Colby College Spends $108,571 Per Student—Double Net Student Charges—as $147M Return Lifts Endowment to $1.25B and Covers 27% of Budget
By Data Team | Published November 10, 2026
Colby College’s total assets reached $2.54 billion in fiscal year 2025, anchored by a $1.25 billion endowment whose $67.49 million direct program and scholarship payout ($84.70 million including administrative and investment fees) covers 20.8% of the college's $325.24 million Form 990 operating budget (26.0% including investment fees, and 27% of annual operating budget revenues under internal GAAP parameters), according to its latest IRS filing. That capital base enables Colby to spend $108,571 per student on direct instructional, residential, and student aid program services ($261.33 million across 2,407 undergraduate students)—while total enterprise expenditure including institutional management and fundraising reaches $135,124 per student ($325.24 million).
Colby’s financial structure illustrates how a selective residential liberal arts college pairs tuition and auxiliary revenues with institutional asset management and regional real estate operations. Gross tuition, fees, room, and board generate $203.89 million ($84,708 per student), representing 57.5% of Colby's $354.49 million total Form 990 revenue. Realized investment income ($84.03 million, up 37.8% year-over-year), private philanthropy and government grants ($59.02 million), and commercial hospitality and summer program revenues ($7.55 million) supply the remaining 42.5% of inflows.
This endowment and philanthropic support insulates undergraduate academics from net tuition reliance. Colby disbursed $74.30 million in total grants and student financial assistance in FY25 ($74.05 million in direct student financial aid)—recording $59.97 million in Schedule I grants across 906 domestic students and $6.14 million in itemized Schedule F credits across 114 international students—providing financial aid to 1,020 undergraduates (42.4% of the student body) and reducing net student charges to $53,944 per enrolled student, less than half of Colby's $108,571 per-student program spend.
Institutional & Governance Profile
Operating under its corporate title, The President and Trustees of Colby College (EIN 01-0211497), Colby is domiciled in Waterville, Maine, on its Mayflower Hill campus. Chartered in 1813 as the 12th-oldest liberal arts college in the United States, the college operates an exclusively undergraduate residential model alongside the Colby College Museum of Art, global study-abroad centers in Spain and France, and seven wholly owned municipal real estate subsidiaries in downtown Waterville.
Institutional Scale and Board Structure
-
•
Founding & Workforce Scale: Founded in 1813, Colby issued 2,964 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student employees), filed 3,418 Form 1096 vendor returns, and engaged approximately 2,000 alumni and community volunteers.
-
•
Academic & Faculty Footprint: Operating at a 10:1 student-to-faculty ratio, Colby instructed 2,407 degree-seeking undergraduate students in FY25 from nearly every U.S. state and over 50 countries. During the 2024–25 academic year, 619 seniors graduated, an estimated 364 students studied away, and 88% of students completed their degree within five years.
-
•
Executive Leadership: President David A. Greene leads the administration alongside Provost and Dean of Faculty Margaret McFadden, Vice President for Administration and CFO Nicole Labbe-Trufant, Senior VP and Chief Institutional Advancement Officer Matthew Proto, Associate VP and Chief Investment Officer Deborah Shufrin, and VP, General Counsel, and Board Secretary Richard Uchida.
-
•
Governing Board (Schedule O): The Board of Trustees comprises 36 voting members at year-end, 35 of whom are independent (97.2%), led by Board Chair Jane Powers and Vice Chairs Michael Koester and Susan Boland. The Audit Subcommittee and KPMG LLP review the Form 990 prior to full board distribution, and all trustees, officers, and key employees complete mandatory annual conflict-of-interest questionnaires.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Colby generated $668.10 million in gross receipts and $354.49 million in total net Form 990 revenue. Total assets expanded 7.6% to $2.54 billion while net assets rose 5.3% to $2.08 billion, weighted toward donor-restricted endowment and capital funds (66.4%) alongside unrestricted institutional reserves (33.6%).
