consortium Foundation

Capacity Building 2011–2012, $5,000 4/26/11–12/31/11 National Association of County UMass Medical Reserve Corps and City Health Officials

Peace and World Security Studies

Program support $2,500 3/24/11–3/23/12 The Paul and Edith Babson Foundation

Total Grants Received FY ’11 $2,286,913

18 • www.fivecolleges.edu Grants in Progress July 1, 2010–June 30, 2011

Award Award Date– Project/Program Amount End Date Funding Source

Five College Center for East Asian Studies

East Asia in New England: Continuity $36,000 4/18/06–9/1/10 United States–Japan Foundation in a Time of Change

Support for the East Asia for $30,000 1/8/08–12/31/10 American Institute for Foreign Teachers newsletter Study Foundation

Reading the Landscapes of $7,000 8/20/09–12/31/10 Massachusetts Geographic East Asia Seminar Alliance

Reading the Landscapes of East Asia 2010 $15,125 12/1/09–12/1/10 United States–Japan Foundation

The Physical and Human Geography $87,000 3/16/10–2/28/13 U.S. Department of Education of Japan: Group Projects Abroad Seminar Fulbright-Hays

National Consortium for Teaching About $336,284 4/19/10–6/30/11 The Freeman Foundation Asia, Year XIII

Five College Center for the Study of World Languages

Hindi and Arabic: Expanding $600,000 6/29/06–6/30/11 The Andrew W. Mellon Foundation Opportunities for Independent Learners

CultureTalk: Exploring Critical Languages $328,470 9/25/09–9/24/12 U.S. Department of Education & Cultures International Research and Studies

Languages for Independent Learners: $498,000 3/26/10–6/30/14 The Andrew W. Mellon Foundation Mainstreaming the LCTLs

Five College Schools Partnership

Teaching American History IV $175,500 1/5/09–6/30/13 City of Springfield, Massachusetts

Five Colleges, Incorporated

Sustaining High-Quality and $2,000,000 3/23/05–3/31/13 The Andrew W. Mellon Foundation Contemporary Curricula through Collaboration: New Shared and Joint Appointments at the Five Colleges

Faculty Recruitment, Retention, $1,750,000 12/22/08–6/30/15 The Andrew W. Mellon Foundation and Regeneration: A Collaborative Response Continued on page 20

www.fivecolleges.edu • 19 Grants in Progress—continued

Award Award Date– Project/Program Amount End Date Funding Source MRI: Acquisition of an RFID Testbed $450,010 9/22/09–9/30/12 National Science Foundation Using Renewable Energy for Object Identification and Habitat Monitoring

Officer’s Grant for Strategic Planning $45,000 10/19/09–11/1/10 The Andrew W. Mellon Foundation

Streamlining Information Technology $292,500 4/30/10–4/30/12 The Davis Educational Foundation Infrastructure for the Consortium to Improve Organizational Effectiveness and Achieve Cost Savings

New President’s Grant $100,000 6/25/10–6/30/13 The Andrew W. Mellon Foundation

Mathematics

An Innovative Model for Workforce $600,000 4/22/09–6/30/14 National Science Foundation Development in Statistics

Museums10

Table for 10: The Art, History and Science $10,000 7/15/10–2/28/11 Mass Humanities of Food

Table for 10: The Art, History and Science $48,000 1/27/10–12/31/10 Massachusetts Cultural Council of Food

National Collegiate Inventors and Innovators Alliance

Collaborative Research: RAPD — THE BME-IDEA Competition, Assessing Innovative Design in Biomedical $169,966 9/18/06–9/30/11 National Science Foundation Engineering Education

Peace and World Security Studies

Peace & War/Ecology & Resources— $4,000 10/6/09–9/30/12 Samuel Rubin Foundation Exploring the Connections

