NBOA Net Assets

Communication

Byte-Size AI: Strong Prompts, Market Analysis and Role Play

Jonathan Schmid is using generative AI to tap into market analysis, generate Excel formulas and role play difficult interactions.

Two speak bubbles against a black background

Illustration of engineers installing giant letters AI

Culture

Byte Size AI: Building Your Own GPT

Pharmacist holding security device for customer in drug store

Employee Benefits

Healthy Alternatives: Layering a MERP

Feature

Culture
| Technology

Byte Size AI: Building Your Own GPT This item is protected.

Sarah Hanawald, executive director of Association for Academic Leaders, shares how school leaders across the U.S. have been building their own bots.

4 min read

CEO Notebook

Legal
| Membership

Collaborating To Make SGO Policies Work For Your School

NBOA has joined other associations in advocating for clarity in new federal SGO policy that will optimize impact for independent schools.

4 min read

Wooden judge gavel and flipping numbers 2025 and 2026 on cubes

Human Resources
| Legal
| Tax

2026 Updates To Mileage Rates, Contribution Limits and Charitable Giving This item is protected.

Annual adjustments from the IRS and Treasury as well as changes in labor law will impact operational costs at independent schools.

3 min read

CEO Notebook

Culture
| Leadership
| Planning

Leading with Purpose: Five Reflections from CEO Notebook in 2025

Authentic leadership, data-informed planning and easier ways to manage risk were among the top themes for the year.

4 min read

Leadership
| Membership

Best of Net Assets Magazine 2025

From salary transparency to AI governance, these 13 standout Net Assets articles cover the most pressing issues for independent school business offices.

4 min read

Stock image of a microphone on a flat surface

CEO Notebook

Leadership
| Membership

11 Podcasts I Enjoyed Hosting in 2025 – and Some of Their Best Takeaways

Before we turn the page to 2026, let’s revisit top leadership lessons from the Net Assets Podcast this year.

7 min read

Feature

Change Management
| Leadership
| Technology

The Words to Say It: Interview with 2026 NBOA Annual Meeting Speaker Tucker Bryant

Poet and corporate innovator Tucker Bryant helps business leaders generate new ideas and bring them into action.

8 min read

Silhouettes portraits of women and men in a vibrant watercolor design

Voices from the Field

Culture
| Diversity and Inclusion
| Leadership

What’s Next for Diversity and Inclusion in Independent Schools? This item is protected.

Two school leaders share insights on how DEI work has shifted in the past year and how anchoring in mission can help schools navigate the moment.

8 min read

CEO Notebook

Culture
| Leadership

Wickedly Insightful Leadership Lessons

The big screen musical offers three key takeaways for independent school business leaders.

4 min read

CEO Notebook

Leadership
| Membership
| Research

Fueling Financial Strategy with Data

Make sure your numbers are working as hard as you are.

5 min read

Projections

Governance
| Technology

The Board’s Role in Governing AI Use

Your school’s board of trustees may need some guidance in discussing AI use at the appropriate level.

7 min read

CEO Notebook

Boards and Trustees
| Governance
| Leadership

Trust Leads to Better Board Governance

Strong working relationships are more than a social nicety in the board room – they are a strategic asset.

5 min read

Mercy Ship volunteers pose on deck, wearing black uniforms and colorful head coverings, while behind them is a large blue ship structure with the words "Mercy Ships."

Other Duties As Assigned

Leadership

In Ship Shape: Volunteering on Sabbatical

This business officer spent her sabbatical preparing meals aboard a Mercy ship that provided healthcare to those in need.

7 min read

CEO Notebook

Change Management
| Communication
| Leadership

The Surprising Strengths of a Vulnerable Leader

It may seem counterintuitive, but vulnerability can be a great strength for independent school business leaders.

4 min read

Three bright arrows pointing down a dark blue background.

Voices from the Field

Key Enrollment
| Leadership
| Tuition

Data, Design and the Future of Enrollment

The merger of EMA and ERB will provide school business leaders with more data and a more integrated experience.

7 min read

Silhouette of a head with a cut-out question mark filled with colorful puzzle pieces.

Risk & Compliance

Governance
| Leadership
| Risk Management

How To Handle an Unexpected Head Turnover This item is protected.

What you need to know from a legal standpoint when managing an unplanned head of school transition.

6 min read

Leadership
| Membership

Unsung Hero: Michael Toohey, George School

Toohey led George School through a critical financial turnaround, fostering long-term stability and building a collaborative, empowered team along the way.

4 min read

Photo of Erin Summers in front of a blue and green NBOA background.

Leadership
| Membership

Unsung Hero: Erin Summers, St. Albans School

Summers led efforts to align budgeting and resource allocation while advocating for diversity, equity and inclusion both in financial planning and through personal advocacy.

2 min read

Leadership
| Membership

Unsung Hero: Marlys Schoenwetter, New Covenant Academy

Schoenwetter served in a 13-year dual headship role overseeing non-academic operations, during which she modernized compensation practices and secured critical funding for the school.

2 min read

CEO Notebook

Change Management
| Leadership

Bring the Magic: 7 Ways to Lead with Impact

From basketball courts to boardrooms, Magic Johnson’s leadership playbook offers timely wisdom for business leaders entering a new school year.

