Bates College Direct Program Spend Reaches $98,176 Per Student—$40,159 Above Net Student Revenue—as Realized Investment Gains Double to $68M and Lift Endowment to $485M
By Data Team | Published November 10, 2026
Bates College spent $98,176 per student on direct academic, residential, and student aid program services in fiscal year 2025 ($171.81 million across 1,750 students)—exceeding average net student tuition, room, and board collections of $58,017 per student by $40,159—while total institutional spending across all administrative and fundraising functions reached $113,044 per student ($197.83 million), according to its latest IRS filing. A 111.7% surge in realized investment income to $68.00 million propelled total revenue up 25.6% to $242.16 million, lifting total assets to $918.38 million and expanding the college’s endowment 8.6% to $485.31 million. The endowment’s $21.76 million annual payout covered 11.0% of Bates’ $197.83 million Form 990 operating budget (14.7% of its $148.25 million audited GAAP expense base).
Unlike major research universities that rely on clinical hospital networks and federal laboratory contracts, Bates operates as an undergraduate liberal arts institution where student charges and endowment returns anchor campus economics. Gross comprehensive fees—combining tuition, room, board, and mandatory fees—totaled $148.17 million ($84,670 per student), or 61.2% of total revenue. However, Bates returned $46.64 million (31.5% of gross student revenue) directly to students as need-based grant aid, reducing net student revenue to $101.53 million ($58,017 per student) and requiring endowment distributions, annual gifts ($20.25 million), and investment gains to fund 40.9% of direct program costs.
This financial model supports broad financial aid access across Bates’ 1,750-student campus. In FY25, Bates awarded $43.54 million in domestic student grants (supporting 700 domestic recipients on Schedule I, or 40.0% of enrollment) alongside $3.11 million in need-based grants to 187 international students on Schedule F (10.7% of enrollment). Combined, 887 aided students—50.7% of the student body—received an average need-based grant of $52,584.
Institutional & Governance Profile
Operating under its legal corporate title, President and Trustees of Bates College (EIN 01-0211781), Bates is a private, nonsectarian residential liberal arts college domiciled in Lewiston, Maine. Founded in 1855 by Maine abolitionists as the first coeducational college in New England, Bates focuses exclusively on undergraduate education in the liberal arts, sciences, and interdisciplinary fields.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1855 in Lewiston, Maine, Bates issued 2,349 Form W-2 wage statements in calendar year 2024 (including faculty, administrative staff, and student employees), filed 1,997 Form 1096 vendor returns, and engaged 2,823 alumni and community volunteers.
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Academic & Student Footprint: Bates enrolls approximately 1,750 undergraduate students supported by a 9:1 student-faculty ratio and roughly 120 student-run organizations. Academic operations center on mandatory senior thesis or capstone research, a five-week spring Short Term, the Purposeful Work career initiative (with nearly 80% internship participation), and global education (with two-thirds of students studying abroad).
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Executive Leadership: President Garry W. Jenkins leads the college alongside Vice President for Finance and Administration and Treasurer Geoffrey Swift, Vice President for Academic Affairs and Dean of the Faculty Malcolm Hill, Vice President for College Advancement Eric Foushee, and Dean of Admission and Financial Aid Leigh Weisenburger.
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Governing Board (Schedule O): The Board of Trustees consists of 33 voting members, 32 of whom are independent (all except President Jenkins), chaired by Gregory A. Ehret with Vice Chair Jean P. Wilson. An Executive Committee acts between full board sessions, while the Audit and Legal Affairs Committee oversees annual conflict-of-interest questionnaires and reviews the Form 990 prior to distribution to all trustees.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Bates recorded $253.49 million in gross receipts and $242.16 million in net Form 990 revenue. Total assets rose 3.5% to $918.38 million while total liabilities declined 3.8% to $195.55 million, driving a 5.7% expansion in total net assets to $722.83 million. Donor-restricted funds represent 69.9% ($505.48 million) of the college's net asset base.
Balance Sheet Strength
- Total Assets $918,377,605 (+3.5%)
- Total Liabilities $195,547,432 (-3.8%)
- Total Net Assets $722,830,173 (+5.7%)
- Donor-Restricted Net Assets $505,475,952 (69.9% of Total Net Assets)
- Unrestricted Net Assets $217,354,221 (30.1% of Total Net Assets)
Operating Performance
- Total Revenue $242,157,257 (+25.6%)
- Total Expenses $197,827,483 (+4.4%)
- Operating Surplus $44,329,774 (+1,227.6%)
- Unrealized Losses (Excluded) -$5,585,171
Note: The $44.33 million Form 990 operating surplus reflects realized investment gains of $62.44 million recognized during portfolio rebalancing; deducting $5.59 million in net unrealized investment losses (Part XI, Line 5) accounts for the exact $38.74 million net asset increase from $684.09 million to $722.83 million.
