Amherst Assets Hit $6.21 Billion in 2025 as $238.9M Endowment Outflow Covers 52.6% of Operating Budget
By Data Team | Published November 6, 2026
Amherst College’s total assets reached $6.21 billion in fiscal year 2025, anchored by a $4.41 billion endowment whose $238.9 million total annual outflow covers 52.6% of the college's $454.2 million Form 990 operating budget ($180.6 million in direct scholarship and program distributions covering 39.8% of total expenses, or 44.9% net of investment management fees), according to its latest IRS filing. That capital base enables Amherst to spend $159,266 per student on direct undergraduate instruction, residential life, and student aid ($318.5 million across 2,000 students)—while total program service expenditure including the Folger Shakespeare Library reaches $175,078 per student ($350.2 million) and total enterprise expenditure hits $227,095 per student ($454.2 million).
Amherst’s financial structure illustrates how an elite undergraduate liberal arts institution functions simultaneously as an intensive residential college, a major cultural steward overseeing the Folger Shakespeare Library in Washington, D.C., and an institutional asset manager. While student tuition, housing, and meals generate $174.2 million ($87,077 per student before financial aid), that revenue represents just 22.5% of Amherst's $775.7 million total realized revenue. Realized investment income ($537.2 million, up +171.2% YoY) and private philanthropy plus government grants ($55.5 million) supply the majority of institutional inflows.
This endowment-driven model insulates academic operations from net tuition reliance. Amherst disbursed $87.1 million in total grants and fellowships in FY25—recording $76.2 million in direct Form 990 Schedule I undergraduate scholarships across 1,069 domestic recipients (53.5% of the student body) and $5.4 million across 237 international student awards on Schedule F—supporting 65.3% of all enrolled undergraduates with need-based grant aid averaging $62,423 per aided student.
Institutional & Governance Profile
Operating under its formal corporate title, Amherst College Trustees (EIN 04-2103542), the institution is domiciled in Amherst, Massachusetts. Founded in 1821 to educate students of exceptional potential regardless of financial need, the corporation governs the main undergraduate campus in the Pioneer Valley alongside the Folger Shakespeare Memorial Library in Washington, D.C., the Emily Dickinson Museum, the Mead Art Museum, the Beneski Museum of Natural History, and the wholly owned Amherst Inn Company.
Institutional Scale and Board Structure
-
•
Founding & Workforce Scale: Founded in 1821, Amherst issued 3,592 Form W-2s in calendar year 2024 (including regular faculty, administrative staff, Folger staff, and student employees), filed 3,279 Form 1096 vendor returns, and engaged 2,137 alumni and community volunteers.
-
•
Academic & Cultural Footprint: Amherst enrolls approximately 2,000 degree-seeking undergraduate students in a residential liberal arts curriculum and administers the Folger Shakespeare Library, which holds the world's largest collection of Shakespeareana and Renaissance rare books.
-
•
Executive Leadership: President Michael A. Elliott leads the college alongside Provost and Dean of the Faculty Martha Umphrey (succeeded Catherine Epstein in July 2024), Chief Financial and Administrative Officer Michael Thomas, Chief Investment Officer Letitia Johnson, Chief Policy Officer and General Counsel Lisa Rutherford, and Folger Shakespeare Library Director Farah Karim-Cooper (succeeded Michael Witmore and Interim Director Gregory Prickman in October 2024).
-
•
Governing Board (Schedule O): The Board of Trustees comprises 23 voting members, 21 of whom are independent, chaired by Chantal Kordula. All trustees receive a full copy of Form 990 prior to filing (with Schedule B donor anonymity reviewed by the Audit Committee, Board Chair, and President), and all trustees and officers complete mandatory annual conflict-of-interest disclosures reviewed by the Conflict of Interest Review Committee.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Amherst generated $1.35 billion in gross receipts and $775.7 million in total realized revenue. Total assets expanded 11.3% to $6.21 billion while net assets rose 9.5% to $5.28 billion, split between donor-restricted net assets (67.3%) and unrestricted net assets (32.7%).
