Bowdoin Endowment Climbs to $2.91 Billion on 73% Gift Surge and $389M Investment Return, Overtaking Tuition as Top Revenue Stream to Power $143,229 Per-Student Spend
By Data Team | Published November 9, 2026
Bowdoin College’s total assets reached $3.56 billion in fiscal year 2025, anchored by a $2.91 billion endowment whose $125.24 million programmatic payout covers 38.4% of the college's $325.84 million Form 990 operating budget (40.5% under GAAP operating expense metrics, or 43.0% of Form 990 expenses when including $14.70 million in endowment administrative costs), according to its latest IRS filing. That capital base enables Bowdoin to spend $143,229 per student on direct academic instruction, student services, and financial aid ($266.12 million in program service expenses across 1,858 on-campus full-time equivalent students, or $131,029 across 2,031 total FTE students including 173 studying off campus)—while total institutional expenditure reaches $175,369 per on-campus student ($325.84 million).
Bowdoin’s revenue profile demonstrates how an endowment-intensive liberal arts college insulates academic operations from tuition dependency. While student tuition, fees, room, and board generate $158.43 million ($85,271 per on-campus student before financial aid), student charges represent 35.2% of Bowdoin's $449.57 million total revenue (with all program services totaling $165.48 million, or 36.8%). Realized investment income ($199.69 million, or 44.4% of total revenue) and private contributions and government grants ($83.57 million, up 72.9% YoY to represent 18.6% of revenue) supply 63.0% of institutional inflows.
This capital model underwrites a need-blind, no-loan undergraduate financial aid program. Bowdoin disbursed $70.89 million in direct Form 990 grants to students in FY25—recording $66.89 million in undergraduate need-based scholarships across 1,081 domestic recipients (58.2% of the on-campus student body, or 58.9% including 13 aided international students on Schedule F)—with endowment distributions funding 79.6% of all student financial aid ($56.43 million).
Institutional & Governance Profile
Operating under its corporate title, Bowdoin College (EIN 01-0215213), the institution is domiciled in Brunswick, Maine. Chartered in 1794 by the Massachusetts Legislature and later brought under the jurisdiction of the State of Maine, Bowdoin operates as a four-year residential undergraduate liberal arts college alongside specialized coastal and island research facilities.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1794, Bowdoin issued 3,087 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student employees), filed 605 Form 1096 vendor returns, and engaged 2,171 alumni and community volunteers.
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Academic & Faculty Footprint: During FY25, Bowdoin enrolled 1,858 full-time equivalent (FTE) students on its Brunswick campus plus 173 FTE students studying off campus (2,031 total FTE). The college maintains a 9:1 student-to-faculty ratio, 98% of faculty hold a Ph.D. or terminal equivalent, and 95% of matriculants complete their baccalaureate degree within five years. As of June 2025, 43,978 students have matriculated at Bowdoin and 35,896 degrees have been awarded.
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Executive Leadership: President Safa Zaki leads the college alongside Senior Vice President for Finance and Administration & Treasurer Matthew Orlando, Senior Vice President and Chief Investment Officer K. Niles Bryant, Senior Vice President and Dean for Academic Affairs Jennifer Scanlon, and Senior Vice President and Chief Information Officer Michael Cato.
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Governing Board (Schedule O): The Board of Trustees comprises 40 voting members, 39 of whom are independent (with President Safa Zaki serving as the sole non-independent trustee), chaired by Scott B. Perper alongside Vice Chair Diana L. Spagnuolo. In April, a complete copy of Form 990 is reviewed by the President and Treasurer before submission to the Board Chair and the Chair of the Audit, Risk, and Reputation Committee, followed by full board review and approval at the May meeting. All trustees, officers of instruction, and officers of administration complete mandatory annual conflict-of-interest disclosures overseen by the Senior Vice President and General Counsel.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Bowdoin generated $1.04 billion ($1,035,633,000) in gross receipts and $449.57 million in total net revenue. Total assets expanded 10.1% to $3.56 billion while net assets rose 11.6% to $3.13 billion, heavily weighted toward donor-restricted endowment and capital funds (88.2%) over unrestricted reserves (11.8%).