Revenue Breakdown
Three of Bates' four revenue categories expanded sharply in FY25. Program service revenue rose 4.0% to $154.13 million, anchored by $148.17 million in comprehensive student tuition, room, and board fees. Realized investment income more than doubled (+111.7%) to $68.00 million on the strength of $62.44 million in net realized partnership and asset gains. Contributions and grants jumped 59.3% to $20.25 million, aided by $18.37 million in private gifts, $1.87 million in government grants, and $1.48 million in matured charitable remainder and pooled income trust distributions reported on Schedule R. Other revenue registered a net deficit of -$227,250 (-32.7% YoY) due to operating expenses on local rental real estate.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +4.0% YoY$154,132,972 (63.6%)
- Student Tuition and Fees (Comprehensive Tuition, Room & Board) $148,171,898
- Other Educational Programs & Events $4,515,718
- Auxiliary Enterprises & Services $1,445,356
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Investment Income +111.7% YoY$67,999,907 (28.1%)
- Realized Net Capital Gains ($62.77M Alternative Partnership Gains less -$326.6K Public Loss) $62,441,713
- Dividends, Interest & Other Investment Income $5,558,194
- Tax-Exempt Bond Proceeds Income $0
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Contributions & Grants +59.3% YoY$20,251,628 (8.4%)
- Private Philanthropy, Bequests & Fundraising Events ($9,025) $18,377,618
- Government Grants (Federal Research, Energy & Student Aid Support) $1,874,010
- Noncash Gifts Included Above (120 Public Stock Gifts, Household Goods & 29 Art Works) $1,641,222
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Other Revenue -32.7% YoY-$227,250 (-0.1%)
- Net Rental Loss ($643,521 Gross Real Estate Rents less $875,889 Property Expenses) -$232,368
- Net Income from Athletic Golf Outing Fundraising Events ($38,650 Gross less $33,532 Expenses) $5,118
Endowment Performance and Asset Allocation
Bates' endowment rose 8.6% in FY25 to $485,312,039 ($277,321 per student), driven by $49.77 million in net investment earnings (+71.6% YoY, representing an 11.1% return on the $446.80 million opening balance) and $10.50 million in new endowment gifts. Across its broader balance sheet, Bates holds $576.29 million in total investment securities (plus $15.64 million in cash and temporary cash investments, totaling $591.93 million in cash and investments). Alternative and commingled assets reported on Schedule D, Part VII account for $367.61 million (63.8% of total securities), led by venture capital and private equity partnerships ($129.06 million) and hedge funds ($111.50 million).
To implement its global multi-asset strategy—advised by San Francisco-based outsourced investment manager Hall Capital Partners LLC ($1.39 million in Schedule B contractor compensation out of $3.84 million in total investment management fees)—Bates holds $103.14 million in foreign-domiciled investment vehicles on Schedule F ($95.13 million in Central America and the Caribbean, $5.38 million in North America outside the U.S., and $2.63 million in Europe). Alternative partnership holdings generated $1,049,966 in gross unrelated business revenue ($958,479 net taxable income on Form 990-T). Because Bates' $277,321 per-student endowment remains below the $500,000 federal threshold, the college is exempt from the IRC Section 4968 endowment excise tax (Part V, Line 16).
Portfolio Performance & Asset Allocation ($576.29M Total Investment Securities / $485.31M Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $485,312,039 (+8.6% YoY), representing $277,321 per enrolled student across 1,750 students.
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Net Investment Gains: $49,765,299 in endowment investment earnings (+71.6% YoY from $28.99M in FY24).