Balance Sheet Strength
- Total Assets $6,205,673,227 (+11.3%)
- Total Liabilities $927,657,252 (+22.6%)
- Total Net Assets $5,278,015,975 (+9.5%)
- Donor-Restricted Net Assets $3,551,880,587 (67.3% of Total Net Assets)
- Unrestricted Net Assets $1,726,135,388 (32.7% of Total Net Assets)
Operating Performance
- Total Revenue $775,712,238 (+79.1%)
- Total Expenses $454,190,460 (+8.3%)
- Operating Surplus $321,521,778 (+2,266.4%)
- Unrealized Gains (Excluded) $143,237,473
Note: The $321.5 million reported operating surplus reflects Form 990 realized capital gains ($495.4 million from $1.07 billion in gross security sales); adding $143.2 million in net unrealized investment gains and deducting $5.1 million in life income fund and related-entity adjustments (Part XI, Line 9) accounts for the full $459.7 million expansion in Amherst's FY25 net assets.
Revenue Breakdown
Amherst's total revenue surged 79.1% in FY25 to $775.7 million, propelled by portfolio realizations. Realized investment income jumped 171.2% to $537.2 million (69.3% of total revenue), while program service revenue increased 9.1% to $181.0 million (23.3% of revenue), led by $139.8 million in tuition and fees and $34.3 million in student housing and meals. Conversely, contributions and grants declined 15.0% to $55.5 million following the completion of capital campaign gift milestones, and other revenue fell 46.6% to $2.0 million.
Primary Revenue Streams
FY25 Revenue Distribution
-
Investment Income +171.2% YoY$537,222,044 (69.3%)
- Realized Net Capital Gains ($1.07B Gross Sales less $574.8M Basis) $495,402,452
- Dividends, Interest & Other Investment Income $41,819,592
-
Program Service Revenue +9.1% YoY$180,965,326 (23.3%)
- Tuition and Other Student Fees $139,807,423
- Student Housing & Meals $34,346,213
- All Other Program Service Revenue $2,563,572
- Box Office / Events & Museums ($1.79M Box Office, $1.42M Museums) $3,205,625
- Summer Programs $1,042,493
-
Contributions & Grants -15.0% YoY$55,541,575 (7.2%)
- Private Philanthropy, Alumni Gifts & Foundations $51,378,142
- Government Research & Sponsored Grants $3,708,994
- Fundraising Events Contributions (Folger Gala & Golf Outing) $454,439
- Noncash Gifts Included Above (129 Public Stock Gifts, 3 Art Works, Books) $11,512,888
-
Other Revenue -46.6% YoY$1,983,293 (0.3%)
- Miscellaneous Operating Revenue & Royalties ($849.5K Misc, $623.2K Royalties) $1,472,646
- Net Rental Income ($1.48M Gross Rents less $723.7K Rental Expenses) $760,638
- Net Special Fundraising Events ($65.3K Gross Income less $315.3K Direct Expenses) -$249,991
Endowment Performance and Asset Allocation
Amherst’s Investment Office manages an endowment that reached $4.41 billion ($4,408,361,498) at the close of FY25, sitting within $4.77 billion in total balance sheet investment securities ($5.13 billion including $363.2 million in cash and short-term cash investments). Private equities ($2.19 billion), public equities ($1.65 billion across commingled funds and directly held securities), and absolute return hedge strategies ($759.9 million) represent 96.3% of invested securities.
To execute its global alternative strategy, Amherst holds $2.21 billion in foreign-domiciled investment vehicles reported on Schedule F—including $2.08 billion in Central America and the Caribbean, $65.7 million in Europe, and $59.9 million in Sub-Saharan Africa—and generated $6.83 million in gross unrelated business revenue ($374,151 net taxable income on Form 990-T). Because Amherst holds $2.20 million in endowment assets per student across 2,000 undergraduates, the college is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($4.77B Invested Securities / $5.13B Including Cash)
Part X & Schedule D, Part VII Allocation
-
•
Endowment Balance (EOY): $4,408,361,498 (+9.8% YoY), representing $2,204,181 per enrolled student across 2,000 students.
-
•
Net Investment Gains: $622,245,879 in endowment investment earnings (+44.4% YoY from $430.81M in FY24).
-
•
Alternative & Offshore Capital: 64.1% of invested securities sit in private equities ($2.19B), absolute return funds ($759.9M), and real estate/natural resources ($109.2M), with $2.08B domiciled in Central American and Caribbean vehicles.
