Form990


Department of the TreasuryInternal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
A For the 2024 calendar year, or tax year beginning 07-01-2024 , and ending 06-30-2025
BCheck if applicable:
CName of organization
Williams College
 
 
Doing business as
 
 
Number and street (or P.O. box if mail is not delivered to street address)
HOPKINS HALL PO BOX 67
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WILLIAMSTOWN, MA01267
D Employer identification number

04-2104847
E Telephone number

G Gross receipts $ 988,254,048
F Name and address of principal officer:
MAUD S MANDEL
HOPKINS HALL PO BOX 67
WILLIAMSTOWN,MA01267
I
Tax-exempt status: (   ) (insert no.) or
J
Website:
WWW.WILLIAMS.EDU
H(a)
Is this a group return for
subordinates?
H(b)
Are all subordinates
included?
If "No," attach a list. See instructions.
H(c)
Group exemption number  
K Form of organization:  
L Year of formation: 1793
M State of legal domicile: MA
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: Williams College strives to achieve educational excellence by fostering a community of learning in collaboration with students, faculty, staff, devoted alumni and parents.
2 Check this box
3 Number of voting members of the governing body (Part VI, line 1a) ........ 3 25
4 Number of independent voting members of the governing body (Part VI, line 1b) ..... 4 24
5 Total number of individuals employed in calendar year 2024 (Part V, line 2a) ...... 5 3,351
6 Total number of volunteers (estimate if necessary) ............. 6 7,681
7a Total unrelated business revenue from Part VIII, column (C), line 12 ........ 7a 63,288,686
b Net unrelated business taxable income from Form 990-T, Part I, line 11 ......... 7b 49,763,282
Revenues Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 87,694,599 98,079,024
9 Program service revenue (Part VIII, line 2g) ......... 176,518,559 190,235,968
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 184,172,321 240,409,443
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) -492,911 68,274
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) 447,892,568 528,792,709
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 73,317,642 79,937,160
14 Benefits paid to or for members (Part IX, column (A), line 4)..... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 171,686,961 185,860,809
16a Professional fundraising fees (Part IX, column (A), line 11e) ..... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) 10,971,416    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e).... 121,084,994 130,811,739
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 366,089,597 396,609,708
19 Revenue less expenses. Subtract line 18 from line 12....... 81,802,971 132,183,001
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 5,075,834,072 5,540,530,680
21 Total liabilities (Part X, line 26)............. 967,033,419 1,131,930,171
22 Net assets or fund balances. Subtract line 21 from line 20..... 4,108,800,653 4,408,600,509
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
Signature of officer Date
Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
PTIN
Firm's name

Firm's EIN
Firm's address



Phone no.
May the IRS discuss this return with the preparer shown above? See Instructions. ..........
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y Form 990 (2024)
Form 990 (2024)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this Part III..............
1
Briefly describe the organization’s mission: SEE SCHEDULE O.
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? .....................
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ...........................
If "Yes," describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 352,179,597 including grants of $ 79,937,160 ) (Revenue $ 186,370,490 )
WILLIAMS IS AN INDEPENDENT LIBERAL ARTS COLLEGE FOR APPROXIMATELY 2,100 FULL-TIME UNDERGRADUATE AND 50 GRADUATE STUDENTS WHO COME FROM ALL OF THE 50 STATES and countries from around the world. THE WILLIAMS CURRICULUM OFFERS STUDY IN THE HUMANITIES, THE SOCIAL SCIENCES AND THE NATURAL SCIENCES AND COMBINES A BROAD EDUCATION WITH KNOWLEDGE OF ONE FIELD IN DEPTH. THE COLLEGE OFFERS THE BACHELOR OF ARTS DEGREE AT THE UNDERGRADUATE LEVEL. IN ADDITION, the college offers MASTER OF ARTS PROGRAMS IN POLICY ECONOMICS AND HISTORY OF ART.
4b (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
4c (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
4d Other program services (Describe in Schedule O.)
(Expenses $   including grants of $   ) (Revenue $   )
4e Total program service expenses352,179,597
Form 990 (2024)
Form 990 (2024)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule AClick to see attachment
List of Attached Documents:
// Content
.....................
1
Yes
 
2
Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. Click to see attachment
List of Attached Documents:
// Content
...
2
Yes
 
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I.............
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part IIClick to see attachment
List of Attached Documents:
// Content
.........
4
Yes
 
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part IIIClick to see attachment
List of Attached Documents:
// Content
..
5
 
No
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part IClick to see attachment
List of Attached Documents:
// Content
.........................
6
Yes
 
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II....
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part IIIClick to see attachment
List of Attached Documents:
// Content
..............
8
Yes
 
9
Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IVClick to see attachment
List of Attached Documents:
// Content
..............
9
Yes
 
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part VClick to see attachment
List of Attached Documents:
// Content
......
10
Yes
 
11
If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.
a
Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment
List of Attached Documents:
// Content
...................
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIClick to see attachment
List of Attached Documents:
// Content
.......
11b
Yes
 
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII.......
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IX............
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XII......................
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment
List of Attached Documents:
// Content
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule EClick to see attachment
List of Attached Documents:
// Content
13
Yes
 
14a
Did the organization maintain an office, employees, or agents outside of the United States? .....
14a
Yes
 
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV.........Click to see attachment
List of Attached Documents:
// Content
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV.....
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV...Click to see attachment
List of Attached Documents:
// Content
16
Yes
 
17
Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. ....
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............
18
 
No
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................
19
 
No
20a
Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....
20a
 
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
 
 
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.....Click to see attachment
List of Attached Documents:
// Content
21
Yes
 
Form 990 (2024)
Form 990 (2024)
Page 4
Part IV
Checklist of Required Schedules (continued)
Yes
No
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........Click to see attachment
List of Attached Documents:
// Content
22
Yes
 
23
Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment
List of Attached Documents:
// Content
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a...............Click to see list of attachments
List of Attached Documents:
// Content
24a
Yes
 
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
No
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............
24c
 
No
d
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...
24d
 
No
25a
Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I ....
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I.......................
25b
 
No
26
Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part IIClick to see attachment
List of Attached Documents:
// Content
...........
26
Yes
 
27
Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," complete
Schedule L, Part III.........................
27
 
No
28
Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................
28a
 
No
b
A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....Click to see attachment
List of Attached Documents:
// Content
28b
Yes
 
c
A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................
28c
 
No
29
Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..Click to see attachment
List of Attached Documents:
// Content
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M .................Click to see attachment
List of Attached Documents:
// Content
30
Yes
 
31
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............Click to see attachment
List of Attached Documents:
// Content
33
Yes
 
34
Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1.........................Click to see attachment
List of Attached Documents:
// Content
34
Yes
 
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
Yes
 
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ...Click to see attachment
List of Attached Documents:
// Content
35b
Yes
 
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............
36
 
No
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI
37
 
No
38
Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........
Yes
No
1a
Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..
1a
3,331
b
Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
Form 990 (2024)
Form 990 (2024)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance (continued)
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................
2a
3,351
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?...
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..
4a
Yes
 
b
If "Yes," enter the name of the foreign country: UK
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...
6a
 
No
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................
7a
 
No
b
If "Yes," did the organization notify the donor of the value of the goods or services provided? .....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................
7c
 
No
d
If "Yes," indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e
 
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..
7f
 
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................
7h
 
 
8
Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........
8
 
No
9
Sponsoring organizations maintaining donor advised funds.
a
Did the sponsoring organization make any taxable distributions under section 4966?........
9a
 
No
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...
9b
 
No
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.
13a
 
 
b
Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....
13b
 
c
Enter the amount of reserves on hand ............
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
No
b
If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..
14b
 
 
15
Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.
15
 
No
16
Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.
16
Yes
 
17
Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.
17
 
 
Form 990 (2024)
Form 990 (2024)
Page 6
Part VI
Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this Part VI..............
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year
1a
25
If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
b
Enter the number of voting members included in line 1a, above, who are independent
1b
24
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
Yes
 
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
 
No
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................
7a
 
No
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .......................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?
10b
 
No
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................
11a
Yes
 
b
Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....
12a
Did the organization have a written conflict of interest policy? If "No," go to line 13.......
12a
Yes
 
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................
12b
Yes
 
c
Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................
12c
Yes
 
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
 
No
b
If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
 
No
Section C. Disclosure
17
List the states with which a copy of this Form 990 is required to be filed
CA , MA
18
Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
Valerie MyersPO BOX 67   WILLIAMSTOWN,MA01267 (413) 597-4204
Form 990 (2024)
Form 990 (2024)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this Part VII..............
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(1) MAUD MANDEL......................................................................
PRESIDENT
 40.0
.................
1.0 		X   X       820,656 0 172,034
(2) CHERYL ROBINSON OCANSEY......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(3) ELIZABETH A ANDERSEN......................................................................
TRUSTEE/CHAIR
 6.0
.................
  		X           0 0 0
(4) ETHAN LASSER......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(5) GEORGE CREPPY......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(6) GREGORY WOODS......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(7) GRETCHEN HOWARD......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(8) HEIDI SANDREUTER......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(9) JAN VAN ECK......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(10) JEFFREY DELANEY......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(11) JEFFREY HARLESTON......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(12) JEFFREY RHODES......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(13) JOEL HELLMAN......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(14) JONATHAN SOKOLOFF......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(15) LEILA JERE......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(16) MARK TERCEK......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
(17) MARTHA HOOPES......................................................................
TRUSTEE
 4.0
.................
  		X           0 0 0
Form 990 (2024)
Form 990 (2024)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(18) MARY KIPP........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(19) MATTHEW HARRIS........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(20) NATHAN SLEEPER........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(21) NORIKO HONDA CHEN........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(22) SARAH MOLLMAN UNDERHILL........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(23) VALERIE DIFEBO........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(24) VIDISHA PATEL........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(25) WILLIAM FOOTE........................................................................
TRUSTEE
 4.0
.......................   		X           0 0 0
(26) ABIGAIL WATTLEY........................................................................
CHIEF INVESTMENT Officer (Effective July 1, 2023)
 40.0
.......................   		    X       585,520 0 39,413
(27) EIKO SINIAWER........................................................................
PROVOST
 40.0
.......................   		    X       310,313 0 60,402
(28) GINA PUC........................................................................
SECRETARY TO THE BOARD OF TRUSTEES (EFFECTIVE JULY 15, 2024)
 40.0
.......................   		    X       99,703 0 10,847
(29) KELI GAIL........................................................................
SECRETARY OF THE COLLEGE (THROUGH JULY 14, 2024)
 40.0
.......................   		    X       179,983 0 26,526
(30) LARA SHORE-SHEPPARD........................................................................
DEAN OF THE FACULTY
 40.0
.......................   		    X       294,514 0 74,655
(31) LETICIA SMITH-EVANS HAYNES........................................................................
VP FOR INSTITUTIONAL DIVERSITY, EQUITY, AND INCLUSION
 40.0
.......................   		    X       274,976 0 71,075
(32) MARGARET LONG........................................................................
DEAN OF THE COLLEGE
 40.0
.......................   		    X       308,502 0 80,266
(33) MEGAN MOREY........................................................................
VP OF COLLEGE RELATIONS
 40.0
.......................   		    X       428,086 0 79,103
(34) MEIKE KAAN........................................................................
CHIEF COMMUNICATIONS OFFICER (EFFECTIVE JULY 1, 2024)
 40.0
.......................   		    X       213,391 0 60,780
(35) MICHAEL WAGNER........................................................................
VP FOR FINANCE & OPERATIONS, TREASURER
 40.0
.......................   		    X       579,806 0 79,042
(36) BRADFORD WAKEMAN........................................................................
MANAGING DIR / COO, INV OFFICE
 40.0
.......................   		        X   425,021 0 73,309
(37) JAMES SHEPARD........................................................................
PROFESSOR OF ENGLISH
 40.0
.......................   		        X   295,707 0 51,867
(38) JOHN LEWIS........................................................................
DIRECTOR OF INVESTMENT OPERATIONS
 40.0
.......................   		        X   443,751 0 98,035
(39) JULIA BRODY........................................................................
MANAGING DIRECTOR/INVESTMENT OFFICE
 40.0
.......................   		        X   382,376 0 37,984
(40) PAUL MACE........................................................................
MANAGING DIRECTOR/INVESTMENT OFFICE
 40.0
.......................   		        X   634,016 0 157,630
(41) COLLETTE CHILTON........................................................................
FORMER CHIEF INVESTMENT Officer (Through June 30, 2023)
 0.0
.......................   		          X 1,637,836 0 8,552
(42) DAVID LOVE........................................................................
FORMER PROVOST, PROF OF ECONOMICS
 40.0
.......................   		          X 211,244 0 56,618
(43) DENISE BUELL........................................................................
FORMER DEAN OF THE FACULTY, PROF OF RELIGION
 40.0
.......................   		          X 182,923 0 63,953
(44) JAMES REISCHE........................................................................
FORMER VP OF COMMUNICATIONS, SPECIAL ADVISOR TO THE PRESIDENT FOR EXECUTIVE COMMUNICATIONS
 40.0
.......................   		          X 216,834 0 58,196
(45) MARLENE SANDSTROM........................................................................
FORMER DEAN OF COLLEGE, PROF OF PSYCH
 40.0
.......................   		          X 199,819 0 55,223
1b Sub-Total..............
c Total from continuation sheets to Part VII, Section A..
d Total (add lines 1b and 1c)......... 8,724,977 0 1,415,510
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 407
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
Suffolk Construction Company Inc