Program Support $2,500 4/8/10–6/30/11 The Paul and Edith Babson Foundation

20 • www.fivecolleges.edu Academic Committees and Programs 2010–2011

Academic Career Network Latin American Studies Council/Certificate Program African Studies Council Logic Certificate Program Architectural Studies Massachusetts Review (Editorial Board) Art Committee for Advanced Drawing Seminar Metamorphoses (Editorial Board) Asian/Pacific/American Studies Certificate Program Middle Eastern Studies Certificate Program Astronomy Senate Music Chairs Bioinformatics • Choral Directors Biomathematics • Composition and Performance Faculty Biophysics • Early Music Buddhist Studies Certificate Program • Jazz Faculty Coastal & Marine Sciences Certificate Program • Opera Task Force Cognitive Neuroscience Certificate Program Native American Indian Studies Certificate Program Community-Based Learning Peace and World Security Studies Crossroads in the Study of the Americas (CISA) Physics Chairs Culture, Health, and Science Certificate Program PoetryFest Committee Dance Department Program Schools Partnership Program • Dance Department Executive Committee Russian, East European and Eurasian Studies (REEES) Early Music Program Sustainability East Asian Studies The African Studies Review (Editorial Board) • East Asian Languages Program Theater Chairs Ethnomusicology • Costume/Design Fellowship Program Committee • Lighting Directors Film Council • Multicultural Theater • Film Major • Newsletter Editors Geology Chairs • Sound Design History Graduate Program • Technical Directors International Relations Program/Certificate Program Women’s Studies Research Center Steering Committee

Student Symposia, Performances and Presentations 2010–2011

Advanced Studio Seminar Gallery Exhibition Africa Day Anthropology Research Conference (undergraduate) Asian/Pacific/American Studies Symposium (East Coast Asian American Student Union) Chinese Speech Contest Dance Performances Ethnomusicology Symposium Film and Video Festival Geology Research Symposium Multicultural Theater’s WORD! Festival of One-Act Plays PoetryFest

www.fivecolleges.edu • 21 Administrative Committees 2010–2011

Academic Calendar Committee Librarians Council Admissions Officers • Aleph Advisory Group Affirmative Action • Aleph Systems/OPAC Working Group America Reads • Archives and Special Collections Audit Committee • Cataloging Committee Calendar of Events • Circulation Controllers • Collection Management Council on Religious Life • Digital Environment Development and Development Coordinating Committee (DEDCC) • Chief Advancement Officers • Electronic Resources Management • Corporation/Foundation Officers Subcommittee Diversity Directors (and Inter-Group • Research, Instruction, and Outreach Dialogue facilitators) Committee (RIO) Emergency Preparedness Committee (includes • Serials and Acquisitions Committee Public Safety) Museums — MIMSY Users Group Food Service Directors Museums6 Web Group Human Resources Directors Museums10 Directors Information Technology Directors • Museums10 Education Curators • Authentication Committee • Museums10 Educators • Course Management Systems • Museums 10 Executive Committee — • Electronic Cross-Registration Task Force Table for Ten • FCN, LLC Advisory Committee • Museums10 Marketing and Public Relations • Fog Computing Newsletter Editors • Instructional Technology Directors News Directors • Key Server Physical Plant Directors • MIMSY XG Users Group Principal Student Affairs Officers • One-Card Committee • Disabilities Services • Networking Committee • International Student Advisers • Shared Media • Mental Health Directors • Software • Multicultural Affairs • Virtual Lab • Orientation Directors • Videoconferencing • Sexual Assault Prevention and Intervention Institutional Research • Student Activities Investment Committee • Student Coordinating Board Learning in Retirement (LIR) Public Safety Directors Registrars Registrars — electronic cross-registration Risk Management Teaching and Learning Directors/ Faculty Development Transportation WFCR Five College Radio subcommittee of the WFCR Foundation Board of Advisers