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Alternative & Offshore Capital: 63.8% ($367.61M) of Bates' $576.29M securities portfolio sits in Schedule D alternative partnerships and commingled funds, including $95.13M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $21,758,976 ($12.96M to academic programs and facilities; $8.80M to student financial aid), funding 11.0% of Form 990 total expenses (and 14.7% of audited GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Investment Securities)
5-Year Endowment History
Schedule D, Part V tracks the five-year trajectory of Bates' endowment from an opening balance of $341.59 million in FY21 to $485.31 million at the end of FY25 (+42.1% cumulative growth). Over this five-year cycle, the endowment captured $71.72 million in donor contributions and $166.86 million in net investment gains—weathering a -$48.21 million market contraction in FY22 after a $122.43 million surge in FY21—while distributing $94.86 million to campus operations ($42.22 million for student scholarships and $52.64 million for academic programs and facilities). At year-end FY25, the endowment consisted of 58.99% permanent endowment, 30.81% term endowment, and 10.20% board-designated quasi-endowment (89.80% restricted by donor stipulation).
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in millions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in millions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $446,804,807 | $428,495,127 | $418,543,930 | $466,016,288 | $341,587,046 |
| 1b. Contributions | $10,500,909 | $9,905,210 | $15,947,601 | $17,492,862 | $17,873,140 |
| 1c. Net investment earnings | $49,765,299 | $28,994,426 | $13,887,708 | ($48,210,850) | $122,426,350 |
| 1d. Grants or scholarships | ($8,801,237) | ($8,714,411) | ($8,562,676) | ($7,218,240) | ($8,925,403) |
| 1e. Other expenditures | ($12,957,739) | ($11,875,545) | ($11,321,436) | ($9,536,130) | ($6,944,845) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $485,312,039 | $446,804,807 | $428,495,127 | $418,543,930 | $466,016,288 |
Per-Student Spending and True Cost
Under standard higher education Form 990 methodology, direct program service expenditure measures the true annual cost of educating a student. On Form 990 Part III (Line 4a) and Part IX (Column B), Bates reports $171,808,088 in direct program service expenses across its 1,750 undergraduate students. This equates to $98,176 per student in direct program service spending ($71,517 net per student when excluding $46.65 million in grants). When adding institutional management and general overhead ($20,156,257, or 10.2% of total expenses) and fundraising operations ($5,863,138, or 3.0%), overall institutional spending reaches $197,827,483, or $113,044 per student.
Student tuition and fee revenue covers only a fraction of these outlays. Bates' gross student tuition, room, and board revenue of $148,171,898 ($84,670 per student) falls $13,506 short of direct program spending per student even before accounting for financial aid. After deducting $46,642,325 in need-based scholarship grants, net student revenue drops to $101,529,573, or $58,017 per student—covering 59.1% of direct program service expenses and leaving a $40,159 per-student structural subsidy ($55,027 per student against total institutional expenses) bridged by endowment payouts and philanthropy.
Operations vs. Revenue
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Regular Session Program Spend (Part III, Line 4a & Part IX, Col. B): $171,808,088 across 1,750 students ($98,176 gross direct program spend per student; $71,517 net excluding $46.65M in grants), representing 86.8% of total institutional expenses.
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Total Enterprise Spend (Part I, Line 18 & Part IX, Col. A): $197,827,483 in overall college expenditure ($113,044 per student), including $20,156,257 in management and general administration ($11,518 per student) and $5,863,138 in fundraising ($3,350 per student).
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Gross vs. Net Student Revenue (Part VIII, Line 2a): $148,171,898 in gross comprehensive fees ($84,670 per student) and $101,529,573 in net student revenue after scholarship aid ($58,017 per student), leaving a $40,159 per-student direct program subsidy.
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Instructional Payroll, Dining & Campus Operations (Part IX, Col. B): Program expenses include $80,173,224 in program salaries, pensions, and benefits ($45,813 per student), $11,132,178 in academic facility depreciation, $7,510,225 in occupancy, $3,660,567 in student dining food and beverage, and $2,389,817 in library books and collections.
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Bates Museum of Art & Global Short Term (Schedule D, Part III & Schedule F): Bates operates the teaching Museum of Art (over 5,000 non-capitalized art objects integrated into undergraduate coursework) and expended $401,955 on five-week faculty-led Short Term abroad programs across Europe ($210,878), East Asia/Pacific ($130,506), and Central America/Caribbean ($60,571), plus $309,442 on international faculty development across eight regions.
Financial Aid: How Bates Deploys $46.6M in Need-Based Student Support
Bates meets 100% of demonstrated financial need for all admitted domestic and international students through grant aid that directly reduces the college's comprehensive fee. In FY25, total student scholarship grants rose 10.2% year-over-year to $46,642,325 (Part IX, Lines 2 and 3; Schedule D, Part XI, Line 4b), resulting in an institutional tuition discount rate of 31.5%.
