Amherst College Annual Report

55 Pages·2008·0.45 MB·English

Amherst College Annual Report
Fiscal Year Ended June 30, 2008
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 Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Amherst College
Gifts, Bequests and Grants Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
Folger Shakespeare Memorial Library
Gifts, Bequests and Grants Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 The Trustees of Amherst College
administer Amherst College in
Amherst College Amherst, Massachusetts, and the
Descriptive Analysis of Endowment and Other Similar Funds . . . . . . . . . . . . . . .35 Folger Shakespeare Memorial
Library in Washington, D.C.
Folger Shakespeare Memorial Library
Descriptive Analysis of Endowment and Other Similar Funds . . . . . . . . . . . . . . .52
Amherst College
Statistical Information 2007–08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54
The cover: Renovations of Mayo-Smith House were completed in the summer of
2008 as part of the second phase of Amherst’s Residential Master Plan. These new
solar panels are providing 60 percent of the energy needed to heat all the water for
the dormitory. In addition, Mayo-Smith’s energy-efficient lighting, heat reclamation
system and insulation all demonstrate the College’s commitment to environmental
stewardship and sustainability while lowering energy bills.
The Corporation Secretary of the Corporation Katherine K. Chia ’88, M.Arch.
Susan Pikor, A.B. New York, NY
FISCAL YEAR 2007–08 Hadley, MA
William A. Davis, Jr. ’63, J.D.
Washington, DC
Life Trustees
K. Frank Austen ’50, M.D. Michele Y. Deitch ’82, J.D.
Wellesley Hills, MA Austin, TX
Chairman of the Corporation George B. Beitzel ’50, M.B.A.* Anne Melissa Dowling ’80, M.B.A.
Jide J. Zeitlin ’85, M.B.A. Ridgefield, CT West Hartford, CT
New York, NY
Martha L. Byorum, M.B.A. Charles C. Eldredge ’66, Ph.D.
President of the College New York, NY Lawrence, KS
Anthony W. Marx, Ph.D. Theodore L. Cross ’46, J.D. Willie J. Epps, Jr. ’92, J.D.
Amherst, MA Princeton, NJ Kansas City, MO
Members of the Corporation Rosanne M. Haggerty ’82, A.B. John C. Esty, Jr. ’50, M.A.
Danielle S. Allen, Ph.D. New York, NY Concord, MA
Chicago, IL Amos B. Hostetter, Jr. ’58, M.B.A.* Nicholas M. Evans ’52, M.B.A.
Alan S. Bernstein ’63, M.B.A. Boston, MA Vero Beach, FL
Coral Gables, FL Charles A. Lewis ’64, M.B.A. Frederick E. Hoxie ’69, Ph.D.
Brian J. Conway ’80, M.B.A. Evanston, IL Evanston, IL
Boston, MA Charles R. Longsworth ’51, M.B.A.* Richard (Dick) F. Hubert ’60, A.B.
Colin S. Diver ’65, LL.B. Royalston, MA Rye Brook, NY
Portland, OR Robert J. McKean, Jr. ’50, LL.B. George R. Johnson, Jr. ’73, J.D.
William E. Ford ’83, M.B.A. Lantana, FL Washington, DC
New York, NY Mary Patterson McPherson, Ph.D. Woodward Kingman ’49, M.B.A.
Steven M. Gluckstern ’72, Ed.D. Rosemont, PA Belvedere, CA
New York, NY Peter A. Nadosy, M.B.A. David L. Kirp ’65, LL.B.
David A. Kessler ’73, M.D. New York, NY San Francisco, CA
San Francisco, CA Edward N. Ney ’46, A.B. Thai-Hi T. Lee ’80, M.B.A.
Jonathan I. Landman ’74, M.S. New York, NY Piscataway, NJ
New York, NY Edward E. Phillips ’52, LL.B. Van Doorn Ooms ’56, Ph.D.
Richard S. LeFrak ’67, J.D. Weston, MA Bethesda, MD
New York, NY H. Axel Schupf ’57, M.B.A. Stephen B. Oresman ’54, M.B.A.
Cullen Murphy ’74, A.B. New York, NY Darien, CT
Medfield, MA George L. Shinn ’45, Ph.D.* George E. Peterson ’63, Ph.D.
Hope E. Pascucci ’90, A.B. Scarborough, ME Washington, DC
Needham, MA John I. Williams, Jr. ’75, J.D. Mark J. Sandler ’64, LL.B.