65 Allerton Street
Boston,MA02119 		Construction 7,679,108
Perry Dean Rogers & Partners Architects

177 Milk Street
Boston,MA02109 		Architect 4,253,132
Consigli Construction Co Inc

72 Summer Street
Milford,MA01757 		Construction 4,239,310
Huron Consulting Services LLC

550 W Van Buren Street
Suite 1700
Chicago,IL60607 		Consulting 3,867,302
Cannon Boston Inc

99 Summer Street
Suite 600
Boston,MA02110 		Consulting 2,110,295
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 56
Form 990 (2024)
Form 990 (2024)
Page 9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII.............
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512 - 514
Contributions, Gifts, Grants, and OtherAmt Similar Amounts 1a Federated campaigns..1a 0
b Membership dues..1b 0
c Fundraising events..1c 0
d Related organizations1d 0
e Government grants (contributions)1e 5,845,381
f All other contributions, gifts, grants, and similar amounts not included above1f 92,233,643
g Noncash contributions included in lines 1a - 1f:$ 1g 16,366,726
h Total. Add lines 1a-1f....... 98,079,024
Program Service RevenueAmt Business Code
2a TUITION, FEES, ROOM AND BOARD 611300 178,537,422 178,537,422 0 0
b AUXILIARY REVENUE 721000 11,698,546 7,833,068 3,865,478 0
c     0 0 0 0
d     0 0 0 0
e     0 0 0 0
f All other program service revenue. 0 0 0 0
g Total. Add lines 2a–2f ..... 190,235,968
OtherAmtRevenueAmt 3 Investment income (including dividends, interest, and othersimilar amounts) ...... 9,450,237 0 0 9,450,237
4 Income from investment of tax-exempt bond proceeds 4,293,759 0 0 4,293,759
5 Royalties........... 0 0 0 0
(i) Real (ii) Personal
6a Gross rents 6a 2,661,476 0
b Less: rental expenses 6b 2,593,202 0
c Rental income or (loss) 6c 68,274 0
d Net rental income or (loss)....... 68,274 0   68,274
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 7a 683,520,382 13,202
b Less: cost or other basis and sales expenses 7b 456,868,137  
c Gain or (loss) 7c 226,652,245 13,202
d Net gain or (loss)......... 226,665,447 0 59,423,208 167,242,239
8a Gross income from fundraising events (not including $ 0of contributions reported on line 1c). See Part IV, line 18 ....
8a 0
b Less: direct expenses ... 8b 0
c Net income or (loss) from fundraising events.. 0 0 0
9a Gross income from gaming activities.
See Part IV, line 19 ...
9a 0
b Less: direct expenses ... 9b 0
c Net income or (loss) from gaming activities.. 0 0 0 0
10a Gross sales of inventory, less
returns and allowances ..
10a 0
b Less: cost of goods sold .. 10b 0
c Net income or (loss) from sales of inventory.. 0 0 0 0
OtherRevenueMiscAmt
Business Code
11a            
b            
c            
d All other revenue .... 0 0 0 0
e Total. Add lines 11a–11d ...... 0
12 Total revenue. See instructions..... 528,792,709 186,370,490 63,288,686 181,054,509
Form 990 (2024)
Form 990 (2024)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising
expenses
1 Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 .... 1,861,608 1,861,608
2 Grants and other assistance to domestic individuals. See Part IV, line 22 ........... 76,324,302 76,324,302
3 Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. ............. 1,751,250 1,751,250
4 Benefits paid to or for members ....... 0 0
5 Compensation of current officers, directors, trustees, and key employees ........... 4,200,714 1,182,128 1,817,942 1,200,644
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ......... 513,898 475,303 38,595 0
7 Other salaries and wages........ 128,828,352 109,247,916 13,702,762 5,877,674
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 10,972,668 9,410,080 908,545 654,043
9 Other employee benefits ....... 31,869,993 26,919,124 3,756,047 1,194,822
10 Payroll taxes ........... 9,475,184 7,943,200 951,424 580,560
11 Fees for services (non-employees):        
a Management ...... 0 0 0 0
b Legal ......... 1,051,861 35,721 1,016,140 0
c Accounting ........... 307,952 272,428 32,392 3,132
d Lobbying ........... 194,421 172,632 14,811 6,978
e Professional fundraising services. See Part IV, line 17 0 0
f Investment management fees ...... 0 0 0 0
g Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) 24,266,470 20,680,515 2,944,772 641,183
12 Advertising and promotion .... 497,014 290,514 201,848 4,652
13 Office expenses ....... 4,226,486 4,046,598 153,936 25,952
14 Information technology ...... 4,688,693 4,315,397 190,705 182,591
15 Royalties .. 0 0 0 0
16 Occupancy ........... 8,837,561 8,628,573 208,988 0
17 Travel ............ 7,333,671 6,425,595 464,340 443,736
18 Payments of travel or entertainment expenses for any federal, state, or local public officials . 0 0 0 0
19 Conferences, conventions, and meetings .... 245,955 202,018 28,590 15,347
20 Interest ........... 13,535,549 13,524,507 11,042 0
21 Payments to affiliates ....... 0 0 0 0
22 Depreciation, depletion, and amortization .. 28,663,472 24,934,776 3,713,079 15,617
23 Insurance ... 2,587,731 25,289 2,562,196 246
24 Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a Fellowships, student prizes 1,900,503 1,777,216 123,287 0
b Equipment and non capitalized plant expenses 5,120,638 4,953,320 148,210 19,108
c Student assistance 13,691,597 13,675,145 16,452 0
d Dining 4,810,113 4,773,314 20,555 16,244
e All other expenses 8,852,052 8,331,128 432,037 88,887
25 Total functional expenses. Add lines 1 through 24e 396,609,708 352,179,597 33,458,695 10,971,416
26 Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).        
Form 990 (2024)
Form 990 (2024)
Page 11
Part X
Balance Sheet
Check if Schedule O contains a response or note to any line in this Part IX..............
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash–non-interest-bearing ........ 17,173,404 1 8,723,672
2 Savings and temporary cash investments ......... 163,095,192 2 266,787,897
3 Pledges and grants receivable, net ...... 63,551,891 3 79,950,864
4 Accounts receivable, net ............. 1,926,859 4 2,043,339
5 Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
159,736 5 221,789
6 Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
0 6 0
7 Notes and loans receivable, net ........... 13,874,450 7 13,767,219
8 Inventories for sale or use ............ 371,789 8 394,237
9 Prepaid expenses and deferred charges ...... 21,779,822 9 24,771,702
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 1,365,452,036
b Less: accumulated depreciation 10b 626,644,252 695,982,249 10c 738,807,784
11 Investments—publicly traded securities . 39,724,949 11 39,366,536
12 Investments—other securities. See Part IV, line 11 ..... 4,033,354,441 12 4,340,700,468
13 Investments—program-related. See Part IV, line 11 .. 694,900 13 545,310
14 Intangible assets ............... 0 14 0
15 Other assets. See Part IV, line 11 ........... 24,144,390 15 24,449,863
16 Total assets. Add lines 1 through 15 (must equal line 33)... 5,075,834,072 16 5,540,530,680
Liabilities 17 Accounts payable and accrued expenses ..... 65,665,286 17 76,473,319
18 Grants payable ... 0 18 0
19 Deferred revenue ......... 1,397,478 19 832,482
20 Tax-exempt bond liabilities ......... 355,877,919 20 466,021,883
21 Escrow or custodial account liability. Complete Part IV of Schedule D 55,548,188 21 55,300,773
22 Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
0 22 0
23 Secured mortgages and notes payable to unrelated third parties .. 0 23 0
24 Unsecured notes and loans payable to unrelated third parties .. 9,030,455 24 8,718,812
25 Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D 479,514,093 25 524,582,902
26 Total liabilities. Add lines 17 through 25.. 967,033,419 26 1,131,930,171
Net Assets or Fund Balance Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27 Net assets without donor restrictions .......... 699,391,183 27 740,342,583
28 Net assets with donor restrictions ........... 3,409,409,470 28 3,668,257,926
Organizations that do not follow FASB ASC 958, check here right arrow and complete lines 29 through 33.
29 Capital stock or trust principal, or current funds ..... 0 29  
30 Paid-in or capital surplus, or land, building or equipment fund ... 0 30  
31 Retained earnings, endowment, accumulated income, or other funds 0 31  
32 Total net assets or fund balances ........... 4,108,800,653 32 4,408,600,509
33 Total liabilities and net assets/fund balances ........ 5,075,834,072 33 5,540,530,680
Form 990 (2024)
Form 990 (2024)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI..............
1
Total revenue (must equal Part VIII, column (A), line 12) ............
1
528,792,709
2
Total expenses (must equal Part IX, column (A), line 25) ............
2
396,609,708
3
Revenue less expenses. Subtract line 2 from line 1 ..............
3
132,183,001
4
Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..
4
4,108,800,653
5
Net unrealized gains (losses) on investments ...............
5
169,708,127
6
Donated services and use of facilities .................
6
0
7
Investment expenses .....................
7
0
8
Prior period adjustments .....................
8
0
9
Other changes in net assets or fund balances (explain in Schedule O) ........
9
-2,091,272
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))
10
4,408,600,509
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII.............
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
 
No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:
b
Were the organization’s financial statements audited by an independent accountant?
2b
Yes
 
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:
c
If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
2c
Yes
 
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?
3a
Yes
 
b
If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.
3b
Yes
 
Form 990 (2024)
Form 990 (2024)
Additional Data


Software ID: 24020961
Software Version: 2024v5.1
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service
Public Charity Status and Public Support
Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow Attach to Form 990 or Form 990-EZ.
right arrow Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public
Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
Reason for Public Charity Status (All organizations must complete this part.) See instructions.
The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)
1
2
3
4
5
6
7
8
9
10
11
12
a
b
c
d
e
f
Enter the number of supported organizations ...............................  
g
Provide the following information about the supported organization(s).
(i) Name of supported organization (ii) EIN (iii) Type of organization (described on lines 1- 10 above (see instructions)) (iv) Is the organization listed in your governing document? (v) Amount of monetary support (see instructions) (vi) Amount of other support (see instructions)
Yes No
Total
 
   
For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.
Cat. No. 11285F
Schedule A (Form 990) 2024

