Asheville School

Asheville School looks stable. The school holds 4.1 years of operating cushion, on the lighter end for a boarding school. Revenue runs 78% tuition-dependent (peer median 84%), heavier than the boarding cohort typically carries, so the cushion does real work. Staff compensation runs 42% of expenses, well below the peer median, worth understanding why. Expenses are outpacing revenue 7.7% vs -3.9% per year over three years, signaling margin compression worth flagging. NACUBO Composite Financial Index: 4.7 / 10, adequate — monitor.

Asheville School reported $26.3M in revenue against $26.4M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $109.2M — about 4.13x annual operating expense.

Operating margin landed at -0.5%, with 77.6% of revenue coming from tuition. Among same-size peers, that puts Asheville School at the p20 on operating margin.