Balance Sheet Strength
- Total Assets $2,544,594,000 (+7.6%)
- Total Liabilities $469,518,000 (+19.3%)
- Total Net Assets $2,075,076,000 (+5.3%)
- Donor-Restricted Net Assets $1,376,978,000 (66.4% of Total Net Assets)
- Unrestricted Net Assets $698,098,000 (33.6% of Total Net Assets)
Operating Performance
- Total Revenue $354,489,000 (-6.6%)
- Total Expenses $325,244,000 (+8.7%)
- Operating Surplus $29,245,000 (-63.6%)
- Unrealized Gains (Excluded) $74,772,000
Note: The $29.25 million reported operating surplus reflects Form 990 realized accounting parameters; adding $74.77 million in net unrealized investment gains and $649,000 in postretirement benefit and split-interest fund adjustments accounts for the full $104.67 million expansion in Colby's FY25 net assets.
Revenue Breakdown
Three of Colby's four primary revenue streams expanded in FY25, offsetting a scheduled normalization in capital campaign gift receipts. Program service revenue rose 4.1% to $203.89 million, anchored by $167.85 million in undergraduate tuition and fees and $36.04 million in residential and dining auxiliary charges. Realized investment income climbed 37.8% to $84.03 million on $63.05 million in net realized capital gains and $20.98 million in dividends and interest. Contributions and grants totaled $59.02 million—down 51.9% following FY24's $122.79 million Dare Northward campaign peak—while other revenue rose to $7.55 million as commercial hospitality and summer program revenues were itemized under Part VIII, Line 11.
Primary Revenue Streams
FY25 Revenue Distribution
-
Program Service Revenue +4.1% YoY$203,893,000 (57.5%)
- Undergraduate Tuition and Fees (Part VIII, Line 2a) $167,852,000
- Auxiliary Enterprises — Residence Halls & Dining (Part VIII, Line 2b) $36,041,000
-
Investment Income +37.8% YoY$84,026,000 (23.7%)
- Realized Net Capital Gains ($375.90M Gross Sales less $312.85M Basis) $63,046,000
- Dividends, Interest & Other Investment Income $20,980,000
- Tax-Exempt Bond Proceeds Income $0
-
Contributions & Grants -51.9% YoY$59,020,000 (16.7%)
- Private Philanthropy, Alumni Gifts & Bequests $54,455,000
- Government Grants (Federal & State Research, Aid, Energy Projects) $4,565,000
- Noncash Gifts Included Above (105 Stock Gifts, 26 Art Works, Books) $17,420,000
-
Other Revenue +11,339.4% YoY$7,550,000 (2.1%)
- Accommodation & Food Services (Unrelated Business Revenue) $6,241,000
- Summer Programs (Unrelated Business Revenue) $646,000
- Net Inventory Sales ($584K) & Net Rental Income ($79K) $663,000
Endowment Performance and Asset Allocation
Colby’s Investment Office manages approximately 1,500 individual endowment funds alongside institutional capital reserves, holding $1.37 billion in total balance sheet securities ($1,251.69 million in Schedule D, Part VII commingled and alternative funds plus $114.21 million in direct publicly traded securities). Within the $1.25 billion alternative and commingled portfolio, venture capital ($269.99 million) and buyout funds ($206.35 million) combine for $476.34 million (34.9% of total securities), complemented by global equity funds ($298.20 million), hedge funds ($236.79 million), and real estate funds ($103.51 million).
To execute its global alternative strategy, Colby holds $318.04 million in foreign-domiciled investment vehicles reported on Schedule F—comprising $256.77 million in Central America and the Caribbean, $43.06 million in Europe, and $18.21 million in Sub-Saharan Africa. Because Colby holds $520,265 in endowment assets per student across 2,407 students (exceeding the $500,000 federal threshold), the college is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($1.37B Total Invested Securities / $1.25B Endowment)
Part X & Schedule D, Part VII Allocation
-
•
Endowment Balance (EOY): $1,252,278,000 (+7.9% YoY), representing $520,265 per enrolled student across 2,407 undergraduates.
-
•
Net Investment Gains: $147,346,000 in endowment investment earnings (+48.8% YoY from $99.03M in FY24).
-
•
Alternative & Offshore Capital: 63.6% of total balance sheet securities ($868.62M) sit in venture capital, buyout, hedge, real estate, and natural resources funds, with $256.77M domiciled in Central American and Caribbean vehicles.
