Bridgewater College educates the whole person by providing a challenging and supportive learning community that fosters the growth of its students and empowers and motivates them to live educated, intelligent, healthy, purposeful and ethical lives in a global society. The College embraces the core values of integrity, equality, service and community, which have been inspired by its history with the church of the brethren. The College is a welcoming, diverse and vibrant community, committed to understanding and respecting individual differences and actively engaging all of its members.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
Run by 41 volunteers and 853 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
1 of 6
filings with a surplus
Average deficit $4.5M a year · 5% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.9M
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
2 mo
of spending, in cash
Plus $112.1M in investments, Pt X · Ln 11–13
Fine: 1.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $36K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$64.4M
30% of total assets
Looks good: liabilities are 30% of assets; 50% or less.
Pt X · Ln 26
Independent board members
25
of 26 voting members
Looks good: 25 of 26 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$52.2M
-42% vs prior year
Spent
$60.1M
To programs
88%
Net assets
$147.5M
By yearFY2020–FY2025
Revenue
$52.2M
FY2025▼ -42%
Tap a bar for its year
Revenue by fiscal year
FY2020$86.6M
FY2021$98.2M
FY2022$86.6M
FY2023$82.0M
FY2024$89.6M
FY2025$52.2M
Expenses
$60.1M
FY2025▼ -38%
Tap a bar for its year
Expenses by fiscal year
FY2020$92.9M
FY2021$89.0M
FY2022$90.9M
FY2023$91.7M
FY2024$97.6M
FY2025$60.1M
Net assets
$147.5M
FY2025▼ -1%
Tap a bar for its year
Net assets by fiscal year
FY2020$149.5M
FY2021$180.1M
FY2022$155.1M
FY2023$153.6M
FY2024$149.1M
FY2025$147.5M

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 Apr 1939.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $52.8M Management & general 10% · $5.9M Fundraising 2% · $1.4M

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

36 people listed on the 990; $1.9M 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
$370,153Pt VII · Sec A
Provost & Executive Vice P
$227,632Pt VII · Sec A
Vice President for Enrollm
$207,922Pt VII · Sec A
VP for Institutional Advan
$179,618Pt VII · Sec A
VP for Student Life/Dean O
$150,336Pt VII · Sec A
VP for IT and Chief Information Officer
$137,787Pt VII · Sec A
VP for Marketing and Commu
$130,888Pt VII · Sec A
Professor of the College
$126,013Pt VII · Sec A

David W Bushman’s $370K as President is at the 76th percentile of top reported officer pay among 3683 $10–100M 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
David W Bushman$370,153$362,911$365,434$337,517$310,686$341,166
Roy W Ferguson JR——$126,752$235,413$195,412$203,367
Leona Sevick$227,632$235,141$232,062$192,366$176,462$181,642
Stephen Bright—$230,030$227,039$74,606——
Maureen Silva——$222,015$198,846$209,846$212,173
Michael Post$207,922$219,906$216,993$194,116$205,077$207,445
Anne B Keeler———$131,022$191,934$192,065
Margaret Riner Oncken$179,618$156,135————

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.

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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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates approximately 1,400 students in a private, residential, liberal arts setting.

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3 programs · $46.7M · in their own filed words · FY2024
01

Located only two hours southwest of the washington, D.C., metro area, bridgewater college has a total enrollment of approximately 1,400 students and offers bachelor of arts and bachelor of science degrees in more than 60 majors and minors, along with pre-professional programs such as medicine and law and teacher licensure.

$24.9Mprogram expense
02

With more than 60 social, cultural, religious, and academic clubs and organizations, there's always something happening on campus. Nearly a third of the student body participates in one of the 23 intercollegiate sports bridgewater offers at the ncaa division iii level.

$12.3Mprogram expense
03

The residential campus is located in the beautiful shenandoah valley of virginia. On-campus housing features seven dormitories, shared houses known as the cottages, apartment-style living in the wampler towers, and the stone village housing community.

