This year, distributions from the endowment provided 50 percent of Bowdoin’s $250 million operating budget, while net tuition and fees accounted for 38 percent. Just a decade ago, those percentages were nearly reversed, with net tuition and fees providing approximately half of the operating budget at the time. Nearly half of the College’s endowment is donor-restricted to scholarships and, in fiscal year 2026, distributions from these funds covered 80 percent of the College’s financial aid budget, with the rest funded by annual gifts, grants, and other income.
Bowdoin President Safa Zaki said, “These excellent results help us sustain all that we do at Bowdoin, from our need-blind admission policy to meeting the full demonstrated need of every admitted student to the exceptional academic experience that is at the heart of the College."
Bowdoin’s endowment was established in 1794, when James Bowdoin III made the founding gift of $1,000. Over more than 230 years, Bowdoin has benefitted from the generosity of thousands of alumni, parents, friends, and foundations who have contributed to the endowment, with the principal remaining untouched. Investment earnings are partially distributed each year to support donors’ intentions, while the rest is reinvested to strengthen the endowment for future generations.
The College’s fiscal year investment return exceeded the median of 16.2 percent for all college and university endowments during the same period, based on preliminary reports by Cambridge Associates, which monitors endowment and foundation performance nationwide.
Zaki continued, “These returns reflect the skill and discipline of our investment team, led by Senior Vice President and Chief Investment Officer Boris Raykin, and the steady guidance of the Investment Committee.”
As of June 30, 2026, Bowdoin’s endowment generated three-, five-, ten-, and twenty-year annualized returns of 17.2 percent, 8.5 percent, 13.7 percent, and 11.1 percent, respectively. Long-term returns place Bowdoin in the top 1 percent of all college and university endowments tracked by Cambridge Associates.
Bowdoin’s endowment includes 1,827 individual funds dedicated to supporting a wide range of college initiatives. Nearly half of these funds are restricted by donors specifically for student financial aid. The diversified portfolio includes domestic and international equities, fixed income, private equity, venture capital, real estate, and absolute return strategies. All assets are invested through carefully selected external managers and structured for long-term growth and capital protection.