22 • www.fivecolleges.edu Governance of Five Colleges, Incorporated 2010–2011

Officers of the Joel Martin, Vice Provost for Ruth Constantine, Vice President Corporation Academic Personnel and Dean of for Finance and Administration, Faculty, UMass Amherst Smith College Anthony W. Marx, President James Staros, Senior Vice Barbara Lucey, Treasurer, Robert C. Holub, Vice President Chancellor for Academic Affairs Five Colleges, Incorporated Neal B. Abraham, Clerk and Provost, UMass Amherst Neal B. Abraham, Executive Barbara Lucey, Treasurer Information Technology Director, Five Colleges, Incorporated Yvette Morneau, Assistant Directors Library Directors Treasurer David Hamilton, Director of Bryn Geffert, Librarian of the Web Services & Acting College, Amherst College Board of Directors Co-Director, Information Susan Dayall, Acting Director of Anthony W. Marx, President, Technology, Amherst College the Library and College Archivist, Amherst College Sandra Miner, Director of Hampshire College Marlene Gerber Fried, Acting Database Services & Acting Co- Charlotte Slocum Patriquin, President, Hampshire College Director, Information Technology, Chief Information Officer and Lynn Pasquerella, President, Amherst College Executive Director, LITS, Mount Mount Holyoke College John Manley, Director of Systems Holyoke College Carol Tecla Christ, President, & Networking, Amherst College Christopher Loring, Director of Smith College Bob Crowley, Director of Libraries, Smith College Robert C. Holub, Chancellor, Information Technology, Jay Schafer, Director of Libraries, UMass Amherst Hampshire College UMass Amherst Jack Wilson, President, University Charlotte Slocum Patriquin, Principal Business Officers of Massachusetts Chief Information Officer and Peter Shea, Treasurer, Neal B. Abraham, Executive Executive Director of Library, Amherst College Director, Five Colleges, Incorporated Information, and Technology Mark Spiro, Vice President for Services, Mount Holyoke College Finance and Administration, Major Committees Tom McAuley, Director of Hampshire College Audit Committee Technology Infrastructure and Mary Jo Maydew, Vice President Peter Shea, Treasurer, Support, Mount Holyoke College for Finance and Administration, Amherst College Herb Nickles, Executive Director, Mount Holyoke College Anthony Marx, President, Information Technology Services, Ruth Constantine, Vice President Amherst College Smith College for Finance and Administration, Carol Tecla Christ, President, Dan Blanchard, Associate Smith College Smith College Chief Information Officer (until Joyce Hatch, Vice Chancellor for Deans Council November, 2010), UMass Amherst Administration and Finance, Gregory S. Call, Dean of the Heidi Dollard, Associate Chief UMass Amherst Faculty, Amherst College Information Officer (after Principal Student Alan Goodman, Vice November, 2010), UMass Amherst Affairs Officers President and Dean of Faculty, John Dubach, Chief Information Allen Hart, Dean of Students, Hampshire College Officer, UMass Amherst Amherst College Donal O’Shea, Dean of Faculty and Maria Toyofuku, IT Director, Dawn Ellinwood, Dean of Vice President for Academic Affairs, Five Colleges, Inc. Students, Hampshire College Mount Holyoke College Investment Committee Penny Gill, Dean of the College, Marilyn Schuster, Provost and Mauricia Geissler, Chief Mount Holyoke College Dean of the Faculty, Smith College Investment Officer, Amherst College Maureen A. Mahoney, Dean of John Davis, Associate Provost and Mark Spiro, Vice President for the College, Smith College Dean for Academic Development, Finance and Administration, Jean Kim, Vice Chancellor for Smith College Hampshire College Student Affairs, UMass Amherst

www.fivecolleges.edu • 23 Administration 2010–2011

Staff

Neal Abraham, Executive Director

Carol Aleman, Assistant to Executive Director Jean Baxter, Dance Production Manager, Five College Dance Department John Bator, Gardener Robert Bowell, Information Technology Support Specialist Cynthia Bright, Program Coordinator, Five College Coastal & Marine Sciences Program Melinda Buckwalter, Senior Administrative Assistant, Five College Center for East Asian Studies (spring) Sharon Cady-Harrison, Administrative Assistant for Academic Programs and Communications Elizabeth Carmichael, Risk Manager Alexandra deMontrichard, Communications Coordinator, Museums10, and Five College Program Coordinator Sue Dickman, Academic Programs Liaison, Joint Appointment Program Nancy Eckert, Business Office Coordinator Anita Finnell, Senior Administrative Assistant, Five College Center for East Asian Studies Gretchen Fiordalice, Assistant Program Administrator, Five College Center for the Study of World Languages Nancy Goff, Director of Development Roger Guzowski, Recycling Manager Kyla Hakim, Developer for Advising and Information Resources and Strategies, Five College Center for the Study of World Languages Lydia Harrington, Materials Development Assistant, Five College Center for the Study of World Languages Ida Hay, Depository Assistant, Five College Library System Todd Holland, Energy Efficiency Manager Beth Hooker, Sustainability Programs Coordinator Kevin Kennedy, Director of Communications Linda Kurowski, Depository Associate, Five College Library System Elizabeth B. (E.B.) Lehman, Assistant Director, Five College Women’s Studies Research Center Barbara Lucey, Treasurer Yvette Morneau, Business Manager and Assistant Treasurer Gwendolyn Niven, Dance Production Assistant, Five College Dance Department Caroline (Callie) Orszak, Program Coordinator, Five College Learning in Retirement Program Gail Porter, Bookkeeper Anne Prescott, Director, Five College Center for East Asian Studies Robyn Rodman, Graphic Designer and Webmaster Elke Ryan, Catering Assistant Joanna Springer, Materials Development and Program Assistant, Five College Center for the Study of World Languages Nate Therien, Director, Academic Programs M. Sue Thrasher, Coordinator, Five College Schools Partnership Betty Thurston, Administrative Assistant, Five College Dance Department Maria Toyofuku, Information Systems Director Dora Tudryn, Five College Library and Mail Messenger Amy Wordelman, Associate Director, Five College Center for the Study of World Languages