Paula K. Rauch ’77, M.D. Jamaica Plain, MA New York, NY
Boston, MA Philip S. Winterer ’53, LL.B. W. Lloyd Snyder III ’66, M.B.A.
Joseph E. Stiglitz ’64, Ph.D. New York, NY Philadelphia, PA
New York, NY Joan E. Spero, Ph.D.
Trustees Emeriti
Blair H. Taylor ’85, M.B.A. John E. Abele ’59, A.B. New York, NY
Los Angeles, CA Natick, MA Richard R. Spies ’67, Ph.D.
Scott F. Turow ’70, J.D. Kenneth H. Bacon ’66, M.B.A. Providence, RI
Chicago, IL Washington, DC Bradley A. Stirn ’72, M.B.A.
Diana Chapman Walsh, Ph.D. Margaret A. Bangser ’81, M.P.P.M. Woodside, CA
Brookline, MA Dar es Salaam, Tanzania Louis B. Thalheimer ’66, J.D.
Karen Hastie Williams, J.D. Paul E. Bragdon ’50, LL.B. Baltimore, MD
Washington, DC Portland, OR Jane D. Weinberger, B.S.
Laura J. Yerkovich ’80, M.B.A. Robert W. Carington ’53, M.Arch. Washington, DC
Riverside, CT Bloomfield Hills, MI
* Chair Emeritus
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Gail T. Wickes, Ph.D. Advancement Committee Treasurer’s Staff
Dallas, TX Messrs. Conway (Chair), Bernstein, Peter J. Shea, M.S.B.A.
Diver, Ford, Gluckstern, Kessler, Treasurer
W. Willard Wirtz, LL.B.
Landman, LeFrak, Murphy,
Washington, DC Dawn M. Bates, B.B.A.
Mss. Pascucci, Yerkovich
Investment Analyst
David S. Wolff ’62, M.B.A.
Houston, TX Audit Committee Laurie M. Bouchard, B.S.
Ms. Yerkovich (Chair), Mr. Bernstein, Assistant Comptroller
Kimba M. Wood, J.D.
Ms. Rauch, Messrs. Stiglitz, Taylor
New York, NY James D. Brassord, M.B.A., M.S.
Director of Facilities/Associate Treasurer
Robert L. Woodbury ’60, Ph.D. Budget and Finance Committee
for Campus Services
Harpswell, ME Mr. Gluckstern (Chair), Ms. Allen,
Messrs. Bernstein, Conway, Ford, Kathryn V. Bryne, M.B.A.
Kessler, LeFrak, Ms. Pascucci, Director of Human Resources
Mr. Stiglitz, Ms. Williams
Joseph M. Cullen, M.B.A.
Senior Investment Manager
Buildings and Grounds Committee
Mr. Murphy (Chair), Ms. Allen, Mauricia A. Geissler, B.B.A.
Messrs. Diver, Ford, Gluckstern, Kessler, Director of Investments
Landman, LeFrak, Ms. Pascucci,
Shannon D. Gurek, M.B.A.
Mr. Turow, Mss. Walsh, Williams
Associate Treasurer/Director of
the Budget
Honorary Degrees Committee
Messrs. Diver (Chair), Kessler, Landman, Stephen M. Nigro, B.S.
Murphy, Ms. Pascucci, Messrs. Stiglitz, Comptroller
Turow
Barbara A. St. Onge
Manager, Office of Administrative
Human Resources Committee
Services/Mailing Center
Mss. Rauch (Chair), Allen, Messrs.
Stiglitz, Taylor, Turow, Mss. Walsh, Charles G. Thompson, A.O.S.
Williams Director of Dining Services
Instruction Committee Treasurer Emeritus
Mss. Walsh (Chair), Allen, Messrs. Kurt M. Hertzfeld, M.B.A.
Conway, Diver, Kessler, Landman,
Murphy, Ms. Rauch, Messrs. Stiglitz, Assistant Treasurer Emeritus
Taylor, Turow William McC. Vickery, M.B.A.