4 min read

Human Resources
| Legal
| Tax

2026 Updates To Mileage Rates, Contribution Limits and Charitable Giving This item is protected.

Annual adjustments from the IRS and Treasury as well as changes in labor law will impact operational costs at independent schools.

3 min read

CEO Notebook

Culture
| Leadership
| Planning

Leading with Purpose: Five Reflections from CEO Notebook in 2025

Authentic leadership, data-informed planning and easier ways to manage risk were among the top themes for the year.

4 min read

Other Duties As Assigned

Budget
| Gift

Leading a $10 Million Campaign from the Inside This item is protected.

A long-held dream to build a performing arts center was made possible by strong financial leadership.

4 min read

Planning
| Professional Development
| Tuition

What Makes the Financial Model Work? This item is protected.

A data dive identified top levers schools can pull for financial success.

4 min read

Budget
| Endowment
| Investments

Navigating Inflation: Strategic Budgeting and Investment Management for Independent Schools

CPI may not be the best way to gauge inflation for your school – consider an education-specific index that may be more accurate.

7 min read

Feature

Gift
| Marketing

Shifts in Donor Dollars: Institutional Giving Trends This item is protected.

Recent trends in giving may inspire school leaders to rethink traditional fundraising strategies.

12 min read

Stacks of coins increasing in height on a wooden surface with a clock and growth graph overlay.

Budget
| Extended Day
| Summer Camp

Do Most Auxiliary Programs Bring in Net Revenue? This item is protected.

Analysis of recent school years indicates that most schools with auxiliary programs are turning a profit, with New England schools and schools with a boarding component leading the way.

5 min read

Two wooden blocks on a diagonal orange and blue background; one block has a green plus sign, the other has a red minus sign.

Business Intelligence

Cash Management
| Research
| Tuition

Is Your School’s Working Capital Working? This item is protected.

In 2023–24, most independent schools had a positive working capital ratio.

3 min read

Sunlight streams from behind a dark cloud.

Projections

Cash Management
| Endowment
| Planning

The Silver Lining in a Cloudy Economic Forecast

The markets may shift in the new fiscal year, but independent school business leaders can be prepared.

7 min read

Feature

Budget
| Endowment
| Planning

If This, Then That: Scenario Planning in an Unpredictable Economy This item is protected.

When the economic forecast is unclear, savvy school leaders are planning with multiple scenarios in mind.

12 min read

Business Intelligence

Debt
| Key Facilities

Plant Debt and Independent School Finances This item is protected.

Smaller schools are more likely than larger schools to have plant debt greater than their unrestricted and temporarily restricted net assets.

4 min read

Human Resources
| Legal
| Tax

The One Big Beautiful Bill Act: What Independent Schools Need to Know This item is protected.

The OBBBA will likely impact scholarships, giving and HR at your school.

6 min read

CEO Notebook

Planning
| Procedures
| Risk Management

Summer Could Be the Time to Tackle ERM

Enterprise risk management may sound intimidating, but this simple list can help you get started this summer.

4 min read

A student slips and falls on a school sidewalk, drops backpack

Budget
| Policy
| Risk Management

The “Jet Fuel” of Rising Claims Costs: Litigation Investment

Third-party litigation financing is driving up liability claim costs, and independent schools may be unwittingly investing in the practice.

3 min read

Red ship on blue water view half under water half above

Change Management
| Enrollment
| Planning

Strategic Rightsizing to Strengthen School Operations This item is protected.

Strategic planning led to fewer enrolled students and higher NTR in the case of one boarding-day school.

3 min read

Budget
| Leadership

Creating a Mission Spreadsheet This item is protected.

Skutt Catholic leaders mapped how different parts of the school’s mission statement aligned with actual expenditures to ensure every dollar is spent purposefully.

4 min read

CEO Notebook

Budget
| Membership
| Planning

The (Financial) Re-Model You’ve Been Waiting For

NBOA just released version 2.0 of the Long-Range Financial Model, which is more powerful, intuitive and customizable.

4 min read

Art collage displaying a human hand and graduation cap with dollar sign against a beige background.

Business Intelligence

Endowment
| Financial Aid
| Tuition

Variations in Tuition Discounting by Endowment Level This item is protected.

In 2023–24, schools without an endowment had a similar tuition discount rate as schools with large endowments.

5 min read

CEO Notebook

Leadership
| Planning

Your Mission. Our Experts.

With the launch of NBOA Advisory Services, school leaders can receive personalized support in the business office.

4 min read

Projections

Budget
| Facilities

Transforming Facilities for High Quality Learning

Updating the campus requires investment, but transforming spaces to deliver high-quality learning need not break the bank if you plan strategically.

6 min read

Feature

Employee Benefits
| Human Resources

Healthy Alternatives: Layering a MERP This item is protected.

The MERP allows employees in a high-deductible plan to pay their deductibles with a preloaded debit card.

3 min read

Stone archway adorned with pumpkins and flowers frames a historic building at Shattuck-St. Mary's School.

Employee Benefits
| Human Resources

Healthy Alternatives: ICHRA Plans This item is protected.

As health insurance premiums rise, some schools are adopting alternatives to fully insured plans, including ICHRAs, MERPs and MEWAs.