24 • www.fivecolleges.edu

FIVE COLLEGES, INCORPORATED AND SUBSIDIARY Consolidated Financial Statements

June 30, 2011 and 2010

(With Independent Auditors ’ Report Thereon)

FIVE COLLEGES, INCORPORATED AND SUBSIDIARY Financial Statements June 30, 2011 and 2010

Table of Contents

Page

Independent Auditors’ Report 1

Consolidated Statements of Financial Position 2

Consolidated Statements of Activities 3

Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements 6

KPMG LLP One Financial Plaza 755 Main Street Hartford, CT 06103

Independent Auditors’ Report

Board of Directors Five Colleges, Incorporated:

We have audited the accompanying consolidated statements of financial position of Five Colleges, Incorporated and Subsidiary (the Corporation) as of June 30, 2011 and 2010, and the related consolidated statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits 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 consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of June 30, 2011 and 2010, and the changes in its net assets and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

December 15, 2011

KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity. FIVE COLLEGES, INCORPORATED AND SUBSIDIARY Consolidated Statements of Financial Position June 30, 2011 and 2010

Assets 2011 2010 Cash and cash equivalents $ 744,608 — Short-term investments (note 5) 5,822,077 4,608,161 Due from member institutions 162,302 36,581 Other assets 224,001 212,298 Contributions receivable (note 4) 33,395 122,530 Mortgages and notes receivable 838 141 Investments, at fair value (note 5) 12,534,706 11,143,860 Property and equipment, net (note 7) 3,717,124 4,070,488 Total assets $ 23,239,051 20,194,059 Liabilities Accounts payable $ 88,228 339,836 Accrued liabilities 199,205 152,540 Due to member institutions 1,979,812 639,117 Deferred revenue (note 3) 1,852,469 1,696,221 Total liabilities 4,119,714 2,827,714 Net Assets Unrestricted 4,430,984 4,755,602 Temporarily restricted (note 8) 10,811,797 10,234,187 Permanently restricted (note 9) 3,876,556 2,376,556 Total net assets 19,119,337 17,366,345 Commitments and contingencies (note 12) Total liabilities and net assets $ 23,239,051 20,194,059

See accompanying notes to consolidated financial statements.

2 FIVE COLLEGES, INCORPORATED AND SUBSIDIARY Consolidated Statement of Activities Year ended June 30, 2011

Temporarily Permanently Unrestricted restricted restricted Total Revenue, gains, and other support: Member institution assessments $ 5,360,346 — — 5,360,346 Student government contribution 149,764 — — 149,764 Investment income 43,612 283,219 — 326,831 Net realized and unrealized gains 53,969 1,742,511 — 1,796,480 Other revenue 689,775 118,554 — 808,329 Gift and grant revenue 374,569 525,180 1,500,000 2,399,749 Net assets released from restrictions (note 8) 2,091,854 (2,091,854) — — Total revenue, gains, and other support 8,763,889 577,610 1,500,000 10,841,499 Expenses and other deductions: Operation of buses and vans 540,538 — — 540,538 Cooperative programs 4,471,515 — — 4,471,515 Joint faculty appointments and development 2,477,090 — — 2,477,090 Affiliated programs 94,578 — — 94,578 Coordinator’s and business office 1,462,872 — — 1,462,872 Investment expense 41,914 — — 41,914 Total expenses and other deductions 9,088,507 — — 9,088,507 Change in net assets (324,618) 577,610 1,500,000 1,752,992 Net assets, beginning of year 4,755,602 10,234,187 2,376,556 17,366,345 Net assets, end of year $ 4,430,984 10,811,797 3,876,556 19,119,337

See accompanying notes to consolidated financial statements.

