The only research study based on the audited financial statements of independent schools, the Financial State of the Industry report draws on an expanded 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, expenses, annual giving and other areas of interest. Analyses are presented for day schools and schools with boarding as well as by school enrollment. Notable trends in the 2021-22 school year data include increases in median operating expenses and financial aid per student, with limited gains in annual giving per student.
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