Schedule I and Schedule F detail the distribution of this aid across Bates' 1,750 students. On Schedule I (Part III), Bates recorded $43,445,345 in need-based grants (including federal Pell and SEOG funds) across 700 domestic students—representing 40.0% of the student body at an average grant of $62,065 per aided domestic student ($43,536,368 total domestic individual grants on Part IX, Line 2). On Schedule F (Part III), Bates disbursed $3,105,957 in need-based financial aid to 187 international students (10.7% of enrollment), led by 141 recipients from Europe ($2,437,540) and 31 recipients from East Asia and the Pacific ($553,437). Combined, 50.7% of all Bates students (887 recipients) received need-based grant support in FY25.
Internal Student Support (Schedule I & F)
- Combined Aided Student Share (Sch. I + F) 50.7% (887 students)
- Domestic Aided Student Share (Schedule I) 40.0% (700 students)
- Domestic Student Grants (Part IX, Line 2) $43,536,368 ($62,065 avg.)
- International Student Grants (187 students) $3,105,957 (10.7% share)
- Total Need-Based Scholarship Aid $46,642,325 (31.5% discount)
Funding Architecture & Global Aid
- Endowment vs. Operating Aid Funding ($46,642,325 Total) Endowment scholarship payouts (Schedule D, Line 1d) supplied $8,801,237 (18.9% of total aid), while operating revenues, annual gifts, and federal Pell/SEOG grants funded the remaining $37,841,088 (81.1%).
- Global Financial Aid Distribution ($3,105,957 across 187 Students) Spanned Europe (141 recipients, $2,437,540), East Asia & Pacific (31 recipients, $553,437), South America (6 recipients, $93,724), Sub-Saharan Africa (3, $52,163), Central America/Caribbean (3, $34,056), North America ex-U.S. (2, $25,156), and MENA (1, $904).
Executive and Faculty Compensation
Bates' Schedule J disclosures reflect the executive pay structure of an undergraduate liberal arts institution, with zero employees exceeding the $1 million threshold that triggers the federal IRC Section 4960 excise tax (Part V, Line 15). President Garry W. Jenkins was Bates' highest-compensated employee in FY25 with $843,635 in total compensation ($643,732 base salary, $43,001 in other reportable compensation, $54,427 in retirement and deferred compensation, and $102,475 in nontaxable benefits including his campus residence). He was followed by Vice President for Finance and Administration and Treasurer Geoffrey Swift ($429,273), Vice President for College Advancement Eric Foushee ($389,405), and Vice President for Academic Affairs and Dean of the Faculty Malcolm Hill ($383,996).
Schedule J also captures leadership transitions and senior faculty compensation. Former President A. Clayton Spencer (President Emerita through June 30, 2024) received $325,309 in calendar year 2024 compensation, while top-compensated faculty members Professor Barry Lawson ($231,182) and Professor Dolores O'Higgins ($227,806) appear among the five highest-paid non-officer employees.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Bates expended $94,512,048 in total salaries, wages, pension contributions, and employee benefits in FY25 (+4.4% YoY, representing 47.8% of total college expenses) across 2,349 W-2 employees (including student workers), with 150 staff members earning over $100,000 (Part VII, Section A, Line 2).
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Board Compensation Governance (Schedule O, Line 15): An independent compensation subcommittee of the Board's Executive Committee—comprising the Board Chair and the Chairs of the Academic Affairs, Budget and Finance, and Audit and Legal Affairs committees—evaluates and approves executive pay using an independent consultant's comparability report covering 26 peer colleges.