3 FIVE COLLEGES, INCORPORATED AND SUBSIDIARY Consolidated Statement of Activities Year ended June 30, 2010

Temporarily Permanently Unrestricted restricted restricted Total Revenue, gains, and other support: Member institution assessments $ 4,966,038 — — 4,966,038 Student government contribution 149,764 — — 149,764 Interest income 22,745 294,632 — 317,377 Net realized and unrealized gains 50,920 1,009,474 — 1,060,394 Other revenue 630,224 156,437 — 786,661 Gift and grant revenue 379,890 1,292,935 — 1,672,825 Net assets released from restrictions (note 8) 1,956,199 (1,956,199) — — Total revenue, gains, and other support 8,155,780 797,279 — 8,953,059 Expenses and other deductions: Operation of buses and vans 570,483 — — 570,483 Cooperative programs 4,398,081 — — 4,398,081 Joint faculty appointments and development 1,999,319 — — 1,999,319 Affiliated programs 95,224 — — 95,224 Coordinator’s and business office 1,622,941 — — 1,622,941 Investment expense 37,357 — — 37,357 Total expenses and other deductions 8,723,405 — — 8,723,405 Change in net assets (567,625) 797,279 — 229,654 Net assets, beginning of year 5,323,227 9,436,908 2,376,556 17,136,691 Net assets, end of year $ 4,755,602 10,234,187 2,376,556 17,366,345

See accompanying notes to consolidated financial statements.

4 FIVE COLLEGES, INCORPORATED AND SUBSIDIARY Consolidated Statements of Cash Flows Years ended June 30, 2011 and 2010

2011 2010 Cash flows from operating activities: Change in net assets $ 1,752,992 229,654 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 519,897 509,250 Net realized and unrealized gains on long-term investments (1,796,480) (1,060,394) Change in due from member institutions (125,721) 220,010 Change in other assets (11,703) (50,690) Change in contributions receivable 89,135 1,632,160 Change in accounts payable (251,608) (485,128) Change in accrued liabilities 46,665 924 Change in due to member institutions 1,340,695 (235,633) Change in deferred revenue 156,248 17,707 Net cash provided by operating activities 1,720,120 777,860 Cash flows from investing activities: Issuance of mortgages and notes receivable (1,090) — Payments received on mortgages and notes receivable 393 625 Purchase of property and equipment (166,533) (151,156) Purchases of short-term investments (2,544,262) (2,359,667) Sales/maturities of short-term investments 1,330,346 1,215,642 Purchases of Investments (1,738,628) (863,980) Sales/maturities of investments 2,144,262 — Net cash used in investing activities (975,512) (2,158,536) Net increase (decrease) in cash and cash equivalents 744,608 (1,380,676) Cash and cash equivalents, beginning of year — 1,380,676 Cash and cash equivalents, end of year $ 744,608 —

See accompanying notes to consolidated financial statements.

5 FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

(1) Nature of Operations Five Colleges, Incorporated (the Corporation) is a consortium of Amherst, Hampshire, Mount Holyoke, and Smith Colleges and the University of Massachusetts at Amherst, whose mission is to sustain and enrich the excellence of its members through academic and administrative collaboration. The consortium facilitates intellectual communities and broad curricular and cocurricular offerings; affording learning, research, performance and social opportunities that complement the distinctive qualities of each institution. The five-member institutions conduct other cooperative activities outside of the Corporation, which are, therefore, not included in these consolidated financial statements. The Corporation is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code (the Code) and is generally exempt from income taxes pursuant to Section 501(a) of the Code. The Corporation assesses uncertain tax positions and determined that there were no such positions that have a material effect on the financial statements.