-
•
Total Payout & Budget Coverage: $238,865,225 in total endowment outflows ($139.4M to academic programs and facilities, $41.2M to student scholarships, and $58.2M to endowment administrative and investment fees), funding 52.6% of Form 990 total expenses ($180.6M direct program/scholarship payout covers 39.8% of total expenses, or 44.9% net of investment fees).
Detailed Asset Mix (Balance Sheet Invested Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Amherst’s endowment from a $2.92 billion opening balance in FY21 to $4.41 billion at the close of FY25. Over that five-year window, the endowment absorbed $82.4 million in new donor gifts alongside $2.46 billion in net investment earnings—highlighted by a $1.56 billion post-pandemic surge in FY21 and $622.2 million in FY25 investment gains. Simultaneously, the endowment distributed $1.05 billion across scholarships ($175.4 million), academic programs and facilities ($610.1 million), and administrative/investment management expenses ($270.1 million). At year-end FY25, the portfolio comprised 74.35% permanent donor-restricted endowment and 25.65% board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
|---|---|---|---|---|---|
| 1a. Beginning of year | $4,014,378,057 | $3,780,301,095 | $3,758,812,672 | $4,300,531,130 | $2,920,494,006 |
| 1b. Contributions | $10,602,787 | $12,995,157 | $8,486,911 | $27,637,614 | $22,710,434 |
| 1c. Net investment earnings | $622,245,879 | $430,808,198 | $216,326,006 | ($366,559,937) | $1,558,216,605 |
| 1d. Grants or scholarships | ($41,213,143) | ($38,152,452) | ($35,396,642) | ($31,438,697) | ($29,170,697) |
| 1e. Other expenditures | ($139,422,307) | ($121,112,730) | ($118,693,488) | ($123,858,319) | ($107,047,350) |
| 1f. Administrative expenses | ($58,229,775) | ($50,461,214) | ($49,234,364) | ($47,499,119) | ($64,671,868) |
| 1g. End of year balance | $4,408,361,498 | $4,014,378,054 | $3,780,301,095 | $3,758,812,672 | $4,300,531,130 |
Per-Student Spending and True Cost
Evaluating per-student expenditure at Amherst requires distinguishing between direct undergraduate educational delivery, the Folger Shakespeare Library’s public humanities mission, and institutional investment management overhead. On Form 990 Part III (Line 4a), Amherst reports $318,531,120 in direct undergraduate program service expenses across its 2,000 students. That equates to $159,266 per student in direct regular-session undergraduate program spend ($116,489 net per student excluding $85.55 million in student grants and scholarships).
When adding the Folger Shakespeare Library ($31,623,985 in program expenses on Line 4b), total Form 990 program service spending (Line 4e / Part IX Column B) reaches $350,155,105, or $175,078 per student. By comparison, gross student tuition, fee, housing, and meal revenue (Part VIII, Lines 2a and 2b) totals $174,153,636, or $87,077 per student ($69,904 in tuition/fees and $17,173 in room/board)—covering 54.7% of direct undergraduate program costs (and 49.7% of total program service costs) before accounting for financial aid. After deducting $81.5 million in domestic and international undergraduate scholarship aid, net student revenue averages $46,314 per student, leaving a $112,952 per-student educational subsidy bridged by endowment payouts and annual giving. Including $91.0 million in management and general overhead ($52.0 million of which is external investment management fees) and $13.0 million in fundraising, overall institutional expenditure reaches $454,190,460, or $227,095 per student.
Operations vs. Revenue
-
•
Regular Session Undergraduate Program Spend (Part III, Line 4a): $318,531,120 across 2,000 undergraduate students ($159,266 gross direct undergraduate spend per student; $116,489 net excluding $85,552,813 in undergraduate and alumni grants).
-
•
Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $350,155,105 in total program services ($175,078 per student combining undergraduate education and the Folger Shakespeare Library) and $454,190,460 in overall enterprise spend ($227,095 per student, or $201,091 per student excluding $52.01M in external investment management fees).
-
•
Tuition, Housing & Meals Revenue: $174,153,636 ($87,077 gross per student; $46,314 net of undergraduate scholarships), meaning gross student charges cover 54.7% of direct undergraduate program expenditure and net student revenue covers 29.1%.
-
•
Folger Shakespeare Library (Part III, Line 4b): $31,623,985 in program expenses (including $1,508,823 in scholarly fellowships and grants) against $3,619,882 in box office, exhibition, and program revenue following the completion of its underground exhibition hall expansion on Capitol Hill.
