An Investment in Bates’ Future
The first gifts to support Bates College reflected donors’ hope for the future. Seth and Mary Hathorn gave Oren Cheney $5,000 to build Hathorn Hall with the hope that their gift would “do good” for the new school after their passing.
The Bates endowment had a similar start in the 1800s, by donors wishing that their gifts might do good — and do well — for generations to come.
“The endowment provides a firm financial foundation for the college’s future, providing a reliable source of income to support our mission, fund program innovation, and weather economic ups and downs,” says Garry W. Jenkins, president of Bates College.
“Ultimately, our endowment is both our protective moat and a waterfall that generates energy and vitality.”
Garry W. Jenkins, President
Today, the college’s endowment fuels all that is good and excellent about Bates: students, faculty, programs, and the campus itself. As we look to the future of Bates and the world, we are excited about the possibility of doing more good through our work and our shared commitment to community, academic excellence, access, and student success. Growth in our endowment through visionary philanthropy and sound management will give Bates the flexibility and resources to innovate, to thrive, to live more fully into our values and aspirations in perpetuity.
Our endowment has long lagged behind many peer top liberal arts colleges for a variety of reasons — we are a younger institution, we do not have the history of philanthropy that some of our NESCAC peers enjoy, and we were more modestly invested in the latter part of the 20th century, to name a few. In fiscal year 2024, Bates’ endowment was equivalent to approximately $250,000 per full-time student while the endowment for some of our closest peers reaches $1.9 million per full-time student. This disparity further underscores our focus on endowment growth.
By growing the Bates endowment, we will ensure that Bates maintains its competitive edge, enhances its outstanding educational and co-curricular experience, is able to attract the best and brightest students regardless of their financial status, and retain a vibrant faculty who are experts in their fields.
FY24 Endowment Per Student, Select Peers
The Power of Time
The endowment is the living history — and the living future — of Bates College. Each endowed fund tells a story of a donor’s belief in Bates — a belief that will benefit the college in perpetuity.
The power of endowment giving lies in the power of long-term investing. The college uses a spending formula designed to weather market fluctuations while the original endowment gift continues to grow. For example, a $100,000 gift for immediate use today could fund approximately 1.6 need-based scholarships to Bates. An endowment gift of $100,000 — prudently managed by the college and our chief investment officer, Investure — will contribute many times that amount over time.
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The $100,000 gift to the endowment in 2025 not only grows to $243,000 by 2055 but also provides $214,000 in cumulative support for the college’s operating budget over 30 years.
$446,804,807
Endowment market value on June 30, 2024
1,400
Approximate number of individual endowment funds
$21.8 million
Amount drawn for FY25 budget support
4.7%
Average endowment spending rate over the last 20 years
“We need to better position ourselves financially by growing our endowment. Right now we’re proudly fighting above our weight class. Academically, we are ranked among the top 20 liberal arts colleges in the country. But financially, we’re barely top 50. That is not sustainable.”
Garry W. Jenkins, President
Endowment Impact
Flexibility for Bates
Unrestricted endowed funds give Bates the flexibility to address emerging opportunities and ongoing priorities.
Professorships
Endowed professorships are a powerful recognition of the sustained excellence of the Bates faculty.
Financial Aid
Endowed financial aid funds ensure that talented students from all backgrounds can access a Bates education.
Estate Giving
A student’s formative experience more than 60 years ago inspires a charitable trust that will create a scholarship endowment.
Purposeful Work
Endowed support for the Bates Center for Purposeful Work empowers students to connect their academic experiences with meaningful career paths.
Scholars at Work
Endowed support for Bates professors in their research and scholarly explorations benefits their work and the student experience at Bates.
A Welcoming Campus
Endowed support drives the college’s mission to educate the whole person, fostering teamwork, leadership, and a sense of belonging.
Community Engagement
Endowed support strengthens Bates’ commitment to civic action and social justice, helping students become responsible global leaders.
Feb 28, 2025
Bates College Transitions Endowment Management to Investure
Bates will shift its endowment management to the full-service investment firm Investure, effective March 1, 2025, announced Bates President Garry W. Jenkins.
Building Momentum
Endowment Growth Over Time
Bates College’s endowment has experienced significant growth over the years, rising from $262 million on June 30, 2015, to $447 million on June 30, 2024.
Distribution to Operating Budget
Bates College’s endowment distribution has steadily increased over the years, rising from $11.6 million on June 20, 2015, to $20.6 million on June 30, 2024.
How to Give
The opportunities to support Bates at the leadership-giving level are nearly endless. Our team would be happy to explore additional programs, named spaces, and more with you.
Please contact Vice President for College Advancement Eric Foushée P’22, P’26 at efoushee@bates.edu or 207-755-5985 to start the process. Learn more.