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Campus Housing & 457(f) Deferred Plan (Schedule J, Part III): As a condition of employment and for the convenience of the college, Bates provides nontaxable on-campus residences (reported in Column D) to President Garry Jenkins, VP for Academic Affairs Malcolm Hill, and Athletics Director Jason Fein; the President reimburses the college for any personal housekeeping expenses. Per Schedule J, Part III, President Jenkins also participated in a Section 457(f) deferred compensation plan ($62,461 non-taxable employer contribution noted in Part III).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 15 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Garry JenkinsPresident / Trustee | $643,732 | $0 | $43,001 | $54,427 | $102,475 | $843,635 | $0 |
| Geoffrey SwiftVP Fin & Admin, Treasurer | $354,248 | $0 | $1,117 | $41,400 | $32,508 | $429,273 | $0 |
| Eric FousheeVice President, College Advancement | $293,043 | $0 | $1,578 | $58,366 | $36,418 | $389,405 | $0 |
| Malcolm HillVP for Academic Affairs & Dean of Faculty | $292,784 | $0 | $2,290 | $35,634 | $53,288 | $383,996 | $0 |
| Leigh WeisenburgerDean of Admission and Financial Aid | $239,494 | $0 | $18,010 | $28,984 | $47,978 | $334,466 | $0 |
| A. Clayton SpencerPresident Emeritus (thru 6/30/24) | $268,408 | $0 | $4,461 | $32,306 | $20,134 | $325,309 | $0 |
| Patricia SchoknechtVP for Information & Library Services | $243,166 | $0 | $3,672 | $29,930 | $42,574 | $319,342 | $0 |
| Leana AmaezVice President, Equity and Inclusion | $243,600 | $0 | $503 | $25,632 | $14,212 | $283,947 | $0 |
| Michael HusseyVP Institutional Affairs & Board Secretary | $201,940 | $0 | $561 | $25,334 | $47,877 | $275,712 | $0 |
| Jason FeinDirector of Athletics | $195,938 | $0 | $1,191 | $53,522 | $24,349 | $275,000 | $0 |
| Erin Foster ZsigaAVP & Dean of Students (Interim VP thru 12/24) | $167,330 | $0 | $43,592 | $27,191 | $20,549 | $258,662 | $0 |
| Natalie WilliamsonAVP and Controller | $182,388 | $0 | $997 | $38,767 | $22,882 | $245,034 | $0 |
| Christine SchwartzAssoc VP Dining, Conferences & Campus Events | $186,473 | $0 | $1,394 | $22,963 | $28,188 | $239,018 | $0 |
| Barry LawsonProfessor | $181,929 | $0 | $3,937 | $23,409 | $21,907 | $231,182 | $0 |
| Dolores O'HigginsProfessor | $168,426 | $0 | $14,615 | $24,539 | $20,226 | $227,806 | $0 |
Facilities, Debt, and Municipal Relations
Bates' 133-acre main campus in Lewiston, Maine—together with the 600-acre Bates-Morse Mountain Conservation Area on the Maine coast—is recorded on Form 990 Part X at a gross cost of $438.59 million and a net book value of $274.68 million (29.9% of total college assets). To modernize science laboratories, academic buildings, and student residences without depleting endowment capital, Bates finances capital projects through tax-exempt revenue bonds issued by the Maine Health and Higher Educational Facilities Authority (MHHEFA) alongside commercial notes.
Bates' Form 990 also documents its direct fiscal relationship with Maine municipalities through both formal Payment in Lieu of Taxes (PILOT) grants and non-exempt real estate holdings. On Schedule I, Part II, the college reports its dedicated PILOT transfer for the Town of Phippsburg, while Schedule D (Part VI) and Part VIII (Line 6) detail the college's $10.01 million non-exempt investment real estate portfolio in Lewiston.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Bates holds $438,594,169 in gross land, buildings, and equipment ($274,681,532 net book value after $163,912,637 in accumulated depreciation, +1.4% YoY), incurring $11,455,148 in annual depreciation, $7,681,581 in occupancy costs, $3,024,483 in equipment maintenance, and carrying $6,765,953 in Asset Retirement Obligations for environmental remediation.
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Tax-Exempt MHHEFA Bonds & Institutional Debt (Schedule K): The college carries $121,946,246 in tax-exempt bond liabilities (-5.4% YoY from $128.87M as $18.09M in cumulative bond principal has been retired across four active MHHEFA series: 2015 [$27.79M], 2019 [$50.00M for science facility construction and renovation], 2020 [$10.33M], and 2023 [$52.30M for refunding and new student housing]) plus $36,000,000 in secured third-party mortgages/notes, paying $4,433,160 in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments and Municipal Relations: On Schedule I, Part II (Line 1), Bates disbursed $11,099 to the Bates-Morse Mountain Conservation Area Corporation (EIN 01-0355490) explicitly designated as a "Payment to Town of Phippsburg in lieu of taxes" for its coastal conservation and research acreage. In Lewiston, Bates holds $10,007,424 in non-exempt investment land ($1,227,246) and buildings ($8,780,178) on Schedule D, Part VI, collecting $643,521 in gross rents while paying $875,889 in direct property expenses and local taxes (resulting in a -$232,368 net rental loss on Part VIII, Line 6c).