Balance Sheet Strength
- Total Assets $3,560,577,000 (+10.1%)
- Total Liabilities $432,077,000 (+0.03%)
- Total Net Assets $3,128,500,000 (+11.6%)
- Donor-Restricted Net Assets $2,759,905,000 (88.2% of Total Net Assets)
- Unrestricted Net Assets $368,595,000 (11.8% of Total Net Assets)
Operating Performance
- Total Revenue $449,569,000 (+21.6%)
- Total Expenses $325,836,000 (+9.9%)
- Operating Surplus $123,733,000 (+68.8%)
- Unrealized Gains (Excluded) $202,464,000
Note: The $123.73 million reported operating surplus reflects Form 990 realized accounting parameters; adding $202.46 million in net unrealized investment gains and subtracting $393,000 in other net asset adjustments (comprising $1.02 million in postretirement benefit adjustments, $194,000 in interest rate swap unrealized losses, and $124,000 in uncollectible pledges, offset by $939,000 in annuity and life income fund gains and $2,000 in asset retirement obligation gains) accounts for the full $325.80 million expansion in Bowdoin's FY25 net assets.
Revenue Breakdown
Three of Bowdoin's four primary revenue streams expanded in FY25, led by a 72.9% surge in philanthropic contributions and grants and a 20.5% increase in realized investment income. Realized investment income reached $199.69 million (44.4% of total revenue), surpassing program service revenue ($165.48 million, or 36.8%) as the college's largest single revenue pillar. Contributions and grants climbed from $48.33 million in FY24 to $83.57 million in FY25, propelled by $79.55 million in private gifts ($79.53 million directed into the endowment) and $4.03 million in government research and educational grants.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income +20.5% YoY$199,690,000 (44.4%)
- Realized Net Capital Gains ($768.25M Gross Sales less $586.06M Basis) $182,189,000
- Dividends, Interest & Other Investment Income $17,501,000
- Tax-Exempt Bond Proceeds Income $0
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Program Service Revenue +7.1% YoY$165,481,000 (36.8%)
- Tuition and Fees $125,735,000
- Student Room and Board $32,699,000
- Auxiliary Enterprises (Including $293,000 Unrelated Business Revenue) $4,899,000
- Off-Campus Study Programs $991,000
- All Other Program Service Revenue ($984K) & Application Fees ($173K) $1,157,000
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Contributions & Grants +72.9% YoY$83,574,000 (18.6%)
- Private Philanthropy, Alumni Gifts & Foundations $79,549,000
- Government Research & Educational Grants $4,025,000
- Noncash Gifts Included Above (110 Securities Gifts; 2,134 Art Works Uncapitalized) $1,728,000
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Other Revenue -35.9% YoY$824,000 (0.2%)
- All Other Miscellaneous Exempt Revenue $401,000
- Alumni Reunion Weekend Receipts $385,000
- Net Rental Income $38,000
Endowment Performance and Asset Allocation
Managed under the direction of Senior Vice President and Chief Investment Officer K. Niles Bryant, Bowdoin’s endowment grew 12.7% in FY25 from $2.58 billion to $2.91 billion ($2,911,722,000). Across the college's entire balance sheet, total cash and investment holdings reached $3.07 billion ($2.99 billion in long-term securities on Part X, Lines 11 and 12, plus $80.96 million in savings and temporary cash investments on Line 2). Alternative investments ($1.38 billion, including private equity, venture capital, and real assets) and absolute return hedge strategies ($950.13 million) represent 76.0% of total cash and investment assets (78.1% of invested securities).
To execute its global multi-asset strategy, Bowdoin holds $1.29 billion ($1,287,370,000) in foreign-domiciled investment vehicles reported on Schedule F—including $1.16 billion in Central America and the Caribbean, $72.66 million in Europe, and $54.08 million in Sub-Saharan Africa—and reported $7.33 million in gross unrelated business income ($0 net taxable income on Form 990-T after deductions and carryforwards). Because Bowdoin enrolls more than 500 tuition-paying students and holds $1.57 million in endowment assets per on-campus student ($1.43 million across all 2,031 FTE students), it is subject to the federal IRC Section 4968 excise tax on net investment income, recording a $6.67 million excise tax provision on Part IX (Line 24a) and carrying $12.62 million in combined deferred ($9.00 million) and current ($3.62 million) excise tax liabilities on Schedule D, Part X.
Portfolio Performance & Asset Allocation ($3.07B Total Cash & Investments / $2.99B Invested Securities)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $2,911,722,000 (+12.7% YoY), representing $1,567,127 per on-campus FTE student (1,858 students) or $1,433,639 per total enrolled FTE student (2,031 students).
