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October 6, 2011

Private college endowments rise

By The Mainebiz News Staff

Bates, Bowdoin and Colby colleges are reporting strong gains in their endowments, with growth in the double digits.

Both Bowdoin College in Brunswick and Colby College in Waterville saw their endowments rise 22% over fiscal year 2010, reaching $904 million and $611 million, respectively, according to the Maine Public Broadcasting Network. Bates in Lewiston grew its endowment to $231 million, in part due to a 20% return on investments. Analysts attributed the gains to a stock market that, until recently, had been rebounding. Colby Treasurer Douglas Terp told MPBN the college benefited from a strong equity market, and that the college received about $29 million in alumni and foundation gifts over the last year.

A little more than two years ago, the colleges, as well as their peers around the country, saw their endowments plummeting. The Associated Press in March 2009 reported that the endowments of the three schools fell a combined $373 million in 2008, a drop of 22%.

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