Kirby Hall School

Kirby Hall School is burning the cushion faster than the 17-month buffer suggests. Expenses are outpacing revenue 16.0% vs 6.9% per year over three years, and the latest operating margin is -22.5% on a 98% tuition-dependent revenue mix. Covering the deficit at today's rate, reserves would last roughly 6.2 more years — the full budget, by contrast, is covered for about 17 months 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: 2.3 / 10, watch.

Kirby Hall School operates at 98% tuition dependency — among the most tuition-reliant 3% of peers in its cohort. A soft admissions year would flow straight to operations.

Kirby Hall School reported $1.8M in revenue against $2.1M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $3.0M — about 1.39x annual operating expense.

Operating margin landed at -22.5%, with 97.8% of revenue coming from tuition. Among same-size peers, that puts Kirby Hall School at the p7 on operating margin.