Schedule A (Form 990) 2024
Page 2
Part II
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year (or fiscal year beginning in) right arrow (a) 2020 (b) 2021 (c) 2022 (d) 2023 (e) 2024 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") .. 61,524,755 52,484,139 75,476,741 87,694,599 98,079,024 375,259,258
2 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....           0
3 The value of services or facilities furnished by a governmental unit to the organization without charge..           0
4 Total. Add lines 1 through 3 61,524,755 52,484,139 75,476,741 87,694,599 98,079,024 375,259,258
5 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) .. 7,073,287
6 Public support. Subtract line 5 from line 4. 368,185,971
Section B. Total Support
Calendar year (or fiscal year beginning in) right arrow (a) 2020 (b) 2021 (c) 2022 (d) 2023 (e) 2024 (f) Total
7 Amounts from line 4.. 61,524,755 52,484,139 75,476,741 87,694,599 98,079,024 375,259,258
8 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources... 2,312,920 2,618,075 4,259,315 6,699,734 16,405,472 32,295,516
9 Net income from unrelated business activities, whether or not the business is regularly carried on.. 0 0 394,317 3,193,845 49,674,877 53,263,039
10 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.).. 0 0 0 0 0 0
11 Total support. Add lines 7 through 10 460,817,813
12
12
815,969,828
13
First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................right arrow
Section C. Computation of Public Support Percentage
14
14
79.898 %
15
15
85.623 %
16a
33 1/3% support test—2024. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization .......................right arrow
b
33 1/3% support test—2023. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow
17a
10%-facts-and-circumstances test—2024. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow
b
10%-facts-and-circumstances test—2023. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow
18
Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow
Schedule A (Form 990) 2024

Schedule A (Form 990) 2024
Page 3
Part III
Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year (or fiscal year beginning in) right arrow (a) 2020 (b) 2021 (c) 2022 (d) 2023 (e) 2024 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .            
2 Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose            
3 Gross receipts from activities that are not an unrelated trade or business under section 513 .....            
4 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...            
5 The value of services or facilities furnished by a governmental unit to the organization without charge            
6 Total. Add lines 1 through 5            
7a Amounts included on lines 1, 2, and 3 received from disqualified persons            
b Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.            
c Add lines 7a and 7b..            
8 Public support. (Subtract line 7c from line 6.)  
Section B. Total Support
Calendar year (or fiscal year beginning in) right arrow (a) 2020 (b) 2021 (c) 2022 (d) 2023 (e) 2024 (f) Total
9 Amounts from line 6...            
10a Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
b Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.            
c Add lines 10a and 10b.            
11 Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.            
12 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..            
13 Total support. (Add lines 9, 10c, 11, and 12.)..            
14
First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow
Section C. Computation of Public Support Percentage
15
15
 
16
16
 
Section D. Computation of Investment Income Percentage
17
17
 
18
18
 
19a
33 1/3% support tests-2024. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow
b
33 1/3 % support tests—2023. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow
20
Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow
Schedule A (Form 990) 2024

Schedule A (Form 990) 2024
Page 4
Part IV
Supporting Organizations
(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)
Section A. All Supporting Organizations
Yes
No
1
Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.
1
 
 
2
Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).
2
 
 
3a
Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.
3a
 
 
b
Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.
3b
 
 
c
Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.
3c
 
 
4a
Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.
4a
 
 
b
Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.
4b
 
 
c
Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.
4c
 
 
5a
Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).
5a
 
 
b
Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?
5b
 
 
c
Substitutions only. Was the substitution the result of an event beyond the organization's control?
5c
 
 
6
Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.
6
 
 
7
Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .
7
 
 
8
Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).
8
 
 
9a
Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.
9a
 
 
b
Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.
9b
 
 
c
Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.
9c
 
 
10a
Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.
10a
 
 
b
Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).
10b
 
 
Schedule A (Form 990) 2024

Schedule A (Form 990) 2024
Page 5
Part IV
Supporting Organizations (continued)
Yes
No
11
Has the organization accepted a gift or contribution from any of the following persons?
a
A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?
11a
 
 
b
A family member of a person described on 11a above?
11b
 
 
c
A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.
11c
 
 
Section B. Type I Supporting Organizations
Yes
No
1
Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.
1
 
 
2
Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.
2
 
 
Section C. Type II Supporting Organizations
Yes
No
1
Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).
1
 
 
Section D. All Type III Supporting Organizations
Yes
No
1
Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?
1
 
 
2
Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).
2
 
 
3
By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.
3
 
 
Section E. Type III Functionally-Integrated Supporting Organizations
1
Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):
a
b
c
2
Activities Test. Answer lines 2a and 2b below.
Yes
No
a
Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.
2a
 
 
b
Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.
2b
 
 
3
Parent of Supported Organizations. Answer lines 3a and 3b below.
a
Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.
3a
 
 
b
Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.
3b
 
 
Schedule A (Form 990) 2024

Schedule A (Form 990) 2024
Page 6
Part V
Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations
1
Section A - Adjusted Net Income (A) Prior Year (B) Current Year
(optional)
1 Net short-term capital gain 1    
2 Recoveries of prior-year distributions 2    
3 Other gross income (see instructions) 3    
4 Add lines 1 through 3 4    
5 Depreciation and depletion 5    
6 Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions) 6    
7 Other expenses (see instructions) 7    
8 Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) 8    
Section B - Minimum Asset Amount (A) Prior Year (B) Current Year
(optional)
1 Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year): 1
a Average monthly value of securities 1a    
b Average monthly cash balances 1b    
c Fair market value of other non-exempt-use assets 1c    
d Total (add lines 1a, 1b, and 1c) 1d    
e Discount claimed for blockage or other factors
(explain in detail in Part VI):  
2 Acquisition indebtedness applicable to non-exempt use assets 2    
3 Subtract line 2 from line 1d 3    
4 Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions). 4    
5 Net value of non-exempt-use assets (subtract line 4 from line 3) 5    
6 Multiply line 5 by 0.035 6    
7 Recoveries of prior-year distributions 7    
8 Minimum Asset Amount (add line 7 to line 6) 8    
Section C - Distributable Amount Current Year
1 Adjusted net income for prior year (from Section A, line 8, Column A) 1  
2 Enter 85% of line 1 2  
3 Minimum asset amount for prior year (from Section B, line 8, Column A) 3  
4 Enter greater of line 2 or line 3 4  
5 Income tax imposed in prior year 5  
6 Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions) 6  
7
Schedule A (Form 990) 2024

Schedule A (Form 990) 2024
Page 7
Part V
Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)
Section D - Distributions Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes 1  
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in
excess of income from activity 		2  
3 Administrative expenses paid to accomplish exempt purposes of supported organizations 3  
4 Amounts paid to acquire exempt-use assets 4  
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI) 5  
6 Other distributions (describe in Part VI). See instructions 6  
7Total annual distributions. Add lines 1 through 6. 7  
8 Distributions to attentive supported organizations to which the organization is responsive (provide
details in Part VI). See instructions 		8  
9 Distributable amount for 2024 from Section C, line 6 9  
10 Line 8 amount divided by Line 9 amount 10  
Section E - Distribution Allocations (see instructions) (i)
Excess Distributions 		(ii)
Underdistributions
Pre-2024 		(iii)
Distributable
Amount for 2024
1 Distributable amount for 2024 from Section C, line 6  
2 Underdistributions, if any, for years prior to 2024 (reasonable cause required-- explain in Part VI).
See instructions.		  
3 Excess distributions carryover, if any, to 2024:
a From 2019.......  
b From 2020.......  
c From 2021.......  
d From 2022.......  
e From 2023.......  
fTotal of lines 3a through e  
g Applied to underdistributions of prior years  
h Applied to 2024 distributable amount  
i Carryover from 2019 not applied (see
instructions) 		 
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.  
4Distributions for 2024 from Section D, line 7:
$  
a Applied to underdistributions of prior years  
b Applied to 2024 distributable amount  
c Remainder. Subtract lines 4a and 4b from line 4.  
5 Remaining underdistributions for years prior to
2024, if any. Subtract lines 3g and 4a from line 2.
If the amount is greater than zero, explain in Part VI.
See instructions. 		 
6 Remaining underdistributions for 2024. Subtract
lines 3h and 4b from line 1. If the amount is greater
than zero, explain in Part VI. See instructions. 		 
7 Excess distributions carryover to 2025. Add lines
3j and 4c. 		 
8 Breakdown of line 7:
a Excess from 2020.....  
b Excess from 2021.....  
c Excess from 2022.....  
d Excess from 2023.....  
e Excess from 2024.....  
Schedule A (Form 990) (2024)

Schedule A (Form 990) 2024
Page 8
Part VI
Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
 
Return Reference Explanation
Schedule A, Part I, Line 2 Explanation of filing To qualify for limited donor disclosure under the special rule on Schedule B, the public support test has been completed to demonstrate the college meets the quantitative support test under Section 509(a)(1) of the internal revenue code, which requires an organization to receive a substantial part of its support from the general public or from a governmental unit.
Schedule A (Form 990) 2024


Additional Data


Software ID: 24020961
Software Version: 2024v5.1
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

right arrow Attach to Form 990, 990-EZ, or 990-PF.
right arrow Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
Name of the organization
Williams College
 
Employer identification number

04-2104847
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule.  
Note:  Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
Williams College
  		Employer identification number
04-2104847
Part I
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
RESTRICTED
 
 
 
 
  ,    

$ RESTRICTED


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 3
Name of organization
Williams College
  		Employer identification number

04-2104847
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
Page 4
Name of organization
Williams College
  		Employer identification number

04-2104847
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (Rev. 1-2025)
Additional Data


Software ID: 24020961
Software Version: 2024v5.1
SCHEDULE C
(Form 990)

Department of the Treasury
Internal Revenue Service
Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

right arrow Complete if the organization is described below. right arrow Attach to Form 990 or Form 990-EZ.
right arrowGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2024
Open to Public
Inspection
If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet Section 501(c)(4), (5), or (6) organizations: Complete Part III.
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I-A
Complete if the organization is exempt under section 501(c) or is a section 527 organization.

1
Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

2
Political campaign activity expenditures. See instructions ....................................................................right arrow
$  
3
Volunteer hours for political campaign activities. See instructions ..................................................................
 

Part I-B
Complete if the organization is exempt under section 501(c)(3).
1
Enter the amount of any excise tax incurred by the organization under section 4955 ................................right arrow
$  
2
Enter the amount of any excise tax incurred by organization managers under section 4955 .......................right arrow
$  
3
If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................
4a
Was a correction made? ......................................................................................................................
b
If "Yes," describe in Part IV.
Part I-C
Complete if the organization is exempt under section 501(c), except section 501(c)(3).
1
Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... right arrow
$  
2
Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................right arrow

$  
3
Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b...........right arrow

$  
4
Did the filing organization file Form 1120-POL for this year? ...................................................................
5
Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.
(a) Name (b) Address (c) EIN (d) Amount paid from filing organization's funds. If none, enter -0-. (e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6
For Paperwork Reduction Act Notice, see the instructions for Form 990.
Cat. No. 50084S
Schedule C (Form 990) 2024

Schedule C (Form 990) 2024
Page 2
Part II-A
Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).
A Check right arrowexpenses, and share of excess lobbying expenditures).
B Check right arrow
Limits on Lobbying Expenditures
(The term "expenditures" means amounts paid or incurred.) 		(a) Filing
organization's
totals 		(b) Affiliated group totals
1a Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................    
b Total lobbying expenditures to influence a legislative body (direct lobbying) ........................    
c Total lobbying expenditures (add lines 1a and 1b) ............................................................    
d Other exempt purpose expenditures ...............................................................................    
e Total exempt purpose expenditures (add lines 1c and 1d) ..................................................    
f Lobbying nontaxable amount. Enter the amount from the following table in both
columns.		    
If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
Not over $500,00020% of the amount on line 1e.
Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
Over $17,000,000$1,000,000.
g Grassroots nontaxable amount (enter 25% of line 1f) .................................................    
h Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................    
i Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................    
j If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting
section 4911 tax for this year? ...................................................................................................................

4-Year Averaging Period Under Section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five
columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
Calendar year (or fiscal year
beginning in) 		(a) 2021 (b) 2022 (c) 2023 (d) 2024 (e) Total
2a Lobbying nontaxable amount          
b Lobbying ceiling amount
(150% of line 2a, column(e)) 		 
c Total lobbying expenditures          
d Grassroots nontaxable amount          
e Grassroots ceiling amount
(150% of line 2d, column (e))		  
f Grassroots lobbying expenditures          
Schedule C (Form 990) 2024


Schedule C (Form 990) 2024
Page 3
Part II-B
Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).
For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.
(a)
Yes
No
(b)
Amount
1
During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:
a
Volunteers? ...........................................................................................................
 
No
b
Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........
 
No
c
Media advertisements? ...................................................................................................
 
No
 
d
Mailings to members, legislators, or the public? .............................................................................
 
