Brewster Academy

Brewster Academy looks durable. The school holds 2.3 years of operating cushion, on the lighter end for a boarding school. Revenue runs 86% tuition-dependent (peer median 79%), heavier than the boarding cohort typically carries, so the cushion does real work. Staff compensation runs 43% of expenses, well below the peer median, worth understanding why. Expenses are outpacing revenue 4.9% vs -0.6% per year over three years, signaling margin compression worth flagging. NACUBO Composite Financial Index: 5.2 / 10, strong.

Brewster Academy reported $31.0M in revenue against $30.3M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $68.6M — about 2.26x annual operating expense.

Operating margin landed at 2.3%, with 85.9% of revenue coming from tuition. Among same-size peers, that puts Brewster Academy at the p27 on operating margin.