Civic Intelligence

The Trustees of Amherst College

990 • Fiscal year 2023 • EIN 04-2103542

Jul 01, 2022 to Jun 30, 2023 • Filed on May 14, 2024

Organization ProfileWWW.AMHERST.EDU

View Organization Page

PO Box 5000 Controllers OfficeAmherst, MA 01002

(413) 542-2101

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

27th percentile

0.15x

Higher debt load relative to assets than 27% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Liabilities / Revenue

86th percentile

2.04x

Higher debt load relative to revenue than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Net Margin

14th percentile

-5.8%

Higher net margin than 14% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Top Officer Pay

40th percentile

$1,505,166

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Asset Growth

27th percentile

0.9%

Faster asset growth than 27% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2022 to 2023

Revenue Growth

8th percentile

-37%

Faster revenue growth than 8% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets27th percentile

Assets

Up

$5,302,371,715

Up $46,139,604 (+0.9%) from 2022

Net Assets

Up

$4,528,714,088

Up $54,448,068 (+1.2%) from 2022

Liabilities

Down

$773,657,627

Down $8,308,464 (-1.1%) from 2022

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin14th percentile

Revenue

Down

$379,275,079

Down $225,627,867 (-37%) from 2022

Expenses

Up

$401,185,430

Up $13,956,676 (+3.6%) from 2022

Net Income

Down

-$21,910,351

Down $239,584,543 (-110%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth27th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0B$4.0B$2.0B$0Assets 2010: $2,458,499,283Liabilities 2010: $423,797,614Net Assets 2010: $2,034,701,6692010Assets 2011: $2,780,574,861Liabilities 2011: $436,871,918Net Assets 2011: $2,343,702,9432011Assets 2012: $2,748,966,500Liabilities 2012: $463,323,520Net Assets 2012: $2,285,642,9802012Assets 2013: $3,050,406,789Liabilities 2013: $550,341,555Net Assets 2013: $2,500,065,2342013Assets 2014: $3,423,705,443Liabilities 2014: $549,153,202Net Assets 2014: $2,874,552,2412014Assets 2015: $3,477,273,670Liabilities 2015: $540,715,027Net Assets 2015: $2,936,558,6432015Assets 2016: $3,449,298,302Liabilities 2016: $703,594,363Net Assets 2016: $2,745,703,9392016Assets 2017: $3,714,434,448Liabilities 2017: $657,181,014Net Assets 2017: $3,057,253,4342017Assets 2018: $3,963,621,671Liabilities 2018: $641,692,291Net Assets 2018: $3,321,929,3802018Assets 2019: $4,074,344,424Liabilities 2019: $632,690,213Net Assets 2019: $3,441,654,2112019Assets 2020: $4,260,760,426Liabilities 2020: $747,865,585Net Assets 2020: $3,512,894,8412020Assets 2021: $5,830,785,672Liabilities 2021: $820,942,802Net Assets 2021: $5,009,842,8702021Assets 2022: $5,256,232,111Liabilities 2022: $781,966,091Net Assets 2022: $4,474,266,0202022Assets 2023: $5,302,371,715Liabilities 2023: $773,657,627Net Assets 2023: $4,528,714,0882023Assets 2024: $5,575,113,189Liabilities 2024: $756,798,426Net Assets 2024: $4,818,314,7632024

Highlighted filing

2023

Assets$5,302,371,715
Liabilities$773,657,627
Net Assets$4,528,714,088
Open 2023 Filing

Operations Trend

Revenue Growth8th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$800M$600M$400M$200M$0-$200MExpenses 2010: $213,581,0072010Expenses 2011: $226,867,1612011Expenses 2012: $262,154,9762012Revenue 2013: $356,118,724Expenses 2013: $275,264,323Net Income 2013: $80,854,4012013Revenue 2014: $375,381,465Expenses 2014: $275,768,786Net Income 2014: $99,612,6792014Revenue 2015: $396,785,932Expenses 2015: $274,920,711Net Income 2015: $121,865,2212015Revenue 2016: $329,573,554Expenses 2016: $287,795,977Net Income 2016: $41,777,5772016Revenue 2017: $321,743,534Expenses 2017: $298,880,287Net Income 2017: $22,863,2472017Revenue 2018: $413,791,121Expenses 2018: $312,600,721Net Income 2018: $101,190,4002018Revenue 2019: $411,454,340Expenses 2019: $338,253,116Net Income 2019: $73,201,2242019Revenue 2020: $407,702,412Expenses 2020: $360,484,214Net Income 2020: $47,218,1982020Revenue 2021: $531,451,791Expenses 2021: $359,863,522Net Income 2021: $171,588,2692021Revenue 2022: $604,902,946Expenses 2022: $387,228,754Net Income 2022: $217,674,1922022Revenue 2023: $379,275,079Expenses 2023: $401,185,430Net Income 2023: -$21,910,3512023Revenue 2024: $433,011,031Expenses 2024: $419,424,157Net Income 2024: $13,586,8742024