No
 
e
Publications, or published or broadcast statements? ...........................................................
 
No
 
f
Grants to other organizations for lobbying purposes? ..........................................................
 
No
 
g
Direct contact with legislators, their staffs, government officials, or a legislative body? .......................
Yes
 
27,804
h
Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................
 
No
 
i
Other activities? ...................................................................................................................
Yes
 
166,617
j
Total. Add lines 1c through 1i ....................................................................................................
194,421
2a
Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....
 
No
b
If "Yes," enter the amount of any tax incurred under section 4912 ...........................................
 
c
If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................
 
d
If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................
 
 
Part III-A
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).
Yes
No
1
Were substantially all (90% or more) dues received nondeductible by members? ...............................................
1
 
 
2
Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................
2
 
 
3
Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................
3
 
 
Part III-B
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."
1
Dues, assessments and similar amounts from members ......................................................................
1
 
2
Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).
a
Current year .............................................................................................................................
2a
 
b
Carryover from last year ............................................................................................................
2b
 
c
Total ...........................................................................................................................................
2c
 
3
Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .
3
 
4
If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................
4
 
5
Taxable amount of lobbying and political expenditures. See Instructions .........................................
5
 
Part IV
Supplemental Information
Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.
Return Reference Explanation
Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY THE COLLEGE ENGAGED LEWIS-BURKE ASSOCIATES LLC TO PROVIDE CONSULTING SERVICES RELATED TO FEDERAL LEGISLATIVE AND APPROPRIATIONS MATTERS AFFECTING HIGHER EDUCATION. WILLIAMS COLLEGE ATTENDED TWO ADVOCACY DAYS IN WASHINGTON, D.C., WHICH INCLUDED MEETINGS WITH MEMBERS OF THE US HOUSE AND SENATE AND THEIR STAFF, RELATED TO THE PROPOSED ENDOWMENT TAX AND OTHER KEY ISSUES AFFECTING HIGHER EDUCATION INSTITUTIONS. ONE WAS ORGANIZED BY THE NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES AND THE OTHER WAS WITH A GROUP OF SMALL COLLEGE PEERS, ORGANIZED BY OGILVY GOVERNMENT RELATIONS FIRM. THE COLLEGE PROVIDED AMERICAN COUNCIL ON EDUCATION FUNDING TO SUPPORT LOBBYING RELATED TO HIGHER EDUCATION TAX MATTERS. THE COLLEGE PAYS MEMBERSHIP DUES TO MEMBER ORGANIZATIONS INCLUDING NACUBO, NAICU, AICUM, ACE and COHFE, WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES.
Schedule C (Form 990) 2024


Additional Data


Software ID: 24020961
Software Version: 2024v5.1

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
right arrow Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow Attach to Form 990.
right arrow Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year ......... 1 0
2 Aggregate value of contributions to (during year) 0 0
3 Aggregate value of grants from (during year) 146,116 0
4 Aggregate value at end of year ........ 3,308,728 0
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ...................... 2a  
b Total acreage restricted by conservation easements .................... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year right arrow  
4
Number of states where property subject to conservation easement is located right arrow  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow  
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included on Form 990, Part VIII, line 1 .........................right arrow $ 3,683,200
(ii)
Assets included in Form 990, Part X ...............................right arrow $ 70,598,609
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1 ..........................right arrow $  
b
Assets included in Form 990, Part X ...............................right arrow $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) (Rev. 1-2025)

Schedule D (Form 990) (Rev. 1-2025)
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance ............................. 1c  
d Additions during the year ............................ 1d  
e Distributions during the year .......................... 1e  
f Ending balance ................................ 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....
Part V
Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance .... 3,530,439,950 3,368,671,196 3,411,185,988 4,025,701,926 2,742,044,936
b Contributions ... 22,309,198 15,698,167 24,733,810 16,930,533 25,098,149
c Net investment earnings, gains, and losses 396,217,054 334,326,067 99,124,060 -440,193,050 1,353,707,368
d Grants or scholarships ... 42,886,405 38,545,032 38,022,809 44,904,769 22,296,237
e Other expenditures for facilities
and programs ... 		102,175,444 140,512,525 121,653,542 137,175,288 66,154,793
f Administrative expenses .... 7,304,019 9,197,923 6,696,311 9,173,364 6,697,497
g End of year balance ...... 3,796,600,334 3,530,439,950 3,368,671,196 3,411,185,988 4,025,701,926
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment right arrow10.81 %
b
Permanent endowment right arrow86.33 %
c
Term endowment right arrow2.86 %
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) Unrelated organizations .................
3a(i)
 
No
(ii) Related organizations .................
3a(ii)
 
No
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .....   12,530,747 12,530,747
b Buildings ....   994,169,286 486,379,531 507,789,755
c Leasehold improvements        
d Equipment ....   207,406,171 101,286,067 106,120,104
e Other .....   151,345,832 38,978,654 112,367,178
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..right arrow 738,807,784
Schedule D (Form 990) (Rev. 1-2025)

Schedule D (Form 990) (Rev. 1-2025)
Page 3
Part VII
Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1) Financial derivatives.........    
(2) Closely-held equity interests........    
(3) Other
(A) Closely-held equity interests		    

(B) Financial derivatives		    

(C) Global Long and Long/Short Equity Funds		 1,699,236,215 F

(D) Absolute return funds		 504,047,987 F

(E) Venture Capital funds		 717,583,599 F

(F) Real Asset funds		 397,721,918 F

(G) Investment Grade Fixed Income		 40,504,281 F

(H) Noninvestment Grade Fixed income funds		 267,145,154 F

(I) Other Investment assets		 29,750,644 F

(J) Buyout Funds		 684,710,670 F
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)right arrow 4,340,700,468
Part VIII
Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)right arrow  
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........right arrow  
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes  
Federal Income Taxes  
US GOV'T ADVANCES FOR STUDENTS 331,247
INVEST. ON BEHALF OF SUPP ORG 510,943,528
DEFERRED EXCISE TAX LIABILITY AND PAYABLE 13,308,127





Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)right arrow 524,582,902
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) (Rev. 1-2025)

Schedule D (Form 990) (Rev. 1-2025)
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 621,678,464
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a 169,708,127
b Donated services and use of facilities ......... 2b 0
c Recoveries of prior year grants ........... 2c 0
d Other (Describe in Part XIII.) ........... 2d -3,091,272
e Add lines 2a through 2d ..................... 2e 166,616,855
3 Subtract line 2e from line 1.................. 3 455,061,609
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIII.) ........... 4b 73,731,100
c Add lines 4a and 4b.................... 4c 73,731,100
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 528,792,709
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 321,878,608
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a  
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ........... 2d 0
e Add lines 2a through 2d.................... 2e 0
3 Subtract line 2e from line 1................... 3 321,878,608
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIII.) ........... 4b 74,731,100
c Add lines 4a and 4b..................... 4c 74,731,100
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 396,609,708
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
Schedule D, Part III, Line 1a Collections of Art, Historical Treasures, or Other Similar Assets THE COLLEGE'S ART AND RARE BOOK COLLECTIONS ARE RECORDED AT COST OR APPRAISED VALUE AT THE DATE OF ACQUISITION. COLLECTIONS ARE NOT DEPRECIATED.
Schedule D, Part III, Line 4 Collections of art - description of collections THE MUSEUM'S PRINCIPAL MISSION IS TO ENCOURAGE MULTIDISCIPLINARY TEACHING THROUGH ENCOUNTERS WITH ART OBJECTS THAT TRAVERSE TIME PERIODS AND CULTURES.
Schedule D, Part IV, Line 2b Explanation of escrow agreement WILLIAMS COLLEGE SERVES AS TRUSTEE FOR VARIOUS CHARITABLE REMAINDER TRUSTS AND MAINTAINS THE ASSETS AND CORRESPONDING RESERVE LIABILITIES ON ITS BALANCE SHEET.
Schedule D, Part V, Line 4 Intended uses of endowment funds THE COLLEGE MANAGES AND INVESTS THE ENDOWMENT TO PROVIDE CURRENT AND FUTURE SUPPORT FOR THE OPERATIONS OF THE COLLEGE. EXAMPLES OF SPECIFIC PURPOSES INCLUDE SCHOLARSHIPS FOR STUDENTS, FACILITIES UPKEEP, RESEARCH, FACULTY COMPENSATION AND OTHER ACADEMIC AND STUDENT OPERATIONS.
Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote Williams College is exempt from federal and state income taxes to the extent provided by section 501(c)(3) of the Internal Revenue Code and equivalent state provisions, except with regard to unrelated business income which is taxable at corporate income tax rates, and provisions of the 2017 Tax Cuts and Jobs Act (the "Act"). The Act impacts the College in several ways, including excise taxes on compensation and net investment income, changes to the net operating loss rules, repeal of the certain minimum tax (AMT), and the computation of UBTI separately for each unrelated trade or business. Further, the Act established a flat 21% US federal corporate tax rate and federal corporate unrelated business income tax rate. The College has made provisions for a deferred tax liability from net unrealized gains on qualifying assets and estimated at the 1.4% tax rate of $10.3 million and $6.7 million as of June 30, 2025 and 2024, respectively. Accruals for the current portion of the excise and compensation tax of $3 million and $1 million were also included for the years ending June 30, 2025 and 2024, respectively. The deferred tax liability and current accrual are included in other liabilities in the consolidated statements of financial position. The College believes it has taken no significant uncertain tax positions.
Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 CHANGE IN SPLIT INTEREST AGREEMENTS - 672729 CHANGE IN PRESENT VALUE OF TRUSTS - 5446313 DEFERRED EXCISE TAX - -5625312 UNREALIZED GAIN/LOS ON INTEREST RATE SWAPS - -1014579 ADJUSTMENT FOR POST-EMPLOYMENT LIABILITIES - -1570423 INTEREST EXPENSE RECLASSIFICATION - -1000000
Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Financial Aid - 76324302 Rental Expenses - -2593202
Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Financial Aid - 76324302 Rental Expenses - -2593202 INTEREST EXPENSE RECLASSIFICATION - 1000000
Schedule D (Form 990) (Rev. 1-2025)


Additional Data


Software ID: 24020961
Software Version: 2024v5.1




SCHEDULE E(Form 990)
(Rev. January 2025)


Department of the Treasury
Internal Revenue Service
Schools

Right pointing arrow large image Complete if the organization answered "Yes" on Form 990,
Part IV, line 13, or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image Attach to Form 990 or Form 990-EZ.
Right pointing arrow large image Go to www.irs.gov/Form990EZ for instructions and the latest information.
OMB No. 1545-0047Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
YES
NO
1
Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,
other governing instrument, or in a resolution of its governing body? . . . . . . . . . . . . . . . . . .
1
Yes
 
2
Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Yes
 
3
Has the organization publicized its racially nondiscriminatory policy on its primary publicly accessible Internet homepage at
all times during its taxable year in a manner reasonably expected to be noticed by visitors to the homepage, or through
newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no
solicitation program, in a way that makes the policy known to all parts of the general community it serves? If "Yes," please
describe. If "No," please explain. If you need more space use Part II. . . . . . . . . . . . . . . . . . .
3
Yes
 
 
4
Does the organization maintain the following:
a
Records indicating the racial composition of the student body, faculty, and administrative staff? . . . . . . . . .
4a
Yes
 
b
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
basis? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4b
Yes
 
c
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . .
4c
Yes
 
d
Copies of all material used by the organization or on its behalf to solicit contributions? . . . . . . . . . . . .
4d
Yes
 
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
 
5
Does the organization discriminate by race in any way with respect to:
a
Students' rights or privileges? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
 
No
b
Admissions policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5b
 
No
c
Employment of faculty or administrative staff? . . . . . . . . . . . . . . . . . . . . . . . . .
5c
 
No
d
Scholarships or other financial assistance? . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
 
No
e
Educational policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5e
 
No
f
Use of facilities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5f
 
No
g
Athletic programs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5g
 
No
h
Other extracurricular activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5h
 
No
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
 
6a
Does the organization receive any financial aid or assistance from a governmental agency? . . . . . . . . . .
6a
Yes
 
b
Has the organization's right to such aid ever been revoked or suspended? . . . . . . . . . . . . . . . .
6b
 