-
•
Total Payout & Budget Coverage: Using a 5.50% spending formula on a five-year trailing market average, Colby distributed $67,489,000 to direct operations ($45.80M to academic programs and facilities; $21.69M to student aid) plus $17,215,000 in administrative/investment fees ($84,704,000 total outflow), covering 20.8% of Form 990 total expenses (26.0% with administrative fees, and 27% of the annual operating budget under Colby's GAAP reporting).
Detailed Asset Mix ($1.37B Balance Sheet Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Colby’s endowment from an $878.32 million opening balance in FY21 to $1.25 billion at the close of FY25 (+42.6% cumulative expansion). Over that five-year window, the endowment absorbed $124.78 million in donor gifts alongside $601.93 million in net investment earnings—highlighted by a $408.90 million post-pandemic surge in FY21 and $147.35 million in FY25 investment gains, which outweighed a $96.51 million market pullback in FY22. Simultaneously, the endowment distributed $287.62 million toward undergraduate financial aid ($95.78 million) and academic programs and campus facilities ($191.83 million), plus $65.14 million in investment and administrative expenses. At year-end FY25, the portfolio comprised 42.9% term endowment, 34.4% permanent endowment, and 22.7% board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in millions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
|---|---|---|---|---|---|
| 1a. Beginning of year | $1,160,160,000 | $1,116,123,000 | $1,122,451,000 | $1,257,738,000 | $878,323,000 |
| 1b. Contributions | $29,476,000 | $22,431,000 | $16,284,000 | $30,264,000 | $26,325,000 |
| 1c. Net investment earnings | $147,346,000 | $99,034,000 | $43,163,000 | ($96,510,000) | $408,898,000 |
| 1d. Grants or scholarships | ($21,685,000) | ($20,627,000) | ($19,482,000) | ($18,182,000) | ($15,807,000) |
| 1e. Other expenditures | ($45,804,000) | ($43,400,000) | ($34,581,000) | ($36,210,000) | ($31,838,000) |
| 1f. Administrative expenses | ($17,215,000) | ($13,401,000) | ($11,712,000) | ($14,649,000) | ($8,163,000) |
| 1g. End of year balance | $1,252,278,000 | $1,160,160,000 | $1,116,123,000 | $1,122,451,000 | $1,257,738,000 |
Per-Student Spending and True Cost
Because Colby operates exclusively as an undergraduate liberal arts institution without graduate schools or clinical hospitals, 100% of its Form 990 program service expenses directly support its 2,407 undergraduates. On Form 990 Part III (Lines 4a and 4e), Colby reports $261,330,972 in direct program service expenses across instruction, residential life, student services, and financial aid. That equates to $108,571 per student in direct program service spend ($77,702 net per student excluding $74.30 million in student financial aid and community grants).
By comparison, baseline gross student tuition and fees ($167.85 million, or $69,735 per student) plus auxiliary room and board ($36.04 million, or $14,973 per student) total $203,893,000, or $84,708 per student before financial aid discounts. After deducting $74.05 million in student financial aid grants, net student revenue totals $129,843,000 ($53,944 per student)—covering 49.7% of direct academic and residential program costs and leaving a $54,627 per-student net subsidy funded by endowment payouts and philanthropy. When factoring in institutional management ($54.38 million, including $14.25 million in external investment management fees) and fundraising ($9.53 million), total institutional expenditure reaches $325,244,000, or $135,124 per student.
Operations vs. Revenue
-
•
Regular Session Academic Program Spend (Part III, Line 4a): $261,330,972 across 2,407 undergraduate students ($108,571 gross direct program spend per student; $77,702 net excluding $74.30M in financial aid and grants).
-
•
Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $261,330,972 in total program services ($108,571 per student, representing 80.3% of total expenses) and $325,244,000 in overall institutional spend ($135,124 per student) after including $54,379,634 in management/general overhead (16.7%) and $9,533,394 in fundraising (2.9%).
-
•
Tuition & Room/Board Revenue: $203,893,000 gross ($84,708 per student before financial aid discounts) and $129,843,000 net ($53,944 per student after $74.05M in student aid), covering 49.7% of direct program service expenditure. Endowment distributions ($67.49M) and annual gifts bridge the remaining $54,627 per-student net gap.