6 min read

Human Resources
| Legal
| Tax

2026 Updates To Mileage Rates, Contribution Limits and Charitable Giving This item is protected.

Annual adjustments from the IRS and Treasury as well as changes in labor law will impact operational costs at independent schools.

3 min read

Planning
| Professional Development
| Tuition

What Makes the Financial Model Work? This item is protected.

A data dive identified top levers schools can pull for financial success.

4 min read

An illustration of interconnected circles with family and healthcare icons.

Employee Benefits
| Human Resources

What Health Insurance Options Are Independent Schools Using? This item is protected.

An NBOA flash survey found most schools are using fully insured or captive/consortium plans, but alternatives are beginning to pick up as premiums rise.

6 min read

A group of La Pietra students dressed in white gowns, performing a traditional hula dance on a grassy area.

Feature

Human Resources
| Job Description
| Technology

A(I) Helping Hand for HR: School Use Cases (Part 1) This item is protected.

Some school HR pros are beginning to turn to AI for efficiencies, but bias, inaccuracy and liability remain risks that require vigilance.

7 min read

Human Resources
| Legal
| Tax

The One Big Beautiful Bill Act: What Independent Schools Need to Know This item is protected.

The OBBBA will likely impact scholarships, giving and HR at your school.

6 min read

Woodward Academy van driver smiling while wearing a Woodward hat

Strategies

Employment
| Facilities
| Hiring

Tapping the Gig Economy to Fill Labor Gaps This item is protected.

Staffing shortages in dining, custodial and grounds work led Woodward Academy to try new hiring strategies.

3 min read

Feature

Budget
| Facilities
| Hiring

Home Improvement: Faculty Housing Solutions This item is protected.

When faculty and staff struggle to find housing close to school, creative support may be an order.

13 min read

Business Intelligence

Employment
| Research
| Salary

The Gender Gap in the Business Office This item is protected.

Men and women in the business office have different professional experiences, according to new data.

5 min read

CEO Notebook

Culture
| Employment
| Hiring

Independent Schools’ Advantage in the Hiring Market

Compensation is just one piece of the employee retention puzzle at an independent school that offers many rich benefits.

4 min read

Voices from the Field

Human Resources
| Policy
| Termination

Intentional Offboarding This item is protected.

Three HR directors share their tips and tricks to smooth the transition and keep the door open for a return when appropriate.

7 min read

Projections

Compliance
| Human Resources
| Legal

When Compliance Complements Culture

Legal compliance is critical, but when applied without compassion, it can muddy school culture.

6 min read

Business Intelligence

Employment
| Enrollment
| Tuition

How Many Tuition Payments Cover an Employee’s Salary? This item is protected.

In FY 2023, after tuition discounts, a median of 3.8 students’ net tuitions paid for one school employee.

7 min read

Feature

Employee Leave
| Employment
| Human Resources

Finding Your School’s Retention Formula This item is protected.

Three areas play an outsized role in retention: compensation, onboarding and organizational culture.

17 min read

Strategies

Boards and Trustees
| Employment
| Salary

Retaining Hourly Staff in a Tight Labor Market This item is protected.

When food service workers expressed financial needs, the school negotiated wage raises and developed a staff compensation system.

4 min read

Feature

Employment
| Human Resources
| Salary

Show Me the Money: Salary Transparency This item is protected.

Whether or not there’s a state or local law on the books, many schools are finding pay transparency is better for everyone.

13 min read

Labor Law
| Regulatory Updates
| Salary

Overtime Threshold Increases Were Overturned. What Now? This item is protected.

The overtime rules that many schools have prepared for will revert to earlier thresholds. Here's how leaders can prepare.

3 min read

CEO Notebook

Human Resources
| Performance Management

Making Work Meaningful at Your School

To retain talent, school leaders must cultivate clear purpose, mutual trust and opportunities to grow.

5 min read

Business Intelligence

Budget
| Salary
| Tuition

Faith and School Finances This item is protected.

Independent schools with a religious affiliation are more reliant on annual giving than all other types of independent schools.

4 min read

Flipping Wooden cube block for change fake to fact

Strategies

Communication
| Policy
| Risk Management

How To Stop Fake School News Before It Starts This item is protected.

A solid plan to counteract this risk draws on three key principles.

5 min read

Risk & Compliance

Communication
| Crisis Management
| Risk Management

Institutional Statements on Controversial Issues This item is protected.

When school leadership feels pressure to take a position, consider this framework.

4 min read

Feature

Risk Management
| Technology

A(I) Helping Hand for HR: Risk Mitigation (Part 2) This item is protected.

Some school HR pros are beginning to turn to AI for efficiencies, but bias, inaccuracy and liability remain risks that require vigilance.

8 min read

Stock image of two bandages in a cross shape.

Communication
| Risk Management

Reputation Repair: How Caring and Credibility Rebuild Broken Bonds

When reputational risks strike, how leaders communicate and connect can determine whether their schools emerge stronger or stumble.

7 min read

Hands plugging in charger to an electric bicycle battery.

Facilities
| Risk Management

How To Safely Handle Rechargeable Lithium-Ion Batteries on Campus

Follow these tips to reduce the dangers of lithium-ion batteries, be they in eBikes, eScooters, battery-powered golf carts or other devices.

2 min read

Silhouette of a person with binoculars displaying binary code on a red background.