No
If you answered "Yes" to either line 6a or line 6b, explain in Part II.
7
Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B. 587, as modified by Rev. Proc. 2019-22, 2019-22 I.R.B. 1260, covering racial nondiscrimination? If "No," explain in Part II. . . . . . . . . . . . . . . . . . . . . . . . . .
7
Yes
 
Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50085D
Schedule E (Form 990) (Rev. 1-2025)
Schedule E (Form 990) (Rev. 1-2025)
Page 2
Part II
Supplemental Information. Provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also provide
any other additional information. See instructions.
Return Reference Explanation
Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY Williams College has publicized its racially nondiscriminatory policy on its course catalog/BULLETIN AND ON THE COLLEGE'S WEBSITE AT WWW.WILLIAMS.EDU.
Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT STUDENTS AT WILLIAMS COLLEGE RECEIVE TITLE IV FEDERAL FINANCIAL AID. STUDENTS APPLY FOR AND RECEIVE FEDERAL FINANCIAL AID & PROFESSORS APPLY FOR AND RECEIVE GOVERNMENT GRANTS.
Schedule E (Form 990) (Rev. 1-2025)
Additional Data


Software ID: 24020961
Software Version: 2024v5.1
SCHEDULE F(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right arrow Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16.Right arrow Attach to Form 990.Right arrow Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of its grants and
other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used
to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.
3
Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees, agents, and independent contractors in the region (d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in the region		 (f) Total expenditures
for and investments
in the region
Europe (Including Iceland and Greenland) 1 1 Program Services Instruction 956,315
Europe (Including Iceland and Greenland) 1 1 Program Services Administrative Expenses 19,046
Europe (Including Iceland and Greenland) 1 1 Program Services Scholarships/Fellowships/Awards/Study Away 706,998
East Asia and the Pacific 0 0 Program Services Instruction 1,500
East Asia and the Pacific 0 0 Program Services Research 2,681
East Asia and the Pacific 0 0 Program Services Scholarships/Fellowships/Awards/Study Away 70,000
North America (Canada & Mexico only) 0 0 Program Services INSTRUCTION 1,300
South Asia 0 0 Program Services Instruction 3,500
Sub-Saharan Africa 0 0 Program Services Research 956
Central America and the Caribbean 0 0 Investments   2,067,468,489
Europe (Including Iceland and Greenland) 0 0 Investments   51,764,043
Sub-Saharan Africa 0 0 Investments   61,545,220
           
           
           
           
           
3a Sub-total .... 3 3 2,182,540,048
b Total from continuation sheets to Part I ... 0 0 0
c Totals (add lines 3a and 3b) 3 3 2,182,540,048
For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount
of noncash
assistance 		(h) Description
of noncash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2 Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......MediumBullet
 
3 Enter total number of other organizations or entities .......................MediumBullet
 
Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
noncash
assistance 		(g) Description
of noncash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
STUDY AWAY Europe (Including Iceland and Greenland) 50 1,599,063 CASH PAYMENT     FMV
FELLOWSHIPS East Asia and the Pacific 3 54,000 CASH PAYMENT     FMV
FELLOWSHIPS Europe (Including Iceland and Greenland) 1 35,000 CASH PAYMENT     FMV
HONORARIUM Europe (Including Iceland and Greenland) 13 11,175 CASH PAYMENT     FMV
PRIZES Europe (Including Iceland and Greenland) 1 8,000 CASH PAYMENT     FMV
STIPENDS Europe (Including Iceland and Greenland) 1 17,500 CASH PAYMENT     FMV
RESEARCH FEES East Asia and the Pacific 1 2,681 CASH PAYMENT     FMV
STIPENDS East Asia and the Pacific 1 17,500 CASH PAYMENT     FMV
HONORARIUM North America (Canada & Mexico only) 2 1,300 CASH PAYMENT     FMV
HONORARIUM South Asia 2 3,500 CASH PAYMENT     FMV
RESEARCH FEES Sub-Saharan Africa 1 956 CASH PAYMENT     FMV
               
               
               
               
               
               
               
Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule F (Form 990) (Rev. 1-2025)
Schedule F (Form 990) (Rev. 1-2025)
Page 5
Part V
Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.
ReturnReference Explanation
Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds FOR THE STUDENT TUITION PAYMENTS, WE REMIT FUNDS DIRECTLY TO THE INSTITUTIONS BASED ON INVOICES RECEIVED FROM THE INSTITUTIONS. FELLLOWSHIP PAYMENTS ARE AWARDED TO QUALIFYING RECIPIENTS IN ACCORDANCE WITH PROCEDURES ESTABLISHED BY THE AWARDING DEPARTMENT AND ARE REMITTED DIRECTLY TO THE RECIPIENT.
Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; SOUTH ASIA-Accrual; SUB-SAHARAN AFRICA-Accrual
Schedule F, Part III Method used to account for expenditures on org's financial statements EAST ASIA AND THE PACIFIC -Accrual EUROPE (INCLUDING ICELAND AND GREENLAND) -Accrual NORTH AMERICA (CANADA & MEXICO ONLY) -Accrual SOUTH ASIA -Accrual SUB-SAHARAN AFRICA -Accrual
Schedule F, Part V Total expenditures for and investments in the region ALL EXPENSES OF OUR PROGRAMS ARE RECORDED AS EXPENSES IN THE FINANCIAL STATEMENTS OF THE COLLEGE.
Schedule F, Part V Activities per Region THE REGION REPORTED IN COLUMN (A) FOR THE COLLEGE'S INVESTMENTS IS BASED ON THE LEGAL DOMICILE OF THE INVESTMENT FUND AS PROVIDED IN THE SCHEDULE F INSTRUCTIONS. THIS DOES NOT NECESSARILY INCLUDE THE REGION OF THE UNDERLYING INVESTMENTS OR THE REGION WHERE THE INVESTMENT ACTIVITY OCCURS.
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
Schedule F (Form 990) (Rev. 1-2025)
Additional Data


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Schedule I
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990.
lBullet Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public
Inspection
Name of the organization
Williams College
 
Employer identification number
04-2104847
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient
that received more than $5,000. Part II can be duplicated if additional space is needed.
(a) Name and address of organization
or government		 (b) EIN (c) IRC section
(if applicable)		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
noncash assistance		 (h) Purpose of grant
or assistance
(1) Berkshire Immigrant Center
141 North Street Suite 303
Pittsfield,MA01201 		86-2361326 501(C)(3) 8,000       PROGRAM SUPPORT
(2) Harmony Homestead & Wholeness Center Inc
101 West End Road
Hillsdale,NY12529 		82-2830803 501(C)(3) 8,000       PROGRAM SUPPORT
(3) Images Cinema
PO Box 33
Williamstown,MA01267 		04-3407257 501(C)(3) 26,100       PROGRAM SUPPORT
(4) Massachusetts MoCA Foundation Inc
1040 MASS MoCA WAY
North Adams,MA01247 		04-3113688 501(C)(3) 50,000       PROGRAM SUPPORT
(5) Mt Greylock Regional High School
1781 Cold Spring Rd
Williamstown,MA01267 		04-6006483 School District 190,000       PROGRAM SUPPORT
(6) Multicultural BRIDGE
17 Main Street - Suite B3
Lee,MA01238 		26-1211169 501(C)(3) 8,000       PROGRAM SUPPORT
(7) NAACP Berkshire County Branch
PO Box 605
Pittsfield,MA01202 		80-0873976 501(C)(4) 13,300       PROGRAM SUPPORT
(8) Northern Berkshire United Way Inc
PO Box 955
North Adams,MA01247 		04-2104785 501(C)(3) 7,363       PROGRAM SUPPORT
(9) Rites of Passage And Empowerment
PO BOX 1016
Pittsfield,MA01202 		87-4393361 501(C)(3) 8,000       PROGRAM SUPPORT
(10) Soul Fire Farm Institute Inc
1972 NY Highway 2
Petersburgh,NY12138 		47-2549969 501(C)(3) 8,000       PROGRAM SUPPORT
(11) Stockbridge-Munsee Community
PO Box 70 - Library/Museum
Bowler,WI54416 		39-1145449 TRIBE 8,000       PROGRAM SUPPORT
(12) Williamstown Community Chest
PO Box 204
Williamstown,MA01267 		04-6044550 501(C)(3) 32,564       PROGRAM SUPPORT
(13) Williamstown Fire District
PO Box 341
Williamstown,MA01267 		04-2931280 Fire District 1,033,233       PROGRAM SUPPORT
(14) Williamstown Youth Center
66 School Street
Williamstown,MA01267 		04-2105836 501(C)(3) 15,000       PROGRAM SUPPORT
(15) WilliNet Inc
34 Spring Street
Williamstown,MA01267 		04-3253056 501(C)(3) 10,625       PROGRAM SUPPORT
(16) Taconic Golf Club Inc
PO Box 183
Williamstown,MA01267 		04-1890810   108,886       PROGRAM SUPPORT
(17) THE BOSTON FOUNDATION
75 ARLINGTON STREET FL 3
BOSTON,MA02116 		04-2104021 501(C)(3) 146,116       PROGRAM SUPPORT
(18) CENTER FOR ECOTECHNOLOGY INC
PO BOX 275
DALTON,MA01226 		04-2611726 501(C)(3) 100,000       PROGRAM SUPPORT
2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image
15
3
Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image
3
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) Rev. 1-2025

Schedule I (Form 990) Rev. 1-2025
Page 2
Part III
Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Number of
recipients		 (c) Amount of
cash grant		 (d) Amount of
noncash assistance		 (e) Method of valuation (book,
FMV, appraisal, other)		 (f) Description of noncash assistance
(1) FINANCIAL AID - SCHOLARSHIPS TO STUDENTS 1225 76,324,302      
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Part IV
Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.
Return Reference Explanation
Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds FINANCIAL AID TO INDIVIDUALS IS AWARDED BY FINANCIAL AID PROFESSIONALS IN ACCORDANCE WITH THE COLLEGE POLICIES. GRANTS TO MOST OF THE ORGANIZATIONS IN PART II ARE TO SUPPORT LOCAL SERVICE ORGANIZATIONS IN THE SURROUNDING COMMUNITIES. WILLIAMS HAS CLOSE PROXIMITY TO THESE LOCAL SCHOOLS, COMMUNITY ORGANIZATIONS, AND 501(C)(3) ORGANIZATIONS IN ORDER TO MONITOR THE USE OF ITS FUNDS.
Schedule I (Form 990) Rev. 1-2025



Additional Data


Software ID: 24020961
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Schedule J
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic Attach to Form 990.
medium right arrow graphic Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? .............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ....................
5a
 
No
b
Any related organization? .......................
5b
 
No
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ..................
6a
 
No
b
Any related organization? ......................
6b
 
No
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
Yes
 
8
Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................
8
 
No
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) (Rev. 1-2025)

Schedule J (Form 990) (Rev. 1-2025)
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation in column (B) reported as deferred on prior Form 990
(i) Base
compensation 		(ii) Bonus & incentive
compensation 		(iii) Other reportable compensation
1MAUD MANDEL
PRESIDENT 		(i)

(ii)		 729,853
-------------
0 		75,000
-------------
0 		15,803
-------------
0 		138,965
-------------
0 		33,069
-------------
0 		992,690
-------------
0 		75,000
-------------
0
2COLLETTE CHILTON
FORMER CHIEF INVESTMENT Officer (Through June 30, 2023) 		(i)

(ii)		 13,153
-------------
0 		1,537,871
-------------
0 		86,812
-------------
0 		8,552
-------------
0 		0
-------------
0 		1,646,388
-------------
0 		1,000,000
-------------
0
3JAMES REISCHE
FORMER VP OF COMMUNICATIONS, SPECIAL ADVISOR TO THE PRESIDENT FOR EXECUTIVE COMMUNICATIONS 		(i)

(ii)		 205,334
-------------
0 		0
-------------
0 		11,500
-------------
0 		25,052
-------------
0 		33,144
-------------
0 		275,030
-------------
0 		0
-------------
0
4DAVID LOVE
FORMER PROVOST, PROF OF ECONOMICS 		(i)

