Memphis University School looks durable. The school holds 3.8 years of operating cushion: deep institutional balance. Revenue is unusually diversified at 45% tuition-dependent (HiveCheck peer-group median 81%). Staff compensation runs 60% of expenses, about par for the HiveCheck peer group. Net assets are growing 20.7%/yr over three years; the cushion is being built, not drawn. NACUBO Composite Financial Index: 9.7 / 10, strong.
Memphis University School runs only 45% tuition-dependent — unusually diversified for an independent school. Endowment payout and contributions carry meaningful weight in the operating budget.
Memphis University School reported $35.3M in revenue against $22.9M in expenses in fiscal year 2024, the most recent filing on record. Net assets stood at $87.9M — about 3.85x annual operating expense.
Operating margin landed at 35.3%, with 45.2% of revenue coming from tuition. Among same-size peers, that puts Memphis University 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.