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Net Investment Gains: $388,732,000 in endowment investment earnings (+49.8% YoY from $259.52M in FY24).
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Alternative & Offshore Capital: 76.0% of total cash and investments (78.1% of securities) sits in alternative investments ($1.38B) and absolute return strategies ($950.13M), with $1.16B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $125,241,000 in programmatic and scholarship distributions ($68.81M to academic programs, faculty, and facilities; $56.43M to student financial aid), funding 38.4% of Form 990 total expenses (40.5% of GAAP operating expenses, or 43.0% including $14.70M in endowment administrative expenses).
Detailed Asset Mix (Balance Sheet Cash & Investment Holdings)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Bowdoin’s endowment from a $1.78 billion opening balance in FY21 to $2.91 billion at the close of FY25—a cumulative five-year expansion of $1.13 billion (+63.5%). Over that five-year window, the endowment received $198.63 million in donor gifts and generated $1.48 billion in net investment earnings—anchored by a $1.00 billion post-pandemic gain in FY21 and $388.73 million in FY25 investment returns. Simultaneously, the endowment distributed $492.88 million directly to student scholarships ($222.45 million) and campus academic programs and facilities ($270.43 million), plus $51.22 million in administrative and investment management costs. At year-end FY25, 91.93% of the portfolio was held as permanent donor-restricted endowment, with 8.07% held as board-designated quasi-endowment and 0% as term endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $2,583,406,000 | $2,422,201,000 | $2,472,818,000 | $2,718,438,000 | $1,780,970,000 |
| 1b. Contributions | $79,527,000 | $25,174,000 | $39,479,000 | $33,193,000 | $21,252,000 |
| 1c. Net investment earnings | $388,732,000 | $259,519,000 | $13,066,000 | ($189,622,000) | $1,004,524,000 |
| 1d. Grants or scholarships | ($56,427,000) | ($50,335,194) | ($42,432,000) | ($37,956,000) | ($35,295,000) |
| 1e. Other expenditures | ($68,814,000) | ($64,460,806) | ($50,468,000) | ($44,283,000) | ($42,401,000) |
| 1f. Administrative expenses | ($14,702,000) | ($8,692,000) | ($10,262,000) | ($6,952,000) | ($10,612,000) |
| 1g. End of year balance | $2,911,722,000 | $2,583,406,000 | $2,422,201,000 | $2,472,818,000 | $2,718,438,000 |
Per-Student Spending and True Cost
Standard higher education financial benchmarking measures per-student spending using direct program service expenses reported on Form 990 Part III (Line 4a) and Part IX (Column B). In FY25, Bowdoin spent $266,119,000 on direct program services—encompassing classroom instruction, faculty research, residential life, library and museum operations, and $71,645,000 in financial aid grants. Across Bowdoin's 1,858 on-campus FTE students, direct program service spending equals $143,229 per student ($104,668 net per student excluding grants). When measured across all 2,031 FTE students (including 173 FTE students studying off campus), direct program service spending equals $131,029 per student.
By comparison, baseline student tuition and fees ($125.74 million) plus room and board ($32.70 million) total $158,434,000, or $85,271 per on-campus FTE student ($78,008 across 2,031 total FTE)—covering 59.5% of direct program service costs before financial aid and leaving a $57,958 per-student structural subsidy. After deducting $66.99 million in undergraduate scholarship grants, net student revenue ($91.44 million, or $49,215 per on-campus student) covers 34.4% of direct program service costs, leaving a $94,014 per-student gap bridged by endowment distributions and annual giving. When factoring in institutional management and general overhead ($49.91 million, including $6.67 million for federal excise taxes) and fundraising ($9.81 million), overall Form 990 enterprise expenditure reaches $325,836,000—or $175,369 per on-campus student ($160,431 across 2,031 total FTE; $166,436 per on-campus student under Bowdoin's $309.24 million GAAP operating expense total).
Operations vs. Revenue
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Regular Session Direct Program Spend (Part III, Line 4a & Part IX, Col B): $266,119,000 across 1,858 on-campus FTE students ($143,229 gross direct program spend per on-campus student; $104,668 net excluding $71.65M in grants; or $131,029 per student across 2,031 total FTE including 173 off-campus study students).
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Total Institutional Spend (Part IX, Col A & Schedule D, Part XII): $325,836,000 in total Form 990 expenses ($175,369 per on-campus student / $160,431 per total FTE), or $309,239,000 in audited GAAP expenses ($166,436 per on-campus student).
