IT is the mission of the College to engage students of uncommon promise in an intense full-time education of their minds, exploration of their creative faculties, and development of their social and leadership abilities in a four-year course of study and residence that concludes with a baccalaureate degree in the liberal arts. The full text of the college's mission statement is available on the organization's website at https://www.Bowdoin.edu/about/mission/index.html (all lower case).

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
Run by 2,171 volunteers and 3,087 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $107.2M a year · 28% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$11.3M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
3 mo
of spending, in cash
Looks good: 3.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
11
named funders · $574K
Looks good: 11 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$432.1M
12% of total assets
Looks good: liabilities are 12% of assets; 50% or less.
Pt X · Ln 26
Independent board members
39
of 40 voting members
Looks good: 39 of 40 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$449.6M
+22% vs prior year
Spent
$325.8M
To programs
82%
Net assets
$3.1B
By yearFY2020–FY2025
Revenue
$449.6M
FY2025▲ +22%
Tap a bar for its year
Revenue by fiscal year
FY2020$325.0M
FY2021$359.1M
FY2022$411.8M
FY2023$355.2M
FY2024$369.8M
FY2025$449.6M
Expenses
$325.8M
FY2025▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$233.5M
FY2021$240.3M
FY2022$255.6M
FY2023$275.4M
FY2024$296.5M
FY2025$325.8M
Net assets
$3.1B
FY2025▲ +12%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.0B
FY2021$2.9B
FY2022$2.7B
FY2023$2.6B
FY2024$2.8B
FY2025$3.1B

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1935.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $266.1M Management & general 15% · $49.9M Fundraising 3% · $9.8M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

60 people listed on the 990; $11.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
SVP/Chief Investments Officer
$2,075,729Pt VII · Sec A
Director of Investments
$1,054,646Pt VII · Sec A
Director of Investments
$1,026,872Pt VII · Sec A
President
$936,509Pt VII · Sec A
SVP Finance & Admin/Treasurer
$526,166Pt VII · Sec A
SVP/Dean for Academic Affairs
$489,716Pt VII · Sec A
Endowment Chief Op Officer
$471,451Pt VII · Sec A
SVP/Chief Information Officer
$454,085Pt VII · Sec A

K Niles Bryant’s $2.1M as SVP/Chief Investments Officer is at the 91st percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Paula Volent———$2,652,443$4,169,769$4,170,808
K Niles Bryant$2,075,729$1,835,626$1,804,690$1,550,187——
Niles Bryant————$1,144,524—
Boris Raykin$1,054,646$970,656$927,163———
Page Machlin$1,026,872$935,064$826,139$477,221——
Safa Zaki$936,509$602,398————
Clayton Rose—$402,912$676,428$503,393$312,048$499,347
Stephanie Frost$333,000$664,956$429,463$265,427——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Bowdoin College executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides a rigorous four-year undergraduate liberal arts education to help students earn bachelor's degrees through high-quality instruction and dedicated faculty mentorship.

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Provided by the organization

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1 program · $266.1M · in their own filed words · FY2024
01

During fiscal year 2025, bowdoin enrolled 1,858 full-time equivalent (fte) students, not including 173 fte students who studied off campus; 95% complete the degree within five years; the STUDENT/FACULTY ratio is 9:1; 98% of faculty has a PH.D. Or equivalent.

