AMHERST COLLEGE TRUSTEES

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1821

Legal Domicile

Principal Officer

MICHAEL A ELLIOTT

Phone

4135422101

Tax Period

2022-07-01 to 2023-06-30

AMHERST COLLEGE TRUSTEES, founded in 1821, is a major nonprofit in the Education sector that reported $379.3M in total revenue in fiscal year 2022. Revenue fell 37% from the prior year — a significant decline worth monitoring. Net assets of $4.5B represent 143 months of operating reserves.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $290,059,578 Revenue: $155,278,692

HIGHER EDUCATION: UNDERGRADUATE EDUCATIONAMHERST COLLEGE IS AN UNDERGRADUATE INSTITUTION WITH AN APPROXIMATE STUDENT ENROLLMENT OF 2,057.

Program 2

Expenses: $15,869,455 Revenue: $1,569,960

HOME TO THE WORLD'S LARGEST SHAKESPEARE COLLECTION, THE FOLGER SHAKESPEARE LIBRARY IS A MAJOR CENTER FOR SCHOLARLY RESEARCH; A LIVELY VENUE FOR PERFORMANCES, READINGS, EXHIBITIONS; AND A NATIONAL...

HOME TO THE WORLD'S LARGEST SHAKESPEARE COLLECTION, THE FOLGER SHAKESPEARE LIBRARY IS A MAJOR CENTER FOR SCHOLARLY RESEARCH; A LIVELY VENUE FOR PERFORMANCES, READINGS, EXHIBITIONS; AND A NATIONAL LEADER IN HUMANITIES EDUCATION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $60,572,966

Program Service Revenue $155,553,603

Investment Income $161,133,221

Other Revenue $2,015,289

TOTAL REVENUE $379,275,079

Expense Breakdown

Grants Paid $78,628,929

Salaries & Benefits $160,765,898

Fundraising Expenses $10,801,378

Program Expenses $305,929,033

Other Expenses $161,790,603

TOTAL EXPENSES $401,185,430

Year-over-Year Comparison

	2022	2021	Change
Revenue	$379,275,079	$604,902,946	-0.4%
Expenses	$401,185,430	$387,228,754	+0.0%
Net Income	$-21,910,351	$217,674,192	-1.1%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