On January 30, 2004, Five Colleges, Incorporated, as sole member, established Five College Net, Limited Liability Company (LLC). The purpose of the LLC is to construct, manage, and maintain a fiber optic cable system. The LLC is a disregarded entity for federal income tax purposes.

(2) Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements of Five Colleges, Incorporated and subsidiary include the accounts of Five Colleges, Incorporated and its wholly owned subsidiary, Five College Net, LLC. All intercompany transactions and balances are eliminated in consolidation.

(b) Basis of Accounting The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

(c) Classification of Net Assets Net assets and revenues, expenses, gains, and losses are classified based on the existence or absence of donor-imposed restrictions. In the accompanying consolidated financial statements, net assets that have similar characteristics have been combined as follows:

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 Directors or may otherwise be limited by contractual agreements with outside parties.

Temporarily Restricted – Net assets whose use by the Corporation is subject to donor-imposed stipulations that can be fulfilled by actions of the Corporation or that expire by the passage of time. Such assets consist primarily of realized and unrealized appreciation and restricted grants.

Permanently Restricted – Net assets subject to donor-imposed stipulations that they be maintained permanently by the Corporation. Generally, the donors of these assets permit the Corporation to use all or part of the income earned on these assets. Such assets include permanent endowment funds.

6 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

(d) Classification of Revenues, Expenses, Gains, and Losses Deferred revenue results from unspent program allocations designated for specific future projects. Contributions are reported as increases in the category of net assets dependent upon the donor’s restriction, if any. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulations or by law. Expirations of temporary restrictions recognized on net assets (i.e., the donor stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as reclassifications from temporarily restricted net assets to unrestricted net assets. Temporary restrictions on gifts to acquire long-lived assets are considered met in the year in which the assets are acquired or placed in service. Exchange transactions are recorded as unrestricted revenues when they are earned.

Contributions, including unconditional promises to give and nonexchange grant awards, are recognized as revenues in the period the commitment is received. Contributions received with donor-imposed restrictions are reported permanently or temporarily restricted revenues depending upon the specific restriction. Conditional promises to give are not recognized until the conditions on which they depend are substantially met. Contributions to be received after one year are discounted at a risk-free rate appropriate for the expected payment term. Amortization of the discount is recorded as contribution revenue in the appropriate net asset category. 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.

(e) Cash and Cash Equivalents Cash and cash equivalents include amounts on deposit in banks, certificates of deposit, and money market accounts with a maturity date of three months or less.

(f) Investments Investments are recorded at fair value. The values of publicly traded fixed income and equity securities are based on quoted market prices and exchange rates. Investments consist primarily of units of Commonfund pooled investment funds. The Corporation has utilized the NAV reported by the investment manager as a practical expedient to estimate the fair value of the investment. Such valuations generally reflect discounts for liquidity and consider variables such as financial performance of investments, including comparison of comparable companies’ earning multiples, cash flow analysis, recent sales prices of investments, and other pertinent information. The estimates of fair values, because of the inherent uncertainty of valuation for these investments, may differ from the values that would have been used had a ready market existed.

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 consolidated financial statements.

7 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

(g) Property and Equipment Property and equipment are recorded at cost, except for contributed property and equipment, which are recorded at fair value at date of gift. Depreciation and amortization are charged to expense using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, over the shorter of the estimated useful life or the lease term. When an asset is sold or retired, the related cost and accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in operations for the period. Maintenance and repairs are charged to expense as incurred.

(h) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates made by management include the valuation of contributions receivable, the valuation of contributed property and equipment, and the valuation of certain investment securities.

(3) Member Assessments The Corporation assesses each of the five member institutions for its share of the current year expenditures determined on a formula basis and recognizes this revenue in the year that the related expenses are incurred. Amounts collected but not spent are recorded as deferred revenue of $1,852,469 and $1,696,221 at June 30, 2011 and 2010, respectively.

(4) Contributions Receivable Contributions receivable of $33,395 and $122,530 are outstanding as of June 30, 2011 and 2010, respectively. The discount rate used to calculate the present value of contributions receivable is 6%.