Crisis Management
| Cybersecurity
| Risk Management

Six Cybersecurity Threats Every School Leader Should Know

From ransomware demands to supply chain risks, independent schools face cyber risks that demand top attention.

4 min read

Abstract design with text and geometric patterns in blue, green and white.

Strategies

Compliance
| Policy
| Procedures

Business Office Policies and Procedures

NBOA’s robust resource hub can be the starting point for a complete business office manual or ease the updating of an existing one.

2 min read

Risk & Compliance

Governance
| Leadership
| Risk Management

How To Handle an Unexpected Head Turnover This item is protected.

What you need to know from a legal standpoint when managing an unplanned head of school transition.

6 min read

CEO Notebook

Cybersecurity
| Risk Management

A Clear Guide for Assessing Cyber Risk and Mitigations

As cyber attacks continue grow for K12 schools, understanding what’s in your school’s cyber insurance is more important than ever.

3 min read

Temporary classroom of St. Matthew's Parish School

Crisis Management
| Facilities
| Risk Management

Pivoting the Business Office During a Crisis This item is protected.

A paperless business office with remote office practices was critical in maintaining business operations and ensuring continuity in the aftermath of the Palisades Fires.

4 min read

Feature

Risk Management
| Safety and Security

Safe and Culturally Sound This item is protected.

Beefing up school security can raise hackles. Two schools found ways to improve protocols without rocking school culture.

11 min read

A white person's hand going into a cookie jar

Feature

Compliance
| Policy
| Risk Management

10 Most Common Fraud Opportunities at Independent Schools — and How To Stop Them This item is protected.

Economic uncertainty and AI may create more opportunities for fraud. It’s critical to be aware of risk and mitigation measures.

6 min read

A Kinkaid School student using AI on their school laptop

Strategies

Risk Management
| Technology

7 Steps to AI Integration This item is protected.

An approach that balances access and oversight has helped The Kinkaid School experiment in both the classroom and operations.

7 min read

paper boats navigating a wavy grid paper

Projections

Legal
| Risk Management

Navigating Uncertainty

What independent school leaders need to know about changing federal policies.

6 min read

Feature

Crisis Management
| Facilities
| Risk Management

Trial by Fire: Best Practices This item is protected.

Independent school leaders evaluated, evacuated and evolved their approach to educational operations through the fury of this year’s L.A. area fires.

14 min read

Feature

Crisis Management
| Risk Management
| Safety and Security

Trial by Fire: School Leaders' Stories This item is protected.

Independent school leaders evaluated, evacuated and evolved their approach to educational operations through the fury of this year’s L.A. area fires.

11 min read

CEO Notebook

Planning
| Procedures
| Risk Management

Summer Could Be the Time to Tackle ERM

Enterprise risk management may sound intimidating, but this simple list can help you get started this summer.

4 min read

Budget
| Policy
| Risk Management

The “Jet Fuel” of Rising Claims Costs: Litigation Investment

Third-party litigation financing is driving up liability claim costs, and independent schools may be unwittingly investing in the practice.

3 min read

Risk & Compliance

Crisis Management
| Procedures
| Risk Management

Mitigating an Active Shooter This item is protected.

Strong planning and leadership helped one school through the unthinkable.

7 min read

Risk & Compliance

Enrollment
| Financial Aid
| Risk Management

Navigating Two-Household Families This item is protected.

Strong policies are critical when parents have different ideas about applications, financial aid and enrollment contracts.

6 min read

Feature

Culture
| Technology

Byte Size AI: Building Your Own GPT This item is protected.

Sarah Hanawald, executive director of Association for Academic Leaders, shares how school leaders across the U.S. have been building their own bots.

4 min read

Feature

Communication
| Summer Camp
| Technology

Byte-Size AI: Strong Prompts, Market Analysis and Role Play This item is protected.

Jonathan Schmid is using generative AI to tap into market analysis, generate Excel formulas and role play difficult interactions.

4 min read

Human and digital hands solving glass cube stock illustration

Feature

Policy
| Technology

Byte-Size AI: Experimenting In House This item is protected.

Ari Hausman is using generative AI to negotiate better contracts and more quickly develop financial presentations, and surmises it will fill software gaps in the future.

6 min read

Feature

Change Management
| Leadership
| Technology

The Words to Say It: Interview with 2026 NBOA Annual Meeting Speaker Tucker Bryant

Poet and corporate innovator Tucker Bryant helps business leaders generate new ideas and bring them into action.

8 min read

Projections

Governance
| Technology

The Board’s Role in Governing AI Use

Your school’s board of trustees may need some guidance in discussing AI use at the appropriate level.

7 min read

Feature

Risk Management
| Technology

A(I) Helping Hand for HR: Risk Mitigation (Part 2) This item is protected.

Some school HR pros are beginning to turn to AI for efficiencies, but bias, inaccuracy and liability remain risks that require vigilance.

8 min read

Feature

Human Resources
| Job Description
| Technology

A(I) Helping Hand for HR: School Use Cases (Part 1) This item is protected.

Some school HR pros are beginning to turn to AI for efficiencies, but bias, inaccuracy and liability remain risks that require vigilance.