$9.6Mprogram 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 3 funders →
Grants paid · 12 grants · $168.9M · 2019–2024
Unitemized GrantFY2024$7,555,357
Unitemized GrantFY2024$224,400
Unitemized GrantFY2023$42,351,915
Unitemized GrantFY2023$163,500
Unitemized GrantFY2022$38,796,738
Unitemized GrantFY2022$168,000
Unitemized GrantFY2021$38,613,865
Unitemized GrantFY2021$190,200
Unitemized GrantFY2020$40,067,157
Unitemized GrantFY2020$220,000
Unitemized GrantFY2019$291,010
Unitemized GrantFY2019$246,600

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$52.2M
Ln 12
Fees for servicesLn 2g$40.0M
Investment incomeLn 3$6.9M
Gifts and grantsLn 1h$4.5M
Money outPt IX
$60.1M
Ln 25
Programscol B$52.8M
Managementcol C$5.9M
Fundraisingcol D$1.4M
Owns and owesPt X
$147.5M
net assets · Ln 32
Cash and savingsLn 1–2$8.7M
Total assetsLn 16$211.8M
LiabilitiesLn 26$64.4M
PeoplePt VI, VII
36
listed · VII A
PaidVII A11
Voting boardVI 1a26
IndependentVI 1b25
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$4.5M
Government grantsLn 1e$183K
Noncash giftsLn 1g$1.1M
Fees for servicesLn 2g$40.0M
Investment incomeLn 3$6.9M
Other incomeLn 4–11$723K
Gains on assetsLn 7$4.0M
Total revenueLn 12$52.2M
Assets in detailPt X, end of year
CashLn 1$3.8M
SavingsLn 2$5.0M
Cash and savings togetherLn 1–2$8.7M
InvestmentsLn 11–13$112.1M
Land, buildings, equipmentLn 10c$83.6M
Other assetsLn 15$899K
Total assetsLn 16$211.8M
LiabilitiesLn 26$64.4M
Net assetsLn 32$147.5M
OperationsPt I, VI
EmployeesI 5853
VolunteersI 641
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$8.2M$8.7M
InvestmentsLn 11–13$110.1M$112.1M
Land, buildings, equipmentLn 10c$85.4M$83.6M
Total assetsLn 16$211.7M$211.8M
LiabilitiesLn 26$62.6M$64.4M
Net assetsLn 32$149.1M$147.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$7.8M$7.8M
Pay of disqualified personsLn 6$2.0M$554K$1.0M$365K
Other salaries and wagesLn 7$17.6M$14.5M$2.5M$566K
Pension plan contributionsLn 8$709K$541K$121K$47K
Other employee benefitsLn 9$2.5M$1.6M$704K$104K
Payroll taxesLn 10$1.3M$1.0M$190K$58K
Legal feesLn 11b$45K$45K
Accounting feesLn 11c$73K$73K
Investment management feesLn 11f$655K$655K
Advertising and promotionLn 12$387K$165K$223K
Office expensesLn 13$1.1M$696K$375K$77K
Information technologyLn 14$1.6M$1.6M−$23K$31K
OccupancyLn 16$4.1M$1.9M$2.3M
TravelLn 17$849K$790K$52K$6K
InterestLn 20$2.1M$2.1M$5K
Depreciation, depletion and amortizationLn 22$5.6M$5.2M$438K
InsuranceLn 23$611K$186K$426K
Other expenses (24a–d)Ln 24$11.0M$8.5M$2.4M$150K
Total functional expensesLn 25$60.1M$52.8M$5.9M$1.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $52.2M$60.1M−$7.9M$147.5M 990 PDF
FY2024 $89.6M$97.6M−$8.0M$149.1M 990 PDF
FY2023 $82.0M$91.7M−$9.8M$153.6M 990 PDF
FY2022 $86.6M$90.9M−$4.3M$155.1M 990 PDF
FY2021 $98.2M$89.0M$9.2M$180.1M 990 PDF
FY2020 $86.6M$92.9M−$6.3M$149.5M 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 M · Noncash J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $52,172,366 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $9,067,815$4,521,780
I-9 Program service revenuePrior year $73,966,698$40,038,985
I-10 Investment incomePrior year $5,653,968$6,888,336
I-11 Other revenuePrior year $940,766$723,265
I-12 Total revenuePrior year $89,629,247$52,172,366
I-13 Grants and similar amounts paidPrior year $42,515,415$7,779,757
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $25,757,624$24,028,856
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $29,325,598$28,280,929
I-18 Total expensesPrior year $97,598,637$60,089,542
I-19 Revenue less expensesPrior year −$7,969,390−$7,917,176
Part VI · Governance 25 of 26 board members independent, 1 to look at
VI-1a Voting members of the governing body26
VI-1b Independent voting members25
VI-2 Family or business relationship among officers or directorsYes
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 $52,172,366 across 10 lines filed
Lines not itemized here account for $296 of total revenue; see the IRS return.
VIII-1e Government grants$183,388
VIII-1f All other contributions, gifts and grants$4,338,392
VIII-1g Noncash contributions (included above)$1,054,361