Contributions receivable at June 30 are summarized as follows: 2011 2010 Unconditional promises expected to be collected within: Less than one year $ — 76,250 One to five years 50,214 50,214 Gross pledges receivable 50,214 126,464 Less discount to present value (16,819) (3,934) Net pledges receivable $ 33,395 122,530

(5) Investments and Fair Value The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value, the three levels of the fair value hierarchy are as follows:

8 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

 Level 1 – inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation has the ability to access at measurement date.

 Level 2 – inputs are inputs other than quoted prices included in Level 1 that are either directly or indirectly observable for the assets or liabilities.

 Level 3 – inputs are unobservable inputs for the assets or liabilities.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The Corporation’s assets and liabilities at June 30, 2011 that are reported at fair value summarized by their fair value hierarchy are as follows:

2011 Days Level 1 Level 2 Level 3 Total Redemption Notice

Assets: Investments: U.S. equity funds $ — 5,587,218 — 5,587,218 Daily 1 Non-U.S. equity funds — 884,077 — 884,077 Daily 1 Balanced funds 1,487,503 — — 1,487,503 Daily 1 Fixed income funds — 4,532,666 — 4,532,666 Daily 1 Limited partnership — — 43,242 43,242 Illiquid Not applicable

Total investments 1,487,503 11,003,961 43,242 12,534,706

Short-term investments 5,822,077 5,822,077 Daily 1

Total assets $ 7,309,580 11,003,961 43,242 18,356,783

The Corporation’s assets and liabilities at June 30, 2010 that are reported at fair value summarized by their fair value hierarchy are as follows:

2010 Days Level 1 Level 2 Level 3 Total Redemption Notice

Assets: Investments: U.S. equity funds $ — 5,575,525 — 5,575,525 Daily 1 Non-U.S. equity funds — 933,963 — 933,963 Daily 1 Fixed income funds — 4,594,688 — 4,594,688 Daily 1 Limited partnership — — 39,684 39,684 Illiquid Not applicable

Total investments — 11,104,176 39,684 11,143,860

Short-term investments 4,608,161 — — 4,608,161 Daily 1

Total assets $ 4,608,161 11,104,176 39,684 15,752,021

9 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

Substantially all of the investments classified as Level 2 and 3 have been valued using NAV as a practical expedient.

The following table presents the Corporation’s activity for the fiscal year ended June 30, 2011 for investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Short-term Limited investments partnership Total Fair value at June 30, 2010 $ — 39,684 39,684 Acquisitions — 938 938 Dispositions — (6,329) (6,329) Investment return — — — Unrealized gains on investments — 8,949 8,949 Fair value at June 30, 2011 $ — 43,242 43,242

Short-term Limited investments partnership Total Fair value at June 30, 2009 $ 193,614 34,201 227,815 Acquisitions — 1,106 1,106 Dispositions (207,329) (847) (208,176) Investment return — — — Unrealized gains on investments 13,715 5,224 18,939 Fair value at June 30, 2010 $ — 39,684 39,684

At June 30, 2011, the Corporation had an outstanding commitment of $260,000 with Commonfund Realty Investors, LLC that will expire on June 30, 2012. As of June 30, 2011, there have been no capital calls on this commitment.

(6) Endowment Funds The Corporation’s endowment consists of seven individual funds established for a variety of purposes including both donor-restricted endowment funds and funds designated by the Corporation to function as endowments (quasi endowment).

The Corporation has interpreted relevant state law as generally permitting the spending of gains on endowment funds over a stipulated period of time. State law allows the Board of Directors to appropriate all of the income and a specified percentage of the net appreciation as is prudent considering the Corporation’s long- and short-term needs, present and anticipated financial requirements, expected total return on its investments, price level trends, and general economic conditions. The Corporation compares the performance of its investments against various benchmarks. The Corporation has an endowment total return spending policy, which is within the guidelines specified under State law, limiting the annual

10 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010 distribution of return to 4.5% of a three-year average market value. The Corporation’s Investment Committee periodically reviews this spending policy.