Highlighted filing

2023

Revenue$379,275,079
Expenses$401,185,430
Net Income-$21,910,351
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 14, 2024
Return Version
2022v5.0
Gross Receipts
$659,443,073
Mission and Program Overview

Mission

Amherst college educates men and women of exceptional potential from all backgrounds so that they may seek, value and advance knowledge, (continued on schedule o)

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$3,555,390,372$3,785,280,696▲ $229,890,324
Land, Buildings, and Equipment, Net$660,370,805$731,066,420▲ $70,695,615
Investments in Publicly Traded Securities$528,483,043$346,982,529▼ $181,500,514
Savings and Temporary Cash Investments$391,243,443$320,875,436▼ $70,368,007
Pledges and Grants Receivable$46,947,030$49,840,066▲ $2,893,036
Other Notes and Loans Receivable, Net$8,812,703$8,812,703→ $0
Accounts Receivable$2,577,720$3,491,141▲ $913,421
Prepaid Expenses and Deferred Charges$3,049,841$2,572,574▼ $477,267
Cash and Non-Interest-Bearing Accounts$8,426,645$1,153,497▼ $7,273,148
Investments Program Related$1,044,016$662,219▼ $381,797
Receivables From Officers Etc$640,000$580,000▼ $60,000
Inventories for Sale or Use$176,616$131,400▼ $45,216
Total Assets$5,256,232,111$5,302,371,715▲ $46,139,604
Other Assets Total$49,069,877$50,923,034▲ $1,853,157
Liabilities
Mortgage Notes Payable Secured by Investment Property$507,024,298$503,838,834▼ $3,185,464
Tax Exempt Bond Liabilities$134,520,000$132,140,000▼ $2,380,000
Other Liabilities$118,412,754$104,608,323▼ $13,804,431
Accounts Payable and Accrued Expenses$20,374,633$30,711,434▲ $10,336,801
Deferred Revenue$1,634,406$2,359,036▲ $724,630
Total Liabilities$781,966,091$773,657,627▼ $8,308,464
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,982,391,560$3,027,110,473▲ $44,718,913
Net Assets Without Donor Restrictions$1,491,874,460$1,501,603,615▲ $9,729,155
Total Net Assets Fund Balance$4,474,266,020$4,528,714,088▲ $54,448,068
Total Liabilities and Net Assets / Fund Balance$5,256,232,111$5,302,371,715▲ $46,139,604

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$697,473,664$232,015,033$929,488,697
Equipment$16,856,414$92,617,614$109,474,028
Other Land Buildings$8,229,314$24,802,286$33,031,600
Land$8,507,028-$8,507,028
Other Securities$3,823,458--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$3,758,812,672$8,486,911▲ $216,326,006$118,693,488$3,780,301,095
2021$4,300,531,130$27,637,614▼ $366,559,937$123,858,319$3,758,812,672
2020$2,920,494,006$22,710,434▲ $1,558,216,605$107,047,350$4,300,531,130
2019$2,834,560,524$40,108,241▲ $241,101,788$113,544,782$2,920,494,006
2018$2,730,457,710$36,374,365▲ $266,451,383$126,559,026$2,834,560,524
Compensation and Service Providers
Top Officer Pay40th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Letitia JohnsonChief Investment OfficerFT$600,000$905,166$1,505,166
Michael WitmoreDirector of Folger Shakespear LibFT$590,000$563,651$1,153,651
Carolyn MartinPresident (thru 7/22)FT$720,114$86,026$806,140
Lisa RutherfordGen Counsel & Sr Adv to PresFT$408,570$92,990$501,560
Austin SaratProf of Poli Sci and LjstFT$423,545$77,130$500,675
Catherine EpsteinProvost and Dean of FacultFT$400,511$84,947$485,458
Elizabeth Cannon-smithChief Advancement OfficerFT$383,556$66,918$450,474
Dawn BatesDirector of Operations-investmentsFT$218,075$217,624$435,699
Michael ElliottPresident (as of 8/22)FT$270,482$133,802$404,284
Thomas DwyerInterim CFO (thru 3/23)FT$326,955$75,735$402,690
Sandra GeneliusChief Communications OfficFT$328,532$67,814$396,346
Abbey Silberman FaginFolger Chief Adv Off (thru 9/22)FT$221,840$168,168$390,008
Shane LevyInvestment OfficerFT$213,306$167,643$380,949
Matthew McgannDean of Admission & Financial AidFT$299,454$73,446$372,900
James BrassordChief of Campus Ops (thru 3/23)FT$279,079$63,044$342,123
Liz AgostoCHF Stud Aff/dean Stud (thru 1/23)FT$262,220$39,761$301,981
Ruth Taylor-kiddChief Financial Officer - FolgerFT$238,833$29,952$268,785
Kathleen PertzbornChief of StaffFT$193,216$40,870$234,086
Stephen NigroControllerFT$164,000$28,998$192,998

