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Analyzing trends across 18 key financial and operational indicators over five years (2020–21 through 2024–25), the Financial State of the Industry draws on highly vetted data from NBOA’s BIIS platform. School leaders can use this analysis to benchmark performance, stress‑test assumptions and make more informed decisions, as demographic and economic forces continue to challenge long‑term financial sustainability. The report includes:
- An executive summary outlining seven top-level takeaways.
- Succinct trend analysis of 18 indicators, including tuition, enrollment, net assets, financial aid, expenses, operating margin, contributions, plant and many more.
- Full color charts for each indicator.
While the findings reflect the unprecedented disruption of the pandemic era, they also surface enduring strengths, vulnerabilities and strategic pressure points in the independent school financial model.
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This report provides a rare, data‑rich view into how independent schools navigated one of the most turbulent periods in recent history — the COVID pandemic and its aftermath — and what those patterns can signal for the road ahead.
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 18 financial indicators in tuition, enrollment, net assets and financial resources, operating budget, contributions and plant.
Elizabeth Dabney, NBOA’s senior director, research and data analysis, prepared this report.