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Top Maine Construction Contractors (Part VII, Section B): Among 28 independent contractors paid over $100,000 in FY25, four of the top five were Maine construction and mechanical contractors executing campus renovations and athletic field upgrades: Consigli Construction of Portland, ME ($9,427,851), Shaw Brothers Construction Inc. of Gorham, ME ($2,436,626 for turf replacement), Harry E. Nason Inc. of Auburn, ME ($440,349 for mechanical services), and Amos Development of Greene, ME ($406,505).
Editorial Note
All financial figures in this report derive from Bates College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 1,750 undergraduate students) and have been reviewed by the data team.
While Bates expends $98,176 per student on direct academic, residential, and financial aid program services ($113,044 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or graduate school placement outcomes. Rather, these capital resources fund the 9:1 student-faculty ratio, senior thesis research infrastructure, and need-based financial aid that operate alongside Bates’ undergraduate selectivity.
Accounting Reconciliation: Readers comparing Bates College’s independent audited GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note a $49,577,059 structural gross-up between audited GAAP revenue ($186,995,027, or $192,580,198 excluding -$5,585,171 in net unrealized investment losses) and Form 990 total revenue ($242,157,257), as well as an identical $49,577,059 difference between audited GAAP expenses ($148,250,424) and Form 990 total functional expenses ($197,827,483). This exact reconciliation reflects three IRS reporting rules: (1) $46,642,325 in need-based student scholarship aid is netted against tuition revenue on GAAP financial statements but reported as both gross tuition revenue and a functional grant expense on Form 990 (Part IX, Lines 2–3); (2) $3,844,155 in external investment management fees is netted against investment return on GAAP statements but added to both revenue and Management & General expenses on Form 990 (Part IX, Line 11f); and (3) $875,889 in rental property expenses and $33,532 in direct fundraising event expenses (-$909,421 combined) are recorded as operating expenses on GAAP statements but netted directly against gross rental and event receipts on Form 990 Part VIII (Lines 6b and 8b).
Frequently Asked Questions: Bates College's Form 990 Financials
As of Fiscal Year 2025 (ended June 30, 2025), Bates College's endowment stands at $485.31 million ($485,312,039), up 8.6% year-over-year, or $277,321 per student across 1,750 enrolled undergraduates. Its $21.76 million ($21,758,976) annual payout covers 11.0% of Bates' $197.83 million Form 990 operating budget (and 14.7% of its $148.25 million audited GAAP operating expense base).
Bates spends $98,176 per student annually in direct program service expenses ($171,808,088 across 1,750 students, or $71,517 net per student excluding grants), compared to $84,670 per student in gross comprehensive tuition, room, and board fees and $58,017 per student in net student revenue after financial aid—creating a $40,159 per-student direct program subsidy. Including $20.16 million in administrative overhead and $5.86 million in fundraising, total institutional expenditure reaches $113,044 per student ($197,827,483).
Bates awarded $46,642,325 in need-based scholarship grants in FY25 (up 10.2% YoY), representing a 31.5% discount on gross student charges. Across Schedule I and Schedule F, Bates supported 887 aided students (50.7% of its 1,750-student body)—comprising $43,536,368 in domestic grants (700 recipients on Schedule I, or 40.0% of enrollment, averaging $62,065) and $3,105,957 in need-based grants to 187 international students (10.7% of enrollment).
The highest-paid employee in FY25 was President Garry W. Jenkins, who received $843,635 in total compensation ($643,732 base salary, $43,001 in other reportable pay, $54,427 in retirement and deferred compensation, and $102,475 in nontaxable benefits including his campus residence), followed by Vice President for Finance and Administration and Treasurer Geoffrey Swift at $429,273 and Vice President for College Advancement Eric Foushee at $389,405.
No. On Form 990 Part V (Line 16), Bates answers "No" to the IRC Section 4968 excise tax on net investment income. With $277,321 in endowment assets per student ($485.31 million across 1,750 students), Bates sits below the $500,000 per-student threshold required to trigger the federal endowment tax.
Bates College's total assets reached $918.38 million ($918,377,605) in Fiscal Year 2025 (+3.5% YoY), anchored by $576.29 million in balance sheet investment securities ($208.68 million in publicly traded securities and $367.61 million in alternative partnerships and commingled funds), $274.68 million in net land, buildings, and equipment, $27.96 million in net pledges receivable, and $15.64 million in cash and temporary cash investments.
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