7 min read

Facilities
| Risk Management

How To Safely Handle Rechargeable Lithium-Ion Batteries on Campus

Follow these tips to reduce the dangers of lithium-ion batteries, be they in eBikes, eScooters, battery-powered golf carts or other devices.

2 min read

CEO Notebook

Policy
| Technology

Where Is Your Business Office in Its AI Journey?

Sound words from a fellow association leader could help inform the business leader’s role in AI policy and implementation.

4 min read

Crisis Management
| Cybersecurity
| Risk Management

Six Cybersecurity Threats Every School Leader Should Know

From ransomware demands to supply chain risks, independent schools face cyber risks that demand top attention.

4 min read

Budget
| Extended Day
| Summer Camp

Do Most Auxiliary Programs Bring in Net Revenue? This item is protected.

Analysis of recent school years indicates that most schools with auxiliary programs are turning a profit, with New England schools and schools with a boarding component leading the way.

5 min read

CEO Notebook

Cybersecurity
| Risk Management

A Clear Guide for Assessing Cyber Risk and Mitigations

As cyber attacks continue grow for K12 schools, understanding what’s in your school’s cyber insurance is more important than ever.

3 min read

Crisis Management
| Facilities
| Risk Management

Pivoting the Business Office During a Crisis This item is protected.

A paperless business office with remote office practices was critical in maintaining business operations and ensuring continuity in the aftermath of the Palisades Fires.

4 min read

Business Intelligence

Debt
| Key Facilities

Plant Debt and Independent School Finances This item is protected.

Smaller schools are more likely than larger schools to have plant debt greater than their unrestricted and temporarily restricted net assets.

4 min read

Feature

Risk Management
| Safety and Security

Safe and Culturally Sound This item is protected.

Beefing up school security can raise hackles. Two schools found ways to improve protocols without rocking school culture.

11 min read

Strategies

Risk Management
| Technology

7 Steps to AI Integration This item is protected.

An approach that balances access and oversight has helped The Kinkaid School experiment in both the classroom and operations.

7 min read

Feature

Crisis Management
| Facilities
| Risk Management

Trial by Fire: Best Practices This item is protected.

Independent school leaders evaluated, evacuated and evolved their approach to educational operations through the fury of this year’s L.A. area fires.

14 min read

Feature

Crisis Management
| Risk Management
| Safety and Security

Trial by Fire: School Leaders' Stories This item is protected.

Independent school leaders evaluated, evacuated and evolved their approach to educational operations through the fury of this year’s L.A. area fires.

11 min read

Stock image of a home model miniature sitting on top of an open book

Voices from the Field

Change Management
| Facilities
| Leadership

A New Chapter for Facilities Management

The new CEO of APPA — Leadership in Educational Facilities and the board’s vice chair weigh in on top facilities concerns in independent schools today.

8 min read

Strategies

Employment
| Facilities
| Hiring

Tapping the Gig Economy to Fill Labor Gaps This item is protected.

Staffing shortages in dining, custodial and grounds work led Woodward Academy to try new hiring strategies.

3 min read

Feature

Communication
| Summer Camp
| Technology

Byte-Size AI: Strong Prompts, Market Analysis and Role Play This item is protected.

Jonathan Schmid is using generative AI to tap into market analysis, generate Excel formulas and role play difficult interactions.

4 min read

Strategies

Communication
| Policy
| Risk Management

How To Stop Fake School News Before It Starts This item is protected.

A solid plan to counteract this risk draws on three key principles.

5 min read

Risk & Compliance

Communication
| Crisis Management
| Risk Management

Institutional Statements on Controversial Issues This item is protected.

When school leadership feels pressure to take a position, consider this framework.

4 min read

Planning
| Professional Development
| Tuition

What Makes the Financial Model Work? This item is protected.

A data dive identified top levers schools can pull for financial success.

4 min read

Feature

Gift
| Marketing

Shifts in Donor Dollars: Institutional Giving Trends This item is protected.

Recent trends in giving may inspire school leaders to rethink traditional fundraising strategies.

12 min read

Communication
| Risk Management

Reputation Repair: How Caring and Credibility Rebuild Broken Bonds

When reputational risks strike, how leaders communicate and connect can determine whether their schools emerge stronger or stumble.

7 min read

CEO Notebook

Change Management
| Communication
| Leadership

The Surprising Strengths of a Vulnerable Leader

It may seem counterintuitive, but vulnerability can be a great strength for independent school business leaders.

4 min read

Voices from the Field

Key Enrollment
| Leadership
| Tuition

Data, Design and the Future of Enrollment

The merger of EMA and ERB will provide school business leaders with more data and a more integrated experience.

7 min read

Business Intelligence

Cash Management
| Research
| Tuition

Is Your School’s Working Capital Working? This item is protected.

In 2023–24, most independent schools had a positive working capital ratio.

3 min read

Feature

Enrollment
| Financial Aid

The Outcomes Mandate: Enrollment Lessons from Higher Ed

As universities grapple with a crisis of value, a new playbook is emerging. For independent school leaders, the lessons are urgent: define your outcomes, or the market will define you

15 min read

Feature

Communication
| Enrollment
| Financial Aid

The Deal(ing) is Done: Handling Financial Aid Requests This item is protected.

An increasing number of high-income families are seeking financial aid awards, requiring ever clearer communication and processes.