-
•
Campus Museums, Research & Global Study (Part IX & Schedule D/F): $4,336,091 in library books and media, $3,264,117 in sponsored research, $7,723,504 in campus food service, $3,914,766 in foreign study-abroad and international program services across nine world regions (led by $2.85M in Europe and $506.4K in East Asia), and three campus museums (Emily Dickinson Museum, Mead Art Museum with 20,000+ works, and Beneski Museum of Natural History).
Financial Aid: How Amherst Deploys $87.1M in Student and Scholarly Support
Amherst is one of a select group of U.S. institutions that practices need-blind admissions for both domestic and international applicants while meeting 100% of demonstrated financial need without student loans. In FY25, the college disbursed $87,061,636 in total grants and assistance (+2.3% YoY from $85.14 million in FY24), comprising $80,791,023 to domestic individuals (Schedule I, Part III), $5,376,065 to foreign individuals and organizations (Schedule F, Parts II–III), and $894,548 to domestic community organizations and municipal bodies (Schedule I, Part II).
On Schedule I, Amherst reports $76,154,898 in direct undergraduate scholarships across 1,069 domestic students (53.5% of the 2,000-student body, averaging $71,239 per domestic recipient). Combined with 237 international students receiving $5,370,065 in educational awards on Schedule F (led by 127 recipients in Europe receiving $3.98 million and 42 recipients in East Asia and the Pacific receiving $808,261), 1,306 undergraduates—or 65.3% of the entire student body—received $81,524,963 in direct scholarship grants ($62,423 overall average grant), credited directly to student accounts.
Internal Student Support (Schedule I & F)
- Total Aided Undergraduate Share 65.3% (1,306 of 2,000 students)
- Domestic Aided Share (Schedule I) 53.5% (1,069 students)
- Domestic Undergraduate Scholarships $76,154,898 ($71,239 avg.)
- International Student Awards (Schedule F) $5,370,065 (237 students)
- Combined Undergraduate Scholarship Aid $81,524,963 ($62,423 avg.)
Fellowships, Research & External Grants
- Undergraduate Research, Prizes & Alumni Fellowships ($3,265,791) Includes $1,626,651 in undergraduate research and internship grants (658 recipients), $1,338,322 in alumni graduate fellowships (154 recipients), $289,558 in undergraduate prizes (215 recipients), and $11,260 in graduate prizes (5 recipients).
- Folger Fellowships & Civic Institutional Grants ($2,270,882) Includes $1,370,334 in Folger Endowed Fellowships across 130 visiting scholars (Schedule I), $894,548 in domestic municipal and community grants (Schedule I, Part II), and $6,000 in foreign institutional support (Schedule F).
Executive and Investment Team Compensation
Amherst’s Schedule J disclosures highlight the compensation structure required to manage a $4.41 billion endowment alongside an undergraduate college and a major national humanities library. The college’s highest-compensated employee in FY25 was Chief Investment Officer Letitia Johnson, who received $1,711,834 in total compensation ($600,000 base salary, $1,080,000 incentive bonus, and $31,834 in benefits and other compensation). She was followed by outgoing Folger Shakespeare Library Director Michael Witmore ($918,189, including $314,847 in severance compensation and a $200,000 bonus upon concluding his tenure in June 2024) and President Michael A. Elliott ($846,242, including $692,098 base compensation, $82,633 in retirement contributions, and $65,977 in nontaxable benefits including mandatory on-campus presidential housing).
Investment Office personnel and senior administrative officers rounded out the top tier, including Chief Policy Officer and General Counsel Lisa Rutherford ($558,847), Chief Financial and Administrative Officer Michael Thomas ($555,508), outgoing Provost Catherine Epstein ($532,195), Investment Operations Director Dawn Bates ($518,920, including a $242,000 bonus), Chief Advancement Officer Elizabeth Cannon Smith ($507,182), and Investment Officer Shane Levy ($434,630, including a $175,000 bonus). Two senior faculty members—Professor of Geology Jack Cheney ($479,009) and Professor of Political Science & Law, Jurisprudence, and Social Thought Austin Sarat ($429,369)—also ranked among the five highest-compensated non-officer employees. Because CIO Letitia Johnson’s remuneration exceeded $1 million, Amherst is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
-
•
Total Institutional Payroll: Amherst expended $190,529,574 in total salaries, wages, pension contributions, and employee benefits in FY25 (+9.1% YoY from $174.60M in FY24, representing 41.9% of total Form 990 expenses and 47.4% of operating expenses excluding investment management fees) across 3,592 W-2 employees, with 417 staff and faculty members earning over $100,000.
