NBOA Financial State of the Industry (nonmember price)

The only research study based on the audited financial statements of independent schools, the Financial State of the Industry report draws on an expansive national data set, thanks to a data collaboration effort with NAIS. The report includes an executive summary and analysis of 17 financial indicators in tuition, enrollment, net assets and financial resources, operating budget, contributions and plant. Analyses are presented for day schools and schools with boarding as well as by school enrollment.

In the 2023-24 school year, independent schools saw a 4% increase in median student enrollment from the prior year, with more than half of day schools experiencing increased enrollment and more than half of schools with boarding experiencing decreased enrollment. Median gross tuition and fees per student, the sticker price to attend our schools, crested the $30,000 mark for the first time in 2023-24, while median total operating expenses per student continued to rise and were more than $33,000.