Amherst College Annual Report Fiscal Year Ended June 30, 2011 2011 ▲ 7759 AC AnnualCover.indd 2-3 12/29/11 9:47 AM Table of Contents The Corporation . 2 A Message from the President . 4 Report of the Treasurer . 6 Amherst College Statement of Operating Resources and Expenses . 8 Folger Shakespeare Memorial Library Statement of Operating Resources and Expenses . .10 Amherst College Twenty Years in Review . 14 Report of Independent Auditors . 15. Balance Sheet . 16 Amherst College Statement of Activities . 17 Folger Shakespeare Memorial Library Statement of Activities . 18 Total Statement of Activities . 19 Statement of Cash Flows . .20 Notes to Financial Statements . .22 Amherst College Gifts, Bequests and Grants Received . 41 Folger Shakespeare Memorial Library Gifts, Bequests and Grants Received . 41 The Trustees of Amherst College administer Amherst College in Amherst College Amherst, Massachusetts, and the Descriptive Analysis of Endowment and Other Similar Funds . 42 Folger Shakespeare Memorial Library in Washington, D .C . Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds . 60 Amherst College Statistical Information 2011 . 62 The cover: Orientation 2011 . Photograph by Rob Mattson 1 s Laura J . Yerkovich ’80, M .B .A . Katherine K . Chia ’88, M .Arch . The Corporation Riverside, CT New York, NY FISCAL YEAR 2010–11 William A . Davis, Jr . ’63, J .D . Secretary of the Corporation Washington, DC Susan Pikor, A .B . Hadley, MA Michele Y . Deitch ’82, J .D . Austin, TX Life Trustees Chairman of the Corporation Colin S . Diver ’65, LL .B . K . Frank Austen ’50, M .D . Jide J . Zeitlin ’85, M B. .A . Portland, OR New York, NY Wellesley Hills, MA Anne Melissa Dowling ’80, M .B .A . George B . Beitzel ’50, M .B .A .* 1 West Hartford, CT President of the College Ridgefield, CT Anthony W . Marx, Ph .D . Charles C . Eldredge ’66, Ph .D . Martha L . Byorum, M .B .A . Amherst, MA Lawrence, KS New York, NY Gregory S . Call, Ph .D . Willie J . Epps, Jr . ’92, J .D . Rosanne M . Haggerty ’82, A .B . Amherst, MA Kansas City, MO New York, NY Carolyn “Biddy” Martin, Ph D. John C . Esty, Jr . ’50, M .A . Amos B . Hostetter, Jr . ’58, M .B .A .* Amherst, MA Concord, MA Boston, MA Nicholas M . Evans ’52, M .B .A . Members of the Corporation Charles A . Lewis ’64, M .B .A . Vero Beach, FL Danielle S . Allen, Ph .D . Evanston, IL Princeton, NJ Steven M . Gluckstern ’72, Ed .D . Charles R . Longsworth ’51, M .B .A .* San Francisco, CA Wei Sun Christianson ’85, J .D . Royalston, MA Beijing, China Frederick E . Hoxie ’69, Ph .D . Robert J . McKean, Jr . ’50, LL .B . Evanston, IL Brian J . Conway ’80, M B. .A . Lantana, FL Boston, MA Richard (Dick) F . Hubert ’60, A .B . Mary Patterson McPherson, Ph .D . Rye Brook, NY William E . Ford ’83, M B. .A . Rosemont, PA New York, NY George R . Johnson, Jr . ’73, J .D . Peter A . Nadosy, M .B .A . Greensboro, NC Howard Gardner, Ph D. New York, NY Cambridge, MA Woodward Kingman ’49, M .B .A . Edward N . Ney ’46, A .B . Belvedere, CA David A . Kessler ’73, M .D . New York, NY San Francisco, CA David L . Kirp ’65, LL .B . Edward E . Phillips ’52, LL .B . San Francisco, CA Richard S . LeFrak ’67, J .D . Weston, MA New York, NY Jonathan I . Landman ’74, M .S . H . Axel Schupf ’57, M .B .A . New York, NY Christopher S . Lehane ’90, J .D . New York, NY San Francisco, CA Thai-Hi T . Lee ’80, M .B .A . George L . Shinn ’45, Ph .D .* Lebanon, NJ John S . Middleton ’77, M .B A. Scarborough, ME Bryn Mawr, PA Van Doorn Ooms ’56, Ph .D . John I . Williams, Jr . ’75, J .D . Bethesda, MD Cullen Murphy ’74, A .B . Jamaica Plain, MA Medfield, MA Stephen B . Oresman ’54, M .B .A . Philip S . Winterer ’53, LL .B . Darien, CT Andrew J . Nussbaum, ’85, J D. New York, NY New York, NY George E . Peterson ’63, Ph .D . Hope E . Pascucci ’90, A .B . Trustees Emeriti Washington, DC John E . Abele ’59, A .B . Needham, MA Mark J . Sandler ’64, LL .B . Natick, MA Paula K . Rauch ’77, M .D . New York, NY Margaret A . Bangser ’81, M .P .P .M . Boston, MA W . Lloyd Snyder III ’66, M .B .A . Dar es Salaam, Tanzania Joseph E . Stiglitz ’64, Ph D. Conshohocken, PA Alan S . Bernstein ’63, M .B .A . New York, NY Joan E . Spero, Ph .D . Coral Gables, FL Blair H . Taylor ’85, M B. .A . New York, NY Paul E . Bragdon ’50, LL .B . Los Angeles, CA Richard R . Spies ’67, Ph .D . Portland, OR Scott F . Turow ’70, J .D . Providence, RI Robert W . Carington ’53, M .Arch . Chicago, IL Bradley A . Stirn ’72, M .B .A . Bloomfield Hills, MI Woodside, CA 2 s Louis B . Thalheimer ’66, J .D . Advancement Committee Treasurer’s Staff Baltimore, MD Mr . Conway (Chair), Ms . Christianson, Peter J . Shea, M .S .B .A . Messrs . Ford, LeFrak, Lehane, Treasurer Diana Chapman Walsh, Ph .D . Middleton, Murphy, Nussbaum, Brookline, MA Dawn M . Bates, B .B .A . Mss . Pascucci, Yerkovich Investment Manager—Operations Gail T . Wickes, Ph D. Dallas, TX Audit Committee Laurie M . Bouchard, B .S . Ms . Yerkovich (Chair), Messrs . Lehane, Assistant Comptroller Karen Hastie Williams, J .D . Nussbaum, Mss . Pascucci, Rauch, Washington, DC James D . Brassord, M .B .A ., M .S . Mr . Stiglitz Director of Facilities/Associate Treasurer David S . Wolff ’62, M .B .A . for Campus Services Houston, TX Budget and Finance Committee Ms . Pascucci (Chair), Mss . Allen, John R . Dailey, M .B .A ., M .S . Kimba M . Wood, J .D . Christianson, Messrs . Conway, Ford, Investment Officer New York, NY Kessler, LeFrak, Middleton, Stiglitz Kendall D . Doble, IV, B .A . Investment Analyst Buildings and Grounds Committee Mr . Murphy (Chair), Mss . Allen, Mauricia A . Geissler, B .B .A . Christianson, Messrs . Ford, Gardner, Chief Investment Officer Kessler, LeFrak, Middleton, Taylor, Shannon D . Gurek, M .B .A . Turow Associate Treasurer/Director of the Budget Compensation Mr . Zeitlin (Chair), Ms . Allen, Stephen M . Nigro, B .S . Messrs . Conway, Ford, Murphy, Comptroller Ms . Rauch Barbara A . St . Onge Manager, Office of Administrative Digital Strategy (Ad Hoc) Services/Mailing Center Mr . Lehane (Chair), Ms . Allen, Messrs . Conway, Gardner Charles G . Thompson, A .O .S . Director of Dining Services Honorary Degrees Committee Mr . Turow (Chair), Ms . Christianson, Treasurer Emeritus Messrs . Gardner, Kessler, Lehane, Kurt M . Hertzfeld, M .B .A . Murphy, Nussbaum, Ms . Pascucci, Mr . Stiglitz, Ms . Yerkovich Assistant Treasurer Emeritus William McC . Vickery, M .B .A . Human Resources Committee Mss . Rauch (Chair), Allen, Messrs . Kessler, Stiglitz, Taylor, Turow Instruction Committee Ms . Allen (Chair), Messrs . Conway, Gardner, Kessler, Lehane, Murphy, Nussbaum, Ms . Rauch, Messrs . Stiglitz, Taylor, Turow Investment Committee Mr . Ford (Chair), Messrs . Middleton, Zeitlin ex officio: Messrs . Hostetter, Nadosy Student Life Committee Messrs . Gardner (Chair), Lehane, Murphy, Nussbaum, Ms . Rauch, * Chair Emeritus Messrs . Taylor, Turow, Ms . Yerkovich 1 Anthony W . Marx through June 30, 2011 Trusteeship Committee Mr . Zeitlin (Chair), Ms . Allen, Gregory S . Call, Acting President from Messrs . Conway, Ford, Kessler, Murphy, July 1, 2011 to August 19, 2011 Stiglitz, Turow Carolyn “Biddy” Martin beginning August 20, 2011 3 s During my first few months at center that will be designed and Amherst College I have had ample built over the next six years. The opportunity to appreciate its beauty, design phase for the project is under its friendliness, its commitment to way, and site preparation work will sustained excellence and its intel- start this summer. The project will lectual intensity, and to observe the be completed in two stages, care- College community come together fully orchestrated to minimize to deal with adversity. Hurricane disruption to teaching and research. A Message Irene struck the College during Ori- Initially, about 75 percent of the from the entation week, and a historic late- new center will be constructed to October snowstorm damaged many the east and north of Merrill, and President trees and left much of the campus most faculty will move in shortly without power. In both cases, the thereafter. During the project’s sec- campus community quickly banded ond phase, Merrill will be disman- together to remove debris, provide tled, and the remaining portion of food and shelter and restore a sense the new facility will be built on part of normalcy to campus. These signs of the former Merrill site, complet- of dedication, competence and ing the new building in 2017. community-mindedness are a boon Given the changes in scientific during difficult times and provide research and discovery over the past me hope and confidence for the 40 years, the College needs a facility years ahead. that will continue to attract the very I have been grateful for the best students and faculty and enable warm welcome that members of the them to work at the intersections of Amherst community have extended different disciplines. The four-story, to me and also consider myself 220,000-square-foot building will fortunate to be able to build on be located at the heart of campus the foundation that was laid by my and will gracefully blend into the predecessors, most recently Tony rest of campus by having much of Marx, and current and former Col- its mass inserted into the surround- lege trustees. We also are fortunate ing topography. This architecturally to have on our Board a team of wise ambitious modern building will cel- counselors whose prudent manage- ebrate our contemplative landscape ment and insightful decision-making and traditionally simple dwellings, have served the College very well rather than detracting from them. for many years. Because of their It will become a hub of campus wisdom, we have been able to take activity, a model of sustainability the necessary steps, even during a and interdisciplinary collaboration sustained economic downturn, to and a visionary testament to the ensure that we maintain our need- power and importance of science based admission and financial aid education and research in a liberal policies, continue an ambitious fac- arts college setting.