Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $9,900,000

• 1f · All other contributions, gifts and grants

  $49,185,000

• 1g · Noncash contributions included above

  $3,068,000

• 2a · Program service revenue: TUITION AND FEES

  total $113,883,000 · related or exempt $113,883,000

• 2b · Program service revenue: ROOM AND BOARD

  total $29,551,000 · related or exempt $29,551,000

• 2c · Program service revenue: AUXILIARY ENTERPRISES

  total $4,542,000 · related or exempt $4,286,000 · unrelated business $256,000

• 2d · Program service revenue: OFF-CAMPUS STUDY

  total $354,000 · related or exempt $354,000

• 2e · Program service revenue: APPLICATION FEES

  total $185,000 · related or exempt $185,000

• 2f · All other program service revenue

  total $994,000 · related or exempt $994,000

• 3 · Investment income

  total $11,397,000 · unrelated business -$2,217,000 · excluded $13,614,000

• 6a · Gross rents

  real property $34,000

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $34,000

• 6d · Net rental income or loss

  total $34,000 · related or exempt $34,000

• 7a · Gross sales of assets other than inventory

  securities $399,165,000 · other assets $74,000

• 7b · Less cost or other basis and sales expenses

  securities $265,203,000 · other assets $45,000

• 7c · Gain or loss

  securities $133,962,000 · other assets $29,000

• 7d · Net gain or loss

  total $133,991,000 · unrelated business $987,000 · excluded $133,004,000

• 11a · Other revenue: OTHER REVENUE

  total $934,000 · related or exempt $934,000

• 11b · Other revenue: REUNION WEEKEND

  total $298,000 · related or exempt $298,000

• 11e · Other revenue, total

  $1,232,000

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $679,000 · program services $679,000

• 2 · Grants to domestic individuals

  total $56,601,000 · program services $56,601,000

• 3 · Grants to foreign organizations and individuals

  total $431,000 · program services $431,000

• 5 · Compensation of officers, directors and key employees

  total $6,953,000 · program services $2,777,000 · management and general $3,530,000 · fundraising $646,000

• 6 · Compensation of disqualified persons

  total $182,000 · management and general $182,000

• 7 · Other salaries and wages

  total $93,823,000 · program services $76,805,000 · management and general $12,175,000 · fundraising $4,843,000

• 8 · Pension plan contributions

  total $9,435,000 · program services $7,760,000 · management and general $1,155,000 · fundraising $520,000

• 9 · Other employee benefits

  total $14,036,000 · program services $11,808,000 · management and general $1,478,000 · fundraising $750,000

• 10 · Payroll taxes

  total $6,941,000 · program services $5,609,000 · management and general $938,000 · fundraising $394,000

• 11b · Fees: legal

  total $1,038,000 · management and general $1,038,000

• 11c · Fees: accounting

  total $564,000 · management and general $564,000

• 11d · Fees: lobbying

  total $23,900 · management and general $23,900

• 11f · Fees: investment management

  total $428,000 · management and general $428,000

• 11g · Fees: other

  total $7,576,000 · program services $5,474,000 · management and general $1,764,000 · fundraising $338,000

• 12 · Advertising and promotion

  total $135,000 · program services $28,000 · management and general $107,000

• 13 · Office expenses

  total $6,425,000 · program services $4,762,000 · management and general $1,106,000 · fundraising $557,000

• 14 · Information technology

  total $6,621,000 · program services $4,411,000 · management and general $2,210,000

• 16 · Occupancy

  total $7,437,000 · program services $5,933,000 · management and general $1,504,000

• 17 · Travel

  total $5,500,000 · program services $4,621,000 · management and general $583,000 · fundraising $296,000

• 19 · Conferences, conventions and meetings

  total $1,338,000 · program services $1,039,000 · management and general $119,000 · fundraising $180,000

• 20 · Interest

  total $13,990,000 · program services $13,151,000 · management and general $839,000

• 22 · Depreciation, depletion and amortization

  total $17,660,000 · program services $16,600,000 · management and general $1,060,000

• 23 · Insurance

  total $1,103,000 · program services $949,000 · management and general $154,000

• 24a · Other expenses: PURCHASES FOR RESALE

  total $4,861,000 · program services $4,861,000

• 24b · Other expenses: FACILITIES, MAINT, REP

  total $3,881,000 · program services $3,687,000 · management and general $194,000

• 24c · Other expenses: LIBRARY MATERIALS

  total $3,502,000 · program services $3,502,000

• 24d · Other expenses: EQP RENTAL, MAINT, REP

  total $1,492,000 · program services $1,358,000 · management and general $125,000 · fundraising $9,000

• 24e · All other expenses

  total $2,719,100 · program services $954,000 · management and general $1,726,100 · fundraising $39,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $120,445,000 · end of year $115,150,000

• 3 · Pledges and grants receivable

  beginning of year $52,463,000 · end of year $50,116,000

• 4 · Accounts receivable

  beginning of year $2,096,000 · end of year $3,554,000

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $1,090,000 · end of year $796,000

