All salaries and any annual increments to them are established and voted by the Board of Trustees, usually at their April meeting, upon the recommendation of the President, in consultation with the Dean of the Faculty and the Treasurer. 1. Payroll. The fiscal year of Amherst College runs from July 1 to June 30th. Annual faculty salaries are for nine months' work but are paid in twelve equal installments on the last day of each month, July 31st through June 30th, inclusive.