Investment Committee
Mr. Ford (Chair), Ms. Pascucci,
Mr. Zeitlin
ex officio: Messrs. Hostetter, Nadosy
Student Life Committee
Messrs. Turow (Chair), Diver, Landman,
Murphy, Ms. Rauch, Mr. Taylor,
Ms. Walsh
Trusteeship Committee
Messrs. Zeitlin (Chair), Diver, Ford,
Gluckstern, Kessler, Mss. Walsh,
Williams
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If the Amherst community breathed learning and skill-development. In
a collective sigh of relief when its all, the center made a total of 900
reported endowment return was engagement opportunities available
4.6 percent as of June 30, the weeks to students this past year. As we
that have followed since then have move forward, we expect to see
been more unsettling. It is increas- steady increases in the numbers of
ingly evident that our financial re- opportunities and participants and
A Message sources will be strained during the steady progress toward the long-
upcoming months, and possibly term aim of the Center: to promote
from the
years. Yet our commitment to pro- a culture of engagement that in-
viding the best liberal arts education forms Amherst students’ lives,
President
to the most promising young adults, both in college and beyond.
regardless of their financial means, As the leaves around campus
will endure, as it always has, thanks changed to their spectacular hues
to our generous alumni and our en- in October 2008, the College
dowment. It is against this backdrop launched Lives of Consequence,a
of financial uncertainty that I am $425 million comprehensive cam-
all the more proud and honored paign that seeks to extend Amherst’s
to offer an accounting of the past mission well into the future. The
year’s significant achievements. campaign will support the critically
In July of 2007, Amherst important role of financial aid, just
College’s trustees voted to replace as student need for aid is increasing.
all loans with scholarships in its fi- To strengthen teaching and student
nancial aid packages, beginning in learning, the campaign will support
the 2008–09 academic year. Then, investments in the size and scope of
in April 2008, trustees voted to ex- the faculty—all the more important
tend the school’s need-blind admis- as enrollment modestly increases.
sion policy to international students. To better inform and inspire our
The change, which takes effect dur- students, Lives of Consequencewill
ing the current admissions cycle, support student research and service
makes the school one of just eight experiences, as well as updating
colleges and universities in the academic facilities, such as the labo-
United States to offer such a consid- ratories and library, and residences.
eration to applicants from other Although fundraising is central to
countries and will ensure that an the campaign, alumni also are being
Amherst education can be offered urged to contribute in other ways,
to the most talented students from including advising students and of-
all over the world, regardless of fering internships in workplaces and
their financial circumstances. volunteer organizations.
Massachusetts Gov. Deval Gifts to the College during the
Patrick was one of the many distin- past fiscal year included the single
guished guests who celebrated the largest in Amherst’s history, a
opening of the new Center for $23 million bequest from Dwight
Community Engagement with Goldthorpe ’41. According to his
Amherst College students, faculty wishes, his gift will be used to en-
and staff in September 2007. The hance Amherst’s physical plant, ei-
opening weekend included a full day ther for the addition of a new facility
and night of work at Amherst Col- or for the expansion of an existing
lege’s first two Habitat for Human- building. Cash gifts, bequests and
ity homes. The Center also adopted grants received in fiscal 2007–08
its mission, “Educating Engaged totaled $77.3 million, substantially
Citizens,” to signal its focus on more than last year’s total of
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$32.3 million and an all-time record economic conditions and will adjust tecture of the College Web site,
for the College. Gifts to the College building and planning priorities ac- and assisted the completion of the
through the Annual Fund totaled cordingly. For example, in October 54-mile Five College Fiber Optic
$10.7 million—a new record and 2008, the Board of Trustees decided Network.
$1.1 million more than last year’s to postpone a major renovation and This is indeed a momentous
total. expansion of the Lord Jeffery Inn time in our College’s history, and
The College continued its ef- and expects to revisit this decision we are entering an era that will chal-
forts to reduce its impact on the en- by June 2009. lenge our resourcefulness, creativity
vironment through implementation On the academic front, fall and strategic capabilities. While our
of a College-wide sustainability ini- 2008 marked the official start of financial resources remain formida-
tiative that has touched upon virtu- the environmental studies major, ble, they are not unlimited. Now
ally all aspects of campus life. An the first new major to be approved more than ever, we remain grateful
energy cogeneration system, which at Amherst College in nearly 20 for your support as we continue our
generates electricity and harnesses years. The new major, which the careful stewardship of this remark-
the waste heat to produce steam, faculty approved in November 2007, able institution.
