I read somewhere that part of the reason for its smaller endowment is:
-Smaller class size (1,800 Batesies vs. 2,500 Midd Kids)
-Bate’s reputation of graduating “preachers and teachers.” Though the preacher comment is likely outdated, a significant portion of their graduates have dipped into the education field. More generally, the comment is meant to imply that Bates turns out more students who go into fields that pay less, but are emotionally rewarding. These kind of people do not have thousands or millions to donate.