Spartanburg Day School

Spartanburg Day School is burning the cushion faster than the 3.9-year buffer suggests. Expenses are outpacing revenue 6.8% vs -19.0% per year over three years, and the latest operating margin is -9.1% on a 77% 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 3.9 years if every revenue line stopped. The board conversation here is the recovery plan for the operating model and the timeline to break-even. NACUBO Composite Financial Index: 3.5 / 10, adequate — monitor.

Spartanburg Day School holds 3.9 years of operating expense in net assets — a deeper reserve position than most independent day schools carry. Less exposed than peers to a one-year admissions shock.

Spartanburg Day School reported $14.4M in revenue against $15.7M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $62.0M — about 3.94x annual operating expense.

Operating margin landed at -9.1%, with 76.8% of revenue coming from tuition. Among same-size peers, that puts Spartanburg Day School at the p10 on operating margin.