3450

Volunteers

2490

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,193,849

Total Directors

$1,210,424

Key Employees

$4,228,447

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THEODORE BENESKI	TRUSTEE	5.00	Director	$0	$0	$0
ANDREW NUSSBAUM	TRUSTEE	5.00	Director	$0	$0	$0
SIMON KRINSKY	TRUSTEE	5.00	Director	$0	$0	$0
SHIRLEY TILGHMAN	TRUSTEE	5.00	Director	$0	$0	$0
ARTHUR KOENIG	TRUSTEE	5.00	Director	$0	$0	$0
SARAH BLOOM RASKIN	TRUSTEE	5.00	Director	$0	$0	$0
CAROLYN MARTIN	PRESIDENT (THRU 7/22)	40.00	Officer Director	$750,726	$55,414	$806,140
REJJI HAYES	TRUSTEE	5.00	Director	$0	$0	$0
PHILLIP JACKSON	TRUSTEE	5.00	Director	$0	$0	$0
PAUL SMITH	TRUSTEE	5.00	Director	$0	$0	$0
NICOLAS ZERBIB	TRUSTEE	5.00	Director	$0	$0	$0
ELIZABETH SHELBURNE	TRUSTEE	5.00	Director	$0	$0	$0
CHANTAL KORDULA	TRUSTEE	5.00	Director	$0	$0	$0
MICHAEL ELLIOTT	PRESIDENT (AS OF 8/22)	40.00	Officer Director	$309,724	$94,560	$404,284
CHRISTINE NOYER SEAVER	TRUSTEE	5.00	Director	$0	$0	$0
MATTHEW HULSIZER	TRUSTEE	5.00	Director	$0	$0	$0
MARY ELIZABETH CISNEROS	TRUSTEE	5.00	Director	$0	$0	$0
DAVID MACLENNAN	TRUSTEE	5.00	Director	$0	$0	$0
DAVID NOVAK	TRUSTEE	5.00	Director	$0	$0	$0
KIMBERLEE WYCHE-ETHERIDGE	TRUSTEE	5.00	Director	$0	$0	$0
DOUGLAS GRISSOM	TRUSTEE	5.00	Director	$0	$0	$0
JEFFERY BLEICH	TRUSTEE	5.00	Director	$0	$0	$0
DWIGHT POLER	TRUSTEE	5.00	Director	$0	$0	$0
EUNEI LEE	TRUSTEE	5.00	Director	$0	$0	$0
NAANA FRIMPONG	TRUSTEE	5.00	Director	$0	$0	$0
WILLIAM O'MALLEY	TRUSTEE	5.00	Director	$0	$0	$0
STEPHEN NIGRO	CONTROLLER	40.00	Officer	$166,343	$26,655	$192,998
MICHAEL WITMORE	DIRECTOR OF FOLGER SHAKESPEAR LIB	40.00	Officer	$1,090,632	$63,019	$1,153,651
MICHAEL THOMAS	CHIEF FIN/ADMIN OFF (AS OF 3/23)	40.00	Officer	$0	$0	$0
THOMAS DWYER	INTERIM CFO (THRU 3/23)	40.00	Officer	$337,879	$64,811	$402,690
KATHLEEN PERTZBORN	CHIEF OF STAFF	40.00	Officer	$193,633	$40,453	$234,086
RUTH TAYLOR-KIDD	CHIEF FINANCIAL OFFICER - FOLGER	40.00	Key Emp	$240,824	$27,961	$268,785
MATTHEW MCGANN	DEAN OF ADMISSION & FINANCIAL AID	40.00	Key Emp	$336,567	$36,333	$372,900
LIZ AGOSTO	CHF STUD AFF/DEAN STUD (THRU 1/23)	40.00	Key Emp	$262,630	$39,351	$301,981
LETITIA JOHNSON	CHIEF INVESTMENT OFFICER	40.00	Key Emp	$1,467,882	$37,284	$1,505,166
JAMES BRASSORD	CHIEF OF CAMPUS OPS (THRU 3/23)	40.00	Key Emp	$282,942	$59,181	$342,123
LISA RUTHERFORD	GEN COUNSEL & SR ADV TO PRES	40.00	Key Emp	$422,070	$79,490	$501,560
CATHERINE EPSTEIN	PROVOST AND DEAN OF FACULT	40.00	Key Emp	$405,529	$79,929	$485,458
ELIZABETH CANNON-SMITH	CHIEF ADVANCEMENT OFFICER	40.00	Key Emp	$388,466	$62,008	$450,474
ABBEY SILBERMAN FAGIN	FOLGER CHIEF ADV OFF (THRU 9/22)	40.00	Highest	$339,576	$50,432	$390,008
SHANE LEVY	INVESTMENT OFFICER	40.00	Highest	$345,685	$35,264	$380,949
SANDRA GENELIUS	CHIEF COMMUNICATIONS OFFIC	40.00	Highest	$334,687	$61,659	$396,346
DAWN BATES	DIRECTOR OF OPERATIONS-INVESTMENTS	40.00	Highest	$407,592	$28,107	$435,699
AUSTIN SARAT	PROF OF POLI SCI AND LJST	40.00	Highest	$450,652	$50,023	$500,675

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$379,275,079	$401,185,430	$5,302,371,715	$-21,910,351
2022	$604,902,946	$387,228,754	$5,256,232,111	$217,674,192
2021	$531,451,791	$359,863,522	$5,830,785,672	$171,588,269
2020	$407,702,412	$360,484,214	$4,260,760,426	$47,218,198
2019	$411,454,340	$338,253,116	$4,074,344,424	$73,201,224
2018	$413,791,121	$312,600,721	$3,963,621,671	$101,190,400