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In its latest tax filing, which covers the 2022-23 academic year, Wells reported $32.8 million in expenses and revenue totaling $29.6 million. It is the fourth time in seven years the college had a net loss. 

Despite a slight drop in enrollment, from 335 to 333, Wells received more revenue from tuition and fees ($18.2 million) than it did in 2021-22 ($16 million). The college collected $9.4 million in contributions and grants, down from nearly $12.5 million in the prior year. 

When Wells College's leadership announced April 29 that the institution would close at the end of the academic year, they said the school "does not have adequate financial resources to continue." 

Marie Chapman Carroll, chair of the college's board of trustees, and Jonathan Gibralter, who served as president until mid-June, detailed attempts to boost the institution's finances, including potential partnerships with other schools and past fundraising campaigns. Unfortunately, they continued, revenues "are not projected to be sufficient for Wells' long-term financial stability." 

Alumni questioned why they weren't asked to provide more financial support, but the college that it would've needed to raise approximately $12 million to operate for another academic year. That fundraising level would need to be maintained over several years "unless other revenues could be identified," according to the institution. 

A review of Wells' tax filings shows the college became more reliant on donations and grants as enrollment declined and less revenue was being generated from tuition and fees. Contributions increased from $3.9 million to $9.3 million in the 2020 fiscal year — a time when the college nearly closed due to the COVID-19 pandemic. 

Contributions decreased to $6.4 million in 2021, but rebounded to $12.4 million in 2022 — the highest level of outside support in at least a decade. 

After the closure announcement, Gibralter's pay was scrutinized. He received more than $300,000 in bonuses since he became the school's president in 2015. 

However, the bonuses did not continue in 2022-23. Although Gibralter's total compensation increased to $390,137, including a base salary of $353,686, he was not paid a bonus. He received $26,714 in "other reportable compensation" and $9,317 in retirement or deferred compensation payments. 

Because Wells is a nonprofit, it must work with the state attorney general's office to dispose of its remaining assets. According to the most recent tax filing, the institution has net assets totaling $61 million. The college's assets include its property, investments and funds held in accounts. 

The disposition of assets is expected to be completed sometime in 2025.