• 8 · Inventories for sale or use

  beginning of year $1,639,000 · end of year $1,623,000

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,258,000 · end of year $5,494,000

• 10a · Land, buildings and equipment: cost or other basis

  $602,629,000

• 10b · Land, buildings and equipment: accumulated depreciation

  $239,813,000

• 10c · Land, buildings and equipment, net

  beginning of year $343,741,000 · end of year $362,816,000

• 11 · Investments: publicly traded securities

  beginning of year $113,961,000 · end of year $101,913,000

• 12 · Investments: other securities

  beginning of year $2,435,387,000 · end of year $2,379,518,000

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $26,876,000 · end of year $27,918,000

• 17 · Accounts payable and accrued expenses

  beginning of year $25,906,000 · end of year $25,747,000

• 18 · Grants payable

  beginning of year $719,000 · end of year $366,000

• 19 · Deferred revenue

  beginning of year $1,202,000 · end of year $1,169,000

• 20 · Tax-exempt bond liabilities

  beginning of year $85,493,000 · end of year $84,597,000

• 21 · Escrow or custodial account liability

  beginning of year $26,000 · end of year $25,000

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $7,500,000 · end of year $3,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $315,966,000 · end of year $314,900,000

• 27 · Net assets without donor restrictions

  beginning of year $300,727,000 · end of year $308,145,000

• 28 · Net assets with donor restrictions

  beginning of year $2,365,417,000 · end of year $2,310,949,000

The filer's explanations (Part III)

PART I, LINE 1A

BENEFITS: FIRST CLASS TRAVEL: A KEY EMPLOYEE FLEW ONE FLIGHT IN FIRST CLASS. PER THE COLLEGE'S EXPENSE REIMBURSEMENT POLICY, AIR TRAVEL IS GENERALLY REIMBURSED FOR COACH AIRFARE ONLY. THE POLICY PERMITS UPGRADES IN CERTAIN SITUATIONS AND WITH PRIOR APPROVAL. APPROVED UPGRADES ARE NOT INCLUDED IN TAXABLE COMPENSATION. TRAVEL FOR COMPANIONS: SPOUSAL/PARTNER TRAVEL IS PERMISSIBLE IN INSTANCES WHERE THE PRESENCE OF A SPOUSE/PARTNER IS REQUIRED TO FURTHER A COLLEGE PURPOSE. THE AMOUNTS ARE COVERED UNDER THE COLLEGE'S EXPENSE REIMBURSEMENT POLICY. DURING THE TAX YEAR, THE ATTENDANCE OF THE PRESIDENT'S SPOUSE WAS REQUIRED AT CERTAIN COLLEGE EVENTS. RELATED TRAVEL COSTS WERE NONTAXABLE. GROSS-UP PAYMENTS: A FORMER KEY EMPLOYEE RECEIVED A GROSS-UP PAYMENT ON A TAXABLE LENGTH OF SERVICE AWARD. A HIGHEST COMPENSATED EMPLOYEE RECEIVED A GROSS-UP PAYMENT ON A TAXABLE LENGTH OF SERVICE AWARD. HOUSING ALLOWANCE: THE COLLEGE REQUIRES THE PRESIDENT TO LIVE ON CAMPUS IN COLLEGE-PROVIDED HOUSING. THE VALUE OF THE BENEFIT IS INCLUDED IN PART II, COLUMN D FOR PRESIDENT CLAYTON ROSE.

PART I, LINE 4A

SEVERANCE OR CHANGE OF CONTROL PAYMENTS: A FORMER KEY EMPLOYEE RECEIVED SUPPLEMENTAL WAGES IN THE AMOUNT $208,978. A FORMER KEY EMPLOYEE WILL RECEIVE SUPPLEMENTAL WAGES IN CALENDAR YEARS 2023 AND 2024, IN THE AMOUNT $150,000 FOR EACH YEAR. A HIGHEST COMPENSATED EMPLOYEE RECEIVED SUPPLEMENTAL WAGES IN THE AMOUNT $191,000.

PART I, LINE 7

THREE HIGHEST COMPENSATED EMPLOYEES RECEIVED A BONUS WHICH WAS DETERMINED AT THE DISCRETION OF A KEY EMPLOYEE.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• POLAR BEAR INVESTMENTS LLC

  INVESTMENTS · ME · income $8,335,874 · assets $195,962,340

  Directly controlled by BOWDOIN

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• TP PARTNERSHIP

  EXCL. 512, 513, 514 · INVESTING · NY · 56.02% owned · share of assets $40,681 · general or managing partner

• VERSO OPPORTUNITIES FUND LP

  EXCL. 512, 513, 514 · INVESTING · CA · 57.16% owned · share of income $333,928 · share of assets $16,839,488

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• POOLED INCOME FUNDS (3)

  T · INVESTING · ME · controlled entity

  Directly controlled by BOWDOIN

• CHARITABLE REMAINDER TRUSTS (17)

  T · INVESTING · ME · controlled entity

  Directly controlled by BOWDOIN