This report considers financial and operational data from the first two school years impacted by the COVID-19 pandemic. Some key indicators, such as net tuition revenue, showed a decline, which may be a result of shorter-term challenges. Other indicators, such as operating margin, showed improvement, which may be a result of pandemic-specific funding initiatives. The only research study based on the audited financial statements of independent schools, this report draws on a greatly expanded national data set, thanks to a data collaboration effort with NAIS. It 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.
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