VIII-1h Total contributions, gifts and grants$4,521,780
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $40,038,985$40,038,985
VIII-3 Investment incomeUnrelated business −$397,739 · Excluded from tax $3,252,394$2,854,655
VIII-6 Net rental income or lossUnrelated business $28,980 · Excluded from tax $42,465$71,445
VIII-7 Net gain or loss on sales of assetsRelated to mission $965,152 · Excluded from tax $3,068,529$4,033,681
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $634,515 · Unrelated business $17,009$651,524
VIII-12 Total revenueRelated to mission $41,638,948 · Unrelated business −$351,750 · Excluded from tax $6,363,388$52,172,366
Part IX · Statement of functional expenses $60,089,542 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $7,779,757$7,779,757
IX-6 Pay of disqualified personsPrograms $553,764 · Management $1,039,040 · Fundraising $364,753$1,957,557
IX-7 Other salaries and wagesPrograms $14,537,687 · Management $2,530,463 · Fundraising $565,564$17,633,714
IX-8 Pension plan contributionsPrograms $541,265 · Management $121,452 · Fundraising $46,773$709,490
IX-9 Other employee benefitsPrograms $1,645,739 · Management $703,582 · Fundraising $104,010$2,453,331
IX-10 Payroll taxesPrograms $1,026,395 · Management $189,936 · Fundraising $58,433$1,274,764
IX-11b Legal feesManagement $44,974$44,974
IX-11c Accounting feesManagement $73,119$73,119
IX-11f Investment management feesManagement $654,839$654,839
IX-12 Advertising and promotionPrograms $164,684 · Management $222,740$387,424
IX-13 Office expensesPrograms $696,124 · Management $375,418 · Fundraising $77,297$1,148,839
IX-14 Information technologyPrograms $1,593,897 · Management −$22,687 · Fundraising $31,457$1,602,667
IX-16 OccupancyPrograms $1,861,676 · Management $2,283,646$4,145,322
IX-17 TravelPrograms $790,450 · Management $52,342 · Fundraising $6,307$849,099
IX-20 InterestPrograms $2,098,114 · Management $4,750$2,102,864
IX-22 Depreciation, depletion and amortizationPrograms $5,187,593 · Management $437,777$5,625,370
IX-23 InsurancePrograms $185,563 · Management $425,605$611,168
IX-24 Other expenses (24a–d)Programs $8,464,532 · Management $2,420,583 · Fundraising $150,129$11,035,244
IX-25 Total functional expensesPrograms $52,834,428 · Management $5,850,391 · Fundraising $1,404,723$60,089,542
Part X · Balance sheet $211,825,436 assets, 18 lines filed
Asset lines not itemized here account for $388,796; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $5,740,838$3,768,220
X-2 Savings and temporary cash investmentsStart of year $2,500,000$4,969,376
X-3 Pledges and grants receivableStart of year $5,994,956$5,597,461
X-4 Accounts receivableStart of year $654,177$514,367
X-10c Land, buildings and equipment, netStart of year $85,405,764$83,628,617
X-11 Publicly traded securitiesStart of year $80,054,137$73,763,316
X-12 Other securitiesStart of year $30,026,304$38,295,784
X-15 Other assetsStart of year $765,926$899,499
X-16 Total assetsStart of year $211,735,125$211,825,436
X-17 Accounts payable and accrued expensesStart of year $3,565,003$3,124,901
X-19 Deferred revenueStart of year $1,288,485$1,356,508
X-24 Unsecured notes and loans payableStart of year $54,761,037$57,195,297
X-25 Other liabilitiesStart of year $3,017,186$2,694,633
X-26 Total liabilitiesStart of year $62,631,711$64,371,339
X-27 Net assets without donor restrictionsStart of year $30,347,700$28,578,375
X-28 Net assets with donor restrictionsStart of year $118,755,714$118,875,722
X-32 Total net assets or fund balancesStart of year $149,103,414$147,454,097
X-33 Total liabilities and net assetsStart of year $211,735,125$211,825,436
Part XI · Reconciliation of net assets $147,454,097 net assets at year end
XI-1 Total revenue$52,172,366
XI-2 Total expenses$60,089,542
XI-3 Revenue less expenses−$7,917,176
XI-4 Net assets at start of year$149,103,414
XI-5 Net unrealized gains (losses) on investments$5,797,889
XI-9 Other changes in net assets$469,970
XI-10 Net assets at end of year$147,454,097

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

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