-
•
Board Compensation Governance (Schedule O): An Ad Hoc Committee on Compensation composed of independent trustees reviews annual peer comparability surveys, evaluates the President and senior officers, and Contemporaneously documents all base and incentive pay determinations prior to sharing findings with the full Board of Trustees.
-
•
Campus Housing, Officer Mortgages & Related-Party Safeguards (Schedule J & L): President Elliott is required to reside on campus as a condition of employment, while Amherst provides below-market rental housing to faculty (with Professor Austin Sarat's taxable housing benefit reported in Column B-iii). Under Schedule L, Part II, Amherst holds $1,767,583 in board-approved officer mortgage loans across two executives: Folger Director Farah Karim-Cooper ($1,724,528 balance on a $1,784,000 mortgage) and CFO Michael Thomas ($43,055 balance on a $50,000 mortgage). Schedule L, Part IV also discloses $939,400 in investment management fees paid to MFN Partners Management LP (a >35% trustee-related entity whose investment predated board service and is overseen by an independent Investment Committee).
|
Form 990, Schedule J, Part II & Part VII: Compensation Breakdown — All 19 Compensated Individuals (FY25)
|
|||||||
|---|---|---|---|---|---|---|---|
| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Letitia JohnsonChief Investment Officer | $600,000 | $1,080,000 | $803 | $28,145 | $2,886 | $1,711,834 | $0 |
| Michael WitmoreDir., Folger Shakespeare Lib (end 6/24) | $311,427 | $200,000 | $389,223 | $0 | $17,539 | $918,189 | $0 |
| Michael ElliottPresident / Trustee | $692,098 | $0 | $5,534 | $82,633 | $65,977 | $846,242 | $0 |
| Lisa RutherfordChief Policy Officer & Gen. Counsel | $442,199 | $0 | $2,838 | $68,875 | $44,935 | $558,847 | $0 |
| Michael ThomasChief Financial & Admin Officer | $502,659 | $0 | $1,518 | $38,931 | $12,400 | $555,508 | $0 |
| Catherine EpsteinProvost & Dean of Faculty (end 6/24) | $435,954 | $0 | $4,356 | $38,794 | $53,091 | $532,195 | $0 |
| Dawn BatesDirector of Operations | $233,110 | $242,000 | $856 | $15,305 | $27,649 | $518,920 | $0 |
| Elizabeth Cannon SmithChief Advancement Officer | $419,445 | $0 | $4,356 | $34,386 | $48,995 | $507,182 | $0 |
| Gregory PrickmanInt. Dir., Folger Shakespeare Lib (7-10/24) | $388,468 | $4,000 | $6,477 | $46,721 | $40,052 | $485,718 | $0 |
| Jack CheneyProfessor of Geology | $401,449 | $0 | $3,527 | $47,203 | $26,830 | $479,009 | $0 |
| Shane LevyInvestment Officer | $228,310 | $175,000 | $283 | $19,085 | $11,952 | $434,630 | $0 |
| Austin SaratProfessor of Poli. Sci. & LJST | $371,349 | $0 | $9,059 | $33,425 | $15,536 | $429,369 | $0 |
| Thomas DwyerAssociate CFO, Former Interim CFO | $342,867 | $0 | $1,312 | $38,498 | $39,921 | $422,598 | $0 |
| Matthew McGannDean of Admission & Financial Aid | $360,672 | $0 | $885 | $38,585 | $1,963 | $402,105 | $0 |
| Angie Tissi-GassowayChief Student Aff. & Dean of Students | $290,477 | $0 | $700 | $33,214 | $12,385 | $336,776 | $0 |
| Martha UmphreyProvost & Dean of Faculty (eff. 7/24) | $259,313 | $0 | $2,760 | $30,018 | $40,481 | $332,572 | $0 |
| Ruth Taylor-KiddChief Financial Officer, Folger | $274,430 | $4,000 | $1,883 | $31,311 | $3,454 | $315,078 | $0 |
| Stephen NigroController | $178,214 | $0 | $1,125 | $19,531 | $17,920 | $216,790 | $0 |
| Farah Karim-CooperDir., Folger Shakespeare Lib (eff. 10/24; Part VII) | $124,916 | $0 | $0 | $0 | $7,338 | $132,254 | $0 |
Facilities, Debt, and Municipal Relations
Amherst is executing a generational renewal of its physical plant—centered on the new Student Center and Dining Commons and historic renovations—without eroding endowment principal. Net land, buildings, and equipment rose 13.7% in FY25 from $783.5 million to $891.2 million ($1.28 billion gross cost less $387.6 million in accumulated depreciation). To finance these capital projects, Amherst issued $167.38 million in Massachusetts Health and Educational Facilities Authority (MHEFA) Series 2025A tax-exempt bonds on May 15, 2025, lifting total tax-exempt bond liabilities 141.2% from $121.1 million to $292.1 million alongside $498.1 million in taxable notes and mortgages.
