Bowdoin College FY2023 filing

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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.
85¢ of each $1 spent went to programs.
$8.9M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · 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
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$8.9M
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
5 mo
of spending, in cash
Plus $2.48B in investments, Pt X · Ln 11–13
Looks good: 5.0 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
$429.8M
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
42
of 43 voting members
Looks good: 42 of 43 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$355.2M
-14% vs prior year
Spent
$275.4M
To programs
85%
Net assets
$2.6B
By yearFY2020–FY2025
Revenue
$355.2M
FY2023▼ -14%
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
$275.4M
FY2023▲ +8%
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
$2.6B
FY2023▼ -2%
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 FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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

85 cents of each dollar spent went to programs.

Program services 85% · $233.8M Management & general 12% · $33.0M Fundraising 3% · $8.6M

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

62 people listed on the 990; $8.9M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
SVP/Chief Investments Officer
$1,804,690Pt VII · Sec A
Director of Investments
$927,163Pt VII · Sec A
Director of Investments
$826,139Pt VII · Sec A
President
$676,428Pt VII · Sec A
SVP for Development & Ar
$429,463Pt VII · Sec A
SVP Finance & Admin/Treasurer
$404,434Pt VII · Sec A
Endowment Chief Op Officer
$366,848Pt VII · Sec A
SVP/Dean for Academic Affairs
$366,215Pt 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 →

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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1 program · $233.8M · in their own filed words · FY2022
01

During fiscal year 2023, bowdoin enrolled 1,852 full-time equivalent (fte) students, not including 125 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.

$233.8Mprogram 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 →

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Jun 2025 · $9.6M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$3.1M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$2.6M
Trio Upward BoundDepartment of Education · ALN 84.047 · Direct$889K
Federal Perkins Loan Program_federal Capital ContributionsDepartment of Education · ALN 84.038 · Direct$589K
Biomedical Research and Research TrainingDepartment of Health and Human Services · ALN 93.859 · Direct and through Mdi Biological Laboratory$362K

Plus 18 smaller programs.

The auditor reported no findings.

Year ending Jun 2024 · $9.5M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$3.5M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$2.0M
Trio Upward BoundDepartment of Education · ALN 84.047 · Direct$780K
Federal Perkins Loan Program_federal Capital ContributionsDepartment of Education · ALN 84.038 · Direct$754K
Biomedical Research and Research TrainingDepartment of Health and Human Services · ALN 93.859 · Direct and through Mdi Biological Laboratory$490K

Plus 17 smaller programs.

The auditor reported no findings.

Year ending Jun 2023 · $16.0M federal money spent
Disaster Grants - Public Assistance (presidentially Declared Disasters)Department of Homeland Security · ALN 97.036 · Through State of Maine$6.1M
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$3.6M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$1.8M
Federal Perkins Loan ProgramDepartment of Education · ALN 84.038 · Direct$1.0M
Trio_upward BoundDepartment of Education · ALN 84.047 · Direct$728K

Plus 18 smaller programs.

The auditor reported no findings.

Year ending Jun 2022 · $11.1M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$3.4M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$1.7M
Federal Perkins Loan ProgramDepartment of Education · ALN 84.038 · Direct$1.4M
Education Stabilization FundDepartment of Education · ALN 84.425 · Direct$1.3M
Trio_upward BoundDepartment of Education · ALN 84.047 · Direct$946K

Plus 22 smaller programs.

The auditor reported no findings.