went online in March. It is pro- began with a discussion among pro-
jected to save the College almost $1 fessors from nearly a dozen depart-
million in its first year of operation, ments. It will require students to
an excellent initial payback on an take courses in the humanities, sci-
$8 million investment. Another ini- ences and social sciences. Progress
tiative that also will reap environ- also was made on allowing depart- Anthony W. Marx
mental and economic dividends was ments to share, and therefore de- President
the installation of solar panels on ploy more effectively, Full-Time
Mayo-Smith House that will pro- Equivalent positions, thereby inte-
vide the building with 60 percent of grating College and departmental
the heat needed for its hot water. priorities to a greater extent than
Building projects completed in the past. Also, the College, as-
or initiated include the renovation sisted by an $860,000 grant from
of the Mayo-Smith, Charles Drew, the Andrew W. Mellon Foundation,
Seelye and Hitchcock dormitories will begin a bridge program to ap-
and the construction of enhanced point new faculty members during
facilities for Advancement, which the phased retirement of selected
are currently located off campus. senior colleagues.
This project will consolidate our Elsewhere on campus, the
Advancement team into three con- Mead Art Museum, under the
tiguous properties adjacent to the new direction of Elizabeth E.
core campus, and we hope it will Barker, has begun implementing
contribute to the success of the a new mission that stresses the im-
campaign. portance of making the Mead’s
The College has embarked on a 16,000-object collection relevant to
rigorous planning process to address teaching and research across the dis-
anticipated facilities needs that in- ciplines through special exhibitions,
volves four main priorities: Merrill events, publications and class visits.
Sciences, Frost Library, Academic Information Technology continues
Facilities and replacement of the to play a crucial role in helping
Social Dorms. This planning process Amherst serve the needs of the Col-
will continue over the next year and, lege. During the past year, the IT
when completed, will define a series department, in collaboration with
of major construction projects to be faculty and other departments, com-
implemented over the course of the pleted a number of important proj-
next decade. The College has been ects, including a major overhaul of
and will continue to be mindful of the graphics, navigation and archi-
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Report AMHERST COLLEGE operating resources; this source in-
cludes grant revenue received in
of the
Operating Results FY2007–08 and recognizes the sig-
nificant grant funding in place to
Treasurer
The fiscal year (FY) 2007–08 support CAP priorities. Total oper-
College operating budget was set at ating resources increased 9.1 per-
$138.5 million; actual expenditures cent over those of FY2006–07.
were $142.1 million. The budget These increased resources
Following this message are the au- was stressed in order to absorb sig- funded a 12.1 percent increase in fi-
dited financial statements for the nificant increases in utility costs and nancial aid, bringing total spending
Trustees of Amherst College student financial aid expenditures, on this priority to $29.0 million and
(Institution), prepared in accor- as well as higher staffing levels as providing aid to 51 percent of the
dance with accounting standards the College continued to fund the student body. Approximately 50
generally accepted in the United initiatives of the Committee on Aca- percent of the College operating
States of America. These statements demic Priorities (CAP). Fortunately, budget goes to faculty and staff;
combine the operations of Amherst the College ended the year with a competitive salary and benefits pack-
College (College) and the Folger surplus of nearly $12,000, thanks ages remain necessary for both suc-
Shakespeare Memorial Library in part to additional revenue from cessful recruitment and retention of
(Library), as well as the assets of a higher-than-budgeted number of a highly qualified and stable work
trusts in which the Institution is a students on campus. Also, reserves force. A full review of the staff com-
beneficiary, into one set of financial set aside for utility price increases pensation program and grading sys-
statements. For more description and contingencies were used to tem during the fiscal year resulted in
of the financial presentation, please close the budget gap. meaningful salary adjustments for a
see Footnote #1 on page 20, Basis Student tuition and fees ac- significant portion of the staff. The
of Presentation. counted for 53.2 percent of operat- faculty and students on the Com-
While statements in this format ing resources in FY2007–08, and mittee on Priorities and Resources
give a true financial picture of the the endowment distribution to the reviews the competitiveness of fac-
Institution as a whole and provide budget accounted for 32.1 percent. ulty salaries yearly. The College
consistency and comparability Support from the endowment con- added several new positions in
among nonprofit institutions, they tinues to grow significantly, thanks FY2007–08 to support the fundrais-
do not reflect how the Institution is in part to contributions from ing campaign and CAP priorities.
