Milton Academy

Milton Academy is burning the cushion faster than the 4.4-year buffer suggests. Expenses are outpacing revenue 7.3% vs -3.5% per year over three years, and the latest operating margin is -9.2% on a 76% tuition-dependent revenue mix. Covering the deficit at today's rate, it would take more than a decade to exhaust reserves — the full budget, by contrast, is covered for about 4.4 years if every revenue line stopped. The board conversation here is the recovery plan for the residential model and the timeline to break-even. NACUBO Composite Financial Index: 3.7 / 10, adequate — monitor.

Milton Academy reported $94.5M in revenue against $103.2M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $453.0M — about 4.39x annual operating expense.

Operating margin landed at -9.2%, with 76.2% of revenue coming from tuition. Among same-size peers, that puts Milton Academy at the p3 on operating margin.