The Elisabeth Morrow School closed its last fiscal year with a net asset increase of $2.1 million. This was achieved through budgetary enrollment surpassing the enrollment estimate for fiscal planning, growth of the endowment to a record high of $19.67 million (as of June 30, 2025), careful management of all expenses, and expansion of the Peter Lawrence Gymkhana roof replacement project to include HVAC replacement.
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 the Apple Tree Fund.
2024–2025 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, along with participation and support of EMS’ annual spring benefit, help close the gap between tuition revenue and actual program costs.
2025–2026 State of the School Reports: Chilton House (age 2–K), Little School (grades 1–4), Morrow House (grades 5–8), Advancement, Auxiliary Programs, Communications and Marketing, Community Life, Enrollment, Facilities and Operations, and Finances.