12 min read

Financial Aid
| Marketing
| Tuition

What Kinds of Independent Schools Are Using Indexed Tuition? This item is protected.

Schools employing indexed tuition receive less net tuition, have lower expenses and distribute more financial aid.

3 min read

Change Management
| Enrollment
| Planning

Strategic Rightsizing to Strengthen School Operations This item is protected.

Strategic planning led to fewer enrolled students and higher NTR in the case of one boarding-day school.

3 min read

Business Intelligence

Endowment
| Financial Aid
| Tuition

Variations in Tuition Discounting by Endowment Level This item is protected.

In 2023–24, schools without an endowment had a similar tuition discount rate as schools with large endowments.

5 min read

Risk & Compliance

Enrollment
| Financial Aid
| Risk Management

Navigating Two-Household Families This item is protected.

Strong policies are critical when parents have different ideas about applications, financial aid and enrollment contracts.

6 min read

Business Intelligence

Employment
| Enrollment
| Tuition

How Many Tuition Payments Cover an Employee’s Salary? This item is protected.

In FY 2023, after tuition discounts, a median of 3.8 students’ net tuitions paid for one school employee.

7 min read

Feature

Financial Aid
| Research
| Tuition

Remission Accomplished? This item is protected.

Tuition remission is on the rise. What does that mean for schools’ sustainability and culture?

14 min read

Feature

Budget
| Enrollment
| Tuition

Public Funding, Private Choices: School Choice Funding This item is protected.

More states than ever are offering school choice funding, but are the strings attached worth it?

11 min read

Business Intelligence

Budget
| Salary
| Tuition

Faith and School Finances This item is protected.

Independent schools with a religious affiliation are more reliant on annual giving than all other types of independent schools.

4 min read

Heather Hoerle (center) accepting the 2022 Sarah Daignault Outstanding Support for Independent Schools Award with Shields and Rose Neubert, the 2021–23 NBOA Board Chair.

Projections

Boards and Trustees
| Enrollment
| Leadership

A Fond Farewell

A conversation with Heather Hoerle as she reflects on a career serving independent schools, from NAIS to EMA.

6 min read

Voices from the Field

Culture
| Diversity and Inclusion
| Leadership

What’s Next for Diversity and Inclusion in Independent Schools? This item is protected.

Two school leaders share insights on how DEI work has shifted in the past year and how anchoring in mission can help schools navigate the moment.

8 min read

Strategies

Diversity and Inclusion
| Policy
| Procedures

An Inclusion Tool for the Whole School

Business leaders can play a critical role in steering school-wide equity and inclusion efforts, through assessing the impact of school business practices.

2 min read

CEO Notebook

Culture
| Diversity and Inclusion
| Membership

How Business Leaders Can Be a Leading Voice for Inclusion Efforts

NBOA has released a new Operational Equity and Inclusion Inventory to help business leaders make the school community more welcoming for faculty, staff and families.

3 min read

CEO Notebook

Diversity and Inclusion
| Leadership
| Research

The Business of You

NBOA’s new research report, “Demographics of the Independent School Business Office,” reveals trends across schools, positions and individual career backgrounds and satisfaction.

4 min read

CEO Notebook

Diversity and Inclusion
| Membership
| Research

How Do You Measure 2024?

Among this year’s many efforts to enhance your professional development opportunities, these four stand out.

4 min read

Strategies

Culture
| Diversity and Inclusion
| Financial Aid

Clarifying Financial Aid for Multilingual Families This item is protected.

Making the process clearer to parents whose dominant language is not English can result in significant community enrichment.

4 min read

Other Duties As Assigned

Change Management
| Diversity and Inclusion
| Leadership

The Cost of Protest

At Dunn School, a proactive approach to discussing events of October 7 and the ensuing war resulted in positive educational outcomes with minimal impact to budget and operations.

5 min read

CEO Notebook

Boards and Trustees
| Diversity and Inclusion
| Leadership

In Their Own Words: Heads and Business Officers Talk Partnership

Role clarity, communication and joint investment in DEI efforts all help bolster the head-business officer partnership.

5 min read

Culture
| Diversity and Inclusion
| Professional Development

Creating an Equitable Workplace

When remote work is an option for some employees but not others, how can school leaders foster inclusion and belonging among all faculty and staff members?

5 min read

CEO Notebook

Diversity and Inclusion
| Leadership

Morale Boosters on a Budget

Regularly recognizing small wins can have a significant impact on staff wellbeing and retention.

5 min read

Feature

Culture
| Diversity and Inclusion
| Leadership

2024 NBOA Annual Meeting: Bertice Berry: Smarter Together

Drawing on her perspectives as both a sociologist and a comedian, NBOA Luncheon Award speaker Bertice Berry discusses the importance of learning from each other.

12 min read

Diversity and Inclusion
| Financial Aid
| Research

Telling Our Financial Aid Story

The financial aid plot is shifting as dollars increase and diversity numbers fall.

6 min read

CEO Notebook

Culture
| Diversity and Inclusion
| Leadership

Healing and Humor in Atlanta

A message of humor and inspiration from 2024 NBOA Annual Meeting Speaker Bertice Berry.

4 min read

Feature

Boards and Trustees
| Diversity and Inclusion
| Leadership

The Business Case for DEI: Supporting the Board’s DEI Goals This item is protected.