internally managed. In fact, the Col- alumni, parents and friends of the Other significant expenditures this
lege and Library are managed as in- College, as well as the work of the year include allocations to facilities
dependent operations, with separate Investment Committee, which con- maintenance, faculty and student re-
operating budgets based on the tinues to provide returns well in search and technology. The largest
principles of fund accounting. Those excess of market expectations. The unanticipated expense when the
principles basically divide the opera- spending rate on the endowment FY2007–08 budget was established
tion into operating resources, which (4.3 percent of the three-year aver- early last year was the significant in-
fund the day-to-day business of the age endowment value) remains con- crease in utility costs. The College
Institution; endowment resources, servative; the Administration and utility budget was overspent by
which help to finance the Institution Trustees feel strongly that, while $1.8 million last year, even with the
over the long term; and physical increased endowment support is commissioning of the cogeneration
plant, which manages and invests beneficial, the College should not power plant (see Facilities and Other
the Institution’s physical assets. The become over-reliant on the endow- Capital Projects). The unprece-
operating results of the College and ment and should continue to grow dented increase in the cost of oil
Library are on pages 8 and 10, revenues from various sources. during the year led to significantly
respectively. Given the starkly different economic higher costs in delivery charges,
conditions now, it is more impor- food costs, etc. The budget set for
tant than ever to spend conserva- FY2008–09 reflects these increases
tively from the endowment. The and includes additional increases ex-
Annual Fund and other gifts and pected for the coming year.
grants contributed 12.4 percent of The Center for Community En-
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gagement completed its first year of Goldthorpe ’41, specifically for lion in new gifts and another $7.5
operation, with a $13 million grant building purposes. A total of $32 million in gifts transferred to the en-
over a seven-year period to support million was raised through the dowment from life income funds.
and enhance outreach to the local Trustee Challenge to support the Life income gifts—charitable
community and fund fellowships for RMP over the four-year period remainder unitrusts and annuity
the majority of the student body ending last year. trusts, charitable gift annuities and
over their time at Amherst. The im- The Annual Fund (AF), com- pooled income funds—totaled $9.3
pact to the campus is significant and prising the Alumni Fund and the million in FY2007–08. These gifts
expected to continue into the com- Parents’ Fund, exceeded $10 mil- will provide beneficiaries with in-
ing year. lion for the first time this past year, come during their lifetimes, while
The growth of financial re- raising $10.5 million—$1.1 million supporting a wide variety of College
sources has allowed the College to more than in the previous year and programs in future years. During
maintain the highest ratings from another all-time record. The Col- FY2006–07, the Internal Revenue
both Moody’s Investor Services lege uses the AF in the operating Service ruled that the College may
(Aaa) and Standard & Poor’s budget of the following year, taking invest its charitable remainder uni-
(AAA). The College continues to away the uncertainty of achieving trusts in units of the endowment in-
monitor interest rates in order to the AF goal. As a result, the AF vestment pool (referred to as an
achieve the overall lowest cost of will provide 6.9 percent of the endowment trust by the College);
debt possible. For FY2007–08, the College’s total operating budget thus, these trusts will receive the
College paid an average rate of in FY2008–09 and remains a same market returns as the endow-
3.1 percent on its outstanding significant source of unrestricted ment. Donors and beneficiaries
debt. The College anticipates, in operating revenue. It would take ap- will benefit from access to the in-
FY2008–09, to issue additional debt proximately $240 million in addi- vestment expertise of the College’s
to support planned construction tional endowment principal to endowment managers, and benefici-
projects. generate the amount of income aries will receive annual income
needed to replace that level of sup- based on the trust’s yearly market
port. The AF is also the most mean- value. This ruling contributed
Giving to the College
ingful way for alumni, parents and greatly to the level of life income
Cash gifts, bequests and grants friends at all economic levels to par- gifts received and pledged in
received in FY2007–08 totaled ticipate in the College’s fundraising FY2007–08.
$77.3 million, substantially more efforts. The minimum $50,000 As noted above, gifts of $27.0
than last year’s $32.3 million and needed to establish an endowment million were made this fiscal year
an all-time College record. These is well above the range of many to support facilities improvements.
amounts do not include new Amherst donors, but a gift of any Gifts totaling $8.2 million sup-
pledges that remain outstanding amount is possible through the AF. ported current operations in
at the end of the year. Note, then, Many of Amherst’s most generous such areas as instruction, research,
that outstanding pledges increased alumni began their support of the library purchases, scholarships and
$22.3 million over last year, to a net College with participation in the fellowships.