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$355.2M
Ln 12
Fees for servicesLn 2g$149.5M
Investment incomeLn 3$145.4M
Gifts and grantsLn 1h$59.1M
Money outPt IX
$275.4M
Ln 25
Programscol B$233.8M
Managementcol C$33.0M
Fundraisingcol D$8.6M
Owns and owesPt X
$2.6B
net assets · Ln 32
Cash and savingsLn 1–2$115.2M
Total assetsLn 16$3.0B
LiabilitiesLn 26$429.8M
PeoplePt VI, VII
62
listed · VII A
PaidVII A20
Voting boardVI 1a43
IndependentVI 1b42
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$59.1M
Government grantsLn 1e$9.9M
Noncash giftsLn 1g$3.1M
Fees for servicesLn 2g$149.5M
Investment incomeLn 3$145.4M
Other incomeLn 4–11$1.3M
Gains on assetsLn 7$134.0M
Total revenueLn 12$355.2M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$115.2M
Cash and savings togetherLn 1–2$115.2M
InvestmentsLn 11–13$2.48B
Land, buildings, equipmentLn 10c$362.8M
Other assetsLn 15$27.9M
Total assetsLn 16$3.0B
LiabilitiesLn 26$429.8M
Net assetsLn 32$2.6B
OperationsPt I, VI
EmployeesI 53,087
VolunteersI 62,171
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$84.6M
Bond issues listedSch K Pt I3
Raised by those issuesSch K Pt I$89.1M
Abroad and in kindSch F, M
Grants to other countriesSch F Pt II–III$431K
Noncash gifts receivedSch M Pt I$3.1M
EndowmentSch D · Pt V
LineFY23FY22FY21FY20FY19
End of yearLn 1g$2.42B$2.47B$2.72B$1.78B$1.74B
Given inLn 1b$39.5M$33.2M$21.3M$19.0M$17.8M
SpentLn 1d–1f$103.2M$89.2M$88.3M$80.9M$76.1M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$120.4M$115.2M
InvestmentsLn 11–13$2.55B$2.48B
Land, buildings, equipmentLn 10c$343.7M$362.8M
Total assetsLn 16$3.10B$3.05B
LiabilitiesLn 26$436.8M$429.8M
Net assetsLn 32$2.67B$2.62B
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$679K$679K
Grants to domestic individualsLn 2$56.6M$56.6M
Grants and assistance to foreign recipientsLn 3$431K$431K
Pay of current officers, directors and key staffLn 5$7.0M$2.8M$3.5M$646K
Pay of disqualified personsLn 6$182K$182K
Other salaries and wagesLn 7$93.8M$76.8M$12.2M$4.8M
Pension plan contributionsLn 8$9.4M$7.8M$1.2M$520K
Other employee benefitsLn 9$14.0M$11.8M$1.5M$750K
Payroll taxesLn 10$6.9M$5.6M$938K$394K
Legal feesLn 11b$1.0M$1.0M
Accounting feesLn 11c$564K$564K
Lobbying feesLn 11d$24K$24K
Investment management feesLn 11f$428K$428K
Other fees for servicesLn 11g$7.6M$5.5M$1.8M$338K
Advertising and promotionLn 12$135K$28K$107K
Office expensesLn 13$6.4M$4.8M$1.1M$557K
Information technologyLn 14$6.6M$4.4M$2.2M
OccupancyLn 16$7.4M$5.9M$1.5M
TravelLn 17$5.5M$4.6M$583K$296K
Conferences, conventions and meetingsLn 19$1.3M$1.0M$119K$180K
InterestLn 20$14.0M$13.2M$839K
Depreciation, depletion and amortizationLn 22$17.7M$16.6M$1.1M
InsuranceLn 23$1.1M$949K$154K
Other expenses (24a–d)Ln 24$13.7M$13.4M$319K$9K
All other expensesLn 24e$2.7M$954K$1.7M$39K
Total functional expensesLn 25$275.4M$233.8M$33.0M$8.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 12, 2026 $449.6M$325.8M$123.7M$3.1B 990 PDF
FY2024Filed with the IRS May 12, 2025 $369.8M$296.5M$73.3M$2.8B 990 PDF
FY2023 ViewingFiled with the IRS May 14, 2024 $355.2M$275.4M$79.9M$2.6B 990 PDF
FY2022 $411.8M$255.6M$156.2M$2.7B 990 PDF
FY2021Filed with the IRS May 15, 2022 $359.1M$240.3M$118.7M$2.9B 990 PDF
FY2020Filed with the IRS May 14, 2021 $325.0M$233.5M$91.4M$2.0B 990 PDF

