Cedar Springs Waldorf School shows signs of real financial distress. Reserves cover 7 months of operating expense, a thin runway. Revenue is highly concentrated at over 100% tuition-dependent (peer median 90%): a soft admissions year would flow straight to the bottom line. Staff compensation runs 85% of expenses, generous relative to peers. NACUBO Composite Financial Index: -0.4 / 10, distressed.
Cedar Springs Waldorf School reported $534K in revenue against $809K in expenses in fiscal year 2024, the most recent filing on record. Net assets stood at $446K — about 0.55x annual operating expense.
Operating margin landed at -51.4%, with 111.8% of revenue coming from tuition. Among same-size peers, that puts Cedar Springs Waldorf School at the p43 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.