of $50.6 million. This significant in- AF; though their giving now in-
crease in both cash gifts received cludes endowment, facilities and life Facilities and Other
and pledges made is included in the income gifts, these donors remain
Capital Projects
new Amherst College Comprehen- loyal supporters of the AF. Because
sive campaign, Lives of Consequence, of this loyalty, Amherst is once The College has a strong
officially launched in the fall of again among the nation’s leaders commitment to environmental
2008. in alumni participation, with 61.5 stewardship and continues aggres-
Gifts for facilities totaled $27.0 percent of all alumni and 28.5 per- sive pursuit of sustainable strategies
million this past year, including cent of parents giving to the AF in in its facilities operations and capital
pledge payments on the Trustee FY2007–08. For the 15th consecu- projects. The initiative that most
Challenge to support the Residen- tive year, alumni participation in the significantly demonstrates this com-
tial Master Plan (RMP) and associ- AF exceeded 60 percent. mitment is the construction of a
ated projects, as well as $20.0 In FY2007–08, the College’s cogeneration power plant, allowing
million in a bequest from Dwight endowment increased by $22.4 mil- the College to generate its own
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electricity. Cogeneration is inher-
ently more energy-efficient than the Amherst College
traditional method of deriving elec-
tricity from the grid, because heat Statement of Operating Resources and Expenses
produced from the electric genera-
for the years ended June 30, 2008 and 2007
tor is reclaimed to produce steam
for the campus. With the capture of
2008 2007
“waste” heat, the overall efficiency Resources available
of the cogeneration plant ap- Student tuition and fees $ 75,591,051 $ 70,845,327
proaches 70 percent, versus the Folger Shakespeare Memorial Fund 226,000 226,000
Income from current fund investments 258,582 617,085
35 percent achieved by the utility
Other 4,066,507 3,828,234
company. The plant, completed in
80,142,140 75,516,646
March 2008, is therefore projected
to save the College approximately Restricted expendable funds availed of—net (1,273,280) (1,650,788)
$900,000 annually, based on today’s 78,868,860 73,865,858
significantly higher utility costs.
Another major benefit is that the Current expenses
Educational and general
College’s net carbon dioxide emis-
Instruction 32,469,227 30,579,523
sions have fallen approximately
Academic support 9,209,296 8,219,286
20 percent. Research 3,184,571 3,505,160
In 2001, the Trustees adopted Library 6,148,816 5,513,758
a comprehensive, multi-year, phased Student services 14,676,122 12,424,346
Operation and maintenance of plant 18,750,568 17,213,094
strategy to improve dormitories
Administration and general 13,796,217 13,292,566
while introducing needed social and
Pensions and professional fees 2,347,119 2,290,443
program spaces. The past year has
100,581,936 93,038,176
seen continued progress toward the
College’s goal of enhancing its resi- Student aid and academic awards 29,006,495 25,884,159
dential facilities under the RMP. Auxiliary activities 12,456,375 11,229,830
Non-educational 50,607 35,640
After the 2006 completion of the
RMP’s first phase, which focused on 41,513,477 37,149,629
developing the first-year dormitories
on the Main Quadrangle, attention Total current expenses 142,095,413 130,187,805
turned to upper-class dorms. The Deficit before support from Alumni and Friends (63,226,553) (56,321,947)
College began the second phase by
Distribution from endowment 45,613,521 40,494,117
renovating two fraternity dorms,
Gifts and grants for operating purposes 7,982,616 6,978,606
Hamilton and Porter, and com-
Annual Fund 9,642,097 8,853,004
pleted these renovations in August
2007. Hamilton and Porter serve as Total Support from Alumni and Friends 63,238,234 56,325,727
a template for future fraternity dorm
Surplus $ 11,681 $ 3,780
renovations by addressing design
life-cycle issues while preserving the
historic fabric and introducing
needed upgrades and programmatic
enhancements. hancements. These dorms include year. Hitchcock will include an addi-
The College began renovations sustainable-design features, such tion to accommodate 32 more stu-
of Mayo-Smith and Charles Drew as solar hot water panels, energy- dents, relieving the pressure on the
dorms in September 2007, complet- efficient lighting, HVAC heat recla- number of beds needed in future
ing construction on-schedule in mation and insulation systems, that dorm projects. The construction and
mid-summer of 2008. The designs far exceed energy code require- renovation is scheduled for comple-
for these dorms closely parallel those ments. Design work for the next two tion by the fall of 2009.