Unlike large urban universities whose municipal relationships center on commercial real estate development, Amherst maintains a direct Town-Gown fiscal partnership with the Town of Amherst and local Pioneer Valley institutions. On Schedule I, Part II, the college itemized $894,548 in direct grants to 11 domestic government and community organizations—highlighted by $575,000 in direct civic support across the Friends of the Jones Library System ($250,000), the Town of Amherst ($225,000), and Amherst Public Schools ($100,000).
Capital Debt & Municipal Engagement
-
•
Physical Plant & Campus Operations (Schedule D, Part VI): Amherst holds $1,278,790,042 in gross land, buildings, and equipment ($1,118.9M in buildings, $117.2M in equipment, $34.2M in other assets, and $8.5M in land) with a net book value of $891,172,934, recording $21.30M in annual depreciation and $13.34M in occupancy costs.
-
•
Tax-Exempt Bonds & Institutional Debt (Schedule K & Part X): The college carries $790,222,747 in combined debt—comprising $292,144,700 in tax-exempt MHEFA Series H, I, J, K-2, and 2025A bonds ($120.43M of Series 2025A proceeds deployed into capital construction and $45.88M unspent at year-end) and $498,078,047 in taxable mortgages and notes—paying $19,366,977 in FY25 interest expense.
-
•
Schedule I Town-Gown PILOT Payments & Municipal Relations: Amherst disbursed $894,548 across 11 civic and community grantees on Schedule I, Part II: Friends of the Jones Library System ($250,000), Town of Amherst ($225,000 direct municipal support), Amherst Public Schools ($100,000), Massachusetts Emergency Management Agency ($71,900 noncash emergency water supply), Amherst Golf Club ($55,000), Cooley Dickinson Hospital ($50,000), Woodside Children's Center ($35,225, plus $47,224 on Schedule R), Amherst Business Improvement District ($32,000), Downtown Amherst Foundation ($25,000), Amherst Area Chamber of Commerce ($11,750), and New England Public Media ($11,543).
-
•
Top Construction & Investment Contractors (Part VII, Section B): Among 226 independent contractors paid over $100,000, the top five were led by campus construction managers and endowment partners: Shawmut Design and Construction ($32.33M), Daniel O'Connell's Sons Inc ($18.91M), Sequoia Capital ($4.48M in investment management), Greenhaven ($2.88M in investment management), and Gilbane Building Company ($2.69M).
Editorial Note
All financial figures in this report derive from Amherst College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across an approximate undergraduate enrollment of 2,000 degree-seeking students, prepared by KPMG LLP) and have been reviewed by the data team.
While Amherst expends $159,266 per student on direct undergraduate academic instruction, residential life, and student aid ($175,078 per student across all program services including the Folger Shakespeare Library, and $227,095 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the need-blind financial aid packages, small-seminar faculty ratios, and research infrastructure that operate alongside Amherst’s student selectivity.