Tracking data, assessing vendors and working with the investment committee are just a few ways business officers can play a role in board level DEI work.

12 min read

Risk & Compliance

Diversity and Inclusion
| Legal

Transgender Student Participation in Athletics: Legal Implications for Independent Schools This item is protected.

What to know about federal and state laws and athletic governing bodies, and tips on crafting a policy.

9 min read

Diversity and Inclusion
| Technology

Tech-Enabled DEI Solutions

Independent schools can operationalize their DEI goals using technology.

3 min read

Feature

Diversity and Inclusion
| Facilities

The Business Case for DEI: Accessible, Affordable Facilities This item is protected.

Investing in accessible facilities goes beyond compliance for most schools — and can have unexpected dividends.

13 min read

Diversity and Inclusion
| Membership

Celebrate! 25 Years of NBOA: Who Was at the Table?

NBOA explores how efforts centered around inclusion and belonging within a diverse workforce have impacted the association and its members over the past 25 years.

8 min read

stock image of two women supporting each other

Voices from the Field

Diversity and Inclusion
| Human Resources

Critical Compassion

Those whose work touches human resources have a special role to play in creating accessible, equitable school communities.

6 min read

Stock illustration of woman in wheelchair with a tablet

Feature

Diversity and Inclusion
| Human Resources

The Business Case for DEI: Making Space for Differing Abilities This item is protected.

Reviewing practices in four key areas of operations can help staff and students with disabilities feel more at home in your school and increase the richness of the school community.

8 min read

CEO Notebook

Legal
| Membership

Collaborating To Make SGO Policies Work For Your School

NBOA has joined other associations in advocating for clarity in new federal SGO policy that will optimize impact for independent schools.

4 min read

Leadership
| Membership

Best of Net Assets Magazine 2025

From salary transparency to AI governance, these 13 standout Net Assets articles cover the most pressing issues for independent school business offices.

4 min read

CEO Notebook

Leadership
| Membership

11 Podcasts I Enjoyed Hosting in 2025 – and Some of Their Best Takeaways

Before we turn the page to 2026, let’s revisit top leadership lessons from the Net Assets Podcast this year.

7 min read

CEO Notebook

Leadership
| Membership
| Research

Fueling Financial Strategy with Data

Make sure your numbers are working as hard as you are.

5 min read

Leadership
| Membership

Unsung Hero: Michael Toohey, George School

Toohey led George School through a critical financial turnaround, fostering long-term stability and building a collaborative, empowered team along the way.

4 min read

Leadership
| Membership

Unsung Hero: Erin Summers, St. Albans School

Summers led efforts to align budgeting and resource allocation while advocating for diversity, equity and inclusion both in financial planning and through personal advocacy.

2 min read

Leadership
| Membership

Unsung Hero: Marlys Schoenwetter, New Covenant Academy

Schoenwetter served in a 13-year dual headship role overseeing non-academic operations, during which she modernized compensation practices and secured critical funding for the school.

2 min read

Leadership
| Membership

Unsung Hero: Michael Saich, The Washington Market School

Michael Saich led the creation of Washington Market School’s first transparent salary scale and played a key role in the school’s first head of school search.

2 min read

Leadership
| Membership

Unsung Hero: Rachel Mathews, The Mabin School

In just five years, Rachel Matthews has led the school’s first capital campaign, overseen its first major construction project and more.

2 min read

Leadership
| Membership

Unsung Hero: Lesley Kaneshiro, Mid-Pacific Institute

A former parent and board member, Kaneshiro brought a fresh perspective and fiscal discipline to the business office.

2 min read

Leadership
| Membership

Unsung Hero: Michael Joyce, Marin Academy

Joyce’s leadership on compensation issues has brought greater clarity to pay practices and employee financial literacy.

2 min read

Close-up of a glowing light bulb hangs from the ceiling, with a blurred group of people collaborating at a table in the background.

CEO Notebook

Leadership
| Membership

This Cohort Means Business

The latest cohort of the NBOA Leadership Academy will maximize their business leadership skills while looking for alternative solutions to common problems in the field.

4 min read

Leadership
| Membership

Unsung Hero: Ray Hecht, The Storm King School

Hecht oversaw a transformative 45% growth in enrollment, positioning the school for long-term success.

2 min read

Photo of Ari Hausman against a blue and green NBOA background

Leadership
| Membership

Unsung Hero: Ari Hausman, The Fletcher School

Hausman improved financial forecasting accuracy and led system migrations that enhanced benefits and streamlined operations.

2 min read

Photo of Robert Haugh, a white man in a blue and white shirt, against a blue and green NBOA background

Leadership
| Membership

Unsung Hero: Robert Haugh, Francis W. Parker School

A steward, strategist and connector, Bob Haugh has spent 21 years strengthening the school’s financial foundation while uplifting the people within it.

2 min read

Photo of Emily Evans, a white woman with brown hair, against a blue and green NBOA background

Leadership
| Membership

Unsung Hero: Emily Evans, Follow the Child Montessori School

From securing major loans to teaching staff how to express appreciation, Emily Evans blends strategic foresight with human-centered leadership.