$266.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 11 funders →
Grants paid · 73 grants · $343.5M · 2019–2024
Unitemized GrantFY2024$66,889,000
Unitemized GrantFY2024$3,226,000
Town of BrunswickFY2024$606,230
Unitemized GrantFY2024$407,000
Unitemized GrantFY2024$263,000
Town of HarpswellFY2024$21,900
Tedford HousingME · FY2024$20,000
Unitemized GrantFY2023$60,508,000
Unitemized GrantFY2023$2,907,000
Unitemized GrantFY2023$529,000
Town of BrunswickFY2023$497,532
Unitemized GrantFY2023$167,000
Tedford HousingME · FY2023$22,500
Town of HarpswellFY2023$21,250
See all 73 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$449.6M
Ln 12
Investment incomeLn 3$199.7M
Fees for servicesLn 2g$165.5M
Gifts and grantsLn 1h$83.6M
Money outPt IX
$325.8M
Ln 25
Programscol B$266.1M
Managementcol C$49.9M
Fundraisingcol D$9.8M
Owns and owesPt X
$3.1B
net assets · Ln 32
Cash and savingsLn 1–2$81.0M
Total assetsLn 16$3.6B
LiabilitiesLn 26$432.1M
PeoplePt VI, VII
60
listed · VII A
PaidVII A21
Voting boardVI 1a40
IndependentVI 1b39
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$83.6M
Government grantsLn 1e$4.0M
Noncash giftsLn 1g$1.7M
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$165.5M
Investment incomeLn 3$199.7M
Other incomeLn 4–11$824K
Gains on assetsLn 7$182.2M
Total revenueLn 12$449.6M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$81.0M
Cash and savings togetherLn 1–2$81.0M
InvestmentsLn 11–13$2.99B
Land, buildings, equipmentLn 10c$414.0M
Other assetsLn 15$25.5M
Total assetsLn 16$3.6B
LiabilitiesLn 26$432.1M
Net assetsLn 32$3.1B
OperationsPt I, VI
EmployeesI 53,087
VolunteersI 62,171
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$76.0M$81.0M
InvestmentsLn 11–13$2.68B$2.99B
Land, buildings, equipmentLn 10c$392.8M$414.0M
Total assetsLn 16$3.23B$3.56B
LiabilitiesLn 26$431.9M$432.1M
Net assetsLn 32$2.80B$3.13B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$756K$756K
Grants to domestic individualsLn 2$70.8M$70.8M
Grants and assistance to foreign recipientsLn 3$104K$104K
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$9.1M$3.5M$4.3M$1.2M
Pay of disqualified personsLn 6$204K$0$204K$0
Other salaries and wagesLn 7$105.2M$85.6M$14.7M$5.0M
Pension plan contributionsLn 8$10.8M$8.9M$1.3M$567K
Other employee benefitsLn 9$17.5M$14.9M$1.7M$886K
Payroll taxesLn 10$8.0M$6.5M$1.0M$446K
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$3.5M$0$3.5M$0
Accounting feesLn 11c$554K$0$554K$0
Lobbying feesLn 11d$82K$0$82K$0
Professional fundraising feesLn 11e$28K$28K
Investment management feesLn 11f$421K$0$421K$0
Other fees for servicesLn 11g$7.5M$4.7M$2.3M$491K
Advertising and promotionLn 12$135K$18K$117K$0
Office expensesLn 13$6.6M$5.2M$923K$499K
Information technologyLn 14$8.1M$5.5M$2.6M$0
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$9.2M$7.5M$1.7M$35K
TravelLn 17$5.7M$4.8M$497K$337K
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$1.2M$792K$101K$284K
InterestLn 20$14.2M$13.1M$1.1M$0
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$20.3M$17.0M$3.2M$0
InsuranceLn 23$1.2M$1.0M$182K$0
Other expenses (24a–d)Ln 24$19.3M$12.5M$6.8M$0
All other expensesLn 24e$5.5M$3.0M$2.4M$55K
Total functional expensesLn 25$325.8M$266.1M$49.9M$9.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $449.6M$325.8M$123.7M$3.1B 990 PDF
FY2024 $369.8M$296.5M$73.3M$2.8B 990 PDF
FY2023 $355.2M$275.4M$79.9M$2.6B 990 PDF
FY2022 $411.8M$255.6M$156.2M$2.7B 990 PDF
FY2021 $359.1M$240.3M$118.7M$2.9B 990 PDF
FY2020 $325.0M$233.5M$91.4M$2.0B 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support F · Foreign M · Noncash J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $449,569,000 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $48,332,000$83,574,000
I-9 Program service revenuePrior year $154,470,000$165,481,000
I-10 Investment incomePrior year $165,689,000$199,690,000
I-11 Other revenuePrior year $1,285,000$824,000
I-12 Total revenuePrior year $369,776,000$449,569,000
I-13 Grants and similar amounts paidPrior year $65,651,000$71,645,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $140,221,000$150,708,000
I-16a Professional fundraising feesPrior year $22,000$28,000
I-17 Other expensesPrior year $90,573,000$103,455,000
I-18 Total expensesPrior year $296,467,000$325,836,000
I-19 Revenue less expensesPrior year $73,309,000$123,733,000
Part VI · Governance 39 of 40 board members independent, no flags
VI-1a Voting members of the governing body40
VI-1b Independent voting members39
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $449,569,000 across 16 lines filed
Lines not itemized here account for $1,385,000 of total revenue; see the IRS return.
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$4,025,000
VIII-1f All other contributions, gifts and grants$79,549,000
VIII-1g Noncash contributions (included above)$1,728,000
VIII-1h Total contributions, gifts and grants$83,574,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $164,204,000 · Unrelated business $293,000 · Excluded from tax $0$164,497,000
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $5,966,000 · Excluded from tax $11,535,000$17,501,000
