Mercersburg Academy

Mercersburg Academy looks durable. The school holds 10.7 years of operating cushion, a deep balance even by boarding-school standards. Revenue is unusually diversified at 37% tuition-dependent (HiveCheck peer-group median 73%), with the endowment and gifts carrying real weight. Staff compensation runs 46% of expenses, leaner than the peer median. Net assets are growing 8.8%/yr over three years; the cushion is being built, not drawn. NACUBO Composite Financial Index: 8.9 / 10, strong.

Mercersburg Academy runs only 37% tuition-dependent — unusually diversified for an independent school. Endowment payout and contributions carry meaningful weight in the operating budget.

Mercersburg Academy reported $90.0M in revenue against $55.2M in expenses in fiscal year 2024, the most recent filing on record. Net assets stood at $591.4M — about 10.71x annual operating expense.

Operating margin landed at 38.6%, with 37.5% of revenue coming from tuition. Among same-size peers, that puts Mercersburg Academy at the p100 on operating margin.