2 min read

Photo of Fernando Alonso against a blue and green background

Leadership
| Membership

Unsung Hero: Fernando Alonso, Phillips Academy

Alonso led the development of Andover’s new disciplined endowment payout policy, bringing strategic clarity and long-term financial stewardship to the institution.

2 min read

CEO Notebook

Budget
| Membership
| Planning

The (Financial) Re-Model You’ve Been Waiting For

NBOA just released version 2.0 of the Long-Range Financial Model, which is more powerful, intuitive and customizable.

4 min read

Other Duties As Assigned

Leadership
| Membership

Many Heads Are Better Than One

On volunteering with NBOA in various capacities, as shared by the current Editorial Advisory Committee.

5 min read

CEO Notebook

Culture
| Diversity and Inclusion
| Membership

How Business Leaders Can Be a Leading Voice for Inclusion Efforts

NBOA has released a new Operational Equity and Inclusion Inventory to help business leaders make the school community more welcoming for faculty, staff and families.

3 min read

Feature

Culture
| Technology

Byte Size AI: Building Your Own GPT This item is protected.

Sarah Hanawald, executive director of Association for Academic Leaders, shares how school leaders across the U.S. have been building their own bots.

4 min read

Feature

Employee Benefits
| Human Resources

Healthy Alternatives: Layering a MERP This item is protected.

The MERP allows employees in a high-deductible plan to pay their deductibles with a preloaded debit card.

3 min read

CEO Notebook

Legal
| Membership

Collaborating To Make SGO Policies Work For Your School

NBOA has joined other associations in advocating for clarity in new federal SGO policy that will optimize impact for independent schools.

4 min read

Feature

Communication
| Summer Camp
| Technology

Byte-Size AI: Strong Prompts, Market Analysis and Role Play This item is protected.

Jonathan Schmid is using generative AI to tap into market analysis, generate Excel formulas and role play difficult interactions.

4 min read

Employee Benefits
| Human Resources

Healthy Alternatives: ICHRA Plans This item is protected.

As health insurance premiums rise, some schools are adopting alternatives to fully insured plans, including ICHRAs, MERPs and MEWAs.

6 min read

Human Resources
| Legal
| Tax

2026 Updates To Mileage Rates, Contribution Limits and Charitable Giving This item is protected.

Annual adjustments from the IRS and Treasury as well as changes in labor law will impact operational costs at independent schools.

3 min read

Feature

Policy
| Technology

Byte-Size AI: Experimenting In House This item is protected.

Ari Hausman is using generative AI to negotiate better contracts and more quickly develop financial presentations, and surmises it will fill software gaps in the future.

6 min read

CEO Notebook

Culture
| Leadership
| Planning

Leading with Purpose: Five Reflections from CEO Notebook in 2025

Authentic leadership, data-informed planning and easier ways to manage risk were among the top themes for the year.

4 min read

Leadership
| Membership

Best of Net Assets Magazine 2025

From salary transparency to AI governance, these 13 standout Net Assets articles cover the most pressing issues for independent school business offices.

4 min read

Other Duties As Assigned

Budget
| Gift

Leading a $10 Million Campaign from the Inside This item is protected.

A long-held dream to build a performing arts center was made possible by strong financial leadership.

4 min read

CEO Notebook

Leadership
| Membership

11 Podcasts I Enjoyed Hosting in 2025 – and Some of Their Best Takeaways

Before we turn the page to 2026, let’s revisit top leadership lessons from the Net Assets Podcast this year.

7 min read

Feature

Change Management
| Leadership
| Technology

The Words to Say It: Interview with 2026 NBOA Annual Meeting Speaker Tucker Bryant

Poet and corporate innovator Tucker Bryant helps business leaders generate new ideas and bring them into action.

8 min read

Strategies

Communication
| Policy
| Risk Management

How To Stop Fake School News Before It Starts This item is protected.

A solid plan to counteract this risk draws on three key principles.

5 min read

Voices from the Field

Culture
| Diversity and Inclusion
| Leadership

What’s Next for Diversity and Inclusion in Independent Schools? This item is protected.

Two school leaders share insights on how DEI work has shifted in the past year and how anchoring in mission can help schools navigate the moment.

8 min read

Risk & Compliance

Communication
| Crisis Management
| Risk Management

Institutional Statements on Controversial Issues This item is protected.

When school leadership feels pressure to take a position, consider this framework.

4 min read

CEO Notebook

Culture
| Leadership

Wickedly Insightful Leadership Lessons

The big screen musical offers three key takeaways for independent school business leaders.

4 min read

Planning
| Professional Development
| Tuition

What Makes the Financial Model Work? This item is protected.

A data dive identified top levers schools can pull for financial success.

4 min read

Employee Benefits
| Human Resources

What Health Insurance Options Are Independent Schools Using? This item is protected.

An NBOA flash survey found most schools are using fully insured or captive/consortium plans, but alternatives are beginning to pick up as premiums rise.

6 min read

Budget
| Endowment
| Investments

Navigating Inflation: Strategic Budgeting and Investment Management for Independent Schools

CPI may not be the best way to gauge inflation for your school – consider an education-specific index that may be more accurate.

7 min read

CEO Notebook

Leadership
| Membership
| Research

Fueling Financial Strategy with Data

Make sure your numbers are working as hard as you are.

5 min read