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Tuition & Room/Board Revenue (Part VIII, Lines 2a & 2b): $158,434,000 ($85,271 gross per on-campus student; $91,441,000 or $49,215 net per student after undergraduate grant aid), covering 59.5% of direct program expenses on a gross basis and 34.4% on a net basis.
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Academic Personnel, Libraries & Information Technology (Part IX): Program services are driven by $119.34 million in programmatic faculty and staff compensation and benefits, $17.03 million in academic facility depreciation, $7.48 million in occupancy, $5.46 million in academic IT infrastructure, and $3.82 million in library acquisitions.
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Museums, Global Study & Field Stations (Schedule D, Part III & Schedule F): Bowdoin operates two campus museums—the Bowdoin College Museum of Art and the Peary-MacMillan Arctic Museum (receiving 2,134 contributed art objects in FY25, held uncapitalized for public exhibition and education)—alongside $561,000 in international academic travel, recruitment, and research across eight global regions and $258,000 for the Bowdoin Scientific Station on Kent Island in New Brunswick, Canada (staffed by 11 seasonal personnel).
Financial Aid: How Bowdoin Deploys $70.89M in Student Support
Bowdoin practices need-blind admissions and meets 100% of demonstrated financial need with no packaged student loans. Eligibility is determined through the College Board CSS Profile, the Free Application for Federal Student Aid (FAFSA), and federal tax returns; outside of National Merit Scholarships, Bowdoin awards no merit-based institutional aid. During FY25, total grants and assistance rose 9.1% year-over-year from $65.65 million to $71.65 million, including $70,889,000 in direct grants to domestic and international students.
On Form 990 Schedule I (Part III), Bowdoin reports $66,889,000 in direct undergraduate scholarship grants across 1,081 domestic students—averaging $61,877 per aided recipient—plus $104,000 wired to 13 international students on Schedule F (Part III). Combined, 1,094 undergraduates received institutional financial aid grants, representing 58.9% of the 1,858 on-campus FTE student body (58.2% domestic on Schedule I; or 53.9% of all 2,031 enrolled FTE students). Beyond tuition and residential scholarships, Bowdoin disbursed $3,226,000 in funded undergraduate research fellowships to 898 students ($3,592 average), $407,000 in post-graduate fellowships to 111 recipients, and $263,000 in academic prizes to 394 students.
Internal Student Support (Schedule I, F & D)
- Aided Student Share (Schedule I & F) 58.9% (1,094 students)
- Endowment Share of Student Aid 79.6% ($56,427,000)
- Domestic Undergrad Scholarships $66,889,000 (1,081 students)
- Student Research Fellowships $3,226,000 (898 recipients)
- Total Student Cash Grants $70,889,000 ($61,877 avg. aid)
Post-Graduate Awards, Prizes & Federal Aid
- Post-Graduate Fellowships & Academic Prizes ($670,000) Includes $407,000 in graduate and post-graduate awards across 111 recipients ($3,667 avg.) and $263,000 in academic prizes across 394 students ($668 avg.).
- International Aid & U.S. Dept. of Education Programs ($104,000 + Federal Aid) Schedule F records $104,000 wired to 13 international students across 5 global regions. Per Schedule E, Bowdoin also participates in federal Pell Grants, SEOG, and Federal Work-Study programs.
Executive and Investment Team Compensation
Bowdoin’s Schedule J disclosures highlight the compensation premium commanded by institutional endowment managers relative to campus academic leadership. The college’s highest-compensated employee in FY25 was Senior Vice President and Chief Investment Officer K. Niles Bryant, who received $2,143,819 in total compensation ($872,801 base salary, $1,200,000 performance bonus, and $71,018 in retirement and nontaxable benefits). Two Directors of Investments—Boris Raykin ($1,104,156, including a $507,377 bonus) and Page Machlin ($1,075,692, including a $489,038 bonus)—ranked third and fourth overall, while Endowment Chief Operating Officer Ashley Conrad earned $543,979 ($190,725 bonus). Together, these four endowment officers earned $4.87 million in total compensation.
