Steward School Corporation sits in the watch range. The school holds 10 months of operating cushion, adequate runway. Revenue is highly concentrated at 93% tuition-dependent (peer median 80%): a soft admissions year would flow straight to the bottom line. Staff compensation runs 57% of expenses, about par for the peer cohort. Expenses are outpacing revenue 8.6% vs 4.0% per year over three years, signaling margin compression worth flagging. NACUBO Composite Financial Index: 1.3 / 10, watch.
Steward School Corporation operates at 93% tuition dependency — among the most tuition-reliant 7% of peers in its cohort. A soft admissions year would flow straight to operations.
Steward School Corporation reported $24.4M in revenue against $25.4M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $21.1M — about 0.83x annual operating expense.
Operating margin landed at -3.8%, with 92.7% of revenue coming from tuition. Among same-size peers, that puts Steward School Corporation at the p23 on operating margin.
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Why “revenue scale” and not “endowment per student”: independent-school 990s don’t carry per-school enrollment, and NCES PSS coverage is partial, so we cannot divide endowment by a verified student count for every school. The bar above is each school’s latest reported total revenue. True endowment-per-student is scheduled for v1.1+ once Schedule D Part V parsing lands.
Peers are scored by similarity along three equal-weighted dimensions: size cohort (Form 990 employee count + max-revenue tier, a proxy for student enrollment, which the 990 does not carry), geographic region (eight-region grouping), and association overlap (NAIS, NBOA, regional councils). We rank the top 20 nearest peers and chart the first 12 by latest reported revenue. Values are the school’s most recently filed total revenue on IRS Form 990.