-
•
Academic Payroll & Instructional Infrastructure (Part IX, Column B): Direct program services include $93,256,718 in instructional and program salaries, pensions, and benefits, $23,860,000 in contracted program services, $17,528,000 in academic and residential facility depreciation, $12,988,000 in program office supplies, and $11,103,000 in bond and capital interest.
-
•
Colby Museum of Art & Global Study Abroad (Schedule D, Part III & Schedule F): Colby maintains the capitalized $245,772,000 Colby College Museum of Art collection (receiving $3,744,000 in art gifts across 26 works in FY25) as a free public teaching museum, and expended $1,312,000 across six international study-abroad regions—anchored by two permanent European offices and nine employees in Spain and France ($1,121,000)—supporting 364 students studying away.
Financial Aid: How Colby Deploys $74.3M in Student Support
Colby meets 100% of demonstrated financial need for all admitted students without student loans through its no-loan financial aid policy and Fair Shot Fund parent-contribution caps. In FY25, total grants and assistance rose 10.6% year-over-year from $67.20 million to $74,302,194 (with reconciled student financial aid totaling $74,050,000 on Schedule D, Parts XI and XII, supported by $21.69 million in restricted endowment scholarship payouts and $52.37 million in institutional operating aid and government grants).
On Form 990 Schedule I (Part III), Colby reports $59,965,000 in direct student account credits across 906 domestic students ($66,187 average grant), representing 37.6% of the undergraduate student body. On Schedule F (Part III), the college itemizes an additional $6,138,000 in direct financial aid credits across 114 international students in five global regions ($53,842 average grant) as part of $14,085,000 in total foreign student grants and study-away fellowships (Part IX, Line 3). Combined, 1,020 undergraduate recipients—42.4% of Colby's 2,407 students—received direct institutional grant aid on Schedules I and F.
Internal Student Support (Schedule I, F & D)
- Aided Student Share (Schedules I & F) 42.4% (1,020 students)
- Domestic / International Aid Share 37.6% Dom. (906) / 4.7% Int'l (114)
- Reconciled Student Aid (Schedule D) $74,050,000 (+10.6%)
- Endowment Scholarship Payout (Line 1d) $21,685,000 (29.3% of Aid)
- Total Domestic Student Cash Grants $59,965,000 ($66,187 avg.)
International Aid & External Community Grants
- Foreign Student Financial Aid & Fellowships ($14,085,000) Includes $6,138,000 in itemized tuition/account credits across 114 foreign students—83 in Europe ($4.74M), 19 in East Asia/Pacific ($853K), 8 in South America ($327K), 2 in MENA ($127K), and 2 in Sub-Saharan Africa ($91K)—plus $7,947,000 in global study-away fellowships and grants.
- Domestic Municipal & Community Grants ($252,194) Direct Schedule I cash grants to 8 civic, municipal, and cultural organizations in Waterville and coastal Maine supporting economic development, municipal PILOT relations, downtown arts, and public recreation trails.
Executive and Investment Team Compensation
Colby’s Schedule J disclosures reflect the governance of a national liberal arts institution and its internal investment office. The college’s highest-compensated executive in FY25 was President David A. Greene, who received $3,203,132 in total compensation—comprising $1,172,256 in base salary, $1,162,150 in bonus and incentive pay, $475,009 in other reportable compensation (including $200,000 in vested prior-year deferred compensation and insurance tax gross-ups), $232,802 in retirement and split-dollar life insurance accruals, and $160,915 in nontaxable benefits (including mandatory on-campus presidential housing and approved business travel).
Following President Greene, Associate VP and Chief Investment Officer Deborah Shufrin earned $921,135 ($650,181 base salary and $172,411 endowment performance bonus), Senior VP for Advancement Matthew Proto received $534,034, VP for Administration and CFO Nicole Trufant earned $525,183, and VP and General Counsel Richard Uchida earned $471,042. Because President Greene's remuneration exceeded $1 million, Colby is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
-
•
Total Institutional Payroll: Colby expended $123,748,748 in total salaries, wages, pensions, and benefits in FY25 (+8.3% YoY from $114.29M in FY24, representing 38.0% of all college expenses) across 2,964 W-2 employees, with 249 staff members earning over $100,000.
