Bowdoin College

EIN: 010215213 501(c)(3) Education

BRUNSWICK, ME

Total Revenue
$449,569,000
Total Expenses
$325,836,000
Total Assets
$3,560,577,000
Net Assets
$3,128,500,000
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1794
Legal Domicile
ME
Phone
2077215078
Tax Period
2024-07-01 to 2025-06-30

Bowdoin College, founded in 1794, is a major nonprofit in the Education sector that reported $449.6M in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum. The organization ran a surplus of $123.7M, a strong 28% operating margin.

Mission

FOUR-YEAR PRIVATE UNDERGRADUATE LIBERAL ARTS COLLEGE. SEE PART III, LINE 1 FOR DETAILED MISSION

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $83,574,000
Program Service Revenue $165,481,000
Investment Income $199,690,000
Other Revenue $824,000
TOTAL REVENUE $449,569,000

Expense Breakdown

Grants Paid $71,645,000
Salaries & Benefits $150,708,000
Fundraising Expenses $9,805,000
Program Expenses $266,119,000
Other Expenses $103,455,000
TOTAL EXPENSES $325,836,000

Year-over-Year Comparison

2024 2023 Change
Revenue $449,569,000 $369,776,000 +0.2%
Expenses $325,836,000 $296,467,000 +0.1%
Net Income $123,733,000 $73,309,000 +0.7%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
40
Independent Members
39
Employees
3087
Volunteers
2171