(ii)		 210,298
-------------
0 		0
-------------
0 		946
-------------
0 		23,668
-------------
0 		32,950
-------------
0 		267,862
-------------
0 		0
-------------
0
5MARLENE SANDSTROM
FORMER DEAN OF COLLEGE, PROF OF PSYCH 		(i)

(ii)		 199,819
-------------
0 		0
-------------
0 		0
-------------
0 		22,396
-------------
0 		32,827
-------------
0 		255,042
-------------
0 		0
-------------
0
6DENISE BUELL
FORMER DEAN OF THE FACULTY, PROF OF RELIGION 		(i)

(ii)		 182,923
-------------
0 		0
-------------
0 		0
-------------
0 		20,838
-------------
0 		43,115
-------------
0 		246,876
-------------
0 		0
-------------
0
7ABIGAIL WATTLEY
CHIEF INVESTMENT Officer (Effective July 1, 2023) 		(i)

(ii)		 566,488
-------------
0 		0
-------------
0 		19,032
-------------
0 		38,965
-------------
0 		448
-------------
0 		624,933
-------------
0 		0
-------------
0
8MICHAEL WAGNER
VP FOR FINANCE & OPERATIONS, TREASURER 		(i)

(ii)		 509,821
-------------
0 		0
-------------
0 		69,985
-------------
0 		38,965
-------------
0 		40,077
-------------
0 		658,848
-------------
0 		0
-------------
0
9MEGAN MOREY
VP OF COLLEGE RELATIONS 		(i)

(ii)		 412,336
-------------
0 		10,000
-------------
0 		5,750
-------------
0 		38,965
-------------
0 		40,138
-------------
0 		507,189
-------------
0 		0
-------------
0
10EIKO SINIAWER
PROVOST 		(i)

(ii)		 286,825
-------------
0 		0
-------------
0 		23,488
-------------
0 		35,391
-------------
0 		25,011
-------------
0 		370,715
-------------
0 		0
-------------
0
11MARGARET LONG
DEAN OF THE COLLEGE 		(i)

(ii)		 296,317
-------------
0 		0
-------------
0 		12,185
-------------
0 		35,391
-------------
0 		44,875
-------------
0 		388,768
-------------
0 		0
-------------
0
12LARA SHORE-SHEPPARD
DEAN OF THE FACULTY 		(i)

(ii)		 271,514
-------------
0 		0
-------------
0 		23,000
-------------
0 		34,517
-------------
0 		40,138
-------------
0 		369,169
-------------
0 		0
-------------
0
13LETICIA SMITH-EVANS HAYNES
VP FOR INSTITUTIONAL DIVERSITY, EQUITY, AND INCLUSION 		(i)

(ii)		 264,976
-------------
0 		10,000
-------------
0 		0
-------------
0 		31,076
-------------
0 		39,999
-------------
0 		346,051
-------------
0 		0
-------------
0
14MEIKE KAAN
CHIEF COMMUNICATIONS OFFICER (EFFECTIVE JULY 1, 2024) 		(i)

(ii)		 205,391
-------------
0 		8,000
-------------
0 		0
-------------
0 		23,589
-------------
0 		37,191
-------------
0 		274,171
-------------
0 		0
-------------
0
15KELI GAIL
SECRETARY OF THE COLLEGE (THROUGH JULY 14, 2024) 		(i)

(ii)		 151,979
-------------
0 		0
-------------
0 		28,004
-------------
0 		17,973
-------------
0 		8,553
-------------
0 		206,509
-------------
0 		0
-------------
0
16PAUL MACE
MANAGING DIRECTOR/INVESTMENT OFFICE 		(i)

(ii)		 419,896
-------------
0 		212,500
-------------
0 		1,620
-------------
0 		118,653
-------------
0 		38,977
-------------
0 		791,646
-------------
0 		0
-------------
0
17JOHN LEWIS
DIRECTOR OF INVESTMENT OPERATIONS 		(i)

(ii)		 338,631
-------------
0 		103,500
-------------
0 		1,620
-------------
0 		59,138
-------------
0 		38,897
-------------
0 		541,786
-------------
0 		0
-------------
0
18BRADFORD WAKEMAN
MANAGING DIR / COO, INV OFFICE 		(i)

(ii)		 423,401
-------------
0 		0
-------------
0 		1,620
-------------
0 		38,965
-------------
0 		34,344
-------------
0 		498,330
-------------
0 		0
-------------
0
19JULIA BRODY
MANAGING DIRECTOR/INVESTMENT OFFICE 		(i)

(ii)		 325,903
-------------
0 		56,473
-------------
0 		0
-------------
0 		37,648
-------------
0 		336
-------------
0 		420,360
-------------
0 		0
-------------
0
20JAMES SHEPARD
PROFESSOR OF ENGLISH 		(i)

(ii)		 295,707
-------------
0 		0
-------------
0 		0
-------------
0 		16,224
-------------
0 		35,643
-------------
0 		347,574
-------------
0 		0
-------------
0
Schedule J (Form 990) (Rev. 1-2025)

Schedule J (Form 990) (Rev. 1-2025)
Page 3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference Explanation
Schedule J, Part I, Line 1a Housing allowance or residence for personal use THE PRESIDENT WAS REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF THEIR EMPLOYMENT AND FOR THE CONVENIENCE OF WILLIAMS. Pursuant to section 119, the housing is excludable from income and was not treated as taxable compensation. ONE LISTED OFFICER RECEIVED A TAXABLE HOUSING ALLOWANCE. THE VALUE OF THE ALLOWANCE IS IMPUTED AS INCOME AND REPORTED ON FORM W-2. THE VALUE OF THE ALLOWANCE IS INCLUDED IN PART II, COLUMN B(III).
Schedule J, Part I, Line 1a Health or social club dues or initiation fees WILLIAMS PAID DUES FOR A PRIVATE ALUMNI CLUB FOR THE PRESIDENT. THE AMOUNTS were paid for qualified business purposes and not REPORTED AS TAXABLE COMPENSATION
Schedule J, Part I, Line 1a Personal services THE PRESIDENT RECEIVED CERTAIN PERSONAL SERVICES PROVIDED AT THEIR HOUSE (LOCATED ON CAMPUS). SUCH SERVICES THAT WERE NOT BUSINESS RELATED WERE REPORTED AS TAXABLE COMPENSATION ON FORM W-2. THE VALUE OF THE SERVICES IS INCLUDED IN PART II, COLUMN B(III).
Schedule J, Part I, Line 7 Non-fixed payments For certain individuals listed, the college provided non-fixed payments in the form of discretionary performance bonuses. These bonuses were determined by the President as part of the annual compensation review process.
Schedule J, Part I LINE 4B AND LINE 7 MEMBERS OF THE INVESTMENT OFFICE STAFF ARE ELIGIBLE TO RECEIVE AN ANNUAL BONUS UP TO A CERTAIN PERCENTAGE OF THEIR BASE SALARY. THE BONUS IS DETERMINED BY THE PERFORMANCE OF THE INVESTMENT PORTFOLIO IN RELATION TO THE PERFORMANCE OF THE POLICY BENCHMARK. THE POLICY BENCHMARK IS ESTABLISHED BY THE INVESTMENT COMMITTEE OF THE BOARD OF TRUSTEES. THE BONUS IS PAID OUT OVER TIME, REQUIRES THE INDIVIDUAL TO REMAIN EMPLOYED IN ORDER TO BE ELIGIBLE TO RECEIVE PAYMENT, AND IS SUBJECT TO NEGATIVE EARNINGS PROVISIONS.
Schedule J (Form 990) (Rev. 1-2025)

Additional Data


Software ID: 24020961
Software Version: 2024v5.1

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Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public
Inspection
Name of the organization
Williams College
 
Employer identification number
04-2104847
Part Ⅰ
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer		 (i) Pool
financing
Yes No Yes No Yes No
A MASS HEALTH & EDU FACILITIES AUTHORITY - SERIES J&K
  		04-2456011 57586CPX7 04-03-2006 73,396,573 1996 & 2003 CURRENT REFUNDING   X   X   X
B MASS DEVELOPMENT FINANCE Agency - SERIES N&O
  		04-3431814 57583UAA6 03-24-2011 92,077,256 CONSTRUCTION AND 1993 & 2007 CURRENT REFUNDING   X   X   X
C MASS HEALTH & EDU FACILITIES AUTHORITY - H&I
  		04-2456011 57585KW79 04-02-2003 115,049,757 CONSTRUCTION AND 1993 CURRENT REFUNDING   X   X   X
D MASS DEVELOPMENT FINANCE AGENCY - SERIES Q&R
  		04-3431814 57584XTN1 07-14-2016 118,161,121 New construction and Refinance 2006 & 2007 debt   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES S
  		04-3431814 57584XS77 06-08-2017 60,495,031 CONSTRUCTION   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES T
  		04-3431814 57584YK24 03-11-2021 25,924,981 2011 CURRENT REFUNDING   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES U
  		04-3431814 000000000 04-04-2023 99,670,000 2013 CURRENT REFUNDING   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES V
  		04-3431814 57585BBN7 08-27-2024 125,925,800 Issued for capital expenditures financing.   X   X   X
Part Ⅱ
Proceeds
A B C D
1 Amount of bonds retired .................. 66,629,814 41,236,233 101,986,702 10,913,270
2 Amount of bonds legally defeased .............. 0     0
3 Total proceeds of issue .................. 73,396,573 92,077,256 115,049,757 118,161,121
4 Gross proceeds in reserve funds .............        
5 Capitalized interest from proceeds .............        
6 Proceeds in refunding escrows ...............        
7 Issuance costs from proceeds ............... 556,293 661,056 644,884 621,091
8 Credit enhancement from proceeds .............        
9 Working capital expenditures from proceeds .............        
10 Capital expenditures from proceeds ............. 60,000,000 50,166,200 100,699,405 70,000,000
11 Other spent proceeds ............. 72,840,280 41,250,000 13,705,468 47,540,030
12 Other unspent proceeds .............       90,588,980
13 Year of substantial completion ............. 2006 2013 2005 2018
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2020, a current refunding issue)? ........ 		X   X   X   X  
15 Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2020, an advance refunding issue)? ........ 		  X   X   X   X
16 Has the final allocation of proceeds been made? .......... X   X   X   X  
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? .................. X   X   X   X  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) (Rev. 1-2025)

Schedule K (Form 990) (Rev. 1-2025)
Page 2
Part Ⅲ
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............   X   X   X   X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............   X   X   X   X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............   X   X   X   X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?   X   X   X   X
c Are there any research agreements that may result in private business use of bond-financed property? .............   X   X   X   X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?   X   X   X   X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government .... 0 % 0 % 0 % 0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... 0 % 0 % 0 % 0 %
6 Total of lines 4 and 5 ............. 0 % 0 % 0 % 0 %
7 Does the bond issue meet the private security or payment test? ...   X   X   X   X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............   X   X   X   X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. .. 0 % 0 % 0 % 0 %
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............   X   X   X   X
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? ........ 		X   X   X   X  
Part Ⅳ
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...   X   X   X   X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......   X   X   X   X
b Exception to rebate? ........   X   X   X   X
c No rebate due? ......... X   X   X   X  
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate
computation was performed ......
3 Is the bond issue a variable rate issue? ..... X   X   X   X  
Schedule K (Form 990) (Rev. 1-2025)

Schedule K (Form 990) (Rev. 1-2025)
Page 3
Part Ⅳ
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue? X     X   X X  
b Name of provider .......... MORGAN STANLEY
  		 