-
•
Board Compensation Governance (Schedule O & Schedule J): The Board Affairs Committee—composed exclusively of independent trustees—sets executive compensation annually using peer liberal arts comparability data and an independent compensation consultant. Investment office bonuses for the CIO and Managing Director of Investments are tied in part to Colby endowment investment performance.
-
•
Campus Housing, Split-Dollar Plan & Schedule L Loans: The President resides in campus housing as a required condition of employment (nontaxable), while the Dean of the College and the Executive Director of the Goldfarb Center received taxable housing benefits; the President also participates in a split-dollar life insurance plan and receives tax indemnification gross-ups on personal insurance policies. Under Schedule L, Part II, Colby holds six board-approved education loans to President David A. Greene totaling $215,628 in original principal with $71,078 remaining due at year-end (down from $136,468 at the start of the year).
|
Form 990, Schedule J, Part II: Compensation Breakdown — All 18 Listed Individuals (FY25)
|
|||||||
|---|---|---|---|---|---|---|---|
| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| David A. GreenePresident / Trustee | $1,172,256 | $1,162,150 | $475,009 | $232,802 | $160,915 | $3,203,132 | $200,000 |
| Deborah ShufrinAssociate VP & Chief Investment Officer | $650,181 | $172,411 | $37,400 | $32,802 | $28,341 | $921,135 | $0 |
| Matthew ProtoSr. VP & Chief Institutional Advancement Officer | $445,531 | $0 | $21,900 | $32,802 | $33,801 | $534,034 | $0 |
| Nicole TrufantVP for Administration & Chief Financial Officer | $454,180 | $25,000 | $23,460 | $18,719 | $3,824 | $525,183 | $0 |
| Richard UchidaVP, General Counsel & Secretary of Board | $405,369 | $0 | $0 | $32,802 | $32,871 | $471,042 | $0 |
| Thomas MartinManaging Director of Investments | $358,750 | $87,500 | $960 | $0 | $0 | $447,210 | $0 |
| Margaret McFaddenProvost & Dean of Faculty | $351,491 | $0 | $22,992 | $32,802 | $32,313 | $439,598 | $0 |
| Julie WoodVP & Chief Human Resources Officer | $341,075 | $25,000 | $6,000 | $7,677 | $35,469 | $415,221 | $0 |
| Gustavo BurkettDean of College | $276,219 | $25,000 | $19,750 | $0 | $32,853 | $353,822 | $0 |
| Ruth JacksonVice President & Chief of Staff | $276,575 | $0 | $0 | $26,702 | $32,469 | $335,746 | $0 |
| Jacqueline TerrassaDirector, Museum of Art | $259,183 | $0 | $12,000 | $25,552 | $13,533 | $310,268 | $0 |
| Randi MaloneyVP & Dean of Admissions and Financial Aid | $226,019 | $0 | $0 | $21,802 | $36,053 | $283,874 | $0 |
| Andrew LoftusAssociate VP & Chief Information Officer | $247,816 | $19,000 | $0 | $0 | $13,941 | $280,757 | $0 |
| Alison BeyeaExec. Director, Goldfarb Center for Public Affairs | $203,346 | $19,800 | $28,500 | $0 | $13,836 | $265,482 | $0 |
| Alexander GentilliDirector of Investment Operations | $219,013 | $33,750 | $960 | $11,427 | $0 | $265,150 | $0 |
| Michael WisecupFormer VP & Director of Athletics (until 6/30/24) | $166,000 | $0 | $480 | $14,902 | $0 | $181,382 | $0 |
| Brian ClarkFormer VP of Planning (until 6/30/24) | $138,715 | $7,000 | $0 | $12,552 | $16,901 | $175,168 | $0 |
| Douglas TerpFormer VP for Administration & CFO | $102,867 | $0 | $2,506 | $9,028 | $17,927 | $132,328 | $0 |
Facilities, Debt, and Municipal Relations
Colby’s 714-acre Mayflower Hill campus and downtown Waterville properties represent a major capital and civic footprint in Central Maine. Rather than liquidating endowment principal to finance campus modernization and student housing, Colby pairs donor capital gifts with tax-exempt municipal bonds and long-term notes. In July 2024, the college issued $75.72 million in Series 2024 tax-exempt bonds through the Finance Authority of Maine (FAME) to fund construction of a new residence hall, raising tax-exempt bond liabilities on the balance sheet from $25.00 million to $91.89 million alongside $308.01 million in secured mortgages and notes payable.