Board Members and Trustees

NameTitle
Andrew NussbaumTrustee
Arthur KoenigTrustee
Chantal KordulaTrustee
Christine Noyer SeaverTrustee
David MaclennanTrustee
David NovakTrustee
Douglas GrissomTrustee
Dwight PolerTrustee
Elizabeth ShelburneTrustee
Eunei LeeTrustee
Jeffery BleichTrustee
Kimberlee Wyche-etheridgeTrustee
Mary Elizabeth CisnerosTrustee
Matthew HulsizerTrustee
Naana FrimpongTrustee
Nicolas ZerbibTrustee
Paul SmithTrustee
Phillip JacksonTrustee
Rejji HayesTrustee
Sarah Bloom RaskinTrustee
Shirley TilghmanTrustee
Simon KrinskyTrustee
Theodore BeneskiTrustee
WILLIAM O'MALLEYTrustee
Michael ThomasChief Fin/admin Off (as of 3/23)

Highest Paid Contractors

ContractorServicesLocationCompensation
Daniel O'connell's Sons INCConstruction Services480 HAMPDEN STREET PO BOX 267, Holyoke, MA 01041, Je$7,465,484
Sasaki Associates INCArchitectural Services110 CHAUNCY ST SUITE 200, Boston, MA 02111$7,075,190
Sequoia CapitalInvestment Management3000 SAND HILL ROAD, West Menlo Park, CA 94025$5,771,202
Lone Pine CapitalInvestment ManagementTWO GREENWHICH PLAZA, Greenwhich, CT 06830$2,472,753
Cvc Advisers Jersey LimitedInvestment Management-$2,460,257
Revenue and Support

Revenue Composition

Contributions and Grants
$60,572,966
Program Service Revenue
$155,553,603
Investment Income
$161,133,221
Other Revenue
$2,015,289
All Other Contributions
$50,071,223
Change in Net Assets
$-21,910,351

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded127$6,485,324Fair Market Value (FMV)
Total Noncash Contributions127$6,485,324-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$161,790,603
Salaries, Compensation, and Employee Benefits$160,765,898
Grants and Similar Amounts Paid$78,628,929
Total Fundraising Expense$10,801,378
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$101,754,448$7,574,781$5,594,069$114,923,298
Grants to Domestic Individuals$74,601,241--$74,601,241
Fees for Service Investment Mgmnt Fees-$49,907,255-$49,907,255
Interest$15,480,858$4,889,811$296,472$20,667,141
Depreciation Depletion$17,501,353$2,562,133$1,076$20,064,562
Other Employee Benefits$14,480,987$2,907,910$771,289$18,160,186
Fees for Services Other$14,156,295$2,279,014$353,387$16,788,696
Occupancy$9,915,809$1,100,969$189,915$11,206,693
Payroll Taxes$8,511,474$744,748$501,751$9,757,973
Pension Plan Contributions$8,264,685$693,131$516,001$9,473,817
Current Officers, Directors, Trustees, and Key Employees$2,378,225$4,542,975$1,529,424$8,450,624
Information Technology$2,776,273$2,505,983$126,662$5,408,918
All Other Expenses$4,207,646$566,532$46,577$4,820,755
Travel$3,564,866$359,137$200,196$4,124,199
Office Expenses$3,168,817$725,026$108,460$4,002,303
Foreign Grants$3,572,991--$3,572,991
Other Expenses$2,842,701$569,994$136,568$2,842,701
Insurance$2,166,077$416,644$1,618$2,584,339
Advertising$497,549$364,643$122,651$984,843
Conferences and Meetings$486,571$183,729$218,031$888,331
Fees for Services Legal$45,806$782,482-$828,288
Fees for Services Accounting$10,000$458,250-$468,250
Grants to Domestic Orgs$454,697--$454,697
Royalties$81,452--$81,452
Fees for Services Lobbying$5,445--$5,445
Total Functional Expenses$305,929,033$84,455,019$10,801,378$401,185,430
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Town of AmherstAmherst, MAGovt EntityGeneral Support$192,000
Amherst Public SchoolsAmherst, MAGovt EntityGeneral Support$75,000
Amherst Golf Club IncAmherst, MA501(c)(7)General Support$50,000
Naismith Memorial Basketball Hall of FameSpringfield, MA501(c)(3)General Support$25,000
Amherst Business Improvement District IncAmherst, MA501(c)(6)General Support$21,500
New England Public MediaSpringfield, MA501(c)(3)General Support$11,543
Amherst Area Chamber of CommerceAmherst, MA501(c)(3)General Support$6,040
WOODSIDE CHILDREN'S CENTERAmherst, MA501(c)(3)General Support$0