  		 
  		Goldman Sachs
 
c Term of hedge ......... 2000 % 0 % 0 % 3000 %
d Was the hedge superintegrated? ......   X   X   X   X
e Was the hedge terminated? ........   X   X   X   X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X   X
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of GIC ......... 0 % 0 % 0 % 0 %
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........   X   X   X   X
6 Were any gross proceeds invested beyond an available temporary period?   X   X X     X
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X   X  
Part Ⅴ
Procedures To Undertake Corrective Action
A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X   X  
Part Ⅵ
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
Schedule K, Part IV, Line 2c COLUMN A Issuer name: MASS. HEALTH & EDU FACILITIES AUTHORITY - SERIES J&K The calculation for computing no rebate due was performed on 08/22/2016
Schedule K, Part IV, Line 2c COLUMN B Issuer name: MASS. DEVELOPMENT FINANCE Agency - SERIES N&O The calculation for computing no rebate due was performed on 08/12/2020
Schedule K, Part IV, Line 2c COLUMN C Issuer name: MASS. HEALTH & EDU FACILITIES AUTHORITY - H&I The calculation for computing no rebate due was performed on 03/22/2007
Schedule K, Part IV, Line 2c COLUMN D Issuer name: MASS. DEVELOPMENT FINANCE AGENCY - SERIES Q&R The calculation for computing no rebate due was performed on 09/20/2021
Schedule K, Part IV, Line 2c COLUMN A Issuer name: MASS. DEVELOPMENT FINANCE AGENCY SERIES S The calculation for computing no rebate due was performed on 09/17/2021
Schedule K (Form 990) (Rev. 1-2025)

Additional Data


Software ID: 24020961
Software Version: 2024v5.1


Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public
Inspection
Name of the organization
Williams College
 
Employer identification number
04-2104847
Part Ⅰ
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer		 (i) Pool
financing
Yes No Yes No Yes No
A MASS HEALTH & EDU FACILITIES AUTHORITY - SERIES J&K
  		04-2456011 57586CPX7 04-03-2006 73,396,573 1996 & 2003 CURRENT REFUNDING   X   X   X
B MASS DEVELOPMENT FINANCE Agency - SERIES N&O
  		04-3431814 57583UAA6 03-24-2011 92,077,256 CONSTRUCTION AND 1993 & 2007 CURRENT REFUNDING   X   X   X
C MASS HEALTH & EDU FACILITIES AUTHORITY - H&I
  		04-2456011 57585KW79 04-02-2003 115,049,757 CONSTRUCTION AND 1993 CURRENT REFUNDING   X   X   X
D MASS DEVELOPMENT FINANCE AGENCY - SERIES Q&R
  		04-3431814 57584XTN1 07-14-2016 118,161,121 New construction and Refinance 2006 & 2007 debt   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES S
  		04-3431814 57584XS77 06-08-2017 60,495,031 CONSTRUCTION   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES T
  		04-3431814 57584YK24 03-11-2021 25,924,981 2011 CURRENT REFUNDING   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES U
  		04-3431814 000000000 04-04-2023 99,670,000 2013 CURRENT REFUNDING   X   X   X
MASS DEVELOPMENT FINANCE AGENCY SERIES V
  		04-3431814 57585BBN7 08-27-2024 125,925,800 Issued for capital expenditures financing.   X   X   X
Part Ⅱ
Proceeds
A B C D
1 Amount of bonds retired .................. 66,629,814 41,236,233 101,986,702 10,913,270
2 Amount of bonds legally defeased .............. 0     0
3 Total proceeds of issue .................. 73,396,573 92,077,256 115,049,757 118,161,121
4 Gross proceeds in reserve funds .............        
5 Capitalized interest from proceeds .............        
6 Proceeds in refunding escrows ...............        
7 Issuance costs from proceeds ............... 556,293 661,056 644,884 621,091
8 Credit enhancement from proceeds .............        
9 Working capital expenditures from proceeds .............        
10 Capital expenditures from proceeds ............. 60,000,000 50,166,200 100,699,405 70,000,000
11 Other spent proceeds ............. 72,840,280 41,250,000 13,705,468 47,540,030
12 Other unspent proceeds .............       90,588,980
13 Year of substantial completion ............. 2006 2013 2005 2018
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2020, a current refunding issue)? ........ 		X   X   X   X  
15 Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2020, an advance refunding issue)? ........ 		  X   X   X   X
16 Has the final allocation of proceeds been made? .......... X   X   X   X  
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? .................. X   X   X   X  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) (Rev. 1-2025)

Schedule K (Form 990) (Rev. 1-2025)
Page 2
Part Ⅲ
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............   X   X   X   X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............   X   X   X   X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............   X   X   X   X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?   X   X   X   X
c Are there any research agreements that may result in private business use of bond-financed property? .............   X   X   X   X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?   X   X   X   X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government .... 0 % 0 % 0 % 0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... 0 % 0 % 0 % 0 %
6 Total of lines 4 and 5 ............. 0 % 0 % 0 % 0 %
7 Does the bond issue meet the private security or payment test? ...   X   X   X   X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............   X   X   X   X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. .. 0 % 0 % 0 % 0 %
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............   X   X   X   X
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? ........ 		X   X   X   X  
Part Ⅳ
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...   X   X   X   X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......   X   X   X   X
b Exception to rebate? ........   X   X   X   X
c No rebate due? ......... X   X   X   X  
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate
computation was performed ......
3 Is the bond issue a variable rate issue? ..... X   X   X   X  
Schedule K (Form 990) (Rev. 1-2025)

Schedule K (Form 990) (Rev. 1-2025)
Page 3
Part Ⅳ
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue? X     X   X X  
b Name of provider .......... MORGAN STANLEY
  		 
  		 
  		Goldman Sachs
 
c Term of hedge ......... 2000 % 0 % 0 % 3000 %
d Was the hedge superintegrated? ......   X   X   X   X
e Was the hedge terminated? ........   X   X   X   X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X   X
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of GIC ......... 0 % 0 % 0 % 0 %
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........   X   X   X   X
6 Were any gross proceeds invested beyond an available temporary period?   X   X X     X
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X   X  
Part Ⅴ
Procedures To Undertake Corrective Action
A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X   X  
Part Ⅵ
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
Schedule K, Part IV, Line 2c COLUMN A Issuer name: MASS. HEALTH & EDU FACILITIES AUTHORITY - SERIES J&K The calculation for computing no rebate due was performed on 08/22/2016
Schedule K, Part IV, Line 2c COLUMN B Issuer name: MASS. DEVELOPMENT FINANCE Agency - SERIES N&O The calculation for computing no rebate due was performed on 08/12/2020
Schedule K, Part IV, Line 2c COLUMN C Issuer name: MASS. HEALTH & EDU FACILITIES AUTHORITY - H&I The calculation for computing no rebate due was performed on 03/22/2007
Schedule K, Part IV, Line 2c COLUMN D Issuer name: MASS. DEVELOPMENT FINANCE AGENCY - SERIES Q&R The calculation for computing no rebate due was performed on 09/20/2021
Schedule K, Part IV, Line 2c COLUMN A Issuer name: MASS. DEVELOPMENT FINANCE AGENCY SERIES S The calculation for computing no rebate due was performed on 09/17/2021
Schedule K (Form 990) (Rev. 1-2025)

Additional Data


Software ID: 24020961
Software Version: 2024v5.1

Schedule L
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b.
Attach to Form 990 or Form 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and section 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Relationship between disqualified person and organization (c) Description of transaction (d) Corrected?
Yes No
2
Enter the amount of tax incurred by the organization managers or disqualified persons during the year under section 4958. ........................... $
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ........ $
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22
(a) Name of interested person (b) Relationship with organization (c) Purpose of loan (d) Loan to or from the organization? (e) Original principal amount (f) Balance due (g) In default? (h) Approved by board or committee? (i) Written agreement?
To From Yes No Yes No Yes No
(1) David Love
  		Former Provost MORTGAGE ON PRIMARY Residence   X 100,000 47,828   No   No Yes  
(2) Eiko Siniawer
  		Provost MORTGAGE ON PRIMARY Residence   X 100,000 43,914   No   No Yes  
(3) Margaret Long
  		Dean of The College Mortgage on Primary Residence   X 100,000 30,478   No   No Yes  
(4) Michael Wagner
  		VP for Finance Operations, Treasurer MORTGAGE Primary Residence   X 100,000 99,568   No   No Yes  
Total ............... $ 221,788
Part III
Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of assistance (d) Type of assistance (e) Purpose of assistance
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990) (Rev. 1-2025)
Schedule L (Form 990) (Rev. 1-2025)
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) ANTHONY SHEPPARD
  		Spouse of Lara Shore-Sheppard, Dean of Faculty 247,218 EMPLOYMENT AGREEMENT   No
(2) STEVEN SIMON
  		Spouse of Maud Mandel, President 38,595 EMPLOYMENT AGREEMENT   No
(3) NOAH SANDSTROM
  		SPOUSE OF MARLENE SANDSTROM, FORMER OFFICER 224,587 EMPLOYMENT AGREEMENT   No
Part V
Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).
Return Reference Explanation
Schedule L, Part II Column (h) ELIGIBLE EMPLOYEES, INCLUDING LISTED PERSONS, ENTER INTO MORTGAGE AGREEMENTS IN ACCORDANCE WITH POLICIES AND PROCEDURES AS OUTLINED IN FACULTY AND STAFF HANDBOOKS WHICH HAVE BEEN APPROVED BY APPLICABLE GOVERNING COMMITTEES. EACH MORTGAGE IS REVIEWED AND APPROVED BY THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION & TREASURER TO ENSURE COMPLIANCE AND CONSISTENCY WITH THE POLICY. THE PROVOST REVIEWED AND APPROVED THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION & TREASURER'S MORTGAGE.
Schedule L (Form 990) (Rev. 1-2025)


Additional Data


Software ID: 24020961
Software Version: 2024v5.1




SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
Noncash Contributions
Right pointing arrow large image Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
Right pointing arrow large image Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2024
Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of contributions or items contributed 		(c)
Noncash contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
noncash contribution amounts
1 Art—Works of art ....   6 3,689,920 Opinions of experts
2 Art—Historical treasures .        
3 Art—Fractional interests ..        
4 Books and publications ..      
5 Clothing and household
goods ....... 		     
6 Cars and other vehicles ..        
7 Boats and planes ....        
8 Intellectual property ...        
9 Securities—Publicly traded .   302 12,643,939 Market value
10 Securities—Closely held stock .        
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..        
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential .        
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles .....        
19 Food inventory ...        
20 Drugs and medical supplies .        
21 Taxidermy ......        
22 Historical artifacts ....        
23 Scientific specimens ..        
24 Archeological artifacts ...        
25 Other Right pointing arrow large image ( Laboratory equipment, telescopes, dinners, host reimbursements ) X 4 32,867 Opinions of experts
26 Other Right pointing arrow large image ( )
27 Other Right pointing arrow large image ( )
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement
29
5
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?
31
Yes
 
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? ..........................
32a
Yes
 
b
If "Yes," describe in Part II.
33
If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) (2024)
Schedule M (Form 990) (2024)
Page 2
Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.
Return Reference Explanation
Schedule M, Part I EXPLANATIONS OF REPORTING METHOD FOR NUMBER OF CONTRIBUTIONS IN COLUMN B, THE COLLEGE IS GENERALLY REPORTING THE NUMBER OF CONTRIBUTIONS. FOR WORKS OF ART, THE COLLEGE IS REPORTING THE NUMBER OF Donors.
Schedule M, Part I, Line 32b Third parties used to solicit, process, or sell noncash contributions WILLIAMS COLLEGE GENERALLY USES A BROKER/AGENT TO FACILITATE THE SALE OF REAL PROPERTY.
Schedule M (Form 990) (2024)