Accounting Reconciliation: Readers comparing Amherst College’s KPMG-audited consolidated GAAP financial statements to IRS Form 990 will note four structural accounting differences. First, Form 990 reports $454.19M in total expenses by recording $87.06M in scholarships, fellowships, and grants as a functional operating expense (Part IX, Lines 1–3) and $52.01M in external investment management fees under Management and General expenses (Part IX, Line 11f), whereas GAAP financial statements net student financial aid directly against gross tuition and room/board revenue and net investment management fees against investment return. Second, Form 990 Part VIII recognizes $537.22M in realized investment income ($495.40M in realized capital gains plus $41.82M in dividends and interest) while excluding $143.24M in net unrealized investment gains (reported separately on Part XI, Line 5), whereas GAAP operating budgets reflect the board-approved endowment spending distribution ($180.64M in direct program and scholarship payouts, or $238.87M including endowment administrative and fee expenses on Schedule D, Part V). Third, because the Trustees of Amherst College administer the Folger Shakespeare Memorial Library in Washington, D.C., this Form 990 includes the Folger's $31.62M in program expenses, $3.62M in program revenue, and executive leadership on Part III and Schedule J. Fourth, per Schedule R, Amherst's consolidated financial statements encompass related entities—including the wholly owned taxable C-corporation Amherst Inn Company ($7.21M income, $18.64M assets; $1.55M capital contribution from the college), Collegiate Catalyst Fund LLC ($2.32M captive insurance assets in Vermont), Woodside Children's Center, Amherst College Foundation Trust ($943.6K distribution), AC Harry Elwin Harkness Class of 1898 Trust ($66.2K distribution), and 122 Charitable Unitrusts—whose separate corporate transactions are reconciled on Schedule O (Part XI, Line 9).
Frequently Asked Questions: Amherst's Form 990 Financials
As of Fiscal Year 2025, Amherst College's endowment stands at $4.41 billion ($4,408,361,498), up 9.8% year-over-year, or $2,204,181 per student across 2,000 undergraduates. Its $238.9 million total annual outflow ($180.6 million in direct scholarship and program distributions plus $58.2 million in administrative and investment management expenses) covers 52.6% of total Form 990 expenses (39.8% from direct program/scholarship payouts alone, or 44.9% of operating expenses net of investment management fees).
Amherst spends $159,266 per student annually in direct undergraduate program services—instruction, student services, residential life, and undergraduate financial aid ($318.5 million across 2,000 students)—compared to $87,077 per student collected in gross tuition, room, and board ($46,314 net of undergraduate scholarships). Including the Folger Shakespeare Library, total program service spending reaches $175,078 per student ($350.2 million), while total enterprise expenditure including administrative overhead and investment fees reaches $227,095 per student ($454.2 million).
Amherst disbursed $87.1 million in total grants and fellowships in FY25. For its 2,000 undergraduates, the college awarded $76.2 million in domestic scholarships across 1,069 students (Schedule I) and $5.4 million in international educational awards across 237 foreign students (Schedule F)—meaning 1,306 undergraduates (65.3% of the student body) received need-based scholarship grants averaging $62,423 per aided student, alongside 658 undergraduate research and internship grants ($1.63 million).
The highest-paid employee in FY25 is Chief Investment Officer Letitia Johnson, who received $1,711,834 in total compensation ($600,000 base salary and a $1,080,000 bonus), followed by outgoing Folger Shakespeare Library Director Michael Witmore ($918,189, including severance) and President Michael A. Elliott ($846,242).
Yes. Because Amherst enrolls more than 500 tuition-paying students and holds $2.20 million in endowment assets per student (more than four times the $500,000 federal threshold), the college is subject to the federal IRC Section 4968 excise tax on net investment income, as confirmed on Form 990, Part V, Line 16.
Amherst College's total assets reached $6.21 billion ($6,205,673,227) in Fiscal Year 2025, anchored by $4.77 billion in balance sheet investment securities ($4.29 billion in alternative and commingled securities and $482.0 million in directly held public securities), $891.2 million in net land, buildings, and equipment, and $363.2 million in cash and short-term investments.
Further Reading
Data Analysis
June 18, 2026Elite American Universities are Defining New Baseline for Asian Enrollment: Caltech, MIT, Carnegie Mellon, Berkeley Above 33% Mark, UPenn and Cornell Surpass One Fourth
Analysis of Elite American universities unprecedented and universal expansion in Asian undergraduate representation over the past half-decade
Admissions & Policy
August 18, 2026Grade-Covering, Remedial Surges, and the War on Grade Inflation at Elite Universities
Highly selective universities are currently grappling with a three-front war regarding academic assessment, student mental health, and the credentialing value of a collegiate degree.