The Trustees of Amherst College

“The Trustees of Amherst College does not capitalize gifts in kind of art, historical treasures or other similar assets held for public exhibition, etc. The Folger Shakespeare Memorial Library (The Library), does capitalize purchases to its collection which is recorded at cost. The Folger Shakespeare Memorial Library holds the largest and most complete collection of Shakespeareana in the world and the largest collection of English printed books from 1475 to 1640 outside of England, as well as extensive Continental Renaissance holdings. The collection includes books, manuscripts, documents, paintings, illustrations, tapestries, furnishings, musical instruments, scores, and curios from the Renaissance and theater history. The Emily Dickinson Museum consists of two historic houses and their contents, in the center of Amherst, Massachusetts, closely associated with the poet Emily Dickinson and members of her family during the ninteenth centuries. The Mead Art Museum creates innovative and rigorous exhibitions from its diverse collection of 19,500 works including American art, Russian modernist art, French art, British portraiture, African art, Japanese art, 19th and 20th century photography, and master and modern prints and drawings. Over 150 Amherst College classes visit the Mead's two study rooms annually to learn from original works of art. The Beneski Museum of Natural History houses research collections of vertebrate and invertebrate paleontology, minerals, anthropology and modern vertebrates, as well as numerous exhibits which illustrate the evolution and ecology of major groups of animals. The College and the Library maintain policies and procedures addressing the collections' upkeep as well as other aspects of their management, including accession and deaccession policies.”

“The Trustees of Amherst College serves as the custodian of funds owned by certain student groups.”

“Amherst College has adopted ASU 2016-14, presentation of the financial statements for not-for-profit entities. As a result, the June 30, 2020 audited financial statements classify net assets as either net assets without donor restrictions, or net assets with donor restrictions. For purposes of Schedule D, Line 2, Amherst College has reported endowment funds without donor restrictions as board designated or quasi-endowment and endowment funds with donor restrictions as permanent endowment, respectively.”

“The mission of the Trustees of Amherst College's endowment is to provide financial support in order that the College may provide a quality education to all admitted students as articulated in the mission statement of Amherst College. The endowment is managed for the purpose of ensuring the current and future spending requirements are supported, while also preserving the endowment fund in perpetuity. The endowment funded a substantial portion of operating revenue in this tax year. The endowment distribution is used for such purposes as financial aid, named professorships, faculty and student research, academic support, scientific equipment, athletics, internships, and fellowships/prizes.”

“The Institution is generally exempt from federal and state income taxes. Management performs an annual review for uncertain tax positions along with any related interest and penalties. Management beleives that the Institution has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate, upon the Institution's Balance Sheet or the related Statement of Activities or Cash Flows.”