Additional Data


Software ID: 24020961
Software Version: 2024v5.1
SCHEDULE O
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
 Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
Open to Public
Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Return Reference Explanation
Form 990, Part III, Line 1 ORGANIZATION'S MISSION WILLIAMS SEEKS TO PROVIDE THE FINEST POSSIBLE LIBERAL ARTS EDUCATION BY NURTURING IN ITS STUDENTS THE ACADEMIC AND CIVIC VIRTUES AND THEIR RELATED TRAITS OF CHARACTER. AS BOTH AN EDUCATIONAL AND SOCIAL IMPERATIVE, WILLIAMS WELCOMES TALENTED STUDENTS IRRESPECTIVE OF THEIR FINANCIAL RESOURCES. ONCE ENROLLED, THEY LEARN - BOTH INSIDE AND OUTSIDE THE CLASSROOM - THAT THE PRIVILEGE OF A WILLIAMS EDUCATION IMPLIES BOTH THE OPPORTUNITY AND RESPONSIBILITY TO SERVE SOCIETY AT LARGE. THE COLLEGE STRIVES TO ACHIEVE SUCH EXCELLENCE BY FOSTERING A COMMUNITY OF LEARNING THAT COMPRISES STUDENTS, FACULTY AND STAFF, IN PARTNERSHIP WITH NETWORKS OF DEEPLY DEVOTED ALUMNI AND PARENTS.
Form 990, Part VI, Line 1a Delegate broad authority to a committee WILLIAMS COLLEGE'S GOVERNING BODY AND GOVERNING DOCUMENTS DELEGATE AUTHORITY ON A LIMITED SCOPE TO AN EXECUTIVE COMMITTEE CONSISTING OF THE BOARD CHAIR, THE PRESIDENT OF THE COLLEGE, AND 5-7 OTHER BOARD MEMBERS SELECTED ANNUALLY BY THE CHAIR AND PRESIDENT ACTING JOINTLY.
Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Matthew Harris and Gretchen Howard - Business relationship
Form 990, Part VI, Line 11b Review of form 990 by governing body WORKING WITH CROWE LLP, THE FORM 990 IS PREPARED FOR REVIEW BY SENIOR MANAGEMENT AND THE AUDIT COMMITTEE. CROWE LLP SIGNS THE RETURN AS PAID PREPARER. The final Form 990 is provided to the full board in advance of filing with the IRS.
Form 990, Part VI, Line 12c Conflict of interest policy TRUSTEES, OFFICERS, AND SENIOR STAFF ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE ANNUALLY. THE DISCLOSURE FORMS ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE. TRUSTEES OR OFFICERS HAVING A CONFLICT OF INTEREST ON ANY MATTER THAT COMES BEFORE THE BOARD, OR ANY COMMITTEE OF THE BOARD, FOR ACTION RECUSE THEMSELVES FROM PARTICIPATING IN THE DECISION. EMPLOYEES ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM ANNUALLY. DISCLOSURES ARE REVIEWED BY DEPARTMENT HEADS AND SENIOR STAFF. ANY EMPLOYEE WITH A CONFLICT OF INTEREST WOULD BE PRECLUDED FROM INVOLVEMENT IN DECISION MAKING OR FINANCIAL DEALINGS WITH THE ENTITY OR RELATIONSHIP GIVING RISE TO THE CONFLICT. TRUSTEES, OFFICERS, AND EMPLOYEES ARE REQUIRED TO REPORT ANY MID-YEAR CHANGES TO THE PRESIDENT'S OFFICE AND THEIR SUPERVISOR RESPECTIVELY
Form 990, Part VI, Line 15a Process to establish compensation of top management official Williams College assigns the duty of setting the President's compensation to the Executive Committee of the Board of Trustees that annually reviews compensation. The Executive Committee considers compensation surveys, market data, and analysis. The deliberations and decisions are documented. This process took place on May 2, 2025.
Form 990, Part VI, Line 15b Process to establish compensation of other employees The compensation of the organization's other officers and key employees is determined by the President, and/or by a standing committee of the Board of Trustees. Each year, the Chief Human Resources Officer provides the President with a multi-year summary of compensation benchmarking data for senior staff members. The benchmarking data comprises salary survey data aggregated by the College and University Professional Association of Human Resources, as well as an independent survey administered by Mercer. The President consults with the Executive Committee of the board, and the deliberations and decisions are documented. The Executive Committee (constituted as the Compensation Committee) met on May 2, 2025.
Form 990, Part VI, Line 18 How forms are made available to the public THE FORM 990 IS AVAILABLE UPON REQUEST, ON THE COLLEGE WEBSITE, AND ON GUIDESTAR.ORG. THE FORM 990-t IS AVAILABLE UPON REQUEST.
Form 990, Part VI, Line 19 Required documents available to the public WILLIAMS COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE POSTED ON THE COLLEGE WEBSITE.
Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN SPLIT INTEREST AGREEMENTS - 672729; CHANGE IN PRESENT VALUE OF TRUSTS - 5446313; DEFERRED EXCISE TAX - -5625312; UNREALIZED GAIN/LOSS ON INTEREST RATE SWAPS - -1014579; ADJUSTMENT FOR POST-EMPLOYMENT LIABILITIES - -1570423; Total - -2091272;
Schedule F, Part I, Line 3(a) ACTIVITIES PER REGION THE REGION REPORTED IN COLUMN (A) FOR THE COLLEGE'S INVESTMENTS IS BASED ON THE LEGAL DOMICILE OF THE INVESTMENT FUND AS PROVIDED IN THE SCHEDULE F INSTRUCTIONS. THIS DOES NOT NECESSARILY INCLUDE THE REGION OF THE UNDERLYING INVESTMENTS OR THE REGION WHERE THE INVESTMENT ACTIVITY OCCURS.
Schedule F, Part I, Line 3(f) EXPENDITURES FOR AND INVESTMENTS IN THE REGION ALL EXPENSES OF OUR PROGRAMS ARE RECORDED AS EXPENSES IN THE FINANCIAL STATEMENTS OF THE COLLEGE.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) (Rev. 1-2025)


Additional Data


Software ID: 24020961
Software Version: 2024v5.1
SCHEDULE R
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047
Open to Public Inspection
Name of the organization
Williams College
 
Employer identification number

04-2104847
Part I
Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a)
Name, address, and EIN (if applicable) of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income


 		(e)
End-of-year assets


 		(f)
Direct controlling
entity
(1) WILLIAMS INN LLC
880 MAIN STREET
WILLIAMSTOWN,MA01267
46-5431139 		HOTEL MA 7,762,610 3,089,619 WILLIAMS COLLEGE
 










Part II
Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section


 		(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled entity?
Yes No
(1)STERLING & FRANCINE CLARK ART INSTITUTE
225 SOUTH STREET

WILLIAMSTOWN,MA01267
04-2163004 		ART MUSEUM MA 501(c)(3) Type I WILLIAMS COLLEGE
 
Yes
 
(2)ASSOCIATED KYOTO PROGRAM INC
COLLEGE HALL RM 204

NORTHAMPTON,MA01063
04-2996114 		EDUCATION MA 501(c)(3) Type I NA
 
 
No
(3)WILLIAMS COLLEGE LAND FOUNDATION
880 MAIN STREET

WILLIAMSTOWN,MA01267
04-3158500 		RE HOLDING MA 501(c)(2)   WILLIAMS COLLEGE
 
Yes
 
(4)WILLIAMS COLLEGE OXFORD PROGRAMME
145 BANBURY ROAD
OXFORD   0X27AN
UK
EDUCATION UK 501(c)(3)   WILLIAMS COLLEGE
 
Yes
 
(5)WILLIAMS COLLEGE FOUNDATION (UK) LIMITED
99 DURLSTON ROAD
LONDON   E58RP
UK
EDUCATION UK 501(c)(3)   WILLIAMS COLLEGE
 
Yes
 




For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V-UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No












Part IV
Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a)
Name, address, and EIN of
related organization
 		(b)
Primary activity
 		(c)
Legal
domicile
(state or foreign
country)
 		(d)
Direct controlling
entity
 		(e)
Type of entity
(C corp, S corp,
or trust) 		(f)
Share of total income
 		(g)
Share of end-of-year
assets
 		(h)
Percentage
ownership
 		(i)
Section 512(b)(13) controlled entity?
Yes No
(1) POOLED INCOME FUNDS (3)

880 Main street
Williamstown,MA01267
 FUNDRAISING MA WILLIAMS COLLEGE
  		Trust       Yes  
(2) PERPETUAL TRUSTS (5)

880 Main street
Williamstown,MA01267
 FUNDRAISING MA WILLIAMS COLLEGE
  		Trust       Yes  
(3) CHAR REM TRUSTS (26) SEE PART VII

880 Main street
Williamstown,MA01267
 FUNDRAISING   WILLIAMS COLLEGE
  		Trust       Yes  
(4) BERMAN INC

TREASURERS OFFICE HOPKINS HALLS
WILLIAMSTOWN,MA01267
 Art UT WILLIAMS COLLEGE
  		C Corporation   315,500 100 % Yes  
(5) OUTSIDE CHAR REM TRSTS (43)

 
 
FUNDRAISING    
Trust       Yes  
(6) WILLIAMS RENEWABLES LLC

880 MAIN STREET
WILLIAMSTOWN,MA01267
81-2875267 		RENEWABLE ENERGY MA WILLIAMS COLLEGE
  		C Corporation     100 % Yes  


Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 3
Part V
Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................
1a
 
No
b Gift, grant, or capital contribution to related organization(s) ............................
1b
 
No
c Gift, grant, or capital contribution from related organization(s) ............................
1c
Yes
 
d Loans or loan guarantees to or for related organization(s) ............................
1d
 
No
e Loans or loan guarantees by related organization(s) ............................
1e
 
No
f Dividends from related organization(s) ............................
1f
 
No
g Sale of assets to related organization(s) ............................
1g
 
No
h Purchase of assets from related organization(s) ............................
1h
 
No
i Exchange of assets with related organization(s) ............................
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) .......................
1j
 
No
k Lease of facilities, equipment, or other assets from related organization(s) ......................
1k
 
No
l Performance of services or membership or fundraising solicitations for related organization(s) .....................
1l
 
No
m Performance of services or membership or fundraising solicitations by related organization(s) .................
1m
 
No
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................
1n
 
No
o Sharing of paid employees with related organization(s) ............................
1o
 
No
p Reimbursement paid to related organization(s) for expenses ............................
1p
Yes
 
q Reimbursement paid by related organization(s) for expenses ............................
1q
 
No
r Other transfer of cash or property to related organization(s) ............................
1r
Yes
 
s Other transfer of cash or property from related organization(s) ............................
1s
Yes
 
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of related organization 		(b)
Transaction
type (a-s) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) PERPETUAL TRUSTS

 C 779,977 CASH
(2) WILLIAMS COLLEGE OXFORD PROGRAMME

 P 1,820,261 CASH
(3) STERLING AND FRANCINE CLARK ART INSTITUTE

 R 13,000,000 CASH
(4) WILLIAMS COLLEGE FOUNDATION (UK) LIMITED

 S 50,537 CASH


Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(e)
Are all partners
section
501(c)(3)
organizations? 		(f)
Share of total income




 		(g)
Share of
end-of-year
assets 		(h)
Disproprtionate allocations? 		(i)
Code V-UBI
amount in box 20
of Schedule K-1
(Form 1065) 		(j)
General or
managing
partner? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) (Rev. 1-2025)
Schedule R (Form 990) (Rev. 1-2025)
Page 5
Part VII
Supplemental Information
Provide additional information for responses to questions on Schedule R. See instructions.
Return Reference Explanation
Schedule R, Part IV, Column (c) CHARITABLE REMAINDER TRUSTS THE CHARITABLE REMAINDER TRUSTS DISCLOSED IN PART IV, LINE (3) ARE LEGALLY DOMICILED IN CA, IL, MA, AND NY.
Schedule R, Part IV, Column (c) OUTSIDE MANAGED CHARITABLE REMAINDER TRUSTS THE OUTSIDE MANAGED CHARITABLE REMAINDER TRUSTS DISCLOSED IN PART IV, LINE (5) ARE LEGALLY DOMICILED IN MA AND NY.
Schedule R, Part V, Line 2 STERLING AND FRANCINE CLARK ART INSTITUTE IN FEBRUARY OF 2017, THE COLLEGE AND THE STERLING AND FRANCINE CLARK INSTITUTE ENTERED INTO A PARTICIPATION AGREEMENT WHEREIN THE CLARK INSTITUTE TRANSFERED SUBSTANTIALLY ALL OF ITS ENDOWMENT OVER A THREE-YEAR PERIOD TO THE COLLEGE TO INVEST IN THE COLLEGE'S INVESTMENT POOL. THE COLLEGE MANAGES THE INVESTMENTS ON THE CLARK INSTITUTE'S BEHALF. THE FUNDS ARE INVESTED IN ACCORDANCE WITH THE COLLEGE'S INVESTMENT POLICIES AND OBJECTIVES. IN FY25, THE CLARK INSTITUTE WITHDREW $13,000,000.
Schedule R (Form 990) (Rev. 1-2025)

Additional Data


Software ID: 24020961
Software Version: 2024v5.1