President Safa Zaki ranked second overall at $1,120,866 ($911,252 base salary, $25,257 other reportable compensation, $99,977 retirement contributions, and $84,380 in nontaxable benefits, including mandatory on-campus presidential housing). Senior Vice President for Finance and Administration & Treasurer Matthew Orlando ranked fifth at $618,381, followed by Dean for Academic Affairs Jennifer Scanlon ($571,185) and Chief Information Officer Michael Cato ($536,463). Because Bowdoin paid remuneration exceeding $1 million to top investment and executive officers, the college answered "Yes" on Form 990 Part V, Line 15, confirming it is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Bowdoin expended $150,708,000 in total salaries, wages, pension contributions, and employee benefits in FY25 (+7.5% YoY from $140.22M, representing 46.3% of all Form 990 expenses and 48.7% of GAAP operating expenses) across 3,087 W-2 employees (including student workers), with 341 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): In accordance with Treasury Regulation 53.4958-6, the Executive Committee of the Board of Trustees acts as the Compensation Committee, annually reviewing and approving the compensation of the President and senior officers using independent compensation surveys, peer Form 990 filings, and competitive market data.
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Housing, Supplemental Severance & Related-Party Disclosures (Schedule J & L): President Safa Zaki is required to live in college-provided on-campus housing as a condition of employment (valued inside her $84,380 Column D benefits), while two key employees and one former key employee received taxable housing benefits, and three executives received tax gross-up payments on moving expenses. Schedule J, Part III also discloses supplemental severance/transition wages paid to two key employees ($150,000 and $73,333), one former key employee ($315,000, reflected in former SVP Stephanie Frost's $333,000 payout), and one highest-compensated employee ($243,694, reflected in faculty member Bruce Kohorn's $245,913 other compensation). On Schedule L, Bowdoin reports $195,000 in employment compensation paid to the spouse of SVP Scott Hood (Part IV) and a $12,000 scholarship benefit to a related individual (Part III).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 21 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) |
| K. Niles BryantSVP/Chief Investment Officer | $872,801 | $1,200,000 | $2,928 | $48,927 | $19,163 | $2,143,819 | $0 |
| Safa ZakiPresident / Trustee | $911,252 | $0 | $25,257 | $99,977 | $84,380 | $1,120,866 | $0 |
| Boris RaykinDirector of Investments | $545,109 | $507,377 | $2,160 | $45,399 | $4,111 | $1,104,156 | $0 |
| Page MachlinDirector of Investments | $536,250 | $489,038 | $1,584 | $45,399 | $3,421 | $1,075,692 | $0 |
| Matthew OrlandoSVP Finance & Admin/Treasurer | $423,252 | $100,000 | $2,914 | $51,102 | $41,113 | $618,381 | $79,167 |
| Jennifer ScanlonSVP/Dean for Academic Affairs | $382,012 | $100,000 | $7,704 | $50,976 | $30,493 | $571,185 | $79,167 |
| Ashley ConradEndowment Chief Op. Officer | $279,638 | $190,725 | $1,088 | $44,882 | $27,646 | $543,979 | $0 |
| Michael CatoSVP/Chief Information Officer | $350,633 | $100,000 | $3,452 | $50,881 | $31,497 | $536,463 | $79,167 |
| Janet LohmannSVP/Dean for Student Affairs | $182,840 | $100,000 | $154,174 | $41,196 | $7,732 | $485,942 | $79,167 |
| Elizabeth OrlicSVP/Chief of Staff | $259,830 | $100,000 | $3,070 | $50,619 | $30,484 | $444,003 | $59,375 |
| Scott MeiklejohnSVP for Development & AR | $157,350 | $0 | $174,790 | $100,328 | $1,229 | $433,697 | $150,000 |
| Scott HoodSVP for Comm. & Public Affairs | $283,368 | $75,000 | $5,398 | $50,691 | $14,302 | $428,759 | $59,375 |
| Tama SpoerriVP for Human Resources | $267,549 | $75,000 | $4,735 | $50,641 | $29,306 | $427,231 | $37,500 |
| Claudia MarroquinSVP/Dean Admissions & St. Aid | $273,852 | $75,000 | $1,452 | $43,930 | $18,109 | $412,343 | $59,375 |
| Heather KrajewskiSVP for Development & AR | $171,939 | $0 | $219,440 | $0 | $11,548 | $402,927 | $0 |
| Bruce KohornFaculty | $106,280 | $0 | $245,913 | $17,590 | $6,328 | $376,111 | $0 |
| Benje DouglasSVP for Inclusion & Diversity | $249,308 | $50,000 | $1,432 | $39,667 | $29,111 | $369,518 | $19,792 |
| Stephanie FrostFormer SVP for Dev. & AR | $0 | $0 | $333,000 | $0 | $0 | $333,000 | $333,000 |
| Christina FinneranSVP/Institutional Research | $170,212 | $50,000 | $1,168 | $33,206 | $31,154 | $285,740 | $39,583 |
| James HoppeSVP/Dean for Student Affairs | $132,536 | $0 | $127,840 | $0 | $2,369 | $262,745 | $0 |
| Elizabeth McCormackFormer SVP for Academic Affairs | $168,579 | $0 | $2,851 | $25,838 | $25,725 | $222,993 | $0 |
Facilities, Debt, and Municipal Relations
To preserve endowment liquidity in high-returning private equity and absolute return vehicles, Bowdoin finances campus construction and residential modernization through a combination of capital gifts, taxable institutional bonds, and tax-exempt municipal bonds issued via the Maine Health and Higher Educational Facilities Authority (MHHEFA). At the close of FY25, Bowdoin carried $679.87 million in gross land, buildings, and equipment ($413.97 million net book value after $265.90 million in accumulated depreciation) alongside $342.66 million in total bond and note obligations.