for Hamilton and Porter in terms of dorms slated for renovation, Hitch- The social dormitories, despite
programmatic goals and physical en- cock and Seelye, was completed this sound maintenance practices, are
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suffering from accelerated deteriora- Similarly, Frost Library requires planned on Nov. 10, 2008, and will
tion; the design strategies of the its own distinct planning process. not be taking reservations. Trustees
1960s have rendered these buildings Frost remains largely unchanged will continue to review the inn in-
obsolete. Over the next year, the since its opening in 1965, with the vestment as part of the normal capi-
College will engage an architect to exception of a modest renovation tal budgeting process at future
help envision an ambitious, multi- performed in the mid-1990s. The board meetings, and they expect to
phase replacement strategy for the 1960s’ design and an aging infra- revisit this decision by June 2009.
social dorms that enhances the east- structure are barriers to the teaching If the project begins in June 2009,
ern part of the campus to ensure and learning activities of a modern the Inn would likely open in March
that it is more connected to the core college library. The College has or April 2011.
campus than in the current precinct- convened a planning committee to
like configuration. work with an architectural planner
EMILY DICKINSON
The College is engaged in a to consider, over the next year, how
MUSEUM
planning study to determine how an enhanced Frost facility can better
best to respond to pressing needs support the College’s academic The Emily Dickinson Museum
with academic facilities that are mission. completed a banner fifth year since
physically near the end of their life The Lord Jeffery Inn (LJI) has it opened in 2003 as a historic site
cycles or no longer adequately sup- graciously served the College and comprising the poet’s Homestead
port current programmatic objec- community since 1926; however, and her brother’s home, The Ever-
tives or pedagogies. These facilities since its original construction, its greens. FY2007–08 saw a dramatic
include, but are not limited to, the only capital upgrades have been pri- schedule expansion, opening the
Arms Music Building, as well as marily cosmetic. Critical building museum to the public five days a
Converse, Barrett, Chapin and elements are well past their design week, 10 months a year, to accom-
Morgan Halls. With architectural life, and the LJI needs a comprehen- modate growing interest. As pre-
planning firm Shepley Bulfinch sive renovation. With the goal of dicted, visitation rose for the third
Richardson Abbott, the College creating a first-rate New England consecutive year, topping 11,000 in
will develop a framework to define inn, a planning process was initiated FY2007–08—an 18 percent increase
the scope, budget and schedule, three years ago; it determined that it over the previous year.
to ensure that these projects are is critically important to preserve the The museum earned or raised
properly coordinated so that facility history and charm of the LJI while the resources to support its newly
needs are efficiently and equitably giving it a much-needed moderniza- expanded schedule, four distinctive
addressed in a multi-year, phased tion. The College also determined, tours for the public, field trips for
fashion without overwhelming the based on market demand, that the education groups and a growing
campus or the College’s financial LJI should be expanded beyond its array of public programs, from po-
resources. current compliment of 48 guest etry readings to rock concerts. In
Because of its complexity and rooms, to 70 rooms (including 20 FY2007–08, Annual Fund giving ac-
scale, Merrill Science Center war- suites). The upgraded LJI will also counted for 29 percent of the mu-
rants an individual planning process. include expanded banquet and con- seum’s operating resources. Earned
Merrill, built in the mid-1960s, no ference facilities to address a cur- revenue accounted for 31 percent,
longer adequately supports science rently underserved demand for distribution from endowment and
pedagogy. Chemistry and physics college and community-based func- royalties for 14 percent, and other
have become much more technol- tion space. Construction activities sources for 26 percent.
ogy- and instrument-focused, with for this comprehensive renovation Among its successful initiatives
very exacting requirements for the and expansion, requiring the LJI was an intensive workshop, funded
laboratories’ temperature, humidity to be temporarily shut down, were by the National Endowment for the
and air quality controls. The utility scheduled to begin in November Humanities (NEH), for 24 elemen-
infrastructure for Merrill is woefully 2008. However, at their October tary and secondary school teachers
outdated and must be replaced. The 2008 meeting, mindful of the eco- from Western Massachusetts. The
planning process for the sciences nomic downturn, the College’s educators assembled in Amherst for
will bring definition to the scope of Board of Trustees decided to post- two one-week sessions of daily po-
the project and will continue in the pone the LJI renovation and expan- etry analysis, discussions of Dickin-
upcoming year. sion project. The Inn closed as son’s biography and context and
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