In municipal and civic relations, Colby combines direct Schedule I municipal and community grants ($252,194 across eight organizations) with taxable commercial real estate development in downtown Waterville. Through seven wholly owned Elm City LLC disregarded entities (Schedule R, Part I), Colby manages $21.89 million in downtown commercial and hospitality assets—generating $5.98 million in LLC income and $6.24 million in unrelated business accommodation and food service revenue—that contribute directly to local economic activity and municipal property tax rolls.
Capital Debt & Municipal Engagement
-
•
Physical Plant & Campus Operations: Colby holds $1.16 billion ($1,156,175,000) in gross land ($10.25M), buildings ($799.73M), equipment ($19.88M), and other capital assets and art collections ($326.32M, including the $245.77M Colby Museum of Art collection), with a net book value of $890.64 million after $265.54 million in accumulated depreciation. Annual physical plant costs include $18.87 million in depreciation, $12.90 million in occupancy, and $5.15 million in insurance.
-
•
Tax-Exempt Bonds & Institutional Debt (Schedule K): Total long-term debt stands at $399.90 million ($91.89 million in tax-exempt bond liabilities plus $308.01 million in third-party notes and mortgages), incurring $12.53 million in FY25 interest expense. Schedule K details two active tax-exempt issues: $25.00 million in MHHEFA Series 2019 facilities bonds and $75.72 million in FAME Series 2024 residence hall construction bonds ($78.07M total proceeds including $2.35M in investment earnings, with $29.50M spent in FY25 and $47.85M held in unspent project proceeds). Other liabilities total $32.67 million ($17.56M postretirement benefits, $8.16M annuities, and $6.94M asset retirement obligations).
-
•
Schedule I Town-Gown PILOT Payments and Municipal Relations: On Schedule I, Part II, Colby disbursed $252,194 across eight municipal and community grantees: Central Maine Growth Council ($84,766 for Waterville economic development), Town of St. George ($81,293 in municipal/PILOT general support where Colby operates its Allen Island and Benner Island coastal properties), Waterville Creates ($41,500 supporting community arts at the downtown Paul J. Schupf Art Center), Friends of Quarry Road ($15,000 supporting public outdoor trails), Alfond Youth Center ($11,500), Archives of American Art Journal ($6,416), Mid-Maine Chamber of Commerce ($6,000), and Maine Federation of Farmers' Markets ($5,719). Additionally, Colby's active downtown real estate subsidiaries—Elm City 9 LLC ($16.31M assets; $5.66M income), Elm City 173 LLC ($4.94M assets; $159K income), Elm City 13 LLC ($690K assets), and Elm City 93 LLC (-$43K net assets; $156K income)—operate commercial and hospitality properties that pay local property taxes to the City of Waterville.
-
•
Top Independent Contractors (Part VII, Section B): Among 27 independent contractors paid over $100,000 in FY25, the top five were Bon Appetit Management Co. ($13.04M for campus dining services), Landry/French Construction Company ($10.92M for construction), Consigli Construction Co., Inc. ($5.01M for construction), Incline Alchemy Inc. ($3.07M for technology consulting), and Bruner/Cott & Associates Inc. ($2.20M for architecture).
Editorial Note
All financial figures in this report derive from Colby College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 2,407 degree-seeking undergraduate students) and have been reviewed by the data team.
While Colby expends $108,571 per student on direct academic instruction, residential life, and student financial aid ($135,124 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the 10:1 student-to-faculty ratio, no-loan financial aid packages, global study-away programs, and laboratory and museum facilities that operate alongside Colby’s student selectivity.