On Schedule I (Part II), Bowdoin provides a transparent breakdown of its voluntary Payment in Lieu of Taxes (PILOT) and municipal contributions in Mid Coast Maine. Allocated annually by the Senior Vice President for Finance and Administration & Treasurer, Bowdoin disbursed $756,000 in domestic organizational and municipal grants in FY25, led by $606,230 directly to the Town of Brunswick and $21,900 to the neighboring Town of Harpswell (home to Bowdoin's Schiller Coastal Studies Center on Orr's Island), alongside targeted grants to downtown development and regional housing nonprofits. Additionally, Schedule C (Part II-B) discloses that Bowdoin spent $81,800 on federal lobbying in FY25—including $19,000 for direct contact with legislators and $62,800 for Washington, D.C. government relations consultants and association dues—specifically meeting with congressional leaders regarding components of the federal One Big Beautiful Bill Act and its expansion of the endowment excise tax.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Bowdoin holds $679,867,000 in gross physical plant ($540.49M in buildings, $71.64M in other capital/construction assets, $53.69M in equipment, $7.99M in land, and $6.05M in leasehold improvements), yielding a net book value of $413,966,000 (+5.4% YoY). In FY25, the college recorded $20.28 million in depreciation, $9.24 million in occupancy expenses, and $3.41 million in facilities maintenance and repairs.
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Tax-Exempt Bonds & Taxable Debt (Part X, Schedule D & Schedule K): Total debt stands at $342,663,000 (plus $9.46 million in operating/financing lease liabilities and $2.26 million in interest rate swap liabilities), generating $14,223,000 in FY25 interest expense. Debt comprises $256,017,000 in taxable bond liabilities (Schedule D, Part X), $82,746,000 in tax-exempt MHHEFA bonds (Schedule K: Series 2017A $20.70M remarketing of 2008 bonds; Series 2017B $35.98M advance refunding of 2009A bonds; and Series 2018C $32.39M construction issue for upper-class student housing and a new academic building containing flexible classrooms, a cinema, and event space), and $3,900,000 in secured notes payable (down from $9.46M in FY24).
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Bowdoin disbursed $756,000 in domestic institutional grants, itemizing five Mid Coast Maine municipal and community recipients above the $5,000 threshold on Schedule I, Part II: Town of Brunswick ($606,230 municipal contribution), Brunswick Downtown Association ($30,000 civic contribution), Town of Harpswell ($21,900 municipal contribution), Tedford Housing ($20,000 regional housing and homelessness support grant), and United Way of Mid Coast Maine ($7,500 community contribution).
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Top Construction & Service Contractors (Part VII, Section B): Three of Bowdoin's five highest-compensated independent contractors (among 76 contractors paid over $100,000 in CY24) were Maine-based construction firms executing campus capital projects: J.F. Scott Construction (Winthrop, ME — $6,364,649), Collaborative Solutions LLC (Teaneck, NJ — $3,548,706 for enterprise software services), Wright-Ryan Construction Inc. (Portland, ME — $2,423,109), Cigna (Pittsburgh, PA — $1,859,575 for benefits administration), and Great Falls Construction (Gorham, ME — $1,365,705).
