Lincoln Academy

Lincoln Academy is burning the cushion faster than the 14-month buffer suggests. Expenses are outpacing revenue 6.2% vs -12.2% per year over three years, and the latest operating margin is -14.2% on a 92% tuition-dependent revenue mix. Covering the deficit at today's rate, reserves would last roughly 8.4 more years — the full budget, by contrast, is covered for about 14 months if every revenue line stopped. The board conversation here is the recovery plan for the operating model and the timeline to break-even. NACUBO Composite Financial Index: 1.8 / 10, watch.

Lincoln Academy operates at 92% tuition dependency — among the most tuition-reliant 20% of peers in its cohort. A soft admissions year would flow straight to operations.

Lincoln Academy reported $11.2M in revenue against $12.8M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $15.3M — about 1.19x annual operating expense.

Operating margin landed at -14.2%, with 91.7% of revenue coming from tuition. Among same-size peers, that puts Lincoln Academy at the p10 on operating margin.