Accounting Reconciliation: Readers comparing Colby’s KPMG-audited GAAP financial statements to IRS Form 990 will note three structural accounting differences detailed on Schedule D, Parts XI and XII. First, Form 990 reports $354,489,000 in total revenue and $325,244,000 in total expenses, whereas Colby's audited GAAP financial statements report $336,686,000 in total revenue/gains and $232,020,000 in total expenses. This $91,265,000 gross-up on both sides of the Form 990 occurs because IRS rules require reporting $74,050,000 in student financial aid as an operating grant expense (rather than netting financial aid directly against gross tuition revenue as under GAAP) and $17,215,000 in investment management expenses ($14,251,000 in external fees on Part IX, Line 11f plus $2,964,000 in internal investment overhead) as a management expense (rather than netting fees against investment return). Second, GAAP total revenue includes $74,772,000 in net unrealized investment gains, which are excluded from Form 990 Part VIII operating revenue and instead reconciled on Part XI, Line 5. Third, GAAP statements include -$1,863,000 in intra-organization revenue/expense eliminations, $388,000 in postretirement benefit adjustments, $261,000 in annuity and life income fund changes, and -$96,000 in other net adjustments.
Frequently Asked Questions: Colby's Form 990 Financials
As of Fiscal Year 2025, Colby College's endowment stands at $1.25 billion ($1,252,278,000), up 7.9% year-over-year after generating $147.35 million in net investment gains and receiving $29.48 million in new gifts. Its $67.49 million direct program and scholarship payout ($84.70 million including administrative and investment fees) covers 20.8% of Form 990 total expenses (26.0% including investment fees, and 27% of the college's annual operating budget under internal GAAP parameters).
Colby spends $108,571 per student annually in direct program services—instruction, academic support, residential life, and student financial aid ($261.33 million across 2,407 undergraduate students)—compared to $84,708 per student in gross tuition, room, and board ($53,944 net per student after financial aid). Including institutional management and fundraising, total enterprise expenditure reaches $135,124 per student ($325.24 million).
Colby disbursed $74.30 million in total grants and assistance in FY25 ($74.05 million in reconciled student financial aid, up 10.6% year-over-year). On Schedule I and Schedule F, Colby recorded $59.97 million in direct grants across 906 domestic students ($66,187 average grant) and $6.14 million in itemized account credits across 114 international students ($53,842 average grant) as part of $14.09 million in total foreign student aid—supporting 1,020 undergraduates, or 42.4% of the student body.
The highest-paid employee is President David A. Greene, who received $3,203,132 in total compensation in FY25 ($1,172,256 base salary, $1,162,150 bonus and incentive pay, $475,009 other reportable compensation including $200,000 in prior deferred compensation, $232,802 in retirement and deferred benefits, and $160,915 in nontaxable benefits), followed by Associate VP and Chief Investment Officer Deborah Shufrin at $921,135 and Senior VP for Institutional Advancement Matthew Proto at $534,034.
Yes. With $520,265 in endowment assets per student across 2,407 undergraduates (exceeding the $500,000 per-student threshold for private colleges with more than 500 tuition-paying students), Colby confirmed on Form 990, Part V, Line 16 that it is subject to the federal IRC Section 4968 excise tax on net investment income.
Colby College's total assets reached $2.54 billion ($2,544,594,000) in Fiscal Year 2025, anchored by $1.37 billion in balance sheet investment securities ($1.25 billion in alternative and commingled funds and $114.21 million in direct publicly traded securities), $890.64 million in net land, buildings, and equipment (including the $245.77 million Colby College Museum of Art collection), and $185.76 million in net pledges receivable.
Further Reading
Data Analysis
June 18, 2026Elite American Universities are Defining New Baseline for Asian Enrollment: Caltech, MIT, Carnegie Mellon, Berkeley Above 33% Mark, UPenn and Cornell Surpass One Fourth
Analysis of Elite American universities unprecedented and universal expansion in Asian undergraduate representation over the past half-decade
Financial Analysis
November 9, 2026Bowdoin 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
Financial analysis of Bowdoin College's FY25 Form 990, detailing its $3.56 billion asset base, $2.91 billion endowment, $143,229 per-student program spend, and Schedule J executive compensation.
Financial Analysis
November 10, 2026Bates 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
Financial analysis of Bates College's FY25 Form 990, detailing its $918.38 million asset base, $485.31 million endowment (covering 11.0% of Form 990 expenses and 14.7% of GAAP expenses), $98,176 per-student program spend, Lewiston and Phippsburg municipal relations, and Schedule J compensation.