Editorial Note
All financial figures in this report derive from Bowdoin College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,858 on-campus FTE undergraduate students and 173 FTE students studying off campus, prepared by KPMG LLP) and have been verified by the Chicardgo School data team.
While Bowdoin expends $143,229 per on-campus student on direct academic instruction, residential life, and student financial aid ($131,029 across all 2,031 enrolled FTE students, and $175,369 per on-campus student in total Form 990 enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources underwrite the 9:1 student-to-faculty ratio, need-blind no-loan admissions policy, and undergraduate research fellowships that operate alongside Bowdoin’s student selectivity.
Accounting Reconciliation: Readers comparing Bowdoin’s KPMG-audited GAAP financial statements to IRS Form 990 will note three structural accounting adjustments reconciled on Schedule D (Parts XI and XII, Page 35). First, audited financial statements report $635,043,000 in total revenue, gains, and support because GAAP includes $202,464,000 in net unrealized investment gains (offset by -$393,000 in interest rate swap, postretirement benefit, uncollectible pledge, and split-interest trust adjustments), whereas Form 990 excludes unrealized gains from Part VIII revenue ($449,569,000) and records them on Part XI, Line 5. Second, Form 990 gross-ups both total revenue and total expenses by $16,597,000—comprising $15,191,000 in external investment management fees (netted against investment return on GAAP statements) and $1,406,000 in deferred and current federal excise tax adjustments—explaining why Form 990 total expenses ($325,836,000) exceed GAAP audited operating expenses ($309,239,000) by exactly $16,597,000. Third, Form 990 reports $71,645,000 in grants and student financial aid as an operating expense on Part IX, whereas GAAP financial statements net student scholarship allowances directly against gross tuition and room/board revenue.
Frequently Asked Questions: Bowdoin's Form 990 Financials
As of Fiscal Year 2025, Bowdoin College's endowment stands at $2.91 billion ($2,911,722,000), up 12.7% year-over-year from $2.58 billion in FY24. Its $125.24 million programmatic and scholarship payout covers 38.4% of the college's $325.84 million Form 990 operating expenses (40.5% of GAAP operating expenses, or 43.0% of Form 990 expenses when including $14.70 million in endowment administrative costs).
Bowdoin spends $143,229 per student annually in direct program services—instruction, student services, and financial aid ($266.12 million across 1,858 on-campus FTE students, or $131,029 per student across 2,031 total FTE students including 173 studying off campus)—compared to $85,271 per on-campus student collected in gross tuition, fees, room, and board. Across the entire institution (adding management overhead, excise taxes, and fundraising), total Form 990 expenditure reaches $175,369 per on-campus student ($325.84 million, or $166,436 per on-campus student under GAAP expenses of $309.24 million).
Bowdoin disbursed $70.89 million in direct grants to students in FY25 ($70.79 million to domestic students on Schedule I and $104,000 to 13 international students on Schedule F). This includes $66.89 million in undergraduate need-based scholarships across 1,081 domestic recipients ($61,877 average grant) and $3.23 million in funded research fellowships across 898 students. Overall, 58.9% of Bowdoin's on-campus FTE student body (1,094 undergraduates) received institutional grant aid, with endowment payouts funding 79.6% ($56.43 million) of all student financial assistance.
The highest-paid employee is K. Niles Bryant, Senior Vice President and Chief Investment Officer, who received $2,143,819 in total compensation in FY25 ($872,801 base salary and $1,200,000 bonus), followed by President Safa Zaki ($1,120,866) and Directors of Investments Boris Raykin ($1,104,156) and Page Machlin ($1,075,692).
Yes. With $1.57 million in endowment assets per on-campus student ($1.43 million across all 2,031 enrolled FTE students), Bowdoin exceeds the federal threshold under IRC Section 4968. In FY25, Bowdoin recorded a $6.67 million provision for excise taxes on Part IX (Line 24a), carried $12.62 million in current ($3.62 million) and deferred ($9.00 million) excise tax liabilities on Schedule D, and spent $81,800 on federal lobbying regarding the One Big Beautiful Bill Act.
Bowdoin College's total assets reached $3.56 billion ($3,560,577,000) in Fiscal Year 2025, anchored by $2.99 billion in long-term investment securities ($2.88 billion in alternative, absolute return, and commingled securities plus $108.92 million in publicly traded securities), $80.96 million in cash and temporary investments, and $413.97 million in net land, buildings, and equipment.
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