International Summary

Offices
0
Employees
0
Spending
$1,963,495,233

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
Yes
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investments---$1,811,210,774
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumInvestments---$55,336,004
Sub-saharan Africa - Angola, Benin, Botswana, Burkina Faso,Investments---$46,274,754
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investment Management Fees---$24,204,070
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Investments---$14,207,117
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram ServicesRelated Expenses--$3,892,819
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumInvestment Management Fees---$2,644,411
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumGrantmaking---$2,403,629
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Program ServicesRelated Expenses--$572,343
Sub-saharan Africa - Angola, Benin, Botswana, Burkina Faso,Investment Management Fees---$566,725
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Grantmaking---$437,589
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,Grantmaking---$265,630
North America - Canada and Mexico, But Not the United StatesProgram ServicesRelated Expenses--$227,578
Sub-saharan Africa - Angola, Benin, Botswana, Burkina Faso,Grantmaking---$210,208
Sub-saharan Africa - Angola, Benin, Botswana, Burkina Faso,Program ServicesRelated Expenses--$189,669
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Program ServicesRelated Expenses--$176,237
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Grantmaking---$173,833
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Program ServicesRelated Expenses--$167,157
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Investment Management Fees---$152,223
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,Program ServicesRelated Expenses--$66,541
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Grantmaking---$39,989
Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,Program ServicesRelated Expenses--$23,242
North America - Canada and Mexico, But Not the United StatesGrantmaking---$18,345
Russia and Neighboring States - Armenia, Azerbijan, Belarus,Grantmaking---$15,875
Russia and Neighboring States - Armenia, Azerbijan, Belarus,Program ServicesRelated Expenses--$10,578
Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,Grantmaking---$7,893
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$262,260
Fundraising Gross Income$43,950
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Football Golf Outing$72,600-$5,000-
Folger Gala$451,124$43,950$33,093$10,857
Total Events$523,724$43,950$262,260$-218,310
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-35% ENTY TRST SPOSMgmt FeeNo$667,014

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$640,000$580,000▼ $60,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Post Ret. Benefit Obligation$54,151,249
Liab. for Life Income Obligation$31,747,244
Other Liabilities$14,776,680
Interest Swap Agreement$3,933,150

Bond Issues

BondIssuerIssuedIssue PricePurpose
DMhefa Series K-22009-01-15$50,520,000CONSTRUCTION
AMhefa Series H2003-06-26$50,000,000CONSTRUCTION
CMhefa Series J2005-06-30$50,000,000CONSTRUCTION
BMhefa Series I2005-06-30$29,700,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$50,749,858$29,418,283$25,575,000$400,000
D$50,646,531--$518,634
C$50,442,362-$7,105,000$327,888
B$29,700,000-$15,400,000$281,717

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Stephen nigro, betsy cannon smith, and lisa rutherford are officers and james brassord is a board member of amherst inn company.”

Form 990, Part VI, Section B, Line 11B

“The trustees of amherst college members of the board of trustees were provided a full copy of form 990 prior to filing, with the exception of schedule b in order to respect the wishes of the donors that gave gifts with the assumption of remaining anonymous. The review of schedule b was conducted by the audit committee, chairman of the board of trustees and the president of the college.”