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 FY2023 990 (6 parts)
Part I · Summary $355,248,000 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $49,006,000$59,085,000
I-9 Program service revenuePrior year $142,176,000$149,509,000
I-10 Investment incomePrior year $219,551,000$145,388,000
I-11 Other revenuePrior year $1,045,000$1,266,000
I-12 Total revenuePrior year $411,778,000$355,248,000
I-13 Grants and similar amounts paidPrior year $55,513,000$57,711,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $123,872,000$131,370,000
I-16a Professional fundraising feesPrior year $2,000$0
I-17 Other expensesPrior year $76,200,000$86,294,000
I-18 Total expensesPrior year $255,587,000$275,375,000
I-19 Revenue less expensesPrior year $156,191,000$79,873,000
Part VI · Governance 42 of 43 board members independent, no flags
VI-1a Voting members of the governing body43
VI-1b Independent voting members42
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 $355,248,000 across 10 lines filed
Lines not itemized here account for $994,000 of total revenue; see the IRS return.
VIII-1e Government grants$9,900,000
VIII-1f All other contributions, gifts and grants$49,185,000
VIII-1g Noncash contributions (included above)$3,068,000
VIII-1h Total contributions, gifts and grants$59,085,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $148,259,000 · Unrelated business $256,000$148,515,000
VIII-3 Investment incomeUnrelated business −$2,217,000 · Excluded from tax $13,614,000$11,397,000
VIII-6 Net rental income or lossRelated to mission $34,000$34,000
VIII-7 Net gain or loss on sales of assetsUnrelated business $987,000 · Excluded from tax $133,004,000$133,991,000
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,232,000$1,232,000
VIII-12 Total revenueRelated to mission $150,519,000 · Unrelated business −$974,000 · Excluded from tax $146,618,000$355,248,000
Part IX · Statement of functional expenses $275,375,000 across 25 lines filed
IX-1 Grants to domestic organizationsPrograms $679,000$679,000
IX-2 Grants to domestic individualsPrograms $56,601,000$56,601,000
IX-3 Grants and assistance to foreign recipientsPrograms $431,000$431,000
IX-5 Pay of current officers, directors and key staffPrograms $2,777,000 · Management $3,530,000 · Fundraising $646,000$6,953,000
IX-6 Pay of disqualified personsManagement $182,000$182,000
IX-7 Other salaries and wagesPrograms $76,805,000 · Management $12,175,000 · Fundraising $4,843,000$93,823,000
IX-8 Pension plan contributionsPrograms $7,760,000 · Management $1,155,000 · Fundraising $520,000$9,435,000
IX-9 Other employee benefitsPrograms $11,808,000 · Management $1,478,000 · Fundraising $750,000$14,036,000
IX-10 Payroll taxesPrograms $5,609,000 · Management $938,000 · Fundraising $394,000$6,941,000
IX-11b Legal feesManagement $1,038,000$1,038,000
IX-11c Accounting feesManagement $564,000$564,000
IX-11d Lobbying feesManagement $23,900$23,900
IX-11f Investment management feesManagement $428,000$428,000
IX-11g Other fees for servicesPrograms $5,474,000 · Management $1,764,000 · Fundraising $338,000$7,576,000
IX-12 Advertising and promotionPrograms $28,000 · Management $107,000$135,000
IX-13 Office expensesPrograms $4,762,000 · Management $1,106,000 · Fundraising $557,000$6,425,000
IX-14 Information technologyPrograms $4,411,000 · Management $2,210,000$6,621,000
IX-16 OccupancyPrograms $5,933,000 · Management $1,504,000$7,437,000
IX-17 TravelPrograms $4,621,000 · Management $583,000 · Fundraising $296,000$5,500,000
IX-19 Conferences, conventions and meetingsPrograms $1,039,000 · Management $119,000 · Fundraising $180,000$1,338,000
IX-20 InterestPrograms $13,151,000 · Management $839,000$13,990,000
IX-22 Depreciation, depletion and amortizationPrograms $16,600,000 · Management $1,060,000$17,660,000
IX-23 InsurancePrograms $949,000 · Management $154,000$1,103,000
IX-24 Other expenses (24a–d)Programs $13,408,000 · Management $319,000 · Fundraising $9,000$13,736,000
IX-24e All other expensesPrograms $954,000 · Management $1,726,100 · Fundraising $39,000$2,719,100
IX-25 Total functional expensesPrograms $233,800,000 · Management $33,003,000 · Fundraising $8,572,000$275,375,000
Part X · Balance sheet $3,048,898,000 assets, 24 lines filed
Asset lines not itemized here account for $796,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $0$0
X-2 Savings and temporary cash investmentsStart of year $120,445,000$115,150,000
X-3 Pledges and grants receivableStart of year $52,463,000$50,116,000
X-4 Accounts receivableStart of year $2,096,000$3,554,000
X-8 Inventories for sale or useStart of year $1,639,000$1,623,000
X-9 Prepaid expenses and deferred chargesStart of year $5,258,000$5,494,000
X-10c Land, buildings and equipment, netStart of year $343,741,000$362,816,000
X-11 Publicly traded securitiesStart of year $113,961,000$101,913,000
X-12 Other securitiesStart of year $2,435,387,000$2,379,518,000
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $26,876,000$27,918,000
X-16 Total assetsStart of year $3,102,956,000$3,048,898,000
X-17 Accounts payable and accrued expensesStart of year $25,906,000$25,747,000
X-18 Grants payableStart of year $719,000$366,000
X-19 Deferred revenueStart of year $1,202,000$1,169,000
X-20 Tax-exempt bond liabilitiesStart of year $85,493,000$84,597,000
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $315,966,000$314,900,000
X-26 Total liabilitiesStart of year $436,812,000$429,804,000
X-27 Net assets without donor restrictionsStart of year $300,727,000$308,145,000
X-28 Net assets with donor restrictionsStart of year $2,365,417,000$2,310,949,000
X-32 Total net assets or fund balancesStart of year $2,666,144,000$2,619,094,000
X-33 Total liabilities and net assetsStart of year $3,102,956,000$3,048,898,000
Part XI · Reconciliation of net assets $2,619,094,000 net assets at year end
XI-1 Total revenue$355,248,000
XI-2 Total expenses$275,375,000
XI-3 Revenue less expenses$79,873,000
XI-4 Net assets at start of year$2,666,144,000
XI-5 Net unrealized gains (losses) on investments−$127,046,000
XI-9 Other changes in net assets$123,000
XI-10 Net assets at end of year$2,619,094,000

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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