San Antonio Academy looks durable. The school holds 4.3 years of operating cushion: deep institutional balance. Revenue is unusually diversified at 49% tuition-dependent (peer median 81%). Staff compensation runs 62% of expenses, about par for the peer cohort. NACUBO Composite Financial Index: 10.0 / 10, strong.
San Antonio Academy runs only 49% tuition-dependent — unusually diversified for an independent school. Endowment payout and contributions carry meaningful weight in the operating budget.
San Antonio Academy reported $19.0M in revenue against $13.0M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $55.3M — about 4.26x annual operating expense.
Operating margin landed at 31.7%, with 48.9% of revenue coming from tuition. Among same-size peers, that puts San Antonio Academy at the p97 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.