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $38,000 · Unrelated business $0 · Excluded from tax $0$38,000
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $1,066,000 · Excluded from tax $181,123,000$182,189,000
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $385,000 · Unrelated business $0 · Excluded from tax $0$385,000
VIII-12 Total revenueRelated to mission $166,012,000 · Unrelated business $7,325,000 · Excluded from tax $192,658,000$449,569,000
Part IX · Statement of functional expenses $325,836,000 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $756,000$756,000
IX-2 Grants to domestic individualsPrograms $70,785,000$70,785,000
IX-3 Grants and assistance to foreign recipientsPrograms $104,000$104,000
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $3,519,000 · Management $4,337,000 · Fundraising $1,205,000$9,061,000
IX-6 Pay of disqualified personsPrograms $0 · Management $204,000 · Fundraising $0$204,000
IX-7 Other salaries and wagesPrograms $85,559,000 · Management $14,653,000 · Fundraising $4,972,000$105,184,000
IX-8 Pension plan contributionsPrograms $8,900,000 · Management $1,324,000 · Fundraising $567,000$10,791,000
IX-9 Other employee benefitsPrograms $14,881,000 · Management $1,740,000 · Fundraising $886,000$17,507,000
IX-10 Payroll taxesPrograms $6,476,000 · Management $1,039,000 · Fundraising $446,000$7,961,000
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $3,477,000 · Fundraising $0$3,477,000
IX-11c Accounting feesPrograms $0 · Management $554,000 · Fundraising $0$554,000
IX-11d Lobbying feesPrograms $0 · Management $81,800 · Fundraising $0$81,800
IX-11e Professional fundraising feesFundraising $28,000$28,000
IX-11f Investment management feesPrograms $0 · Management $421,000 · Fundraising $0$421,000
IX-11g Other fees for servicesPrograms $4,745,000 · Management $2,276,000 · Fundraising $491,000$7,512,000
IX-12 Advertising and promotionPrograms $18,000 · Management $117,000 · Fundraising $0$135,000
IX-13 Office expensesPrograms $5,154,000 · Management $923,000 · Fundraising $499,000$6,576,000
IX-14 Information technologyPrograms $5,457,000 · Management $2,638,000 · Fundraising $0$8,095,000
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $7,477,000 · Management $1,726,000 · Fundraising $35,000$9,238,000
IX-17 TravelPrograms $4,849,000 · Management $497,000 · Fundraising $337,000$5,683,000
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $792,000 · Management $101,000 · Fundraising $284,000$1,177,000
IX-20 InterestPrograms $13,085,000 · Management $1,138,000 · Fundraising $0$14,223,000
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $17,034,000 · Management $3,244,000 · Fundraising $0$20,278,000
IX-23 InsurancePrograms $1,035,000 · Management $182,000 · Fundraising $0$1,217,000
IX-24 Other expenses (24a–d)Programs $12,467,000 · Management $6,838,000 · Fundraising $0$19,305,000
IX-24e All other expensesPrograms $3,026,000 · Management $2,401,200 · Fundraising $55,000$5,482,200
IX-25 Total functional expensesPrograms $266,119,000 · Management $49,912,000 · Fundraising $9,805,000$325,836,000
Part X · Balance sheet $3,560,577,000 assets, 23 lines filed
Asset lines not itemized here account for $404,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $0$0
X-2 Savings and temporary cash investmentsStart of year $75,957,000$80,961,000
X-3 Pledges and grants receivableStart of year $47,208,000$39,166,000
X-4 Accounts receivableStart of year $2,114,000$1,605,000
X-8 Inventories for sale or useStart of year $1,652,000$1,671,000
X-9 Prepaid expenses and deferred chargesStart of year $6,048,000$8,863,000
X-10c Land, buildings and equipment, netStart of year $392,836,000$413,966,000
X-11 Publicly traded securitiesStart of year $83,993,000$108,921,000
X-12 Other securitiesStart of year $2,595,912,000$2,879,479,000
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $28,304,000$25,541,000
X-16 Total assetsStart of year $3,234,630,000$3,560,577,000
X-17 Accounts payable and accrued expensesStart of year $26,096,000$31,722,000
X-18 Grants payableStart of year $124,000$0
X-19 Deferred revenueStart of year $782,000$664,000
X-20 Tax-exempt bond liabilitiesStart of year $83,682,000$82,746,000
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $311,763,000$313,016,000
X-26 Total liabilitiesStart of year $431,934,000$432,077,000
X-27 Net assets without donor restrictionsStart of year $343,950,000$368,595,000
X-28 Net assets with donor restrictionsStart of year $2,458,746,000$2,759,905,000
X-32 Total net assets or fund balancesStart of year $2,802,696,000$3,128,500,000
X-33 Total liabilities and net assetsStart of year $3,234,630,000$3,560,577,000
Part XI · Reconciliation of net assets $3,128,500,000 net assets at year end
XI-1 Total revenue$449,569,000
XI-2 Total expenses$325,836,000
XI-3 Revenue less expenses$123,733,000
XI-4 Net assets at start of year$2,802,696,000
XI-5 Net unrealized gains (losses) on investments$202,464,000
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets−$393,000
XI-10 Net assets at end of year$3,128,500,000

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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