Form 990, Part VI, Section B, Line 12C

“All individuals covered by the policy complete a conflict of interest disclosure statement with the secretary of the board of trustees (the "secretary") annually. The secretary accumulates all disclosure statements and furnishes a summary to the conflict of interest review committee. In all instances where the conflict of interest review committee determines that a conflict of interest does exist, such conflicts, and their remedy, are disclosed to the board of trustees at the next meeting. The conflict of interest committee reports to the board at least annually. Form 990, part vi, line 14: the college has a written document retention and destruction policy that was approved by the college's senior management. Approval of this policy is not required at the full board of trustees level.”

Form 990, Part VI, Section B, Line 15A

“The college participated in an annual survey of comparable institutions which compared historic salaries and designated benefits for the chief executive officer and senior administrative staff. The college's president reviewed with the board of trustees the relevant survey information as well as senior staff performance evaluations and discussed annual salary adjustments. The board of trustees delegated to an ad hoc committee on compensation, consisting of independent trustees, authority to determine the compensation of the president. As provided in the compensation policy for designated individuals approved by the board in may 2012, the committee on compensation reviewed the relevant survey information, conducted an annual evaluation of the president, determined the president's compensation and contemporaneously documented its decision. The committee on compensation shared its findings and compensation decision with the board of trustees.”

Form 990, Part VI, Section C, Line 19

“The trustees of amherst college makes its annual financial statements available on its website and mails it to certain interested third parties. The conflict of interest policy is also available on the website.”

Filing and Contact Details

Filer

Filer Name
Amherst College Trustees
EIN
04-2103542
Phone
4135422101
Address
PO BOX 5000 CONTROLLERS OFFICE, AMHERST, MA 01002

Signing Officer

Name
Michael Thomas
Title
Chief Fin & Admin
Phone
4135422101
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael a Elliott
Formed
1821
Legal Domicile
Ma
Voting Board Members
25
Independent Board Members
23
Employees
3,450
Volunteers
2,490

Preparer

Firm
Kpmg Llp
Address
60 SOUTH STREET, BOSTON, MA 02111
Preparer
Shyamalee Joseph
Phone
6179881000
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line and Part III, Line 1

“Amherst college educates students of exceptional potential from all backgrounds so that they may seek value and advance knowledge, engage the world around them, and lead principled lives of consequence. Amherst brings together the most promising students, whatever their financial need, in order to promote diversity of experience and ideas within a purposefully small residential community. Working with faculty, staff and administrators dedicated to intellectual freedom and the highest standards of instruction in the liberal arts, amherst undergraduates assume substantial responsibility for undertaking inquiry and for shaping their education within and beyond the curriculum. Amherst college is committed to learning through close colloquy and to expanding the realm of knowledge through scholarly research and artistic creation at the highest level. Its graduates link learning with leadership - in service to the college, to their communities, and to the world beyond.”

FORM 990, PART XI, LINE 9:

“Change in net value of life income funds -4,562,074. Change in post retirement benefit obligation 4,504,984. Unrealized swap gain 3,060,060.”

Financial Statement Notes

PART III, LINE 4:

“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.”

PART V, LINE 4:

“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.”

PART X, LINE 2:

“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.”

Part V, Line 2

“Amherst college has adopted asu 2016-14, presentation of the financial statements for not-for-profit entities. As a result, the june 30, 2023 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.”

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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,302,371,715
Liabilities
$773,657,627
Net assets
$4,528,714,088
Revenue
$379,275,079
Expenses
$401,185,430
Net income
-$21,910,351
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5,575$757$4,818$433$419$13.6
2023Detailed filing. Detailed filing data is available for this year.$5,302$774$4,529$379$401$21.9
2022Detailed filing. Detailed filing data is available for this year.$5,256$782$4,474$605$387$218
2021Detailed filing. Detailed filing data is available for this year.$5,831$821$5,010$531$360$172
2020Detailed filing. Detailed filing data is available for this year.$4,261$748$3,513$408$360$47.2
2019Detailed filing. Detailed filing data is available for this year.$4,074$633$3,442$411$338$73.2
2018Detailed filing. Detailed filing data is available for this year.$3,964$642$3,322$414$313$101
2017Detailed filing. Detailed filing data is available for this year.$3,714$657$3,057$322$299$22.9
2016Detailed filing. Detailed filing data is available for this year.$3,449$704$2,746$330$288$41.8
2015Detailed filing. Detailed filing data is available for this year.$3,477$541$2,937$397$275$122
2014Detailed filing. Detailed filing data is available for this year.$3,424$549$2,875$375$276$99.6
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,050$550$2,500$356$275$80.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,749$463$2,286$262
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,781$437$2,344$227
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,458$424$2,035$214
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2023 filings • 501(c)3 • $1B+ nonprofits