The Uniform Prudent Management of Institutional Funds Act (UPMIFA) of the Commonwealth of Massachusetts became effective June 30, 2009. The Corporation classifies as permanently restricted net assets (a) the original value of the gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Corporation in a manner consistent with the standard of prudence prescribed by UPMIFA. In accordance with UPMIFA, the Corporation considers the following factors in determining appropriate spending levels from donor-restricted endowment funds:

(a) Duration and preservation of the endowment fund

(b) Purposes of the Corporation and the endowed fund

(d) Possible effects of inflation or deflation

(e) Expected total return from income and the appreciation of investments

(f) Other resources of the Corporation

(g) Investment policy of the Corporation

Endowment net assets consisted of the following at June 30: 2011 Temporarily Permanently Unrestricted restricted restricted Total Donor restricted $ — 6,435,723 3,876,556 10,312,279 Quasi (Board designated) 171,577 120,683 — 292,260 Total $ 171,577 6,556,406 3,876,556 10,604,539

2010 Temporarily Permanently Unrestricted restricted restricted Total Donor restricted $ — 5,102,392 2,376,556 7,478,948 Quasi (Board designated) 160,297 95,690 — 255,987 Total $ 160,297 5,198,082 2,376,556 7,734,935

11 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

Changes in endowment net assets for the fiscal years ended June 30, 2011 and 2010 were as follows: Temporarily Permanently Unrestricted restricted restricted Total Net assets June 30, 2009 $ 342,613 4,522,968 2,376,556 7,242,137 Investment return 6,041 167,021 — 173,062 Unrealized gains 19,974 876,539 — 896,513 Distributions (208,331) (368,446) — (576,777) Transfers — — — — Net assets June 30, 2010 160,297 5,198,082 2,376,556 7,734,935 Investment return 4,073 145,490 149,563 Unrealized gains 49,776 1,675,558 1,725,334 Additions 1,500,000 1,500,000 Distributions (42,569) (462,724) (505,293) Transfers — Net assets June 30, 2011 $ 171,577 6,556,406 3,876,556 10,604,539

(7) Property and Equipment Property and equipment at June 30 consist of the following: Estimated useful lives 2011 2010 (in years) Land $ 5,271 5,271 Leasehold improvements 329,375 321,851 15 Equipment 6,256,073 6,117,448 5 to 20 Vehicles 17,580 17,580 5 6,608,299 6,462,150 Less accumulated depreciation (2,891,175) (2,391,662) $ 3,717,124 4,070,488

(8) Temporarily Restricted Net Assets Temporarily restricted net assets at June 30 comprise the following: 2011 2010 Accumulated realized and unrealized gains on endowment $ 6,435,723 5,102,392 Unexpended gifts and grants 4,376,074 5,131,795 $ 10,811,797 10,234,187

12 (Continued) FIVE COLLEGES, INCORPORATED AND SUBSIDAIRY Notes to Consolidated Financial Statements June 30, 2011 and 2010

During the years ended June 30, 2011 and 2010, temporarily restricted net assets of $2,091,854 and $1,956,199, respectively, were released from restrictions to support the Corporation’s program activities.

(9) Permanently Restricted Net Assets Permanently restricted net assets comprise the following at June 30: 2011 2010 Neill Fund $ 1,028,000 1,028,000 National Endowment for the Humanities 1,307,504 1,307,504 The Andrew W. Mellon Foundation Endowment Fund 1,500,000 — Center for World Languages Endowment Fund 41,052 41,052 $ 3,876,556 2,376,556

(10) Related-Party Transactions The Corporation is provided with office and program space at no cost by the member institutions.

(11) Retirement Plan The Corporation has a Contributory retirement plan with Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF). Contributions of $179,024 and $189,694 were made in 2011 and 2010, respectively, by the Corporation to TIAA/CREF for eligible and enrolled employees based upon 10% of their salaries. In addition, employees enrolled in the plan contribute 5% of their salary to the plan.

(12) Commitments As of June 30, 2011, the Corporation had open commitments under contracts with vendors of $1,464,000.

(13) Disclosure of Subsequent Events The Corporation evaluated subsequent events for potential recognition and disclosure through December 15, 2011, the date on which the financial statements were issued.

On August 24, 2009, Kemper Insurance Company sued the Corporation for $356,304, interest, and costs associated with construction project insurance premiums. The lawsuit was settled August 26, 2011. Since all costs related to this lawsuit are being passed on to the appropriate member institutions, there is no impact on the Corporation’s financial condition.

Editor: Kevin Kennedy Designer: Robyn Rodman Editorial Assistants: Carol Aleman, Sue Dickman and Sharon Cady-Harrison Copyediting: Doris Troy