Key facts

Reported value

USD 574.1 million

As of

June 30, 2026

Portfolio

College endowment net assets

Location

Lewiston, ME

Management model

Investure

Data through FY2026

Balance reference

Endowment size and reporting scope

The reporting scope for Bates College is the respondent identified in NACUBO's table. Its USD 485.312 million FY2025 balance is USD 38.507 million above FY2024. A percentage investment result requires the institution's own performance calculation, with its cash-flow treatment and fee basis. Survey scope and definitions

The official USD 574.075 million figure and the FY2025 survey's USD 485.312 million describe their respective dates and reporting categories. The official balance retains its stated label, endowment net assets. A change in currency, period or included accounts can produce a different total; the figures are presented separately. Official financial scope

Source: NACUBO · Data through FY2026

The FY2025 survey value for Bates College is USD 485.312 million, compared with USD 446.805 million for FY2024. The USD 38.507 million movement is 8.62% of the earlier balance. It includes changes in investments as well as additions and distributions. NACUBO explicitly distinguishes this change in market value from an investment rate of return. FY2025 respondent values and definitions

The available history begins in FY2016 at USD 250.976 million and ends in FY2025 at USD 485.312 million. The change across those observations is USD 234.336 million. The smallest reported balance in the displayed series is USD 250.976 million in FY2016; the largest is USD 485.312 million in FY2025. These are closing asset values. They do not show how much of a year's movement came from new gifts, spending or investment results. NACUBO historical workbook

Spending policy and payout

The audit records $21.880 million of endowment return used under the spending policy in FY2026, compared with $21.758976 million in FY2025. These are annual support flows. They are reported separately from investment gains and gifts in the endowment roll-forward. Spending disclosure

Source: bates.edu · Data through FY2026

Distribution report

The Bates College chart uses the institution's stated FY2026 support measure of USD 21.880000 million. That annual flow is shown separately from the closing asset balance. A department's eventual expenditure can occur after an allocation or appropriation, and donor purposes continue to govern how the support is used. Spending measures

Governance and investment office

Bates moved endowment management to Investure effective March 1, 2025. The College's governing board retains responsibility for endowment policy and donor restrictions. Its FY2026 audit separately identifies board-designated additions and donor-restricted accounts. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed Section 4968 for tax years beginning after December 31, 2025. Applicable private institutions must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States, and student-adjusted endowment of at least $500,000. The rates are 1.4% from $500,000 through $750,000 per student, 4% above $750,000 through $2 million, and 8% above $2 million. Enacted law, Section 70415

An institution's tax tier requires its statutory asset base, eligible student count and related-organization treatment. The survey's closing market value does not supply that calculation. No institution-specific rate is assigned without an institutional disclosure. A campus's enrollment in a public fact sheet can differ from the daily-average, full-time-equivalent count required by the law.

A tax rate on net investment income has a different denominator from an endowment payout rate. Section 4968 uses prior-year assets other than those used directly for exempt purposes and specifies how students are counted. Related organizations can affect the calculation. Headline assets divided by a fall enrollment figure do not reproduce every statutory step.

FY2025 size-band comparison

The FY2025 survey value of USD 485.312 million places this respondent in the $250M to $500M band. The published band contains 102 respondents and USD 37.1 billion of aggregate assets. Its average five-year annualized net return is 10.0%, and its ten-year average is 7.6%. The size classification follows the survey-year balance even where an official disclosure on this page uses a later year or a different portfolio scope. NCSE size groups NCSE average net returns

Source: NACUBO · Data through FY2025

The peer mix describes average reported exposures within one size band. It does not reveal individual securities or the availability of cash at a particular institution. Respondents can also use different policy benchmarks. NCSE returns are net of external management fees and expenses for periods ending June 30, 2025; those periods and fee labels govern any numerical return comparison on this page. NCSE allocation definitions

Public records and reporting dates

The ProPublica nonprofit API identifies the legal filer as President And Trustees Of Bates College, EIN 010211781. Its available filing for the year ended June 30, 2023 reports total filer assets of USD 880.485 million, revenue of USD 192.073 million, expenses of USD 179.472 million. These are filer-wide amounts, which can include buildings, operating resources and other assets outside the endowment. The filing period is retained separately from the current investment disclosures. ProPublica structured filing data

Related reading

• Endowment directory
• Endowments by state
• Endowments by size
• College endowments
• Rowan University
• The Campanile Foundation
• Gonzaga University