The Elisabeth Morrow School closed the last fiscal year with an increase of net assets of more than $2.4 million. This was achieved through increased enrollment, which exceeded budget, control of expenses, and growth of the endowment, which closed at an all-time high of $18.2 million. In addition, the audit was unqualified. The financial position is sound with no debt, growing net assets, and ample reserves. This positions the school to be able to build upon the initiatives identified in the strategic plan and invest in the future.
The Elisabeth Morrow School directs all of its resources to its primary mission of education. More than 85% of the school’s annual expenses support educational programs in the form of faculty and staff salaries, benefits, program and instructional materials, and financial aid. The school’s physical plant, technology services, general administrative support, and capital improvements account for the balance. On the revenue side, tuition provides for just shy of 80% of the revenue, and the balance is from the endowment draw, auxiliaries, and fundraising like Apple Tree Fund.
2023–2024 Fiscal Year
Expenditures
As with all independent schools, the cost of education significantly exceeds the full cost of tuition for every student. Tuition and fees make up approximately 80% of the school’s income, supplemented by Auxiliary revenue (7.5%) and Endowment income (5%).
Revenue
Generous donations to the Apple Tree Fund from alumni, current parents, grandparents, trustees, foundations, and other friends — and participation and support of EMS’ annual spring benefit — help close the gap between tuition revenue and actual program costs.
LEARN MORE ABOUT OUR VISION AND GOALS FOR THE FUTURE OF EMS
Important 2024–2025 State of the School topics include updates from Chilton House, Little School, and Morrow House, as well as Advancement, Auxiliary Programs, Communications and Marketing, Enrollment, Facilities and Operations, and Community Life, Equity, and Belonging.
