Research and statistics demonstrate that K-12 private and independent schools are growing. Most notably, staff salaries, net tuition revenue, and student enrollment are skyrocketing.
As private and independent K-12 schools flourish, their budgets are expanding to accommodate changes. Schools that focus on retention and building strong relationships with students and families will continue benefitting from recent budget expansions and guarantee continued growth.
Private and Independent School Operating Budgets Statistics
In 2022, schools reported a 64% increase in paid staff alone. Tuition revenue grew by 37%, and new student enrollment grew to 61%, up 35% from 2021. Overall, schools have grown significantly in the following areas:
- Paid staff
- Net tuition revenue
- New students
Over 60% of surveyed schools reported an increased operating budget, meaning their budgeting and accounting need to increase as well. However, more than 75% of schools with less than 300 students rely on accounting solutions that aren’t tailored to their unique needs and challenges. Many still use Excel for creating operating budgets. Nonprofit schools have different compliance measures, so burgeoning school budgets have introduced the need for automating time-consuming and labor-intensive tracking and auditing tasks.
For this reason, many K-12 schools have opted to use comprehensive software solutions that address each stage of the student lifecycle, from enrollment to alumni status. Such solutions free up valuable time, which staff can devote to fostering relationships with potential families and students to improve student retention. Tailored tuition and billing software solutions also provide flexible financing options for families of diverse income statuses, ultimately facilitating a diverse student body in private and independent K-12 schools.
Budgets Made Easy
As schools and budgets continue to grow, a streamlined, easy-to-use tuition payment system is preferable to a spreadsheet. We help private and independent schools manage and automate timely financial responsibilities, from managing invoices and tuition to endowments and capital grants. Learn more about the benefits of Ravenna’s School Tuition and Billing Software:
- Increased efficiency: Save upwards of 500 hours per year with automated processes. A standard, centralized process makes for easier management and improves overall operational efficiency. Our software has reduced manual administrative tasks by 67%.
- Flexible payment options: Have more control over collecting and tracking payments. Payment options and flexible tuition plans make your school more affordable, resulting in a more diverse and inclusive student body.
- Improved retention: Improving your school’s affordability with flexible payment options and an intuitive payment interface reduces user friction, making for well-supported and happier families. You can also customize invoices and notifications to inform families about upcoming payment deadlines.