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✓ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$1,739,247
Total Directors
40
$1,120,866
Key Employees
12
$6,777,141
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DIANA L SPAGNUOLO VICE CHAIR 8.0
Officer Director
$0 $0 $0
SAFA ZAKI PRESIDENT 40.0
Officer Director
$936,509 $184,357 $1,120,866
SCOTT B PERPER CHAIR 8.0
Officer Director
$0 $0 $0
ALISON E RUNDLETT TRUSTEE 4.0
Director
$0 $0 $0
ANDREW E SERWER TRUSTEE 4.0
Director
$0 $0 $0
ANN HAMBELTON KENYON TRUSTEE 4.0
Director
$0 $0 $0
ARTHUR E BLACK TRUSTEE 4.0
Director
$0 $0 $0
BERTRAND GARCIA-MORENO TRUSTEE 4.0
Director
$0 $0 $0
DAVID G BROWN TRUSTEE 4.0
Director
$0 $0 $0
ELLEN L P CHAN TRUSTEE 4.0
Director
$0 $0 $0
HOLLY E MALONEY TRUSTEE 4.0
Director
$0 $0 $0
JEFF D EMERSON TRUSTEE 4.0
Director
$0 $0 $0
JENNIFER GOLDSMITH ADAMS TRUSTEE 4.0
Director
$0 $0 $0
JOAN BENOIT SAMUELSON TRUSTEE 4.0
Director
$0 $0 $0
JOHN F MCQUILLAN JR TRUSTEE 4.0
Director
$0 $0 $0
JOHN K L THORNDIKE TRUSTEE 4.0
Director
$0 $0 $0
JOSEPH ADU TRUSTEE 4.0
Director
$0 $0 $0
JOSEPH V MCDEVITT JR TRUSTEE 4.0
Director
$0 $0 $0
JULIA L DAVIDSON TRUSTEE 4.0
Director
$0 $0 $0
KAREN N WALKER TRUSTEE 4.0
Director
$0 $0 $0
KATHRYN ROCHE HOPE TRUSTEE 4.0
Director
$0 $0 $0
KATIE R BENNER TRUSTEE 4.0
Director
$0 $0 $0
KAYLA D BAKER TRUSTEE 4.0
Director
$0 $0 $0
MARY HOGAN PREUSSE TRUSTEE 4.0
Director
$0 $0 $0
MICHEL BAMANI TRUSTEE 4.0
Director
$0 $0 $0
MITCHELL S ZUKLIE TRUSTEE 4.0
Director
$0 $0 $0
MOLLY H KING TRUSTEE 4.0
Director
$0 $0 $0
PAULA M WARDYNSKI TRUSTEE 4.0
Director
$0 $0 $0
PETER J BERNARD TRUSTEE 4.0
Director
$0 $0 $0
PHILIP W SCHILLER TRUSTEE 4.0
Director
$0 $0 $0
R STEWART STRAWBRIDGE TRUSTEE 4.0
Director
$0 $0 $0
ROBERT T FRIEDMAN TRUSTEE 4.0
Director
$0 $0 $0
RUSSELL C CRANDALL TRUSTEE 4.0
Director
$0 $0 $0
SHELLEY A HEARNE TRUSTEE 4.0
Director
$0 $0 $0
SYDNEY ASBURY TRUSTEE 4.0
Director
$0 $0 $0
TASHA VANDERLINDE IRVING TRUSTEE 4.0
Director
$0 $0 $0
TEJUS AJMERA TRUSTEE 4.0
Director
$0 $0 $0
TRACY R WOLSTENCROFT TRUSTEE 4.0
Director
$0 $0 $0
TYREE P JONES JR TRUSTEE 4.0
Director
$0 $0 $0
WILLIAM S ANDERSON TRUSTEE 4.0
Director
$0 $0 $0
MATTHEW ORLANDO SVP FINANCE & ADMIN/TREASURER 40.0
Officer
$526,166 $92,215 $618,381
BENJE DOUGLAS SVP FOR INCLUSION & DIVERSITY 40.0
Key Emp
$300,740 $68,778 $369,518
CHRISTINA FINNERAN SVP/INSTITUTIONAL RESEARCH 40.0
Key Emp
$221,380 $64,360 $285,740
CLAUDIA MARROQUIN SVP/DEAN ADMISSIONS & ST. AID 40.0
Key Emp
$350,304 $62,039 $412,343
ELIZABETH ORLIC SVP/CHIEF OF STAFF 40.0
Key Emp
$362,900 $81,103 $444,003
HEATHER KRAJEWSKI SVP FOR DEVELOPMENT & AR 40.0
Key Emp
$391,379 $11,548 $402,927
JAMES HOPPE SVP/DEAN FOR STUDENT AFFAIRS 40.0
Key Emp
$260,376 $2,369 $262,745
JANET LOHMANN SVP/DEAN FOR STUDENT AFFAIRS 40.0
Key Emp
$437,014 $48,928 $485,942
JENNIFER SCANLON SVP/DEAN FOR ACADEMIC AFFAIRS 40.0
Key Emp
$489,716 $81,469 $571,185
K NILES BRYANT SVP/CHIEF INVESTMENTS OFFICER 40.0
Key Emp
$2,075,729 $68,090 $2,143,819
MICHAEL CATO SVP/CHIEF INFORMATION OFFICER 40.0
Key Emp
$454,085 $82,378 $536,463
SCOTT HOOD SVP FOR COMM & PUBLIC AFFAIRS 40.0
Key Emp
$363,766 $64,993 $428,759
SCOTT MEIKLEJOHN SVP FOR DEVELOPMENT & AR 40.0
Key Emp
$332,140 $101,557 $433,697
ASHLEY CONRAD ENDOWMENT CHIEF OP OFFICER 40.0
Highest
$471,451 $72,528 $543,979
BORIS RAYKIN DIRECTOR OF INVESTMENTS 40.0
Highest
$1,054,646 $49,510 $1,104,156
BRUCE KOHORN FACULTY 40.0
Highest
$352,193 $23,918 $376,111
PAGE MACHLIN DIRECTOR OF INVESTMENTS 40.0
Highest
$1,026,872 $48,820 $1,075,692
TAMA SPOERRI VP FOR HUMAN RESOURCES 40.0
Highest
$347,284 $79,947 $427,231
ELIZABETH MCCORMACK FRMR SVP FOR ACADEMIC AFFAIRS 40.0
$171,430 $51,563 $222,993
STEPHANIE FROST FRMR SVP FOR DEVELOPMENT & AR 40.0
$333,000 $0 $333,000
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $449,569,000 $325,836,000 $3,560,577,000 $123,733,000
2024 No data No data No data No data
2023 $355,248,000 $275,375,000 $3,048,898,000 $79,873,000
2022 $411,778,000 $255,587,000 $3,102,956,000 $156,191,000
2021 $359,057,000 $240,341,000 $3,297,186,000 $118,716,000
2020 $324,967,000 $233,530,000 $2,358,149,000 $91,437,000
2019 $283,025,000 $233,576,000 $2,380,634,000 $49,449,000
2018 $237,784,000 $212,106,000 $2,201,155,000 $25,678,000
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