The Lovett School looks durable. The school holds 3.7 years of operating cushion: deep institutional balance. Revenue is unusually diversified at 48% tuition-dependent (peer median 80%). Staff compensation runs 62% of expenses, generous relative to peers. Net assets are growing 8.4%/yr over three years; the cushion is being built, not drawn. NACUBO Composite Financial Index: 10.0 / 10, strong.
The Lovett School runs only 48% tuition-dependent — unusually diversified for an independent school. Endowment payout and contributions carry meaningful weight in the operating budget.
The Lovett School reported $122.3M in revenue against $71.9M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $267.8M — about 3.72x annual operating expense.
Operating margin landed at 41.1%, with 48.4% of revenue coming from tuition. Among same-size peers, that puts The Lovett School at the p93 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.